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Agenda 04-09-241.Call to Order 2.Invocation 3.Pledge of Allegiance 4.Roll Call 5.Agenda Approval 6.Legal 7.Informational Items and Disclosures by Board Members and CRA Staff: 8.Information Only A.Quarterly Progress Report #4 from Pulte Home Company, LLC for the Cottage District Infill Housing Redevelopment Project - January 2024 - March 2024 9.Announcements and Awards A.Boynton Beach CRA FY 2022-2023 Financial & Annual Report B.Announcement for Rock the Plaza at Ocean Palm 10.Public Comments Community Redevelopment Agency Board Meeting Tuesday, April 9, 2024 - 6:00 PM City Hall Chambers, 100 E. Ocean Avenue and Online Meeting 561-737-3256 AGENDA REVISED 04/05/2024 A. Additions, Deletions, Corrections to the Agenda B. Adoption of Agenda A. Disclosure of Conflicts, Contacts, and Relationships for Items Presented to the CRA Board on Agenda The public comment section of the meeting is for public comment on items on the consent 1 11.Consent Agenda A.CRA Financial Report Period Ending March 31, 2024 B.Approval of the Increase in Funding to the Commercial Property Improvement Grant Program in the Amount of $2,650 for Eligible Design Fees to Nate & Maddie LLC d/b/a ROK Prime Korean BBQ located in Sunshine Square at 1729 S. Federal Highway 12.Pulled Consent Agenda Items A.Approval of the Commercial Property Improvement Grant Program in the Amount of $26,200 to PolitiCALM LLC located in Heart of Boynton Shops at 139 NE 10th Avenue, Unit 106 - TABLED 03/21/2024 (REVISED 04/05/2024) B.Approval of the Commercial Rent Reimbursement Grant Program in the Amount of $11,550 to PolitiCALM LLC located in Heart of Boynton Shops at 139 NE 10th Avenue, Unit 106 - TABLED 03/21/2024 (REVISED 04/05/2024) 13.CRA Advisory Board A.Pending Assignments - New Assignments from the CRA Board Assigned at the February 13, 2024 CRA Monthly Board Meeting B.Reports on Pending Assignments 14.Old Business A.Consideration of Approval of 500 Ocean Performance Audit for Year Ending December 31, 2023, for Compliance with the Direct Incentive Funding Agreement B.Discussion and Consideration of a Waiver for Payment in Accordance with the First Amendment to the Interlocal Agreement between the City and CRA for the Historic Woman's Club of Boynton Beach located at 1010 S. Federal Highway C.Update on Status of Contract Negotiations with Candidate for New Executive Director 15.New Business A.Discussion and Consideration of Request of Developer for TIF Funding for the Ocean One Project B.Discussion and Consideration of Purchase of 703 S. Federal Highway C.Discussion and Consideration of Purchase of 524 NW 3rd Street agenda or items that are not on the agenda. For items on the agenda, the public will be given an opportunity to comment at the time each item is considered. Each speaker will be given a total of three (3) minutes to comment; however the Board retains the right to reduce the number of minutes prior to the start of public comment. Persons making public comment may not assign or donate their public comment time to another individual to allow that other individual additional time to comment; however, any persons requiring assistance will be accommodated as required by the Americans with Disabilities Act. Prior to addressing the Board, please go to the podium or unmute your device when prompted, and state your name and address for the record. 2 16.CRA Projects in Progress A.Coastal Cruiser Powered by Circuit Transit Inc. Project Update B.Boynton Beach Spring Market Recap C.Social Media & Print Marketing Update D.Social Media Outreach Program 2nd Quarterly Report for FY 2023-2024 (January 2024 - March 2024) E.CRA Economic & Business Development Grant Program Update F.MLK Jr. Boulevard Corridor Mixed Use Project (d/b/a Heart of Boynton Village Apartments) Update - April 2024 17.Future Agenda Items A.Discussion and Consideration of the Submittals from the Request for Proposals for Property Appraisal Services - May 2024 B.Update on Negotiations with Maple Tree Investments in Response to the Second RFP/RFQ for the CRA-owned Property located at 401-411 E. Boynton Beach Boulevard - May 2024 18.Adjournment NOTICE IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE CRA BOARD WITH RESPECT TO ANY MATTER CONSIDERED AT THIS MEETING, HE/SHE WILL NEED A RECORD OF THE PROCEEDINGS AND, FOR SUCH PURPOSE, HE/SHE MAY NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE, WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. (F.S. 286.0105) THE CRA SHALL FURNISH APPROPRIATE AUXILIARY AIDS AND SERVICES WHERE NECESSARY TO AFFORD AN INDIVIDUAL WITH A DISABILITY AN EQUAL OPPORTUNITY TO PARTICIPATE IN AND ENJOY THE BENEFITS OF A SERVICE, PROGRAM, OR ACTIVITY CONDUCTED BY THE CRA. PLEASE CONTACT THE CRA, (561) 737-3256, AT LEAST 48 HOURS PRIOR TO THE PROGRAM OR ACTIVITY IN ORDER FOR THE CRA TO REASONABLY ACCOMMODATE YOUR REQUEST. ADDITIONAL AGENDA ITEMS MAY BE ADDED SUBSEQUENT TO THE PUBLICATION OF THE AGENDA ON THE CRA'S WEB SITE. INFORMATION REGARDING ITEMS ADDED TO THE AGENDA AFTER IT IS PUBLISHED ON THE CRA'S WEB SITE CAN BE OBTAINED FROM THE CRA OFFICE. 3 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: April 9, 2024 INFORMATION ONLY AGENDA ITEM 8.A SUBJECT: Quarterly Progress Report #4 from Pulte Home Company, LLC for the Cottage District Infill Housing Redevelopment Project - January 2024 - March 2024 SUMMARY: On February 25, 2023, the Purchase and Development Agreement (PDA) between the CRA and Pulte Home Company, LLC (Pulte) for the Cottage Infill Housing Redevelopment Project was executed. On September 12, 2023, the Board approved the First Amendment to the PDA that extended the timeframe for all parties to agree on the Form of Restrictive Covenant prior to Closing and allow the plat application to be submitted within 90 days of site plan approval for consistency with the City's development review process (see Attachments I & II) The development consists of 41 for sale homes and will be offered to eligible homebuyers within the Palm Beach County Workforce Housing Program's Low Income (21 townhomes) and Moderate 1 (19 single family detached units) income categories. The project will be providing much needed affordable homeownership opportunities as envisioned by the CRA Plan. Pursuant to Section 22.l of the PDA, Pulte is required to provide a written quarterly report to the CRA Board. The March 2024 report (see Attachment III) indicates the project is proceeding on schedule and includes the following updates: Final site plan and rezoning was approved in February 2024. The Declaration, Covenant, Conditions and Restrictions were provided to the CRA on January 22, 2024. CRA staff and legal reviewed and accepted the master declaration of restrictive covenants for workforce housing on February 13, 2024. Pulte submitted the Plat on 2/27/24 and is waiting on comments from the City. Closing anticipated prior to June 26, 2024; Pulte may request a 6 month extension subject to CRA Board approval. FISCAL IMPACT: No Fiscal Impact CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan 4 •Attachment I - Purchase and Development Agreement •Attachment II - First Amendment to Purchase and Development Agreement •Attachment III - Quarterly Report #4 CRA BOARD OPTIONS: No action is required at this time unless otherwise determined by the CRA Board. ATTACHMENTS: Description 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 From:Andrew Maxey To:Shutt, Thuy Cc:Tack, Timothy; Utterback, Theresa; Nicklien, Bonnie; Curfman, Vicki; Hill, Vicki Subject:RE: Pulte LOI- Cottage District Date:Thursday, June 2, 2022 8:58:00 AM Attachments:image011.png image012.png image013.png image014.png image015.png image016.png Pulte LOI - Cottage District BBCRA_v2.pdf Good Morning Thuy, Although it’s not specifically referenced in the LOI, I also want to reaffirm Pulte’s commitment to working with as many local vendors and contractors as possible on this project. Pulte has existing contracts with 6 vendors located in Boynton Beach, 2 of which are within the boundary of the CRA. We also plan on utilizing local consultants for the community outreach phase of the project. Please let me know if you have any additional questions. Thank you. Andrew Maxey – VP Land Acquisition Southeast Florida Division 1475 Centrepark Blvd., Suite 305, West Palm Beach, FL 33401 Direct (561) 206-1410 Cell (404) 451-2386 andrew.maxey@pultegroup.com From: Andrew Maxey Sent: Wednesday, June 1, 2022 9:02 AM To: Shutt, Thuy <ShuttT@bbfl.us> Cc: Tack, Timothy <TackT@bbfl.us>; Utterback, Theresa <UtterbackT@bbfl.us>; Nicklien, Bonnie <NicklienB@bbfl.us>; Curfman, Vicki <CurfmanV@bbfl.us>; Hill, Vicki <HillV@bbfl.us> Subject: RE: Pulte LOI- Cottage District Thuy, Sorry for the delay here. I have updated our LOI to reflect the 3 new single family plans we are proposing (Browning, Chapman, and Hamden). The collateral provided in Exhibit C show the front elevations, floorplans, square footage, and bed/bathroom count. Let me know any questions. Thanks. 31 Andrew Maxey – VP Land Acquisition Southeast Florida Division 1475 Centrepark Blvd., Suite 305, West Palm Beach, FL 33401 Direct (561) 206-1410 Cell (404) 451-2386 andrew.maxey@pultegroup.com From: Shutt, Thuy <ShuttT@bbfl.us> Sent: Tuesday, May 17, 2022 7:02 PM To: Andrew Maxey <Andrew.Maxey@PulteGroup.com> Cc: Tack, Timothy <TackT@bbfl.us>; Utterback, Theresa <UtterbackT@bbfl.us>; Nicklien, Bonnie <NicklienB@bbfl.us>; Curfman, Vicki <CurfmanV@bbfl.us>; Hill, Vicki <HillV@bbfl.us> Subject: RE: Pulte LOI- Cottage District Good evening, Andrew, Thank you for your updated letter. We appreciate your interest in our Cottage District Project. We will update our files to include this revised LOI for the CRA Board’s consideration at their July 12th meeting (since the 30 day public notice time period will not end until after the June 14th Board meeting). Could you please give me a call at your earliest convenience so I can make sure the attached document (which was included in the 5/10 agenda item) will be updated to correctly reflect your revised LOI (SFD model size and types, etc.). Thank you. Thuy Shutt , AIA, FRA‑RA Executive Director Boynton Beach Community Redevelopment Agency 100 E. Ocean Ave.| Boynton Beach, Florida 33435 561-600-9098 ShuttT@bbfl.us | http://www.boyntonbeachcra.com 32 America's Gateway to the Gulfstream Please be advised that Florida has a broad public records law and all correspondence to me via email may be subject to disclosure.Under Florida records law, email addresses are public records. Therefore, your e-mail communication and your e-mail address may be subject to public disclosure. From: Andrew Maxey <Andrew.Maxey@PulteGroup.com> Sent: Tuesday, May 17, 2022 4:37 PM To: Shutt, Thuy <ShuttT@bbfl.us> Subject: RE: Pulte LOI- Cottage District Thuy, Attached please find Pulte’s revised Letter of Intent to purchase the Cottage District property. Thanks, Andrew Maxey – VP Land Acquisition Southeast Florida Division 1475 Centrepark Blvd., Suite 305, West Palm Beach, FL 33401 Direct (561) 206-1410 Cell (404) 451-2386 andrew.maxey@pultegroup.com From: Shutt, Thuy <ShuttT@bbfl.us> Sent: Wednesday, April 27, 2022 10:46 PM To: Andrew Maxey <Andrew.Maxey@PulteGroup.com> Subject: RE: Pulte LOI- Cottage District External Sender Thank you, Andrew. We will include this for the CRA Board consideration at the May 10th CRA Board meeting. We will provide you with the agenda item once the board packet is finalized and uploaded on the website (scheduled for May 3rd). Thuy Shutt , AIA, FRA‑RA Executive Director Boynton Beach Community Redevelopment Agency 100 E. Ocean Ave.| Boynton Beach, Florida 33435 33 561-600-9098 ShuttT@bbfl.us | http://www.boyntonbeachcra.com America's Gateway to the Gulfstream Please be advised that Florida has a broad public records law and all correspondence to me via email may be subject to disclosure.Under Florida records law, email addresses are public records. Therefore, your e-mail communication and your e-mail address may be subject to public disclosure. From: Andrew Maxey <Andrew.Maxey@PulteGroup.com> Sent: Tuesday, April 26, 2022 3:41 PM To: Shutt, Thuy <ShuttT@bbfl.us> Subject: Pulte LOI- Cottage District Good Afternoon Thuy, I hope all is well with you. Pulte would like to respectfully submit the attached Letter of Intent to purchase the Cottage District property owned by the CRA. Please reach out with questions. Thank you, Andrew Maxey – VP Land Acquisition Southeast Florida Division 1475 Centrepark Blvd., Suite 305, West Palm Beach, FL 33401 Direct (561) 206-1410 Cell (404) 451-2386 andrew.maxey@pultegroup.com 34 CONFIDENTIALITY NOTICE: This email may contain confidential and privileged material for the sole use of the intended recipient(s). Any review, use, distribution or disclosure by others is strictly prohibited. If you have received this communication in error, please notify the sender immediately by email and delete the message and any file attachments from your computer. Thank you. CONFIDENTIALITY NOTICE: This email may contain confidential and privileged material for the sole use of the intended recipient(s).Any review, use, distribution or disclosure by others is strictly prohibited. If you have received this communication in error, please notify the sender immediately by email and delete the message and any file attachments from your computer. Thank you. CONFIDENTIALITY NOTICE: This email may contain confidential and privileged material for the sole use of the intended recipient(s).Any review, use, distribution or disclosure by others is strictly prohibited. If you have received this communication in error, please notify the sender immediately by email and delete the message and any file attachments from your computer. Thank you. 35 Cottage District – Letter of Intent 1475 Centrepark Blvd., Suite 305 West Palm Beach, FL 33401 REVISED: June 1, 2022 To: Thuy Shutt Executive Director Boynton Beach CRA Subject: Letter of Intent to Purchase Cottage District Property Thuy, Enclosed is the revised Letter of Intent for Pulte Home Company, LLC (Pulte) to acquire a +/-4.5- acre property owned by the Boynton Beach Community Redevelopment District, commonly known as the Cottage District Property. Pulte has made the following changes to the terms of the LOI: • Purchase Price- Increased land price to match the appraisal of $2,472,000 and removed 3% marketing fee. • Home Sale Prices- Adjusted our commitment on home sale prices to only target buyers in the Low and Mod-1 categories (60% to 100%), resulting in sales prices of $168,420 and $216,540, respectively. • Home Architecture- Added samples of the architecture style (see Exhibit C). It is also important to note that Pulte’s proposal is for 100% fee simple ownership and has no rental component. In alignment with the goals and principles contained in the 2016 Boynton beach CRA Redevelopment Plan, our proposal is uniquely designed to complement and add character to the neighborhood and provide home ownership for residents in the 40% to 100% AMI range. We thank you for the opportunity to revise our Letter of Intent and be considered again for this exciting project. Thank you, Andrew Maxey Vice President of Land Acquisition Southeast Florida Division 1475 Centrepark Blvd., Suite 305 West Palm Beach, Florida 33401 Andrew.Maxey@PulteGroup.com 36 Cottage District – Letter of Intent 1475 Centrepark Blvd., Suite 305 West Palm Beach, FL 33401 1) Property Description. The property under consideration consists of ±4.5 acres located in the City of Boynton Beach, Florida and roughly depicted below. 2) Valuation. The total purchase price for the property shall be $2,472,000. 3) Intended Use. Pulte’s intended use for the property is a fee-simple community designed in accordance with Palm Beach County’s Workforce Housing Program of at least 40 units. (See Exhibits A and B.) Units will be sold according to Palm Beach County Workforce Housing Program guidelines in the lower 2 categories (Low and Mod -1) which is based on AMI between 60% and 100%. The units will also be subject to a 15-year deed restriction on resale price. The proposed product is consistent with the plan previously submitted in the RFP and samples are attached in Exhibit C. 4) Deposits/Fees. First Escrow Deposit: The first deposit of $10,000 is due within five business days after the parties execute a mutually acceptable contract and is fully refundable to Pulte until the completion of the inspection period. Second Escrow Deposit: Upon the end of the inspection period, Pulte will deliver, within five business days, an additional deposit of $60,000 to escrow agent bringing the total deposit to $70,000. The first and second deposits are to be creditable against the total purchase price at closing and will be non-refundable after the expiration of the inspection period. 37 Cottage District – Letter of Intent 1475 Centrepark Blvd., Suite 305 West Palm Beach, FL 33401 5) Inspection Period. Pulte will require 120 days from the signing of the contract in which to investigate the property at Pulte's expense. 6) Entitlement Period. Following the expiration of the inspection period, Pulte shall have a period of 10 months to obtain the necessary entitlements to develop the property according to the intended use. 7) Closing Schedule. Pulte shall close on the property on the earlier to occur of 30 days after all closing conditions are fulfilled or 30 days after the expiration of the entitlement period. 8) Conditions to Close. a) Rezoning and land use approval in accordance with the intended use b) Final site plan approval for intended use c) Sitework/earthwork permits required for clearing and excavation d) Water/sewer permits e) SFWMD environmental resource permit (if applicable) f) US Army Corp of Engineers permit (if applicable) 9) Title Evidence. BBCRA will pay for title insurance in the amount of the purchase price and provide a title commitment during the first twenty days of the inspection period. Permitted title exceptions will be determined by the end of the inspection period. 10) Survey. If available, BBCRA will provide survey within the first five days of the inspection period. Pulte will be responsible for updating the survey. 11) Closing Costs and Proration. Each party will pay its cost of document preparation and attorney’s fees. BBCRA is to pay for documentary stamps in connection with the conveyance of the property. All real estate and personal property taxes, leases, and other related costs shall be prorated as of the date of the closing. 12) Broker. Pulte and BBCRA agree that they are not represented by any broker in this transaction. 13) Confidentiality. Pulte and BBCRA agree to maintain the terms of this LOI and all negotiations relating to the property as confidential between Pulte and BBCRA and shall not disclose their existence of this LOI to any other person. This letter is not intended to create legally binding commitments. Parties shall become legally bound only if and when they execute a mutually acceptable contract. If the foregoing i s acceptable, please indicate your approval by signing this letter in the space provided below and return one signed copy to Pulte at the address shown on this letterhead. Upon receipt of the acceptance, Pulte will commence preparation of a mutually accep table written contract. Agreed and Accepted: By: _______________________________________ Date: _____________________________________ 38 Cottage District – Letter of Intent 1475 Centrepark Blvd., Suite 305 West Palm Beach, FL 33401 Exhibit A: Palm Beach County Workforce Housing Program, 2021 WHP Unit Sales Prices: Exhibit B: Pulte’s intended use as reflected in original RFP submittal. Plan may be updated to include more units built on newly added parcels. Model Quantity Single Family Detached Browning (1 story) 2 Chapman (1 story) 4 Hamden (2 story) 3 Single Family Attached (2-Story Townhome) 20’ Interior Townhomes 19 20’ Exterior Townhomes 12 Total Units Proposed 40 39 Cottage District – Letter of Intent 1475 Centrepark Blvd., Suite 305 West Palm Beach, FL 33401 Exhibit C: Sample Elevations of Single-Family Product 40 1,447 A/C Sq. Ft. | 3 Bedrooms | 2 Baths Browning Home Exterior FM1 Home Exterior CO1 41 • 1,447 A/C Sq. Ft. • 3 Bedrooms • 2 Baths Browning Artist’s renderings are conceptual only and are not intended to be an exact representation or show specific detailing. Square footage, room dimensions and spatial arrangements on this plan are approximate and may vary in final construction and may vary by elevation. See a sales representative for details. ©2021 Pulte Home Company, LLC. CBC057850 CAS 9-17-21 Visit liveatcarversquare.com for more information on workforce housing at Carver Square. 2 CAR GARAGE 19'-4" x 19'-9" BEDROOM 3 11'-0" x 10'-6" BEDROOM 2 11'-0" x 10'-6" OWNER'S SUITE 13'-5" x 12'-11" GATHERING ROOM 13'-5" x 18'-2" CAFE 11'-2" x 8'-10" KITCHEN WIC LAUN BATH 2 L L FOYER O. BATH P 42 1,662 A/C Sq. Ft. | 3 Bedrooms | 2 Baths Chapman Home Exterior FM1 Home Exterior CO1 43 • 1,662 A/C Sq. Ft. • 3 Bedrooms • 2 Baths Chapman Artist’s renderings are conceptual only and are not intended to be an exact representation or show specific detailing. Square footage, room dimensions and spatial arrangements on this plan are approximate and may vary in final construction and may vary by elevation. See a sales representative for details. ©2021 Pulte Home Company, LLC. CBC057850 CAS 11-2-21 Visit liveatcarversquare.com for more information on workforce housing at Carver Square. COVERED LANAI 13'-0" x 9'-0" CAFE 11'-5" x 13'-2" OWNER'S SUITE 13'-8" x 12'-10" KITCHEN BEDROOM 2 12'-5" x 10'-6" BEDROOM 3 10'-1" x 10'-8" FOYER LAUN P L WIC GATHERING ROOM 16'-11" x 16'-8" 2 CAR GARAGE 20'-1" x 20'-2" BATH 2 44 1,822 A/C Sq. Ft. | 3 Bedrooms | 2.5 Baths Hamden Home Exterior FM1 Home Exterior CO1 45 • 1,822 A/C Sq. Ft. • 3 Bedrooms • 2.5 Baths Hamden Artist’s renderings are conceptual only and are not intended to be an exact representation or show specific detailing. Square footage, room dimensions and spatial arrangements on this plan are approximate and may vary in final construction and may vary by elevation. See a sales representative for details. ©2021 Pulte Home Company, LLC. CBC057850 CAS 9-17-21 Visit liveatcarversquare.com for more information on workforce housing at Carver Square. CAFE 11'-0" x 8'-0" KITCHEN STORAGE GATHERING ROOM 17'-8" x 19'-8" PR FOYER 2 CAR GARAGE 20'-2" x 20'-2" P PORCH UP LINE OF FLOOR ABOVE L LAUNDRY WIC O. BATH OWNER'S SUITE 13'-0" x 14'-4" BA. 2 L BEDROOM 3 10'-5" x 10'-4" L BEDROOM 2 11'-9" x 10'-9" DN First Floor Second Floor 46 Cottage District Infill – Letter of Intent 1475 Centrepark Blvd., Suite 305 West Palm Beach, FL 33401 April 28, 2022 To: Thuy Shutt Executive Director Boynton Beach CRA Subject: Letter of Intent to Purchase Cottage District Infill Redevelopment Project Thuy, This letter is to serve as a Letter of Intent (LOI) for Pulte Home Company, LLC (Pulte) to enter contract negotiations to acquire ±4.5 acres in Palm Beach County, Florida owned by the Boynton Beach Community Redevelopment District (BBCRA). Pulte Home Company, LLC has the capital to complete this transaction, and we will not include any 3rd party lending approvals or state/local grants as part of our offer to purchase. We are flexible, and we are happy to negotiate deal terms. Our team does not use standardized contract templates, and we can make quick updates in an effort to reach a mutually beneficial agreement. This LOI follows our previous submittal during the BBCRA’s request for proposals in which Pulte’s submittal finished in second-place consideration. With the understanding that the first- place proposal has not materialized, Pulte submits its updated proposal. We look forward to hearing from you and want to assure you we are prepared to act quickly in working to arrive at a mutually acceptable contract. This offer is valid for one month. PulteGroup’s mission to be America’s most respected home builder begins with our site acquisition. On behalf of the PulteGroup Southeast Florida Division, we would be grateful for the opportunity to begin this process with you. Thank you, Andrew Maxey Vice President of Land Acquisition Southeast Florida Division 1475 Centrepark Blvd., Suite 305 West Palm Beach, Florida 33401 Andrew.Maxey@PulteGroup.com 47 Cottage District Infill – Letter of Intent 1475 Centrepark Blvd., Suite 305 West Palm Beach, FL 33401 1) Property Description. The property under consideration consists of ±4.5 acres located in the City of Boynton Beach, Florida and roughly depicted below. 2) Valuation. The total valuation shall be the summation of the purchase price plus a BBCRA Success Fee. The total value is estimated at $688,000. a) A purchase price of $400,000, equal to $10,000 for each of the 40 homes proposed in Pulte’s intended use. b) A BBCRA Success Fee equal to 3% of the sales price of the completed homes and to be paid on a quarterly basis following home closings. Assuming an average sales price of $240,000, the Fee shall equal $288,000 (= 3% x $240,000 x 40 homes). c) Purchase price and Success Fee shall be paid in cash. Pulte does not require any loans or incentives to close. 3) Intended Use. Pulte’s intended use for the property is a fee-simple community designed in accordance with Palm Beach County’s Workforce Housing Program of at least 40 units. (See Exhibits A and B.) Units will be sold according to Palm Beach County Workforce Housing Program guidelines, which includes recording a covenant for a 15-year sales price dee restriction. 48 Cottage District Infill – Letter of Intent 1475 Centrepark Blvd., Suite 305 West Palm Beach, FL 33401 4) Deposits/Fees. First Escrow Deposit: The first deposit of $10,000 is due within five business days after the parties execute a mutually acceptable contract and is fully refundable to Pulte until the completion of the inspection period. Second Escrow Deposit: Upon the end of the inspection period, Pulte will deliver, within five business days, an additional deposit of $60,000 to escrow agent bringing the total deposit to $70,000. The first and second deposits are to be creditable against the total purchase price at closing and will be non-refundable after the expiration of the inspection period. 5) Inspection Period. Pulte will require 120 days from the signing of the contract in which to investigate the property at Pulte's expense. 6) Entitlement Period. Following the expiration of the inspection period, Pulte shall have a period of 10 months to obtain the necessary entitlements to develop the property according to the intended use. 7) Closing Schedule. Pulte shall close on the property on the earlier to occur of 30 days after all closing conditions are fulfilled or 30 days after the expiration of the entitlement period. 8) Conditions to Close. a) Rezoning and land use approval in accordance with the intended use b) Final site plan approval for intended use c) Sitework/earthwork permits required for clearing and excavation d) Water/sewer permits e) SFWMD environmental resource permit (if applicable) f) US Army Corp of Engineers permit (if applicable) 9) Title Evidence. BBCRA will pay for title insurance in the amount of the purchase price and provide a title commitment during the first twenty days of the inspection period. Permitted title exceptions will be determined by the end of the inspection period. 10) Survey. If available, BBCRA will provide survey within the first five days of the inspection period. Pulte will be responsible for updating the survey. 11) Closing Costs and Proration. Each party will pay its cost of document preparation and attorney’s fees. BBCRA is to pay for documentary stamps in connection with the conveyance of the property. All real estate and personal property taxes, leases, and other related costs shall be prorated as of the date of the closing. 12) Broker. Pulte and BBCRA agree that they are not represented by any broker in this transaction. 13) Confidentiality. Pulte and BBCRA agree to maintain the terms of this LOI and all negotiations relating to the property as confidential between Pulte and BBCRA and shall not disclose their existence of this LOI to any other person. 49 Cottage District Infill – Letter of Intent 1475 Centrepark Blvd., Suite 305 West Palm Beach, FL 33401 This letter is not intended to create legally binding commitments. Parties shall become legally bound only if and when they execute a mutually acceptable contract. If the foregoing is acceptable, please indicate your approval by signing this letter in the space provided below and return one signed copy to Pulte at the address shown on this letterhead. Upon receipt of the acceptance, Pulte will commence preparation of a mutually acceptable written contract. Agreed and Accepted: By: _______________________________________ Date: _____________________________________ 50 Cottage District Infill – Letter of Intent 1475 Centrepark Blvd., Suite 305 West Palm Beach, FL 33401 Exhibit A: Palm Beach County Workforce Housing Program, 2021 WHP Unit Sales Prices: WHP Income Category (Based on AMI) Sales Price Low 60% - 80% $48,120 - $64,160 $168,420 Mod1 >80% - 100% >$64,160 - $80,200 $216,540 Mod 2 >100% - 120% >$80,200 - $96,240 $264,660 Middle* >120% - 140% >$96,240 - $112,280 $312,780 Exhibit B: Pulte’s intended use as reflected in original RFP submittal. Plan may be updated to include more units built on newly added parcels. Model Quantity Single Family Detached (1-Story) Brookwood 2 Cedar 4 Highgate 3 Single Family Attached (2-Story Townhome) 20’ Interior Townhomes 19 20’ Exterior Townhomes 12 Total Units Proposed 40 51 | 37Boynton Beach CRA | Cottage District Infill Housing Redevelopment Project Project Description Pulte recognizes that redevelopment of the Cottage District, within the Heart of Boynton District, is a priority for the Boynton Beach CRA and we are very excited to share our proposal with the CRA. Our proposal is uniquely designed to complement and add value to the existing neighborhood and its residents as well as further the goals and principles contained within the 2016 Boynton Beach CRA Redevelopment Plan (“BBCRA Plan”). Among the goals that the Pulte proposal furthers from the plan are: ■Protect and enhance existing single-family neighborhoods ■Create a comfortable, walkable and safe pedestrian-scale environment connecting residents and visitors to the commercial, social/cultural and recreational amenities within each District ■Develop policies and strategies for providing adequate public parking within each District to support commercial and residential redevelopment ■Encourage and assist existing development and redevelopment projects that provide employment and economic opportunities ■Encourage the implementation of streetscape enhancements within the Districts ■Encourage the development of new affordable housing (with no subsidies from the CRA or any other public funding/tax source) Pulte’s plan consists of 9 single family detached and 31 single family attached (townhome) units for a total of 40 new single family units within the Heart of Boynton. Drawing from the architectural styles of the surrounding neighborhood and the BBCRA, we are proposing two styles – Florida Mediterranean and Florida Coastal. Both styles complement the existing homes, reflect the historic character of the proposed Shepard Funk Addition Historic Cottage District along NE 3rd Avenue and Boynton’s coastal history. Our plan provides new homeownership opportunities and has been carefully designed to enhance and protect the surrounding neighborhood. We’ve included a small neighborhood park along NE 1st Street with landscape, hardscape, shade structure and lighting features, as well as a dual use passive recreation/dry detention area, a network of sidewalks and pathways around and throughout the site which connect to the existing neighborhood and provide access for the community at- large. While the small park will be deeded to the City of Boynton Beach to ensure perpetual community access, the Pulte HOA may retain responsibility for park maintenance. We’ve also included additional parking, both on- street parking on NE 1st Street (six spaces in the right-of-way), as well as off-street – six at the townhomes and nine at the new park. The on-street parking, along with new decorative streetlights and the perimeter sidewalks provide traffic calming and a pedestrian environment to the site. The BBCRA Plan identifies the vision for the Heart of Boynton District as “becoming a model neighborhood, with its unique character and history preserved. The vision includes enriching the original vernacular architecture of the neighborhood, investing in housing and commercial uses, and connecting both through the pedestrian and vehicular networks.” The vision further addressed via three recommendations: Streetscape, Land Use, and Urban Design. Pulte’s plan responds to and enhances the each of the BBCRA recommendations for the Heart of Boynton District as explained below. F. DETAILED DESCRIPTION OF THE PROPOSED PROJECT Proposed Project Plan | 4 52 Boynton Beach CRA | Cottage District Infill Housing Redevelopment Project | 38 Proposed Project Plan | 4 Streetscape The BBCRA Plan outlines a variety of streetscape enhancements for Seacrest Boulevard including “bus shelters and the creation of a Pedestrian Zone adjacent to rights-of-way that inviting, safe and includes a minimum 8’ wide clear sidewalk, decorative light poles are both vehicular and pedestrian scales, and installation of canopy trees that provide immediate sharing at time of construction”. Pulte’s plan includes a 5’ sidewalk, retaining the existing decorative streetlights and installing larger canopy trees along the portion of the site adjacent to Seacrest Boulevard. We are also continuing the pedestrian enhancements through an interconnecting network of sidewalks and pathways throughout the site. Decorative streetlights will be provided along the perimeter and interior of the site. Off-street parking is provided long NE 1st Street, which provides for traffic calming as recommended by the BBCRA and the community. Additional off-street parking is provided adjacent to the pocket park and within the site itself. Lastly, we have incorporated a bus shelter for school children in the pocket park along NE 1st Street. We will work with the CRA and the Palm Beach County School District to ensure the bus shelter meets their standards and is utilized as a neighborhood school bus stop. Land Use The existing future land designation for the site is Medium Density Residential and the BBCRA Plan notes that High Density Residential would also be appropriate. Pulte’s plan maintains the existing Medium Density Residential as a means of protecting the surrounding neighborhood. We have done so because while we understand the surrounding community desires new housing opportunities, they want the new opportunities to be consistent with and integrated into the existing fabric. We have opted to propose fee simple single-family opportunities instead of rental opportunities. The current zoning designation is R-2, One and Two-Family, which allows for the proposed density, however we will rezone to PUD. Urban Design The BBCRA Plan identifies three architectural styles in the Heart of Boynton District. The three architectural styles are Mission, Frame Vernacular and Mediterranean. The BBCRA Plan recommends “that when building in this District, new development shall utilize one of these styles”. The BBCRA Plan also notes that the Cottage District should be developed with single-family for- sale homes in the style of the surrounding historic cottages. The surrounding cottages are primarily frame vernacular. Pulte’s plan proposes two architectural styles in keeping with the recommendations of the BBCRA Plan. We are proposing the Florida Mediterranean which is consistent with the BBCRA Plan’s Mediterranean Revival 53 Boynton Beach CRA | Cottage District Infill Housing Redevelopment Project | 39 Proposed Project Plan | 4 style and includes one and two-story structures, stucco finishes, gable and hip roofs with shingle tiles, window and door surrounds, decorative horizontal banding and graceful arches. Select plans also include columns and corbels. We are also proposing a Frame Vernacular style – Florida Coastal – which draws from Boynton Beach’s coastal identity and is consistent with the styles identified by the BBCRA. This style features stucco finishes, board and batten detailing, gable and hip roofs with shingles, rafters and decorative banding. In order to provide further consistency within Pulte’s plan, the single-family units will be offered in both architectural styles while the townhomes will be in the Florida Mediterranean. The architectural styles are also in keeping with the design guidelines contained in the City’s Land Development Regulations. Further, the RFP provides a variety of sample elevations including Mediterranean, Coastal, Craftsman and Caribbean. Both of our architectural styles, Florida Mediterranean and Florida Coastal, are consistent with the sample elevations contained in the RFP. The 2009 The Downtown Vision and Master Plan (“2009 DMP”) notes that while the area does not have a “signature look or style, the creation of a City’s identity … establishing urban design guidelines that will promote the vernacular architecture”. The 2009 DMP points to architectural structures that can be used as a “basis for future design guidelines” such as the Women’s Club and Old School House. The 2009 DMP further notes that the neighborhoods are predominantly a continuous network of streets in a grid pattern. The 2009 DMP also notes that land uses and densities should “ensure a logical and clear transition linking the downtown core to surrounding areas”. Pulte’s plan has taken each of the above recommendations into consideration. Specifically, our architectural style mirrors the Mediterranean Revival of the Women’s Club and the Old School House. We retain and complement the existing grid pattern of the neighborhood and our proposed density of 9.2 units per acre serves as a clear transition between the 2009 DMP and BBCRA Plan recommendations for higher densities in the urban core and the surrounding area as well as a transition to the higher densities proposed for the MLK District. The RFP provides Urban Neighborhood Site Plan Concepts including site planning elements for lots, special condition lots and garage design and sitting. Pulte’s plan meets the site planning concepts including an urban streetscape with consistent and minimum setbacks and shade trees and other landscaping to define the front yards and street edges and provide for traffic calming. Along the perimeter of the site, each home is sited towards and relates to the street. This pattern continues with the three interior townhome buildings which relate to the interior access drive. The sidewalks and driveways are of the same consistent material, AC units are screened, and garages are set back from the front of the homes on two of the three single family detached plans. Care has been taken to ensure the homes surrounding the pocket park respond to both the park and the street. With respect to garage siting, the driveways are limited to 9’ in width, whenever possible, and the garage is secondary due to being recessed, whenever possible. Description of Housing Units and Housing Types Proposed In an effort to better serve the needs of the surrounding community and residents, Pulte is proposing a mix of housing types including both single family detached and single family attached (townhome); a total of 9 single family and 31 townhome units are proposed across a total of five plans. Specifically, we are proposing three single family detached plans: the Brookwood, the Cedar, and the Highgate as well as two single family attached plans: the Navarre and the Grayton. The single family detached homes are one-story, 3 or 4 bedrooms, 2 baths, and 2 car garages. The single family attached (townhomes) are two story buildings (4, 5, and 7 unit configurations), 3 bedrooms, 2.5 baths, and 1 or 2 car 54 Boynton Beach CRA | Cottage District Infill Housing Redevelopment Project | 40 Proposed Project Plan | 4 garages. The mean roof height of the single family detached homes is 13’9”. The mean roof height of the single family attached homes (townhome) is 25’3” and second floor wall planes are recessed. Additionally, the front facades are articulated to ensure the massing is consistent with the existing homes. The living area of the single family homes range from 1,447 to 1,850 square feet; while the living area of the townhomes are 1,636 square feet. Pulte’s floorplans are consumer driven and the result of extensive consumer research and feedback to create the best in livability. Our plans have flexible, updated floorplans to make the buyers life easier and more enjoyable. The chart below details the total square footage, living area square footage (under air), number of bedrooms, number of bathrooms and garage for each plan as well as the proposed number of each plan. All plans include our signature Build Quality Experience which includes communication with the buyer every step of the way. Pulte Construction Standards meet or exceed those of the industry. We include many energy-efficient and smart home features that help reduce the home’s energy consumption such as radiant barrier roof decking to reduce heat absorption and improve HVAC efficiency, high-efficiency HVAC systems, programmable thermostats, energy-star qualified appliances, low-emissivity windows and compact fluorescent and LED lighting. Pulte homes are built with sustainability in mind. We partner with industry leaders who strive for the same excellence as we do including Lenox, Moen, Mohawk, Shaw, Sherwin-Williams and Whirlpool. Please refer to page 41 for additional building specifications. Model Total Square Footage Living Area Square Footage Bedrooms Bathrooms Height Garage Quantity Single Family Detached (1-Story) Brookwood 2,028 1,447 3 2 13’9”2 car 2 Cedar 2,267 1,662 3 2 13’9”2 car 4 Highgate 2,399 1,850 4 2 13’9”2 car 3 Single Family Attached (2-Story Townhome) Navarre 18’ (interior units)1,874 1,636 3 2.5 25’3”1 car 19 Grayton 20’ (end units)2,084 1,637 3 2.5 25’3”2 car 12 Total Units Proposed 40 Density 9.2 du/ac 55 Boynton Beach CRA | Cottage District Infill Housing Redevelopment Project | 41 Architectural and Design Features ■Monolithic slab and CMU (concrete block) exterior walls with bond beams ■Prefabricated engineered wood truss system for floors and walls ■Stucco textured finish exterior walls and overhangs ■Tamko Heritage architectural shingles (or equivalent) ■Clopay Raised Panel Garage Doors (or equivalent) ■PGT Impact windows second floor ■Hurricane shutters for first floor windows ■Decorative stucco banding per plan ■Decorator selected exterior paint schemes including wall, accent, trim, front door and garage door differentiation ■Decorative pavers for driveways and walk to home ■Exterior gutters per plan ■Exterior hose connection in rear ■Exterior GFI receptacles (one in rear, one in front) ■Coach lights on garages ■Lenox 15 SEER air conditioning system with programmable digital thermostat ■Fully irrigated lot with oversized trees, shrubs and sod per plan Interior ■Knockdown drywall finish on ceilings and walls ■White flat paint on all ceilings and walls, white semi- gloss on all doors and trims ■R-30 ceiling insulation, R4.1 foil on exterior masonry walls ■Colonist, molded, hollow core 2 panel interior doors ■Whirlpool Energy star rated kitchen appliances including refrigerator, dishwasher, microwave, range, washer, and dryer ■Decorative 2 ¼” casing on all swing doors and 3 ¼” baseboards in all rooms ■Lever door hardware on all interior doors ■ITS 17” tile flooring in kitchen, dining, and bathrooms (or equivalent) ■Moen chrome bath fixtures ■Shaw carpet in bedrooms and gathering room ■Wood window sills ■Generous bedroom and linen closets and kitchen pantry closets per plan ■Ventilated “free glide” vinyl coated metal closet shelving ■Minimum 50-gallon electric water heater ■Minimum 150 amp electric service ■Decora rocker light switches throughout home with standard receptacles ■Smoke/carbon detectors per code ■RG6 and CAT 5E data/cable in all bedrooms and living rooms ■Energy rated designer LED lighting fixture package including downlights With respect to the minimum energy efficiency guidelines contained in Attachment F “Energy Efficiency Guidelines Checklist” of the Cottage District RFP, Pulte certifies that we meet and exceed all elements. Pulte Homes Building Specifications Examples of architectural design 56 Boynton Beach CRA | Cottage District Infill Housing Redevelopment Project | 42 Proposed Project Plan | 4 Public Benefits As outlined above, the Pulte plan provides many public benefits to the community at-large and the Boynton Beach CRA. Each benefit is summarized below. ■Affordable Housing. One of the tantamount benefits is the provision of 40 new affordable homes, consistent with the Palm Beach County Workforce Housing program, with no CRA assistance or reliance on any other public/tax funding source. Units will be sold to households at 80 to 140% area median income (AMI), with the majority sold to households at the 80 to 120% AMI. ■Preservation and Enhancement of Existing Single Family Community. The Pulte plan is designed to be integrated within the existing community and proposes two architectural styles which are complementary to the surrounding neighborhood and consistent with the Heart of Boynton recommendations contained in the BBCRA Plan. ■Walkable Pedestrian Scale Environment. The Pulte plan provides pedestrian enhancements through an interconnecting network of sidewalks and pathways throughout the site. ■Enhancement of Streetscape. The Pulte plan provides on-street parking, decorative streetlights, larger than code street trees and a perimeter sidewalk all of which are designed to enhance the streetscape and provide traffic calming. ■Public Park. The Pulte plan provides a neighborhood park along NE 1st Street that features landscaping, hardscaping, a shade structure, lighting feature and connects to the dual use passive recreation/dry retention area, thereby expanding the recreational opportunities. This park will be deeded to the City of Boynton Beach but may be maintained by the Pulte HOA. ■Bus Shelter. The Pulte plan provides for a bus shelter along NE 1st Street. Pulte will work with the CRA and the Palm Beach County School District to ensure the shelter is utilized. ■Efficient and Sustainable Homes. Pulte’s construction practices maximize efficiency and sustainability which helps with ongoing affordability. ■Increase City of Boynton Beach Tax Base. Increase the City’s tax base by $8,400,440 based projected sales prices. ■No CRA Funding. Pulte’s plan does not require any CRA funding freeing up $385,825 allocated for the Cottage District for other CRA projects and priorities. ■Community Engagement. Utilize our existing local vendor base including vendors located within the CRA boundaries and identify and recruit new vendors to ensure that that local businesses and residents benefit from this development initiative 57 Boynton Beach CRA | Cottage District Infill Housing Redevelopment Project | 44 SINGLE FAMILY - BROOKWOOD Proposed Project Plan | 4 3 Bedrooms | 2 Bathrooms | 2 Car Garage | 1,447 SQ FT EQUAL HOUSING OPPORTUNITY DEPTHWIDTH SQ FTG Brookwood Floor plans, Elevations and Options will vary from Communityto Community and may not reflect current changes. Dimensions shown are approximate.(c) Copyright 2020 Pulte Homes, Inc. First Floor 144740'-0"50'-8"Zone CMU OPT. OPT. Covered Lanai 4' GARAGE EXT. OPT OPT. TRAY OPT. DROPPED TRAY Shower Walk-In @ Owner's Bath OPT. OPT. TRAY OPT. DROPPED TRAYOPT. ODKEQUAL HOUSING OPPORTUNITY DEPTHWIDTH SQ FTG Brookwood Floor plans, Elevations and Options will vary from Communityto Community and may not reflect current changes. Dimensions shown are approximate.(c) Copyright 2020 Pulte Homes, Inc. First Floor 144740'-0"50'-8"Zone CMU OPT. OPT. Covered Lanai 4' GARAGE EXT. OPT OPT. TRAY OPT. DROPPED TRAY Shower Walk-In @ Owner's Bath OPT. OPT. TRAY OPT. DROPPED TRAYOPT. ODKOption 58 Boynton Beach CRA | Cottage District Infill Housing Redevelopment Project | 45 SINGLE FAMILY - CEDAR Proposed Project Plan | 4 EQUAL HOUSING OPPORTUNITY DEPTHWIDTH SQ FTG Cedar Floor plans, Elevations and Options will vary from Communityto Community and may not reflect current changes. Dimensions shown are approximate.(c) Copyright 2020 Pulte Homes, Inc. First Floor 1,66240'-0"58'-0"Zone CMU OPT. OPT. Covered Lanai Extension 4' GARAGE EXT. OPT Owner's Bath 2 Kitchen Layout 4 Sliding Glass Door @ Gathering Room OPT. TRAY OPT. DROPPED TRAY OPT. OPT.OPT. ODKOPT. ODKOPT. ODK3 Bedrooms | 2 Bathrooms | 2 Car Garage | 1,662 SQ FT EQUAL HOUSING OPPORTUNITY DEPTHWIDTH SQ FTG Cedar Floor plans, Elevations and Options will vary from Communityto Community and may not reflect current changes. Dimensions shown are approximate.(c) Copyright 2020 Pulte Homes, Inc. First Floor 1,66240'-0"58'-0"Zone CMU OPT. OPT. Covered Lanai Extension 4' GARAGE EXT. OPT Owner's Bath 2 Kitchen Layout 4 Sliding Glass Door @ Gathering Room OPT. TRAY OPT. DROPPED TRAY OPT. OPT.OPT. ODKOPT. ODKOPT. ODKOption 59 Boynton Beach CRA | Cottage District Infill Housing Redevelopment Project | 46 SINGLE FAMILY - HIGHGATE Proposed Project Plan | 4 EQUAL HOUSING OPPORTUNITY DEPTHWIDTH SQ FTG Highgate Floor plans, Elevations and Options will vary from Communityto Community and may not reflect current changes. Dimensions shown are approximate.(c) Copyright 2020 Pulte Homes, Inc. First Floor 1,85040'-0"60'-0"Zone CMU OPT. Covered Lanai Extension Owner's Bath 2 Kitchen Layout 4 OPT. OPT. OPT. 4' GARAGE EXT. OPT OPT. DROPPED TRAY OPT. TRAY OPT. ODKOPT. ODK4 Bedrooms | 2 Bathrooms | 2 Car Garage | 1,850 SQ FT EQUAL HOUSING OPPORTUNITY DEPTHWIDTH SQ FTG Highgate Floor plans, Elevations and Options will vary from Communityto Community and may not reflect current changes. Dimensions shown are approximate.(c) Copyright 2020 Pulte Homes, Inc. First Floor 1,85040'-0"60'-0"Zone CMU OPT. Covered Lanai Extension Owner's Bath 2 Kitchen Layout 4 OPT. OPT. OPT. 4' GARAGE EXT. OPT OPT. DROPPED TRAY OPT. TRAY OPT. ODKOPT. ODKOption 60 Boynton Beach CRA | Cottage District Infill Housing Redevelopment Project | 47 Proposed Project Plan | 4 SINGLE FAMILY ATTACHED - GRAYTON AND NAVARRE Proposed plan utilizes 4, 5, and 7 unit configurations GraytonExterior Unit NavarreInterior Unit 61 Boynton Beach CRA | Cottage District Infill Housing Redevelopment Project | 48 Proposed Project Plan | 4 SINGLE FAMILY ATTACHED - GRAYTON AND NAVARRE 3 Bedrooms | 2.5 Bathrooms | 2 Car Garage | 2 Floors | 1,637 SQ FT 3 Bedrooms | 2.5 Bathrooms | 1 Car Garage | 2 Floors | 1,636 SQ FT FIRST FLOORSECOND FLOORFIRST FLOORSECOND FLOOR62 © 2022 Microsoft Corporation © 2022 Maxar ©CNES (2022) Distribution Airbus DS NE 4TH AVEN SEACREST BLVD50'51'12'13' 100'110' 60'50'100' 25' 6' S/W 5' S/W 5' S/W 1 2 3 4 5 6 7 8 9 13 141516171819 BUILDING A 6 UNITS BUILDING C 8 UNITS BUILDING B 6 UNITS 20' 14' 50'50' 20' 20' 5' S/W5' S/W 10' R.O.W. DEDICATION10' R.O.W. DEDICATION 10' R.O.W. DEDICATION 5' S/W 12 11 10 DRY DETENTION 0.47 AC. 4 W BOYNTON BEACH BLVD N SEACREST BLVDPROJECT SITE BBCRA - PLAN - CSP-01_R1.DWGCADBenjamin Valente P:\PLACE\NEW PROJECT - Boynton Cottage District\Concepts\BBCRA - PLAN - CSP-01_R1.dwg ---- Plotted: 8/9/2022 5:30:53 PM Saved: 8/9/2022 5:16:40 PMSHEET:NO.DATEDESCRIPTIONBYREVISIONSCSP-01_R1PROPOSED COTTAGE DISTRICTCONCEPTUAL SITE PLAN #01####2022-8-09BPVSDPSCALE: 1" = 30' 0 15 30 60 JOB NO.DATEDRAWN BYCHECK BY2035 Vista Parkway, West Palm Beach, FL 33411Phone No. 866.909.2220 www.wginc.comCert No. 6091 - LB No. 7055LOCATION MAP SITE AREA TOTAL UNITS SINGLE-FAMILY TOWNHOME (MULTI-FAMILY) DENSITY PARKING REQUIRED SINGLE-FAMILY TOWNHOME GUEST 4.7 AC. 39 19 20 8.3 D.U. PER AC. 1 SP. PER BEDROOM 2 SP. PER UNIT 0.15 SP. PER MULTI-FAMILY UNIT 63 Browning Model Chapman Model Hamden Model Craftsman Coastal Mediterranean (CRA Board Selected Option) 64 65 Pulte Home Company, LLC Cottage District Exhibit D consists of the following items: •Proposed site plan showing which plan goes on which lot. Plans have been predesignated to comply with the anti-monotony requirements in the PSA. •Renderings depicting Coastal elevations for the THs and the SF. •Floorplan brochures for each plan •Draft color schemes (one for each TH building and six for the SF units). SF color schemes will be assigned by the builder prior to permitting. •Proposed project schedule •Proposed project budget Both townhome plans, the Cobalt and the Latitude, will be offered for sale at the Palm Beach County Workforce Housing Program Low Income Category. The 2022 sales price for the Low Income category is $189,630. This sales price and household income ranges are adjusted annually by Palm Beach County, typically in July. We will use the sales price in effect at the time of sale. The three single family plans, the Chapman, Browning and Hamden, will be offered for sale at the Palm Beach County Workforce Housing Program Moderate 1 Income Category. The 2022 sales price for the Moderate 1 Income category is $243,810. This sales price and household income ranges are adjusted annually by Palm Beach County, typically in July. We will use the sales price in effect at the time of sale. 66 © 2022 Microsoft Corporation © 2022 Maxar ©CNES (2022) Distribution Airbus DS NE 4TH AVEN SEACREST BLVD1 2 3 4 1617 BUILDING C 6 UNITS 5 6 7 8 9 10 11 12 13 14 15 DRY DETENTION 0.60 AC. C L C L C L NE 5TH AVENUE NE 1ST STREETR15', TYP. R15', TYP. 6' S/W 5' S/W 5' S/W 10' R.O.W. DEDICATION10' R.O.W. DEDICATION 10' R.O.W. DEDICATION 5' S/W 40' R.O.W. 100'100' 50'52.5' 50' 50' 100' 19' 10' 15' 11.9' 24' 10' 10' 5' LANDSCAPE BUFFER 20' 20' 6.6' 100' 50' 50' 50' 50' 109.6'109.6' 55'50'45'58.6'56.8'40'40'50'50' 20'2' V.G. 5' S/W 5' S/W 20' TYP. 31.8' 27.5' 27.5' 20' TYP. 30.3' 5' S/W 26.9' 20' TYP. BUILDING D 4 UNITS POCKET PARK (0.19 AC.) 20' TYP. 24' 10' 20' 30' 20' ACCESS/MAINTENANCE EASEMENT 2' V.G. 50'50' 1819 BUILDING A 6 UNITS BUILDING B 6 UNITS 85.8' 56.7' CHAPMAN CHAPMAN CHAPMAN CHAPMAN BROWNING BROWNING BROWNING HANDEM CHAPMAN HAMDEN HAMDEN BROWNING BROWNING BROWNING 10.6' 5' 5' 5' 7.5' 7.5' 5'13.6' 11.8' 5' 5'5' 5' 5' 5' 5' 14.3' 5' 5' 5' 5' 5' 5' 5' 5' 5' 5' 25' TYP.25' TYP. 6.6' 21.3' 17' 21.3' 21.3' 18.4' 17.1' 21.3'17' 26.8'21.3' 26' 37.2'30.9'26.6' 5' HAMDEN 5' 5' 26.8' 47.3' 100' 47.3' 10' U.E. 10' U.E.10' U.E. 10' U.E. 10' U.E. 80' 30' 40' 50' 50' 50' 47.3' 120' 50' 50' 25' TYP. 80' 47.3' 50' 10' U.E. 10' U.E. 120' 5' 25' TYP. 11.8' 20.7'10' 12.9' 17' 5' 21.4' 25' TYP. HAMDEN BROWNING CHAPMAN HAMDEN W BOYNTON BEACH BLVD N SEACREST BLVDPROJECT SITE 852100 - PL -LOTFIT_R1.DWGCADRoosevelt Castillo P:\8500\8521.00 Boyton Bch CRA Cottage D\PLAN\CAD\Exhibits\852100 - PL - LOTFIT_R1.dwg ---- Plotted: 1/25/2023 12:27:06 PM Saved: 1/19/2023 12:08:38 PMSHEET:NO.DATEDESCRIPTIONBYREVISIONSEX-1PROPOSED COTTAGE DISTRICTLOT FIT VERSION 18521.002022-10-19BPVSDPJOB NO.DATEDRAWN BYCHECK BYR2035 Vista Parkway, West Palm Beach, FL 33411Phone No. 866.909.2220 www.wginc.comCert No. 6091 - LB No. 7055LOCATION MAP SCALE: 1" = 30' 0 15 30 60 SITE AREA TOTAL UNITS SINGLE-FAMILY TOWNHOME (MULTI-FAMILY) DENSITY UNIT MIX (AS SHOWN) BROWNING CHAPMAN HAMDEN 4.7 AC. 41 19 22 8.7 D.U. PER AC. 19 7 6 6 12022-10-19INITIAL LOT FIT CONCEPTBPVBROWNING MODEL HAMDEN MODEL CHAPMAN MODEL 50.7' 40' 30' 45.3' 58' 40' 67 2 CAR GARAGE 19'-4" x 19'-9" BEDROOM 3 11'-0" x 10'-6" BEDROOM 2 11'-0" x 10'-6" OWNER'S SUITE 13'-5" x 12'-11" GATHERING ROOM 13'-5" x 18'-2" CAFE 11'-2" x 8'-10" KITCHEN WIC LAUN BATH 2 L L FOYER O. BATH P EQUAL HOUSING OPPORTUNITY DEPTH WIDTH SQ FTG Browning Floor plans, Elevations and Options will vary from Community to Community and may not reflect current changes. Dimensions shown are approximate. (c) Copyright 2021 Pulte Homes, Inc. First Floor 144740'-0" 50'-8" BOYNTON COTTAGE DISTRICT UNDER AIR 68 Browning69 COVERED LANAI 13'-0" x 9'-0" CAFE 11'-5" x 13'-2" OWNER'S SUITE 13'-8" x 12'-10" KITCHEN BEDROOM 2 12'-5" x 10'-6" BEDROOM 3 10'-1" x 10'-8" FOYER LAUN P BATH 2 O. BATH 2 CAR GARAGE 20'-1" x 20'-2" L WIC GATHERING ROOM 16'-11" x 16'-8" EQUAL HOUSING OPPORTUNITY DEPTH WIDTH SQ FTG Chapman Floor plans, Elevations and Options will vary from Community to Community and may not reflect current changes. Dimensions shown are approximate. (c) Copyright 2019 Pulte Homes, Inc. First Floor 1,66240'-0" 58'-0" BOYNTON COTTAGE DISTRICT UNDER AIR 70 Chapman71 CAFE 11'-0" x 8'-0" KITCHEN STORAGE GATHERING ROOM 17'-8" x 19'-8" PR FOYER 2 CAR GARAGE 20'-2" x 20'-2" P PORCH EQUAL HOUSING OPPORTUNITY DEPTH WIDTH SQ FTG Hamden Floor plans, Elevations and Options will vary from Community to Community and may not reflect current changes. Dimensions shown are approximate. (c) Copyright 2021 Pulte Homes, Inc. First Floor 1,82230'-0" 45'-3" UP LINE OF FLOOR ABOVE BOYNTON COTTAGE DISTRICT UNDER AIR 72 L LAUNDRY WIC O. BATH OWNER'S SUITE 13'-0" x 14'-4" BEDROOM 2 11'-9" x 10'-9" BA. 2 L BEDROOM 3 10'-5" x 10'-4" EQUAL HOUSING OPPORTUNITY DEPTH WIDTH SQ FTG Hamden Floor plans, Elevations and Options will vary from Community to Community and may not reflect current changes. Dimensions shown are approximate. (c) Copyright 2021 Pulte Homes, Inc. Second Floor 1,82230'-0" 45'-3" DN BOYNTON COTTAGE DISTRICT UNDER AIR 73 Hamden74 1st Floor (Stucco or Siding)SW 7006 Extra White (238 239 234)SW 6203 Spare White (228 228 221)SW 7003 Toque White (231 226 218)SW 9136 Lullaby (203 212 212)SW 7672 Knitting Needles (195 193 188)SW 0052 Pearl Gray (203 206 197)Loft SidingSW 7006 Extra White (238 239 234)SW 6203 Spare White (228 228 221)SW 7003 Toque White (231 226 218)SW 9136 Lullaby (203 212 212)SW 7672 Knitting Needles (195 193 188)SW 0052 Pearl Gray (203 206 197)2nd Floor SidingSW 7006 Extra White (238 239 234)SW 6203 Spare White (228 228 221)SW 7003 Toque White (231 226 218)SW 9137 Niebla Azul (182 195 196)SW 7066 Gray Matters (167 168 162)SW 0052 Pearl Gray (203 206 197)Trim SW 7006 Extra White (238 239 234)SW 0052 Pearl Gray (203 206 197)SW 7658 Gray Clouds (183 183 178)SW 7070 Site White (220 222 220)SW 7067 Cityscape (127 129 126)SW 6203 Spare White (228 228 221)Accent SW 7006 Extra White (238 239 234)SW 0052 Pearl Gray (203 206 197)SW 7671 On The Rocks (208 206 200)SW 9138 Stardew (166 178 181)SW 7570 Egret White (223 217 207)SW 6203 Spare White (228 228 221)Front Door SW 6989 Domino (53 51 55) SW 6214 Underseas (124 142 135)SW 7603 Poolhouse (128 149 160)SW 7076 Cyberspace (68 72 77)SW 7624 Slate Tile (96 110 116)SW 6223 Stillwater (74 93 95)Garage DoorSW 7006 Extra White (238 239 234)SW 0052 Pearl Gray (203 206 197)SW 7658 Gray Clouds (183 183 178)SW 7070 Site White (220 222 220)SW 7570 Egret White (223 217 207)SW 6203 Spare White (228 228 221)ShuttersSW 6989 Domino (53 51 55) SW 6214 Underseas (124 142 135)SW 7603 Poolhouse (128 149 160)SW 7076 Cyberspace (68 72 77)SW 7570 Egret White (223 217 207)SW 6223 Stillwater (74 93 95)Tamko Heritage Asphalt ShingleThunderstrom GreyThunderstrom GreyThunderstrom GreyThunderstrom GreyThunderstrom GreyThunderstrom GreyPaver ‐ Tremrom 4x8 BrickGranite Granite Granite Granite Granite GraniteGutters, Windows & FenceLow Gloss White Low Gloss WhiteLow Gloss WhiteLow Gloss White Low Gloss White Low Gloss WhiteCoastal Color Schemes ‐ SFCO1 CO2 CO3 CO4CO5CO675 BOYNTON COTTAGE DISTRICT UNDER AIR 76 BOYNTON COTTAGE DISTRICT UNDER AIR 77 6 Unit A 78 6 unit A 1st Floor (Stucco or Siding)SW 9161 Dustblu (149 155 160)SW 9137 Niebla Azul (182 195 196)SW 6203 Spare White (228 228 221)SW 6203 Spare White (228 228 221)SW 9137 Niebla Azul (182 195 196)SW 9161 Dustblu (149 155 160)Loft SidingSW 9161 Dustblu (149 155 160)SW 9137 Niebla Azul (182 195 196)SW 6203 Spare White (228 228 221)SW 6203 Spare White (228 228 221)SW 9137 Niebla Azul (182 195 196)SW 9161 Dustblu (149 155 160)2nd Floor SidingSW 6253 Olympus White (212 216 215)SW 9139 Debonair (144 160 166)SW 6203 Spare White (228 228 221)SW 6203 Spare White (228 228 221)SW 9139 Debonair (144 160 166)SW 6253 Olympus White (212 216 215)Trim SW 7005 Pure White (237 236 230)SW 7006 Extra White (238 239 234)SW 0052 Pearl Gray (203 206 197)SW 0052 Pearl Gray (203 206 197)SW 7006 Extra White (238 239 234)SW 7005 Pure White (237 236 230)Accent SW 7005 Pure White (237 236 230)SW 7006 Extra White (238 239 234)SW 0052 Pearl Gray (203 206 197)SW 0052 Pearl Gray (203 206 197)SW 7006 Extra White (238 239 234)SW 7005 Pure White (237 236 230)Front DoorSW 0068 Copen Blue (194 204 196)SW 7076 Cyberspace (68 72 77)SW 6214 Underseas (124 142 135)SW 6214 Underseas (124 142 135)SW 7076 Cyberspace (68 72 77)SW 0068 Copen Blue (194 204 196)Garage Door SW 6253 Olympus White (212 216 215)SW 7006 Extra White (238 239 234)SW 0052 Pearl Gray (203 206 197)SW 0052 Pearl Gray (203 206 197)SW 7006 Extra White (238 239 234)SW 6253 Olympus White (212 216 215)ShuttersSW 0068 Copen Blue (194 204 196)SW 7076 Cyberspace (68 72 77)SW 6214 Underseas (124 142 135)SW 6214 Underseas (124 142 135)SW 7076 Cyberspace (68 72 77)SW 0068 Copen Blue (194 204 196)Shingle Roof Tamko Heritage Thunderstrom GreyThunderstrom GreyThunderstrom GreyThunderstrom GreyThunderstrom GreyThunderstrom GreyPaver ‐ Tremrom 4x8 BrickGranite Granite Granite Granite Granite GraniteGutters, Windows & FenceLow Gloss White Low Gloss White Low Gloss White Low Gloss White Low Gloss White Low Gloss White** Fence not included in plans, this is just noting color for future ARB approval.Bold DustbluBold DustbluCoastal Niebla Azul Coastal Spare White Coastal Spare White Coastal Niebla Azul79 6 Unit B 80 6 unit B 1st Floor (Stucco or Siding)SW 7672 Knitting Needles (195 193 188)SW 7003 Toque White (231 226 218)SW 9136 Lullaby (203 212 212)SW 9136 Lullaby (203 212 212)SW 7003 Toque White (231 226 218)SW 7672 Knitting Needles (195 193 188)Loft SidingSW 7672 Knitting Needles (195 193 188)SW 7003 Toque White (231 226 218)SW 9136 Lullaby (203 212 212)SW 9136 Lullaby (203 212 212)SW 7003 Toque White (231 226 218)SW 7672 Knitting Needles (195 193 188)2nd Floor SidingSW 7066 Gray Matters (167 168 162)SW 7003 Toque White (231 226 218)SW 9137 Niebla Azul (182 195 196)SW 9137 Niebla Azul (182 195 196)SW 7003 Toque White (231 226 218)SW 7066 Gray Matters (167 168 162)Trim SW 7067 Cityscape (127 129 126)SW 7658 Gray Clouds (183 183 178)SW 7070 Site White (220 222 220)SW 7070 Site White (220 222 220)SW 7658 Gray Clouds (183 183 178)SW 7067 Cityscape (127 129 126)Accent SW 7570 Egret White (223 217 207)SW 7671 On The Rocks (208 206 200)SW 9138 Stardew (166 178 181)SW 9138 Stardew (166 178 181)SW 7671 On The Rocks (208 206 200)SW 7570 Egret White (223 217 207)Front DoorSW 7624 Slate Tile (96 110 116)SW 7603 Poolhouse (128 149 160)SW 7076 Cyberspace (68 72 77)SW 7076 Cyberspace (68 72 77)SW 7603 Poolhouse (128 149 160)SW 7624 Slate Tile (96 110 116)Garage Door SW 7570 Egret White (223 217 207)SW 7658 Gray Clouds (183 183 178)SW 7070 Site White (220 222 220)SW 7070 Site White (220 222 220)SW 7658 Gray Clouds (183 183 178)SW 7570 Egret White (223 217 207)ShuttersSW 7570 Egret White (223 217 207)SW 7603 Poolhouse (128 149 160)SW 7076 Cyberspace (68 72 77)SW 7076 Cyberspace (68 72 77)SW 7603 Poolhouse (128 149 160)SW 7570 Egret White (223 217 207)Shingle Roof Tamko Heritage Thunderstrom GreyThunderstrom GreyThunderstrom GreyThunderstrom GreyThunderstrom GreyThunderstrom GreyPaver ‐ Tremrom 4x8 BrickGranite Granite Granite Granite Granite GraniteGutters, Windows & FenceLow Gloss White Low Gloss White Low Gloss White Low Gloss White Low Gloss White Low Gloss White** Fence not included in plans, this is just noting color for future ARB approval.Coastal Knitting NeedlesCoastal Knitting NeedlesCoastal Toque WhiteCoastal Toque White Coastal LullabyCoastal Lullaby81 Project Schedule Milestone Date Notes Effective Date Feb-23 All dates below are based on an Effective Date of 2/14/2023 Initial Deposit Due Feb-23 Feasibility Period Ends Jun-23 120 Days Second Deposit Due Jun-23 Submit applications for site plan and zoning Aug-23 Submit within 60 days after Feasibility Period Ends Site plan and zoning applications approved April-24 Assumes an 8-month approval process Seek closing extension due to plat not being approved June-24 12 months from the end of the Feasibility Period Plat approved Aug-24 Assumes a 4-month approval process after site plan approval (non-concurrent review) Land Closing Sept-24 Close within 30 days of plat approval Purchaser shall submit building permits Oct-24 PSA requires by 180 days from Closing, Purchaser planning 60 days after plat issuance Land Development Commences Oct-24 Assumes site work / utility permits obtained during plat review City issuance of the building permits Dec-24 60 days from Purchaser submitting building permits Purchaser shall commence construction Mar-25 PSA requires by 90 days from permit issuance, 5 months after land development commences First Home Completed (CO) Sep-25 6 months from commencing construction Final Home Completed May-26 14 months from commencing construction Purchaser shall obtain CO for the final dwelling unit of the Project Mar-27 Outside date to get last CO 82 Total Project Cost Townhome Budget Purchase Price/Unit $36,622.222 Land Development Cost/Unit $40,395 Engineering/Pre-acq Costs/Unit $4,847.39 Hard Costs/Unit $31,911.99 Soft Costs/Unit $3,635.54 House Cost/Unit $186,326 Hard Cost/Unit $162,272.80 Soft Costs, Permits & Fees/Unit $24,053.58 Total Budget/Unit $263,344 Single-Family Budget Purchase Price/Unit $91,555.556 Land Development Cost/Unit $51,936 Engineering/Pre-acq Costs/Unit $6,232.36 Hard Costs/Unit $41,029.70 Soft Costs/Unit $4,674.27 House Cost/Unit $195,186 Hard Cost/Unit $167,492.16 Soft Costs, Permits & Fees/Unit $27,693.38 Total Budget/Unit $338,677 Total Project Cost $11,701,742 83 84 85 1475 Centrepark Blvd, Suite 140, West Palm Beach, FL 33401 March 11, 2024 Mr. Timothy Tack, Assistant Director/Ac�ng Director Boynton Beach Community Redevelopment Agency 100 E. Ocean Avenue, 4th Floor Boynton Beach, FL 33435 Dear Timothy: Please find a copy of the fourth written report required by the Purchase and Development Agreement (PDA) between the Boynton Beach Community Redevelopment Agency (CRA) and Pulte Home Company, LLC for the Cottage District project. Feasibility Period The Feasibility Period expired on June 26, 2023. PDA Amendment CRA/Pulte signed the First Amendment on September 13, 2023. The First Amendment removes the construction cost cap, allows us to finalize the Restrictive Covenant before Closing and requires plat submittal within 90 days of site plan approval. Development Deadlines The PDA outlines development-related deadlines and summarizes them in the attached table. Pulte submitted the site plan, master plan, and rezoning applications on June 7, 2023. City staff provided comments on July 7, 2023. Pulte resubmitted on August 14, 2023, with staff comments due on August 30, 2023. Staff issued comments on September 7, 2023. We resubmitted on October 25, 2023 and we received the comments on November 21, 2023. Site plan, rezoning and variance approvals were obtained on February 6, 2024. Pulte submitted the plat on February 27, 2024 and we anticipate staff comments by in late March. Sales and Marketing Deadlines The First Amendment to the PDA extends the timeframe for the Form of Restrictive Covenant to Prior to Closing. CRA staff approved the Form of Restrictive Covenant on February 13, 2024. Please let us know if you have any questions. We look forward to continuing to work with you on this exciting and important project. Sincerely, Aimee Craig Carlson, AICP Director of Land Planning and Entitlement Attachment: PDA Deadlines 86 Boynton Beach CRA and Pulte Home Company PDA Deadlines Event Due Date Status Development Deadlines Obtain approval from Asset Management Committee Prior to expiration of feasibility period– 6/26/23 Pulte provided notice to the CRA on 6/26/23. Submit applications for platting, site plan and zoning Within 60 days of second deposit – 9/1/23 Applications for site plan, master plan and zoning were submitted on 6/7/23. City comments received in July. We resubmitted in 8/14/23, received comments on 9/7/2023, we resubmitted on 10/25/2023 and received comments on 11/21/2023. Site plan and rezoning were approved in February 2024. Plat was submitted on 2/27/24 and we anticipate staff comments by the end of March. Provide a copy of all HOA governing documents Prior to Site Plan Approval DCCRs were submitted on 1/22/24. Submit Plat 90 days within Site Plan Approval Plat was submitted on 2/27/24 and we anticipate staff comments by the end of March. Obtain all site plan and development permit approvals Within twelve months after application* Site plan and rezoning approval obtained in February 2024. Closing Date Earlier of 30 days 1) after the last of the Closing Conditions has been satisfied or 2) 12 months after the end of the Feasibility period.* Closing date has not been confirmed and it is premature to do so at this time. Closing conditions include approved Development permits (appeals periods expired). Final Plat approval is underway. 12 months from expiration of the Feasibility Period is 6/26/24. See * note below. Submit building permits Within 180 days of site plan approval, unless City requires additional approvals before permit can be submitted Date TBD Commence site work Within 90 days of land development permit issuance Date TBD Commence construction of dwelling units Within 90 days of first five building permits Date TBD Obtain Final Certificate of Occupancy Within two years of commencing construction of the first dwelling unit Date TBD 87 *6-month extension may be requested. Event Due Date Status Sales and Marketing Deadlines Form of restrictive covenant Prior to Closing (Due Date updated in the First Amendment) Draft restrictive covenant provided to CRA staff on 6/12/23. Comments received from staff on 6/26/23 and Pulte responded to the comments on 7/18/23. CRA staff responded on 2/13/24 approving the draft. Groundbreaking Ceremony Prior to or simultaneously with the commencement of construction of the first unit Date TBD Implementation of sales and marketing plan and launch project website No later than 60 days after Commencement of Construction of the first dwelling unit Date TBD Notify seller that units will be sold via lottery At least 45 days prior Date TBD Ribbon Cutting Ceremony Prior to closing, or within 60 days thereafter, of the first unit Date TBD 88 •2022-2023 Annual Report and Audit COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: April 9, 2024 ANNOUNCEMENTS AND AWARDS AGENDA ITEM 9.A SUBJECT: Boynton Beach CRA FY 2022-2023 Financial & Annual Report SUMMARY: The Boynton Beach CRA (BBCRA) Fiscal Year 2022-2023 Annual Report containing the Annual Audit was mailed to all required officials and taxing authorities on March 28, 2024, and posted on the BBCRA's website in accordance with the Florida State Statutes. 200 hard copies are currently printed for distribution. A electronic copy in PDF-format can also be downloaded from the BBCRA's website: https://www.boyntonbeachcra.com/home/showdocument?id=1077 Distribution of the annual reports will be done by staff at various BBCRA business promotional events, community meetings and events, at City Hall, in-person business visits, and future professional conferences or in-person meetings with prospective developers or interested parties. This year ’s Annual Report provides a summary of the BBCRA’s activities for Fiscal Year 2022- 2023 consistent with the statutory reporting requirements, including but not limited to, the agency's audit report and financial information regarding assets, liabilities, income, expenditures, operating expenses, details of the BBCRA projects and programs, the Boynton Harbor Marina financials and marketing, affordable housing initiatives, Neighborhood Officer Program, economic development grants, and business promotional initiatives (see Attachment I). FISCAL IMPACT: FY 2023-2024 Budget, Project Fund 01-57400-365, $777.12 CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRA BOARD OPTIONS: No action required at this time unless otherwise determined by the Board. ATTACHMENTS: Description 89 90 91 5 6 9 9 92 ADVISORY MEMBERS 100 E. OCEAN AVENUE, 4th FLOOR, BOYNTON BEACH, FL 33435 • 561.737.3256 93 ANNUAL REPORT IS AVAILABLE ONLINE AT WWW.BOYNTONBEACHCRA.COM 94 100 E. OCEAN AVENUE, 4th FLOOR, BOYNTON BEACH, FL 33435 • 561.737.3256 95 ANNUAL REPORT IS AVAILABLE ONLINE AT WWW.BOYNTONBEACHCRA.COM 96 100 E. OCEAN AVENUE, 4th FLOOR, BOYNTON BEACH, FL 33435 • 561.737.32565 97 ANNUAL REPORT IS AVAILABLE ONLINE AT WWW.BOYNTONBEACHCRA.COM 6 98 100 E. OCEAN AVENUE, 4th FLOOR, BOYNTON BEACH, FL 33435 • 561.737.32567 99 ANNUAL REPORT IS AVAILABLE ONLINE AT WWW.BOYNTONBEACHCRA.COM 100 100 E. OCEAN AVENUE, 4th FLOOR, BOYNTON BEACH, FL 33435 • 561.737.32569 101 ANNUAL REPORT IS AVAILABLE ONLINE AT WWW.BOYNTONBEACHCRA.COM 102 100 E. OCEAN AVENUE, 4th FLOOR, BOYNTON BEACH, FL 33435 • 561.737.3256 103 ANNUAL REPORT IS AVAILABLE ONLINE AT WWW.BOYNTONBEACHCRA.COM 104 100 E. OCEAN AVENUE, 4th FLOOR, BOYNTON BEACH, FL 33435 • 561.737.3256 105 ANNUAL REPORT IS AVAILABLE ONLINE AT WWW.BOYNTONBEACHCRA.COM 106 100 E. OCEAN AVENUE, 4th FLOOR, BOYNTON BEACH, FL 33435 • 561.737.3256 107 ANNUAL REPORT IS AVAILABLE ONLINE AT WWW.BOYNTONBEACHCRA.COM 108 100 E. OCEAN AVENUE, 4th FLOOR, BOYNTON BEACH, FL 33435 • 561.737.3256 109 ANNUAL REPORT IS AVAILABLE ONLINE AT WWW.BOYNTONBEACHCRA.COM 110 100 E. OCEAN AVENUE, 4th FLOOR, BOYNTON BEACH, FL 33435 • 561.737.3256 111 ANNUAL REPORT IS AVAILABLE ONLINE AT WWW.BOYNTONBEACHCRA.COM 112 100 E. OCEAN AVENUE, 4th FLOOR, BOYNTON BEACH, FL 33435 • 561.737.3256 113 ANNUAL REPORT IS AVAILABLE ONLINE AT WWW.BOYNTONBEACHCRA.COM 114 100 E. OCEAN AVENUE, 4th FLOOR, BOYNTON BEACH, FL 33435 • 561.737.3256 115 ANNUAL REPORT IS AVAILABLE ONLINE AT WWW.BOYNTONBEACHCRA.COM 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 •Attachment I - Rock the Plaza Poster COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: April 9, 2024 ANNOUNCEMENTS AND AWARDS AGENDA ITEM 9.B SUBJECT: Announcement for Rock the Plaza at Ocean Palm SUMMARY: O n April 27, 2024, the CRA will host Rock the Plaza at the Ocean Palm Plaza, located at 1550 N. Federal Highway. The free event, which will take place from 2:00 p.m. to 5:00 p.m., will spotlight the businesses located within Ocean Palm Plaza. To maximize exposure for the businesses, CRA staff will also provide social media assistance to interested businesses in the plaza prior to the event to increase marketing and cross promotional opportunities with the hashtag #RockthePlaza. The event will feature live music, family-friendly activities, and special promotions and offers to encourage attendees to shop local and support the businesses located within the plaza. Please see Attachment I for the branded promotional poster that was distributed to businesses throughout the BBCRA area and at City of Boynton Beach municipal buildings. FISCAL IMPACT: FY 2023 - 2024 Budget, Project Fund, Line Item 02-58500-480 - $30,000. CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRA BOARD OPTIONS: No action is required from the CRA Board at this time. ATTACHMENTS: Description 157 FREE EVENTFREE EVENT APRIL 27APRIL 27 TH TH - 2-5PM- 2-5PM OCEAN PALM PLAZAOCEAN PALM PLAZA BBOYNTONOYNTONBBEACHEACHCRACRA.COM.COM Interpreter available upon request. Contact CoppinM@bbfl.us or (561)600-9097 1550 N. FEDERAL HWY . 1550 N. FEDERAL HWY . 158 •Attachment I - March 2024 Financial Summary COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: April 9, 2024 CONSENT AGENDA AGENDA ITEM 11.A SUBJECT: CRA Financial Report Period Ending March 31, 2024 SUMMARY: CRA Financial Services staff is providing the CRA Board with the March 31, 2024 (Attachment I): Statement of Revenues, Expenditures and Changes in Fund Balance Report, and Budget Comparison Schedule - General Fund. FISCAL IMPACT: FY 2023-2024 Annual Budget CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan and FY 2023-2024 CRA Budget CRA BOARD OPTIONS: Approve the CRA's monthly financial and budget reports for the period ending March 31, 2024. ATTACHMENTS: Description 159 General Fund Projects Fund Debt Service Fund Total Governmental Funds REVENUES Tax increment revenue 21,707,867 - - 21,707,867 Marina Rent & Fuel Sales 987,692 - - 987,692 Contributions and donations - - - - Interest and other income 185,343 395,954 21,688 602,984 Total revenues 22,880,901 395,954 21,688 23,298,543 EXPENDITURES General government 2,184,529 - - 2,184,529 Redevelopment projects - 3,478,543 - 3,478,543 Debt service:- Principal - - - - Interest and other charges - - 87,235 87,235 Total expenditures 2,184,529 3,478,543 87,235 5,750,307 20,696,372 (3,082,590) (65,547) 17,548,236 OTHER FINANCING SOURCES (USES) Funds Transfers in - 17,139,098 2,135,817 19,274,915 Funds Transfers out (19,274,915) - - (19,274,915) Total other financing sources (uses) (19,274,915) 17,139,098 2,135,817 - Net change in fund balances 1,421,457 14,056,508 2,070,270 17,548,236 Fund balances - beginning of year 4,460,185 13,283,370 176,014 17,919,569 Fund balances - end of year 5,881,642 27,339,878 2,246,284 35,467,805 Footnote: Transfers between funds include monies received from TIF and carryover from general fund balance. Excess (deficiency) of revenues over expenditures BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY Statement of Revenues, Expenditures and Changes in Fund Balances Through Year to Date - March 31, 2024 (A Component Unit of the City of Boynton Beach, Florida) The notes to the basic financial statements are an integral part of this statement. 1 160 Original Budget Final Budget Actual REVENUES Tax increment revenue 21,496,558$ 21,496,558$ 21,707,867 Marina Rent & Fuel Sales 1,100,000 1,100,000 987,692 Interest and other income - - 185,343 Other financing sources (uses) - 1,678,357 - Total revenues 22,596,558 24,274,915 22,880,901 EXPENDITURES General government 5,000,000 5,104,949 2,184,529 Total expenditures 5,000,000 5,104,949 2,184,529 17,596,558 19,169,966 20,696,372 OTHER FINANCING SOURCES (USES) Carryover fund balance - Transfers out (17,596,558) (19,274,915) (19,274,915) Total other financing sources (uses) (17,596,558) (19,274,915) (19,274,915) Net change in fund balances -$ (104,949)$ 1,421,457 Fund balances - beginning of year 4,460,185 Fund balances - end of year 5,881,642 Excess of revenues over expenditures BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Boynton Beach, Florida) Budgetary Comparison Schedule General Fund Through Year to Date - March 31, 2024 The notes to the basic financial statements are an integral part of this statement. 1 161 4/2/2024 1:33:51 PM Page 1 of 5 Detail vs Budget Report Boynton Beach CRA, FL Account Summary Date Range: 03/01/2024 - 03/31/2024 Account Name Beginning Balance Total Activity Ending BalanceFiscal Budget Budget RemainingEncumbrances % Remaining 01 - GENERAL FUND Revenue 01-41000 T.I.F. COLLECTIONS 211,309.00-21,707,867.000.00-21,707,867.00-21,496,558.000.00 0.98% 01-42115 MARINA RENTS -28,395.11-71,604.89-11,270.00-60,334.89-100,000.000.00 -28.40% 01-42116 MISCELLANEOUS RENTS FRO PROPER 128,706.06-128,706.06-21,929.69-106,776.370.000.00 0.00% 01-42117 MARINA FUEL SALES -214,673.69-785,326.31-164,511.57-620,814.74-1,000,000.000.00 -21.47% 01-42118 MARINA MISC INCOME 2,054.26-2,054.261,619.86-3,674.120.000.00 0.00% 01-46100 INTEREST INCOME 73,517.89-73,517.89-7,707.39-65,810.500.000.00 0.00% 01-47200 IN KIND REVENUE 73,907.02-73,907.02-13,851.17-60,055.850.000.00 0.00% 01-48100 MISCELLANEOUS INCOME 37,917.61-37,917.61-6,567.04-31,350.570.000.00 0.00% 01-49100 OTHER FINANCING SOURCES -1,678,357.000.000.000.00-1,678,357.000.00 -100.00% Revenue Totals:0.00 -24,274,915.00 -22,656,684.04 -224,217.00 -22,880,901.04 -1,394,013.96 -5.74% Expense 01-51010-200 CONTRACTUAL EXPENSE 37,154.347,863.41421.507,441.9145,017.750.00 82.53% 01-51010-216 ADVERTISING & PUBLIC NOTICES 8,000.000.000.000.008,000.000.00 100.00% 01-51010-225 ASSOC. MEETINGS & SEMINARS 23,777.874,767.130.004,767.1328,545.000.00 83.30% 01-51010-227 DELIVERY SERVICES 111.00139.000.00139.00250.000.00 44.40% 01-51010-310 OFFICE SUPPLIES 363.9236.080.0036.08400.000.00 90.98% 01-51230-100 PERSONNEL SERVICES 243,453.97202,182.0519,661.80182,520.25445,636.020.00 54.63% 01-51230-115 CAR ALLOWANCE 5,587.194,012.81276.923,735.899,600.000.00 58.20% 01-51230-225 ASSOC. MEETINGS & SEMINARS 14,097.671,402.330.001,402.3315,500.000.00 90.95% 01-51230-226 MEMBERSHIP DUES 11,457.085,842.92680.005,162.9217,300.000.00 66.23% 01-51230-227 DELIVERY SERVICES 400.000.000.000.00400.000.00 100.00% 01-51230-229 CAREER DEVELOPMENT 26,000.000.000.000.0026,000.000.00 100.00% 01-51230-310 OFFICE SUPPLIES 1,988.51511.4925.31486.182,500.000.00 79.54% 01-51230-315 POSTAGE 2,800.00200.000.00200.003,000.000.00 93.33% 01-51230-340 CELLULAR PHONES 1,948.73551.2727.96523.312,500.000.00 77.95% 01-51230-355 SUBSCRIPTIONS 556.66443.34308.34135.001,000.000.00 55.67% 01-51230-360 BOOKS & PUBLICATIONS 300.000.000.000.00300.000.00 100.00% 01-51230-400 EQUIPMENT COSTS 2,000.000.000.000.002,000.000.00 100.00% 01-51325-100 PERSONNEL SERVICES 122,215.27119,635.7318,604.00101,031.73241,851.000.00 50.53% 01-51325-115 CAR ALLOWANCE 1,800.021,799.98276.921,523.063,600.000.00 50.00% 01-51325-200 CONTRACTUAL EXPENSE 125.00175.000.00175.00300.000.00 41.67% 01-51325-201 BANK FEES 5,778.52221.4813.48208.006,000.000.00 96.31% 01-51325-225 ASSOC. MEETINGS & SEMINARS 9,212.6637.340.0037.349,250.000.00 99.60% 01-51325-226 MEMBERSHIP DUES 1,320.83179.170.00179.171,500.000.00 88.06% 01-51325-227 DELIVERY COSTS 255.4944.510.0044.51300.000.00 85.16% 162 Detail vs Budget Report Date Range: 03/01/2024 - 03/31/2024 4/2/2024 1:33:51 PM Page 2 of 5 Account Name Beginning Balance Total Activity Ending BalanceFiscal Budget Budget RemainingEncumbrances % Remaining 01-51325-229 CAREER DEVELOPMENT 5,000.000.000.000.005,000.000.00 100.00% 01-51325-310 OFFICE SUPPLIES 1,639.71360.2925.31334.982,000.000.00 81.99% 01-51325-340 CELLULAR PHONES 1,472.67527.3396.47430.862,000.000.00 73.63% 01-51325-355 SUBSCRIPTIONS 1,501.001,499.000.001,499.003,000.000.00 50.03% 01-51325-360 BOOKS & PUBLICATIONS 300.000.000.000.00300.000.00 100.00% 01-51325-365 OFFICE PRINTING COSTS 1,934.0066.000.0066.002,000.000.00 96.70% 01-51325-400 EQUIPMENT COSTS 1,000.000.000.000.001,000.000.00 100.00% 01-51410-213 GENERAL PROPERTY COVERAGE 153,408.11187,107.896,047.50181,060.39340,516.000.00 45.05% 01-51420-200 CONTRACTUAL EXPENSE 38,860.2520,139.750.0020,139.7559,000.000.00 65.86% 01-51420-201 CONTRACT LEGAL 126,979.0061,021.007,330.0053,691.00181,000.00-7,000.00 70.15% 01-51420-202 WEBSITE HOSTING, REDESIGN & MAINT 22,577.6310,338.984,522.635,816.3537,139.984,223.37 60.79% 01-51420-204 CITY STAFF COSTS 27,671.0011,427.009,507.001,920.0029,591.00-9,507.00 93.51% 01-51440-100 PERSONNEL SERVICES 96,100.62108,051.3815,763.2092,288.18204,152.000.00 47.07% 01-51440-225 ASSOC. MEETINGS & SEMINARS 5,461.442,238.5668.342,170.227,700.000.00 70.93% 01-51440-226 MEMBERSHIP DUES 2,291.6658.340.0058.342,350.000.00 97.52% 01-51440-227 DELIVERY SERVICES 500.000.000.000.00500.000.00 100.00% 01-51440-229 CAREER DEVELOPMENT 7,976.24173.760.00173.768,150.000.00 97.87% 01-51440-310 OFFICE SUPPLIES 696.80303.2025.31277.891,000.000.00 69.68% 01-51440-340 CELLULAR PHONES 677.45522.5595.51427.041,200.000.00 56.45% 01-51440-355 SUBSCRIPTIONS 1,185.34814.66649.66165.002,000.000.00 59.27% 01-51440-360 BOOKS & PUBLICATIONS 500.000.000.000.00500.000.00 100.00% 01-51440-365 OFFICE PRINTING COSTS 1,500.000.000.000.001,500.000.00 100.00% 01-51620-200 CONTRACTUAL EXPENSE 4,321.31678.6989.97588.725,000.000.00 86.43% 01-51620-201 PROPERTY TAXES & ASSOC. DUES 68,014.6981,985.31-4,576.8886,562.19150,000.000.00 45.34% 01-51620-202 MARINA POLICE 29,798.9913,929.903,037.8110,892.0940,691.08-3,037.81 73.23% 01-51620-205 RENTAL OF OFFICES 20,357.189,642.820.009,642.8230,000.000.00 67.86% 01-51620-208 EQUIPMENT LEASES 10,678.842,365.99406.771,959.2212,638.06-406.77 84.50% 01-51620-209 PROPERTY MAINTENENCE COST 386,133.20108,637.8018,703.3489,934.46478,890.00-15,881.00 80.63% 01-51620-210 IN KIND EXPENSE -73,907.0273,907.0213,851.1760,055.850.000.00 0.00% 01-51620-211 VEHICLE MAINTENANCE / FUEL 9,511.51488.490.00488.4910,000.000.00 95.12% 01-51620-212 HURRICANE/PROPERTY CONTINGENCY 30,000.000.000.000.0030,000.000.00 100.00% 01-51620-224 SIGNAGE 20,000.000.000.000.0020,000.000.00 100.00% 01-51620-325 ELECTRICITY COSTS 17,784.302,215.70444.621,771.0820,000.000.00 88.92% 01-51620-326 WATER CHARGES 18,130.911,869.09285.951,583.1420,000.000.00 90.65% 01-51630-200 CONTRACTUAL 150.00450.000.00450.00600.000.00 25.00% 01-51630-209 PROPERTY MAINTENENCE 63,444.1327,555.873,273.3024,282.5791,000.000.00 69.72% 01-51630-241 MARINA FUEL MANAGEMENT 112,253.14118,492.8620,788.8197,704.05230,746.000.00 48.65% 01-51630-242 MARINE FUEL STATION OVERHEAD 42,909.1117,090.894,201.0712,889.8260,000.000.00 71.52% 01-51630-310 OFFICE SUPPLIES 945.34254.660.00254.661,200.000.00 78.78% 01-51630-325 ELECTRIC COSTS 3,723.715,276.29771.504,504.799,000.000.00 41.37% 01-51630-326 WATER COSTS 3,686.442,313.56287.672,025.896,000.000.00 61.44% 01-51630-327 GASOLINE & DEISEL FUEL PURCHAS 199,162.91491,012.0992,656.10398,355.99690,175.000.00 28.86% 01-51630-328 MARINA DIESEL SALES TAX 9,840.827,438.181,776.045,662.1417,279.000.00 56.95% 01-51650-200 CONTRACTUAL EXPENSE 1,800.000.000.000.001,800.000.00 100.00% 163 Detail vs Budget Report Date Range: 03/01/2024 - 03/31/2024 4/2/2024 1:33:51 PM Page 3 of 5 Account Name Beginning Balance Total Activity Ending BalanceFiscal Budget Budget RemainingEncumbrances % Remaining 01-51650-210 CITY IT SUPPORT 22,949.007,587.000.007,587.0030,536.000.00 75.15% 01-51650-211 COMPUTER SOFTWARE & LICENSES 4,000.000.000.000.004,000.000.00 100.00% 01-51650-212 FINANCIAL SOFTWARE MAINTENANCE 32,965.5829,534.420.0029,534.4262,500.000.00 52.74% 01-51650-330 TELEPHONE LINES 5,000.000.000.000.005,000.000.00 100.00% 01-51650-400 EQUIPMENT COSTS 10,000.000.000.000.0010,000.000.00 100.00% 01-51990-200 CONTRACTUAL EXPENSE - CONTINGENCY 100,000.000.000.000.00100,000.000.00 100.00% 01-57400-100 PERSONNEL SERVICES 90,051.2862,115.729,782.0052,333.72152,167.000.00 59.18% 01-57400-216 ADVERTISING & PUBLIC NOTICES 37,720.0010,280.001,470.008,810.0048,000.000.00 78.58% 01-57400-218 ANNUAL REPORT & BROCHURES 4,920.0080.000.0080.005,000.000.00 98.40% 01-57400-225 ASSOC. MEETINGS & SEMINARS 9,807.60192.400.00192.4010,000.000.00 98.08% 01-57400-226 MEMBERSHIP DUES 4,470.835,829.170.005,829.1710,300.000.00 43.41% 01-57400-227 DELIVERY SERVICES 1,478.1621.840.0021.841,500.000.00 98.54% 01-57400-229 CAREER DEVELOPMENT 3,988.54511.460.00511.464,500.000.00 88.63% 01-57400-236 PHOTOGRAPHY / VIDEOS 20,000.000.000.000.0020,000.000.00 100.00% 01-57400-310 OFFICE SUPPLIES 630.68869.32181.30688.021,500.000.00 42.05% 01-57400-340 CELLULAR PHONES 1,207.45792.55140.51652.042,000.000.00 60.37% 01-57400-355 SUBSCRIPTIONS 1,243.67656.330.00656.331,900.000.00 65.46% 01-57400-360 BOOKS & PUBLICATIONS 500.000.000.000.00500.000.00 100.00% 01-57400-365 OFFICE PRINTING COSTS 4,000.000.000.000.004,000.000.00 100.00% 01-57500-100 PERSONNEL SERVICES 86,568.6051,439.407,846.6043,592.80138,008.000.00 62.73% 01-57500-225 ASSOC. MEETINGS & SEMINARS 9,900.8999.110.0099.1110,000.000.00 99.01% 01-57500-226 MEMBERSHIP DUES 495.83504.170.00504.171,000.000.00 49.58% 01-57500-229 CAREER DEVELOPMENT 7,000.000.000.000.007,000.000.00 100.00% 01-57500-310 OFFICE SUPPLIES 1,375.78624.2225.28598.942,000.000.00 68.79% 01-57500-340 CELLULAR PHONES 330.00270.0045.00225.00600.000.00 55.00% 01-57500-355 SUBSCRIPTIONS 400.00100.000.00100.00500.000.00 80.00% 01-57500-360 BOOKS & PUBLICATIONS 500.000.000.000.00500.000.00 100.00% 01-59000-151 F.I.C.A.51,569.0628,430.944,377.4224,053.5280,000.000.00 64.46% 01-59000-152 MEDICARE 11,256.978,743.031,023.757,719.2820,000.000.00 56.28% 01-59000-153 RETIREMENT PLAN 401(a)189,817.00160,183.0023,081.00137,102.00350,000.000.00 54.23% 01-59000-154 WORKERS COMP INSURANCE 13,386.301,613.701,613.700.0015,000.000.00 89.24% 01-59000-155 HEALTH INSURANCE 180,334.0719,665.9383.1219,582.81200,000.000.00 90.17% 01-59000-156 DENTAL INSURANCE 13,092.491,907.51329.671,577.8415,000.000.00 87.28% 01-59000-157 LIFE INSURANCE 11,416.00335.0045.00290.0011,751.000.00 97.15% 01-59000-158 SHORT / LONG TERM DISABILITY 6,229.013,770.99469.053,301.9410,000.000.00 62.29% 01-59000-159 UNEMPLOYMENT CHARGES 10,000.000.000.000.0010,000.000.00 100.00% 01-59000-160 VISION INSURANCE 4,747.49252.5141.20211.315,000.000.00 94.95% 01-59000-161 COMPENSATED ABSENSES 0.0067,818.980.0067,818.9867,818.980.00 0.00% 01-59800-990 TRANS OUT TO DEBT SERVICE FUND 0.002,135,817.000.002,135,817.002,135,817.000.00 0.00% 01-59999-990 INTERFUND TRANSFERS OUT 0.0017,139,098.000.0017,139,098.0017,139,098.000.00 0.00% Expense Totals:-31,609.21 24,379,863.87 21,168,464.64 290,979.00 21,459,443.64 2,952,029.44 12.11% 01 - GENERAL FUND Totals:-31,609.21 104,948.87 -1,488,219.40 66,762.00 -1,421,457.40 1,558,015.48 02 - PROJECTS FUND 164 Detail vs Budget Report Date Range: 03/01/2024 - 03/31/2024 4/2/2024 1:33:51 PM Page 4 of 5 Account Name Beginning Balance Total Activity Ending BalanceFiscal Budget Budget RemainingEncumbrances % Remaining Revenue 02-44100 FESTIVAL & EVENT INCOME 11,627.00-11,627.00-2,325.00-9,302.000.000.00 0.00% 02-46100 INTEREST INCOME 324,265.97-324,265.97-69,776.60-254,489.370.000.00 0.00% 02-47100 APPLICATION FEES 1,300.84-1,300.84-100.00-1,200.840.000.00 0.00% 02-48100 MISCELLANEOUS INCOME 58,760.00-58,760.000.00-58,760.000.000.00 0.00% 02-49100 OTHER FINANCING SOURCES -3,628,406.000.000.000.00-3,628,406.000.00 -100.00% 02-49900 TRANSFERS IN 0.00-17,139,098.000.00-17,139,098.00-17,139,098.000.00 0.00% Revenue Totals:0.00 -20,767,504.00 -17,462,850.21 -72,201.60 -17,535,051.81 -3,232,452.19 -15.56% Expense 02-58100-202 CONTINGENCY EXPENSE 200,000.000.000.000.00200,000.000.00 100.00% 02-58100-203 CONTRACTUAL EXPENSE 1,066,350.00242,150.001,500.00240,650.001,308,500.000.00 81.49% 02-58100-213 LEGAL FEES 197,955.0052,045.0012,852.0039,193.00250,000.000.00 79.18% 02-58200-401 BUILDINGS 3,930,634.78655,476.94181,699.94473,777.005,404,411.78818,300.06 72.73% 02-58200-402 IMPROVEMENTS 1,306,513.000.000.000.001,306,513.000.00 100.00% 02-58200-404 CONSTRUCTION IN PROGRESS 212,795.337,937.090.007,937.09220,732.420.00 96.40% 02-58200-405 SITE WORK AND DEMOLITION FEES 346,811.374,789.211,600.183,189.03350,000.00-1,600.58 99.09% 02-58200-406 INFRASTRUCTURE AND STREETSCAPE 9,845,249.841,979,793.040.001,979,793.0411,825,042.880.00 83.26% 02-58400-443 DIFA-ECONOMIC DEVELOPMENT 661,167.000.000.000.00661,167.000.00 100.00% 02-58400-444 ECONOMIC DEVELOPMENT GRANTS 1,432,716.23210,596.5450,332.91160,263.631,735,423.4692,110.69 82.56% 02-58400-445 MARKETING INCENTIVES 274,717.429,257.580.009,257.58283,975.000.00 96.74% 02-58500-460 COMMUNITY POLICING INNOVATIONS 933,395.47135,671.460.00135,671.461,069,066.930.00 87.31% 02-58500-470 COMMUNITY SUPPORT PROJECTS 400,000.000.000.000.00400,000.000.00 100.00% 02-58500-480 COMMUNITY SPECIAL EVENTS 393,173.38180,826.6241,958.10138,868.52574,000.000.00 68.50% Expense Totals:908,810.17 25,588,832.47 3,188,600.35 289,943.13 3,478,543.48 21,201,478.82 82.85% 02 - PROJECTS FUND Totals:908,810.17 4,821,328.47 -14,274,249.86 217,741.53 -14,056,508.33 17,969,026.63 03 - DEBT SERVICE Revenue 03-46100 INTEREST INCOME 21,688.02-21,688.02-5,788.10-15,899.920.000.00 0.00% 03-49900 TRANSFERS IN 0.00-2,135,817.000.00-2,135,817.00-2,135,817.000.00 0.00% Revenue Totals:0.00 -2,135,817.00 -2,151,716.92 -5,788.10 -2,157,505.02 21,688.02 1.02% Expense 03-59800-814 BOND 2012 PRINCIPAL 1,512,000.000.000.000.001,512,000.000.00 100.00% 03-59800-815 BOND 2015 PRINCIPAL 445,000.000.000.000.00445,000.000.00 100.00% 03-59800-824 BOND 2012 INTEREST 59,644.4756,297.5356,297.530.00115,942.000.00 51.44% 03-59800-826 BOND 2015 INTEREST 30,937.4930,937.5130,937.510.0061,875.000.00 50.00% 03-59800-830 FINANCIAL AGENT FEES 1,000.000.000.000.001,000.000.00 100.00% Expense Totals:0.00 2,135,817.00 0.00 87,235.04 87,235.04 2,048,581.96 95.92% 03 - DEBT SERVICE Totals:0.00 0.00 -2,151,716.92 81,446.94 -2,070,269.98 2,070,269.98 Report Total:877,200.96 4,926,277.34 -17,914,186.18 365,950.47 -17,548,235.71 21,597,312.09 165 Detail vs Budget Report Date Range: 03/01/2024 - 03/31/2024 4/2/2024 1:33:51 PM Page 5 of 5 Fund Summary Fund Beginning Balance Total Activity Ending BalanceFiscal Budget Budget RemainingEncumbrances % Remaining -31,609.21 104,948.87 -1,488,219.40 66,762.00 -1,421,457.40 1,558,015.4801 - GENERAL FUND 908,810.17 4,821,328.47 -14,274,249.86 217,741.53 -14,056,508.33 17,969,026.6302 - PROJECTS FUND 0.00 0.00 -2,151,716.92 81,446.94 -2,070,269.98 2,070,269.9803 - DEBT SERVICE Report Total:877,200.96 4,926,277.34 -17,914,186.18 365,950.47 -17,548,235.71 21,597,312.09 166 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: April 9, 2024 CONSENT AGENDA AGENDA ITEM 11.B SUBJECT: Approval of the Increase in Funding to the Commercial Property Improvement Grant Program in the Amount of $2,650 for Eligible Design Fees to Nate & Maddie LLC d/b/a ROK Prime Korean BBQ located in Sunshine Square at 1729 S. Federal Highway SUMMARY: The CRA's Commercial Property Improvement Grant Program provides eligible businesses (new or existing) with financial assistance for the initial build-out costs associated with the construction, and/or rehabilitation of commercial building improvement. The Commercial Property Improvement Grant Programs provides a 50% reimbursement of the applicant's expenditure for the eligible improvements up to a maximum grant total of $50,000. Under the program guidelines eligible improvements must be permanent items that stay with the building. The Program also provides funding assistance related to the design fees for architectural, electrical, civil, mechanical, and/or plumbing improvements for eligible property improvements. Applicants are eligible to receive 50% of the applicant's project budget up to a maximum amount of $10,000. On October 10, 2023, the CRA Board approved a Commercial Property Improvement Grant in the amount of $50,000 to Nate & Maddie LLC d/b/a ROK Prime Korean BBQ located in Sunshine Square at 1729 S. Federal Highway, Boynton Beach, FL 33435 (see Attachments I- III). The grant funding of $50,000 is reimbursement for eligible interior build-out items including electrical and mechanical improvements, signage, HVAC and new paint and flooring. ROK Prime Korean BBQ is looking forward to offering great Korean food to the City of Boynton Beach. Chef Michael Kwon brings decades of experience as a lead cook, executive sous chef and restaurateur in South Florida. ROK's (Republic of Korea) menu will feature marinated spicy pork, dumplings, Yakisoba noodles and Jja Jang Myun just to name a few. At the time of grant application, ROK Prime Korean BBQ did not have a request for reimbursement for eligible design fees. However, once the applicant was in the permit review process it was determined new mechanical and life safety plans were required in order to move forward with permit issuance. The associated design fees totaled $5,300 (see Attachment IV). As restaurant tenant of a commercial property, the applicant falls under the terms of a Tier I business as outlined in the grant application. The applicant is seeking 50% reimbursement for the design fees up to the maximum grant allowed of $10,000. 167 •Attachment I - October 10, 2023 Commercial Property Improvement Grant Application Agenda Cover •Attachments II - October 10, 2023 Board Meeting Minutes •Attachment III - Location Map •Attachment IV - Design Fees If approved, the applicant is eligible to receive a maximum grant of $2,650 in reimbursable funding for the design fees provided that the applicant expends an equal amount in matching funds as required under the terms of the grant. The grant is reimbursed to the applicant once the City of Boynton Beach Building Department approves all permit requirements and the proper reimbursement documentation is submitted to CRA staff for approval. FISCAL IMPACT: FY 2023-2024 Budget Project Fund, Line Item 02-58400-444, $2,650 for Design Fees CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRA BOARD OPTIONS: Approve the Increase in Funding to the Commercial Property Improvement Grant Program in the Amount of $2,650 for Eligible Design Fees to Nate & Maddie LLC d/b/a ROK Prime Korean BBQ located in Sunshine Square at 1729 S. Federal Highway. ATTACHMENTS: Description 168 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: October 10, 2023 CONSENT AGENDA AGENDA ITEM 10.F SUBJECT: Approval of the Commercial Property Improvement Grant Program in the Amount of $50,000 to Nate & Maddie LLC d/b/a ROK Prime Korean BBQ located in Sunshine Square at 1729 S. Federal Highway SUMMARY: The CRA's Commercial Property Improvement Grant Program provides eligible businesses (new or existing) with financial assistance for the initial build-out costs associated with the construction, and/or rehabilitation of commercial building improvement. The Commercial Property Improvement Grant Programs provides a 50% reimbursement of the applicant's expenditure for the eligible improvements up to a maximum grant total of $50,000. Under the program guidelines eligible improvements must be permanent items that stay with the building. The Program also provides funding assistance related to the design fees for architectural, electrical, civil, mechanical, and/or plumbing improvements for eligible property improvements. Applicants are eligible to receive 50% of the applicant's project budget up to a maximum amount of $10,000. CRA staff has received a complete grant application from Nate & Maddie LLC d/b/a ROK Prime Korean BBQ located in Sunshine Square at 1729 S. Federal Highway, Boynton Beach, FL 33435 (see Attachments I-II). ROK Prime Korean BBQ is looking forward to offering great Korean food to the City of Boynton Beach. Chef Michael Kwon brings decades of experience as a lead cook, executive sous chef and restaurateur in South Florida. ROK's (Republic of Korea) menu will feature marinated spicy pork, dumplings, Yakisoba noodles and Jja Jang Myun just to name a few. As restaurant tenant of a commercial property, the applicant falls under the terms of a Tier I business as outlined in the grant application. The applicant is seeking reimbursement for interior build-out items including electrical and mechanical improvements, signage, HVAC and new paint and flooring. The total cost of eligible property improvements is approximately $109,024.04 (see Attachment III). If approved, the applicant is eligible to receive a maximum grant of $50,000 in reimbursable funding for the property improvements provided that the applicant expends an equal amount in matching funds as required under the terms of the grant. The grant is reimbursed to the applicant once the City of Boynton Beach Building Department approves all permit requirements and the proper reimbursement documentation is submitted to CRA staff for 169 •Attachment I - Commercial Property Improvement Grant Application •Attachment II - Location Map •Attachment III - Project Quotes approval. FISCAL IMPACT: FY 2022-2023 Budget Project Fund, Line Item 02-58400-444, $50,000 for Property Improvements CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRA BOARD OPTIONS: Approval of the Commercial Property Improvement Grant not to exceed the maximum grant award of $50,000 to Nate & Maddie LLC d/b/a ROK Prime Korean BBQ located in Sunshine Square at 1729 S. Federal Highway, Boynton Beach, FL 33435. ATTACHMENTS: Description 170 171 6/20/22, 2:10 PM PAPA Maps https://maps.co.palm-beach.fl.us/cwgis/papa.html?qvalue=08434533000001340 1/1  View Property Record Owners E&A SUNSHINE LLC Property Det Location 1625 S FEDE Municipality BOYNTON B Parcel No.0843453314 Subdivision S/D OF 33-4 3/4 Book 23945 P Search by Owner, Address or Parcel 172 Thank You For Your Business if any questions contact Fracisco Samperio @ 561-444-5214 DATE: INVOICE# ADDRESS:3009 Lorene Dr Palm Springs, FL. 33461 Customer ID EMAIL: Fsengineeringdesign@gmail.com Phone: 561-444-5214 Website:FSengineeringdesign.com BILL TO 1727 Federal Hwy Boynton Beach Fl 33435 3/23/2024 Mike INVOICE AMOUNT [42] RETAINER $2,800.00 COMPLETE D DESCRIPTION •(Existing / Proposed Floor Plan) – includes scope of work , existing interior layout with dimensions, ariel view with square footage, tenant seating layout. Appropriate labeling to all designated areas and appliance labeling. (Site Visit Included) (Life Safety Plan) – includes showing distance of nearest fire exits. Checking zoning requirements to meet Occupancy load the capacity of people determined by sq ft. of unit. Fire extinguishers are shown as well and exit signs. $ 600.00 Signed & Sealed by a Registered P.E. Comments & Corrections from building department NOT included. Other Comments or Special Instructions PLEASE MAKE CHECK PAYABLE TO OR WIRE TRANSFER: Francisco Samperio or FSengineeringDesign LLC TOTAL $, 2,800.00 • $ 2,000.00 $ 200.00 173 174 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: April 9, 2024 PULLED CONSENT AGENDA ITEMS AGENDA ITEM 12.A SUBJECT: Approval of the Commercial Property Improvement Grant Program in the Amount of $26,200 to PolitiCALM LLC located in Heart of Boynton Shops at 139 NE 10th Avenue, Unit 106 - TABLED 03/21/2024 (REVISED 04/05/2024) SUMMARY: The CRA's Commercial Property Improvement Grant Program provides eligible businesses (new or existing) with financial assistance for the initial build-out costs associated with the construction, repaid, and/or rehabilitation of commercial building improvement. The Commercial Property Improvement Grant Programs provides a 50% reimbursement of the applicant's expenditure for the eligible improvements up to a maximum grant total of $50,000. Under the program guidelines eligible improvements must be permanent items that stay with the building. The Program also provides funding assistance related to the design fees for architectural, electrical, civil, mechanical, and/or plumbing improvements for eligible property improvements. Applicants are eligible to receive 50% of the applicant's project budget up to a maximum amount of $10,000. CRA staff has received a complete grant application from PolitiCALM LLC located in Heart of Boynton Shops at 139 NE 10th Avenue, Unit 104, Boynton Beach, FL 33435 (see Attachments I-II). PolitiCALM is a comprehensive government affairs organization that specializes in providing support to both the private and public sectors and facilitating coordination between these entities for the harmony of all residents involved. PolitiCALM will support and improve the lives of community servants and those they serve. As a professional office of a commercial property, the applicant falls under the terms of a Tier II business as outlined in the grant application. The applicant is seeking reimbursement for a complete interior build-out. The total cost of eligible property improvements is approximately $99,706.68 (see Attachment III). The associated design fees total $2,400 (see Attachment IV). The Heart of Boynton Shops is a CRA funded project formally known as Wells Landing LLC d/b/a The Heart of Boynton Village Apartments & Shops which includes several development funding agreements to help offset the build-out costs for the 8,250 square feet of commercial space included in the project (see Attachments V-VII). Due to the funding provided in these separate agreements, PolitiCALM is responsible for the balance of the build-out which totals approximately $43,649.53 (see Attachment VIII). If approved, the applicant is eligible to receive a maximum grant of $25,000 in reimbursable 175 •Attachment I - Commercial Property Improvement Grant Application •Attachment II - Location Map •Attachment III - Project Quote •Attachment IV - Design Fees •Attachment V - Development Agreement •Attachment VI - First Amendment to the Development Agreement •Attachment VII - Second Amendment to the Development Agreement •Attachment VIII - Project Quote Breakdown •Attachment VIX - Legal Memorandum funding for the property improvements which includes a 20% contingency and an additional $1,200 in reimbursable funding for the design fees provided that the applicant expends an equal amount in matching funds as required under the terms of the grant. The grant is reimbursed to the applicant once the City of Boynton Beach Building Department approves all permit requirements and the proper reimbursement documentation is submitted to CRA staff or approval. At the March 21, 2024 meeting, the CRA Board pulled the item and Tabled it until the April 9, 2024 meeting. On April 4, 2024, a legal memorandum was provided in reference to this item (see Attachment VIX). FISCAL IMPACT: FY 2023-2024 Budget Project Fund, Line Item 02-58400-444, $25,000 for Property Improvements and $1,200 for Design CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRA BOARD OPTIONS: Approval of the Commercial Property Improvement Grant not to exceed the maximum grant award of $26,200 to PolitiCALM LLC located in Heart of Boynton Shops at 139 NE 10th Avenue, Unit 106, Boynton Beach, FL 33435. ATTACHMENTS: Description 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 1/23/24, 9:36 AM PAPA Maps https://maps.co.palm-beach.fl.us/cwgis/papa.html?qvalue=08434528480060000 1/1  View Property Record Owners WELLS LANDING APARTMENTS LLC Property Detail Location 137 E MARTIN LUTHER KING JR BLVD Municipality BOYNTON BEACH Parcel No.08434521240000010 Subdivision MEEKS ADD TO BOYNTON IN Book 31005 Page 1515 Sale Date NOV-2019 Mailing Address 7735 NW 146TH ST STE 306 HIALEAH FL 33016 1583 Use Type 1000 - VACANT COMMERCIAL Total Square Feet 0 Sales Information Sales Date Price NOV-2019 10 DEC-2009 105455 MAY-2004 10 APR-2004 0 FEB-1983 100 Appraisals Tax Year 2023 Improvement Value $18,786 Land Value $609,989 Total Market Value $628,775 All values are as of January 1st each year Assessed/Taxable values Tax Year 2023 Assessed Value $467,182 Exemption Amount $0 Taxable Value $467,182 Taxes Tax Year 2023 Ad Valorem $10,505 Non Ad Valorem $0 Total tax $10,505 Search by Owner, Address or Parcel 196 RS Construction of Dade, Inc.Date 3/7/2024 CGC 040308 7735 NW 146th Street, Suite 306 Miami Lakes, FL 33016 305-821-0330 Proposal For: WORK TO UNIT 106 POLITI-CALM 139 NE 10th Avenue - Unit 106 Boynton Beach , Florida 33435 Scope of Work All Labor & Materials for the Interior Built - Out for Unit #106 according to plans by ARCHITEX (FINAL PLANS ) Schedule of Value Drywall & Drywall Finish $ 13,975.00 Acoustical Ceiling $ 2,850.00 Insulation $ 2,500.00 Doors & Hardware $ 2,875.00 Painting $ 2,000.00 Cabinets & Tops - Allowance $ 5,000.00 Flooring Tile - ALLOWANCE $ 7,500.00 HVAC - Mechanical & Ventilation $ 18,900.00 Plumbing & Plumbing Fixtures $ 6,000.00 Fire Sprinklers $ 4,400.00 Fire Alarm $ 2,000.00 Electrical & Light Fixtures $ 18,587.00 Specialties - Handicap Requirements In Bathrooms $ 275.00 Rough & Final Cleaning $ 600.00 Subtotal $ 87,462.00 GC FEE - 14 % $ 12,244.68 TOTAL CONSTRUCTION COST $ 99,706.68 This proposal includes all fees, materials, labor, over head & profit until we received the final permit set . Proposal 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 RS Construction of Dade, Inc.Date 3/7/2024 CGC 040308 7735 NW 146th Street, Suite 306 Miami Lakes, FL 33016 305-821-0330 Proposal For: WORK TO UNIT 106 POLITI-CALM 139 NE 10th Avenue - Unit 106 Boynton Beach , Florida 33435 Scope of Work All Labor & Materials for the Interior Built - Out for Unit #106 according to plans by ARCHITEX (FINAL PLANS ) Schedule of Value Drywall & Drywall Finish $ 13,975.00 Acoustical Ceiling $ 2,850.00 Insulation $ 2,500.00 Doors & Hardware $ 2,875.00 Painting $ 2,000.00 Cabinets & Tops - Allowance $ 5,000.00 Flooring Tile - ALLOWANCE $ 7,500.00 HVAC - Mechanical & Ventilation $ 18,900.00 Plumbing & Plumbing Fixtures $ 6,000.00 Fire Sprinklers $ 4,400.00 Fire Alarm $ 2,000.00 Electrical & Light Fixtures $ 18,587.00 Specialties - Handicap Requirements In Bathrooms $ 275.00 Rough & Final Cleaning $ 600.00 Subtotal $ 87,462.00 GC FEE - 14 % $ 12,244.68 TOTAL CONSTRUCTION COST $ 99,706.68 This proposal includes all fees, materials, labor, over head & profit until we received the final permit set . Proposal 232 Scope of Work CRA Development Agreement Contributions for MEPs $ (51,714.29) CMC Developer Credit $ (7,142.86) Subtotal $ 40,849.53 Estimated Permit Fees $ 2,800.00 Total Estimated Buildout Costs to Tenant $ 43,649.53 CRA Grant 50% Reimbursement $ 21,824.77 Plus 20% Contingency $ 4,364.95 Max Grant Request $ 25,000.00 Page 2 of 2 233 4861-7429-8547, v. 3 Reply To: West Palm Beach MEMORANDUM TO: Boynton Beach Community Redevelopment Agency Board FROM: Kathryn Rossmell DATE: April 4, 2024 SUBJECT: PolitiCALM Grant Applications Issue: This memorandum is in response to questions presented to legal counsel concerning an application submitted by PolitiCALM LLC (“PolitiCALM”) to the Boynton Beach Community Redevelopment Agency (“CRA”) for the Commercial Property Improvement Grant and Rent Reimbursement Grant. Background: The CRA offers Commercial Property Improvement Grants and Rent Reimbursement Grants (collectively the “Grants”) to further the goals of the CRA Plan and support redevelopment of the CRA Area. The Grants provide funding to entice businesses to the CRA Area, and separate business types into “tiers,” for purposes of determining the amount of funding available. For example, both Grants consider bakeries to be Tier One businesses, which means a bakery is eligible for the largest amount of funding permitted by the Grants. Both Grants provide examples of Tier Two business types, stating that the list of eligible businesses includes but is not limited to marketing offices, law offices, medical offices, nail salons, and other specialty businesses. Historically, the CRA has both approved businesses not explicitly listed and has denied businesses not explicitly listed in the Tier Two Category. See Exhibit A for examples. Both Grants provide that certain types of businesses are ineligible to receive Grants, including non-profit organizations, religion-affiliated retails stores, and medical research centers. The Grants also provide that “any other use that the BBCRA staff or BBCRA Board determine will not support the redevelopment of the BBCRA Area” is an ineligible use. In other words, a business that the Board determines will not support the redevelopment of the CRA area is considered ineligible to receive the Grants. 234 4861-7429-8547, v. 3 The grants are issued at the sole discretion of the CRA, and all applicants sign a statement that contains the following: I understand that this application is not a guarantee of grant assistance, and that award of grants is at the sole discretion of the Boynton Beach Community Redevelopment Agency Board. I understand that the purpose of the grant is to further the Boynton Beach Community Redevelopment Plan, and that the Boynton Beach Community Redevelopment Agency may decline my application for any legal reason, including the reason that granting the award will not further the Community Redevelopment Plan. Should my application be approved, I understand that the Boynton Beach Community Redevelopment Agency may, at its sole discretion, discontinue grant payments at any time if in its sole and absolute determination it feels such assistance no longer meets the program criteria or is no longer furthering the Boynton Beach Community Redevelopment Plan. PolitiCALM LLC (“PolitiCALM”) applied for both Grants as a “Government Affairs and Consulting” business, and indicated on the Property Improvement Grant application that it was applying for a Tier Two grant. The applications were placed on the March 21, 2024 agenda. After discussion, the items were tabled. This memorandum addresses questions presented to legal counsel concerning the application. The questions have been consolidated and revised for clarity. Ms. Christina Romelus, who submitted the application is the founder and CEO of PolitiCALM, reached out to the CRA’s legal counsel and volunteered to answer questions, and made herself available to answer additional questions. Her responses to questions presented are included in this memorandum. QUESTION 1: The application was submitted by a former CRA Board member. Does this disqualify her under the CRA’s adopted lobbying policy? The CRA has as adopted a policy that provides, in relevant part, that a former Board Member may not communicate with or appear before the Board on behalf of any other person or entity for a period of three years after they leave the CRA, on any matter in which the Board Member participated personally or that was a part of that person’s official responsibility, unless the BBCRA gives its informed consent in writing. Significantly, the policy also provides that “it shall not be read to prohibit any person, including a [former Board Member] from exercising their First Amendment Rights or communicating with or appearing before the BBCRA in their individual capacity.” The former Board Member, Ms. Ro melus, and is listed as the sole authorized person for PolitiCALM by the Florida Division of Corporations. See Exhibit B. In this instance, Ms. Romelus appears to be coming before the CRA Board on behalf of herself and her own business, not on behalf of another person or another entity. Thus, her application and appearance in support of her application would not appear to violate the lobbying policy.1 QUESTION 2: Is the CRA permitted to provide grant funding to an organization that supports political efforts? 1 The memorandum does not opine on any responsibilities former Board Members may have to comply with applicable ethical or other statutory requirements. 235 4861-7429-8547, v. 3 The Applications indicate that PolitiCALM is a government affairs and consulting business, and does not indicate that it is in existence to support any particular candidate or issue. Although the application indicates that PolitiCALM does assist with “government affairs,” this is not substantially different from other permitted uses. For example, law offices, which are listed as a Tier Two use, commonly engage in lobbying and employ registered lobbyists. In this way, PolitiCALM may be considered similar to other permitted uses. However, the CRA is not empowered by its enabling resolution or by Florida Statutes to donate to political campaigns or candidates. The application does not indicate an intent by the applicant to use the office for the benefit of any particular candidate or issue, and appears to generally accept clients seeking the coaching and other services offered. However, any use of the funds that would directly support a particular candidate or issue would likely be prohibited. For example, the grant funds should not be used to pay the rent for PolitiCALM if the office would be used as the campaign office of any candidate or issue, regardless of whether such issue or candidate is to be voted on by constituents in the CRA Area or of the City of Boynton Beach, as such funding could potentially be considered a campaign contribution. If the PolitiCALM office were to be used as a campaign office, any approved Grants could be terminated and the CRA would need to examine whether seeking a refund would be appropriate. Other similar circumstances would need to be examined on a case-by-case basis. In a conversation with legal counsel for the CRA, Ms. Romelus volunteered that she does not lobby before the City of Boynton Beach, does not represent candidates running in Boynton Beach, and does not intend to use the office as campaign headquarters for any issue or candidate. QUESTION 3: Does PolitiCALM represent any current Board Members? Board Members who are clients of PolitiCALM may have an ethical obligation to disclose this relationship. Although it is not required as part of the application process, Ms. Romelus volunteered that she does not represent any sitting Board Members. QUESTION 4: Is the CRA required to provide grants to all applicants? No. As explained above, the Grants are discretionary, and the CRA may deny a grant for any legal reason, including that the Board believes the grant will not further the CRA plan. The CRA has previously denied applications. Exhibit A contains the minutes of a meeting in which the CRA denied an application for a Ta co Bell, even though the executive director noted that the applicant could have otherwise have been classified as a Tier One or Tier Two business. QUESTION 5: Does PolitiCALM qualify as a Tier Two Business? Political Consultants are not among the listed Tier Two business types. However, the list of Tier Two businesses in each Grant specifies that Tier Two businesses “include, but are not limited to” the business types specified. Therefore, the Board has discretion to determine whether PolitiCALM would qualify. In making its determination, the Board should examine whether this type of business will support redevelopment of the CRA Area. If the Board determines it does not, then the applicant is ineligible. The Board is empowered to look into the specifics of each applicant business and determine, on an individual basis, whether that individual business will support the redevelopment of the CRA Area. For example, the Property Improvement Grant lists restaurants, gourmet food markets, and bakeries as Tier One businesses, but lists Kava Tea Shops as a Tier 3 business, indicating that the Board may look into the type of food and beverages provided as part of its consideration. Similarly, massage services are considered ineligible, but nail salons are a Tier Two business, indicating that some but not all personal 236 4861-7429-8547, v. 3 services are eligible for Grants. The Board has discretion to determine whether PolitiCALM qualifies as a Tier Two business, or is ineligible to receive the grant because it does not support the redevelopment of the CRA Area. The applications will be considered by the CRA Board at its next regular meeting, which takes place on April 9, 2024. This office remains available to answer any additional questions raised by the CRA Board or Board Members. 237 EXHIBIT A 238 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: February 13, 2024 CONSENT AGENDA AGENDA ITEM 11.E SUBJECT: Approval of the Commercial Rent Reimbursement Grant Program in the Amount of $12,036 to Gillion & Co. Inc. located in the Heart of Boynton Shops at 137 NW 10th Avenue Unit 107 SUMMARY: The CRA's Commercial Rent Reimbursement Grant Program provides qualified new or expanding businesses located within the CRA boundaries with rent payment assistance for a maximum period of 12 months. CRA staff has received a complete grant application from Gillion & Co. Inc. located in Heart of Boynton Shops at 137 NW 10th Avenue, Unit 107, Boynton Beach, FL 33435 (see Attachments I-II). Gillion & Co. Inc. will provide a professional office space for Ms. Gillion to provide the following services: preparing personal or business federal/state tax returns and various real estate services. Ms. Gillion is a Licensed Real Estate Profession (Broker), a Licensed Real Estate Instructor for over seven years, a Florida paralegal with over 22 years experiences, and a registered Tax Preparer for over 16 years. With Ms. Gillion's years of experience, she has the ability and knowledge to assist clients with tax returns, provide first time home buying workshops, assist business startups, provide real estate exam prep tutoring and help buyers and sellers with their various real estate needs. As a professional office, Gillion & Co. Inc will employ a receptionist, licensed real estate agents and registered tax preparers varying from full-time to part-time positions and also commission based positions. Under the terms of their Landlord-Tenant Lease Agreement, the base rent plus CAM to be paid by the applicant is $2,005.86 per month (see Attachment III). Gillion & Co. Inc. qualifies as a Tier II business (as specified in the grant application) and would receive reimbursement for one-half of their monthly rent amount or maximum grant amount of $1,750 per month for a 12-month period, whichever is less. If approved, Gillion & Co. Inc. would be reimbursed in the amount of $1,003 per month for a period of 12 months or a total grant amount of $12,036 during its first year of business. Grant reimbursements to the approved applicant occur on a monthly basis with proof of rent payments. FISCAL IMPACT: 1239 •Attachment I - Commercial Rent Reimbursement Grant Application •Attachment II - Location Map •Attachment III - Lease FY 2023-2024 Budget, Project Fund, Line Item 02-58400-444, $12,036 CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRA BOARD OPTIONS: Approval of the Commercial Rent Reimbursement Grant in the amount not to exceed $12,036 to Gillion & Co. Inc. located in Heart of Boynton Shops at 137 NW 10th Avenue, Unit 107, Boynton Beach, FL 33435. ATTACHMENTS: Description 2240 3241 4242 5243 6244 7245 8246 9247 10248 11249 12250 13251 14252 15253 16254 17255 1/23/24, 9:36 AM PAPA Maps https://maps.co.palm-beach.fl.us/cwgis/papa.html?qvalue=08434528480060000 1/1  View Property Record Owners WELLS LANDING APARTMENTS LLC Property Detail Location 137 E MARTIN LUTHER KING JR BLVD Municipality BOYNTON BEACH Parcel No.08434521240000010 Subdivision MEEKS ADD TO BOYNTON IN Book 31005 Page 1515 Sale Date NOV-2019 Mailing Address 7735 NW 146TH ST STE 306 HIALEAH FL 33016 1583 Use Type 1000 - VACANT COMMERCIAL Total Square Feet 0 Sales Information Sales Date Price NOV-2019 10 DEC-2009 105455 MAY-2004 10 APR-2004 0 FEB-1983 100 Appraisals Tax Year 2023 Improvement Value $18,786 Land Value $609,989 Total Market Value $628,775 All values are as of January 1st each year Assessed/Taxable values Tax Year 2023 Assessed Value $467,182 Exemption Amount $0 Taxable Value $467,182 Taxes Tax Year 2023 Ad Valorem $10,505 Non Ad Valorem $0 Total tax $10,505 Search by Owner, Address or Parcel 18256 19257 20258 21259 22260 23261 24262 25263 26264 27265 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: February 13, 2024 CONSENT AGENDA AGENDA ITEM 11.D SUBJECT: Approval of the Commercial Property Improvement Grant Program in the Amount of $28,525 to Gillion & Co. Inc. located in Heart of Boynton Shops at 137 NW 10th Avenue, Unit 107 SUMMARY: The CRA's Commercial Property Improvement Grant Program provides eligible businesses (new or existing) with financial assistance for the initial build-out costs associated with the construction, repaid, and/or rehabilitation of commercial building improvement. The Commercial Property Improvement Grant Programs provides a 50% reimbursement of the applicant's expenditure for the eligible improvements up to a maximum grant total of $50,000. Under the program guidelines eligible improvements must be permanent items that stay with the building. The Program also provides funding assistance related to the design fees for architectural, electrical, civil, mechanical, and/or plumbing improvements for eligible property improvements. Applicants are eligible to receive 50% of the applicant's project budget up to a maximum amount of $10,000. CRA staff has received a complete grant application from Gillion & Co. Inc. located in Heart of Boynton Shops at 137 NW 10th Avenue, Unit 107, Boynton Beach, FL 33435 (see Attachments I-II). Gillion & Co. Inc. will provide a professional office space for Ms. Gillion to provide the following services: preparing personal or business federal/state tax returns, workshops, and various real estate services. Ms. Gillion is a Licensed Real Estate Profession (Broker), a Licensed Real Estate Instructor for over seven years, a Florida paralegal with over 22 years experiences, and a registered Tax Preparer for over 16 years. With Ms. Gillion's years of experience, she has the ability and knowledge to assist clients with tax returns, provide first time home buying workshops, assist business startups, provide real estate exam prep tutoring and help buyers and sellers with their various real estate needs. As a professional office of a commercial property, the applicant falls under the terms of a Tier II business as outlined in the grant application. The applicant is seeking reimbursement for a complete interior build-out. The total cost of eligible property improvements is approximately $91,716.42 (see Attachment III). The associated design fees total $7,050 (see Attachment IV). The Heart of Boynton Shops is a CRA funded project formally known as Wells Landing LLC d/b/a The Heart of Boynton Village Apartments & Shops which includes several development funding agreements to help offset the build-out costs for the 8,250 square feet of commercial space included in the project (see Attachments V-VII). Due to the funding provided in these 1266 •Attachment I - Commercial Property Improvement Grant Application •Attachment II - Location Map •Attachment III - Project Quote •Attachment IV - Design Fees •Attachment V - Development Agreement •Attachment VI - First Amendment to the Development Agreement •Attachment VII - Second Amendment to the Development Agreement •Attachment VIII - Project Funding Breakdown separate agreements, Gillion & Co. Inc. is responsible for the balance of the build-out which totals approximately $46,232.17 (see Attachment VIII). If approved, the applicant is eligible to receive a maximum grant of $25,000 in reimbursable funding for the property improvements which includes 20% contingency and an additional $3,525 in reimbursable funding for the design fees provided that the applicant expends an equal amount in matching funds as required under the terms of the grant. The grant is reimbursed to the applicant once the City of Boynton Beach Building Department approves all permit requirements and the proper reimbursement documentation is submitted to CRA staff or approval. FISCAL IMPACT: FY 2023-2024 Budget Project Fund, Line Item 02-58400-444, $25,000 for Property Improvements and $3,525 for Design CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRA BOARD OPTIONS: Approval of the Commercial Property Improvement Grant not to exceed the maximum grant award of $28,525 to Gillion & Co. Inc. located in Heart of Boynton Shops at 137 NW 10th Avenue, Unit 107, Boynton Beach, FL 33435. ATTACHMENTS: Description 2267 3268 4269 5270 6271 7272 8273 9274 10275 11276 12277 13278 14279 15280 16281 17282 18283 19284 20285 21286 1/23/24, 9:36 AM PAPA Maps https://maps.co.palm-beach.fl.us/cwgis/papa.html?qvalue=08434528480060000 1/1  View Property Record Owners WELLS LANDING APARTMENTS LLC Property Detail Location 137 E MARTIN LUTHER KING JR BLVD Municipality BOYNTON BEACH Parcel No.08434521240000010 Subdivision MEEKS ADD TO BOYNTON IN Book 31005 Page 1515 Sale Date NOV-2019 Mailing Address 7735 NW 146TH ST STE 306 HIALEAH FL 33016 1583 Use Type 1000 - VACANT COMMERCIAL Total Square Feet 0 Sales Information Sales Date Price NOV-2019 10 DEC-2009 105455 MAY-2004 10 APR-2004 0 FEB-1983 100 Appraisals Tax Year 2023 Improvement Value $18,786 Land Value $609,989 Total Market Value $628,775 All values are as of January 1st each year Assessed/Taxable values Tax Year 2023 Assessed Value $467,182 Exemption Amount $0 Taxable Value $467,182 Taxes Tax Year 2023 Ad Valorem $10,505 Non Ad Valorem $0 Total tax $10,505 Search by Owner, Address or Parcel 22287 RS Construction of Dade, Inc.Date 10/5/2023 CGC 040308 7735 NW 146th Street, Suite 306 Miami Lakes, FL 33016 305-821-0330 Proposal For: WORK TO UNIT 107 Gillion & Co. 137 NE 10th Avenue - Unit 107 Boynton Beach , Florida 33435 Scope of Work All Labor & Materials for the Interior Built - Out for Unit #107 according to plans by Executive Design Consultants Inc date signed 3/3/2023 & TYG Consulting Engineering LLC date signed 2/28/2023 & Energy Calculation date signed 2/28/2023 Schedule of Value Drywall & Drywall Finish $ 12,650.00 Insulation $ 2,710.00 Doors & Hardware $ 3,882.00 Painting $ 2,000.00 Flooring Tile $ 9,750.00 HVAC - Mechanical & Ventilation $ 18,900.00 Plumbing & Plumbing Fixtures $ 3,815.00 Fire Sprinklers $ 4,875.00 Fire Alarm $ 2,000.00 Electrical & Light Fixtures $ 18,996.00 Specialties - Handicap Requirements In Bathrooms $ 275.00 Rough & Final Cleaning $ 600.00 Subtotal $ 80,453.00 GC FEE - 14 % $ 11,263.42 TOTAL CONSTRUCTION COST $ 91,716.42 This proposal includes all fees, materials, labor, over head & profit until we received the final permit set . Proposal 23288 1 Sub Total 7,050.00 Total $7,050.00 Payment Made (-) 7,050.00 Balance Due $0.00 Invoice Date :06 Jul 2022 Terms :Due on Receipt Due Date :06 Jul 2022 Executive Designs P.O. Box 223272 West Palm Beach Florida 33422 U.S.A INVOICE # 22-620 Balance Due $0.00 Bill To Silvia Gillion 119 W. MLK Jr. Blvd Unit# 107 Boynton Beach Florida U.S.A #Item & Description Qty Rate Discount Amount 1 New Commercial Design 1. New Commercial Build-out for New Restaurant. 2. Plans to include: Floor Plan, Seating Plan, Reflected Ceiling Plan, Life-Safety Plan. Mechanical (Hvac, Power, and Plumbing Plan shall be done by Mechanical Company). 3. Hood Plans / Interior design separate from architectural plans shall be provided by Other(s). **These Plans shall be plans needed for Interior Build-Out of existing newly constructed building. Not responsible for building design and/or building specs not included in original building design. (i.e. Gas Lines in to building structure) 1.00 New Construct ion, Addition, Remodel, Asbuilts 8,000.00 2,750.00 5,250.00 2 Mechanical Plan & Energy Calcs Commercial M.E.P Doesn’t include Fire Design 1.00 1,750.00 0.00 1,750.00 3 Credit Card Fee 1.00 50.00 0.00 50.00 Notes 24289 2 Thank You for entrusting Executive Designs with this Project!! For Any Questions feel free to email me or call me. Email: TheExecutiveCorp@hotmail.com Phone: 561-507-8620 Thanks for your business. Terms & Conditions **Note:** Designer of Record (Johnathan Embry) is not responsible for any pre-existing conditions. New layouts that are not provided and approved by designer will be solely based on owner and/or Licensed contractor. Asbuilts should be updated according to plan. All expedited plans shall incur a fee pending designer. Any changes done outside of plan so incur a fee. All revisions are covered under final payment, although all changes that were done outside of plans shall incur additional fees. Payment is as follows: Upon initial meeting for measuring, project approval etc. 1/2 of payment will be required in order to begin project, unless otherwise discussed. Late Payment fees are incurred 24 hours after plans have been completed and handed over to customer. Checks are to be made to Johnathan Embry and other forms of payment such as card, may require a fee for usage. If payment does not go through, all bank charges in reference to bounced check will be the sole responsibility of the client or payee. Fees may be added depending outcome and occurrence. Typical turn around for each commercial project will be 3-4 months unless otherwise discussed. Certain situations requires expediting, in such case(s) there will be an additional Expedited fee only when discussed with client. 25290 26291 27292 28293 29294 30295 31296 32297 33298 34299 35300 36301 37302 38303 39304 40305 41306 42307 43308 44309 45310 46311 47312 48313 49314 50315 51316 52317 53318 54319 RS Construction of Dade, Inc.Date 10/5/2023 CGC 040308 7735 NW 146th Street, Suite 306 Miami Lakes, FL 33016 305-821-0330 Proposal For: WORK TO UNIT 107 Gillion & Co. 137 NE 10th Avenue - Unit 107 Boynton Beach , Florida 33435 Scope of Work All Labor & Materials for the Interior Built - Out for Unit #107 according to plans by Executive Design Consultants Inc date signed 3/3/2023 & TYG Consulting Engineering LLC date signed 2/28/2023 & Energy Calculation date signed 2/28/2023 Schedule of Value Drywall & Drywall Finish $ 12,650.00 Insulation $ 2,710.00 Doors & Hardware $ 3,882.00 Painting $ 2,000.00 Flooring Tile $ 9,750.00 HVAC - Mechanical & Ventilation $ 18,900.00 Plumbing & Plumbing Fixtures $ 3,815.00 Fire Sprinklers $ 4,875.00 Fire Alarm $ 2,000.00 Electrical & Light Fixtures $ 18,996.00 Specialties - Handicap Requirements In Bathrooms $ 275.00 Rough & Final Cleaning $ 600.00 Subtotal $ 80,453.00 GC FEE - 14 % $ 11,263.42 TOTAL CONSTRUCTION COST $ 91,716.42 This proposal includes all fees, materials, labor, over head & profit until we received the final permit set . CRA Development Agreement Contributions for MEPs $ (51,714.29) CMC Developer Credit $ (7,142.86) Subtotal $ 44,122.69 Estimated Permit Fees $ 2,109.48 Total Buildout Costs to Tenant $ 46,232.17 CRA Grant 50% Reimbursement $ 23,116.08 Plus 20% Contingency $ 4,623.22 CRA Maximum Grant Request $ 25,000.00 Proposal 55320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 EXHIBIT B 340 341 342 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: April 9, 2024 PULLED CONSENT AGENDA ITEMS AGENDA ITEM 12.B SUBJECT: Approval of the Commercial Rent Reimbursement Grant Program in the Amount of $11,550 to PolitiCALM LLC located in Heart of Boynton Shops at 139 NE 10th Avenue, Unit 106 - TABLED 03/21/2024 (REVISED 04/05/2024) SUMMARY: The CRA's Commercial Rent Reimbursement Grant Program provides qualified new or expanding businesses located within the CRA boundaries with rent payment assistance for a maximum period of 12 months. CRA staff has received a complete grant application from PolitiCALM LLC located in Heart of Boynton Shops at 139 NE 10th Avenue, Unit 106 Boynton Beach, FL 33435 (see Attachments I-II). PolitiCALM is a comprehensive government affairs organization that specializes in providing support to both the private and public sectors and facilitating coordination between these entities for the harmony of all residents involved. PolitiCALM will support and improve the lives of community servants and those they serve. As a professional office, PolitiCALM will employ four team members ranging from the chief executive officer, a community liaison, an executive assistant and a lobbyist. Under the terms of the proposed Landlord-Tenant Lease Agreement, the base rent plus CAM to be paid by the applicant is $1,925 per month (see Attachment III). PolitiCALM qualifies as a Tier II business (as specified in the grant application) and would receive reimbursement for one-half of their monthly rent amount or maximum grant amount of $1,750 per month for a 12- month period, whichever is less. Proposed leases must be executed within 30 days of Board approval or the grant award is terminated. If approved, PolitiCALM would be reimbursed in the amount of $962.50/month for a period of 12 months or a total grant amount of $11,550 during its first year of business. Grant reimbursements to the approved applicant occur on a monthly basis with proof of rent payments. At the March 21, 2024 meeting, the CRA Board pulled the item and Tabled it until the April 9, 2024 meeting. On April 4, 2024, a legal memorandum was provided in reference to this item (see Attachment IV). 343 •Attachment I - Commercial Rent Reimbursement Grant Application •Attachment II - Location Map •Attachment III - Proposed Lease •Attachment IV - Legal Memorandum FISCAL IMPACT: FY 2023-2024 Budget, Project Fund, Line Item 02-58400-444, $11,550 CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRA BOARD OPTIONS: Approval of the Commercial Rent Reimbursement Grant in the amount not to exceed $11,550 to PolitiCALM LLC located in Heart of Boynton Shops at 139 NE 10th Avenue, Unit 106, Boynton Beach, FL 33435. ATTACHMENTS: Description 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 1/23/24, 9:36 AM PAPA Maps https://maps.co.palm-beach.fl.us/cwgis/papa.html?qvalue=08434528480060000 1/1  View Property Record Owners WELLS LANDING APARTMENTS LLC Property Detail Location 137 E MARTIN LUTHER KING JR BLVD Municipality BOYNTON BEACH Parcel No.08434521240000010 Subdivision MEEKS ADD TO BOYNTON IN Book 31005 Page 1515 Sale Date NOV-2019 Mailing Address 7735 NW 146TH ST STE 306 HIALEAH FL 33016 1583 Use Type 1000 - VACANT COMMERCIAL Total Square Feet 0 Sales Information Sales Date Price NOV-2019 10 DEC-2009 105455 MAY-2004 10 APR-2004 0 FEB-1983 100 Appraisals Tax Year 2023 Improvement Value $18,786 Land Value $609,989 Total Market Value $628,775 All values are as of January 1st each year Assessed/Taxable values Tax Year 2023 Assessed Value $467,182 Exemption Amount $0 Taxable Value $467,182 Taxes Tax Year 2023 Ad Valorem $10,505 Non Ad Valorem $0 Total tax $10,505 Search by Owner, Address or Parcel 360 361 362 363 364 365 366 367 368 369 4861-7429-8547, v. 3 Reply To: West Palm Beach MEMORANDUM TO: Boynton Beach Community Redevelopment Agency Board FROM: Kathryn Rossmell DATE: April 4, 2024 SUBJECT: PolitiCALM Grant Applications Issue: This memorandum is in response to questions presented to legal counsel concerning an application submitted by PolitiCALM LLC (“PolitiCALM”) to the Boynton Beach Community Redevelopment Agency (“CRA”) for the Commercial Property Improvement Grant and Rent Reimbursement Grant. Background: The CRA offers Commercial Property Improvement Grants and Rent Reimbursement Grants (collectively the “Grants”) to further the goals of the CRA Plan and support redevelopment of the CRA Area. The Grants provide funding to entice businesses to the CRA Area, and separate business types into “tiers,” for purposes of determining the amount of funding available. For example, both Grants consider bakeries to be Tier One businesses, which means a bakery is eligible for the largest amount of funding permitted by the Grants. Both Grants provide examples of Tier Two business types, stating that the list of eligible businesses includes but is not limited to marketing offices, law offices, medical offices, nail salons, and other specialty businesses. Historically, the CRA has both approved businesses not explicitly listed and has denied businesses not explicitly listed in the Tier Two Category. See Exhibit A for examples. Both Grants provide that certain types of businesses are ineligible to receive Grants, including non-profit organizations, religion-affiliated retails stores, and medical research centers. The Grants also provide that “any other use that the BBCRA staff or BBCRA Board determine will not support the redevelopment of the BBCRA Area” is an ineligible use. In other words, a business that the Board determines will not support the redevelopment of the CRA area is considered ineligible to receive the Grants. 370 4861-7429-8547, v. 3 The grants are issued at the sole discretion of the CRA, and all applicants sign a statement that contains the following: I understand that this application is not a guarantee of grant assistance, and that award of grants is at the sole discretion of the Boynton Beach Community Redevelopment Agency Board. I understand that the purpose of the grant is to further the Boynton Beach Community Redevelopment Plan, and that the Boynton Beach Community Redevelopment Agency may decline my application for any legal reason, including the reason that granting the award will not further the Community Redevelopment Plan. Should my application be approved, I understand that the Boynton Beach Community Redevelopment Agency may, at its sole discretion, discontinue grant payments at any time if in its sole and absolute determination it feels such assistance no longer meets the program criteria or is no longer furthering the Boynton Beach Community Redevelopment Plan. PolitiCALM LLC (“PolitiCALM”) applied for both Grants as a “Government Affairs and Consulting” business, and indicated on the Property Improvement Grant application that it was applying for a Tier Two grant. The applications were placed on the March 21, 2024 agenda. After discussion, the items were tabled. This memorandum addresses questions presented to legal counsel concerning the application. The questions have been consolidated and revised for clarity. Ms. Christina Romelus, who submitted the application is the founder and CEO of PolitiCALM, reached out to the CRA’s legal counsel and volunteered to answer questions, and made herself available to answer additional questions. Her responses to questions presented are included in this memorandum. QUESTION 1: The application was submitted by a former CRA Board member. Does this disqualify her under the CRA’s adopted lobbying policy? The CRA has as adopted a policy that provides, in relevant part, that a former Board Member may not communicate with or appear before the Board on behalf of any other person or entity for a period of three years after they leave the CRA, on any matter in which the Board Member participated personally or that was a part of that person’s official responsibility, unless the BBCRA gives its informed consent in writing. Significantly, the policy also provides that “it shall not be read to prohibit any person, including a [former Board Member] from exercising their First Amendment Rights or communicating with or appearing before the BBCRA in their individual capacity.” The former Board Member, Ms. Ro melus, and is listed as the sole authorized person for PolitiCALM by the Florida Division of Corporations. See Exhibit B. In this instance, Ms. Romelus appears to be coming before the CRA Board on behalf of herself and her own business, not on behalf of another person or another entity. Thus, her application and appearance in support of her application would not appear to violate the lobbying policy.1 QUESTION 2: Is the CRA permitted to provide grant funding to an organization that supports political efforts? 1 The memorandum does not opine on any responsibilities former Board Members may have to comply with applicable ethical or other statutory requirements. 371 4861-7429-8547, v. 3 The Applications indicate that PolitiCALM is a government affairs and consulting business, and does not indicate that it is in existence to support any particular candidate or issue. Although the application indicates that PolitiCALM does assist with “government affairs,” this is not substantially different from other permitted uses. For example, law offices, which are listed as a Tier Two use, commonly engage in lobbying and employ registered lobbyists. In this way, PolitiCALM may be considered similar to other permitted uses. However, the CRA is not empowered by its enabling resolution or by Florida Statutes to donate to political campaigns or candidates. The application does not indicate an intent by the applicant to use the office for the benefit of any particular candidate or issue, and appears to generally accept clients seeking the coaching and other services offered. However, any use of the funds that would directly support a particular candidate or issue would likely be prohibited. For example, the grant funds should not be used to pay the rent for PolitiCALM if the office would be used as the campaign office of any candidate or issue, regardless of whether such issue or candidate is to be voted on by constituents in the CRA Area or of the City of Boynton Beach, as such funding could potentially be considered a campaign contribution. If the PolitiCALM office were to be used as a campaign office, any approved Grants could be terminated and the CRA would need to examine whether seeking a refund would be appropriate. Other similar circumstances would need to be examined on a case-by-case basis. In a conversation with legal counsel for the CRA, Ms. Romelus volunteered that she does not lobby before the City of Boynton Beach, does not represent candidates running in Boynton Beach, and does not intend to use the office as campaign headquarters for any issue or candidate. QUESTION 3: Does PolitiCALM represent any current Board Members? Board Members who are clients of PolitiCALM may have an ethical obligation to disclose this relationship. Although it is not required as part of the application process, Ms. Romelus volunteered that she does not represent any sitting Board Members. QUESTION 4: Is the CRA required to provide grants to all applicants? No. As explained above, the Grants are discretionary, and the CRA may deny a grant for any legal reason, including that the Board believes the grant will not further the CRA plan. The CRA has previously denied applications. Exhibit A contains the minutes of a meeting in which the CRA denied an application for a Ta co Bell, even though the executive director noted that the applicant could have otherwise have been classified as a Tier One or Tier Two business. QUESTION 5: Does PolitiCALM qualify as a Tier Two Business? Political Consultants are not among the listed Tier Two business types. However, the list of Tier Two businesses in each Grant specifies that Tier Two businesses “include, but are not limited to” the business types specified. Therefore, the Board has discretion to determine whether PolitiCALM would qualify. In making its determination, the Board should examine whether this type of business will support redevelopment of the CRA Area. If the Board determines it does not, then the applicant is ineligible. The Board is empowered to look into the specifics of each applicant business and determine, on an individual basis, whether that individual business will support the redevelopment of the CRA Area. For example, the Property Improvement Grant lists restaurants, gourmet food markets, and bakeries as Tier One businesses, but lists Kava Tea Shops as a Tier 3 business, indicating that the Board may look into the type of food and beverages provided as part of its consideration. Similarly, massage services are considered ineligible, but nail salons are a Tier Two business, indicating that some but not all personal 372 4861-7429-8547, v. 3 services are eligible for Grants. The Board has discretion to determine whether PolitiCALM qualifies as a Tier Two business, or is ineligible to receive the grant because it does not support the redevelopment of the CRA Area. The applications will be considered by the CRA Board at its next regular meeting, which takes place on April 9, 2024. This office remains available to answer any additional questions raised by the CRA Board or Board Members. 373 EXHIBIT A 374 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: February 13, 2024 CONSENT AGENDA AGENDA ITEM 11.E SUBJECT: Approval of the Commercial Rent Reimbursement Grant Program in the Amount of $12,036 to Gillion & Co. Inc. located in the Heart of Boynton Shops at 137 NW 10th Avenue Unit 107 SUMMARY: The CRA's Commercial Rent Reimbursement Grant Program provides qualified new or expanding businesses located within the CRA boundaries with rent payment assistance for a maximum period of 12 months. CRA staff has received a complete grant application from Gillion & Co. Inc. located in Heart of Boynton Shops at 137 NW 10th Avenue, Unit 107, Boynton Beach, FL 33435 (see Attachments I-II). Gillion & Co. Inc. will provide a professional office space for Ms. Gillion to provide the following services: preparing personal or business federal/state tax returns and various real estate services. Ms. Gillion is a Licensed Real Estate Profession (Broker), a Licensed Real Estate Instructor for over seven years, a Florida paralegal with over 22 years experiences, and a registered Tax Preparer for over 16 years. With Ms. Gillion's years of experience, she has the ability and knowledge to assist clients with tax returns, provide first time home buying workshops, assist business startups, provide real estate exam prep tutoring and help buyers and sellers with their various real estate needs. As a professional office, Gillion & Co. Inc will employ a receptionist, licensed real estate agents and registered tax preparers varying from full-time to part-time positions and also commission based positions. Under the terms of their Landlord-Tenant Lease Agreement, the base rent plus CAM to be paid by the applicant is $2,005.86 per month (see Attachment III). Gillion & Co. Inc. qualifies as a Tier II business (as specified in the grant application) and would receive reimbursement for one-half of their monthly rent amount or maximum grant amount of $1,750 per month for a 12-month period, whichever is less. If approved, Gillion & Co. Inc. would be reimbursed in the amount of $1,003 per month for a period of 12 months or a total grant amount of $12,036 during its first year of business. Grant reimbursements to the approved applicant occur on a monthly basis with proof of rent payments. FISCAL IMPACT: 1375 •Attachment I - Commercial Rent Reimbursement Grant Application •Attachment II - Location Map •Attachment III - Lease FY 2023-2024 Budget, Project Fund, Line Item 02-58400-444, $12,036 CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRA BOARD OPTIONS: Approval of the Commercial Rent Reimbursement Grant in the amount not to exceed $12,036 to Gillion & Co. Inc. located in Heart of Boynton Shops at 137 NW 10th Avenue, Unit 107, Boynton Beach, FL 33435. ATTACHMENTS: Description 2376 3377 4378 5379 6380 7381 8382 9383 10384 11385 12386 13387 14388 15389 16390 17391 1/23/24, 9:36 AM PAPA Maps https://maps.co.palm-beach.fl.us/cwgis/papa.html?qvalue=08434528480060000 1/1  View Property Record Owners WELLS LANDING APARTMENTS LLC Property Detail Location 137 E MARTIN LUTHER KING JR BLVD Municipality BOYNTON BEACH Parcel No.08434521240000010 Subdivision MEEKS ADD TO BOYNTON IN Book 31005 Page 1515 Sale Date NOV-2019 Mailing Address 7735 NW 146TH ST STE 306 HIALEAH FL 33016 1583 Use Type 1000 - VACANT COMMERCIAL Total Square Feet 0 Sales Information Sales Date Price NOV-2019 10 DEC-2009 105455 MAY-2004 10 APR-2004 0 FEB-1983 100 Appraisals Tax Year 2023 Improvement Value $18,786 Land Value $609,989 Total Market Value $628,775 All values are as of January 1st each year Assessed/Taxable values Tax Year 2023 Assessed Value $467,182 Exemption Amount $0 Taxable Value $467,182 Taxes Tax Year 2023 Ad Valorem $10,505 Non Ad Valorem $0 Total tax $10,505 Search by Owner, Address or Parcel 18392 19393 20394 21395 22396 23397 24398 25399 26400 27401 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: February 13, 2024 CONSENT AGENDA AGENDA ITEM 11.D SUBJECT: Approval of the Commercial Property Improvement Grant Program in the Amount of $28,525 to Gillion & Co. Inc. located in Heart of Boynton Shops at 137 NW 10th Avenue, Unit 107 SUMMARY: The CRA's Commercial Property Improvement Grant Program provides eligible businesses (new or existing) with financial assistance for the initial build-out costs associated with the construction, repaid, and/or rehabilitation of commercial building improvement. The Commercial Property Improvement Grant Programs provides a 50% reimbursement of the applicant's expenditure for the eligible improvements up to a maximum grant total of $50,000. Under the program guidelines eligible improvements must be permanent items that stay with the building. The Program also provides funding assistance related to the design fees for architectural, electrical, civil, mechanical, and/or plumbing improvements for eligible property improvements. Applicants are eligible to receive 50% of the applicant's project budget up to a maximum amount of $10,000. CRA staff has received a complete grant application from Gillion & Co. Inc. located in Heart of Boynton Shops at 137 NW 10th Avenue, Unit 107, Boynton Beach, FL 33435 (see Attachments I-II). Gillion & Co. Inc. will provide a professional office space for Ms. Gillion to provide the following services: preparing personal or business federal/state tax returns, workshops, and various real estate services. Ms. Gillion is a Licensed Real Estate Profession (Broker), a Licensed Real Estate Instructor for over seven years, a Florida paralegal with over 22 years experiences, and a registered Tax Preparer for over 16 years. With Ms. Gillion's years of experience, she has the ability and knowledge to assist clients with tax returns, provide first time home buying workshops, assist business startups, provide real estate exam prep tutoring and help buyers and sellers with their various real estate needs. As a professional office of a commercial property, the applicant falls under the terms of a Tier II business as outlined in the grant application. The applicant is seeking reimbursement for a complete interior build-out. The total cost of eligible property improvements is approximately $91,716.42 (see Attachment III). The associated design fees total $7,050 (see Attachment IV). The Heart of Boynton Shops is a CRA funded project formally known as Wells Landing LLC d/b/a The Heart of Boynton Village Apartments & Shops which includes several development funding agreements to help offset the build-out costs for the 8,250 square feet of commercial space included in the project (see Attachments V-VII). Due to the funding provided in these 1402 •Attachment I - Commercial Property Improvement Grant Application •Attachment II - Location Map •Attachment III - Project Quote •Attachment IV - Design Fees •Attachment V - Development Agreement •Attachment VI - First Amendment to the Development Agreement •Attachment VII - Second Amendment to the Development Agreement •Attachment VIII - Project Funding Breakdown separate agreements, Gillion & Co. Inc. is responsible for the balance of the build-out which totals approximately $46,232.17 (see Attachment VIII). If approved, the applicant is eligible to receive a maximum grant of $25,000 in reimbursable funding for the property improvements which includes 20% contingency and an additional $3,525 in reimbursable funding for the design fees provided that the applicant expends an equal amount in matching funds as required under the terms of the grant. The grant is reimbursed to the applicant once the City of Boynton Beach Building Department approves all permit requirements and the proper reimbursement documentation is submitted to CRA staff or approval. FISCAL IMPACT: FY 2023-2024 Budget Project Fund, Line Item 02-58400-444, $25,000 for Property Improvements and $3,525 for Design CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRA BOARD OPTIONS: Approval of the Commercial Property Improvement Grant not to exceed the maximum grant award of $28,525 to Gillion & Co. Inc. located in Heart of Boynton Shops at 137 NW 10th Avenue, Unit 107, Boynton Beach, FL 33435. ATTACHMENTS: Description 2403 3404 4405 5406 6407 7408 8409 9410 10411 11412 12413 13414 14415 15416 16417 17418 18419 19420 20421 21422 1/23/24, 9:36 AM PAPA Maps https://maps.co.palm-beach.fl.us/cwgis/papa.html?qvalue=08434528480060000 1/1  View Property Record Owners WELLS LANDING APARTMENTS LLC Property Detail Location 137 E MARTIN LUTHER KING JR BLVD Municipality BOYNTON BEACH Parcel No.08434521240000010 Subdivision MEEKS ADD TO BOYNTON IN Book 31005 Page 1515 Sale Date NOV-2019 Mailing Address 7735 NW 146TH ST STE 306 HIALEAH FL 33016 1583 Use Type 1000 - VACANT COMMERCIAL Total Square Feet 0 Sales Information Sales Date Price NOV-2019 10 DEC-2009 105455 MAY-2004 10 APR-2004 0 FEB-1983 100 Appraisals Tax Year 2023 Improvement Value $18,786 Land Value $609,989 Total Market Value $628,775 All values are as of January 1st each year Assessed/Taxable values Tax Year 2023 Assessed Value $467,182 Exemption Amount $0 Taxable Value $467,182 Taxes Tax Year 2023 Ad Valorem $10,505 Non Ad Valorem $0 Total tax $10,505 Search by Owner, Address or Parcel 22423 RS Construction of Dade, Inc.Date 10/5/2023 CGC 040308 7735 NW 146th Street, Suite 306 Miami Lakes, FL 33016 305-821-0330 Proposal For: WORK TO UNIT 107 Gillion & Co. 137 NE 10th Avenue - Unit 107 Boynton Beach , Florida 33435 Scope of Work All Labor & Materials for the Interior Built - Out for Unit #107 according to plans by Executive Design Consultants Inc date signed 3/3/2023 & TYG Consulting Engineering LLC date signed 2/28/2023 & Energy Calculation date signed 2/28/2023 Schedule of Value Drywall & Drywall Finish $ 12,650.00 Insulation $ 2,710.00 Doors & Hardware $ 3,882.00 Painting $ 2,000.00 Flooring Tile $ 9,750.00 HVAC - Mechanical & Ventilation $ 18,900.00 Plumbing & Plumbing Fixtures $ 3,815.00 Fire Sprinklers $ 4,875.00 Fire Alarm $ 2,000.00 Electrical & Light Fixtures $ 18,996.00 Specialties - Handicap Requirements In Bathrooms $ 275.00 Rough & Final Cleaning $ 600.00 Subtotal $ 80,453.00 GC FEE - 14 % $ 11,263.42 TOTAL CONSTRUCTION COST $ 91,716.42 This proposal includes all fees, materials, labor, over head & profit until we received the final permit set . Proposal 23424 1 Sub Total 7,050.00 Total $7,050.00 Payment Made (-) 7,050.00 Balance Due $0.00 Invoice Date :06 Jul 2022 Terms :Due on Receipt Due Date :06 Jul 2022 Executive Designs P.O. Box 223272 West Palm Beach Florida 33422 U.S.A INVOICE # 22-620 Balance Due $0.00 Bill To Silvia Gillion 119 W. MLK Jr. Blvd Unit# 107 Boynton Beach Florida U.S.A #Item & Description Qty Rate Discount Amount 1 New Commercial Design 1. New Commercial Build-out for New Restaurant. 2. Plans to include: Floor Plan, Seating Plan, Reflected Ceiling Plan, Life-Safety Plan. Mechanical (Hvac, Power, and Plumbing Plan shall be done by Mechanical Company). 3. Hood Plans / Interior design separate from architectural plans shall be provided by Other(s). **These Plans shall be plans needed for Interior Build-Out of existing newly constructed building. Not responsible for building design and/or building specs not included in original building design. (i.e. Gas Lines in to building structure) 1.00 New Construct ion, Addition, Remodel, Asbuilts 8,000.00 2,750.00 5,250.00 2 Mechanical Plan & Energy Calcs Commercial M.E.P Doesn’t include Fire Design 1.00 1,750.00 0.00 1,750.00 3 Credit Card Fee 1.00 50.00 0.00 50.00 Notes 24425 2 Thank You for entrusting Executive Designs with this Project!! For Any Questions feel free to email me or call me. Email: TheExecutiveCorp@hotmail.com Phone: 561-507-8620 Thanks for your business. Terms & Conditions **Note:** Designer of Record (Johnathan Embry) is not responsible for any pre-existing conditions. New layouts that are not provided and approved by designer will be solely based on owner and/or Licensed contractor. Asbuilts should be updated according to plan. All expedited plans shall incur a fee pending designer. Any changes done outside of plan so incur a fee. All revisions are covered under final payment, although all changes that were done outside of plans shall incur additional fees. Payment is as follows: Upon initial meeting for measuring, project approval etc. 1/2 of payment will be required in order to begin project, unless otherwise discussed. Late Payment fees are incurred 24 hours after plans have been completed and handed over to customer. Checks are to be made to Johnathan Embry and other forms of payment such as card, may require a fee for usage. If payment does not go through, all bank charges in reference to bounced check will be the sole responsibility of the client or payee. Fees may be added depending outcome and occurrence. Typical turn around for each commercial project will be 3-4 months unless otherwise discussed. Certain situations requires expediting, in such case(s) there will be an additional Expedited fee only when discussed with client. 25426 26427 27428 28429 29430 30431 31432 32433 33434 34435 35436 36437 37438 38439 39440 40441 41442 42443 43444 44445 45446 46447 47448 48449 49450 50451 51452 52453 53454 54455 RS Construction of Dade, Inc.Date 10/5/2023 CGC 040308 7735 NW 146th Street, Suite 306 Miami Lakes, FL 33016 305-821-0330 Proposal For: WORK TO UNIT 107 Gillion & Co. 137 NE 10th Avenue - Unit 107 Boynton Beach , Florida 33435 Scope of Work All Labor & Materials for the Interior Built - Out for Unit #107 according to plans by Executive Design Consultants Inc date signed 3/3/2023 & TYG Consulting Engineering LLC date signed 2/28/2023 & Energy Calculation date signed 2/28/2023 Schedule of Value Drywall & Drywall Finish $ 12,650.00 Insulation $ 2,710.00 Doors & Hardware $ 3,882.00 Painting $ 2,000.00 Flooring Tile $ 9,750.00 HVAC - Mechanical & Ventilation $ 18,900.00 Plumbing & Plumbing Fixtures $ 3,815.00 Fire Sprinklers $ 4,875.00 Fire Alarm $ 2,000.00 Electrical & Light Fixtures $ 18,996.00 Specialties - Handicap Requirements In Bathrooms $ 275.00 Rough & Final Cleaning $ 600.00 Subtotal $ 80,453.00 GC FEE - 14 % $ 11,263.42 TOTAL CONSTRUCTION COST $ 91,716.42 This proposal includes all fees, materials, labor, over head & profit until we received the final permit set . CRA Development Agreement Contributions for MEPs $ (51,714.29) CMC Developer Credit $ (7,142.86) Subtotal $ 44,122.69 Estimated Permit Fees $ 2,109.48 Total Buildout Costs to Tenant $ 46,232.17 CRA Grant 50% Reimbursement $ 23,116.08 Plus 20% Contingency $ 4,623.22 CRA Maximum Grant Request $ 25,000.00 Proposal 55456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 472 473 474 475 EXHIBIT B 476 477 478 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: April 9, 2024 CRA ADVISORY BOARD AGENDA ITEM 13.A SUBJECT: Pending Assignments - New Assignments from the CRA Board Assigned at the February 13, 2024 CRA Monthly Board Meeting SUMMARY: At the monthly CRA Board Meeting on February 13, 2024, the CRA Board approved the following tasks be assigned to the CRA Advisory Board (CRAB): 1. Initiate the steps to revise the 2016 CRA Plan, A. With the first step to review the existing CRA plan, and B. With the end goal to incorporate both the grocery store and public parking as part of that plan. 2. Look for ways that are above and beyond the normal City functions to beautify the area within the CRA district (cannot be in replacement of a normal City function and needs to be above and beyond). 3. Investigate means to get a grocery store in the CRA Heart of Boynton area. 4. Identify potential locations for a Public Parking Garage preferably along Ocean Avenue. 5. Look for available properties for potential acquisition with a focus on commercial properties along the Federal Highway area (ex. vacant properties for commercial use). Currently, the three properties being reviewed are the following: 1. 1310 North Federal Highway (see Attachment I), 2. 1320 South Federal Highway (see Attachment II), and 3. 724 North Federal Highway (see Attachment III). The CRA Advisory Board met for their monthly meeting on March 7, 2024. All assignments were moved to Pending Assignments, as no action was taken at their March 7, 2024 Meeting. FISCAL IMPACT: To be determined. CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRAB RECOMMENDATION: All assignments will be moved to Pending Assignments, as no action was taken at their March 7, 2024 Meeting. 479 •Attachment I - 1310 North Federal Highway - PAPA Map •Attachment II - 1320 South Federal Highway - PAPA Map •Attachment III - 724 North Federal Highway - PAPA Map CRA BOARD OPTIONS: To be determined. ATTACHMENTS: Description 480 3DOP%HDFK&RXQW\m0 0.01 0.030.01MilesScale: 1:1,128Date: 3/4/2024Time: 10:36 AM481 3DOP%HDFK&RXQW\1RQHm0 0.04 0.070.02MilesScale: 1:2,257Date: 3/4/2024Time: 10:29 AM482 3DOP%HDFK&RXQW\LegendLegendm0 0.01 0.030.01MilesScale: 1:1,128Date: 3/29/2024Time: 12:14 PM483 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: April 9, 2024 OLD BUSINESS AGENDA ITEM 14.A SUBJECT: Consideration of Approval of 500 Ocean Performance Audit for Year Ending December 31, 2023, for Compliance with the Direct Incentive Funding Agreement SUMMARY: The CRA entered into a Direct Incentive Funding Agreement (DIFA) with LeCesse Development Corp d/b/a Skye at Boynton Beach LLC on May 27, 2015, to provide financial assistance to the redevelopment project known as 500 Ocean in the form of Tax Increment Revenue reimbursement on their annually paid property taxes (see Attachment I). The CRA's DIFA funding incentive was intended to provide the developer with additional funding to assist with the costs associated with carrying the commercial space created within the development. Under the agreement, the DIFA funding term specifies a total of ten (10) annual reimbursement payments over a period of ten consecutive years as follows: Years 1-4: 75%, Years 5-7: 50%, and Years 8-10: 25%. In June 2021, an Estoppel Certificate was made to Avanti Residential - 500 Ocean TIC I LLC in connection with Avanti’s acquisition of the property from Seller, LeCesse Development Corp d/b/a Skye at Boynton Beach, LLC (see Attachment II). As required under the terms of the DIFA, on February 14, 2024, Avanti Residential-500 Ocean TIC I LLC submitted a Performance Audit and proof of property tax payment for the year ending December 31, 2023. Based on the City of Boynton Beach Building Department and CRA staff's review, the Performance Audit is in compliance with the terms of the DIFA (Attachments III and IV). The amount of Tax Increment Revenue generated from the 500 Ocean project and the amount reimbursed to the Developer will be $394,319. The amount remaining with the CRA totals $394,319 (see Attachment V). If approved by the Board, the CRA will be issuing DIFA payment number five (5) in the amount of $394,319 for FY 2023-2024. FISCAL IMPACT: FY 2023 - 2024 Budget, Project Fund, Line Item 02-58400-443, $394,319 CRA PLAN/PROJECT/PROGRAM: 484 •Attachment I - Direct Incentive Funding Agreement •Attachment II - Estoppel Certificate •Attachment III - 500 Ocean System Audit 2023 •Attachment IV - Proof of Taxes Paid •Attachment V - 2023 Incentive Calculation 2016 Boynton Beach Community Redevelopment Plan - Downtown District CRA BOARD OPTIONS: Approve the Performance Audit as submitted and authorize release of DIFA payment number five (5) in the amount of $394,319 to Avanti Residential-500 Ocean TIC I LLC. ATTACHMENTS: Description 485 486 487 488 489 490 491 492 493 494 495 496 497 498 499 500 501 502 503 504 505 506 507 508 509 510 511 512 513 514 515 516 517 518 519 520 521 522 523 524 525 ESTOPPEL CERTIFICATE Re: Direct Incentive Funding Agreement (the "DIF A") entered into as of May 27, 2015 by and between the Boynton Beach Community Redevelopment Agency, a public agency created pursuant to Chapter 163, Part III of the Florida Statutes (the "Agency") and Skye at Boynton Beach, LLC, a Florida limited liability company (the "Developer and/or Seller"), affecting a portion of the real property described in Exhibit A attached to and made part of the DIF A, located in Palm Beach County, Colorado (the "Property"). This Estoppel Certificate ("Certificate") is made to (a) Avanti Residential, LLC, a Delaware limited liability company (together with its successors and assigns, collectively, "Purchaser") in connection with Purchaser's acquisition of the Property from Seller, (b) Purchaser's lender, Berkley Point Capital LLC d/6/a Newmark Knight Frank, a Delaware limited liability company (together with their successors and assigns, collectively, "Lender") in connection with Lender's anticipated term loan to Tenant, as such term is defined below, which loan is to be secured by the Property or a leasehold interest in the Property, (c) Federal Home Loan Mortgage Corporation (together with its successors and assigns, "Freddie Mac"), and ( d) Chicago Title Insurance Company ("Title Insurance Companv" and together with Purchaser, Lender, and Freddie Mac, collectively the "RelvingParties"). All capitalized terms which are not defined herein shall be ascribed the definitions set forth in the DIF A. Now, therefore, knowing that Purchaser will rely upon the accuracy of the information contained herein and to induce the Title Company to issue an Owner's Title Insurance Policy to Tenant, as defined below, and to induce the Lender to issue a loan to the Tenant, the Agency represents, warrants and certifies as follows: A.The Agency hereby certifies to the Relying Parties that: (1)The DIF A is in full force and effect and has not been amended, assigned, modified or supplemented by any other agreement except as set forth on Schedule 1. (2)There is no existing default under, or violation of any covenant, term, condition, provision, restriction, standard, limitation, rule, regulation or guideline in the DIF A by Developer, nor are there any conditions or facts which, after giving requisite notice, or the passage of time, or both, would result in such a default or violation or afford Agency with the right or ability to terminate the DIF A. No notice of default has been issued by the Agency. (3)The Project was completed in accordance with the DIF A prior to June 30, 2018. Developer has received a Certificate of Occupancy for the entire Project and Developer has satisfied the conditions of funding in accordance with Section 6.2 of the DIFA. Accordingly, the ten (10) year term for the payment of the Direct Incentive Funding to Developer by the CRA commenced by the CRA Board on February 11, 2020 and will expire in 2030. (4)Developer has provided the Systems Audit Report to the City's Development Services Department on annual basis, including the Systems Audit Report due on or before April 30, 2021 (the "2021 Systems Audit Report"), and the 2021 Systems Audit Report is acceptable to the City. (5)The Direct Incentive Funding paid to Developer for the 2019 calendar year was $392,811 and for the 2020 calendar year was $435,635.31. The Direct Incentive Funding to be paid to Developer for the 2021 calendar year will be projected after the Palm Beach County Property Report is received on June 30, 2021 and is expected to be paid to Developer after approval by the CRA Board in 2022. 4836-5629-1306.4 526 4836-5629-I 306.4 (6)Since a Certificate of Occupancy has been issued for the entire Project, the Agencyacknowledges that Developer (or any successor or assign of Developer) may freely transfer or assign its rights, interests or obligations in the Property, the Project or the DIF A, to any third party without the consent of the Agency in accordance with Section 8 of the DIF A. Agency acknowledges that the DIF A will be assigned to Purchaser, and its successors and assigns, in connection with Purchaser's acquisition of the Property from Developer. The Agency further acknowledges that the Property will be transferred from Purchaser to an entity formed by or affiliated with Safehold Inc., a Maryland corporation ("Landlord") and leased to tenants in common, formed by and affiliated with the Purchaser (the "Tenant") pursuant to a Ground Lease Agreement dated on or about the date hereof (the "Ground Lease") and that such transfer may result in a further assignment of developer's rights in the DIFA to the Tenant. The transfers of the Property and the assignments of the DIF A described in this Section 6 do not require the consent of the Agency. The Agency further acknowledges that the Tenant will collaterally assign the DIFA to Lender, and its successors and assigns, and that the exercise of Lender's right to foreclose on any mortgages, deeds of trust, security agreements or collateral assignments (including, but not limited to, the Tenant's rights under the DIF A) in favor of Lender, and or the right of Lender to sell or take possession of the leasehold estate under the Ground Lease, won't require the consent of the Agency. (7)The Agency is the entity (or lawful successor to such entity) identified in the DIFA ashaving the authority to make certifications contained herein with respect to the compliance by the parties to theDIFA. (8)Agency agrees to provide Lender with notices under the DIF A in accordance with Section10.5 of the DIFA. Lender's address for notices is: Berkeley Point Capital LLC, d/b/a Newmark Knight Frank Attention: Director, Loan Servicing 8 Springhouse Innovation Park, Suite 200 Lower Gwynedd, Pennsylvania 19002 (9)Notwithstanding Section 6.5 of the DIF A, CRA has not issued any Tax IncrementRevenue Bonds, nor pledged any tax increment revenue, in connection with the DIF A or the Property. [Signature appears on the following page] 527 Dated tltis L day ow 42u, , 2021. 4836-5629-1306.4 AGENCY: BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY By: L/4�� )� Name: �· "�,c�#t�,,:,�,:,,/�· _._..l�-?'7�-:-_a �•-v�· --- Title: /:k;..L C'.'.-v,1,<-;)1rco/':r 528 Schedule 1 Amendments to the DIFA First Amendment to Direct Incentive Funding Agreement made and entered into February 16, 2017 by the Agency and the Developer recorded on March 1, 2017 in Officials Records Book 28920, page 643. Second Amendment to Direct Incentive Funding Agreement made and entered into December 12, 2017 by the Agency and the Developer recorded on July 6, 2018 in Officials Records Book 229973, page 1991. Third Amendment to Direct Incentive Funding Agreement made and entered into February 2020 by the Agency and the Developer. 4836-5629-1306.4 529 The City of Boynton Beach DEVELOPMENT DEPARTMENT BUILDING DIVISON 100 E. Boynton Beach Boulevard P.O. Box 310 Boynton Beach, Florida 33425-0310 TEL: 561-742-6350 FAX: 561-7426357 www.boynton-beach.org February 16,2024 Timothy Tack Interim Executive Director Boynton Beach CRA 100 East Ocean Ave Boynton Beach, Florida 33435 Ref: 500 Ocean Project Re: Systems Audit 2024 Dear Mr. Tack: I have received the audit report and letter of certification prepared by RunBrook. Dated 02/14/2024 for the above referenced project. Based on the information contained within the report and the findings provided the project is in compliance with section 5.3 of the filed March, 12, 2015 Direct Incentive Funding (DIF) Agreement. If you have any questions or concerns please contact me in the Building Division at 561.742.6376. Sincerely, John Kuntzman, CBO, PX, BN, CFM, Building Official /Flood Plain Manager Cc: Michael Rumpf, Director of Development S:\Development\BUILDING\Kuntzman, John\Correspondance\Seabourne Cove Systems Audit_040616.doc 530 www.RunBrook.com ddenis@runbrook.com 313 Datura Street, Suite 300 West Palm Beach, FL 33401 Office: 1-833-RUNBROOK Date: 0Ϯ/ϭϰ/202ϰ Re: 500 Ocean Systems Audit Report and DIFA Compliance Attn: John Kuntzman Development / Building Official Mr. Kuntzman, The Direct Incentive Funding Agreement (DIFA) for the 500 Ocean project in Boynton Beach requires annual systems audit reports be performed in accordance with Section 5.3 and Exhibit F. RunBrook (formerly SustainaBase) has performed the systems audit reports in 2018, 2019, 2020͕ 2021, 2022, and 2023 and found the property to be in compliance with Exhibit F (500 Ocean Green Building Monitoring Plan). Please feel free to contact me if you have any questions. Sincerely, Daniel J. Denis, President at RunBrook LEED AP (BD+C) & Green Rater RESNET HERS Rater ENERGY STAR Verifier FGBC Certifying Agent NGBS Green Verifier Cc: Callum King (LeCesse Development) Chad Hochuli (LeCesse Development) Robert Urbanksi (Avanti Residential) 531 RFQ 01-2821-16/JMA: Greenhouse Gas Emissions Inventory Consulting ServicesBuilding Systems Audit Report (Calendar Year 202ϯͿ 500 Ocean, Boynton Beach, Florida 101 S Federal Hwy, Boynton Beach, FL 33435 City of Boynton Beach, Community Redevelopment Agency Prepared by: RunBrook 313 Datura Street, Suite 200 West Palm Beach, FL 33401 www.RunBrook.com ddenis@RunBrook.com 1-833-RUNBROOK 532 2023 Building Systems Audit Report – 500 Ocean Project Page | 1 LeCesse Development & Cambridge Management Green Building Consulting by RunBrook Background The Boynton Beach Community Redevelopment Agency (CRA) entered into a Direct Incentive Funding Agreement (DIFA) with Morgan Boynton Beach, LLC for the 500 Ocean Project, a seven story, 341-unit, multifamily apartment building located at 101 South Federal Highway in Boynton Beach, Florida. Pursuant to the DIFA, the 500 Ocean project was required to secure a Silver level green building certification from the National Green Building Standard (NGBS). The project is required to perform annual building systems audits on at least 34 residential units for the next ten years to monitor green building measures/features in residential and common areas. See Attachment A for a copy of the systems audit checklists. RunBrook, LLC, performed the audits and performed the tests described in this report. Purpose This building systems audit report documents field observations and building performance tests conducted at the 500 Ocean property on January ϯ1, 2024. Field observations were recording using the systems audit checklist (Attachment A) to verify that green building measures/features were installed and functioning appropriately in both common and residential areas. Examples of checklist items include verifying that: electric vehicle charging stations are functioning, the building envelope was well sealed, shower heads and faucets maintain low flow, and appropriate HVAC filters were used. Examples of performance tests include completion of a blower door test to measure unit air leakage, a key factor in energy efficiency, and occupancy comfort. Methods RunBrook, LLC, utilized qualified RESNET Home Energy Rating professionals to perform the site inspections and perform blower door tests. RunBrook’s Energy Raters visited each unit and filled out the building systems audit checklist. RunBrook’s Energy Raters also performed the blower door test. This was done by installed a blower door canvas to the front door and depressurizing the unit using a blower door fan and manometer to reach a pressure differential of -50 pascals (unit WRT the corridor). The corresponding flow rate measured in CFM was then recorded along with the blower door fan ring used for each unit. Using test data along with unit volume, the number of air changes per hour at 50 pascals of pressure was calculated (ACH50). The ACH50 measurement indicates the number of times the total air volume in the unit changes in one hour under a pressure differential of 50 pascals. Low values for ACH50 indicate a tight envelope with little to no leakage to the outdoors and adjacent spaces. High values for ACH50 indicate a loose envelope exhibiting leakage to the outdoors and adjacent spaces. 533 2023 Building Systems Audit Report – 500 Ocean Project Page | 2 LeCesse Development & Cambridge Management Green Building Consulting by RunBrook Building Systems Audit Summary The table below provides a list of the unit types and unit numbers audited in 20Ϯ3 included in this Building Systems Audit Report. Audits were performed on January31, 2024. 534 2023 Building Systems Audit Report – 500 Ocean Project Page | 3 LeCesse Development & Cambridge Management Green Building Consulting by RunBrook Results Summary Common Areas Building measures/features located in common areas audited included the electric charging stations, irrigation systems, and timers. All systems audited were functioning and no significant deficiencies were note. The following photographs were taken as documentation. Electric charging station in functioning order, protected by parking barricade, signage in place Irrigation heads in functioning order, native plants well maintained 535 2023 Building Systems Audit Report – 500 Ocean Project Page | 4 LeCesse Development & Cambridge Management Green Building Consulting by RunBrook Results Summary Residential Units Building measures/features located in residential units audited included sealing of the residential envelope including windows, doors, sliding glass doors, and shared walls. Other building measures/features audited in residential units included showerheads, carbon monoxide alarms, filters (ensuring that they are MERV 8), and dryer exhaust connections. Blower door tests were also performed in each unit. All systems audited were functioning and no significant deficiencies were note. The following photographs were taken as documentation. Dryer exhaust fans attached and MERV 8 filters maintained Low flow showerheads remain in place 536 2023 Building Systems Audit Report – 500 Ocean Project Page | 5 LeCesse Development & Cambridge Management Green Building Consulting by RunBrook Envelope sealing measures to limit air infiltration Blower Door Unit Set Up 537 538 539 540 541 542 543 544 545 546 547 548 549 550 551 552 553 554 555 556 557 558 559 560 561 562 563 564 565 566 567 568 569 570 571 20/03/2024, 09:37 about:blank about:blank 1/2 Last updated: 3/20/2024 09:36:38 AM ReturnNew SearchPrint Page Account Information Property Control Number: 08-43-45-28-03-007-0010 Owner Name: AVANTI RESIDENTIAL 500 OCEAN TIC I LLC Status: Active Tax Distribution by Fund Summar y For information regarding the charges listed here, please contact the respective taxing agency directly via the information provided here.  Type : Ad Valorem CITY OF BOYNTON BEACH $558,450.59 $0.00 $558,450.59 $0.00 COUNTY $321,468.35 $0.00 $321,468.35 $0.00 SO FLA WATER MANAGEMENT DIST.$16,369.35 $0.00 $16,369.35 $0.00 SCHOOL $459,352.29 $0.00 $459,352.29 $0.00 CHILDRENS SERVICES COUNCIL $34,915.61 $0.00 $34,915.61 $0.00 F.I.N.D.$2,048.84 $0.00 $2,048.84 $0.00 PBC HEALTH CARE DISTRICT $48,097.89 $0.00 $48,097.89 $0.00 Subtotal Gross Tax Credit Net Tax Savings $1,440,702.92 $0.00 $1,440,702.92 $0.00 Ad Valorem Gross Tax Credit Net Tax Savings  Type : Non-Ad Valorem SOLID WASTE AUTHORITY OF PBC $45,787.19 $0.00 $45,787.19 $0.00 BOYNTON BEACH FIRE RESCUE ASSESSMENT $45,540.00 $0.00 $45,540.00 $0.00 Sub Total Gross Tax Credit Net Tax Savings $91,327.19 $0.00 $91,327.19 $0.00 Non Ad Valorem Gross Tax Credit Net Tax Savings  Type : Ad Valorem  Type : Non-Ad Valorem Grand Total Gross Tax Credit Net Tax Savings $1,532,030.11 $0.00 $1,532,030.11 $0.00 572 20/03/2024, 09:37 about:blank about:blank 2/2 Download Your Tax Bill Original Tax Distribution by Fund Detail - Select to Expand Payment History 2023 102006082 11/29/23 CORELOGIC COMMERCIAL REAL ESTATE B24.342880 $1,470,748.91 Bill Year Bill Number Last Paid Paid By Receipt Number Amount Paid 573 As of: July 17, 2023 FY 2023-2024 Value of the Project prior to Redevelopment 3,921,916$ 08-43-45-28-03-007-0010 2018 Value of the Project after Redevelopment 71,140,202$ Source: Property Appraiser Database As of: 7/6/2023 - 4% increase from 2022 Project Increment 67,218,286$ TIF Revenue = (95% of Project Increment X (City Millage + County Millage) City Millage Rate*0.00785 City City TIF Contribution = 95% of Project Increment X City Millage 501,280$ County Millage Rate*0.0045 County County Contribution = 95% of Project Increment X County Millage 287,358$ TIF Revenue created by Project 788,639$ Award Factor 50% Years 1-4 @ 75% - Years 5-7 @ 50% - Years 8-10 @ 25% Total Incentive Award 394,319$ ◄ To Be Paid to Developer (Year 5 of 10) Total Remaining with CRA 394,319$ NOTES: (3) Conditions in Secion 6.2 have been met no later than April 30th of the year following the corresponding ad valorem tax year (1) the CRA Board's acceptane of a sufficient annual Systems Audit Report (2) final certification of tax assessments within the CRA District by the PBC Property Appraiser for the preceding year (3) documents evidencing payment by the Developer of ad valorem taxes for the preceding year The developer incentive award calculations are based on (1) annual assessed value of property, and (2) City and County millage rates that are adjusted annually and finalized by October 1st of each year. Disbursement of Funds (Section 6.3 of Incentive Agreement, page 7): AVANTI RESIDENTIAL (500 OCEAN) INCENTIVE CALCULATION WORKSHEET FY 2023-2024 (Tax Year = 2023) Year 5 of 10 *Millage Rates are set annually by the City and County as part of their respective budget processes. Incentive Award = Award Factor X TIF Revenue created by Project T:\DEVELOPMENT\500 Ocean-101 S Fed Hwy\DIFA 2014 LeCesse\DIFA Disbursements\FY 2023-2024 - YR 5 DIFA\TIF Calculation 500 Ocean.xlsx 574 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: April 9, 2024 OLD BUSINESS AGENDA ITEM 14.B SUBJECT: Discussion and Consideration of a Waiver for Payment in Accordance with the First Amendment to the Interlocal Agreement between the City and CRA for the Historic Woman's Club of Boynton Beach located at 1010 S. Federal Highway SUMMARY: On F ebruary 11, 2021, the City and the CRA entered into an Interlocal Agreement (ILA) for the transfer of ownership and funding of certain improvements, operations, and maintenance of the Historic Woman's Club of Boynton Beach (HWCBB) located at 1010 S. Federal Highway, Boynton Beach, FL (see Attachment I). The ILA allows the City to request reimbursement for eligible costs for the physical maintenance and renovations in an amount not to exceed $250,000 annually for three years. Basic terms of the ILA: CRA Funding $750,000.00 ($250,000.00 annually) Funding to be used for maintenance/operation, construction costs for physical improvements, ADA accessibility, historic preservation, health & safety codes and pedestrian access Termination date of February 11, 2024, with an option to extend the ILA (¶9 of ILA) Funding issued upon City's written request for reimbursement along with required documentation (¶4 of ILA). The First Amendment to the ILA was entered into on February 6, 2024, (City Resolution R24- 021, see Attachment II) extending the termination date from February 11, 2024, to September 30, 2024. The CRA is in receipt of a memo from the City's Engineering Division requesting waivers to the ILA (see Attachment III). In order for the CRA to reimburse the City, in accordance with their request, the CRA Board would have to approve the following waivers: Waive the time period in which the City may request reimbursement (¶3b & ¶4 of the ILA) Amend the ILA to include design fees Reimbursements made to the City (see Attachment IV): 575 •Attachment I - February 11, 2021 Land Transfer, Operations, and Maintenance ILA for the HWCBB •Attachment II - R24-021 City Resolution & First Amendment Fully Executed •Attachment III - City Waiver Memo - HWCBB •Attachment IV - ILA Tracking for HWCBB & Backup FY21-22 $234102.63 - Remaining Balance $ 15,897.37 FY22-23 $ 56,151.00 - Remaining Balance $193,849.00 FY23-24 $ 7,937.09 - Remaining Balance $242,062.91 If the CRA Board does not wish to approve the requested waivers, the City will not be eligible to collect the remaining balances for FY21-22 ($15,897.37) and FY22-23 ($193,849.00) for a total of $209,746.37. FISCAL IMPACT: 02-58200-404 and 02-58200-402 - Capital Outlay CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan: Historic Properties and Federal Highway District, 2010 Downtown Vision and Master Plan CRA BOARD OPTIONS: To be determined by the CRA Board. ATTACHMENTS: Description 576 577 578 579 580 581 582 583 584 585 586 587 588 1 RESOLUTION NO. R24-021 2 A RESOLUTION OF THE CITY OF BOYNTON BEACH, FLORIDA, 3 APPROVING AND AUTHORIZING THE MAYOR TO SIGN THE FIRST 4 AMENDMENT TO THE INTERLOCAL AGREEMENT BETWEEN THE CITY 5 OF BOYNTON BEACH AND THE BOYNTON BEACH COMMUNITY 6 REDEVELOPMENT AGENCY FOR THE IMPROVEMENTS TO THE 7 HISTORIC WOMAN'S CLUB OF BOYNTON BEACH; AND PROVIDING 8 AN EFFECTIVE DATE. 9 WHEREAS, on February 11, 2021, the City of Boynton Beach (City) and the Boynton 10 Beach Community Redevelopment Agency (CRA) entered into an Interlocal Agreement (ILA) 11 for the transfer of ownership and funding of certain improvements, operations, and 12 maintenance of the Historic Woman's Club of Boynton Beach (HWCBB), located at 1010 S. 13 Federal Highway, Boynton Beach, FL, which is listed on the National Register of Historic Places; 14 and 15 WHEREAS, the Interlocal Agreement has a termination date of February 11, 2024; and 16 WHEREAS, this amendment will extend the date of the Interlocal Agreement to 17 September 30, 2024, to allow the City to request reimbursement for eligible costs for the 18 physical maintenance and renovations in an amount not to exceed $250,000 annually for a 19 total of three years; and 20 WHEREAS, the City Commission of the City of Boynton Beach, Florida, upon the 21 recommendation of staff, deems it to be in the best interests of the City residents to approve 22 and authorize the Mayor to sign the First Amendment to the Interlocal Agreement between 23 the City of Boynton Beach and the Boynton Beach Community Redevelopment Agency for the 24 improvements to the Historic Woman's Club of Boynton Beach. 25 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF 26 BOYNTON BEACH, FLORIDA, THAT: 27 Section 1. Each Whereas clause set forth above is true and correct and 28 incorporated herein by this reference. 29 Section 2. The City Commission of the City of Boynton Beach, Florida, does hereby 30 approve and authorize the Mayor to sign the First Amendment to the Interlocal Agreement S:\CC\WP\CCAGENDA\2024\02-06-2024 CC\R24-021 First Amendment To ILA With CRA For HWCBB - Reso I .Docx 589 31 between the City of Boynton Beach and the Boynton Beach Community Redevelopment 32 Agency for the improvements to the Historic Woman's Club of Boynton Beach. A copy of the 33 First Amendment is attached hereto and incorporated herein as Exhibit "A." 34 Section 3. That this Resolution shall become effective immediately upon passage. 35 PASSED AND ADOPTED this 6th day of February, 2024. 36 CITY OF BOYNTON BEACH, FLORIDA 37 YES NO 38 39 Mayor—Ty Penserga 40 41 Vice Mayor—Thomas Turkin 42 43 Commissioner—Angela Cruz 44 45 Commissioner—Woodrow L. Hay 46 47 Commissioner—Aimee Kelley 48 49 VOTE 5-0 50 51 ATT T: 52 53 54 1 O 55 Mayle;• i- Jesus, M' MMC T "- 56 City C -r Ma • 57 pYNTpN 58 p ;G RPORgTF. F APPROVED AS TO FORM: 59 (Corporate Seal) 60 SEAL INCORPORATED; xim661441920 62 A • Shawna G. Lamb 63 FLOR;r• City Attorney S:\CC\WP\CCAGENDA\2024\02-06-2024 CC\R24-02 I First_Amendment To ILA With CRA For HWCBB - Reso I .Docx 590 FIRST AMENDMENT TO THE INTERLOCAL AGREEMENT BETWEEN THE CITY OF BOYNTON BEACH AND THE BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY FOR THE TRANSFER OF THE PROPERTY LOCATED AT 1010 SOUTH FEDERAL HIGHWAY, BOYNTON BEACH, FL TO THE CITY OF BOYNTON BEACH AND THE FUNDING OF CERTAIN IMPROVEMENTS, OPERATIONS,AND MAINTENANCE THERON. This FIRST AMENDMENT TO THE INTERLOCAL AGREEMENT BETWEEN THE CITY OF BOYNTON BEACH AND THE BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY FOR THE TRANSFER OF THE PROPERTY LOCATED AT 1010 SOUTH FEDERAL HIGHWAY, BOYNTON BEACH,FL TO THE CITY OF BOYNTON BEACH AND THE FUNDING OF CERTAIN IMPROVEMENTS, OPERATIONS, AND MAINTENANCE THERON ("First Amendment") is entered into by and between the CITY OF BOYNTON BEACH,a Florida Municipal Corporation,("CITY"),and the BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY, ("CRA") (individually a "Party" and collectively, the"Parties"). RECITALS WHEREAS, the Parties entered into the INTERLOCAL AGREEMENT BETWEEN THE CITY OF BOYNTON BEACH AND THE BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY FOR THE TRANSFER OF THE PROPERTY LOCATED AT 1010 SOUTH FEDERAL HIGHWAY, BOYNTON BEACH, FL TO THE CITY OF BOYNTON BEACH AND THE FUNDING OF CERTAIN IMPROVEMENTS, OPERATIONS, AND MAINTENANCE THERON ("Agreement") on February 11, 2021; and WHEREAS, the Agreement is set to terminate on February 11, 2024; and WHEREAS,the Parties desire to extend the termination date of the Agreement subject to the terms of this First Amendment. NOW THEREFORE, in consideration of the terms and conditions set forth herein, and for other good and valuable consideration,the receipt and sufficiency of where are hereby acknowledged, the Parties hereby agree to amend the Agreement as follows: 1) Incorporation. The recitals and other information above is hereby incorporated herein as if fully set forth. 2) Term of the Agreement. The term of the Agreement is hereby amended such that Agreement shall terminate September 30, 2024. 4870-0623-0420,v. 1 591 3) Effective Date of this Amendment. This First Amendment will become effective at the date and time that the last party signs below. 4) The Parties agree that all terms, conditions, and provisions of the Agreement not expressly amended, modified or deleted by this First Amendment shall continue in full force and effect. 5) This First Amendment may be executed in any number of counterparts, any one and all of which shall constitute the agreement of the Parties and each of which shall be deemed an original.To the extent of any conflict between the Agreement and this First Amendment,this First Amendment shall control. IN WITNESS OF THE FOREGOING,the parties hereto have caused this First Amendment to be executed on the day and year written below. Approved as to Form:BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY By: Office of the CRA Attorney Ty Pe ser (MCRA C 1a'- Date: / Approved as to Form:CITY OF BOYNTON BEACH By: Office of the CITY Attorney Ty Penserga, Mayor Date: 4870-0623-0420,v.1 592 3) Effective Date of this Amendment. This First Amendment will become effective at the date and time that the last party signs below. 4) The Parties agree that all terms, conditions, and provisions of the Agreement not expressly amended, modified or deleted by this First Amendment shall continue in full force and effect. 5) This First Amendment may be executed in any number of counterparts, any one and all of which shall constitute the agreement of the Parties and each of which shall be deemed an original.To the extent of any conflict between the Agreement and this First Amendment, this First Amendment shall control. IN WITNESS OF THE FOREGOING, the parties hereto have caused this First Amendment to be executed on the day and year written below. Approved as to Form:BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY By: Office of the CRA Attorney Ty Penserga, CRA Chair Date: Approved as to Form:CITY OF BOYNTON BEACH 14a1V44 By: Office of the CITY Attorney Ty Pen - yor Date: w) kQ 4870-0623-0420,v. 1 593 594 FY PO# Amount Reimbursement Remaining Balance 2021/2022 1968 250,000.00$ (234,102.63)$ 15,897.37$ 2022/2023 2026 250,000.00$ (56,151.00)$ 193,849.00$ 2023/2024 2067 250,000.00$ (7,937.09)$ 242,062.91$ ILA (R21-021) CRA/City HWCBB 3 yr term commencing 2/11/21 ($250,000 per year) *An additional $250,00 was budgeted in FY 23/24 for HWCBB repairs which have yet to be determined. 595 596 597 598 599 600 601 602 603 604 605 606 607 608 609 610 611 612 613 614 615 616 617 618 619 620 621 622 623 624 625 626 627 628 629 630 631 632 633 634 635 636 637 638 639 640 641 642 643 644 645 646 647 648 649 650 651 652 653 654 655 656 657 658 659 660 661 662 663 664 665 666 667 668 669 670 671 672 673 674 675 676 677 678 679 680 681 682 683 684 685 686 687 688 689 690 691 692 693 694 695 696 697 698 699 700 701 702 703 704 705 706 707 708 709 710 711 712 713 714 715 716 717 718 719 720 721 722 723 724 725 726 727 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: April 9, 2024 OLD BUSINESS AGENDA ITEM 14.C SUBJECT: Update on Status of Contract Negotiations with Candidate for New Executive Director SUMMARY: On November 13, 2023, the CRA Board directed staff to advertise the Executive Director position (Attachment I). The position was advertised on LinkedIn, FRA, IEDC and Indeed. At the December 12, 2023 meeting, the Board approved the following the process, which has been previously utilized by the City of Boynton Beach to fill vacant positions (see Attachment II): Once the advertisement is closed, staff will review each resume. Staff will compile a binder for each Board Member that will contain a minimum qualification form (see Attachment III) and the resume for each candidate. At the next scheduled meeting, the CRA Board will collectively select which candidates are to be interviewed, and staff will schedule interviews with each Board Member separately. After the interviews, the CRA Board will discuss the candidates at a special or regular CRA Board Meeting and select the successful candidate, if any. If a successful candidate is chosen, the Board may direct staff to enter into contract negotiations with the successful candidate. The job listing closed on December 31, 2023, with 64 applicants. Resumes were made available to the CRA Board on January 3, 2024. On February 13, 2024, the CRA Board chose four (4) candidates to interview: Lisa Nicholas, Lauren Pruss, Joan Oliva and Jessica Del Vecchio. Jessica Del Vecchio withdrew her name and the other three (3) candidates were interviewed. On March 21, 2024, the CRA Board chose to move forward with Joan Oliva. The CRA Board Attorney and Board Chair will meet to negotiate the terms of an employment agreement. Upon completion of the negotiations, staff will bring an employment agreement for approval at the next available CRA board meeting. FISCAL IMPACT: FY 2023-2024 General Fund Budget, Executive Department; Line Item #01-51230-100 CRA BOARD OPTIONS: 728 •Attachment I - BBCRA Executive Job Posting •Attachment II - Executive Staff Hiring Process •Attachment III - Minimum Qualifications Checklist To be determined by the CRA Board. ATTACHMENTS: Description 729 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY TITLE: EXECUTIVE DIRECTOR REPORTS TO: BBCRA BOARD SALARY RANGE DEPENDING ON QUALIFICATIONS: $140,000 - $210,000 GENERAL DUTIES: Position manages the day-to-day operations, for the Boynton Beach Community Redevelopment Agency (BBCRA). The Executive Director is a highly responsible position that oversees a wide variety of redevelopment and economic development activities that include fiscal operations, policy making, capital project administration, BBCRA program management, redevelopment plan implementation, property acquisition, business incentives, new business development, business attraction and retention, special business promotion activities as well as the management and maintenance of BBCRA- owned properties. The Position serves as a liaison to businesses and property owners with the overall goal of enhancing the physical and economic character of the districts. Advanced professional work is focused on revitalization and community enhancement within the BBCRA Districts through redevelopment, capital improvement, and branding. EXAMPLES OF ESSENTIAL DUTIES: The examples as listed below are descriptions of essential functions and are not necessarily all inclusive. The omission of an essential function of work does not preclude the BBCRA Board from assigning duties not listed herein. Assigned duties, which are essential function of work not listed herein, are permissible if such functions are a logical assignment to the position. • Carries out the policies established by the five-member BBCRA Board which oversees the redevelopment of the six BBCRA Districts. • Oversees the day-to-day agency operations. • Provides oversight and management of Federal/State Grant programs designed to assist with redevelopment goals within the BBCRA area. • Provides comprehensive knowledge of redevelopment programs and their financing. • Develops potential incentive packages, provides market assessments/impacts, and monitors development trends. 730 • Writes developer requests for proposals for the purpose of disposing of BBCRA land for redevelopment. • Evaluates and drafts recommended updates and amendments to the BBCRA Plan. • Attend training sessions and conferences pertaining to BBCRA operations. • Prepares and manages annual BBCRA budget and compliance monitoring with F.S. Chapter 163 Part III • Assists with the development of capital projects included in the 2016 Boynton Beach CRA Redevelopment Plan; tracks the economic impact of those projects on Redevelopment activities City-wide. • Makes public presentations to the BBCRA Board, City Commission and other public/private organizations regarding BBCRA redevelopment, BBCRA business, initiatives, and focus. • Acts as a technical advisor to the Community Redevelopment Agency Board (City Commission) and BBCRA Advisory Board. • Prepares and manages BBCRA budget; identifies and accesses funding sources; maintains relationships with funding sources; administers contractual agreements with other governmental agencies. • Oversees the management and administration of capital projects within the BBCRA districts. • Promotes and disseminates information about BBCRA activities to stakeholders through media, print and social media; attends and conducts various meeting and presentations. • Negotiates and administers contracts, incentives, developer agreements, and projects; administers same. • Assist private developers and business owners with: site planning, zoning, platting, variances, incentives, and other regulatory issues associated with redevelopment and economic development in the BBCRA. • Attends monthly BBCRA Board meetings and City commission meetings in order to keep abreast of activities and programs, and to provide information and/or answer questions as necessary. • Represents the BBCRA at community meetings regarding BBCRA matters within the scope of the BBCRA activities. • Oversees hiring of BBCRA employees, consultants, and experts as provided for in • the annual budget • Supervises BBCRA employees, consultants, and special projects. • Other duties as assigned. KNOWLEDGE, SKILLS AND ABILITIES: • Knowledge of public and private financing and various debt financing mechanisms. • Knowledge of professional services contracting, bidding procedures, and contract administration. • Knowledge of the principles of budget administration and financial forecasting. • Knowledge of business correspondence and report writing. • Knowledge of the basic functions of Community Redevelopment Agencies. 731 • Knowledge and experience with Public-Private Partnership developer negotiations and agreements. • Knowledge of the principles, techniques and objectives of a Community Development Block Grant program and HUD housing programs. • Knowledge of economic development trends and techniques and the functions, operations and relationships among local, state, and federal agencies related to redevelopment and housing policies. • Ability to communicate clearly and concisely, orally and in writing. • Ability to effectively analyze issues and problems and identify optimum solutions. • Ability to plan, organize, and implement duties and responsibilities defined by desired outcomes and objectives. • Ability to gain cooperation through discussions and persuasion. • Ability to use good conflict resolution skills. • Ability to manage complex problems with multiple stakeholders. • Ability to interpret and apply the principles, practices, and procedures specified in Florida redevelopment law. • Ability to interpret and apply applicable Federal, State, and local laws, rules, and regulations related to redevelopment programs. • Ability to use Windows-based word processing, electronic mail, spreadsheet, and database software. • An understanding of business attraction including lease negotiations in real estate. • Ability to take the initiative to complete the duties of the position without the need of direct supervision. • Ability to establish and maintain effective working relationships. • Ability to serve the public and fellow employees with honesty and integrity in full accord with the letter and spirit of all City ethics and conflicts of interest policies. A strong understanding of ethical behavior is required. • Ability to establish and maintain effective working relationships with the general public, co-workers, City officials and members of diverse cultural and linguistic backgrounds regardless of race, religion, age, sex, disability or political affiliation. • Ability to maintain regular and punctual attendance. MINIMUM QUALIFICATIONS: Bachelor’s degree from an accredited college or university with a major in business, urban planning, finance, construction management or related field and/or have a minimum of five (5) years’ experience in the public/private sector in a progressive city in real estate development, planning, project management, economic development and/or any equivalent combination of training and experience. Master’s degree preferred. Affiliations or membership with trade associations exemplifying additional educa tion is a plus, such as Florida Planning Association, Urban Land Institute, Florida Redevelopment Association, International Council of Shopping Centers, NAIOP, IEDC, or other related associations. Professional certifications are a plus. A comparable amount of training and experience may be substituted for the minimum qualifications. 732 PHYSICAL REQUIREMENTS: Must have the use of sensory skills in order to effectively communicate and interact with other employees and the public through the use of the telephone and personal contact as normally defined by the ability to see, read, talk, hear, handle or feel objec ts and controls. Physical capability to effectively use and operate various items of office related equipment, such as, but not limited to a, personal computer, calculator, copier, and fax machine. SPECIAL REQUIREMENTS Possession of a valid, appropriate driver's license and an acceptable driving record. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. Please email all resumes to Vicki Hill, Finance Director hillv@bbfl.us 733 734 735 MINIMUM QUALIFICATIONS - EXECUTIVE DIRECTOR POSITION Candidate Name: Bachelor's degree from an accredited college or university Business Urban Planning Finance Construction Management Or Related Field Minimum of five (5) years' experience in the public/private sector in a progressive city Real estate development Planning Project Management Economic Development And/or any equivalent combination of training and experience Master's Degree Preferred Affiliations or membership with trade associations exemplifying additional education is a plus Florida Planning Association Urban Land Institute Florida Redevelopment Association International Council of Shopping Centers NAIOP IEDC Or other related associations _______________________________ Professional Certifications 736 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: April 9, 2024 NEW BUSINESS AGENDA ITEM 15.A SUBJECT: Discussion and Consideration of Request of Developer for TIF Funding for the Ocean One Project SUMMARY: The Boynton Beach Community Redevelopment Agency ("BBCRA") entered into a Purchase and Development Agreement (PDA) and Tax Increment Revenue Funding Agreement (TIRFA) with Ocean One Boynton, LLC on January 16, 2018, for the BBCRA owned property located at 222 N. Federal Highway for the amount of $1,000. The closing and transfer of property ownership to the Developer occurred on February 24, 2018 (see Attachment I - III). The Ocean One Mixed-use Project site plan, which was approved by the City of Boynton Beach City Commission on April 17, 2017, Phase I of the project included 231 multi-family residential rental units, a parking structure and 8,600 (+/-) square feet of commercial space (see Attachment IV). The TIRFA with Ocean One Boynton, LLC, expired on January 16, 2021 (see Attachment V), which termination was acknowledged by the CRA Board at their February 9, 2021 meeting. Under the terms of the Purchase and Development Agreement, Section 18.2 required the Developer to commence construction of the public plaza on the CRA's parcel within 12 months of the expiration of the Commencement of Construction period which equated to January 16, 2021. The property was subsequently sold to BB1 Development LLC (aka Hyperion Group, LLC) (“BB1”) in December 2021. On April 18, 2023, City Commission approved a Major Master Plan Modification, Major Site Plan Modification, and six Community Design Appeal requests (see attachment VI) for Ocean One project (“the Project”). The Project as proposed is a mixed-use development including 371 residential units as well as approximately 25,000 SF of retail/commercial space. On, September 12, 2023, the CRA board approved the first amendment to the Purchase and Development Agreement (see Attachment VII), amending Section 18.2 to require BB1 to: Submit its application for building permit for the Project within one year from the date of effective date of the Amendment (September 12, 2024); and Commence construction of the Project within six months of the issuance of the building 737 •Attachment I - Purchase and Development Agreement •Attachment II - TIRFA Ocean One Boynton •Attachment III - Amendment 1 TIRFA Ocean One Boynton permit. On January 3, 2024 CRA staff met with BB1 to discuss the possibility of TIF for the Project. CRA staff provided BB1 the TIRFA considerations and a summary of TIRFAs for other developments (see attachment VIII and IX). On January 10, 2024, CRA Staff received an email from BB1 including an application for a TIF. The application materials submitted included a cover letter summarizing the project and request for TIF, an Economic and Fiscal Impacts and Financial Gap Analysis, a term sheet, and a draft agreement (see Attachment X - XIII). BB1 submitted a revised draft agreement and term sheet on March 21, 2024 (see Attachment XIV & XV) In summary, BB1’s pending application requests 95% of the Project TIF over the course of 15 years up to a maximum of $11,500,000.00. As consideration, Developer proposes: To construct 90 public parking spaces restricted for use by the public; To construct the Project in accordance with several green building standards; and To incorporate various tools to promote local hiring and the use of Locally Owned Small Businesses for construction of the Project. BB1 proposes to commence construction of the Project within 2 years of the Effective Date of the agreement, if approved. On March 28, 2024, CRA staff received an Evaluation of the TIRFA request for the project from Mr. Abramson, who was hired by the CRA as a third-party financial consultant to assist in reviewing the TIRFA request (see Attachment XVI). The evaluation focused on the Project’s need for TIF funding and the financial impact to the CRA of awarding the requested TIF as proposed. The evaluation also includes general comments evaluating the public benefits proposed by BB1. Based upon his evaluation, Mr. Abramson confirmed that the BB1’s assumptions are generally in the range of reasonableness, and that, in the current development market, there is a financial feasibility gap requiring the requested TIF subsidy for the Project. Notwithstanding that conclusion, he noted that relatively small variations in assumptions and/or improvements in the development market over the two-year time-frame could significantly reduce, or even, eliminate the subsidy requirement. FISCAL IMPACT: To be determined by the CRA Board. CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRA BOARD OPTIONS: To be determined by the CRA Board. ATTACHMENTS: Description 738 •Attachment IV - Project Description Ocean One •Attachment V - Letter from Bonnie Miskel •Attachment VI - Site Plan •Attachment VII - First Amendment to Purchase and Development Agreement Ocean One Hyperion •Attachment VIII - Typical TIRFA Considerations •Attachment IX - CRA Summary of all TIRFAs •Attachment X - TIF Letter dated January 10, 2024 •Attachment XI - Fishkind Analysis •Attachment XII - Draft TIRFA Term Sheet dated January 10, 2024 •Attachment XIII - Draft TIRFA Agreement •Attachment XIV - Revised Draft TIRFA Agreement Dated March 21, 2024 •Attachment XV - Revised Draft Term Sheet Dated March 21, 2024 •Attachment XVI - Evaluation of TIRFA Request 739 740 741 742 743 744 745 746 747 748 749 750 751 752 753 754 755 756 757 758 759 760 761 762 763 764 765 766 767 768 769 770 771 772 773 774 775 776 777 778 779 780 781 782 783 784 785 786 787 788 789 790 791 792 793 794 795 796 797 798 799 800 801 802 803 804 805 806 807 808 809 810 811 812 813 814 815 816 817 818 819 820 821 822 823 824 825 826 827 828 829 830 831 832 833 834 835 836 837 838 839 840 841 842 843 844 845 846 January 5, 2021 By email Chair, Steven B. Grant Vice Chair, Ty Penserga Board Member, Justin Katz Board Member, Woodrow Hay Board Member, Christina Romelus Community Redevelopment Agency City of Boynton Beach Re: Update on Purchase and Development Agreement and Tax Increment Revenue Funding Agreement regarding Ocean One Boynton, LLC Dear Chair Grant, Vice Chair Penserga, and Board Members: As you will recall, at your last meeting, the Board discussed the Tax Increment Revenue Funding Agreement (“TIRFA”) expiration currently scheduled to expire on January 16, 2021 , and the status of the Purchase and Development Agreement (“Agreement”) between the Boynton Beach Community Redevelopment Agency (“CRA”) and Ocean One Boynton, LLC (“Developer”), including commencement of construction of the public plaza on the CRA’s parcel . In response to your inquiry, on behalf of my client, I agreed to respond back to the Board with my client’s plan related to the Agreement and TIRFA and its plan for redevelopment. As it relates to redevelopment of the subject property, my client is in negotiation with a venture partner to move forward with redevelopment. To that end, my client and the venture partner have evaluated the economics o f the transaction, and even with the tax increment incentives allocated in accordance with the TIRFA, the project as currently approved is not economically feasible given the rent rates applicable to the area. As such, my client has concluded that it makes no sense to proceed under the current TIRFA and in an effort to be fully transparent is prepared to let the TIRFA expire. Rather than working with the framework of the TIRFA, my client and its venture partner are in the process of considering other alternatives in response to the current economic environment and would prefer to work out all the details and return to the Board at a later date with a plan that is economically viable and will result in the redevelopment of the subject property. As to the Agreement, my client is requesting a six month extension to the condition to the Agreement requiring the commencement of construction of the public plaza to give my client sufficient time to submit its alternative proposal. We are happy to attend your next meeting to discuss this request further. Sincerely, Bonnie Miskel, Esq. BM/rmm cc: Mike Simon, Executive Director Tara Duhy, Esq. Mr. Davis Camalier 847 OCEAN ONE 114 / 222 N. FEDERAL HIGHWAY, BOYNTON BEACH, FL OWNER:ARCHITECT:CIVIL ENGINEER:STRUCTURAL ENGINEER:MEP ENGINEER:LANDSCAPE ARCHITECT: ARQUITECTONICA 2900 OAK AVENUE, MIAMI, FLORIDA 33133 305.372.1812 HYPERION GROUP 1690 S CONGRESS AVE #100. DELRAY BEACH, FL 33445 KIMLEY HORN 561.330.2345 2900 OAK AVENUE, MIAMI, FLORIDA 3313305.372.1812 TEL GEO ARQUITECTONICA 305.372.1175 FAX888 Biscane Blvd, Suite 101Miami, FL 33132 SITE PLAN APPROVAL FEBRUARY 2023 SITE PLAN APPROVAL 24 FEBRUARY 2023 848 849 A0-01LOCATION / ZONING MAP©2020 ARQUITECTONICA INTERNATIONAL, IncPROJECT NUMBER:SEAL/SIGNATURE/DATE:OFFICE REGISTRATION:LANDSCAPE ARCHITECT:2900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXWWW.ARQUITECTONICA.COMCIVIL ENGINEER:STRUCTURAL ENGINEER:MEP ENGINEER:OWNER:OCEAN ONEBOYNTON BEACH - FLORIDAPROJECT ADDRESS:114 / 222 N. FEDERAL HIGHWAY, BOYNTON BEACH, FLORIDAISSUE # DESCRIPTION DATETO THE BEST OF MY KNOWLEDGE AND BELIEF, THESE PLANS ANDSPECIFICATIONS COMPLY WITH THE MINIMUM BUILDING CODESAND THE APPLICABLE FIRE-SAFETY STANDARDS AS DETERMINEDBY THE CITY OF MIAMI IN ACCORDANCE WITH SECTION 110,FLORIDA BUILDING CODE AND CHAPTER 633, FLORIDA STATUTES.ALL DESIGNS INDICATED IN THESE DRAWINGS ARE THE PROPERTY OFARQUITECTONICA INTERNATIONAL CORP. ALL COPYRIGHTS RESERVED.NO COPIES, TRANSMISSIONS, REPRODUCTIONS OR ELECTRONICMANIPULATION OF ANY PORTION OF THESE DRAWINGS IN WHOLE OR INPART ARE TO BE MADE WITHOUT THE EXPRESS WRITTEN PERMISSION OFARQUITECTONICA INTERNATIONAL CORPSHEET ISSUE DATE: FEBRUARY, 20231690 S CONGRESS AVE #100DELRAY BEACH, FLORIDA 33445KIMLEY HORNGEO ARQUITECTONICASITE PLAN APPROVALHYPERION GROUP888 BISCAYNE BLVD, SUITE 101, MIAMI, FL 331322900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXLOCATION / ZONING MAP850 PUBLICPLAZAARTTERRACETERRACEPUBLICPLAZACOURTYARDLAP POOLBBQLAP POOLPICKLEBALL ARTRETAILLOADINGCOMMERCIAL5319 SFAMENITYSPACETRASHRETAILFITNESS3827 SFSPA1091 SFLOBBYCOMMERCIAL9254 SFCOMMERCIAL2295 SFCOMMERCIAL6423 SFCOMMERCIAL2316 SFFFE 7'-0"NAVDFFE 7'-6" NAVDFFE 7'-6" NAVDFFE 7'-0" NAVDFFE 7'-0" NAVDFFE 7'-0" NAVD43' @ 8.1%0102030405060708091011121314151617181920FFE 7'-0"NAVDFFE 7'-6" NAVDFFE 7'-6" NAVDFFE 7'-6" NAVD"STOP" SIGN"STOP" SIGNR 5 'R5'62'-8"62'-8"92'-11"10'8'2'-6"8'10'10'8'10'8'2'-6"2'-6"10'2'-6"7'-6"10'-6"2'-6"2'-6"10'10'8'2'-6"8'-8"20'-5"WALL ANDFENCES HEIGHT:8'FTSEE A1-40137'-4"28'-9" 2'5" 10'24'18'-6" @ 9.5%RESILOADINGTR.24'56 PARKINGSPACESRAMP UP 15'-0"116' @ 12.9%MEP31' @ 10.4%FFE 6'-3" NAVDFFE 7'-0"NAVDR 5 'R5'R 5 'R5'R5'PACKAGE ROOM 543 SFRR51'-7"22'R15'26'-8"MANAGEMENTOFFICEMAIL 543 SFMEPRRRRRR22'22' 35' 35'158'-3"107'-11"64'143'-1"93'-4"170'-4"367'-7"64'64'108'-5" 11' 33'-2"8'10'2'-6"32'-7"8'8'10'2'-6"8' 24'28'25'17'-10"107'-11"134'-4"131'-4"78'-5"75'-6"64'134'-4"10'2'6"FTTREE AREA8'10FTSIDEWALK2'6"FTTREE AREA10'10'10FTSIDEWALK8FTACTIVE AREA10FTSTEP BACK10'5FTTREE AREA10FTSIDEWALK8FTACTIVE AREA10FTSTEP BACK10FTSIDEWALK5FTTREE AREA8'10'2'-6"10'2'-6" 5'8'10'2'-6"5' 5'2'6"FTTREE AREA10FTSIDEWALK8FTACTIVE AREA5FTSTEP BACKSTEPBACKSTEPBACK64'CANOPY ATDROP-OFF78'-7"108'-5"LOBBYFFE 7'-0" NAVD2 TRASH CHUTES:1 REGULAR1 RECYCLINGRESIDENTIAL BIKESTORAGE (54 SPACES)25'CANOPYCANOPYCANOPYCANOPYCANOPYCANOPYCANOPY16 BIKES16 BIKESPLANTERPLANTERPLANTERPLANTERPLANTERPLANTERNORTH FEDERAL HIGHWAYBOYNTON BEACH BLVD.N.E.6TH COURTOCEAN AVENUE BUS STOPSLAB & SHELTER549'-3"38'-7"216'-7"30'-7"534'-1"38'-9"16'234'-4"PROPERTY LINEPROPERTY LINEPROPERTY LINE PROPERTY LINE R30'R30'R10'R20'R15'R15'R15'R20'CLCLCLCLVEHICULAR RATEDPRECAST CONCRETEUNIT PAVERS / DARKCOBBLESMASTER PLAN / SITE PLAN1/25" = 1'-0''©2020 ARQUITECTONICA INTERNATIONAL, IncPROJECT NUMBER:SEAL/SIGNATURE/DATE:OFFICE REGISTRATION:LANDSCAPE ARCHITECT:2900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXWWW.ARQUITECTONICA.COMCIVIL ENGINEER:STRUCTURAL ENGINEER:MEP ENGINEER:OWNER:OCEAN ONEBOYNTON BEACH - FLORIDAPROJECT ADDRESS:114 / 222 N. FEDERAL HIGHWAY, BOYNTON BEACH, FLORIDAISSUE # DESCRIPTION DATETO THE BEST OF MY KNOWLEDGE AND BELIEF, THESE PLANS ANDSPECIFICATIONS COMPLY WITH THE MINIMUM BUILDING CODESAND THE APPLICABLE FIRE-SAFETY STANDARDS AS DETERMINEDBY THE CITY OF MIAMI IN ACCORDANCE WITH SECTION 110,FLORIDA BUILDING CODE AND CHAPTER 633, FLORIDA STATUTES.ALL DESIGNS INDICATED IN THESE DRAWINGS ARE THE PROPERTY OFARQUITECTONICA INTERNATIONAL CORP. ALL COPYRIGHTS RESERVED.NO COPIES, TRANSMISSIONS, REPRODUCTIONS OR ELECTRONICMANIPULATION OF ANY PORTION OF THESE DRAWINGS IN WHOLE OR INPART ARE TO BE MADE WITHOUT THE EXPRESS WRITTEN PERMISSION OFARQUITECTONICA INTERNATIONAL CORPSHEET ISSUE DATE: FEBRUARY, 20231690 S CONGRESS AVE #100DELRAY BEACH, FLORIDA 33445KIMLEY HORNGEO ARQUITECTONICASITE PLAN APPROVALHYPERION GROUP888 BISCAYNE BLVD, SUITE 101, MIAMI, FL 331322900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXA0-02MASTER PLAN / SITE PLANLEGENDPROPERTY LINESETBACK LINE SIDEWALKTREE PLANS - INDICATED IN LANDSCAPE PLANSSERVICE AREA - CIRCULATIONSPOOL SEATINGRETAILRESIDENTIAL - AMENITIES0'30'60'10'5'15'FPL EASEMENTSTEP BACK LINEF&B SEATINGBICYCLES - REFER TO LANDSCAPE PLANFOR SPECIFICATIONSSTREET LIGHTING POLE - REFER TO CIVIL PLANFOR LOCATIONS AND PHOTOMETRICS851 24'NORTH FEDERAL HIGHWAYBOYNTON BEACH BLVD.N.E.6TH COURTOCEAN AVENUE 549'-3"38'-7"216'-7"30'-7"534'-1"38'-9"16'234'-4"PROPERTY LINEPROPERTY LINEPROPERTY LINE PROPERTY LINE R30'R30'R10'R20'R15'R15'R15'R20'CLCLCLCLSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRM STRMSTRMSTRMSTRM STRM STRM STRM STRM STRM STRM STRM STRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRM STRM STRM STRMSTRMSTRMSTRMSTRMSTRM STRM STRM STRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRM STRM STRM STRM STRM STRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRM STRM STRMSTRMSTRMSTRMSTRMSTRM STRM STRMSTRMSTRMSTRM STRM STRM STRM STRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRM STRMSTRMSTRMSTRMSTRMSTRMSS SS SS SS SS SS SS SS SS SS SS SS SSSSSSSSSSSSSSSSSS SS SS SSSSSSSSSSGASGASGASGASGASGASGAS GASGASGASGASGASGASGASGASGAS GASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGAS FFFFFFFFFFFFFFFFFFFFF F FFWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWW W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W 15'15'15'15'15'15'25'25' 30'-5"295'15'15'15'15'25'25'EASEMENT AND UTILITY LINES1/25" = 1'-0''©2020 ARQUITECTONICA INTERNATIONAL, IncPROJECT NUMBER:SEAL/SIGNATURE/DATE:OFFICE REGISTRATION:LANDSCAPE ARCHITECT:2900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXWWW.ARQUITECTONICA.COMCIVIL ENGINEER:STRUCTURAL ENGINEER:MEP ENGINEER:OWNER:OCEAN ONEBOYNTON BEACH - FLORIDAPROJECT ADDRESS:114 / 222 N. FEDERAL HIGHWAY, BOYNTON BEACH, FLORIDAISSUE # DESCRIPTION DATETO THE BEST OF MY KNOWLEDGE AND BELIEF, THESE PLANS ANDSPECIFICATIONS COMPLY WITH THE MINIMUM BUILDING CODESAND THE APPLICABLE FIRE-SAFETY STANDARDS AS DETERMINEDBY THE CITY OF MIAMI IN ACCORDANCE WITH SECTION 110,FLORIDA BUILDING CODE AND CHAPTER 633, FLORIDA STATUTES.ALL DESIGNS INDICATED IN THESE DRAWINGS ARE THE PROPERTY OFARQUITECTONICA INTERNATIONAL CORP. ALL COPYRIGHTS RESERVED.NO COPIES, TRANSMISSIONS, REPRODUCTIONS OR ELECTRONICMANIPULATION OF ANY PORTION OF THESE DRAWINGS IN WHOLE OR INPART ARE TO BE MADE WITHOUT THE EXPRESS WRITTEN PERMISSION OFARQUITECTONICA INTERNATIONAL CORPSHEET ISSUE DATE: FEBRUARY, 20231690 S CONGRESS AVE #100DELRAY BEACH, FLORIDA 33445KIMLEY HORNGEO ARQUITECTONICASITE PLAN APPROVALHYPERION GROUP888 BISCAYNE BLVD, SUITE 101, MIAMI, FL 331322900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXA0-03EASEMENT AND UTILITY LINESLEGENDSEWER PIPE0'30'60'10'5'15'SIDEWALK EASEMENTFP&L EASEMENTGASSTRMFWSSGAS LINESEWER DRAINFIRE LINEWATER LINESIGHT LINE TRIANGLESROAD MARKINGSPROPERTY LINECENTERLINE ROWCL852 A0-04SITE DATASITE DATA©2020 ARQUITECTONICA INTERNATIONAL, IncPROJECT NUMBER:SEAL/SIGNATURE/DATE:OFFICE REGISTRATION:LANDSCAPE ARCHITECT:2900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXWWW.ARQUITECTONICA.COMCIVIL ENGINEER:STRUCTURAL ENGINEER:MEP ENGINEER:OWNER:OCEAN ONEBOYNTON BEACH - FLORIDAPROJECT ADDRESS:114 / 222 N. FEDERAL HIGHWAY, BOYNTON BEACH, FLORIDAISSUE # DESCRIPTION DATETO THE BEST OF MY KNOWLEDGE AND BELIEF, THESE PLANS ANDSPECIFICATIONS COMPLY WITH THE MINIMUM BUILDING CODESAND THE APPLICABLE FIRE-SAFETY STANDARDS AS DETERMINEDBY THE CITY OF MIAMI IN ACCORDANCE WITH SECTION 110,FLORIDA BUILDING CODE AND CHAPTER 633, FLORIDA STATUTES.ALL DESIGNS INDICATED IN THESE DRAWINGS ARE THE PROPERTY OFARQUITECTONICA INTERNATIONAL CORP. ALL COPYRIGHTS RESERVED.NO COPIES, TRANSMISSIONS, REPRODUCTIONS OR ELECTRONICMANIPULATION OF ANY PORTION OF THESE DRAWINGS IN WHOLE OR INPART ARE TO BE MADE WITHOUT THE EXPRESS WRITTEN PERMISSION OFARQUITECTONICA INTERNATIONAL CORPSHEET ISSUE DATE: FEBRUARY, 20231690 S CONGRESS AVE #100DELRAY BEACH, FLORIDA 33445KIMLEY HORNGEO ARQUITECTONICASITE PLAN APPROVALHYPERION GROUP888 BISCAYNE BLVD, SUITE 101, MIAMI, FL 331322900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAX853 ©2020 ARQUITECTONICA INTERNATIONAL, IncPROJECT NUMBER:SEAL/SIGNATURE/DATE:OFFICE REGISTRATION:LANDSCAPE ARCHITECT:2900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXWWW.ARQUITECTONICA.COMCIVIL ENGINEER:STRUCTURAL ENGINEER:MEP ENGINEER:OWNER:OCEAN ONEBOYNTON BEACH - FLORIDAPROJECT ADDRESS:114 / 222 N. FEDERAL HIGHWAY, BOYNTON BEACH, FLORIDAISSUE # DESCRIPTION DATETO THE BEST OF MY KNOWLEDGE AND BELIEF, THESE PLANS ANDSPECIFICATIONS COMPLY WITH THE MINIMUM BUILDING CODESAND THE APPLICABLE FIRE-SAFETY STANDARDS AS DETERMINEDBY THE CITY OF MIAMI IN ACCORDANCE WITH SECTION 110,FLORIDA BUILDING CODE AND CHAPTER 633, FLORIDA STATUTES.ALL DESIGNS INDICATED IN THESE DRAWINGS ARE THE PROPERTY OFARQUITECTONICA INTERNATIONAL CORP. ALL COPYRIGHTS RESERVED.NO COPIES, TRANSMISSIONS, REPRODUCTIONS OR ELECTRONICMANIPULATION OF ANY PORTION OF THESE DRAWINGS IN WHOLE OR INPART ARE TO BE MADE WITHOUT THE EXPRESS WRITTEN PERMISSION OFARQUITECTONICA INTERNATIONAL CORPSHEET ISSUE DATE: FEBRUARY, 20231690 S CONGRESS AVE #100DELRAY BEACH, FLORIDA 33445KIMLEY HORNGEO ARQUITECTONICASITE PLAN APPROVALHYPERION GROUP888 BISCAYNE BLVD, SUITE 101, MIAMI, FL 331322900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXA0-05MASSING STUDYNE VIEWBOYNTON BEACH BLVD / NORTH FEDERAL HIGHWAYRETAILAMENITIESRESIDENTIAL UNITSMECHANICAL ROOFLEGEND854 PUBLICPLAZAARTTERRACETERRACEPUBLICPLAZACOURTYARDLAP POOLBBQLAP POOLPICKLEBALL ART24'CANOPY ATDROP-OFFNORTH FEDERAL HIGHWAYBOYNTON BEACH BLVD.N.E.6TH COURTOCEAN AVENUE PROPERTY LINEPROPERTY LINEPROPERTY LINE PROPERTY LINECL CLCLCLPUBLICPLAZAARTTERRACETERRACEPUBLICPLAZACOURTYARDLAP POOLBBQLAP POOLPICKLEBALL ART24'CANOPY ATDROP-OFFNORTH FEDERAL HIGHWAYBOYNTON BEACH BLVD.N.E.6TH COURTOCEAN AVENUE PROPERTY LINEPROPERTY LINEPROPERTY LINE PROPERTY LINECL CLCLCLPUBLICPLAZAARTTERRACETERRACEPUBLICPLAZACOURTYARDLAP POOLBBQLAP POOLPICKLEBALL ART24'CANOPY ATDROP-OFFNORTH FEDERAL HIGHWAYBOYNTON BEACH BLVD.N.E.6TH COURTOCEAN AVENUE PROPERTY LINEPROPERTY LINEPROPERTY LINE PROPERTY LINECL CLCLCLPUBLICPLAZAARTTERRACETERRACEPUBLICPLAZACOURTYARDLAP POOLBBQLAP POOLPICKLEBALL ART24'CANOPY ATDROP-OFFNORTH FEDERAL HIGHWAYBOYNTON BEACH BLVD.N.E.6TH COURTOCEAN AVENUE PROPERTY LINEPROPERTY LINEPROPERTY LINE PROPERTY LINECL CLCLCLOPEN SPACE63,497.5 SQ. FT.39.25 %VEHICULAR USE AREA6,267.9 SQ. FT.3.87 %BUILDING COVERAGE AREA - RESIDENTIAL AND RETAIL59,228.8 SQ. FT.36.61 %BUILDING COVERAGE AREA - GARAGE27,154.6 SQ. FT.16.78 %SIDEWALKS & PAVED AREA36,408.0 SQ. FT.22.5 %GREEN AREA12.7 %20,582.5 SQ. FT.A0-06VEHICULAR USE AREA & GREENAREA CALCULATIONS60'15'5'30'100'©2020 ARQUITECTONICA INTERNATIONAL, IncPROJECT NUMBER:SEAL/SIGNATURE/DATE:OFFICE REGISTRATION:LANDSCAPE ARCHITECT:2900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXWWW.ARQUITECTONICA.COMCIVIL ENGINEER:STRUCTURAL ENGINEER:MEP ENGINEER:OWNER:OCEAN ONEBOYNTON BEACH - FLORIDAPROJECT ADDRESS:114 / 222 N. FEDERAL HIGHWAY, BOYNTON BEACH, FLORIDAISSUE # DESCRIPTION DATETO THE BEST OF MY KNOWLEDGE AND BELIEF, THESE PLANS ANDSPECIFICATIONS COMPLY WITH THE MINIMUM BUILDING CODESAND THE APPLICABLE FIRE-SAFETY STANDARDS AS DETERMINEDBY THE CITY OF MIAMI IN ACCORDANCE WITH SECTION 110,FLORIDA BUILDING CODE AND CHAPTER 633, FLORIDA STATUTES.ALL DESIGNS INDICATED IN THESE DRAWINGS ARE THE PROPERTY OFARQUITECTONICA INTERNATIONAL CORP. ALL COPYRIGHTS RESERVED.NO COPIES, TRANSMISSIONS, REPRODUCTIONS OR ELECTRONICMANIPULATION OF ANY PORTION OF THESE DRAWINGS IN WHOLE OR INPART ARE TO BE MADE WITHOUT THE EXPRESS WRITTEN PERMISSION OFARQUITECTONICA INTERNATIONAL CORPSHEET ISSUE DATE: FEBRUARY, 20231690 S CONGRESS AVE #100DELRAY BEACH, FLORIDA 33445KIMLEY HORNGEO ARQUITECTONICASITE PLAN APPROVALHYPERION GROUP888 BISCAYNE BLVD, SUITE 101, MIAMI, FL 331322900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXSITE PROPERTY SIZE: 161,789 SQFT1/50" = 1'-0''1/50" = 1'-0''1/50" = 1'-0''1/50" = 1'-0''855 24'PUBLICPLAZAARTTERRACETERRACEPUBLICPLAZACOURTYARDLAP POOLBBQLAP POOLPICKLEBALL ARTRETAILLOADINGCOMMERCIAL5319 SFAMENITYSPACETRASHRETAILFITNESS3827 SFSPA1091 SFLOBBYCOMMERCIAL9254 SFCOMMERCIAL2295 SFCOMMERCIAL6423 SFCOMMERCIAL2316 SFFFE 7'-0"NAVDFFE 7'-6" NAVDFFE 7'-6" NAVDFFE 7'-0" NAVDFFE 7'-0" NAVDFFE 7'-0" NAVD43' @ 8.1%0102030405060708091011121314151617181920FFE 7'-0"NAVDFFE 7'-6" NAVDFFE 7'-6" NAVDFFE 7'-6" NAVD"STOP" SIGN"STOP" SIGNR5'R5'62'-8"62'-8"92'-11"10'8'-8"20'-5"WALL ANDFENCES HEIGHT:8'FTSEE A1-40137'-4"28'-9"2'5"10'24'18'-6" @ 9.5%RESILOADINGTR.24'56 PARKINGSPACESRAMP UP 15'-0"116' @ 12.9%MEP31' @ 10.4%FFE 6'-3" NAVDFFE 7'-0"NAVDR 5 'R5'R5'R5'R5'PACKAGE ROOM 543 SFRR51'-7"22'R15'26'-8"MANAGEMENTOFFICEMAIL 543 SFMEPRRRRRR22'22'35' 35'158'-3"107'-11"64'143'-1"93'-4"170'-4"367'-7"64'64'108'-5"11' 33'-2"8'10'2'-6"32'-7"8'8'10'2'-6"8'24'28'25'17'-10"107'-11"134'-4"131'-4"78'-5"75'-6"64'134'-4"10'2'6"FTTREE AREA8'10FTSIDEWALK2'6"FTTREE AREA10'10'10FTSIDEWALK8FTACTIVE AREA10FTSTEP BACK10'5FTTREE AREA10FTSIDEWALK8FTACTIVE AREA10FTSTEP BACK10FTSIDEWALK5FTTREE AREA8'10'2'-6"10'2'-6" 5'8'10'2'-6"5' 5'2'6"FTTREE AREA10FTSIDEWALK8FTACTIVE AREA5FTSTEP BACKSTEPBACKSTEPBACK64'CANOPY ATDROP-OFF78'-7"108'-5"LOBBYFFE 7'-0" NAVD2 TRASH CHUTES:1 REGULAR1 RECYCLINGRESIDENTIAL BIKESTORAGE (54 SPACES)25'CANOPYCANOPYCANOPYCANOPYCANOPYCANOPYCANOPY16 BIKES16 BIKESPLANTERPLANTERPLANTERPLANTERPLANTERPLANTERNORTH FEDERAL HIGHWAYBOYNTON BEACH BLVD.N.E.6TH COURTOCEAN AVENUE BUS STOPSLAB & SHELTER549'-3"38'-7"216'-7"30'-7"534'-1"38'-9"16'234'-4"PROPERTY LINEPROPERTY LINEPROPERTY LINE PROPERTY LINE R30'R30'R10'R20'R15'R15'R15'R20'CLCLCLCLVEHICULAR RATEDPRECAST CONCRETEUNIT PAVERS / DARKCOBBLESNORTH FEDERAL HIGHWAYBOYNTON BEACH BLVD.N.E.6TH COURTOCEAN AVENUE BUS STOPSLAB & SHELTER549'-3"38'-7"216'-7"30'-7"534'-1"38'-9"16'234'-4"PROPERTY LINEPROPERTY LINEPROPERTY LINE PROPERTY LINE R30'R30'R10'R20'R15'R15'R15'R20'CLCLCLCL343234343434 3428283234 34342828322828 343434343434282834 3434343434 34343434342834 3434 3434 28 3432 343424'24' RAMP UP 8'-6"116' @ 12.9%RAMP DN 15'-0"9'18' 18'12'145' @ 5.8%24'TR64'108'-5"64'UNIT A(1BR 1BTH)725 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT C(2BR 2BTH)1020 SQ. FT.UNIT D(2BR 2BTH)1202 SQ. FT.UNIT B(STUDIO)551 SQ. FT.UNIT E(2BR 2BTH)1097 SQ. FT.UNIT F(STUDIO)612 SQ. FT.UNIT G(1BR 1BTH)837 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT A(1BR 1BTH)727 SQ. FT.UNIT J(2BR 2BTH)1015 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT A2(1BR 1BTH)832 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT K(1BR 1BHT)766 SQ. FT.20'-3" 143'-1"158'-3"21'134'-4"64'107'-11"103'-4"367'-7"27'-8"167'-10"94'-3"93'-4"UNIT A(1BR 1BTH)725 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT C(2BR 2BTH)1020 SQ. FT.UNIT D(2BR 2BTH)1202 SQ. FT.UNIT B(STUDIO)551 SQ. FT.UNIT E(2BR 2BTH)1097 SQ. FT.UNIT F(STUDIO)612 SQ. FT.UNIT G(1 BR 1BTH)837 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT K(1BR 1BHT)766 SQ. FT.UNIT J1(2BR 2BTH)1112 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT L(1BR)725 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT L(1BR)725 SQ. FT.UNIT H(STUDIO)579 SQ. 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FT.STG12'-2"21'-2"64'34'-3"160'-11"18'-1"30'-5"12'-1"10'2'6"FTTREE AREA8'10FTSIDEWALK2'6"FTTREE AREA10'10'10FTSIDEWALK8FTACTIVE AREA10FTSTEP BACK10'5FTTREE AREA10FTSIDEWALK8FTACTIVE AREA10FTSTEP BACK10FTSIDEWALK5FTTREE AREA8'10'2'-6"10'2'-6" 5'8'10'2'-6"5' 5'2'6"FTTREE AREA10FTSIDEWALK8FTACTIVE AREA5FTSTEP BACKSTEPBACKSTEPBACKPARKING99 SPACESLEVEL 20'120'30'10'60'1/25" = 1'-0''200'©2020 ARQUITECTONICA INTERNATIONAL, IncPROJECT NUMBER:SEAL/SIGNATURE/DATE:OFFICE REGISTRATION:LANDSCAPE ARCHITECT:2900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXWWW.ARQUITECTONICA.COMCIVIL ENGINEER:STRUCTURAL ENGINEER:MEP ENGINEER:OWNER:OCEAN ONEBOYNTON BEACH - FLORIDAPROJECT ADDRESS:114 / 222 N. FEDERAL HIGHWAY, BOYNTON BEACH, FLORIDAISSUE # DESCRIPTION DATETO THE BEST OF MY KNOWLEDGE AND BELIEF, THESE PLANS ANDSPECIFICATIONS COMPLY WITH THE MINIMUM BUILDING CODESAND THE APPLICABLE FIRE-SAFETY STANDARDS AS DETERMINEDBY THE CITY OF MIAMI IN ACCORDANCE WITH SECTION 110,FLORIDA BUILDING CODE AND CHAPTER 633, FLORIDA STATUTES.ALL DESIGNS INDICATED IN THESE DRAWINGS ARE THE PROPERTY OFARQUITECTONICA INTERNATIONAL CORP. ALL COPYRIGHTS RESERVED.NO COPIES, TRANSMISSIONS, REPRODUCTIONS OR ELECTRONICMANIPULATION OF ANY PORTION OF THESE DRAWINGS IN WHOLE OR INPART ARE TO BE MADE WITHOUT THE EXPRESS WRITTEN PERMISSION OFARQUITECTONICA INTERNATIONAL CORPSHEET ISSUE DATE: FEBRUARY, 20231690 S CONGRESS AVE #100DELRAY BEACH, FLORIDA 33445KIMLEY HORNGEO ARQUITECTONICASITE PLAN APPROVALHYPERION GROUP888 BISCAYNE BLVD, SUITE 101, MIAMI, FL 331322900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXA0-10PUBLIC PEDESTRIANCIRCULATION DIAGRAMLEGENDPUBLIC PEDESTRIAN CIRCULATION DIAGRAMGROUND FLOOR1/25" = 1'-0''0'120'30'10'60'200'LEGENDPUBLIC PEDESTRIAN CIRCULATION DIAGRAMTHE RETAIL USERS HAVE ACCESS TO THE GARAGE ON LEVELS 01 AND 02.THE LEVELS ARE CONNECTED WITH 1 DEDICATED ELEVATOR, SERVING ONLY THESE 2 LEVELS.THE REGULAR CONNECTION BY THE STAIR WILL BE PROVIDED BY THE SOUTH-EAST STAIR,WITH A DIRECT ACCESS TO NE 6TH COURT.856 857 858 01460691‐3 TIRFA AGREEMENT CONSIDERATIONS Project Requirements  List of required improvements, such as: parking, dwelling units, parks, sidewalks, landscaping, etc.  Other requirements, such as: o Prevailing wage, job fair, job placement, local preference; o Community outreach; o Green Building/LEED certification; o Dedicated workforce housing units; o Usage limitations; and/or o Other public benefits. CRA Incentives  Amount and term of tax increment revenue funding  Property: o Terms of sale – Price and Closing Date o Reverter/Right of First Refusal Benchmarks  Project Commencement/Completion dates  Dates for permit applications to be submitted  Dates or phasing requirements for specific improvements, occupancy rates, etc.  Financial assurances and milestones  Monitoring: o Submission of information to CRA ‐ certificates of occupancy, photographs, evidence of leasing rates, other developer certifications o Inspection o Reports to CRA Board at CRA meetings  Audit and Annual Performance Reporting Requirements – dates; information required to be included  Termination date Ensuring Compliance  Termination and default: o Termination Date o Under what circumstances should the CRA be able to terminate the Agreement/what constitutes default? o Steps to be taken in the event of default Other Provisions  Assignability: o Can the developer assign the benefits of the agreement to another party if developer sells, and under what circumstances?  With or without the approval of the CRA Board?  All of the obligations and benefits of the Agreement or only portions?  Assignment to a related company, a company that purchase the developer, or related parties?  Acceptable delays (force majeure) – pandemic, acts of God, fire, etc. 859 Development Name Fiscal Year Project Type Conditions/Deliverables for TIRFA Request Amount of TIRFA Funding Requested TIRFA Term Pre-Project Property Tax Assessed Value Post-Project Property Tax Assessed Value Property Tax Increment Value at Project Completion Tax Increment Revenue to Developer/Owner Tax Increment Revenue to CRA TIRFA Status Casa Costa 2004-2005 Market Rate Mixed-Use Development The Project provided affordable access commercial lease space, ensure public access to the 111 commercial parking spaces and public access to the delineated public areas for the life of the Project Project Gap Amount or Developer Requested Amount is Unspecified in the TIRFA 10 years $119,816.00 $89,668,407.00 $89,548,591.00 $4,552,374.77 $5,110,027.63 Term Completed The Preserve 2005-2006 Affordable Homeownership & Multi-family Apartments The Project provided 50 affordable units for homeownership as attached townhomes, then restructured to affordable multi-family rental Project Gap Amount or Developer Requested Amount is Unspecified in the TIRFA 10 years $1,025,800.00 $11,871,085.00 $10,845,285.00 $351,225.88 $511,200.26 Year 6 Seabourn Cove Phase I 2011-2012 Market Rate Multi-family Apartments The Project was to meet or exceed the National Association of Home Builders', American National Green Building "Gold" Standard. At the completion of the Project, it had achieved the "Platinum" Standard Project Gap Amount or Developer Requested Amount is Unspecified in the TIRFA 10 years $3,120,000.00 $73,675,967.00 $70,555,967.00 $3,107,361.00 $3,107,361.00 Year 8 Seabourn Cove Phase II 2011-2012 Market Rate Multi-family Apartments The Project was to meet or exceed the National Association of Home Builders', American National Green Building "Gold" Standard. At the completion of the Project, it had achieved the "Platinum" Standard Project Gap Amount or Developer Requested Amount is Unspecified in the TIRFA 10 years $195,000.00 $25,606,271.00 $25,411,271.00 $1,156,256.00 $1,156,256.00 Year 7 500 Ocean 2014-2015 Market Rate Mixed-Use Development The Project was to meet the National Association of Home Builders', American National Green Building "Silver" Standard and providing 6,600sqft of Office space Project Gap Amount or Developer Requested Amount is Unspecified in the TIRFA 10 years: Years 1-4 @ 75%; Years 5-7@50%; Years 8-10@25% 3,921,916.00$ 47,395,724.00$ 43,473,808.00$ 828,445.89$ 276,148.63$ Year 2 Ocean One 2017-2018 Market Rate Mixed-Use Development The Project was to provide 231 multi- family units; 8,575 sqft of commercial space; provide fifty (50) public parking spaces; obtain Florida Green Building Standard Project Gap Amount or Developer Requested Amount is Unspecified in the TIRFA 8 years: Years 1-7@75% Year 8@50% -$ -$ -$-$ -$ The proposed Project was delayed and the TIRFA expired on 2/9/21 Pre-Project Property Tax Assessed Value Post-Project Property Tax Assessed Value Property Tax Increment Value at Project Completion Tax Increment Revenue to Developer/Owner Tax Increment Revenue to CRA 8,382,532.00$ 248,217,454.00$ 239,834,922.00$ 9,995,663.54$ 10,160,993.52$ BBCRA: Summary of Tax Increment Revenue (TIR) and Tax Increment Revenue Funding Agreements (TIRFAs) 860 January 10, 2024 1 888 Biscayne Boulevard, Ste. 101, Miami, FL 33132 |9 West 57th Street, New York, NY 10019 | (o) 305.416.7550 | www.hypdev.com Chair Ty Penserga Vice Chair Thomas Turkin Board Member Woodrow Hay Board Member Angela Cruz Board Member Aimee Kelley Boynton Beach Community Redevelopment Agency Timothy Tack, Acting Executive Director 100 E. Ocean Ave Boynton Beach, FL 33435 Re: 114/222 N Federal Highway - Public Parking Proposal and TIF Incentive Application Dear CRA Chair, Vice Chair, Board Members and Acting Executive Director, BB1 Development, LLC (“BB1”) is the owner of +/- 3.71 acres located at 114/222 North Federal Highway (the “Property”). The proposed project, Ocean One (“the Project”), is a mixed-use development including 371 residential units as well as approximately 25,000 SF of retail/commercial space. The Project has approximately 21,000 SF of green space and 36,000 SF of sidewalks and paved areas including a public plaza with outdoor seating connecting to the commercial space, accounting for over 35% of the total site area. In addition, the Project is incorporating green elements into the design such as energy efficient air conditioners, cool roof pavers, energy efficient LED lighting fixtures and 100% Energy Star rated appliances. The BB1 development team has worked closely with the City and CRA staff over the last year including adding design features at the building façade to achieve the aesthetic goals set forth by the City and to maintain the appropriate level of high quality design. Of the 371 units, 200 are housing units below 750 SF, which is a category of housing encouraged by the Boynton Beach zoning code for the purpose of providing a broader range of housing attainable at different income levels. The site plan for the Project was approved on April 18, 2023. The Project is providing many benefits to the City of Boynton Beach all of which are consistent with the Goals and Objectives of the CRA Plan as well as the CRA Downtown Vision and Master Plan. Together with this letter we are providing a report performed by economic consultant Hank Fishkind, an expert retained by municipalities across Florida in these matters. According to Mr. Fishkind’s report, the economic benefits include revenues to the City of Boynton Beach and the BBCRA of $81.0 million in direct property taxes and operating surplus (measured through the year 2061), plus indirect tax revenue of tens of millions of dollars. Job creation includes over 230 permanent jobs, and over 1,800 temporary direct and indirect jobs (over 1,400 directly related to the construction of the Project with over $111.0 million in earning potential). Mr. Fishkind’s analysis of Project benefits and capitalization gap concludes that it is necessary and appropriate for the Project to receive an award of $11.5 million from the CRA’s Tax Incentive Funding Program (“TIF”). BB1 has listened carefully to feedback from the public and city officials about the need for more public parking spaces in downtown Boynton Beach, and the expressed desire to incentivize BB1 to provide public parking. With this in mind, BB1 is proposing to provide 90 parking spaces within our garage for public parking, as outlined below. BB1 is also providing infrastructure investment above and beyond typical site requirements, to benefit the community. With these specific parking and infrastructure initiatives, BB1 is providing over $6.0 million in additional benefits directly responsive to the needs of the Boynton Beach community. 861 January 10, 2024 2 Parking Allocation Upon the Project’s site plan approval, the development team met with representatives from the INCA condo association, Mariner’s Village condo association, and the Casa Costa condo association to discuss the Project and the future of downtown Boynton Beach in general. It was clear that the public believes more public parking spaces are needed in order to accommodate current and future downtown amenities. While it is understood by Boynton Beach stakeholders that the Project is providing sufficient parking for its own needs and is not responsible beyond this, BB1 is willing to provide a parking solution which can add 90 public spaces by both creating new parking spaces and allocating current commercial-use only parking spaces to be used by the general public. The Project is currently approved for 653 parking spaces including both on -street and garage parking spaces. Of those parking spaces, 128 spaces are currently allocated for private commercial use by the future commercial tenants of the Project. After working with the architect of the Project, we are able to redesign the garage to add an additional 32 parking spaces in lieu of shrinking the garage for cost savings for a total of 160 spaces not designated towards residential units. Rather than realize the cost reduction, BB1 will provide these 32 parking spaces for use by the general public. In addition, BB1 will convert 58 previously commercial use-only spaces to public spaces (the total 90 spaces are the “New Public Parking Spaces”). The New Public Parking Spaces will be available for public use, and the remaining 70 parking spaces will continue to be dedicated to commercial tenants. BB1 will be responsible for managing and metering the New Public Parking Spaces and will retain such revenue. The New Public Parking Spaces are valued at $5.0 million. As summarized in the attached chart (Exhibit A), this valuation is derived from a baseline value from the TIF agreement with Affiliated Residential at 115 N Federal Highway in February 2023, in which 150 commercial parking spaces were converted to general public use in exchange for a $7.0 million TIF partnership. The Board may be aware that in 2017 the previous Project site owner received TIF for 75% of the full potential tax revenues over a period of 7 years and 50% of potential tax revenues for 1 year thereafter, equating to approximately $5.3 million in TIF value ($4.2 million in 2017 based on calculation from US Bureau of Labor Statistics) for developing half of the Project site with 231 units, approximately 8,500 SF of retail and the dedication of 50 public parking spaces (compared to BB1’s development of the entire site with 371 units, 25,000 square feet of commercial space, and almost double the public parking spaces in an environment of significantly higher construction costs and interest rates). Additional Public Benefits Infrastructure and Community Outreach BB1 has been working with the City of Boynton Beach as part of the Project site plan on several infrastructure items that benefit the surrounding properties that would typically not be included in a standard single development project. These include items such as a Sanitary Force Main Upgrade, Water Main Extension and Drainage Improvements. The total cost will be approximately $1.0 million. A detailed list of these items with their associated costs is provided by Kimley-Horn, the civil engineer on the Project, as Exhibit B. Prior to and during construction, BB1 will be partnering with a local community outreach partner in order to coordinate on issues pertaining to employment of City residents and jobs for Locally Owned Small Businesses. BB1 and the community outreach partner will host a job fair, when feasible give priority to qualified job applicants to participate in the construction of the Project and use good faith efforts to offer permanent job positions resulting from the Project to qualified City residents . Specifically, BB1 and the community outreach partner will notify and refer job training and job placement opportunities to the Boynton Beach Community High School and South Tech Academy in Boynton Beach in the event each are able and willing to provide such training. 862 January 10, 2024 3 Summary The TIF award is a critical component for the project to secure the construction financing it needs to begin construction. With a TIF in place and subject to lender and equity financing, BB1 anticipates filing for a building permit within the next 6 months. BB1 looks forward to delivering this transformative project to Boynton Beach and providing the needed public parking. BB1 is requesting the Project be provided with TIF equal to 95% of tax revenue, with a cap. Mr. Fishkind’s report notes the significant public benefits and recommends TIF assistance for gap capitalization of $11.5 million. When adding this amount to the $6.0 million of parking and infrastructure benefits being provided, the CRA can consider a cap at $17 million. In the interest of an expedient resolution so the project can secure construction financing and be ready to begin construction, BB1’s request is $11.5 million. This is essentially the amount Mr. Fishkind recommended the project requires for financing and would incorporate the millions in value being provided for 90 public parking spaces and infrastructure costs. In summary, our TIFRA request is broken down for the following Public Benefits: - Public Parking: $5,000,000 - Infrastructure: $1,000,000 - For Future BBCRA Tax Revenues From Project (Per Fishkind $11,5000,000) $5,500,000 - Total: $11,500,000 Thank you for your consideration. Sincerely, Robert Vecsler Principal and CEO, Hyperion CC: Daniel Dugger, City Manager Andrew Mack, Deputy City Manager Kathryn Matos, Assistant City Manager Adam Temple, Assistant City Manager Kathryn B. Rossmell, Esq., CRA Attorney Bonnie Miskel, Esq. 863 January 10, 2024 4 Exhibit A 864 January 10, 2024 5 Exhibit B 865 ` ECONOMIC AND FISCAL IMPACTS AND FINANCIAL GAP ANALYSIS FOR OCEAN ONE August 23, 2023 Prepared for Mr. Jordan Thaler, VP, Acquisitions BB1 Development LLC 888 Biscayne Boulevard, Suite 101 Miami, FL 33132 Prepared by Hank Fishkind, Ph.D. Fishkind Litigation Services, Inc. 3504 Lake Lynda Drive, Suite 107 Orlando, Florida 32817 Hankf@fishkindls.com Office: 407-382-3256 866 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 2 of 24 EXECUTIVE SUMMARY • BB1 Development LLC is planning the development of Ocean One, an eight-story, mixed-use development, of 371 units of market-rate, rental, apartments, 25,588 square feet of retail space, and 665 parking spaces. • The development of Ocean One will have a substantial impact on the economy of Boynton Beach and the surrounding county generating 1,835 construction jobs and supporting 238 permanent jobs in Boynton Beach. • Development of Ocean One will generate over $1.5 million per year in tax increment revenues for the Boynton Beach Community Redevelopment Agency. • BB1 Development LLC has agreed to provide (a) 90 public parking spaces at an estimated value of $5 million and (b) $1 million in extraordinary public infrastructure for the benefit of the City of Boynton Beach. • Development of Ocean One will also provide at current estimates over $2.2 million in non-ad valorem operating revenues to the City of Boynton Beach annually. In addition, the City will receive $1.1 million for Arts in Public Places, over $220,000 in park impact fees, and more than $220,000 in downtown capital contributions fees. • However, the capitalization and immediate development of Ocean One is currently significantly challenged due to sharp increases in construction costs and interest rates. • As a result, its projected rate of return now falls far below market levels. • The contribution of 75% of the incremental revenues generated by Ocean One to the BBCRA for ten years, totaling $11.5 million (present value of $8 million), closes the financial gap making the project financially viable. 867 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 3 of 24 1.0 Introduction 1.1 Assignment BB1 Development LLC commissioned Fishkind Litigation Services, Inc. (“FLS”) to: (a) measure the economic and fiscal impacts of its Ocean One project on Boynton Beach, and (b) quantify the tax increment financing (“TIF”) needed to make Ocean One financially feasible (“Gap Analysis”). 1.2 Overview of the Report Our report begins with an overview of the Ocean One project in Section 2. Section 3 presents the economic analysis measuring the jobs, earnings, and output supported by the construction and operation of Ocean One. Section 4 turns to the fiscal impacts of Ocean One on Boynton Beach’s CRA and City government. FLS calculates the revenues generated by Ocean One and the costs to provide public services to the project. Finally, Section 5 quantifies the financial gap for Ocean One and the amount of TIF needed to make the project financially feasible. 1.3 Limitations and Disclaimers Although our analysis is based on cost inputs from BB1 Development LLC that are consistent with our experience and from third party sources including Costar and Realtyrates.com, FLS is solely responsible for our findings, analysis, and conclusions. Our report uses the most current data available at the time of its publication, but we are not retained to provide updates as economic conditions may evolve in the future. 2.0 Overview of Ocean One 2.1 Location Ocean One is located at the southwest corner of Boynton Beach Boulevard and U.S. 1 North Federal Highway. The site is 3.71 acres bounded by East Ocean Avenue to the south and Northeast Sixth Court on the east. Figure 1 provides a location map. 868 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 4 of 24 Figure 1. Location Map for Ocean One 2.2 Development Plan Ocean One will be an eight-story, mixed-use development, with 371 units of market-rate, rental, apartments, 25,588 square feet of retail space, and 665 parking spaces. Table 1 summarizes the development program for Ocean One. 869 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 5 of 24 Table 1. Development Program Summary for Ocean One Uses Volumes Average Unit Size Estimated Monthly Rent Apartments Studio (1 bath) 42 592 $2,340 1BR (1 bath) 224 738 $2,492 1BR+D (1 bath) 14 815 $2,738 2BR (2 bath) 91 1,102 $3,691 ===== Total Apartments 371 814 Annual Retail square feet 25,588 $33.20 Parking Spaces 665 Source: Site Plan and Costar Underwriting Report for Avion Riverwalk. As discussed in more detail below, the estimated monthly rental rates are market determined. Based on our market analysis, the estimated rents in Table 1 are competitive with recently developed apartment projects in Boynton Beach. To be successful, Ocean One must be competitively priced and designed to promote a rapid rent up of the apartments and retail space. 3.0 Economic Impact Analysis 3.1 Overview Economic impact analysis calculates the economic effects of a change in economic activity on an area’s economy typically measured in terms of jobs, earnings, and value-added. In this application, the analysis focuses on the impacts on Boynton Beach’s economy from the construction and operations of Ocean One. Impacts from the construction phase and the ope rational phase of Ocean One are measured in terms of jobs, earnings, and value - added. FLS used the IMPLAN input-output modeling system as described below. The economic impacts are measured for Palm Beach County, because that is the smallest level of geog raphy for which reliable calculations can be developed. 870 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 6 of 24 3.2 Methodology To quantify the economic impact of Ocean One, FLS employed the IMPLAN input-output modeling system.1 IMPLAN is widely used by economists to calculate the economic impacts of developing commercial land uses or residential apartments. IMPLAN is routinely used by the State of Florida’s Department of Economic Opportunity.2 IMPLAN is a computer software package comprising procedures for estimating local input-output models using locally specific databases. IMPLAN was originally developed by the U.S. Forest Service in cooperation with the Federal Emergency Management Agency and the U.S. Department of the Interior's Bureau of Land Management to assist in land and resource management planning. Since 1993, the IMPLAN system has been developed under exclusive rights by the Minnesota Implan Group, Inc. which licenses and distributes the software to users. Currently, there are hundreds of licensed users in the United States including universities, government agencies, and private companies. The Department of Food and Resource Economics at the University of Florida is a licensed user of IMPLAN along with the State of Florida and many other governments and private companies. We have used IMPLAN widely in our work. Input-output modeling was developed in the 1930s by Nobel Prize winning economist Leontief.3 The methodology has been refined and used continuously since then.4 An input-output model is built around quantifying the interactions between industries (or sectors) within an economy. Each industrial or service activity within the economy (agriculture, mining, manufacturing, trade, services, etc.) is assigned to an economic sector with the number of sectors determined by the level of detail desired. Then, for a one-year production period, a transactions table reflects the value of goods and services exchanged between sectors of the economy. The transactions table contains three components of the local economy: producing industries, final demand, and value added, which capture all transactions within the economy. The transactions table shows how much each local industry purchased and/or sold to every other industry within the local economy. Values are expressed in dollars and track the movement of goods and services between industry sectors and between producing industries and final demand and value-added components of the economy. 1 www.IMPLAN.com 2 http://www.floridajobs.org/labor-market-information/products-and-services/economic-impact- analysis 3 Leontief, Wassily (1936), “Quantitative Input-Output Relations in the Economic System of the United States”, Review of Economics and Statistics, Volume 18, pages 105-125. 4 See Miller, Ronald E. and Peter D. Blair (2009), Input-Output Analysis, Cambridge University Press: NY, NY. 871 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 7 of 24 Impact analysis using an input-output model is conducted by estimating the changes in final demand. Producing industries then respond directly by selling to final consumers or indirectly by selling goods and services (intermediate inputs) to other industries. The IMPLAN software and database quantify both the estimation of the transactions table for specific local areas and the resulting tables to estimate multipliers that capture the direct and indirect effects of changes in final demand. IMPLAN calibrated for the Palm Beach County (the smallest geography available) was used in this analysis. In this application the change to final demand is calculated for each of the two land uses, retail and residential. The analysis is provided for the construction of each land use and for its operating impacts once constructed and occupied. 3.3 Construction Period Impacts BB1 Development LLC plans to begin the construction of the Project in 2024 with completion in June 2026. Construction costs are estimated at $110 million. Table 2 summarizes the economic impacts during the 31 -month construction period. During the construction period the project will support 1,835 jobs measured on a full-time equivalent basis. Of these, 1,456 will be directly supported by the construction with the balance being indirectly supported or induced by the flow of construction spending. More than $111 million in earnings will be generated with value-added more than $170 million. Table 2. Economic Impact Summary Construction Period of Ocean One Category Jobs Earnings $M Value Added $M Direct 1,456 $88 $130 Indirect 143 $9 $15 Induced 236 $14 $25 ======= ======= ======= Total 1,835 $111 $171 Source: IMPLAN and FLS 872 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 8 of 24 3.4 Permanent Economic Impacts Ocean One is projected to be fully occupied and operational by January, 2027. As Table 3 shows, the spending by the occupants of the 371 apartments and the sales at the 25,588 square feet of retail/commercial space will support 238 jobs with $12 million per year in earnings having a value added of $19 million. Table 3. Economic Impact Summary Stabilized Operations of Ocean One Category Jobs Earnings $M Value Added $M Direct 95 $3 $4 Indirect 12 $1 $1 Induced 131 $8 $14 ======= ======= ======= Total 238 $12 $19 Source: IMPLAN and FLS 4.0 Fiscal Impacts 4.1 Overview In this application, fiscal impacts measure the cost and revenue effects of Ocean One on the budgets of Boynton Beach and its CRA (“BBCRA”). Exhibit #1 contains a complete fiscal impact analysis and report. The results are summarized below. 4.2 Methodology FLS calculates fiscal impacts based on: (a) the latest adopted budgets for the government; (b) Florida laws governing CRAs and property taxation; and (c) demographic data on population, employment, and visitor volume. For a general-purpose government, like the City, the analysis includes all revenues and expenditures in for the following funds: (a) general, (b) special revenue, (c) permanent, (d) internal service, (e) pension, and (f) component units. The debt service fund is excluded, because it relates to prior capital projects and is funded from existing pledged revenues. The capital project fund is not included, because development projects like Ocean One are required to offset their capital impacts in the entitlements process. Finally, the enterprise fund comprised operations that are self-funding through their fees and charges. 873 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 9 of 24 To quantify the fiscal impacts of Ocean One on the City, FLS uses the modified per capita approach. Excluding ad valorem revenues, each revenue and expenditure account in the City’s budget is examined to determine if it is associated with population, employment, or visitor volume. For example, law enforcement (accounts 521.10, 521.30, and 521.60) is provided to all residents, visitors, and employees. Law enforcement cos t is divided by the full-time equivalent number of residents, visitor, and employees. This weighted expenditure is applied to Ocean One to measure its impacts on law enforcement cost. Other revenue and expenditure accounts are only related to residents. For instance, municipal revenue sharing (account 335125) is determined from a population formula. So, only residents are used to calculate the per capita revenue sharing figure to apply to Ocean One’s residents. The BBCRA was established by City Ordinances 82-KK and 83-41. BBCRA is an independent agency and component unit of the City. BBCRA is governed by a board comprised of elected officials. The BBCRA’s primary revenue source is tax increment revenues collected from the City and Palm Beach County within the legally defined redevelopment area of the BBCRA. BBCRA staff informs that for FY2022-23, the BBCRA will receive revenues based on the City millage rate of 7.85, and the County’s general fund millage rate of 4.715 for a combined millage of 12.5 65. The development of Ocean One will not necessitate any increase in BBCRA staff or operating costs. Additionally, Ocean One will not have a material impact on other non-ad valorem revenues for the BBCRA. Therefore, our analysis of the fiscal impact of Ocean One on BBCRA will focus in its impact on BBCRA ad valorem revenues. 874 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 10 of 24 4.3 Fiscal Impacts of Ocean One on the City’s Budget The fiscal impact of Ocean One on the City’s budget is summarized in Table 4. The analysis is presented in constant $2023 dollars without trending for inflation. Upon completion, Ocean One will have a taxable value of $177 million. Ninety-five percent of the ad valorem tax revenue from Ocean One will be transferred to the BBCRA because the project is within the BBCRA area. However, Ocean One will also generate almost $2.3 million per year of other revenues for the City. The City will incur significant annual expenses to provide governmental services to Ocean One totaling $1.5 million. On a net basis, Ocean One will contribute about $700,000 per year to the City’s budget. Table 4. Fiscal Impact of Ocean One on the City of Boynton Beach Constant $2023 Dollars Year Assessed Values Ad Valorem Ad Valorem Transferred to BBCRA Total Operating Revenue Total Operating Expenditure Net Fiscal Impact 2027 177,087,194 1,390,134 (1,335,666) 2,251,049 1,534,141 716,907 2031 184,418,709 1,447,687 (1,393,219) 2,251,049 1,534,141 716,907 2036 194,015,408 1,523,021 (1,468,553) 2,251,049 1,534,141 716,907 2046 214,748,175 1,685,773 (1,631,305) 2,251,049 1,534,141 716,907 2056 237,719,798 1,866,100 (1,811,632) 2,251,049 1,534,141 716,907 2061 250,120,839 1,963,449 (1,908,981) 2,251,049 1,534,141 716,907 4.4 Fiscal Impacts on the CRA’s Budget Table 5 shows the fiscal impacts of Ocean One on the BBCRA’s budget. The assessed value is estimated based on the cost for Ocean One’s development provided by BB1 Development LLC and discussed more fully below. In the initial years, the property appraiser assesses commercial properties based on the cost approach. Over time the appraiser shifts to the income approach. FLS projects that the residential property values will appreciate at a 1% real rate (1% more than inflation) and the retail component will escalate at a 1.5% real rate. The ad valorem values for the BBCRA revenues are calculated at the effective BBCRA millage rate totaling 9.55 in FY 2020 (the latest year for which full information is available). This effective rate includes consideration of the 95% share of ad valorem revenues the CRA receives as well as the assessment ratio applied by the property appraiser to just values of property to adjust from market value to assessed value. 875 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 11 of 24 Table 5. Fiscal Impact of Ocean One on the Boynton Beach Community Redevelopment Agency’s Budget Years Ocean One Assessed Value Ocean One Ad Valorem 2013 Ad Valorem Ad Valorem Increase County Increment Total Tax Increment Revenues 2027 177,087,194 1,390,134 54,468 1,335,666 289,253 1,624,919 1,543,673 2028 178,892,041 1,404,303 54,468 1,349,835 292,321 1,642,155 1,560,048 2029 180,715,447 1,418,616 54,468 1,364,148 295,421 1,659,569 1,576,590 2030 182,557,605 1,433,077 54,468 1,378,609 298,552 1,677,162 1,593,303 2031 184,418,709 1,447,687 54,468 1,393,219 301,716 1,694,935 1,610,188 2032 186,298,956 1,462,447 54,468 1,407,979 304,913 1,712,891 1,627,247 2033 188,198,548 1,477,359 54,468 1,422,891 308,142 1,731,033 1,644,481 2034 190,117,684 1,492,424 54,468 1,437,956 311,404 1,749,360 1,661,892 2035 192,056,569 1,507,644 54,468 1,453,176 314,701 1,767,877 1,679,483 2036 194,015,408 1,523,021 54,468 1,468,553 318,031 1,786,584 1,697,254 2037 195,994,410 1,538,556 54,468 1,484,088 321,395 1,805,483 1,715,209 2038 197,993,784 1,554,251 54,468 1,499,783 324,794 1,824,577 1,733,348 2039 200,013,744 1,570,108 54,468 1,515,640 328,228 1,843,868 1,751,674 2040 202,054,504 1,586,128 54,468 1,531,660 331,697 1,863,357 1,770,189 2041 204,116,280 1,602,313 54,468 1,547,845 335,202 1,883,047 1,788,895 2042 206,199,293 1,618,664 54,468 1,564,196 338,743 1,902,940 1,807,793 2043 212,577,977 1,635,185 54,468 1,580,717 342,321 1,923,037 1,826,885 2044 214,748,175 1,651,875 54,468 1,597,407 345,935 1,943,342 1,846,175 2045 216,940,741 1,668,737 54,468 1,614,269 349,587 1,963,856 1,865,663 2046 219,155,909 1,685,773 54,468 1,631,305 353,276 1,984,581 1,885,352 Total 30,668,302 1,089,360 29,578,942 6,405,631 35,984,572 34,185,344 At stabilization in 2027, Ocean One will contribute $1.5 million to the BBCRA. Over time this increases based on our assumptions concerning real property appreciation. 4.5 Value of Public Spaces and Amenities provided by Ocean One Not only will Ocean One generate a positive fiscal impact for the City’s budget and over $1.5 million to the BBCRA, the development plan for Ocean One includes nearly an acre of public greenspace with full hardscape and landscaping featuring a large public plaza fronting Ocean Avenue. These public greenspaces and hardscaping have an estimated cost in excess of $400,000 without consideration of land costs. 876 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 12 of 24 5.0 Financial Gap Analysis 5.1 Overview Financial gap analysis compares the financial performance of a development project with and without financial support. Financial support may be justified when a project requires financial support to allow it to achieve a rate of return commensurate with market rates for projects of similar characteristics and risk profiles. Financial performance for rental apartment projects is measured at the time the project achieves stabilized operations. At that time , projects are either sold to investors or refinanced. The value of the project is determined at that time via the income approach using the capitalization of income method (“Cap Rate”).5 The value of the project is calculated by dividing the project’s stabilized net operating income (“NOI”) by the Cap Rate. For example, if the stabilized NOI is $100 and the Cap Rate is 10%, the value of the project is $1,000. Cap Rates are market determined rates estimated from the data on the sales of apartment projects and their stabilized NOIs. These data are readily available from a variety of reliable sources. FLS uses Costar. The development of Ocean One is no longer financially feasible due to recent sharp increases in construction costs and interest rates. As a result, its projected rate of return now falls far below market levels. The contribution of 75% of the incremental revenues generated by Ocean One to the BBCRA for ten years, totaling $11.5 million (present value of $8. million), closes the financial gap enhancing the financial viability of the project. 5.2 Methodology Real estate development projects, like Ocean One, use detailed and highly proprietary cash flow pro forma models for planning, analysis, decision making, financing, and monitoring. BB1 Development LLC provided FLS with a copy of its financial model, and we used it as the foundation for our analysis. FLS then developed our own independent financial analysis. Cost Analysis Public records show that BB1 Development LLC acquired the land for Ocean One for $12 million. The project is planned for 668,643 total square 5 Fishman, Jay et al. (2012), Guide to Business Valuation, Thompson-Reuters, Section 503. 877 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 13 of 24 feet of space inclusive of the rental apartments, retail space, and parking area. Of this, 327,456 are projected to be rentable square feet. Development costs are estimated at $255 per gross square foot and $511 per rentable square foot. These estimates are consistent with other projects FLS is participating in and reasonable based on current cost estimates from RH Means. Total project cost for Ocean One is estimated at $170 million. Calculations for Stabilized NOI for Ocean One Apartment rental rates rose strongly in 2021 and 2022 across the U.S. and in the relevant marketplace for Ocean One in Boynton Beach , as shown in Figure 2. For comparative purposes, FLS chose Pacifica along with 17 other comparable apartment projects as shown in Table 6. Pacifica’s effective rent per square foot jumped from about $1.60 in 2020 to an average of $2.60 in 2022. Comparable rents in the marketplace rose f rom $1.45 per square foot in 2020 to $2.25 by 2022. Rents in other Boynton Beach projects and in similar projects in Palm Beach County followed similar trajectories. However, rental rate escalation stopped in 2022 as rents flattened out. Figure 2. Overall Effective Rents per Square Foot Source: Costar 878 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 14 of 24 Table 6. Comparable Apartment Projects Property Name/Address Yr. Built Units Avg Unit SF Rent/SF 500 OCEAN 101 S Federal Hwy 2018 341 934 $2.59 Avion Riverwalk 630 E Woolbright Rd 2023 319 1,019 $3.10 Pacifica 1100 Audace Ave 2019 324 973 $2.58 Santorini at Renaissance… 1645 Renaissance Comm… 2018 226 830 $2.54 Sea Lofts at Boynton Village 600 Sea Lofts Dr 2020 433 1,007 $2.52 One Boynton 1351 S Federal Hwy 2009 494 1,152 $2.47 Manor Lantana 900 Water Tower Way 2021 348 1,164 $2.40 High Ridge Landing 3609 High Ridge Way 2016 184 1,049 $2.26 Ashley Lake Park 5020 Ashley Lake Dr 1987 300 888 $2.23 Whalers Cove 2301 S Congress Ave 1991 136 1,144 $2.19 Cortland West Boynton 7933 Venture Center Way 2000 264 1,143 $2.12 Verona at Boynton Beach 1575 SW 8th St 2002 216 1,097 $2.09 Seabourn Cove 3501 S Federal Hwy 2012 456 1,302 $2.07 Manatee Bay Apartment… 1632 N Federal Hwy 2014 264 1,169 $2.05 Monteverde at Renaissance… 1625 Renaissance Comm… 2006 219 1,153 $2.00 Latitude Pointe 9873 Lawrence Rd 1989 280 1,061 $1.96 The Cove at Boynton Bea… 100 Newlake Dr 1996 548 1,202 $1.87 Gateway Club 3930 Max Pl 1999 319 1,228 $1.84 Quantum Lake Villas 2700 Quantum Lakes Dr 2002 863 1,195 $1.81 Source: Costar 879 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 15 of 24 Figure 3 highlights how apartment rents shot up starting in mid-2020 and then deescalated after peaking in mid-2021. Rents stopped rising by mid- 2022. As discussed below, rental rates are expected to remain flat over the next few years due to additional supplies of new units and affordability constraints. Figure 3. Growth in Effective Rents per Square Foot shwo Source: Costar The timing of new construction of apartments also affects rent levels. Figure 4 shows the volume of new construction of apartments in the relevant market area for Ocean One. Construction volume ramped up from 2015 - 2017 with annual volumes well above the 400-unit per year average. The delivery of these units kept rents rising very slowly thereafter as reflected in Figures 2 and 3. As new construction volume eased, the restraining influence of new unit deliveries was one of the factors allowing the sharp rise in rents from mid-2020 to mid-2022. Construction volume has rebounded in 2022 and 2023 with more than 600 new units per year expected. This new supply will restrain rental growth in the near term. 880 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 16 of 24 Figure 4. Past and Future Deliveries of Apartment Units Source: Costar Developers strive for rapid lease up of their projects when construction is completed. Pre-leasing efforts have resulted in strong initial occupancy levels as Figure 5 illustrates. Projects delivered last year were fully leased upon delivery. Figure 5. New Construction Occupied by Year Built Source: Costar 881 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 17 of 24 As discussed previously and shown in Table 1, FLS expects Ocean One to price its rents to be competitive in the marketplace and to foster rapid lease up. Full lease up at or soon after delivery is reasonable for a new project delivered to the market like Ocean One assuming competitive rental pricing. Ocean One projects stabilization within 7-months of delivery as of January 2027. Table 7 displays FLS’s projection for net operating income for Ocean One at stabilization in 2027. Cost and revenue figures are in 2023 dollars without adjustment for inflation or escalations. This provides the most reliable basis to estimate NOI, because the calculations are based on current known data along with contemporary estimates. At stabilization, Ocean One is projected to generate $14.9 million in potential rent from its apartment units, retail space, parking, and other ancillary sources. Vacancy is projected at 3% and bad debt at 1% of gross revenue. This results in estimated effective gross rent of $1 4.3 million at stabilization. 882 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 18 of 24 Table 7. Calculation of Net Operating Income for Ocean One Category $ Stabilization Potential Rent $14,876,976 Less Vacancy $446,309 Less Bad Debt $133,893 ========== Effective Gross Revenue Other Income Total Revenues $14,296,774 $571,871 $14,868,645 Operating Expenses $2,676,356 Real Estate Taxes $3,371,328 Management Fees $446,059 ========== Total Expenses $6,439,774 ========== NOI $8,428,902 Source: FLS Operating expenses of $2.7 million are based on an industry standard expense ratio of 18% of effective gross revenue. Real estate taxes of $3.4 million were estimated based on the $177 million taxable values of Ocean One, the assessment ratio in Palm Beach County for commercial properties as per Florida law (allowing for cost of sale and other constitutionally required allowances), and current millage rates. Management fees of 3% of effective gross income are standard in the industry. Total expenses of $6.4 million represent 45% of total revenues. This overall expense ratio is consistent with industry norms.6 Furthermore, it is also comparable to the recent sale of 500 Ocean, a nearby comparable community to Ocean One, which closed in June of 2021 as reported by Costar. On this basis, Ocean One is projected to achieve a stabilized NOI of $8 million. It is this amount that is used to estimate the market value of Ocean One at stabilization using the Cap Rate methodology from the income approach to value. 6 Camden Property Trust Form 10K for December 2020, page 25. 883 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 19 of 24 Determining the Cap Rate As discussed above, the Cap Rate is the ratio of NOI to sales price for income producing properties like Ocean One. Cap Rates are determined in the marketplace. There are many representative sales of apartment projects in the relevant market area. Figure 6 shows the Cap Rates for Palm Beach County and for the U.S. from 2003 through 2022 with projections to 2027. Since 2009 Cap Rates for apartment projects have declined precipitously and are running in the 5% range for the U.S. and at about 4.25% in Palm Beach County. Figure 6. Market Cap Rates Source: Costar Costar projects no material changes to the Cap Rates for apartments in the U.S. or in Palm Beach through 2027. These metrics are applicable to the relevant market in Boynton Beach. The recent sale of 500 Ocean in 2021 confirms this with its Cap Rate of 4.3% reported by Costar. Stabilized Value of Ocean One FLS estimated the value of Ocean One at stabilization using the income approach to value employing the Cap Rate method. FLS valued Ocean One on a fair market basis as a going concern. With a projected NOI at stabilization of $8.429 million and the Cap Rate of 4.50 %, Ocean One has a value at stabilization of $187.309 million. Since stabilization is projected in 2027, the present value of Ocean One is $174.258 million. 884 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 20 of 24 5.3 Financial Analysis and Quantification of the Financial Gap Table 8 shows the calculations for the financial gap analysis. As noted above, Ocean One has stabilized present value of $174.258 million. Without financial support, the profit from development is $4.209 million which is a rate of return of just 2.42%. A 2.42% rate of return is far below market rates and would not justify the development of Ocean One. The market rate of return can be readily determined from the Cap Rate. The profit margin, or more precisely the required market rate of return, is equal to the Cap Rate plus the long-term average expected growth rate in NOI.7 Over time, it is reasonable to project that Ocean One would achieve a long-term 3.0% compound rate of increase in NOI on average. Therefore, the market rate of return is 7.50% (4.50% Cap Rate + 3.0% expected growth rate of NOI). Table 8. Financial Gap Analysis Category Project without TIF Project with TIF Acquisition Costs $12,550,000 $12,550,000 Development Cost $157,499,589 $157,499,589 ============ ============ Total Cost $170,049,589 $170,049,589 Stabilized NOI $8,428,902 $8,428,902 Capitalization Rate 4.50% 4.50% ============ ============ Stabilized Value $187,308,924 $187,308,924 Present Value Stabilized $174,258,392 $174,258,392 Present Value of TIF $0 $7,966,289 ============ ============ Profit $4,208,803 $12,175091 Rate of Return 2.42% 6.99% Rate of Cost 2.48% 7.16% Annual TIF Amount $0 $1,150,000 TIF Term Years 0 10 Source: FLS 7 Fishman, Op. Cit. 885 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 21 of 24 To close this financial gap and to reach the market rate of return of 6.99%, Ocean One will need tax increment funding (“TIF”) of $1,150,000 per year for 10-years once it is stabilized and producing its full increment of tax revenue to the CRA as discussed previously in Section 4. TIF support at this level represents approximately 75% of the incremental ad valorem tax revenue generated by Ocean One for the BBCRA. 6.0 Conclusions and Request for TIF Support 6.1 Summary of Results The development of Ocean One will make substantial contributions to the economy of Boynton Beach, augment the supply of workforce housing, provide a positive fiscal impact on the City’s budget, and generate over $1.5 million per year in revenue to the BBCRA. 6.2 Request for TIF Support Sharply escalating development costs coupled with the recent jump in interest rates has compromised the financial feasibility of Ocean One. To close the financial gap, Ocean One requests that the BBCRA contribute about 75% of the incremental revenue generated by Ocean One totaling $1.5 million per year for ten years following project completion and stabilization. 886 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 22 of 24 Exhibit #1 Fiscal Impact Analysis Provided under separate cover. 887 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 23 of 24 Exhibit #2 Avion Riverwalk Apartments Market Survey by Costar Provided under separate. 888 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 24 of 24 Exhibit #3 Boynton/Lantana Retail Submarket Market Survey by Costar Provided under separate. 889 FISCAL IMPACT ANALYSIS OCEAN ONE APARTMENT PROJECT BOYNTON BEACH, FL. EXHIBIT 1 August 23, 2023 Prepared for Mr. Jordan Thaler, Acquisitions BB1 Development LLC 888 Biscayne Boulevard, Suite 101 Miami, Florida 33132 2 Fishkind Litigation Services, Inc. 3504 Lake Lynda Drive, Suite 107 Orlando, Florida 32817 407-382-3256 WWW.Fishkindls.com 890 ` Page 2 of 15 ______________________________________________________________________ Fiscal Impact Analysis Ocean One Apartment Project ______________________________________________________________________ 1.0 Introduction and Summary of Results 1.1 Background BB1 Development LLC is planning the development of 371 units of market rate, rental apartments and 25,588 square feet of neighborhood retail space on property that is in City of Boynton Beach, FL, (the “Project”). 1.2 Assignment BB1 Development LLC retained Fishkind Litigation Services, Inc. (“FLS”) to analyze fiscal impact (the cost and revenue effects) of the proposed change on the City of Boynton Beach This report focuses on the fiscal impacts of the proposed change on the City. 1.3 Summary of Results The development of Ocean One Apartments will have very significant, positive, fiscal impacts on the City as shown in Table 1. This analysis is based on the projected development of planned for: 371 market rental apartments and 25,588 square feet of neighborhood retail space absorption over one phase and strong property values produces an annual fiscal surplus of $716,000 after transfers to Boynton Beach CRA. As Table 2 shows, on a cumulative basis the operating surplus is $3.584 million by 2031 growing to $25.091 million by 2061. By 2061 the present value at 5% interest of the net fiscal impact is estimated at $11.738 million. 891 ` Page 3 of 15 Table 1 Summary of Fiscal Impacts Ocean One Mixed Use Project Net Fiscal Impacts for Selected Years Year Assessed Values Ad Valorem Ad Valorem Transferred to BBCRA Total Operating Revenue Total Operating Expenditure Net Fiscal Impact 2027 177,087,194 1,390,134 (1,335,666) 2,251,049 1,534,141 716,907 2031 184,418,709 1,447,687 (1,393,219) 2,251,049 1,534,141 716,907 2036 194,015,408 1,523,021 (1,468,553) 2,251,049 1,534,141 716,907 2046 214,748,175 1,685,773 (1,631,305) 2,251,049 1,534,141 716,907 2056 237,719,798 1,866,100 (1,811,632) 2,251,049 1,534,141 716,907 2061 250,120,839 1,963,449 (1,908,981) 2,251,049 1,534,141 716,907 Table 2 Summary of Fiscal Impacts Ocean One Mixed Use Project Cumulative Net Fiscal Impacts Year Cumulative Impact Interest Rate Years Present Values 2031 $3,584,537 5.0%5 $3,103,834 2036 $7,169,075 5.0%10 $5,535,770 2046 $14,338,150 5.0%20 $8,934,252 2056 $21,507,225 5.0%30 $11,020,625 2061 $25,091,762 5.0%35 $11,738,783 892 ` Page 4 of 15 2.0 Methodology 2.1 Overview The client requested a submission of a fiscal impact report quantifying the costs and revenue impacts on the City’s budget from the proposal to construct the mixed- use project consisting of 371 apartments and 25,558 of retail space on the +/- 3.7 acres located at 114/222 N. Federal Highway. The fiscal impact study is a set of statistical data and information based on new development in a jurisdiction. Its purpose is to legally justify to the City of Boynton Beach the ability to provide capital improvement, mill levy increases, as well as impact fees. The Fiscal Impact Analysis encompasses multiple methods to demonstrate that a development will pay the full costs of all public facilities and services that are required to support the development. The client has requested a study as backing or support for any amendment or change to their subdivision regulations. Fiscal impact analysis seeks to connect planning and local economics by estimating the public costs and revenues that result from change in the land use. This type of analysis is required to meet the full costs of all public facilities and services that are required to support the development and that are required to meet the level of services standards adopted by the City of Boynton Beach. To accomplish consistency in the analysis FLS complies with the guide standards prepared for Sarasota County by AECOM in support of permitting for the Project. Our analysis is conducted according to the 2015 report by AECOM. AECOM outlines several methodologies to conduct the fiscal impact analysis including the per capita approach.1 AECOM notes that the per capita methodology the most used type of analysis. The per capita approach estimates the cost of providing services on a per unit basis. The unit varies depending upon how the services are used and can include: per person, per employee, and per visitor. Similarly, most City and City revenues are appropriately estimated on a per capita basis again depending upon the revenues generated. FLS uses all these factors depending upon the expenditure or revenue category involved. For example, law enforcement and public safety are provided to all residents, visitors, and employees. FLS measures residents, visitors, and employees on a full-time equivalent (“FTE”) basis. However, not all expenditures or all revenues are generated by residents, visitors, and employees. State revenue sharing funds are provided through a population-based formula, so for this revenue item FLS only uses population. FLS’s application of the per capita method for both revenues and expenditures is consistent with AECOM. 1 AECOM (2015), page 2. 893 ` Page 5 of 15 FLS uses all categories of revenue and expenditures included in the City of Boynton Beach budget (but not all fund types as discussed above). The FY2021 actual reported to the State includes 54 revenue line items and 62 expenditure categories. Not all revenues and expenditures relate to the fund types included in our analysis. As discussed above, except for ad valorem tax revenues, each category of revenue and expenditure is included and analyzed using the modified per capita approach. It is impractical to discuss each category. However, FLS has included our fiscal impact analysis model in excel with this report to provide a full and detailed submission of our calculations. Ad valorem revenues are calculated directly based on the development program, product valuation, and do not include any estimates for homestead exemptions. All other revenues are estimated via the per capita, unit, approach with the unit varying as required. Capital impacts are measured by the formulae for impact fees. The city of Boynton Beach does have city parks and recreation facilities impact fees. In addition, the Project pays impact fees to Palm Beach County. 2.2 Operating Revenues Except for ad valorem revenues, which are discussed in more detail below, operating revenues were calculated using the modified per capita method based on the City’s actual for FY2021 as reported to the State of Florida, Division of Banking. Consistent with the AECOM parameters, FLS included the following fund types: (a) general fund; (b) special revenue fund; (c) debt service fund; (d) permanent fund; (e) internal service; (f) pension; and (g) component. FLS excluded the following fund types: (a) debt service; (b) capital projects; and (c) enterprise. The debt service fund relates to prior commitments and is not directly impacted by future growth or the Project. While the Project will contribute to this fund, the impact is relatively small. The impact of the Project on capital funds is calculated separately, so this fund is excluded to avoid double counting. The e nterprise fund is also excluded because enterprise funds are designed to be self-funding. Ad valorem taxes generated by the Project are a function of: (a) the development program for the Project; (b) its projected valuation and absorption; and (c) the City’s adopted millage rates for general revenue totaling 7.85 mills Concerning timing, FLS takes a stricter and more conservative approach then AECOM. FLS recognizes that there is a 4-year lag between the time apartment units are permitted and consuming services, and the time that property is included in the tax roll and paying ad valorem taxes. 894 ` Page 6 of 15 2.3 Operating Expenses Operating expenses are correctly calculated by fund type using the m odified per capita approach. As noted above, the per capita units are carefully tailored to the type of expenditure. We have included impacts from residents and employees measured on an FTE basis and included FTE visitors who also consume these services. 2.5 Capital Revenues / Expenditures As noted previously, Boynton Beach has city parks and recreation facilities impact fee. Impact fees requirement for the Project. All other impact fees are paid to Palm Beach County. The Developer has agreed to provide (a) 90 public parking spaces at an estimated value of $55,500/space for a total of $4.995 million, and (b) $1 million in extraordinary public infrastructure. 3.0 Development Program The fiscal impact analysis is based exclusively on the projected development of Ocean One apartments and retail space. The development program, absorption, is provided in detail in Table.4. As per Table 3 the Project is absorbed in one phase having a property value of more than of $ 170 million . Table 3 Ocean One Mixed Use Project Property Valuation Category Building Type Target Audience Units Average Average Property Multi Family Apartment 8 Stories Market Rate Rental 371 439,718$ 163,135,458$ Category Building Type Target Audience Square Feet Average Property Value Per SF Average Property Value Per Category Commercial/Retail Neighborhood Retail Local Market 25,588 270$ 6,914,131.49 Total 170,049,589$ 895 ` Page 7 of 15 4.0 Fiscal Impact – Operating Revenues and Expenses – Tables 5,6,7,8, and 9 Using the methodology described in Section 2, the fiscal impacts of Ocean One on the City’s operating budget are summarized below in Table 5. The Project produces a fiscal surplus in the amount of $716,907 net of transfers to Boynton Beach CRA, when its value is included in the City’s taxable value base determined by the property appraiser. By 2036 at 10 years the net fiscal impact cumulative total of nearly $7,169,075 The strong growth in net fiscal surpluses is driven by the gains in total taxable values. Table 6 displays the growth in taxable value generated by the Project. Taxable value rises from almost $177 million in 2027 to more than $250 million by 2061. Table 4 Ocean One Development Scenario Real Estate on Tax Roll 2024 2025 2026 2027 2028 Total Multi Family-371 Unit - - - 371 - 371 Commercial/Retail-23,853 SF - - - 25,588 - 25,588 Permits for Construction 2024 2025 2026 2027 2028 Total Multi Family-371 Unit 371 - - - - 371 Commercial/Retail-23,853 SF 25,588 - - - - 25,588 Table 5 Ocean One Mixed Use Project Fiscal Impact - Operating Revenue and Expenditures Year Assessed Value Ad Valorem Ad Valorem Transferred to BBCRA Total Operating Revenue Total Operating Expenditure Net Fiscal Impact Cumulative Net Fiscal Impact 2027 177,087,194 1,390,134 (1,335,666) 2,251,049 1,534,141 716,907 716,907 2031 184,418,709 1,447,687 (1,393,219) 2,251,049 1,534,141 716,907 3,584,537 2036 194,015,408 1,523,021 (1,468,553) 2,251,049 1,534,141 716,907 7,169,075 2046 214,748,175 1,685,773 (1,631,305) 2,251,049 1,534,141 716,907 14,338,150 2056 237,719,798 1,866,100 (1,811,632) 2,251,049 1,534,141 716,907 21,507,225 2061 250,120,839 1,963,449 (1,908,981) 2,251,049 1,534,141 716,907 25,091,762 896 ` Page 8 of 15 Table 6 Ocean One Mixed Use Project Taxable Property Values 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Residential Development Multi Family-371 Unit 170,292,010 171,994,930 173,714,880 175,452,028 177,206,549 178,978,614 180,768,400 182,576,084 184,401,845 186,245,864 Total Taxable Value -Residential 170,292,010 171,994,930 173,714,880 175,452,028 177,206,549 178,978,614 180,768,400 182,576,084 184,401,845 186,245,864 Commercial/Retail Neighborhood Retail 6,795,183 6,897,111 7,000,568 7,105,576 7,212,160 7,320,342 7,430,148 7,541,600 7,654,724 7,769,545 Total Taxable Value -Commercial /Retail 6,795,183 6,897,111 7,000,568 7,105,576 7,212,160 7,320,342 7,430,148 7,541,600 7,654,724 7,769,545 Total Taxable Value 177,087,194 178,892,041 180,715,447 182,557,605 184,418,709 186,298,956 188,198,548 190,117,684 192,056,569 194,015,408 Table 6 Ocean One Mixed Use Project Taxable Property Values 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 Residential Development Multi Family-371 Unit 188,108,322 189,989,405 191,889,299 193,808,192 195,746,274 197,703,737 199,680,774 201,677,582 203,694,358 205,731,302 Total Taxable Value -Residential 188,108,322 189,989,405 191,889,299 193,808,192 195,746,274 197,703,737 199,680,774 201,677,582 203,694,358 205,731,302 Commercial/Retail Neighborhood Retail 7,886,088 8,004,379 8,124,445 8,246,311 8,370,006 8,495,556 8,622,990 8,752,334 8,883,619 9,016,874 Total Taxable Value -Commercial /Retail 7,886,088 8,004,379 8,124,445 8,246,311 8,370,006 8,495,556 8,622,990 8,752,334 8,883,619 9,016,874 Total Taxable Value 195,994,410 197,993,784 200,013,744 202,054,504 204,116,280 206,199,293 208,303,764 210,429,917 212,577,977 214,748,175 Table 6 Ocean One Mixed Use Project Taxable Property Values 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 Residential Development Multi Family-371 Unit 207,788,615 209,866,501 211,965,166 214,084,817 216,225,666 218,387,922 220,571,802 222,777,520 225,005,295 227,255,348 Total Taxable Value -Residential 207,788,615 209,866,501 211,965,166 214,084,817 216,225,666 218,387,922 220,571,802 222,777,520 225,005,295 227,255,348 Commercial/Retail Neighborhood Retail 9,152,127 9,289,409 9,428,750 9,570,181 9,713,734 9,859,440 10,007,331 10,157,441 10,309,803 10,464,450 Total Taxable Value -Commercial /Retail 9,152,127 9,289,409 9,428,750 9,570,181 9,713,734 9,859,440 10,007,331 10,157,441 10,309,803 10,464,450 Total Taxable Value 216,940,741 219,155,909 221,393,916 223,654,999 225,939,399 228,247,362 230,579,133 232,934,961 235,315,098 237,719,798 897 ` Page 9 of 15 Table 7 shown below, presents the key assumptions employed in calculating the taxable values shown previously. Our assumptions related to the assessment ratio and percentage of homes expected to take advantage of the homestead exemption are more conservative than those of AECOM making our analysis more conservative than if we had adopted the AECOM assumptions for these parameters. Using data from Census On-the-Map we determined that there were 28,755 City residents who also work in the city. Since we also included all employees, FLS weighted resident-employees by 0.7626 to avoid double counting. Non-working residents are weighed at 1.0 FTE. Seasonal residents are at 0.34 62 reflecting seasonal demands on City services. Persons per household and total households are from Florida Population Studies. Table 7 Ocean One Mixed Use Project Fiscal Impact Assumptions Taxable Assessment Millage Gerneral Revenue 7.8500 Mills Total 7.8500 Mills Population Equivalent Full-Time Amount Factor Equivalent Population-Working Residents 28,755 76.26%21,927 Population-Non-Working Residents 52,993 100.00%52,993 Population- Seasonal 7,914 34.62%2,739 Total Population (peak season)89,662 77,660 Population (total)81,748 Employment (total)28,851 98.00%28,274 Persons per Household - Single Family 2.49 Persons per Household - Multifamily 2.23 Total Households 31,683 Total Housing Units 36,220 Employment Assumptions Project Neighborhood Retail 41 (1 employee per 588 SF of Retail) Annual growth rate of Residential Property Value 1.0% Annual growth rate of Non-Residential Property Value 1.5% Property Valuation Average Value Multi Family-371 Unit $441,098 Per Unit Commercial /Retail $268 Per Square Foot 898 ` Page 10 of 15 Table 8 summarizes the results of the fiscal analysis for the City’s operating budget. Table 8 Ocean One Mixed Use Project Development Impact Summary 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Residential Units 371 371 371 371 371 371 371 371 371 371 Resident Households 198 198 198 198 198 198 198 198 198 198 Peak Population Resident Population 492 492 492 492 492 492 492 492 492 492 Seasonal Population 68 68 68 68 68 68 68 68 68 68 Employment Retail / Commercial 41 41 41 41 41 41 41 41 41 41 Total Employees 41 41 41 41 41 41 41 41 41 41 - - - - - - - - - - Full-Time Equivalent Visitors - - - - - - - - - - 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Boynton Beach Total Operating Revenues 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 Total Operating Expenditures 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 Net Fiscal Impact 716,907 716,907 716,907 716,907 716,907 716,907 716,907 716,907 716,907 716,907 Years 1 2 3 4 5 6 7 8 9 10 5 Years 10 Years 20 Years 30 Years 35 Years Net Present Value of Operating Impact 3,103,834 5,535,770 8,934,252 11,020,625 11,738,783 899 Page 11 of 15 Detail analysis (Table 9) is presented through 2036 which is a 10-year projection. Table 9 Ocean One Mixed Use Project Fiscal Impact Detail Operating Revenue and Expenses 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Revenues 311000 - Ad Valorem Taxes 1,390,134 1,404,303 1,418,616 1,433,077 1,447,687 1,462,447 1,477,359 1,492,424 1,507,644 1,523,021 Transfer to BBCRA (1,335,666) (1,349,835) (1,364,148) (1,378,609) (1,393,219) (1,407,979) (1,422,891) (1,437,956) (1,453,176) (1,468,553) 341200 - Internal Service Fund Fees and Charges 5,359 5,359 5,359 5,359 5,359 5,359 5,359 5,359 5,359 5,359 341900 - Other General Government Charges and Fees 6,645 6,645 6,645 6,645 6,645 6,645 6,645 6,645 6,645 6,645 342100 - Service Charge - Law Enforcement Services 29,496 29,496 29,496 29,496 29,496 29,496 29,496 29,496 29,496 29,496 342200 - Service Charge - Fire Protection 20,170 20,170 20,170 20,170 20,170 20,170 20,170 20,170 20,170 20,170 342400 - Service Charge - Emergency Management Service Fees/Charges 530 530 530 530 530 530 530 530 530 530 342500 - Service Charge - Protective Inspection Fees 685 685 685 685 685 685 685 685 685 685 343500 - Service Charge - Sewer/Wastewater Utility 1,415 1,415 1,415 1,415 1,415 1,415 1,415 1,415 1,415 1,415 343900 - Service Charge - Other Physical Environment Charges 23,820 23,820 23,820 23,820 23,820 23,820 23,820 23,820 23,820 23,820 347200 - Service Charge - Parks and Recreation 11,382 11,382 11,382 11,382 11,382 11,382 11,382 11,382 11,382 11,382 315100 - State Communications Services Taxes 13,396 13,396 13,396 13,396 13,396 13,396 13,396 13,396 13,396 13,396 316000 - Local Business Tax (Chapter 205) 969 969 969 969 969 969 969 969 969 969 331100 - Federal Grant - General Government 7,999 7,999 7,999 7,999 7,999 7,999 7,999 7,999 7,999 7,999 331200 - Federal Grant - Public Safety - - - - - - - - - - 331310 - Federal Grant - Water Supply System 8,201 8,201 8,201 8,201 8,201 8,201 8,201 8,201 8,201 8,201 331500 - Federal Grant - Economic Environment 483 483 483 483 483 483 483 483 483 483 331900 - Federal Grant - Other 22 22 22 22 22 22 22 22 22 22 334100 - State Grant - General Government 2,047 2,047 2,047 2,047 2,047 2,047 2,047 2,047 2,047 2,047 334500 - State Grant - Economic Environment 463 463 463 463 463 463 463 463 463 463 334700 - State Grant - Culture/Recreation 27,811 27,811 27,811 27,811 27,811 27,811 27,811 27,811 27,811 27,811 335125 - Municipal Revenue Sharing Program - Proceeds 506 506 506 506 506 506 506 506 506 506 335140 - State Revenue Sharing - Mobile Home Licenses 625 625 625 625 625 625 625 625 625 625 335150 - State Revenue Sharing - Alcoholic Beverage Licenses 60,422 60,422 60,422 60,422 60,422 60,422 60,422 60,422 60,422 60,422 335190 - State Revenue Sharing - Other General Government 617 617 617 617 617 617 617 617 617 617 337200 - Local Government Unit Grant - Public Safety 3,534 3,534 3,534 3,534 3,534 3,534 3,534 3,534 3,534 3,534 338000 - Shared Revenue From Other Local Units 1,555 1,555 1,555 1,555 1,555 1,555 1,555 1,555 1,555 1,555 339000 - Payments From Other Local Units In Lieu Of Taxes 5,445 5,445 5,445 5,445 5,445 5,445 5,445 5,445 5,445 5,445 354000 - Fines - Local Ordinance Violation 21,924 21,924 21,924 21,924 21,924 21,924 21,924 21,924 21,924 21,924 359000 - Other Judgments, Fines and Forfeits 63,222 63,222 63,222 63,222 63,222 63,222 63,222 63,222 63,222 63,222 361100 - Interest 714,572 714,572 714,572 714,572 714,572 714,572 714,572 714,572 714,572 714,572 361400 - Gain (Loss) on Sale of Investments 4,894 4,894 4,894 4,894 4,894 4,894 4,894 4,894 4,894 4,894 362000 - Rents and Royalties 3,661 3,661 3,661 3,661 3,661 3,661 3,661 3,661 3,661 3,661 364000 - Disposition of Fixed Assets 1,970 1,970 1,970 1,970 1,970 1,970 1,970 1,970 1,970 1,970 366000 - Contributions and Donations from Private Sources 226,276 226,276 226,276 226,276 226,276 226,276 226,276 226,276 226,276 226,276 368000 - Pension Fund Contributions 45,388 45,388 45,388 45,388 45,388 45,388 45,388 45,388 45,388 45,388 369900 - Other Miscellaneous Revenues 222,750 222,750 222,750 222,750 222,750 222,750 222,750 222,750 222,750 222,750 381000 - Inter-Fund Group Transfers In 496,943 496,943 496,943 496,943 496,943 496,943 496,943 496,943 496,943 496,943 322000 - Building Permits 34,494 34,494 34,494 34,494 34,494 34,494 34,494 34,494 34,494 34,494 323100 - Franchise Fee - Electricity 40,372 40,372 40,372 40,372 40,372 40,372 40,372 40,372 40,372 40,372 323400 - Franchise Fee - Gas 271 271 271 271 271 271 271 271 271 271 323900 - Franchise Fee - Other 1,077 1,077 1,077 1,077 1,077 1,077 1,077 1,077 1,077 1,077 325200 - Special Assessments - Charges for Public Services 62,585 62,585 62,585 62,585 62,585 62,585 62,585 62,585 62,585 62,585 329500 - Other Fees & Special Assessments 4,666 4,666 4,666 4,666 4,666 4,666 4,666 4,666 4,666 4,666 Total Revenues 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 900 Page 12 of 15 Table 9 Ocean One Mixed Use Project Fiscal Impact Detail Operating Revenue and Expenses 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Expenditures 571.10 - Libraries - Personnel Services 19,496 19,496 19,496 19,496 19,496 19,496 19,496 19,496 19,496 19,496 571.30 - Libraries - Operating Expenses 5,099 5,099 5,099 5,099 5,099 5,099 5,099 5,099 5,099 5,099 571.60 - Libraries - Capital Outlay 1,160 1,160 1,160 1,160 1,160 1,160 1,160 1,160 1,160 1,160 572.10 - Parks/Recreation - Personnel Services 39,337 39,337 39,337 39,337 39,337 39,337 39,337 39,337 39,337 39,337 572.30 - Parks/Recreation - Operating Expenses 28,338 28,338 28,338 28,338 28,338 28,338 28,338 28,338 28,338 28,338 572.60 - Parks/Recreation - Capital Outlay 323 323 323 323 323 323 323 323 323 323 579.10 - Other Culture/Recreation - Personnel Services 1,104 1,104 1,104 1,104 1,104 1,104 1,104 1,104 1,104 1,104 579.30 - Other Culture/Recreation - Operating Expenses 1,135 1,135 1,135 1,135 1,135 1,135 1,135 1,135 1,135 1,135 579.60 - Other Culture/Recreation - Capital Outlay 574 574 574 574 574 574 574 574 574 574 554.10 - Housing and Urban Development - Personnel Services 2,376 2,376 2,376 2,376 2,376 2,376 2,376 2,376 2,376 2,376 554.30 - Housing and Urban Development - Operating Expenses 468 468 468 468 468 468 468 468 468 468 559.10 - Other Economic Development - Personnel Services 2,796 2,796 2,796 2,796 2,796 2,796 2,796 2,796 2,796 2,796 559.30 - Other Economic Development - Operating Expenses 11,514 11,514 11,514 11,514 11,514 11,514 11,514 11,514 11,514 11,514 511.10 - Legislative - Personnel Services 1,945.80 1,945.80 1,945.80 1,945.80 1,945.80 1,945.80 1,945.80 1,945.80 1,945.80 1,945.80 511.30 - Legislative - Operating Expenses 784 784 784 784 784 784 784 784 784 784 512.10 - Executive - Personnel Services 14,785 14,785 14,785 14,785 14,785 14,785 14,785 14,785 14,785 14,785 512.30 - Executive - Operating Expenses 30,477 30,477 30,477 30,477 30,477 30,477 30,477 30,477 30,477 30,477 512.60 - Executive - Capital Outlay 1,520 1,520 1,520 1,520 1,520 1,520 1,520 1,520 1,520 1,520 512.90 - Executive - Other Uses 36,979 36,979 36,979 36,979 36,979 36,979 36,979 36,979 36,979 36,979 513.10 - Financial and Administrative - Personnel Services 35,458 35,458 35,458 35,458 35,458 35,458 35,458 35,458 35,458 35,458 513.30 - Financial and Administrative - Operating Expenses 36,764 36,764 36,764 36,764 36,764 36,764 36,764 36,764 36,764 36,764 513.60 - Financial and Administrative - Capital Outlay 248 248 248 248 248 248 248 248 248 248 514.10 - Legal Counsel - Personnel Services 1,238 1,238 1,238 1,238 1,238 1,238 1,238 1,238 1,238 1,238 514.30 - Legal Counsel - Operating Expenses 4,520 4,520 4,520 4,520 4,520 4,520 4,520 4,520 4,520 4,520 515.10 - Comprehensive Planning - Personnel Services 6,495 6,495 6,495 6,495 6,495 6,495 6,495 6,495 6,495 6,495 515.30 - Comprehensive Planning - Operating Expenses 624 624 624 624 624 624 624 624 624 624 518.30 - Pension Benefits - Operating Expenses 236,245 236,245 236,245 236,245 236,245 236,245 236,245 236,245 236,245 236,245 519.10 - Other General Government - Personnel Services 27,214 27,214 27,214 27,214 27,214 27,214 27,214 27,214 27,214 27,214 539.10 - Other Physical Environment - Personnel Services 847 847 847 847 847 847 847 847 847 847 521.60 - Law Enforcement - Capital Outlay 1,579 1,579 1,579 1,579 1,579 1,579 1,579 1,579 1,579 1,579 522.10 - Fire Control - Personnel Services 225,458 225,458 225,458 225,458 225,458 225,458 225,458 225,458 225,458 225,458 522.30 - Fire Control - Operating Expenses 32,744 32,744 32,744 32,744 32,744 32,744 32,744 32,744 32,744 32,744 522.60 - Fire Control - Capital Outlay 5,228 5,228 5,228 5,228 5,228 5,228 5,228 5,228 5,228 5,228 522.90 - Fire Control - Other Uses 1,299 1,299 1,299 1,299 1,299 1,299 1,299 1,299 1,299 1,299 524.10 - Protective Inspections - Personnel Services 27,721 27,721 27,721 27,721 27,721 27,721 27,721 27,721 27,721 27,721 524.30 - Protective Inspections - Operating Expenses 7,683 7,683 7,683 7,683 7,683 7,683 7,683 7,683 7,683 7,683 541.60 - Road/Street Facilities - Capital Outlay 196 196 196 196 196 196 196 196 196 196 Total Expenditures 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 Net Fiscal Impact 716,907 716,907 716,907 716,907 716,907 716,907 716,907 716,907 716,907 716,907 Cumulative 716,907 1,433,815 2,150,722 2,867,630 3,584,537 4,301,445 5,018,352 5,735,260 6,452,167 7,169,075 901 Page 13 of 15 5.0 Fiscal Impact Capital Revenues and Capital Expenses – Tables 10,11 and 12 Boynton Beach does have a city parks and recreation facilities impact fee requirement for the Project. In addition, Developer has agreed to provide (a) 90 public parking spaces at an estimated value of $55,000/space for a total of $4.995 million (Table 11), and (b) $1 million in extraordinary public infrastructure (Table 12). Table 10 Ocean One Mixed Use Project Fiscal Impact - Capital Revenue 2024 2025 Total Capital Revenues City Parks and Recreation Facilities Impact fees 220,745 - 220,745 Total Capital Revenue 220,745$ -$ 220,745$ Parking Spaces Cost /Parking Space Total Public Parking Spaces 90 55,500$ 4,995,000$ Extraordinary Public Infrastructure 1,032,094 Total Developer's Contribution 6,027,094$ DEVELOPER'S CONTRIBUTION Table 11 Ocean One Developer's Contribution Mixed Use Project Parking Spaces Fiscal Impact - Capital Revenue and Expenditures Total Current Parking Garage Spaces 633.00 Additional Spaces Created 32.00 Total New Parking Garage Spaces 665.00 New Parking Spaces (Dedicated to Public)32.00 Private Retail Parking Spaces (Dedicated to Public)58.00 Total Public Parking Spaces 90.00 Total $$ Per Space Baseline Value $4,050,000 $45,000 Location Value (East of US1 near Marina)$540,000 $6,000 Loss of Value for Retail $405,000 $4,500 Total $4,995,000 $55,500 902 Page 14 of 15 Table 12 Ocean One Developer's Contribution Mixed Use Project Extraordindinary Public Infrastructure Fiscal Impact - Capital Revenue and Expenditures Category Qty Unit Unit Cost Total Final Lift of Asphalt Boynton Beach Boulevard 1,500.00 SY 15.00 $22,500 Subtotal $22,500 Sidewalk Construction Category Qty Unit Unit Cost Total 5 Ft. Concrete Sidewalk (4 in.)2,200.00 LF 15.00 $33,000 Subtotal $33,000 Drainage Construction Category Qty Unit Unit Cost Total Stormwater System Inspection with Diver 1.00 LS 6,500.00 $6,500 Increasing Stormwater Capacity (20% Additional Volume)1.00 LS 25,000.00 $25,000 Subtotal $31,500 Utility Relocation Category Qty Unit Unit Cost Total 12" Water Main Extension 1,200.00 LF 115.00 $138,000 6'' Fire line 350 LF 57 $19,950 20" Sanitary Force Main Upgrade 660.00 LS 485.00 $320,100 Fire Hydrant 5.00 LF 7,140.00 $35,700 4" Gas Main Relocation 1.00 LS 19,350.00 $19,350 Subtotal $533,100 Landscape Construction Category Qty Unit Unit Cost Total Landscape & Irrigation 3,000.00 SF $20 $60,000 Street Frontage - Lights 25 EA $5,805 $145,125 Subtotal $205,125 Mobilization (5%)$41,261 MOT (4%)$33,009 Clearing and Grubbing (2%)$16,505 Testing, Surveying and Miscellaneous (1.5%)$12,378 Pavement Marking and Signage (2.5% of Roadway)$563 Design Fees and Permitting (2.5% - Excluding FPL)$20,631 Contingency (10%)$82,523 Subtotal $206,869 Total Public Infrastructure $1,032,094 903 Page 15 of 15 IMPORTANT NOTICE CONCERNING “FISCAL IMPACT ANALYSIS REPORT” 1. Fiscal Impact Analysis Report (“FIAR”) Certain portions of the FIAR have various sections of the analysis that contain forecasted financial performance based upon several current and projected market conditions. These conditions are subject to numerous risks and uncertainties that cannot be determined at this time. Each section of the FIAR contains forecasted data. While presented with numerical specificity, projected information of the type furnished above is based on estimates and assumptions that are inherently subj ect to significant economic and competitive uncertainties and contingencies, all of which are difficult to predict and many of which are beyond the FLS's control. Accordingly, there can be no assurance that such estimates and assumptions will be accurate, and the actual results may be significantly higher or lower than those set forth. 2. Actual Results May Differ from FIAR Due to a variety of risks and uncertainties, actual results may be materially different from the results projected in the FIAR. Accordingly, the FIAR is meant only to serve as a guide and is not intended to be relied upon as to the reasonableness of the underlying facts or assumptions. This FIAR does not contain and is not to be construed as legal, business, investment, or tax advice. 3. The Fishkind Litigation Services Inc. (FLS) Has No Duty to Update FIAR The FIAR is current only as of August,2023. Following delivery of this report, FLS expectations of results may change. FLS may come to believe that the FIAR is no longer accurate. FLS shall not have any obligation to update any corrections or revisions to the FIAR contained herein, even if the FLS believes the forward-looking analysis is no longer accurate. FLS does not intend to update or otherwise revise the FIAR to reflect circumstances existing after the date when made or to reflect the occurrence of future events even if any or all the assumptions underlying the projections are shown to be in error. FLS assumes no responsibility for the accuracy or validity of the FIAR. 904 630 E Woolbright Rd PREPARED BY Hank Fishkind Underwriting Report Avion Riverwalk 319 Unit Apartment Building Boynton Beach, Florida - Outer Boynton Beach Neighborhood Exhibit 2 Exhibit 2 905 SUBJECT PROPERTY Property Details 1 RENT COMPS Map & List 5 Photo Comparison 7 Rent Comps Details 9 Unit Mix Summary 38 Ranking Chart By Bedroom 39 Changes in Rent Comps 43 Rent Trend Charts 47 RentTrend Data 53 CONSTRUCTION Overall Construction Map & Summary 55 Under Construction Map & List 56 Under Construction Details 58 Deliveries Past 12 Months Map & List 59 Delivered Property Details 61 Construction Summary 63 SALE COMPS Map & List 69 Sale Comp Details 71 Sales Volume 91 Sales Pricing 92 Cap Rates 94 Top Buyers & Sellers 95 DEMOGRAPHICS Overview 98 Age & Education 99 Ethnicity 100 MULTI-FAMILY SUBMARKET REPORT Submarket Key Statistics 102 Vacancy 104 Rent 107 Construction 109 630 E Woolbright Rd - Avion Riverwalk 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Exhibit 2 Exhibit 2 906 Sales 112 Sales Past 12 Months 114 Supply & Demand Trends 116 Vacancy & Rent 118 Sale Trends 120 Deliveries & Under Construction 122 MULTI-FAMILY MARKET REPORT Market Key Statistics 124 Vacancy 126 Rent 129 Construction 132 Under Construction Properties 133 Sales 135 Sales Past 12 Months 137 Economy 139 Market Submarkets 144 Supply & Demand Trends 146 Vacancy & Rent 148 Sale Trends 150 Deliveries & Under Construction 152 630 E Woolbright Rd - Avion Riverwalk 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Exhibit 2 Exhibit 2 907 Subject Property 630 E Woolbright Rd - Avion Riverwalk Boynton Beach, Florida - Outer Boynton Beach Neighborhood PROPERTY MANAGER American Land Ventures - Avion Riverwalk (561) 375-5500 PROPERTY - No. of Units:319 Stories:10 Avg. Unit Size:1,019 SF Year Built:May 2023 Parking:- Distance to Transit: Type:Apartments - All Rent Type:Market OWNER Isram Realty & Management Inc. 12 MONTH ABSORPTION Current:118 Units Competitor Total:146 Units Competitor Avg:9.8 Units Submarket Total:493 Units Submarket Avg:0.7 Units ASKING RENTS PER UNIT/SF $2.19 /SF $2.22 /SF $3.16 /SF Current:$3,167 $3.10 /SF Last Quarter:$3,156 $3.09 /SF Year Ago:$3,224 Competitors:$2,464 Submarket:$2,198 VACANCY 1,449 Units 285 Units - Current:63.0%201 Units Last Quarter:65.8%210 Units Year Ago:- Competitors:6.2% Submarket:7.3% UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN Studio 1 574 1 0.3%0 0.0%$2,490 $4.34 $2,340 $4.08 6.0% 1 1 537 8 2.5%0 0.0%$2,104 $3.92 $2,104 $3.92 0.0% 1 1 657 8 2.5%0 0.0%$2,590 $3.94 $2,590 $3.94 0.0% 1 1 768 87 27.3%56 64.4%$2,425 $3.16 $2,425 $3.16 0.0% 1 1 782 36 11.3%18 50.0%$2,450 $3.13 $2,450 $3.13 0.0% 1 1 850 1 0.3%0 0.0%$2,809 $3.30 $2,809 $3.30 0.0% 1 1 856 12 3.8%2 16.7%$3,265 $3.81 $3,265 $3.81 0.0% 2 2 1,050 6 1.9%6 100%$3,325 $3.17 $3,325 $3.17 0.0% 2 2 1,104 8 2.5%6 75.0%$3,345 $3.03 $3,345 $3.03 0.0% 2 2 1,151 16 5.0%15 93.8%$3,305 $2.87 $3,305 $2.87 0.0% 2 2 1,188 20 6.3%4 20.0%$3,730 $3.14 $3,730 $3.14 0.0% 2 2 1,223 36 11.3%33 91.7%$3,530 $2.89 $3,530 $2.89 0.0% 2 2 1,250 1 0.3%1 100%$3,730 $2.98 $3,730 $2.98 0.0% 2 2 1,263 9 2.8%7 77.8%$3,915 $3.10 $3,915 $3.10 0.0% 2 2 1,265 15 4.7%5 33.3%$3,910 $3.09 $3,910 $3.09 0.0% 2 2 1,288 15 4.7%10 66.7%$3,565 $2.77 $3,565 $2.77 0.0% 2 2 1,294 15 4.7%4 26.7%$4,240 $3.28 $4,240 $3.28 0.0% 2 2 1,400 1 0.3%0 0.0%$4,485 $3.20 $4,485 $3.20 0.0% 2 2 1,484 8 2.5%3 37.5%$4,145 $2.79 $4,145 $2.79 0.0% 3 3 1,513 16 5.0%2 12.5%$4,710 $3.11 $4,710 $3.11 0.0% 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 2 Exhibit 2 Exhibit 2 908 Subject Property Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All Studios 574 1 0.3%0 0.0%$2,490 $4.34 $2,340 $4.08 6.0% All 1 Beds 761 152 47.6%76 50.0%$2,492 $3.27 $2,492 $3.27 0.0% All 2 Beds 1,233 150 47.0%94 62.7%$3,691 $2.99 $3,691 $2.99 0.0% All 3 Beds 1,513 16 5.0%2 12.5%$4,710 $3.11 $4,710 $3.11 0.0% Totals 1,020 319 100%172 53.9%$3,167 $3.10 $3,166 $3.10 0.0% Updated July 31, 2023Estimate SITE AMENITIES Cabana Fitness Center Grill Lounge Package Service Pet Play Area Pet Washing Station Pool Roof Terrace Sauna Storage Space Sundeck UNIT AMENITIES Air Conditioning Ceiling Fans Granite Countertops Island Kitchen Oven Walk-In Closets Washer/Dryer Wi-Fi RECURRING EXPENSES Unassigned Garage Parking $0-100 Storage Fee $95 ONE TIME EXPENSES Dog Fee $350 Cat Fee $350 Admin Fee $250 Application Fee $75 PET POLICY Dog Allowed One-Time Fee: $350-350, 2 Maximum Restrictions: NON-Refundable Pet Fees - $ 350 for 1 pet and $ 450 for 2 pets. Breed Restrictions Apply. No Aggressive Breeds Allowed. Pit Bulls Are Not Permitted. Cat Allowed One-Time Fee: $350-350, 2 Maximum Restrictions: NON-Refundable Pet Fees - $ 350 for 1 pet and $ 450 for 2 pets. Breed Restrictions Apply. No Aggressive Breeds Allowed. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 3 Exhibit 2 Exhibit 2 909 Subject Property InteriorPrimary InteriorInterior 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 4 Exhibit 2 Exhibit 2 910 630 E Woolbright Rd PREPARED BY Hank Fishkind Rent Comparables Avion Riverwalk 319 Unit Apartment Building Boynton Beach, Florida - Outer Boynton Beach Neighborhood Exhibit 2 Exhibit 2 911 Rent Comparables Summary 630 E Woolbright Rd - Avion Riverwalk 17 $2,464 $2.22 6.2% No. Rent Comps Avg. Rent Per Unit Avg. Rent Per SF Avg. Vacancy Rate RENT COMP LOCATIONS RENT COMPS SUMMARY STATISTICS Unit Breakdown Low Average Median High Total Units Studio Units One Bedroom Units Two Bedroom Units Three Bedroom Units 124 0 36 0 0 294 3 106 135 50 280 0 85 118 48 548 26 200 296 112 Property Attributes Low Average Median High 1989Year Built Number of Floors Average Unit Size SF Vacancy Rate Star Rating 2 691 0.1% 2009 3 1,104 6.2% 2012 3 1,089 6.2% 2023 5 1,355 15.4% 3.8 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 6 Exhibit 2 Exhibit 2 912 Rent Comparables Summary 630 E Woolbright Rd - Avion Riverwalk Property Name/Address Rating Yr Built Units Avg Unit SF Studio 1 Bed 2 Bed 3 Bed Rent/SF Property Size Asking Rent Per Month Per Unit -Avion Riverwalk 319 1,020 $2,490 $2,492 $3,691 $4,710 $3.10630 E Woolbright Rd 2023 -Aura Delray Beach 292 964 $2,335 $2,560 $3,268 $3,565 $3.002095 W Atlantic Ave 1 2023 -Pacifica 324 973 -$2,181 $2,742 $3,041 $2.571100 Audace Ave 2 2019 -Congress Grove 369 936 $1,972 $2,092 $2,690 $3,344 $2.55250 Congress Park Dr 3 2013 -Seabourn Cove 456 1,302 -$2,587 $3,290 $3,831 $2.423501 S Federal Hwy 4 2012 -The Atlantic at East Delray 228 1,079 -$2,068 $2,719 $3,075 $2.41650 Lavers Cir 5 1996 -Windsor at Delray Beach 188 1,089 -$2,191 $2,810 $3,092 $2.392001 N Federal Hwy 6 2016 -Luma Delray 212 192 -$2,350 $3,033 $3,425 $2.397606 Atlantic Ave 7 2022 -Blu Atlantic 171 1,062 -$1,989 $2,376 $2,949 $2.275550 Nepsa Way 8 2013 -Oasis Delray Beach Apart…324 1,133 -$2,124 $2,546 $3,126 $2.255600 W Atlantic Ave 9 1998 -One Boynton 494 1,152 -$2,072 $2,775 $3,301 $2.241351 S Federal Hwy 10 2009 -High Ridge Landing 184 1,049 -$1,980 $2,252 $2,860 $2.153609 High Ridge Way 11 2016 -Verona at Boynton Beach 216 1,097 -$1,919 $2,396 $2,639 $2.081575 SW 8th St 12 2002 -Cortland West Boynton 264 1,143 -$1,922 $2,431 $2,651 $2.057933 Venture Center Way 13 2000 -Latitude Pointe 280 1,061 -$2,020 $2,064 $2,745 $1.989873 Lawrence Rd 14 1989 -The Cove at Boynton Bea…548 1,202 -$1,805 $2,129 $2,724 $1.80100 Newlake Dr 15 1996 -Gateway Club 319 1,228 -$1,780 $2,147 $2,546 $1.763930 Max Pl 16 1999 -The Heart of Boynton Bea…124 691 -$1,175 --$1.70117 NE 9th Ave 17 2023 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 7 Exhibit 2 Exhibit 2 913 Vacancy 6.2% 1100 Audace Ave 324 Units / 5 Stories Owner: Walton Street Capital, LLC Rent/SF $2.57, Pacifica2 Vacancy - 2095 W Atlantic Ave 292 Units / 5 Stories Owner: Trinsic Residential Group Rent/SF $3.00, Aura Delray Beach1 Vacancy 63.0% 630 E Woolbright Rd 319 Units / 10 Stories Owner: Isram Realty & Management… Rent/SF $3.10, Subject Property Avion Riverwalk Vacancy 8.8% 650 Lavers Cir 228 Units / 3 Stories Owner: Nuveen Rent/SF $2.41, The Atlantic at East Delray5 Vacancy 6.8% 3501 S Federal Hwy 456 Units / 3 Stories Owner: The Dermot Company Rent/SF $2.42, Seabourn Cove4 Vacancy 8.1% 250 Congress Park Dr 369 Units / 4 Stories Owner: Crow Holdings Rent/SF $2.55, Congress Grove3 Vacancy 0% 5550 Nepsa Way 171 Units / 3 Stories Owner: Brause Realty Inc.;Rohdie Gr… Rent/SF $2.27, Blu Atlantic8 Vacancy 6.1% 7606 Atlantic Ave 212 Units / 3 Stories Owner: Principal Development Group… Rent/SF $2.39, Luma Delray7 Vacancy 3.2% 2001 N Federal Hwy 188 Units / 5 Stories Owner: GID Investment Advisors LLC Rent/SF $2.39, Windsor at Delray Beach6 Rent Comparables Photo Comparison 630 E Woolbright Rd 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 8 Exhibit 2 Exhibit 2 914 Vacancy 15.2% 3609 High Ridge Way 184 Units / 3 Stories Owner: Yuksel, Inc. Rent/SF $2.15, High Ridge Landing11 Vacancy 3.0% 1351 S Federal Hwy 494 Units / 5 Stories Owner: Blackstone Inc. Rent/SF $2.24, One Boynton10 Vacancy 4.0% 5600 W Atlantic Ave 324 Units / 3 Stories Owner: Starwood Capital Group Rent/SF $2.25, Oasis Delray Beach Apartm…9 Vacancy 8.2% 9873 Lawrence Rd 280 Units / 3 Stories Owner: Klingbeil Capital Managemen… Rent/SF $1.98, Latitude Pointe14 Vacancy 1.9% 7933 Venture Center Way 264 Units / 3 Stories Owner: Blackstone Inc.;Cortland Rent/SF $2.05, Cortland West Boynton13 Vacancy 10.2% 1575 SW 8th St 216 Units / 3 Stories Owner: Waterton Rent/SF $2.08, Verona at Boynton Beach12 Vacancy - 117 NE 9th Ave 124 Units / 4 Stories Owner: - Rent/SF $1.70, The Heart of Boynton Beach17 Vacancy 4.7% 3930 Max Pl 319 Units / 2 Stories Owner: Northland Rent/SF $1.76, Gateway Club16 Vacancy 8.0% 100 Newlake Dr 548 Units / 3 Stories Owner: Starwood Capital Group Rent/SF $1.80, The Cove at Boynton Beach…15 Rent Comparables Photo Comparison 630 E Woolbright Rd 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 9 Exhibit 2 Exhibit 2 915 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 1 2095 W Atlantic Ave - Aura Delray Beach Delray Beach, Florida - Outer Delray Beach Neighborhood PROPERTY MANAGER Bozzuto - Aura Delray Beach (888) 310-2307 PROPERTY 4.23 Miles Property Size:292 Units, 5 Floors Avg. Unit Size:964 SF Year Built:Aug 2023 Type:Apartments - All Rent Type: Parking:- Distance to Subject: Distance to Transit:- Market OWNER - UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN Studio 1 651 26 8.9%--$2,335 $3.59 $2,335 $3.59 0.0% 1 1 782 62 21.2%--$2,490 $3.18 $2,490 $3.18 0.0% 1 1 822 66 22.6%--$2,625 $3.19 $2,625 $3.19 0.0% 2 2 1,111 62 21.2%--$3,240 $2.92 $3,240 $2.92 0.0% 2 2 1,168 56 19.2%--$3,300 $2.83 $3,300 $2.83 0.0% 3 2 1,374 20 6.8%--$3,565 $2.59 $3,565 $2.59 0.0% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All Studios 651 26 8.9%--$2,335 $3.59 $2,335 $3.59 0.0% All 1 Beds 803 128 43.8%--$2,560 $3.19 $2,560 $3.19 0.0% All 2 Beds 1,138 118 40.4%--$3,268 $2.87 $3,268 $2.87 0.0% All 3 Beds 1,374 20 6.8%--$3,565 $2.59 $3,565 $2.59 0.0% Totals 964 292 100%--$2,895 $3.00 $2,895 $3.00 0.0% Updated July 25, 2023Estimate SITE AMENITIES 24 Hour Access, Business Center, Cabana, Clubhouse, Fitness Center, Gameroom, Grill, Lounge, Maintenance on site, On-Site Retail, Pet Play Area, Pet Washing Station, Property Manager on Site, Tenant Controlled HVAC, Walking/Biking Trails UNIT AMENITIES Air Conditioning, Carpet, Dishwasher, Disposal, Freezer, Heating, Kitchen, Oven, Refrigerator, Stainless Steel Appliances, Tub/Shower RECURRING EXPENSES Dog Rent $25 Cat Rent $25 ONE TIME EXPENSES Dog Fee $500 Cat Fee $500 Admin Fee $350 Application Fee $125 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 10 Exhibit 2 Exhibit 2 916 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk PET POLICY Dog Allowed One-Time Fee: $500-500, $25/Mo, 2 Maximum Restrictions: Breed Restrictions apply. Management has sole discretion to determine whether an animal is a restricted breed and may base its decision on documentation, visual inspection, examination by a veterinarian, and other measures. Cat Allowed One-Time Fee: $500-500, $25/Mo, 2 Maximum 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 11 Exhibit 2 Exhibit 2 917 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 2 1100 Audace Ave - Pacifica Boynton Beach, Florida - Outer Boynton Beach Neighborhood PROPERTY MANAGER Bozzuto - Pacifica (561) 903-0261 PROPERTY 2.59 Miles Property Size:324 Units, 5 Floors Avg. Unit Size:972 SF Year Built:Nov 2019 Type:Apartments - All Rent Type: Parking:- Distance to Subject: Distance to Transit:- Market OWNER Purchased Jul 2021 $92,675,000 ($286,034/Unit) UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 750 76 23.5%8 10.5%$2,032 $2.71 $2,018 $2.69 0.7% 1 1 833 95 29.3%5 5.3%$2,300 $2.76 $2,284 $2.74 0.7% 2 2 1,088 24 7.4%3 12.5%$2,686 $2.47 $2,667 $2.45 0.7% 2 2 1,116 45 13.9%3 6.7%$2,731 $2.45 $2,712 $2.43 0.7% 2 2 1,162 24 7.4%1 4.2%$2,817 $2.42 $2,797 $2.41 0.7% 3 2 1,200 30 9.3%6 20.0%$2,907 $2.42 $2,886 $2.41 0.7% 3 2 1,293 30 9.3%1 3.3%$3,174 $2.45 $3,151 $2.44 0.7% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 796 171 52.8%13 7.6%$2,181 $2.74 $2,165 $2.72 0.7% All 2 Beds 1,121 93 28.7%7 7.5%$2,742 $2.45 $2,722 $2.43 0.7% All 3 Beds 1,247 60 18.5%7 11.7%$3,041 $2.44 $3,019 $2.42 0.7% Totals 973 324 100%27 8.3%$2,501 $2.57 $2,483 $2.55 0.7% Updated August 01, 2023Estimate SITE AMENITIES Conference Rooms, Fitness Center, Gameroom, Grill, Lounge, Pool, Spa UNIT AMENITIES Balcony, Patio, Stainless Steel Appliances, Walk-In Closets, Washer/Dryer RECURRING EXPENSES Dog Rent $15 Cat Rent $15 Other Rent $15 Unassigned Other Parking $50 Storage Fee $25 ONE TIME EXPENSES Dog Fee $500 Cat Fee $500 Other Fee $500 Admin Fee $250 Application Fee $105 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 12 Exhibit 2 Exhibit 2 918 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk PET POLICY Dog Allowed One-Time Fee: $500-500, $15/Mo, 2 Maximum Restrictions: Bozzuto Standard Aggressive Breed List Cat Allowed One-Time Fee: $500-500, $15/Mo, 2 Maximum Other Allowed One-Time Fee: $500-500, $15/Mo, 2 Maximum Restrictions: Standard Bozzuto restricted breed list. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 13 Exhibit 2 Exhibit 2 919 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 3 250 Congress Park Dr - Congress Grove Delray Beach, Florida - Outer Delray Beach Neighborhood PROPERTY MANAGER RangeWater - Congress Grove (561) 237-5956 PROPERTY 4.65 Miles Property Size:369 Units, 4 Floors Avg. Unit Size:936 SF Year Built:Jan 2013 Type:Apartments - All Rent Type: Parking:774 Spaces; 2.1 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Jun 2021 $111,750,000 ($302,846/Unit) UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN Studio 1 537 17 4.6%4 23.5%$1,975 $3.68 $1,958 $3.65 0.9% Studio 1 566 1 0.3%0 0.0%$1,875 $3.31 $1,858 $3.28 0.9% Studio 1 577 2 0.5%1 50.0%$1,999 $3.46 $1,982 $3.43 0.9% 1 1 723 105 28.5%7 6.7%$1,950 $2.70 $1,933 $2.67 0.9% 1 1 725 4 1.1%0 0.0%$2,182 $3.01 $2,164 $2.98 0.8% 1 1 743 2 0.5%0 0.0%$2,270 $3.06 $2,251 $3.03 0.9% 1 1 756 15 4.1%0 0.0%$2,225 $2.94 $2,206 $2.92 0.9% 1 1 760 11 3.0%0 0.0%$2,081 $2.74 $2,063 $2.71 0.9% 1 1 863 43 11.7%4 9.3%$2,380 $2.76 $2,360 $2.73 0.9% 2 2 1,110 110 29.8%7 6.4%$2,630 $2.37 $2,608 $2.35 0.9% 2 2 1,204 8 2.2%1 12.5%$2,990 $2.48 $2,965 $2.46 0.9% 2 2 1,216 18 4.9%2 11.1%$2,975 $2.45 $2,950 $2.43 0.9% 2 2 1,222 15 4.1%3 20.0%$2,575 $2.11 $2,553 $2.09 0.9% 2 2 1,308 4 1.1%1 25.0%$2,905 $2.22 $2,880 $2.20 0.9% 3 2 1,446 14 3.8%0 0.0%$3,344 $2.31 $3,316 $2.29 0.9% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All Studios 542 20 5.4%5 25.0%$1,972 $3.64 $1,955 $3.60 0.9% All 1 Beds 762 180 48.8%11 6.1%$2,092 $2.75 $2,075 $2.72 0.9% All 2 Beds 1,143 155 42.0%14 9.0%$2,690 $2.35 $2,668 $2.33 0.9% All 3 Beds 1,446 14 3.8%0 0.0%$3,344 $2.31 $3,316 $2.29 0.9% Totals 936 369 100%30 8.1%$2,385 $2.55 $2,364 $2.53 0.9% Updated August 01, 2023Estimate SITE AMENITIES 24 Hour Access, Business Center, Clubhouse, Courtyard, Fitness Center, Grill, Lounge, Property Manager on Site, Storage Space, Wi-Fi UNIT AMENITIES Air Conditioning, Balcony, Granite Countertops, Linen Closet, Pantry, Patio, Security System, Stainless Steel Appliances, Tile Floors, Views, Walk-In Closets, Washer/Dryer 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 14 Exhibit 2 Exhibit 2 920 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk RECURRING EXPENSES Dog Rent $20 Cat Rent $20 ONE TIME EXPENSES Dog Fee $500 Cat Fee $500 Admin Fee $350 Application Fee $135 PET POLICY Dog Allowed One-Time Fee: $500-500, $20/Mo, 2 Maximum, 100 lb. Maximum Restrictions: Tosa Inu/Ken, American Bandogge, Cane Corso, Rottweiler, Doberman, Pit Bull, Bull Terrier, Staffordshire Terrier, Dogo Argentino, Boer Boel, Gull Dong, Basenji, Mastiff, Perro de Presa Canario, Fila Brasiliero, Wolf Hybrid, Caucasian Oucharka, Alaskan Malamutes, Kangal, German Shepard, Shepard, Chow, Spitz, Akita, Reptiles, Rabbits and Pot Bellied Pigs. Mixed breeds containing these bloodlines are also prohibited. At Alta Congress, we welcome your pets with open arms! $500 non-refundable pet fee for one pet, required at move in. $750 non-refundable pet fee for two pets, required at move in. Breed Restrictions Apply. Cat Allowed One-Time Fee: $500-500, $20/Mo, 2 Maximum, 50 lb. Maximum At Alta Congress, we welcome your pets with open arms! $500 non-refundable pet fee for one pet, required at move in. $750 non-refundable pet fee for two pets, required at move in. Breed Restrictions Apply. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 15 Exhibit 2 Exhibit 2 921 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 4 3501 S Federal Hwy - Seabourn Cove Boynton Beach, Florida - Outer Boynton Beach Neighborhood PROPERTY MANAGER RKW - Seabourn Cove (561) 944-7781 PROPERTY 1.30 Miles Property Size:456 Units, 3 Floors Avg. Unit Size:1,302 SF Year Built:2012 Type:Apartments - All Rent Type: Parking:425 Spaces; 0.9 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Jan 2021 $143,000,000 ($313,596/Unit) UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 888 156 34.2%5 3.2%$2,587 $2.91 $2,587 $2.91 0.0% 2 2.5 1,403 70 15.4%3 4.3%$3,210 $2.29 $3,210 $2.29 0.0% 2 2.5 1,417 80 17.5%3 3.8%$3,260 $2.30 $3,260 $2.30 0.0% 2 2.5 1,501 66 14.5%6 9.1%$3,410 $2.27 $3,410 $2.27 0.0% 3 2.5 1,719 84 18.4%3 3.6%$3,831 $2.23 $3,831 $2.23 0.0% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 888 156 34.2%5 3.2%$2,587 $2.91 $2,587 $2.91 0.0% All 2 Beds 1,438 216 47.4%12 5.6%$3,290 $2.29 $3,290 $2.29 0.0% All 3 Beds 1,719 84 18.4%3 3.6%$3,831 $2.23 $3,831 $2.23 0.0% Totals 1,302 456 100%20 4.4%$3,149 $2.42 $3,149 $2.42 0.0% Updated August 01, 2023Estimate SITE AMENITIES Fitness Center, Grill, Sauna UNIT AMENITIES Air Conditioning, Ceiling Fans, Crown Molding, Granite Countertops, Heating, Kitchen, Microwave, Walk-In Closets, Washer/Dryer RECURRING EXPENSES Dog Rent $50 Cat Rent $50 Other Rent $50 Unassigned Surface Lot Parking $0-65 ONE TIME EXPENSES Dog Fee $500 Cat Fee $500 Other Fee $500 Admin Fee $350 Application Fee $150 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 16 Exhibit 2 Exhibit 2 922 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk PET POLICY Dog Allowed One-Time Fee: $500-500, $50/Mo, 2 Maximum, 85 lb. Maximum Restrictions: We are a pet-friendly community allowing 2 pets per unit with a combined weight limit of 85 pounds. Qualified service animals are always welcome without additional fees or rent. Veterinary documentation must be provided to include breed, weight once fully grown, and current vaccination records at the time of occupancy. Pet policies are subject to management's discretion. Please call for more information. Caged small animal Cat Allowed One-Time Fee: $500-500, $50/Mo, 2 Maximum, 85 lb. Maximum Restrictions: We are a pet-friendly community allowing 2 pets per unit with a combined weight limit of 85 pounds. Qualified service animals are always welcome without additional fees or rent. Veterinary documentation must be provided to include breed, weight once fully grown, and current vaccination records at the time of occupancy. Pet policies are subject to management's discretion. Please call for more information. Caged small animal Other Allowed One-Time Fee: $500-500, $50/Mo, 2 Maximum, 85 lb. Maximum Restrictions: We are a pet-friendly community allowing 2 pets per unit with a combined weight limit of 85 pounds. Qualified service animals are always welcome without additional fees or rent. Veterinary documentation must be provided to include breed, weight once fully grown, and current vaccination records at the time of occupancy. Pet policies are subject to management's discretion. Please call for more information. Caged small animal 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 17 Exhibit 2 Exhibit 2 923 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 5 650 Lavers Cir - The Atlantic at East Delray Delray Beach, Florida - Outer Delray Beach Neighborhood PROPERTY MANAGER ZRS - The Atlantic at East Delray (561) 220-7409 PROPERTY 5.49 Miles Property Size:228 Units, 3 Floors Avg. Unit Size:1,079 SF Year Built:1996 Type:Apartments - All Rent Type: Parking:528 Spaces; 2.3 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Aug 2017 $54,325,000 ($238,268/Unit) UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 785 24 10.5%2 8.3%$2,097 $2.67 $2,097 $2.67 0.0% 1 1 795 44 19.3%3 6.8%$2,052 $2.58 $2,052 $2.58 0.0% 2 2 1,166 112 49.1%5 4.5%$2,719 $2.33 $2,719 $2.33 0.0% 3 2 1,283 24 10.5%3 12.5%$3,065 $2.39 $3,065 $2.39 0.0% 3 2 1,285 24 10.5%2 8.3%$3,085 $2.40 $3,085 $2.40 0.0% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 791 68 29.8%5 7.4%$2,068 $2.61 $2,068 $2.61 0.0% All 2 Beds 1,166 112 49.1%5 4.5%$2,719 $2.33 $2,719 $2.33 0.0% All 3 Beds 1,284 48 21.1%5 10.4%$3,075 $2.39 $3,075 $2.39 0.0% Totals 1,079 228 100%15 6.6%$2,600 $2.41 $2,600 $2.41 0.0% Updated August 01, 2023Estimate SITE AMENITIES 24 Hour Access, Business Center, Clubhouse, Fitness Center, Laundry Facilities, Maintenance on site, Playground, Property Manager on Site, Sundeck, Waterfront UNIT AMENITIES Air Conditioning, Cable Ready, Dishwasher, Disposal, Kitchen, Microwave, Tub/Shower, Walk-In Closets, Washer/Dryer, Window Coverings RECURRING EXPENSES Dog Rent $25 Cat Rent $25 Free Unassigned Surface Lot Parking ONE TIME EXPENSES Dog Fee $400 Cat Fee $400 Admin Fee $350 Application Fee $100 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 18 Exhibit 2 Exhibit 2 924 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk PET POLICY Dog Allowed One-Time Fee: $400-400, $25/Mo, 2 Maximum, 35 lb. Maximum Non-refundable pet fee of $400 for the first pet plus $200 for an additional pet. Excluded dog breeds include Akita, Alaskan Malamute, American Bull Dog, American Pit Bull Terrier, American or Bull Staffordshire Terrier, Bull Terrier, Chinese Shar... Cat Allowed One-Time Fee: $400-400, $25/Mo, 2 Maximum, 35 lb. Maximum Non-refundable pet fee of $400 for the first pet plus $200 for an additional pet. Excluded dog breeds include Akita, Alaskan Malamute, American Bull Dog, American Pit Bull Terrier, American or Bull Staffordshire Terrier, Bull Terrier, Chinese Shar... 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 19 Exhibit 2 Exhibit 2 925 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 6 2001 N Federal Hwy - Windsor at Delray Beach Delray Beach, Florida - Outer Boynton Beach Neighborhood PROPERTY MANAGER Windsor - Windsor at Delray Beach (833) 200-1688 PROPERTY 2.05 Miles Property Size:188 Units, 5 Floors Avg. Unit Size:1,089 SF Year Built:Oct 2016 Type:Apartments - All Rent Type: Parking:225 Spaces; 1.2 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Dec 2017 $60,350,000 ($321,011/Unit) UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 665 19 10.1%1 5.3%$1,868 $2.81 $1,859 $2.80 0.5% 1 1 792 36 19.1%1 2.8%$2,257 $2.85 $2,246 $2.84 0.5% 1 1 915 30 16.0%5 16.7%$2,315 $2.53 $2,304 $2.52 0.5% 2 2 1,140 6 3.2%1 16.7%$2,622 $2.30 $2,609 $2.29 0.5% 2 2 1,216 47 25.0%5 10.6%$2,810 $2.31 $2,796 $2.30 0.5% 2 2 1,360 2 1.1%0 0.0%$3,380 $2.49 $3,363 $2.47 0.5% 3 2 1,440 44 23.4%4 9.1%$3,068 $2.13 $3,053 $2.12 0.5% 3 2 1,523 2 1.1%1 50.0%$3,585 $2.35 $3,567 $2.34 0.5% 3 2 1,548 2 1.1%0 0.0%$3,130 $2.02 $3,114 $2.01 0.5% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 807 85 45.2%7 8.2%$2,191 $2.71 $2,180 $2.70 0.5% All 2 Beds 1,213 55 29.3%6 10.9%$2,810 $2.32 $2,796 $2.31 0.5% All 3 Beds 1,448 48 25.5%5 10.4%$3,092 $2.14 $3,077 $2.12 0.5% Totals 1,089 188 100%18 9.6%$2,602 $2.39 $2,589 $2.38 0.5% Updated August 01, 2023Estimate SITE AMENITIES Business Center, Clubhouse, Elevator, Fitness Center, Gated, Grill, Pet Play Area, Pool, Storage Space UNIT AMENITIES Air Conditioning, Cable Ready, Carpet, Dishwasher, Disposal, Island Kitchen, Kitchen, Microwave, Patio, Refrigerator, Stainless Steel Appliances, Views, Washer/Dryer RECURRING EXPENSES Dog Rent $30 Cat Rent $30 ONE TIME EXPENSES Dog Deposit $500 Cat Deposit $500 Application Fee $60 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 20 Exhibit 2 Exhibit 2 926 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk PET POLICY Dog Allowed $500 Deposit, $30/Mo, 2 Maximum Restrictions: Windsor Communities does not accept Akitas, Alaskan Malamutes, Chows, Doberman Pinschers, German Shepherds, Mastiffs, Pit Bulls, Presa Canarios, Rottweilers, Shar Peis, Siberian Huskies, Staffordshire Terriers, Wolf Hybrids or any variation or mixes of these breeds. Pet Fee $500.00 per pet. Pet Rent $30.00 per pet. Breed Restrictions Apply. No Weight Limit. Cat Allowed $500 Deposit, $30/Mo, 2 Maximum Restrictions: Windsor Communities does not accept Akitas, Alaskan Malamutes, Chows, Doberman Pinschers, German Shepherds, Mastiffs, Pit Bulls, Presa Canarios, Rottweilers, Shar Peis, Siberian Huskies, Staffordshire Terriers, Wolf Hybrids or any variation or mixes of these breeds. Pet Fee $500.00 per pet. Pet Rent $30.00 per pet. Breed Restrictions Apply. No Weight Limit. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 21 Exhibit 2 Exhibit 2 927 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 7 7606 Atlantic Ave - Luma Delray Delray Beach, Florida - Outer Delray Beach Neighborhood PROPERTY MANAGER Asset Living - Luma Delray (561) 581-0611 PROPERTY 7.77 Miles Property Size:212 Units, 3 Floors Avg. Unit Size:1,355 SF Year Built:Apr 2022 Type:Apartments - All Rent Type: Parking:- Distance to Subject: Distance to Transit:- Market OWNER - UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 -82 38.7%1 1.2%$2,350 -$2,252 -4.2% 2 2 -73 34.4%1 1.4%$2,950 -$2,950 -0.0% 2 2 1,355 30 14.2%1 3.3%$3,235 $2.39 $3,235 $2.39 0.0% 3 2 -27 12.7%1 3.7%$3,425 -$3,425 -0.0% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds -82 38.7%1 1.2%$2,350 -$2,252 -4.2% All 2 Beds 1,355 103 48.6%2 1.9%$3,033 $2.39 $3,033 $2.39 0.0% All 3 Beds -27 12.7%1 3.7%$3,425 -$3,425 -0.0% Totals 1,355 212 100%4 1.9%$2,819 $2.39 $2,781 $2.39 1.3% Updated July 21, 2023Estimate SITE AMENITIES Car Charging Station, Fitness Center, Pet Play Area, Pool, Zen Garden UNIT AMENITIES Balcony, Hardwood Floors, Stainless Steel Appliances, Tub/Shower, Washer/Dryer ONE TIME EXPENSES Admin Fee $350 Application Fee $100 PET POLICY Dog Allowed 2 Maximum Restrictions: Breed restrictions apply Cat Allowed 2 Maximum 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 22 Exhibit 2 Exhibit 2 928 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 8 5550 Nepsa Way - Blu Atlantic Delray Beach, Florida - Outer Delray Beach Neighborhood PROPERTY MANAGER Rohdie - Blu Atlantic (561) 498-2600 PROPERTY 5.60 Miles Property Size:171 Units, 3 Floors Avg. Unit Size:1,062 SF Year Built:2013 Type:Apartments - All Rent Type: Parking:440 Spaces; 2.6 per Unit Distance to Subject: Distance to Transit:- Market OWNER - UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 768 36 21.1%3 8.3%$1,989 $2.59 $1,984 $2.58 0.3% 2 2 1,050 45 26.3%1 2.2%$2,349 $2.24 $2,343 $2.23 0.3% 2 2 1,106 22 12.9%2 9.1%$2,399 $2.17 $2,393 $2.16 0.3% 2 2 1,110 32 18.7%0 0.0%$2,399 $2.16 $2,393 $2.16 0.3% 3 2 1,303 36 21.1%0 0.0%$2,949 $2.26 $2,941 $2.26 0.3% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 768 36 21.1%3 8.3%$1,989 $2.59 $1,984 $2.58 0.3% All 2 Beds 1,082 99 57.9%3 3.0%$2,376 $2.20 $2,370 $2.19 0.3% All 3 Beds 1,303 36 21.1%0 0.0%$2,949 $2.26 $2,941 $2.26 0.3% Totals 1,062 171 100%6 3.5%$2,415 $2.27 $2,409 $2.27 0.3% Updated July 21, 2023Estimate SITE AMENITIES Business Center, Clubhouse, Fitness Center, Laundry Facilities, Lounge, Maintenance on site, Package Service, Playground, Pool, Property Manager on Site, Storage Space, Sundeck, Waterfront UNIT AMENITIES Air Conditioning, Cable Ready, Carpet, Ceiling Fans, Dining Room, Dishwasher, Disposal, Heating, High Speed Internet Access, Kitchen, Microwave, Range, Tub/Shower, Vinyl Flooring, Walk-In Closets, Washer/Dryer, Window Coverings RECURRING EXPENSES Dog Rent $30 Cat Rent $20 Unassigned Garage Parking $200 Free Unassigned Surface Lot Parking Storage Fee $40 ONE TIME EXPENSES Dog Fee $500 Cat Fee $500 Admin Fee $299 Application Fee $99 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 23 Exhibit 2 Exhibit 2 929 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk PET POLICY Dog Allowed One-Time Fee: $500-500, $30/Mo, 2 Maximum Restrictions: Breed restrictions apply. Non-refundable pet fee of $500 for 1 pet or $750 for 2 pets. No Weight Limit Cat Allowed One-Time Fee: $500-500, $20/Mo, 2 Maximum Restrictions: Breed restrictions apply. Non-refundable pet fee of $500 for 1 pet or $750 for 2 pets. No Weight Limit 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 24 Exhibit 2 Exhibit 2 930 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 9 5600 W Atlantic Ave - Oasis Delray Beach Apartments Delray Beach, Florida - Outer Delray Beach Neighborhood PROPERTY MANAGER Highmark - Oasis Delray Beach Apartments (561) 638-0920 PROPERTY 6.16 Miles Property Size:324 Units, 3 Floors Avg. Unit Size:1,133 SF Year Built:1998 Type:Apartments - All Rent Type: Parking:780 Spaces; 2.4 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Jan 2016 $71,548,591 ($222,201/Unit) - Part of Portfolio UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 751 30 9.3%3 10.0%$1,962 $2.61 $1,962 $2.61 0.0% 1 1 841 59 18.2%1 1.7%$2,156 $2.56 $2,156 $2.56 0.0% 1 1 862 29 9.0%0 0.0%$2,228 $2.58 $2,228 $2.58 0.0% 2 2 1,072 45 13.9%3 6.7%$2,403 $2.24 $2,403 $2.24 0.0% 2 2 1,327 75 23.1%0 0.0%$2,631 $1.98 $2,631 $1.98 0.0% 3 2 1,298 43 13.3%0 0.0%$2,700 $2.08 $2,700 $2.08 0.0% 3 3 1,543 43 13.3%0 0.0%$3,551 $2.30 $3,551 $2.30 0.0% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 823 118 36.4%4 3.4%$2,124 $2.58 $2,124 $2.58 0.0% All 2 Beds 1,231 120 37.0%3 2.5%$2,546 $2.07 $2,546 $2.07 0.0% All 3 Beds 1,421 86 26.5%0 0.0%$3,126 $2.20 $3,126 $2.20 0.0% Totals 1,133 324 100%7 2.2%$2,546 $2.25 $2,546 $2.25 0.0% Updated August 01, 2023Estimate SITE AMENITIES Breakfast/Coffee Concierge, Business Center, Car Wash Area, Clubhouse, Controlled Access, Fitness Center, Gameroom, Gated, Grill, Package Service, Pet Play Area, Picnic Area, Property Manager on Site, Renters Insurance Program, Sauna, Spa, Volleyball Court, Walking/Biking Trails, Waterfront UNIT AMENITIES Air Conditioning, Balcony, Cable Ready, Carpet, Ceiling Fans, Dishwasher, Disposal, Granite Countertops, Hardwood Floors, Heating, High Speed Internet Access, Kitchen, Linen Closet, Microwave, Refrigerator, Smoke Free, Sprinkler System, Stainless Steel Appliances, Storage Space, Tile Floors, Views, Walk-In Closets, Washer/Dryer, Wheelchair Accessible (Rooms) RECURRING EXPENSES Free Dog Rent Free Cat Rent ONE TIME EXPENSES Admin Fee $350 Application Fee $50 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 25 Exhibit 2 Exhibit 2 931 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk PET POLICY Dog Allowed 2 Maximum Restrictions: Aggressive dogs or any dog with a bite history will not be accepted. Add. $150 for 2nd pe Cat Allowed 2 Maximum Add. $150 for 2nd pet 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 26 Exhibit 2 Exhibit 2 932 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 10 1351 S Federal Hwy - One Boynton Boynton Beach, Florida - Outer Boynton Beach Neighborhood PROPERTY MANAGER RangeWater - One Boynton (844) 559-1017 PROPERTY 0.20 Miles Property Size:494 Units, 5 Floors Avg. Unit Size:1,152 SF Year Built:2009 Type:Apartments - All Rent Type: Parking:980 Spaces; 2.0 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Aug 2021 $171,000,000 ($346,154/Unit) UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 789 12 2.4%4 33.3%$1,931 $2.45 $1,921 $2.44 0.5% 1 1 890 163 33.0%3 1.8%$2,105 $2.37 $2,095 $2.35 0.5% 1 1 1,032 25 5.1%0 0.0%$1,924 $1.86 $1,915 $1.86 0.5% 2 2 1,103 26 5.3%1 3.9%$2,697 $2.45 $2,684 $2.43 0.5% 2 2 1,153 19 3.8%1 5.3%$2,617 $2.27 $2,605 $2.26 0.5% 2 2 1,222 11 2.2%1 9.1%$2,713 $2.22 $2,700 $2.21 0.5% 2 2 1,227 122 24.7%6 4.9%$2,790 $2.27 $2,777 $2.26 0.5% 2 2 1,262 4 0.8%0 0.0%$2,734 $2.17 $2,721 $2.16 0.5% 2 2 1,432 8 1.6%1 12.5%$3,027 $2.11 $3,012 $2.10 0.5% 2 2 1,437 18 3.6%2 11.1%$2,923 $2.03 $2,909 $2.02 0.5% 2 2 1,479 2 0.4%0 0.0%$2,449 $1.66 $2,437 $1.65 0.5% 3 2 1,249 24 4.9%2 8.3%$2,725 $2.18 $2,712 $2.17 0.5% 3 2 1,368 22 4.5%3 13.6%$2,867 $2.10 $2,853 $2.09 0.5% 3 2 1,580 14 2.8%2 14.3%$2,979 $1.89 $2,965 $1.88 0.5% 3 2 1,870 1 0.2%1 100%$2,962 $1.58 $2,948 $1.58 0.5% 3 2 2,000 2 0.4%1 50.0%$3,985 $1.99 $3,967 $1.98 0.5% 3 2.5 2,000 19 3.8%0 0.0%$4,704 $2.35 $4,682 $2.34 0.5% 3 3 1,870 2 0.4%0 0.0%$3,420 $1.83 $3,404 $1.82 0.5% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 902 200 40.5%7 3.5%$2,072 $2.30 $2,062 $2.29 0.5% All 2 Beds 1,234 210 42.5%12 5.7%$2,775 $2.25 $2,762 $2.24 0.5% All 3 Beds 1,545 84 17.0%9 10.7%$3,301 $2.14 $3,286 $2.13 0.5% Totals 1,152 494 100%28 5.7%$2,580 $2.24 $2,568 $2.23 0.5% Updated August 01, 2023Estimate SITE AMENITIES Basketball Court, Bicycle Storage, Breakfast/Coffee Concierge, Business Center, Clubhouse, Controlled Access, Courtyard, Elevator, Fitness Center, Gated, Grill, Guest Apartment, Laundry Facilities, Maintenance on site, Media Center/Movie Theatre, Package Service, Picnic Area, Property Manager on Site, Recycling, Spa, Wi-Fi 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 27 Exhibit 2 Exhibit 2 933 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk UNIT AMENITIES Air Conditioning, Balcony, Cable Ready, Ceiling Fans, Dishwasher, Disposal, Granite Countertops, Microwave, Oven, Patio, Refrigerator, Security System, Views, Walk-In Closets, Washer/Dryer, Window Coverings RECURRING EXPENSES Dog Rent $20 Cat Rent $20 ONE TIME EXPENSES Dog Fee $500 Cat Fee $500 PET POLICY Dog Allowed One-Time Fee: $500-500, $20/Mo, 2 Maximum, 100 lb. Maximum Restrictions: Tosa Inu/Ken, American Bandogge, Cane Corso, Rottweiler, Doberman, Pit Bull, Bull Terrier, Staffordshire Terrier, Dogo Argentino, Boer Boel, Gull Dong, Basenji, Mastiff, Perro de Presa Canario, Fila Brasiliero, Wolf Hybrid, Caucasian Oucharka, Alaskan Malamutes, Kangal, German Shepard, Shepard, Chow, Spitz, Akita, Reptiles, Rabbits and Pot Bellied Pigs. Mixed breeds containing these bloodlines are also prohibited. Cat Allowed One-Time Fee: $500-500, $20/Mo, 2 Maximum, 50 lb. Maximum 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 28 Exhibit 2 Exhibit 2 934 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 11 3609 High Ridge Way - High Ridge Landing Boynton Beach, Florida - Outer Boynton Beach Neighborhood PROPERTY MANAGER Yuksel Inc- High Ridge Landing (561) 899-4934 PROPERTY 3.32 Miles Property Size:184 Units, 3 Floors Avg. Unit Size:1,049 SF Year Built:Dec 2016 Type:Apartments - All Rent Type: Parking:320 Spaces; 1.7 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Sep 2022 $71,000,000 ($385,870/Unit) UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 833 48 26.1%4 8.3%$1,980 $2.38 $1,960 $2.35 1.0% 2 2 1,087 71 38.6%6 8.5%$2,234 $2.06 $2,212 $2.03 1.0% 2 2 1,138 41 22.3%1 2.4%$2,284 $2.01 $2,261 $1.99 1.0% 3 2 1,219 24 13.0%3 12.5%$2,860 $2.35 $2,831 $2.32 1.0% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 833 48 26.1%4 8.3%$1,980 $2.38 $1,960 $2.35 1.0% All 2 Beds 1,106 112 60.9%7 6.3%$2,252 $2.04 $2,230 $2.02 1.0% All 3 Beds 1,219 24 13.0%3 12.5%$2,860 $2.35 $2,831 $2.32 1.0% Totals 1,049 184 100%14 7.6%$2,261 $2.15 $2,238 $2.13 1.0% Updated July 27, 2023Estimate SITE AMENITIES 24 Hour Access, Business Center, Car Charging Station, Fenced Lot, Fitness Center, Gated, Pond, Pool, Waterfront UNIT AMENITIES Air Conditioning, Balcony, Carpet, Ceiling Fans, Granite Countertops, Heating, Microwave, Patio, Range, Tub/Shower, Washer/Dryer, Wheelchair Accessible (Rooms) ONE TIME EXPENSES Admin Fee $400 Application Fee $85 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 29 Exhibit 2 Exhibit 2 935 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 12 1575 SW 8th St - Verona at Boynton Beach Boynton Beach, Florida - Outer Boynton Beach Neighborhood PROPERTY MANAGER Waterton - Verona at Boynton Beach (561) 210-1700 PROPERTY 1.37 Miles Property Size:216 Units, 3 Floors Avg. Unit Size:1,097 SF Year Built:2002 Type:Apartments - All Rent Type: Parking:440 Spaces; 2.0 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Apr 2022 $80,000,000 ($370,370/Unit) UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 822 36 16.7%5 13.9%$1,920 $2.34 $1,901 $2.31 1.0% 1 1 924 36 16.7%0 0.0%$1,918 $2.08 $1,899 $2.06 1.0% 2 2 1,116 54 25.0%3 5.6%$2,407 $2.16 $2,383 $2.14 1.0% 2 2 1,220 54 25.0%0 0.0%$2,386 $1.96 $2,362 $1.94 1.0% 3 2 1,281 18 8.3%0 0.0%$2,615 $2.04 $2,589 $2.02 1.0% 3 2 1,387 18 8.3%1 5.6%$2,664 $1.92 $2,637 $1.90 1.0% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 873 72 33.3%5 6.9%$1,919 $2.20 $1,900 $2.18 1.0% All 2 Beds 1,168 108 50.0%3 2.8%$2,396 $2.05 $2,372 $2.03 1.0% All 3 Beds 1,334 36 16.7%1 2.8%$2,639 $1.98 $2,613 $1.96 1.0% Totals 1,097 216 100%9 4.2%$2,278 $2.08 $2,255 $2.05 1.0% Updated August 01, 2023Estimate SITE AMENITIES Business Center, Clubhouse, Controlled Access, Fitness Center, Grill, Laundry Facilities, Maintenance on site, Picnic Area, Playground, Property Manager on Site, Putting Greens, Sundeck, Volleyball Court UNIT AMENITIES Air Conditioning, Ceiling Fans, Dishwasher, Disposal, Microwave, Walk-In Closets, Washer/Dryer, Window Coverings ONE TIME EXPENSES Admin Fee $345 Application Fee $90 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 30 Exhibit 2 Exhibit 2 936 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 13 7933 Venture Center Way - Cortland West Boynton Boynton Beach, Florida - Outer Royal Palm Beach/Wellington Neighborhood PROPERTY MANAGER Cortland - Cortland West Boynton (561) 369-2841 PROPERTY 7.03 Miles Property Size:264 Units, 3 Floors Avg. Unit Size:1,143 SF Year Built:2000 Type:Apartments - All Rent Type: Parking:378 Spaces; 1.4 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Sep 2021 $89,900,000 ($340,530/Unit) - Part of Portfolio UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 867 72 27.3%7 9.7%$1,922 $2.22 $1,915 $2.21 0.4% 2 1 1,105 24 9.1%2 8.3%$2,411 $2.18 $2,402 $2.17 0.4% 2 2 1,200 104 39.4%5 4.8%$2,436 $2.03 $2,426 $2.02 0.4% 3 2 1,374 64 24.2%10 15.6%$2,651 $1.93 $2,641 $1.92 0.4% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 867 72 27.3%7 9.7%$1,922 $2.22 $1,915 $2.21 0.4% All 2 Beds 1,182 128 48.5%7 5.5%$2,431 $2.06 $2,422 $2.05 0.4% All 3 Beds 1,374 64 24.2%10 15.6%$2,651 $1.93 $2,641 $1.92 0.4% Totals 1,143 264 100%24 9.1%$2,346 $2.05 $2,337 $2.04 0.4% Updated August 02, 2023Estimate SITE AMENITIES Business Center, Cabana, Clubhouse, Fitness Center, Grill, Laundry Facilities, Package Service, Picnic Area, Pool, Racquetball Court, Smoke Free, Walking/Biking Trails, Wi-Fi UNIT AMENITIES Air Conditioning, Balcony, Ceiling Fans, Dishwasher, Granite Countertops, Microwave, Patio, Security System, Stainless Steel Appliances, Views, Walk-In Closets, Washer/Dryer RECURRING EXPENSES Dog Rent $25 Cat Rent $25 Unassigned Garage Parking $150 ONE TIME EXPENSES Dog Fee $400 Cat Fee $400 Admin Fee $250 Application Fee $99 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 31 Exhibit 2 Exhibit 2 937 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk PET POLICY Dog Allowed One-Time Fee: $400-400, $25/Mo, 2 Maximum Restrictions: Certain aggressive breeds, including mixed breeds, are restricted at all Cortland communities. We do not allow the following aggressive breeds/mixes at our communities, including, but not limited to: Rottweiler, Chow, Presa Carnario, Doberman, Akita, Pit Bulls (Also known as American Staffordshire Terrier, Staffordsire Bull Terrier, or Bull Terrier). We welcome two pets per apartment home. Certain aggressive breeds, including mixed breeds, are restricted at all Cortland communities. Please call our Leasing Office for complete pet policy. Cat Allowed One-Time Fee: $400-400, $25/Mo, 2 Maximum Restrictions: Certain aggressive breeds, including mixed breeds, are restricted at all Cortland communities. We do not allow the following aggressive breeds/mixes at our communities, including, but not limited to: Rottweiler, Chow, Presa Carnario, Doberman, Akita, Pit Bulls (Also known as American Staffordshire Terrier, Staffordsire Bull Terrier, or Bull Terrier). We welcome two pets per apartment home. Certain aggressive breeds, including mixed breeds, are restricted at all Cortland communities. Please call our Leasing Office for complete pet policy. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 32 Exhibit 2 Exhibit 2 938 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 14 9873 Lawrence Rd - Latitude Pointe Boynton Beach, Florida - Bent Tree/Boynton Beach Neighborhood PROPERTY MANAGER Klingbeil - Latitude Pointe (561) 738-4766 PROPERTY 3.30 Miles Property Size:280 Units, 3 Floors Avg. Unit Size:1,060 SF Year Built:1989 Renov 2020 Type:Apartments - All Rent Type: Parking:500 Spaces; 1.8 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Feb 2019 $51,800,000 ($185,000/Unit) UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 760 58 20.7%2 3.5%$2,020 $2.66 $2,020 $2.66 0.0% 2 1 900 58 20.7%4 6.9%$1,925 $2.14 $1,925 $2.14 0.0% 2 2 1,200 144 51.4%4 2.8%$2,120 $1.77 $2,120 $1.77 0.0% 3 2 1,400 20 7.1%4 20.0%$2,745 $1.96 $2,745 $1.96 0.0% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 760 58 20.7%2 3.5%$2,020 $2.66 $2,020 $2.66 0.0% All 2 Beds 1,114 202 72.1%8 4.0%$2,064 $1.85 $2,064 $1.85 0.0% All 3 Beds 1,400 20 7.1%4 20.0%$2,745 $1.96 $2,745 $1.96 0.0% Totals 1,061 280 100%14 5.0%$2,104 $1.98 $2,104 $1.98 0.0% Updated August 02, 2023Estimate SITE AMENITIES Basketball Court, Business Center, Car Wash Area, Clubhouse, Fitness Center, Grill, Picnic Area, Playground, Property Manager on Site, Spa, Tennis Court, Volleyball Court, Waterfront, Wi-Fi UNIT AMENITIES Air Conditioning, Balcony, Cable Ready, Carpet, Dishwasher, Disposal, Eat-in Kitchen, Heating, High Speed Internet Access, Ice Maker, Refrigerator, Smoke Free, Storage Space, Tile Floors, Vaulted Ceiling, Views, Washer/Dryer, Wheelchair Accessible (Rooms) RECURRING EXPENSES Dog Rent $25 Cat Rent $25 Unassigned Garage Parking $95-0 ONE TIME EXPENSES Dog Fee $350 Cat Fee $350 Admin Fee $300 Application Fee $75 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 33 Exhibit 2 Exhibit 2 939 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk PET POLICY Dog Allowed One-Time Fee: $350-350, $25/Mo, 2 Maximum Pet Fee $350 (1) Pet and $600 (2 Pets) along with $25 per month and per pet fee. Cat Allowed One-Time Fee: $350-350, $25/Mo, 2 Maximum Pet Fee $350 (1) Pet and $600 (2 Pets) along with $25 per month and per pet fee. Other Allowed Restrictions: Pets Welcome Upon Approval. Breed restrictions apply. Limit of 2 pets per home. Non-refundable pet fee is $300 for one pet and $600 for two pets. Monthly pet rent of $35 will be charged per pet. Domestic animals, indoor cats only, no exotic animals. Breed restrictions apply; no aggressive breeds, current vet records, and pet photo required prior to move-in. Pet Amenities: Bark Park Pet Waste Stations 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 34 Exhibit 2 Exhibit 2 940 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 15 100 Newlake Dr - The Cove at Boynton Beach Apartments Boynton Beach, Florida - Outer Boynton Beach Neighborhood PROPERTY MANAGER Highmark - The Cove at Boynton Beach Ap… (561) 735-4388 PROPERTY 1.24 Miles Property Size:548 Units, 3 Floors Avg. Unit Size:1,201 SF Year Built:1996 Type:Apartments - All Rent Type: Parking:1650 Spaces; 3.0 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Jan 2016 $94,936,533 ($173,242/Unit) - Part of Portfolio UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 833 32 5.8%0 0.0%$1,827 $2.19 $1,811 $2.17 0.9% 1 1 865 108 19.7%3 2.8%$1,799 $2.08 $1,784 $2.06 0.9% 2 2 1,198 128 23.4%3 2.3%$2,057 $1.72 $2,040 $1.70 0.9% 2 2 1,246 120 21.9%3 2.5%$1,981 $1.59 $1,964 $1.58 0.9% 2 2 1,503 48 8.8%2 4.2%$2,694 $1.79 $2,671 $1.78 0.9% 3 2 1,361 36 6.6%2 5.6%$2,622 $1.93 $2,600 $1.91 0.9% 3 2 1,385 16 2.9%0 0.0%$2,634 $1.90 $2,612 $1.89 0.8% 3 2 1,437 36 6.6%1 2.8%$2,784 $1.94 $2,760 $1.92 0.9% 3 2 1,690 24 4.4%1 4.2%$2,848 $1.69 $2,824 $1.67 0.9% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 858 140 25.5%3 2.1%$1,805 $2.10 $1,790 $2.09 0.9% All 2 Beds 1,267 296 54.0%8 2.7%$2,129 $1.68 $2,111 $1.67 0.9% All 3 Beds 1,459 112 20.4%4 3.6%$2,724 $1.87 $2,701 $1.85 0.9% Totals 1,202 548 100%15 2.7%$2,168 $1.80 $2,150 $1.79 0.9% Updated August 01, 2023Estimate SITE AMENITIES Car Wash Area, Controlled Access, Courtyard, Fitness Center, Gated, Laundry Facilities, Package Service, Playground, Renters Insurance Program, Storage Space, Tennis Court UNIT AMENITIES Air Conditioning, Cable Ready, Carpet, Ceiling Fans, Dishwasher, Kitchen, Satellite TV, Security System, Sprinkler System, Views, Walk-In Closets, Washer/Dryer RECURRING EXPENSES Free Dog Rent Free Cat Rent Storage Fee $75 ONE TIME EXPENSES Admin Fee $350 Application Fee $50 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 35 Exhibit 2 Exhibit 2 941 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk PET POLICY Dog Allowed 2 Maximum, 80 lb. Maximum Restrictions: A maximum of 2 animals are allowed per apartment. Aggressive dogs or any dog with a bite history will not be accepted Pet deposit $250 per pet. Non-Refundable pet fee $500 and $150 additional pet. Pet rent $25 per pet. Cat Allowed 2 Maximum, 80 lb. Maximum Pet deposit $250 per pet. Non-Refundable pet fee $500 and $150 additional pet. Pet rent $25 per pet. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 36 Exhibit 2 Exhibit 2 942 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 16 3930 Max Pl - Gateway Club Boynton Beach, Florida - Outer Boynton Beach Neighborhood PROPERTY MANAGER Northland - Gateway Club (561) 738-7777 PROPERTY 3.79 Miles Property Size:319 Units, 2 Floors Avg. Unit Size:1,228 SF Year Built:1999 Type:Apartments - All Rent Type: Parking:848 Spaces; 2.7 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Jun 2019 Not Disclosed UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 925 72 22.6%5 6.9%$1,780 $1.92 $1,780 $1.92 0.0% 2 2 1,220 100 31.3%1 1.0%$2,135 $1.75 $2,135 $1.75 0.0% 2 2 1,250 66 20.7%5 7.6%$2,165 $1.73 $2,165 $1.73 0.0% 3 2 1,450 48 15.0%4 8.3%$2,465 $1.70 $2,465 $1.70 0.0% 3 2 1,550 33 10.3%1 3.0%$2,665 $1.72 $2,665 $1.72 0.0% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 925 72 22.6%5 6.9%$1,780 $1.92 $1,780 $1.92 0.0% All 2 Beds 1,232 166 52.0%6 3.6%$2,147 $1.74 $2,147 $1.74 0.0% All 3 Beds 1,491 81 25.4%5 6.2%$2,546 $1.71 $2,546 $1.71 0.0% Totals 1,228 319 100%16 5.0%$2,166 $1.76 $2,166 $1.76 0.0% Updated August 01, 2023Estimate SITE AMENITIES Business Center, Clubhouse, Controlled Access, Fitness Center, Grill, Laundry Facilities, Maintenance on site, Package Service, Picnic Area, Playground, Property Manager on Site, Spa, Sundeck, Tennis Court, Waterfront UNIT AMENITIES Air Conditioning, Cable Ready, Carpet, Ceiling Fans, Dining Room, Dishwasher, Disposal, Heating, High Speed Internet Access, Kitchen, Microwave, Range, Security System, Tile Floors, Tub/Shower, Walk-In Closets, Washer/Dryer, Window Coverings RECURRING EXPENSES Dog Rent $25 Cat Rent $25 Unassigned Garage Parking $180-0 ONE TIME EXPENSES Dog Fee $475 Cat Fee $475 Admin Fee $360 Application Fee $100 PET POLICY Dog Allowed One-Time Fee: $475-475, $25/Mo, 3 Maximum Cat Allowed One-Time Fee: $475-475, $25/Mo, 3 Maximum Restrictions: Breed Restrictions apply 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 37 Exhibit 2 Exhibit 2 943 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 17 117 NE 9th Ave - The Heart of Boynton Beach Boynton Beach, Florida - Outer Boynton Beach Neighborhood PROPERTY MANAGER Centennial - Heart of Boynton Beach Villag… (305) 821-0330 PROPERTY 1.59 Miles Property Size:124 Units, 4 Floors Avg. Unit Size:696 SF Year Built:- Type:Apartments - All Rent Type: Parking:- Distance to Subject: Distance to Transit:- Market/Affordable OWNER - UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 691 124 100%--$1,175 $1.70 $1,175 $1.70 0.0% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 691 124 100%--$1,175 $1.70 $1,175 $1.70 0.0% Totals 691 124 100%--$1,175 $1.70 $1,175 $1.70 0.0% Updated July 05, 2023Estimate SITE AMENITIES 24 Hour Access UNIT AMENITIES Air Conditioning, Kitchen, Tub/Shower 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 38 Exhibit 2 Exhibit 2 944 Rent Comparables by Bedroom 630 E Woolbright Rd - Avion Riverwalk $2,177 $2,073 $2,568 $3,036 Studio Comps One Bed Comps Two Bed Comps Three Bed Comps Subject $2,490 Subject $2,492 Subject $3,691 Subject $4,710 1 Bedroom 2 Bedroom 3 BedroomCurrent Conditions in Rent Comps Studio Total Number of Units 46 1,810 2,293 844 Vacancy Rate 8.3%6.1%6.5%5.7% Asking Rent Per Unit $2,177 $2,073 $2,568 $3,036 Asking Rent Per SF $3.61 $2.50 $2.11 $2.10 Effective Rents Per Unit $2,170 $2,061 $2,559 $3,026 Effective Rents Per SF $3.59 $2.49 $2.11 $2.10 Concessions 0.3%0.6%0.4%0.3% Changes Past Year in Rent Comps Studio 1 Bedroom 2 Bedroom 3 Bedroom Year-Over-Year Effective Rent Growth 1.5%-0.7%0.7%0.0% Year-Over-Year Vacancy Rate Change 12 Month Absorption in Units 1.3% 0 -2.9% 59 66 -2.8%-2.9% 21 EXISTING UNITS VACANT UNITS ASKING RENT PER UNIT PER MONTH 12 MONTH ABSORPTION IN UNITS 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 39 Exhibit 2 Exhibit 2 945 Studio Rent Comparables 630 E Woolbright Rd - Avion Riverwalk Property Name/Address Rating Studio Rent Per Unit YearQuarterRent/SF Change in Rent 630 E Woolbright Rd Avion Riverwalk 14.0%0.0%$4.34 $2,490 2095 W Atlantic Ave Aura Delray Beach 2.0%0.0%$3.59 $2,335 250 Congress Park Dr Congress Grove 0.8%0.0%$3.64 $1,972 $1,875 $1,999 $1,000 $1,500 $2,000 $2,500 $3,000 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 40 Exhibit 2 Exhibit 2 946 One Bedroom Rent Comparables 630 E Woolbright Rd - Avion Riverwalk Property Name/Address Rating One Bedroom Rent Per Unit YearQuarterRent/SF Change in Rent 3501 S Federal Hwy Seabourn Cove 20.3%30.2%$2.91 $2,587 2095 W Atlantic Ave Aura Delray Beach 2.0%0.0%$3.19 $2,560 $2,490 $2,625 630 E Woolbright Rd Avion Riverwalk -2.0%0.7%$3.27 $2,492 $2,104 $3,265 7606 Atlantic Ave Luma Delray 0.0%0.0%- $2,350 2001 N Federal Hwy Windsor at Delray Beach -12.4%-8.0%$2.71 $2,191 $1,868 $2,315 1100 Audace Ave Pacifica -0.9%1.3%$2.74 $2,181 $2,032 $2,300 5600 W Atlantic Ave Oasis Delray Beach Apartments -7.7%-7.7%$2.58 $2,124 $1,962 $2,228 250 Congress Park Dr Congress Grove 1.3%-5.3%$2.75 $2,092 $1,950 $2,380 1351 S Federal Hwy One Boynton -7.1%-4.1%$2.30 $2,072 $1,924 $2,105 650 Lavers Cir The Atlantic at East Delray -10.3%-2.7%$2.61 $2,068 $2,052 $2,097 9873 Lawrence Rd Latitude Pointe 8.3%10.7%$2.66 $2,020 5550 Nepsa Way Blu Atlantic -0.8%-4.3%$2.59 $1,989 3609 High Ridge Way High Ridge Landing -3.4%0.0%$2.38 $1,980 7933 Venture Center Way Cortland West Boynton -4.8%-2.5%$2.22 $1,922 1575 SW 8th St Verona at Boynton Beach 1.7%0.1%$2.20 $1,919 $1,918 $1,920 100 Newlake Dr The Cove at Boynton Beach A…-3.5%-4.6%$2.11 $1,805 $1,799 $1,827 3930 Max Pl Gateway Club -0.8%0.0%$1.92 $1,780 117 NE 9th Ave The Heart of Boynton Beach 5.6%0.0%$1.70 $1,175 $500 $1,375 $2,250 $3,125 $4,000 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 41 Exhibit 2 Exhibit 2 947 Two Bedroom Rent Comparables 630 E Woolbright Rd - Avion Riverwalk Property Name/Address Rating Two Bedroom Rent Per Unit YearQuarterRent/SF Change in Rent 630 E Woolbright Rd Avion Riverwalk -2.1%0.2%$2.99 $3,691 $3,305 $4,485 3501 S Federal Hwy Seabourn Cove 10.9%12.8%$2.29 $3,290 $3,210 $3,410 2095 W Atlantic Ave Aura Delray Beach 2.1%0.1%$2.87 $3,268 $3,240 $3,300 7606 Atlantic Ave Luma Delray 4.4%0.0%$2.39 $3,033 $2,950 $3,235 2001 N Federal Hwy Windsor at Delray Beach -6.6%-0.1%$2.32 $2,810 $2,622 $3,380 1351 S Federal Hwy One Boynton -2.6%5.7%$2.25 $2,775 $2,449 $3,027 1100 Audace Ave Pacifica 2.5%2.2%$2.45 $2,742 $2,686 $2,817 650 Lavers Cir The Atlantic at East Delray 9.1%-6.0%$2.33 $2,719 250 Congress Park Dr Congress Grove 1.9%-0.5%$2.35 $2,690 $2,575 $2,990 5600 W Atlantic Ave Oasis Delray Beach Apartments -8.3%0.9%$2.07 $2,546 $2,403 $2,631 7933 Venture Center Way Cortland West Boynton -1.5%-1.6%$2.06 $2,431 $2,411 $2,436 1575 SW 8th St Verona at Boynton Beach 5.5%2.4%$2.05 $2,396 $2,386 $2,407 5550 Nepsa Way Blu Atlantic -1.0%1.0%$2.20 $2,376 $2,349 $2,399 3609 High Ridge Way High Ridge Landing -10.2%0.0%$2.04 $2,252 $2,234 $2,284 3930 Max Pl Gateway Club -0.6%3.6%$1.74 $2,147 $2,135 $2,165 100 Newlake Dr The Cove at Boynton Beach A…-0.7%-13.3%$1.68 $2,129 $1,981 $2,694 9873 Lawrence Rd Latitude Pointe -2.4%3.0%$1.85 $2,064 $1,925 $2,120 $1,000 $2,125 $3,250 $4,375 $5,500 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 42 Exhibit 2 Exhibit 2 948 Three Bedroom Rent Comparables 630 E Woolbright Rd - Avion Riverwalk Property Name/Address Rating Three Bedroom Rent Per Unit YearQuarterRent/SF Change in Rent 630 E Woolbright Rd Avion Riverwalk 0.9%0.0%$3.11 $4,710 3501 S Federal Hwy Seabourn Cove 17.4%15.9%$2.23 $3,831 2095 W Atlantic Ave Aura Delray Beach 2.0%0.0%$2.59 $3,565 7606 Atlantic Ave Luma Delray 3.8%0.0%- $3,425 250 Congress Park Dr Congress Grove 8.8%0.0%$2.31 $3,344 1351 S Federal Hwy One Boynton 5.1%-5.5%$2.14 $3,301 $2,725 $4,704 5600 W Atlantic Ave Oasis Delray Beach Apartments 5.7%0.6%$2.20 $3,126 $2,700 $3,551 2001 N Federal Hwy Windsor at Delray Beach -16.8%-8.2%$2.14 $3,092 $3,068 $3,585 650 Lavers Cir The Atlantic at East Delray -8.9%-5.0%$2.39 $3,075 $3,065 $3,085 1100 Audace Ave Pacifica 8.3%3.3%$2.44 $3,041 $2,907 $3,174 5550 Nepsa Way Blu Atlantic 9.6%12.2%$2.26 $2,949 3609 High Ridge Way High Ridge Landing -2.6%0.0%$2.35 $2,860 9873 Lawrence Rd Latitude Pointe -1.3%0.4%$1.96 $2,745 100 Newlake Dr The Cove at Boynton Beach A…-4.9%-1.1%$1.87 $2,724 $2,622 $2,848 7933 Venture Center Way Cortland West Boynton -17.3%-10.6%$1.93 $2,651 1575 SW 8th St Verona at Boynton Beach 0.2%-1.9%$1.98 $2,639 $2,615 $2,664 3930 Max Pl Gateway Club -6.0%0.1%$1.71 $2,546 $2,465 $2,665 $1,500 $2,500 $3,500 $4,500 $5,500 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 43 Exhibit 2 Exhibit 2 949 Changes in Rent Comparables 630 E Woolbright Rd - Avion Riverwalk VACANCY CHANGES PAST QUARTER & YEAR Past QtrLast YearLast QtrNow Vacancy Levels Change Property Name - Address Rating Units Past Year ----292 -Aura Delray Beach -2095 W Atlantic Ave ----126 -The Heart of Boynton Beach -117 NE 9th Ave 63.0%--2.8%-319 65.8%Avion Riverwalk -630 E Woolbright Rd 6.1%-33.5%-0.6%39.6%212 6.7%Luma Delray -7606 Atlantic Ave 4.0%-4.7%-0.3%8.7%324 4.4%Oasis Delray Beach Apartments -5600 W Atlanti… 6.8%1.0%-0.1%5.8%456 6.9%Seabourn Cove -3501 S Federal Hwy 0.1%-1.5%0%1.6%171 0.1%Blu Atlantic -5550 Nepsa Way 8.1%1.0%0%7.1%369 8.1%Congress Grove -250 Congress Park Dr 1.9%-4.2%0%6.1%264 1.9%Cortland West Boynton -7933 Venture Center Way 15.4%11.2%0%4.2%184 15.4%High Ridge Landing -3609 High Ridge Way 3.0%-3.4%0%6.4%494 3.0%One Boynton -1351 S Federal Hwy 6.2%-0.2%0%6.4%324 6.2%Pacifica -1100 Audace Ave 8.0%-10.1%0%18.1%548 8.0%The Cove at Boynton Beach Apartments -100… 10.4%3.1%0%7.3%216 10.4%Verona at Boynton Beach -1575 SW 8th St 3.2%-0.9%0%4.1%188 3.2%Windsor at Delray Beach -2001 N Federal Hwy 8.2%-1.2%0%9.4%280 8.2%Latitude Pointe -9873 Lawrence Rd 4.7%1.5%0.8%3.2%319 3.9%Gateway Club -3930 Max Pl 8.8%3.5%2.3%5.2%228 6.5%The Atlantic at East Delray -650 Lavers Cir ASKING RENT CHANGES PAST QUARTER & YEAR - STUDIO Past QtrLast YearLast QtrNow Rents Levels Change Property Name - Address Rating Units Past Year $2,335 2.0%0%$2,28926$2,335Aura Delray Beach -2095 W Atlantic Ave $2,490 14.0%0%$2,1851$2,490Avion Riverwalk -630 E Woolbright Rd $1,972 0.7%0%$1,95820$1,972Congress Grove -250 Congress Park Dr 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 44 Exhibit 2 Exhibit 2 950 Changes in Rent Comparables 630 E Woolbright Rd - Avion Riverwalk ASKING RENT CHANGES PAST QUARTER & YEAR - ONE BEDROOM Past QtrLast YearLast QtrNow Rents Levels Change Property Name - Address Rating Units Past Year $2,191 -12.4%-7.9%$2,50185$2,380Windsor at Delray Beach -2001 N Federal Hwy $2,124 -7.7%-7.7%$2,302118$2,301Oasis Delray Beach Apartments -5600 W Atlanti… $2,092 1.3%-5.2%$2,066180$2,208Congress Grove -250 Congress Park Dr $1,805 -3.5%-4.6%$1,871140$1,892The Cove at Boynton Beach Apartments -100… $1,989 -0.7%-4.3%$2,00436$2,079Blu Atlantic -5550 Nepsa Way $2,072 -7.1%-4.1%$2,230200$2,160One Boynton -1351 S Federal Hwy $2,068 -10.3%-2.7%$2,30468$2,125The Atlantic at East Delray -650 Lavers Cir $1,922 -4.8%-2.5%$2,01872$1,972Cortland West Boynton -7933 Venture Center Way $2,560 2.0%0%$2,509128$2,560Aura Delray Beach -2095 W Atlantic Ave $1,780 -0.8%0%$1,79572$1,780Gateway Club -3930 Max Pl $1,980 -3.4%0%$2,04948$1,980High Ridge Landing -3609 High Ridge Way $2,350 0%0%$2,35082$2,350Luma Delray -7606 Atlantic Ave $1,175 5.6%0%$1,113124$1,175The Heart of Boynton Beach -117 NE 9th Ave $1,919 1.7%0.1%$1,88872$1,917Verona at Boynton Beach -1575 SW 8th St $2,492 -2.0%0.7%$2,542152$2,474Avion Riverwalk -630 E Woolbright Rd $2,181 -0.9%1.3%$2,200171$2,153Pacifica -1100 Audace Ave $2,020 8.3%10.7%$1,86558$1,825Latitude Pointe -9873 Lawrence Rd $2,587 20.3%30.2%$2,150156$1,987Seabourn Cove -3501 S Federal Hwy 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 45 Exhibit 2 Exhibit 2 951 Changes in Rent Comparables 630 E Woolbright Rd - Avion Riverwalk ASKING RENT CHANGES PAST QUARTER & YEAR - TWO BEDROOM Past QtrLast YearLast QtrNow Rents Levels Change Property Name - Address Rating Units Past Year $2,129 -0.7%-13.3%$2,145296$2,457The Cove at Boynton Beach Apartments -100… $2,719 9.1%-6.0%$2,493112$2,892The Atlantic at East Delray -650 Lavers Cir $2,431 -1.5%-1.6%$2,468128$2,472Cortland West Boynton -7933 Venture Center Way $2,690 1.9%-0.4%$2,641155$2,702Congress Grove -250 Congress Park Dr $2,810 -6.6%-0.1%$3,00855$2,814Windsor at Delray Beach -2001 N Federal Hwy $2,252 -10.2%0%$2,507112$2,252High Ridge Landing -3609 High Ridge Way $3,033 2.7%0%$2,955103$3,033Luma Delray -7606 Atlantic Ave $1,401 4.9%0%$1,3351$1,401The Heart of Boynton Beach -117 NE 9th Ave $3,268 2.1%0.1%$3,201118$3,266Aura Delray Beach -2095 W Atlantic Ave $3,691 -2.1%0.2%$3,769150$3,685Avion Riverwalk -630 E Woolbright Rd $2,546 -8.3%0.9%$2,776120$2,523Oasis Delray Beach Apartments -5600 W Atlanti… $2,376 -1.0%1.0%$2,40099$2,354Blu Atlantic -5550 Nepsa Way $2,742 2.5%2.2%$2,67493$2,681Pacifica -1100 Audace Ave $2,396 5.5%2.4%$2,272108$2,340Verona at Boynton Beach -1575 SW 8th St $2,064 -2.4%3.0%$2,116202$2,003Latitude Pointe -9873 Lawrence Rd $2,147 -0.6%3.6%$2,159166$2,072Gateway Club -3930 Max Pl $2,775 -2.6%5.7%$2,848210$2,625One Boynton -1351 S Federal Hwy $3,290 10.9%12.8%$2,966216$2,917Seabourn Cove -3501 S Federal Hwy 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 46 Exhibit 2 Exhibit 2 952 Changes in Rent Comparables 630 E Woolbright Rd - Avion Riverwalk ASKING RENT CHANGES PAST QUARTER & YEAR - THREE BEDROOM Past QtrLast YearLast QtrNow Rents Levels Change Property Name - Address Rating Units Past Year $2,651 -17.3%-10.6%$3,20764$2,966Cortland West Boynton -7933 Venture Center Way $3,092 -16.8%-8.2%$3,71648$3,368Windsor at Delray Beach -2001 N Federal Hwy $3,301 5.1%-5.5%$3,14284$3,492One Boynton -1351 S Federal Hwy $3,075 -8.9%-5.0%$3,37548$3,238The Atlantic at East Delray -650 Lavers Cir $2,639 0.2%-1.9%$2,63436$2,691Verona at Boynton Beach -1575 SW 8th St $2,724 -4.9%-1.1%$2,866112$2,754The Cove at Boynton Beach Apartments -100… $3,565 2.0%0%$3,49420$3,565Aura Delray Beach -2095 W Atlantic Ave $4,710 0.9%0%$4,66716$4,710Avion Riverwalk -630 E Woolbright Rd $3,344 8.8%0%$3,07514$3,344Congress Grove -250 Congress Park Dr $2,860 -2.6%0%$2,93524$2,860High Ridge Landing -3609 High Ridge Way $3,425 3.8%0%$3,30027$3,425Luma Delray -7606 Atlantic Ave $1,597 4.3%0%$1,5311$1,597The Heart of Boynton Beach -117 NE 9th Ave $2,546 -6.0%0.1%$2,70881$2,545Gateway Club -3930 Max Pl $2,745 -1.3%0.4%$2,78020$2,735Latitude Pointe -9873 Lawrence Rd $3,126 5.7%0.6%$2,95786$3,107Oasis Delray Beach Apartments -5600 W Atlanti… $3,041 8.3%3.3%$2,80860$2,943Pacifica -1100 Audace Ave $2,949 9.6%12.2%$2,69136$2,629Blu Atlantic -5550 Nepsa Way $3,831 17.4%15.9%$3,26484$3,305Seabourn Cove -3501 S Federal Hwy 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 47 Exhibit 2 Exhibit 2 953 Rent Trends 630 E Woolbright Rd - Avion Riverwalk PROPERTY ATTRIBUTES Avion Riverwalk Rent Comps Boynton Beach 3-5 Star Palm Beach 3-5 Star Existing Units 27,186 166,316 Building Rating Under Construction as % of Inventory 9.1%1.9%5.8% 4,577319 - 3.23.13.9 UNIT MIX Avion Riverwalk Rent Comps Boynton Beach 3-5 Star Palm Beach 3-5 Star Studio - 1 Bath 0%0%1%2% 1 Bedroom - 1 Bath 48%34%32%27% 2 Bedroom - 2 Bath 47%41%43%38% 3 Bedroom - 3 Bath 5%1%1%2% ASKING RENTS PER SF Avion Riverwalk Rent Comps Boynton Beach 3-5 Star Palm Beach 3-5 Star Studio - 1 Bath $4.34 $3.61 $4.54 $3.47 1 Bedroom - 1 Bath $3.27 $2.50 $2.45 $2.59 2 Bedroom - 2 Bath $2.99 $2.09 $2.18 $2.21 3 Bedroom - 3 Bath $3.11 $2.28 $1.65 $2.41 Concessions 0.0%0.4%0.8%0.9% AVERAGE EFFECTIVE RENT GROWTH Avion Riverwalk Rent Comps Boynton Beach 3-5 Star Palm Beach 3-5 Star Current Quarter 0.4%0.5%-0.3%0.0% 1 Year Rent Growth -1.8%0.1%-0.7%-0.6% 3 Year Rent Growth -47.7%36.3%33.5% 5 Year Rent Growth -50.2%42.4%38.7% All-Time Average -4.7%3.5%3.5% VACANCY RATE Avion Riverwalk Rent Comps Boynton Beach 3-5 Star Palm Beach 3-5 Star Current Quarter 63.0%6.2%7.8%8.7% Last Quarter 65.8%6.1%8.0%8.8% 1 Year Ago -9.1%8.7%7.8% 3 Years Ago -9.9%9.2%8.3% 5 Years Ago -6.2%9.9%8.1% 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 48 Exhibit 2 Exhibit 2 954 Rent Trends 630 E Woolbright Rd - Avion Riverwalk STUDIO ASKING RENT PER SQUARE FOOT ONE BEDROOM ASKING RENT PER SQUARE FOOT 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 49 Exhibit 2 Exhibit 2 955 Rent Trends 630 E Woolbright Rd - Avion Riverwalk TWO BEDROOM ASKING RENT PER SQUARE FOOT THREE BEDROOM ASKING RENT PER SQUARE FOOT 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 50 Exhibit 2 Exhibit 2 956 Rent Trends 630 E Woolbright Rd - Avion Riverwalk OVERALL ASKING RENT PER SQUARE FOOT OVERALL EFFECTIVE RENT PER SQUARE FOOT 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 51 Exhibit 2 Exhibit 2 957 Rent Trends 630 E Woolbright Rd - Avion Riverwalk ANNUAL EFFECTIVE RENT GROWTH CONCESSIONS 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 52 Exhibit 2 Exhibit 2 958 Rent Trends 630 E Woolbright Rd - Avion Riverwalk VACANCY RATES OCCUPANCY RATES 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 53 Exhibit 2 Exhibit 2 959 Rent Trends 630 E Woolbright Rd - Avion Riverwalk RENT COMPARABLES HISTORICAL DATA BY YEAR RENT COMPARABLES HISTORICAL DATA BY QUARTER PAST 3 YEARS Rental Rates Per SF Vacancy Year Units EffectiveAsking Growth Concessions Units Percent Change Absorption 2023 4,577 $2.21 -0.9%0.4%285 6.2%-0.4%(5)$2.22 2022 4,577 $2.23 1.4%0.6%305 6.7%2.1%110$2.24 2021 4,365 $2.20 32.9%0.3%200 4.6%-3.7%(45)$2.21 2020 4,365 $1.66 3.4%1.6%361 8.3%-5.5%72$1.69 2019 4,365 $1.60 8.0%0.5%600 13.8%6.8%23$1.61 2018 4,041 $1.48 3.9%2.1%283 7.0%0.3%(32)$1.52 2017 4,041 $1.43 2.7%2.1%271 6.7%-5.8%16$1.46 2016 4,041 $1.39 -0.9%1.9%507 12.5%7.9%120$1.42 2015 3,669 $1.40 6.2%0.7%171 4.7%0.2%(13)$1.41 2014 3,669 $1.32 6.1%0.8%162 4.4%-4.5%30$1.33 Rental Rates Per SF Vacancy Quarter Units EffectiveAsking Growth Concessions Units Percent Change Absorption 2023 Q3 4,577 $2.21 0.5%0.4%285 6.2%0.1%(5)$2.22 2023 Q2 4,577 $2.20 -1.3%0.5%280 6.1%-0.3%13$2.21 2023 Q1 4,577 $2.23 -0.1%0.1%294 6.4%-0.2%12$2.24 2022 Q4 4,577 $2.23 1.0%0.6%305 6.7%-2.4%110$2.24 2022 Q3 4,577 $2.21 -0.2%0.5%415 9.1%-0.4%17$2.22 2022 Q2 4,577 $2.22 0.9%0.1%432 9.4%4.2%8$2.22 2022 Q1 4,365 $2.20 -0.2%0.2%228 5.2%0.6%(28)$2.20 2021 Q4 4,365 $2.20 3.2%0.3%200 4.6%1.0%(45)$2.21 2021 Q3 4,365 $2.14 11.5%0.2%155 3.6%-0.2%7$2.14 2021 Q2 4,365 $1.92 12.3%0.5%163 3.7%-2.1%91$1.93 2021 Q1 4,365 $1.71 2.9%1.7%253 5.8%-2.5%107$1.74 2020 Q4 4,365 $1.66 10.6%1.6%361 8.3%-1.7%72$1.69 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 54 Exhibit 2 Exhibit 2 960 630 E Woolbright Rd PREPARED BY Hank Fishkind Construction Survey Avion Riverwalk 319 Unit Apartment Building Boynton Beach, Florida - Outer Boynton Beach Neighborhood Exhibit 2 Exhibit 2 961 Overall Construction Summary 630 E Woolbright Rd - Avion Riverwalk 232 414 124 0 All-Time Annual Average Delivered Past 8 Quarters Deliveries Next 8 Quarters Proposed Next 8 Quarters MAP OF 24 MONTH DELIVERIES, UNDER CONSTRUCTION, PROPOSED PAST AND FUTURE DELIVERIES 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 56 Exhibit 2 Exhibit 2 962 Under Construction Properties 630 E Woolbright Rd - Avion Riverwalk 1 124 1.4%124 Properties Units Percent of Inventory Avg. No. Units UNDER CONSTRUCTION PROPERTIES UNDER CONSTRUCTION SUMMARY STATISTICS Low Average Median High Property Size in Units 124 124 124 124 Number of Stories 4 4 4 4 Average Unit Size SF 691 691 691 691 Star Rating 3.0 Estimated Delivery Date Sep 2023 Sep 2023 Sep 2023 Sep 2023 Months to Delivery 1 1 1 1 Construction Period in Months 20 20 20 20 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 57 Exhibit 2 Exhibit 2 963 Under Construction Properties 630 E Woolbright Rd - Avion Riverwalk COMPLETIONS WITHIN NEXT 3 MONTHS Property Name/Address Rating Units Stories Start Complete Developer/Owner Jan 2022117 NE 9th Ave The Heart of Boynton Be…124 4 Sep 2023 - -1 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 58 Exhibit 2 Exhibit 2 964 Under Construction Properties 630 E Woolbright Rd - Avion Riverwalk 1 117 NE 9th Ave - The Heart of Boynton Beach Boynton Beach, Florida - Outer Boynton Beach Neighborhood CONSTRUCTION INFO Start Date:Jan 2022 Completion Date:Sep 2023 Build Time:20 Months Time to Delivery:1 Month PROPERTY Property Size:124 Units Stories:4 Average Unit Size:696 SF Rent Type:Market/Affordable SITE AMENITIES 24 Hour Access UNIT AMENITIES Air Conditioning, Kitchen, Tub/Shower 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 59 Exhibit 2 Exhibit 2 965 Deliveries Past 12 Months Summary 630 E Woolbright Rd - Avion Riverwalk 1 319 62.4%$3,167 Properties Units Vacancy Rate Avg. Asking Rent/Unit DELIVERIES IN PAST 12 MONTHS DELIVERIES PAST 12 MONTHS SUMMARY STATISTICS Unit Mix Low Average Median High Property Size in Units 319 319 319 319 Studio Units 1 1 1 1 One Bedroom Units 152 152 152 152 Two Bedroom Units 150 150 150 150 Three Bedroom Units 16 16 16 16 Property Attributes Low Average Median High Number of Stories 10 10 10 10 Average Unit Size SF 1,019 1,019 1,019 1,019 Rating 4.0 Leasing Performance Low Average Median High Vacancy Rate 62.4%62.4%62.4%62.4% Asking Rent Per Unit $3,167 $3,167 $3,167 $3,167 Effective Rent Per Unit $3,166 $3,166 $3,166 $3,166 Asking Rent Per SF $3.11 $3.11 $3.11 $3.11 Effective Rent Per SF $3.10 $3.10 $3.10 $3.10 Concessions 0.3%0.3%0.3%0.3% 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 60 Exhibit 2 Exhibit 2 966 Deliveries Past 12 Months Summary 630 E Woolbright Rd - Avion Riverwalk Property Name/Address Rating Units Stories Start Complete Developer/Owner Jan 22630 E Woolbright Rd Avion Riverwalk 319 10 May 23 - Isram Realty & Management Inc. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 61 Exhibit 2 Exhibit 2 967 Deliveries Past 12 Months 630 E Woolbright Rd - Avion Riverwalk 630 E Woolbright Rd - Avion Riverwalk Boynton Beach, Florida - Outer Boynton Beach Neighborhood PROPERTY MANAGER American Land Ventures - Avion Riverwalk (561) 375-5500 PROPERTY 0.00 Miles Property Size:319 Units, 10 Floors Avg. Unit Size:1,019 SF Year Built:May 2023 Type:Apartments - All Rent Type: Parking:- Distance to Subject: Distance to Transit:- Market OWNER - UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN Studio 1 574 1 0.3%0 0.0%$2,490 $4.34 $2,340 $4.08 6.0% 1 1 537 8 2.5%0 0.0%$2,104 $3.92 $2,104 $3.92 0.0% 1 1 657 8 2.5%0 0.0%$2,590 $3.94 $2,590 $3.94 0.0% 1 1 768 87 27.3%56 64.4%$2,425 $3.16 $2,425 $3.16 0.0% 1 1 782 36 11.3%18 50.0%$2,450 $3.13 $2,450 $3.13 0.0% 1 1 850 1 0.3%0 0.0%$2,809 $3.30 $2,809 $3.30 0.0% 1 1 856 12 3.8%2 16.7%$3,265 $3.81 $3,265 $3.81 0.0% 2 2 1,050 6 1.9%6 100%$3,325 $3.17 $3,325 $3.17 0.0% 2 2 1,104 8 2.5%6 75.0%$3,345 $3.03 $3,345 $3.03 0.0% 2 2 1,151 16 5.0%15 93.8%$3,305 $2.87 $3,305 $2.87 0.0% 2 2 1,188 20 6.3%4 20.0%$3,730 $3.14 $3,730 $3.14 0.0% 2 2 1,223 36 11.3%33 91.7%$3,530 $2.89 $3,530 $2.89 0.0% 2 2 1,250 1 0.3%1 100%$3,730 $2.98 $3,730 $2.98 0.0% 2 2 1,263 9 2.8%7 77.8%$3,915 $3.10 $3,915 $3.10 0.0% 2 2 1,265 15 4.7%5 33.3%$3,910 $3.09 $3,910 $3.09 0.0% 2 2 1,288 15 4.7%10 66.7%$3,565 $2.77 $3,565 $2.77 0.0% 2 2 1,294 15 4.7%4 26.7%$4,240 $3.28 $4,240 $3.28 0.0% 2 2 1,400 1 0.3%0 0.0%$4,485 $3.20 $4,485 $3.20 0.0% 2 2 1,484 8 2.5%3 37.5%$4,145 $2.79 $4,145 $2.79 0.0% 3 3 1,513 16 5.0%2 12.5%$4,710 $3.11 $4,710 $3.11 0.0% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All Studios 574 1 0.3%0 0.0%$2,490 $4.34 $2,340 $4.08 6.0% All 1 Beds 761 152 47.6%76 50.0%$2,492 $3.27 $2,492 $3.27 0.0% All 2 Beds 1,233 150 47.0%94 62.7%$3,691 $2.99 $3,691 $2.99 0.0% All 3 Beds 1,513 16 5.0%2 12.5%$4,710 $3.11 $4,710 $3.11 0.0% Totals 1,020 319 100%172 53.9%$3,167 $3.10 $3,166 $3.10 0.0% Updated July 31, 2023Estimate SITE AMENITIES Cabana, Fitness Center, Grill, Lounge, Package Service, Pet Play Area, Pet Washing Station, Pool, Roof Terrace, Sauna, Storage Space, Sundeck 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 62 Exhibit 2 Exhibit 2 968 Deliveries Past 12 Months 630 E Woolbright Rd - Avion Riverwalk UNIT AMENITIES Air Conditioning, Ceiling Fans, Granite Countertops, Island Kitchen, Oven, Walk-In Closets, Washer/Dryer, Wi-Fi RECURRING EXPENSES Unassigned Garage Parking $0-100 Storage Fee $95 ONE TIME EXPENSES Dog Fee $350 Cat Fee $350 Admin Fee $250 Application Fee $75 PET POLICY Dog Allowed One-Time Fee: $350-350, 2 Maximum Restrictions: NON-Refundable Pet Fees - $ 350 for 1 pet and $ 450 for 2 pets. Breed Restrictions Apply. No Aggressive Breeds Allowed. Pit Bulls Are Not Permitted. Cat Allowed One-Time Fee: $350-350, 2 Maximum Restrictions: NON-Refundable Pet Fees - $ 350 for 1 pet and $ 450 for 2 pets. Breed Restrictions Apply. No Aggressive Breeds Allowed. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 63 Exhibit 2 Exhibit 2 969 Construction Summary 630 E Woolbright Rd - Avion Riverwalk UNITS UNDER CONSTRUCTION PROJECTED DELIVERY DATES OF UNITS UNDER CONSTRUCTION 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 64 Exhibit 2 Exhibit 2 970 Construction Summary 630 E Woolbright Rd - Avion Riverwalk CONSTRUCTION DELIVERIES IN UNITS CONSTRUCTION STARTS IN UNITS 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 65 Exhibit 2 Exhibit 2 971 Construction Summary 630 E Woolbright Rd - Avion Riverwalk PERCENT OCCUPIED AT DELIVERY UNITS OCCUPIED IN DELIVERIES OVER TIME 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 66 Exhibit 2 Exhibit 2 972 Construction Summary 630 E Woolbright Rd - Avion Riverwalk NEW CONSTRUCTION OCCUPANCY AFTER DELIVERY BY YEAR BUILT ABSORPTION IN UNITS 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 67 Exhibit 2 Exhibit 2 973 Construction Summary 630 E Woolbright Rd - Avion Riverwalk ASKING RENTAL RATES PER UNIT CONCESSIONS IN DELIVERIES PER YEAR 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 68 Exhibit 2 Exhibit 2 974 630 E Woolbright Rd PREPARED BY Hank Fishkind Sale Comparables Avion Riverwalk 319 Unit Apartment Building Boynton Beach, Florida - Outer Boynton Beach Neighborhood Exhibit 2 Exhibit 2 975 Sale Comparables Summary Avion Riverwalk - 630 E Woolbright Rd 15 $384 $105.4 7.0% Sale Comparables Avg. Price/Unit (thous.)Average Price (mil.)Average Vacancy at Sale SALE COMPARABLES LOCATIONS SALE COMPARABLES SUMMARY STATISTICS Sales Attributes Low Average Median High Sale Price $25,000,000 $105,426,216 $82,750,000 $230,000,000 Price Per Unit $137,362 $384,392 $370,370 $653,198 Cap Rate 3.7%3.7%3.7%3.7% Vacancy Rate at Sale 0%7.0%4.6%28.6% Time Since Sale in Months 1.6 16.5 15.9 23.9 Property Attributes Low Average Median High Property Size in Units 160 274 217 494 Number of Floors 2 4 4 15 Average Unit SF 385 1,008 1,049 1,523 Year Built 1970 2011 2016 2022 Star Rating 3.9 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 70 Exhibit 2 Exhibit 2 976 Sale Comparables Summary Avion Riverwalk - 630 E Woolbright Rd Property Information RatingProperty Name/Address Yr Built Units Vacancy Sale Date Price Price/Unit Price/SF Sale Information 900 Water Tower Way Manor Lantana -1 2021 348 16.4%6/15/2023 $138,000,000 $396,551 $575 3609 High Ridge Way High Ridge Landing -2 2016 184 4.4%9/12/2022 $71,000,000 $385,869 $332 5300-5400 NW Broken Sound… Amalta Broken Sound -3 2022 297 18.5%9/8/2022 $194,000,000 $653,198 $579 1625 Renaissance Commons… Monteverde at Renaissance -4 2007 219 0%7/15/2022 $49,643,240 $226,681 $197 12575 Green Cay Farm Blvd Palm Park Apartments -5 2007 160 0%5/12/2022 $40,250,000 $251,562 $230 1050 Blanche St The District Flats -6 2021 178 6.2%4/25/2022 $78,000,000 $438,202 $451 1575 SW 8th St Verona at Boynton Beach -7 2002 216 4.6%4/6/2022 $80,000,000 $370,370 $308 695 S Olive AKA West Palm -8 2020 217 28.6%4/6/2022 $84,000,000 $387,096 $840 1400 Pine Cir Chelsea Commons Apartments -9 1998 208 1.9%12/21/2021 $58,900,000 $283,173 $259 1000 Audace Ave The District Boynton -10 2017 350 5.7%12/21/2021 $125,850,000 $359,571 $321 600 SeaLofts Dr SeaLofts at Boynton Village -11 2020 433 5.1%12/1/2021 $153,000,000 $353,348 $353 151 SE 3rd Ave South of Atlantic -12 2015 172 2.9%10/29/2021 $82,750,000 $481,104 $481 208 Fern St St Andrews Residence Of Pal…-13 1970 182 0%8/25/2021 $25,000,000 $137,362 $196 1351 S Federal Hwy One Boynton -14 2009 494 5.1%8/25/2021 $171,000,000 $346,153 $533 20940 Uptown Ave Cortland Uptown Boca -15 2020 456 2.2%8/5/2021 $230,000,000 $504,385 $504 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 71 Exhibit 2 Exhibit 2 977 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 1 Manor Lantana - 900 Water Tower Way Lantana, FL 33462 - Outer Boynton Beach Neighborhood SALE Sale Date:6/15/2023 Sale Price:$138,000,000 Price Per Unit:$396,552 Price Per SF:$575 Cap Rate:- PROPERTY Property Size:348 Units, 3 Floors Average Unit Size:1,164 SF Year Built:Dec 2021 Vacancy At Sale:16.4% Parking Spaces:- CONTACTS Buyer:The Praedium Group Seller:Related Development, LLC, Rockpoint FINANCING $75,900,000 from Northwestern Mutual Life Insurance Company: due in 5 yrs UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE Studio 1 648 32 9.2%5 15.6%$2,083 $3.21 $1,923 $2.97 7.7% 1 1 767 56 16.1%9 16.1%$2,358 $3.07 $2,177 $2.84 7.7% 1 1 831 24 6.9%4 16.7%$2,305 $2.77 $2,128 $2.56 7.7% 1 1 979 18 5.2%3 16.7%$2,378 $2.43 $2,196 $2.24 7.7% 2 2 1,081 32 9.2%5 15.6%$2,715 $2.51 $2,507 $2.32 7.7% 2 2 1,111 16 4.6%3 18.8%$2,757 $2.48 $2,546 $2.29 7.7% 2 2 1,169 48 13.8%8 16.7%$2,900 $2.48 $2,678 $2.29 7.7% 2 2 1,361 18 5.2%3 16.7%$3,362 $2.47 $3,104 $2.28 7.7% 2 2 1,525 18 5.2%3 16.7%$3,765 $2.47 $3,476 $2.28 7.7% 2 2 1,704 18 5.2%3 16.7%$3,525 $2.07 $3,255 $1.91 7.7% 3 2 1,455 16 4.6%3 18.8%$3,219 $2.21 $2,972 $2.04 7.7% 3 2 1,583 16 4.6%3 18.8%$3,511 $2.22 $3,242 $2.05 7.7% 3 2 1,692 18 5.2%3 16.7%$3,777 $2.23 $3,487 $2.06 7.7% 3 2 1,873 18 5.2%3 16.7%$4,007 $2.14 $3,700 $1.98 7.7% Totals 1,164 348 100%57 16.4%$2,892 $2.48 $2,671 $2.29 7.7% SITE AMENITIES Clubhouse, Fitness Center, Media Center/Movie Theatre, Pool UNIT AMENITIES Washer/Dryer TRANSACTION NOTES This 348 Unit multi-family property located at 900 Water Tower Way Lantana, FL sold in an Investment sale for $138MM. The Manor Lantana apartments are located in Palm Beach County and sits on 16.12 acres of land. The Praedium Group acquired the property from a JV formed by Related Group and Rockpoint. The parties involved were not available for comment. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 72 Exhibit 2 Exhibit 2 978 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 2 High Ridge Landing - 3609 High Ridge Way Boynton Beach, FL 33426 - Outer Boynton Beach Neighborhood SALE Sale Date:9/12/2022 Sale Price:$71,000,000 Price Per Unit:$385,870 Price Per SF:$332 Cap Rate:3.7% PROPERTY Property Size:184 Units, 3 Floors Average Unit Size:1,049 SF Year Built:Dec 2016 Vacancy At Sale:4.4% Parking Spaces:320 Spaces; 1.7 per Unit CONTACTS Buyer:Yuksel, Inc. Seller:American Landmark Listing Broker:ARA Newmark - Avery Klann, Hampton Beebe, Jackson Huggett… FINANCING $37,500,000 from Western-Southern Life Assurance Company UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE 1 1 833 48 26.1%2 4.2%$2,049 $2.46 $2,049 $2.46 0.0% 2 2 1,087 71 38.6%3 4.2%$2,489 $2.29 $2,489 $2.29 0.0% 2 2 1,138 41 22.3%2 4.9%$2,539 $2.23 $2,539 $2.23 0.0% 3 2 1,219 24 13.0%1 4.2%$2,935 $2.41 $2,935 $2.41 0.0% Totals 1,049 184 100%8 4.4%$2,444 $2.33 $2,444 $2.33 0.0% SITE AMENITIES 24 Hour Access, Business Center, Car Charging Station, Fenced Lot, Fitness Center, Gated, Pond, Pool, Waterfront UNIT AMENITIES Air Conditioning, Balcony, Carpet, Ceiling Fans, Granite Countertops, Heating, Microwave, Patio, Range, Tub/Shower, Washer/Dryer, Wheelchair Accessible (Rooms) TRANSACTION NOTES This report has been verified with a listing broker and the buyer. On September 12, 2022 American Landmark sold the 184-unit apartment community located at 3609 High Ridge Way in Boynton Beach, FL to Yuksel, Inc. for $71 million, or approximately $385,870 per unit. At the time of sale the subject property was called High Ridge Landing. The property was 96% occupied at the time of sale. A 3.7% cap rate was reported. The seller sold the property because they reached the end of their hold period. The buyer is shifting their investment focus from the State of Washington to Florida. This was their up-leg in a 1031 exchange. See CoStar COMP ID# 6130583 and 6144109 for the down-leg transactions. The buyer financed this acquisition with a $37.5 million loan provided by Western-Southern Life Assurance Company. Attempts made to contact the seller were unsuccessful. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 73 Exhibit 2 Exhibit 2 979 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 3 Amalta Broken Sound - 5300-5400 NW Broken Sound Blvd Boca Raton, FL 33487 - Downtown Boca Raton Neighborhood SALE Sale Date:9/8/2022 Sale Price:$194,000,000 Price Per Unit:$653,199 Price Per SF:$579 Cap Rate:- PROPERTY Property Size:297 Units, 6 Floors Average Unit Size:1,119 SF Year Built:Feb 2022 Vacancy At Sale:18.5% Parking Spaces:- CONTACTS Buyer:Cadillac Fairview, Lincoln Property Company Seller:Related Development, LLC, Rockpoint Listing Broker:Cushman & Wakefield - Robert Given, Zachary Sackley UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE 1 1 799 56 18.9%10 17.9%$3,050 $3.82 $3,050 $3.82 0.0% 1 1 817 36 12.1%7 19.4%$2,941 $3.60 $2,941 $3.60 0.0% 1 1 914 2 0.7%0 0.0%$3,299 $3.61 $3,299 $3.61 0.0% 1 1 971 4 1.3%1 25.0%$3,401 $3.50 $3,401 $3.50 0.0% 1 1 1,004 6 2.0%1 16.7%$3,499 $3.49 $3,499 $3.49 0.0% 2 2 1,049 18 6.1%3 16.7%$4,297 $4.10 $4,297 $4.10 0.0% 2 2 1,138 65 21.9%12 18.5%$4,182 $3.67 $4,182 $3.67 0.0% 2 2 1,169 39 13.1%7 18.0%$4,475 $3.83 $4,475 $3.83 0.0% 2 2 1,182 4 1.3%1 25.0%$3,953 $3.34 $3,953 $3.34 0.0% 2 2 1,213 5 1.7%1 20.0%$4,822 $3.98 $4,822 $3.98 0.0% 2 2 1,348 6 2.0%1 16.7%$4,595 $3.41 $4,595 $3.41 0.0% 2 2 1,525 6 2.0%1 16.7%$5,905 $3.87 $5,905 $3.87 0.0% 2 2 1,704 6 2.0%1 16.7%$5,399 $3.17 $5,399 $3.17 0.0% 3 2 1,502 22 7.4%4 18.2%$6,055 $4.03 $6,055 $4.03 0.0% 3 2 1,566 6 2.0%1 16.7%$5,550 $3.54 $5,550 $3.54 0.0% 3 2 1,575 4 1.3%1 25.0%$6,119 $3.89 $6,119 $3.89 0.0% 3 2 1,683 6 2.0%1 16.7%$7,730 $4.59 $7,730 $4.59 0.0% 3 2 1,873 6 2.0%1 16.7%$7,805 $4.17 $7,805 $4.17 0.0% Totals 1,120 297 100%55 18.5%$4,246 $3.79 $4,246 $3.79 0.0% SITE AMENITIES Clubhouse, Courtyard, Fitness Center, Gameroom, Lounge, Pet Care, Pool, Spa 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 74 Exhibit 2 Exhibit 2 980 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk TRANSACTION NOTES Manor Broken Sound, a 297-unit multifamily property at 5300-5400 NW Broken Sound Boulevard in Boca Raton, was sold on September 8, 2022 for $194 million. The buyers have re-branded the community as Amalta. The property was completed in February 2022 and was still in lease-up at the time of sale. The occupancy just prior to the sale was reported as 74%. Financing was not found recorded in connection with this transaction. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 75 Exhibit 2 Exhibit 2 981 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 4 Monteverde at Renaissance - 1625 Renaissance Commons Blvd Boynton Beach, FL 33426 - Renaissance Commons Neighborhood SALE Sale Date:7/15/2022 Sale Price:$49,643,240 Price Per Unit:$226,681 Price Per SF:$197 Cap Rate:- PROPERTY Property Size:219 Units, 6 Floors Average Unit Size:1,240 SF Year Built:2007 Vacancy At Sale:0% Parking Spaces:430 Spaces; 2.0 per Unit CONTACTS Buyer:Angelo Gordon & Co., L.P., ESG Kullen, MRP Realty Seller:ESG Kullen FINANCING $49,240,000 from Mesa West Capital UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE 1 1 811 15 6.8%0 0.0%$1,613 $1.99 $1,609 $1.98 0.2% 2 2 1,122 51 23.3%0 0.0%$1,779 $1.59 $1,775 $1.58 0.3% 2 2 1,188 51 23.3%0 0.0%$1,842 $1.55 $1,838 $1.55 0.3% 2 2 1,289 51 23.3%0 0.0%$1,923 $1.49 $1,918 $1.49 0.2% 3 2 1,488 51 23.3%0 0.0%$2,164 $1.45 $2,158 $1.45 0.3% Totals 1,240 219 100%0 0.0%$1,905 $1.54 $1,901 $1.53 0.2% SITE AMENITIES Bicycle Storage, Elevator, Fitness Center, Gameroom, Gated, Grill, Pool, Property Manager on Site UNIT AMENITIES Air Conditioning, Kitchen, Microwave, Oven, Range, Refrigerator, Tub/Shower, Views, Wheelchair Accessible (Rooms) TRANSACTION NOTES Monteverde at Renaissance at 1625 Renaissance Commons Boulevard in Boynton Beach was sold on July 15, 2022 for $49,643,240. The lender issued a press release reporting that this was a recapitalization and the seller has retained an ownership interest in the property. The 219-unit multifamily building was constructed in 2006 as condominiums. The original developer sold 101 units and the remaining 118 units were sold to a buyer as rentals. The seller acquired the 118 rental units and has since acquired the remaining 101 units from the individual owners and has terminated the condominium association. The buyers obtained financing in the amount of $49.24 million through Mesa West Capital. The lender reported that the buyers will be making improvements to the community amenities but didn't describe the scope of the capital improvement plans. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 76 Exhibit 2 Exhibit 2 982 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 5 Palm Park Apartments - 12575 Green Cay Farm Blvd Boynton Beach, FL 33437 - Outer Royal Palm Beach/Wellington Neighborhood SALE Sale Date:5/12/2022 Sale Price:$40,250,000 Price Per Unit:$251,563 Price Per SF:$230 Cap Rate:- PROPERTY Property Size:160 Units, 3 Floors Average Unit Size:999 SF Year Built:2007 Vacancy At Sale:0% Parking Spaces:- CONTACTS Buyer:Blackstone Real Estate Income Trust, Inc. Seller:Housing Trust Group Listing Broker:Berkadia Commercial Mortgage LLC - Roberto Pesant UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE 1 1 700 16 10.0%0 0.0%$965 $1.38 $965 $1.38 0.0% 2 2 939 84 52.5%0 0.0%$1,166 $1.24 $1,166 $1.24 0.0% 3 2 1,163 60 37.5%0 0.0%$1,353 $1.16 $1,353 $1.16 0.0% Totals 999 160 100%0 0.0%$1,216 $1.22 $1,216 $1.22 0.0% SITE AMENITIES Clubhouse, Elevator, Fitness Center, Gated, Grill, Laundry Facilities, Lounge, Picnic Area, Playground, Walking/Biking Trails UNIT AMENITIES Air Conditioning, Breakfast Nook, Ceiling Fans, Heating, Kitchen, Security System, Walk-In Closets, Washer/Dryer, Wi-Fi TRANSACTION NOTES On May 12th, 2022, the 175,152 square foot /420-unit Palm Park Apartments multifamily community in Boynton Beach, Florida sold for $40,250,000 or $95,833 per unit. Located at 12575 Green Cay Farm Boulevard, this class B apartment complex, delivered in 2007, features a unit mix of one - to three - bedroom units ranging from 700 to 1,163 square feet. Rents range from $965 to $1,353 per unit. The community boasts amenities such as a clubhouse, fitness center and laundry facilities. They buyer, Blackstone Inc, a New York-based publicly traded Real Estate Investment Trust that owns investment properties globally. The details of this transaction were verified via sources deemed reliable. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 77 Exhibit 2 Exhibit 2 983 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 6 The District Flats - 1050 Blanche St West Palm Beach, FL 33401 - West Palm Beach Neighborhood SALE Sale Date:4/25/2022 Sale Price:$78,000,000 Price Per Unit:$438,202 Price Per SF:$451 Cap Rate:- PROPERTY Property Size:178 Units, 4 Floors Average Unit Size:762 SF Year Built:2021 Vacancy At Sale:6.2% Parking Spaces:- CONTACTS Buyer:Pantzer Properties Seller:Eastwind Development, LLC Buyer Broker:Walker & Dunlop LLC - Still Hunter Listing Broker:Walker & Dunlop LLC - Still Hunter FINANCING $50,700,000 from Truist Bank UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE Studio 1 551 25 14.0%2 8.0%$1,922 $3.49 $1,922 $3.49 0.0% 1 1 684 60 33.7%4 6.7%$2,170 $3.17 $2,170 $3.17 0.0% 1 1 716 26 14.6%2 7.7%$2,211 $3.09 $2,211 $3.09 0.0% 1 1 873 20 11.2%1 5.0%$2,340 $2.68 $2,340 $2.68 0.0% 2 2 930 27 15.2%2 7.4%$2,905 $3.12 $2,905 $3.12 0.0% 2 2 982 20 11.2%1 5.0%$2,915 $2.97 $2,915 $2.97 0.0% Totals 762 178 100%11 6.2%$2,356 $3.09 $2,356 $3.09 0.0% TRANSACTION NOTES On April 29, 2022 Pantzer Properties acquired the multifamily property located at 1701 Clare Ave. This 178 unit property sold for $78 million. At the time of the sale this property was 96% occupied. Walker & Dunlop represented both sides of this deal. This information was verified from the public record documents from Palm Beach County and the seller. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 78 Exhibit 2 Exhibit 2 984 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 7 AKA West Palm - 695 S Olive West Palm Beach, FL 33401 - Downtown West Palm Beach Neighborhood SALE Sale Date:4/6/2022 Sale Price:$84,000,000 Price Per Unit:$387,097 Price Per SF:$840 Cap Rate:- PROPERTY Property Size:217 Units, 4 Floors Average Unit Size:387 SF Year Built:Aug 2020 Vacancy At Sale:28.6% Parking Spaces:178 Spaces; 0.8 per Unit CONTACTS Buyer:Electra America, Korman Communities Seller:Transwestern Development Company Listing Broker:Gulfstream RE Advisors - Giovanni Fausone UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE Studio 1 348 15 6.9%4 26.7%$1,534 $4.41 $1,519 $4.36 1.0% Studio 1 351 30 13.8%9 30.0%$1,588 $4.52 $1,572 $4.48 1.0% Studio 1 352 16 7.4%5 31.3%$1,603 $4.55 $1,587 $4.51 1.0% Studio 1 354 15 6.9%4 26.7%$1,680 $4.75 $1,664 $4.70 1.0% Studio 1 359 15 6.9%4 26.7%$1,581 $4.40 $1,565 $4.36 1.0% Studio 1 367 15 6.9%4 26.7%$1,657 $4.52 $1,641 $4.47 1.0% Studio 1 376 15 6.9%4 26.7%$1,797 $4.78 $1,779 $4.73 1.0% Studio 1 377 15 6.9%4 26.7%$1,844 $4.89 $1,825 $4.84 1.0% Studio 1 382 15 6.9%4 26.7%$1,750 $4.58 $1,732 $4.54 1.0% Studio 1 394 30 13.8%9 30.0%$1,762 $4.47 $1,745 $4.43 1.0% Studio 1 396 15 6.9%4 26.7%$1,727 $4.36 $1,710 $4.32 1.0% Studio 1 413 4 1.8%1 25.0%$1,774 $4.29 $1,756 $4.25 1.0% 1 1 410 1 0.5%0 0.0%$2,234 $5.45 $2,212 $5.40 1.0% 1 1 412 1 0.5%0 0.0%$2,033 $4.93 $2,013 $4.89 1.0% 1 1 426 1 0.5%0 0.0%$2,159 $5.07 $2,137 $5.02 1.0% 1 1 433 1 0.5%0 0.0%$2,078 $4.80 $2,057 $4.75 1.0% 1 1 458 1 0.5%0 0.0%$2,123 $4.64 $2,101 $4.59 1.0% 1 1 464 1 0.5%0 0.0%$1,966 $4.24 $1,946 $4.19 1.0% 1 1 465 1 0.5%0 0.0%$2,190 $4.71 $2,168 $4.66 1.0% 1 1 480 1 0.5%0 0.0%$2,301 $4.79 $2,278 $4.75 1.0% 1 1 508 1 0.5%0 0.0%$2,368 $4.66 $2,345 $4.62 1.0% 1 1 509 1 0.5%0 0.0%$2,413 $4.74 $2,389 $4.69 1.0% 1 1 559 1 0.5%0 0.0%$2,569 $4.60 $2,544 $4.55 1.0% 1 1.5 826 1 0.5%0 0.0%$2,882 $3.49 $2,853 $3.45 1.0% 2 1 612 2 0.9%1 50.0%$4,379 $7.16 $4,336 $7.08 1.0% 2 2 812 1 0.5%0 0.0%$3,290 $4.05 $3,257 $4.01 1.0% 2 2 816 1 0.5%0 0.0%$3,081 $3.78 $3,050 $3.74 1.0% 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 79 Exhibit 2 Exhibit 2 985 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE CONTINUED 2 2 823 1 0.5%0 0.0%$3,313 $4.03 $3,280 $3.99 1.0% Totals 385 217 100%62 28.6%$1,763 $4.57 $1,745 $4.53 1.0% SITE AMENITIES Bicycle Storage, Controlled Access, Fitness Center, Lounge, Pool UNIT AMENITIES Views TRANSACTION NOTES This report has been verified with the listing broker and by the attached press release from the buyer. On April 6, 2022 Transwestern Development Company sold the 217-unit apartment community located at 695 South Olive Avenue in West Palm Beach, FL to a joint venture between Korman Communities and Electra America for $84 million, or approximately $387,097 per unit. At the time of sale the subject property was called Current. The property was vacant at the time of sale. The buyer plans to convert the property into a 217-room hotel that will be known as AKA West Palm (CoStar Property ID# 12642647). Attempts made to contact the seller and buyer were unsuccessful. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 80 Exhibit 2 Exhibit 2 986 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 8 Verona at Boynton Beach - 1575 SW 8th St Boynton Beach, FL 33426 - Outer Boynton Beach Neighborhood SALE Sale Date:4/6/2022 Sale Price:$80,000,000 Price Per Unit:$370,370 Price Per SF:$308 Cap Rate:- PROPERTY Property Size:216 Units, 3 Floors Average Unit Size:1,097 SF Year Built:2002 Vacancy At Sale:4.6% Parking Spaces:440 Spaces; 2.0 per Unit CONTACTS Buyer:Waterton Seller:LEM Capital, Robbins Property Associates LLC UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE 1 1 822 36 16.7%2 5.6%$2,015 $2.45 $2,015 $2.45 0.0% 1 1 924 36 16.7%2 5.6%$1,867 $2.02 $1,867 $2.02 0.0% 2 2 1,116 54 25.0%3 5.6%$2,490 $2.23 $2,490 $2.23 0.0% 2 2 1,220 54 25.0%3 5.6%$2,322 $1.90 $2,322 $1.90 0.0% 3 2 1,281 18 8.3%1 5.6%$2,545 $1.99 $2,545 $1.99 0.0% 3 2 1,387 18 8.3%1 5.6%$2,805 $2.02 $2,805 $2.02 0.0% Totals 1,097 216 100%10 4.6%$2,296 $2.09 $2,296 $2.09 0.0% SITE AMENITIES Business Center, Clubhouse, Controlled Access, Fitness Center, Grill, Laundry Facilities, Maintenance on site, Picnic Area, Playground, Property Manager on Site, Putting Greens, Sundeck, Volleyball Court UNIT AMENITIES Air Conditioning, Ceiling Fans, Dishwasher, Disposal, Microwave, Walk-In Closets, Washer/Dryer, Window Coverings TRANSACTION NOTES This report has been verified by information available to the public. On April 6, 2022 a joint venture between Robbins Property Associates LLC and LEM Capital sold the 216-unit apartment community located at 1575 SW 8th Street in Boynton Beach, FL to Waterton for $80 million, or approximately $370,370 per unit. At the time of sale the subject property was called Verona at Boynton Beach. Attempts made to contact the seller and buyer were unsuccessful. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 81 Exhibit 2 Exhibit 2 987 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 9 The District Boynton - 1000 Audace Ave Boynton Beach, FL 33426 - Outer Boynton Beach Neighborhood SALE Sale Date:12/21/2021 Sale Price:$125,850,000 Price Per Unit:$359,571 Price Per SF:$321 Cap Rate:- PROPERTY Property Size:350 Units, 4 Floors Average Unit Size:1,012 SF Year Built:Oct 2017 Vacancy At Sale:5.7% Parking Spaces:400 Spaces; 1.1 per Unit CONTACTS Buyer:Nuveen Seller:Ram Realty Listing Broker:ARA Newmark - Avery Klann, Hampton Beebe, Jackson Huggett,… UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE 1 1 800 140 40.0%8 5.7%$2,430 $3.04 $2,413 $3.02 0.7% 1 1 980 12 3.4%1 8.3%$2,275 $2.32 $2,260 $2.31 0.7% 2 2 1,051 70 20.0%4 5.7%$2,780 $2.65 $2,761 $2.63 0.7% 2 2 1,165 72 20.6%4 5.6%$2,707 $2.32 $2,689 $2.31 0.7% 3 2 1,303 56 16.0%3 5.4%$3,125 $2.40 $3,104 $2.38 0.7% Totals 1,012 350 100%20 5.7%$2,663 $2.63 $2,645 $2.61 0.7% SITE AMENITIES 24 Hour Access, Business Center, Car Charging Station, Clubhouse, Controlled Access, Fitness Center, Lounge, Online Services, Package Service, Pet Washing Station, Playground, Pool, Property Manager on Site, Public Transportation, Smoke Free, Spa, Sundeck UNIT AMENITIES Air Conditioning, Balcony, Ceiling Fans, Freezer, Granite Countertops, Hardwood Floors, Heating, Kitchen, Microwave, Oven, Patio, Range, Refrigerator, Stainless Steel Appliances, Tub/Shower, Walk-In Closets, Washer/Dryer TRANSACTION NOTES On December 21st, 2021 The District Boynton, a 350 unit apartment in Boynton Beach, FL sold for $125,850,000 or $359,571 per unit. The subject property sits on 13. 18 acres of SMU zoned land and was developed in 2017. The property has been stabilized above 90% occupancy since Mid 2019 according to apartments.com research, with 96% occupancy at the time of sale. The current unit mix consists of 152 single bed, 142 two bed, and 56 three bed units with monthly rents between $2,000 to $3,200. Amenities include a clubhouse, a private courtyard with heated saltwater pool and beach entry, a sundeck and 24-hour fitness center. The sellers and developers were Palm Beach Gardens based Ram Realty. NY based Nuveen acquired the property. A mortgage was unavailable at the time of this publication. The details of this transaction were confirmed with sources deemed reliable on both sides of the sale. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 82 Exhibit 2 Exhibit 2 988 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 10 Chelsea Commons Apartments - 1400 Pine Cir Lake Worth, FL 33463 - Outer Greenacres Neighborhood SALE Sale Date:12/21/2021 Sale Price:$58,900,000 Price Per Unit:$283,173 Price Per SF:$259 Cap Rate:- PROPERTY Property Size:208 Units, 2 Floors Average Unit Size:1,522 SF Year Built:1998 Vacancy At Sale:1.9% Parking Spaces:460 Spaces; 2.2 per Unit CONTACTS Buyer:Starwood Real Estate Income Trust, Inc. Seller:Southport Financial Services UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE 2 2 999 79 38.0%1 1.3%$1,539 $1.54 $1,539 $1.54 0.0% 3 2 1,192 30 14.4%1 3.3%$1,648 $1.38 $1,648 $1.38 0.0% 3 2 2,000 49 23.6%1 2.0%$2,350 $1.18 $2,350 $1.18 0.0% 4 2 1,460 25 12.0%0 0.0%$1,854 $1.27 $1,854 $1.27 0.0% 4 2 2,700 25 12.0%0 0.0%$2,350 $0.87 $2,350 $0.87 0.0% Totals 1,523 208 100%4 1.9%$1,881 $1.24 $1,881 $1.24 0.0% SITE AMENITIES Fitness Center, Playground UNIT AMENITIES Air Conditioning, Balcony, Cable Ready, Carpet, Kitchen, Oven, Pantry, Patio, Range, Refrigerator, Tub/Shower, Walk-In Closets, Washer/Dryer, Wheelchair Accessible (Rooms), Window Coverings TRANSACTION NOTES A portfolio of 9 affordable housing communities with a total of 1,534 units were sold on December 21, 2021 for an undisclosed sale price. Seven of the properties in the portfolio traded for a combined $254 million excluding the 2 Utah properties which are in a non-disclosure state. The parties were either unable to be reached or unwilling to discuss the transaction. The sold properties include: Venice Cove Apartments at 721 NW 19th St in Fort Lauderdale, FL; Colony Park at 8215 Belvedere Road in West Palm Beach, FL; Grande Court North Port at 5203 Greenwood Ave in North Port, FL; Hampton Ridge at 11501 Harts Road in Jacksonville, FL; Chelsea Commons at 1400 Pine Circle in Lake Worth, FL; San Marcos Villas at 800 Venetian Isles Drive in West Palm Beach, FL; Forest Glen at 100 Lynn Forest Drive in Durham, NC; Mayflower Harbor at 4125 N 3250 W Lehi, UT; and Rose Cove at 847 N Shepherd Parkway in Farmington, UT. The buyer issued a press release regarding their December acquisition of 17 affordable housing properties that included 3,264 units. The sales were completed in 3 transactions from separate sellers. Please see CoStar COMP ID: 5812083 for additional information regarding the sale of 4 properties in Texas for an undisclosed sale price and COMP ID: 5812086 for additional information regarding the sale of 4 properties in Florida for $134.4 million. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 83 Exhibit 2 Exhibit 2 989 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 11 SeaLofts at Boynton Village - 600 SeaLofts Dr Boynton Beach, FL 33426 - Outer Boynton Beach Neighborhood SALE Sale Date:12/1/2021 Sale Price:$153,000,000 Price Per Unit:$353,349 Price Per SF:$353 Cap Rate:- PROPERTY Property Size:433 Units, 4 Floors Average Unit Size:1,006 SF Year Built:Nov 2020 Vacancy At Sale:5.1% Parking Spaces:808 Spaces; 1.9 per Unit CONTACTS Buyer:The Shidler Group Seller:Rockpoint, The Morgan Group Listing Broker:ARA Newmark - Avery Klann, Hampton Beebe, Jackson Huggett,… FINANCING $79,000,000 from Harbor Group International, LLC: Acquisition & Development UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE 1 1 760 36 8.3%2 5.6%$1,975 $2.60 $1,954 $2.57 1.1% 1 1 792 72 16.6%4 5.6%$2,025 $2.56 $2,003 $2.53 1.1% 1 1 839 54 12.5%3 5.6%$2,075 $2.47 $2,053 $2.45 1.1% 1 1 882 63 14.5%3 4.8%$2,150 $2.44 $2,127 $2.41 1.1% 1 1 888 54 12.5%3 5.6%$2,085 $2.35 $2,063 $2.32 1.1% 2 2 1,066 63 14.5%3 4.8%$2,725 $2.56 $2,696 $2.53 1.1% 2 2 1,191 36 8.3%2 5.6%$2,875 $2.41 $2,844 $2.39 1.1% 3 2.5 1,674 33 7.6%2 6.1%$3,675 $2.20 $3,636 $2.17 1.1% 3 2.5 1,700 22 5.1%1 4.6%$3,800 $2.24 $3,759 $2.21 1.1% Totals 1,007 433 100%22 5.1%$2,441 $2.43 $2,415 $2.40 1.1% SITE AMENITIES Conference Rooms, Elevator, Fitness Center, Gameroom, Grill, Lounge, Pet Care, Playground, Pool, Recycling, Storage Space, Trash Pickup - Door to Door, Zen Garden UNIT AMENITIES Air Conditioning, Balcony, Dishwasher, Granite Countertops, Island Kitchen, Kitchen, Microwave, Oven, Patio, Refrigerator, Stainless Steel Appliances, Tub/Shower, Walk-In Closets TRANSACTION NOTES On 12/1/2021, Cortina III Owner LLC, a partnership between Dallas-based Rockpoint Group and Houston-based Morgan Group, sold the 433 units at 600 Sealofts Drive in Boynton Beach, FL, to The Shidler Group for $153,000,000. Harbor Group International LLC provided the buyer with a $79,000,000 loan towards the purchase. The down payment was $84,000,000. Known as the SeaLofts at Boynton Village, the property spreads across on 19.38-acres in the Outer Boynton Beach multifamily submarket. Amenities include, a pool, a fitness center, a zen garden, a game room, and additional storage space. Neither the seller or the buyer have commented on the transaction. When the information is available, this report will be updated. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 84 Exhibit 2 Exhibit 2 990 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 12 South of Atlantic - 151 SE 3rd Ave Delray Beach, FL 33483 - Downtown Delray Beach Neighborhood SALE Sale Date:10/29/2021 Sale Price:$82,750,000 Price Per Unit:$481,105 Price Per SF:$481 Cap Rate:- PROPERTY Property Size:172 Units, 4 Floors Average Unit Size:908 SF Year Built:Nov 2015 Vacancy At Sale:2.9% Parking Spaces:200 Spaces; 1.2 per Unit CONTACTS Buyer:TA Realty Seller:Mesirow Financial FINANCING $40,560,000 from Prudential Multifamily Mortgage LLC UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE Studio 1 477 3 1.7%0 0.0%$2,164 $4.54 $2,164 $4.54 0.0% Studio 1 553 4 2.3%0 0.0%$2,394 $4.33 $2,394 $4.33 0.0% Studio 1 586 6 3.5%0 0.0%$2,036 $3.47 $2,036 $3.47 0.0% Studio 1 593 6 3.5%0 0.0%$2,279 $3.84 $2,279 $3.84 0.0% Studio 1 642 6 3.5%0 0.0%$2,371 $3.69 $2,371 $3.69 0.0% Studio 1 671 3 1.7%0 0.0%$2,504 $3.73 $2,504 $3.73 0.0% 1 1 706 6 3.5%0 0.0%$2,435 $3.45 $2,435 $3.45 0.0% 1 1 751 4 2.3%0 0.0%$2,325 $3.10 $2,325 $3.10 0.0% 1 1 774 23 13.4%1 4.4%$2,732 $3.53 $2,732 $3.53 0.0% 1 1 775 24 14.0%1 4.2%$2,698 $3.48 $2,698 $3.48 0.0% 1 1 785 6 3.5%0 0.0%$2,681 $3.41 $2,681 $3.41 0.0% 1 1 787 8 4.7%0 0.0%$2,595 $3.30 $2,595 $3.30 0.0% 2 2 1,096 3 1.7%0 0.0%$3,278 $2.99 $3,278 $2.99 0.0% 2 2 1,112 6 3.5%0 0.0%$3,401 $3.06 $3,401 $3.06 0.0% 2 2 1,131 22 12.8%1 4.6%$3,219 $2.85 $3,219 $2.85 0.0% 2 2 1,140 4 2.3%0 0.0%$3,194 $2.80 $3,194 $2.80 0.0% 2 2 1,165 6 3.5%0 0.0%$3,535 $3.03 $3,535 $3.03 0.0% 2 2 1,174 3 1.7%0 0.0%$3,367 $2.87 $3,367 $2.87 0.0% 2 2 1,194 18 10.5%1 5.6%$3,535 $2.96 $3,535 $2.96 0.0% 2 2 1,210 6 3.5%0 0.0%$3,365 $2.78 $3,365 $2.78 0.0% 2 2 1,242 2 1.2%0 0.0%$3,237 $2.61 $3,237 $2.61 0.0% 2 2 1,286 3 1.7%0 0.0%$3,231 $2.51 $3,231 $2.51 0.0% Totals 908 172 100%5 2.9%$2,891 $3.18 $2,891 $3.18 0.0% 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 85 Exhibit 2 Exhibit 2 991 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk SITE AMENITIES Bicycle Storage, Cabana, Controlled Access, Fitness Center, Grill, Lounge, Pool, Spa UNIT AMENITIES Ceiling Fans, Deck, Hardwood Floors, Stainless Steel Appliances, Tub/Shower, Washer/Dryer TRANSACTION NOTES This report has been verified by information available to the public. On October 29, 2021 Mesirow Financial sold the 172-unit apartment community located at 151 SE 3rd Avenue in Delray Beach, FL to TA Realty for $82.75 million, or approximately $481,105 per unit. At the time of sale the subject property was called South of Atlantic. The buyer financed this acquisition with a $40.56 million loan provided by Prudential Multifamily Mortgage LLC. Attempts made to contact the seller and buyer were unsuccessful. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 86 Exhibit 2 Exhibit 2 992 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 13 One Boynton - 1351 S Federal Hwy Boynton Beach, FL 33435 - Outer Boynton Beach Neighborhood SALE Sale Date:8/25/2021 Sale Price:$171,000,000 Price Per Unit:$346,154 Price Per SF:$533 Cap Rate:- PROPERTY Property Size:494 Units, 5 Floors Average Unit Size:1,152 SF Year Built:2009 Vacancy At Sale:5.1% Parking Spaces:980 Spaces; 2.0 per Unit CONTACTS Buyer:Blackstone Real Estate Income Trust, Inc. Seller:RangeWater Real Estate Listing Broker:ARA Newmark - Avery Klann, Hampton Beebe, Jackson Huggett,… UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE 1 1 789 12 2.4%1 8.3%$1,781 $2.26 $1,781 $2.26 0.0% 1 1 890 163 33.0%8 4.9%$1,545 $1.74 $1,545 $1.74 0.0% 1 1 1,032 25 5.1%1 4.0%$2,486 $2.41 $2,486 $2.41 0.0% 2 2 1,103 26 5.3%1 3.9%$2,760 $2.50 $2,760 $2.50 0.0% 2 2 1,153 19 3.8%1 5.3%$2,861 $2.48 $2,861 $2.48 0.0% 2 2 1,222 11 2.2%1 9.1%$2,771 $2.27 $2,771 $2.27 0.0% 2 2 1,227 122 24.7%6 4.9%$2,270 $1.85 $2,270 $1.85 0.0% 2 2 1,262 4 0.8%0 0.0%$2,940 $2.33 $2,940 $2.33 0.0% 2 2 1,432 8 1.6%0 0.0%$2,543 $1.78 $2,543 $1.78 0.0% 2 2 1,437 18 3.6%1 5.6%$2,094 $1.46 $2,094 $1.46 0.0% 2 2 1,479 2 0.4%0 0.0%$2,575 $1.74 $2,575 $1.74 0.0% 3 2 1,249 24 4.9%1 4.2%$2,879 $2.31 $2,861 $2.29 0.6% 3 2 1,368 22 4.5%1 4.6%$2,710 $1.98 $2,693 $1.97 0.6% 3 2 1,580 14 2.8%1 7.1%$2,925 $1.85 $2,907 $1.84 0.6% 3 2 1,870 1 0.2%0 0.0%$2,752 $1.47 $2,735 $1.46 0.6% 3 2 2,000 2 0.4%0 0.0%$3,776 $1.89 $3,753 $1.88 0.6% 3 2.5 2,000 19 3.8%1 5.3%$3,728 $1.86 $3,704 $1.85 0.6% 3 3 1,870 2 0.4%0 0.0%$3,015 $1.61 $2,996 $1.60 0.6% Totals 1,152 494 100%25 5.1%$2,228 $1.93 $2,225 $1.93 0.1% SITE AMENITIES Basketball Court, Bicycle Storage, Breakfast/Coffee Concierge, Business Center, Clubhouse, Controlled Access, Courtyard, Elevator, Fitness Center, Gated, Grill, Guest Apartment, Laundry Facilities, Maintenance on site, Media Center/Movie Theatre, Package Service, Picnic Area, Property Manager on Site, Recycling, Spa, Wi-Fi UNIT AMENITIES Air Conditioning, Balcony, Cable Ready, Ceiling Fans, Dishwasher, Disposal, Granite Countertops, Microwave, Oven, Patio, Refrigerator, Security System, Views, Walk-In Closets, Washer/Dryer, Window Coverings 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 87 Exhibit 2 Exhibit 2 993 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk TRANSACTION NOTES This report has been verified by information available to the public. On August 25, 2021 RangeWater Real Estate sold the 494-unit apartment community located at 1351 South Federal Highway in Boynton Beach, FL to The Blackstone Group Inc. for $171 million, or approximately $346,153 per unit. At the time of sale the subject property was called One Boynton. Amenities include on site restaurant and retail, stainless steel appliances, quartz countertops, multiple swimming pools and a residents lounge. The property last sold for $109.35 million in 2016 (please see CoStar COMPS# 3779937). Attempts made to contact the seller, listing brokers and the buyer were unsuccessful. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 88 Exhibit 2 Exhibit 2 994 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 14 St Andrews Residence Of Palm Beach - 208 Fern St West Palm Beach, FL 33401 - Downtown West Palm Beach Neighborhood SALE Sale Date:8/25/2021 Sale Price:$25,000,000 Price Per Unit:$137,363 Price Per SF:$196 Cap Rate:- PROPERTY Property Size:182 Units, 15 Floors Average Unit Size:597 SF Year Built:1970 Vacancy At Sale:0% Parking Spaces:- CONTACTS Buyer:Rainbow Housing Assistance Corporation, The Related Companies Seller:Diocese of Southeast Florida Listing Broker:Marcus & Millichap - Matthew Kurzmann UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE Studio 0 -5 2.7%0 0.0%$728 -$726 -0.2% Studio 1 544 100 54.9%0 0.0%$711 $1.31 $709 $1.30 0.3% 1 1 644 47 25.8%0 0.0%$941 $1.46 $939 $1.46 0.3% 1 2 700 30 16.5%0 0.0%$1,124 $1.61 $1,121 $1.60 0.2% Totals 597 182 100%0 0.0%$839 $1.41 $837 $1.41 0.3% TRANSACTION NOTES The information for this report has been verified by information available to the public. On September 2, 2021 Diocese of Southeast Florida sold two apartment communities totaling 330 units located in West Palm Beach, FL to a joint venture between Rainbow Housing Assistance Corporation and The Related Companies for $65 million, or approximately $196,969 per unit. The properties are subject to affordability restrictions. Subject Properties: St. James Residence of the Palm Beaches - 148 units located at 400 South Olive Avenue sold for $40 million St. James Residence of the Palm Beaches - 182 units located at 208 Fern Street sold for $25 million Third-party news stories reported the new ownership group plans to renovate the properties and keep the affordability restrictions in place. Attempts made to contact the seller and buyer were unsuccessful. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 89 Exhibit 2 Exhibit 2 995 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 15 Cortland Uptown Boca - 20940 Uptown Ave Boca Raton, FL 33428 - West Boca Raton Neighborhood SALE Sale Date:8/5/2021 Sale Price:$230,000,000 Price Per Unit:$504,386 Price Per SF:$504 Cap Rate:- PROPERTY Property Size:456 Units, 5 Floors Average Unit Size:1,120 SF Year Built:Nov 2020 Vacancy At Sale:2.2% Parking Spaces:290 Spaces; 0.6 per Unit CONTACTS Buyer:Cortland Seller:Giles Capital Group, Rosemurgy Properties, SPG Realty LLC, Wh… Listing Broker:Cushman & Wakefield - Neal Victor, Robert Given, Troy Ballard,… UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE 1 1 718 56 12.3%1 1.8%$2,328 $3.24 $2,328 $3.24 0.0% 1 1 730 14 3.1%0 0.0%$2,186 $2.99 $2,186 $2.99 0.0% 1 1 739 10 2.2%0 0.0%$2,310 $3.13 $2,310 $3.13 0.0% 1 1 786 10 2.2%0 0.0%$2,402 $3.06 $2,402 $3.06 0.0% 1 1 798 4 0.9%0 0.0%$2,428 $3.04 $2,428 $3.04 0.0% 2 2 986 40 8.8%1 2.5%$2,583 $2.62 $2,583 $2.62 0.0% 2 2 1,048 70 15.4%1 1.4%$3,423 $3.27 $3,423 $3.27 0.0% 2 2 1,063 6 1.3%0 0.0%$3,377 $3.18 $3,377 $3.18 0.0% 2 2 1,124 116 25.4%2 1.7%$3,176 $2.83 $3,176 $2.83 0.0% 3 2 1,403 100 21.9%2 2.0%$5,222 $3.72 $5,222 $3.72 0.0% 4 3 1,737 30 6.6%1 3.3%$5,515 $3.18 $5,515 $3.18 0.0% Totals 1,120 456 100%10 2.2%$3,590 $3.20 $3,590 $3.20 0.0% SITE AMENITIES Controlled Access, Elevator, Fitness Center, Gameroom, Gated, Grill, Lounge, Package Service, Pet Play Area, Pet Washing Station, Pool UNIT AMENITIES Ceiling Fans, Dishwasher, Disposal, Granite Countertops, Heating, Kitchen, Microwave, Oven, Range, Refrigerator, Stainless Steel Appliances, Vaulted Ceiling, Views, Walk-In Closets, Washer/Dryer 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 90 Exhibit 2 Exhibit 2 996 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk TRANSACTION NOTES This 456-unit multifamily property sold on August 5th, 2021 for a total of $230 million. The property, originally coined "The Residences At Uptown Boca", was 88% occupied at the time of the sale. Rebranded as "Cortland Uptown Boca", the community and its management team offer amenities including but not limited to communal pool and sundeck access, a movie theater, 24/7 fitness center facilities, and planned resident social events. The seller and original developer, Giles Capital Group, owned the property as part of a joint venture between Rosemurgy Properties, SPG, and Wheelock Street Capital. They were represented in the transaction by a Cushman & Wakefield team led by Robert Givens, Zachary Sackley, Troy Ballard, and Neal Victor. The property was purchased by Cortland at a rate of $504,386 per unit. Additional financial details, such as net income or acquisition financing on the property, could not be disclosed. Unfortunately, the parties involved were not available for comment at the time of publication. The details of this sale comparable report were originally compiled via public record documents from the county register and local news outlets, and further verified via sources deemed reliable. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 91 Exhibit 2 Exhibit 2 997 Sales Volume 630 E Woolbright Rd - Avion Riverwalk PALM BEACH METRO SALES VOLUME IN UNITS BOYNTON BEACH SUBMARKET SALES VOLUME IN UNITS OUTER BOYNTON BEACH NEIGHBORHOOD SALES VOLUME IN UNITS 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 92 Exhibit 2 Exhibit 2 998 Sales Pricing 630 E Woolbright Rd - Avion Riverwalk NATIONAL PRICE INDICES REGIONAL MULTI-FAMILY PRICE INDICES 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 93 Exhibit 2 Exhibit 2 999 Sales Pricing 630 E Woolbright Rd - Avion Riverwalk PRICE PER UNIT TRENDS UNITED STATES SALE PRICE PER UNIT DISTRIBUTION PAST 12 MONTHS PALM BEACH SALE PRICE PER UNIT DISTRIBUTION PAST 12 MONTHS PRICE PER UNIT SUMMARY FOR SALES IN PAST YEAR Geography HighTop 25%AverageMedianBottom 25%LowTransactions $16,047,297United States 14,250 $5,000 $61,540 $172,500 $209,996 $499,266 $2,556,563Palm Beach 77 $29,429 $100,788 $200,000 $335,701 $698,417 $1,318,182Boynton Beach 20 $127,874 $152,389 $182,970 $313,130 $537,621 $1,318,182Outer Boynton Beach 6 $170,213 $188,953 $341,685 $387,805 $857,367 $653,198Selected Sale Comps 15 $137,362 $224,695 $370,370 $384,392 $519,222 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 94 Exhibit 2 Exhibit 2 1000 Cap Rates 630 E Woolbright Rd - Avion Riverwalk MARKET CAP RATE UNITED STATES CAP RATE DISTRIBUTION PAST 12 MONTHS PALM BEACH CAP RATE DISTRIBUTION PAST 12 MONTHS CAP RATE SUMMARY STATISTICS IN PAST YEAR Geography HighTop 25%AverageMedianBottom 25%LowTransactions 25.0%United States 5,134 1.0%3.6%5.3%5.7%8.4% 11.5%Palm Beach 36 2.4%3.8%5.1%5.4%7.3% 7.0%Boynton Beach 14 2.4%3.3%4.7%4.7%6.3% 4.2%Outer Boynton Beach 2 3.7%N/A 4.0%4.0%N/A 3.7%Selected Sale Comps 1 3.7%N/A 3.7%3.7%N/A 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 95 Exhibit 2 Exhibit 2 1001 Buyers 630 E Woolbright Rd - Avion Riverwalk TOP PALM BEACH MULTIFAMILY BUYERS PAST TWO YEARS Purchased at least one asset in Boynton Beach Multi-Family submarket Properties Bought Company Name Bldgs VolumeUnits Properties Sold Units BldgsVolume Blackstone Inc.8 2,308 $586,071,718 0 0 - Cortland 4 1,814 $543,572,000 2 1,076 $201,572,000 Carroll 4 1,304 $512,476,247 3 1,104 $375,314,243 Starwood Capital Group 6 1,488 $475,558,243 3 551 $165,118,004 Berkshire 1 390 $202,500,000 0 0 - Lincoln Property Company 1 297 $194,000,000 0 0 - Ontario Teachers' Pension Plan 1 297 $194,000,000 0 0 - Prudential Financial, Inc.1 448 $165,118,004 3 1,104 $375,314,243 The Bainbridge Companies 1 304 $161,100,000 0 0 - TPG Global LLC 1 304 $161,100,000 0 0 - Deutsche Bank AG 2 538 $157,500,000 0 0 - The Shidler Group 1 433 $153,000,000 0 0 - The Related Companies 9 859 $149,814,271 3 969 $437,000,000 Pantzer Properties 2 314 $144,500,000 0 0 - Northland 1 352 $138,500,000 4 981 $259,500,000 The Praedium Group 1 348 $138,000,000 0 0 - Morgan Properties 3 622 $132,500,000 0 0 - S2 Capital. LLC 1 359 $127,000,000 0 0 - Teachers Insurance and Annuity Assoc of A…1 350 $125,850,000 0 0 - Harbor Group International, LLC 2 568 $106,000,000 0 0 - Olympus Properties 1 324 $105,000,000 0 0 - Fontainebleau Development 1 40 $102,262,500 0 0 - Greystar Real Estate Partners 1 448 $92,156,000 0 0 - Healthcare of Ontario Pension Plan 1 252 $84,439,605 0 0 - Elco Ltd.1 217 $84,000,000 2 384 $135,200,000 TYPES OF MULTIFAMILY PALM BEACH BUYERS PAST TWO YEARS Company Type Bldgs Billions Avg PricePrice/Unit Average Purchase Units Buying Volume Private 234 13,830 $278,073 $16,434,864$3.85 Institutional 25 5,877 $344,655 $81,021,683$2.03 Private Equity 14 3,593 $287,472 $73,777,854$1.03 REIT/Public 0 0 --- $0 $1 $2 $3 $4 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 96 Exhibit 2 Exhibit 2 1002 Sellers 630 E Woolbright Rd - Avion Riverwalk TOP PALM BEACH MULTIFAMILY SELLERS PAST TWO YEARS Sold at least one asset in Boynton Beach Multi-Family submarket Properties Sold Company Name Bldgs VolumeUnits Properties Bought Units BldgsVolume Rockpoint 3 1,078 $485,000,000 0 0 - The Related Companies 3 969 $437,000,000 9 859 $149,814,271 Carroll 3 1,104 $375,314,243 4 1,304 $512,476,247 Prudential Financial, Inc.3 1,104 $375,314,243 1 448 $165,118,004 Northland 4 981 $259,500,000 1 352 $138,500,000 Giles Capital Group 1 456 $230,000,000 0 0 - Rosemurgy Properties 1 456 $230,000,000 0 0 - Schmier & Feurring Properties, Inc.1 456 $230,000,000 0 0 - Wheelock Street Capital 1 456 $230,000,000 0 0 - Heitman 1 390 $202,500,000 0 0 - Cortland 2 1,076 $201,572,000 4 1,814 $543,572,000 Cornerstone Group 4 1,066 $179,921,718 0 0 - Southport Financial Services 3 738 $176,400,000 0 0 - RangeWater Real Estate 1 494 $171,000,000 0 0 - Starwood Capital Group 3 551 $165,118,004 6 1,488 $475,558,243 Klingbeil Capital Management Ltd.1 304 $161,100,000 0 0 - Brookfield Corporation 2 538 $157,500,000 0 0 - The Morgan Group 1 433 $153,000,000 0 0 - Eastwind Development, LLC 2 314 $144,500,000 0 0 - Mann Realty Associates 1 352 $138,500,000 0 0 - Elco Ltd.2 384 $135,200,000 1 217 $84,000,000 Ram Realty 1 350 $125,850,000 0 0 - Brass Enterprises 1 282 $112,000,000 0 0 - Alliance Residential Company 1 280 $106,000,000 0 0 - The Carlyle Group 1 280 $106,000,000 0 0 - TYPES OF MULTIFAMILY PALM BEACH SELLERS PAST TWO YEARS Company Type Bldgs Billions Avg PricePrice/Unit Average Sale Units Selling Volume Private 259 17,263 $283,997 $18,929,125$4.90 Institutional 15 3,468 $328,635 $75,980,483$1.14 Private Equity 7 2,291 $402,506 $131,734,748$0.92 REIT/Public 0 0 --- $0 $1.30 $2.60 $3.90 $5.20 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 97 Exhibit 2 Exhibit 2 1003 630 E Woolbright Rd - Avion Riverwalk PREPARED BY Hank Fishkind Demographics 326,000 SF Multi-Family Building Exhibit 2 Exhibit 2 1004 Demographic Overview 630 E Woolbright Rd 16,496 1.9 47 $61,969 Population (1 mi)Avg. HH Size (1 mi)Avg. Age (1 mi)Med. HH Inc. (1 mi) DEMOGRAPHIC RADIUS RINGS DEMOGRAPHIC SUMMARY 5 Mile3 Mile1 MilePopulation 181,03571,95416,4962023 Population 182,81673,58217,1472028 Population 1.0%2.3%4.0%Pop Growth 2023-2028 4544472023 Average Age Households 77,86631,2048,1642023 Households 78,54031,8968,4872028 Households 0.9%2.2%4.0%Household Growth 2023-2028 $66,450$63,327$61,969Median Household Income 2.22.21.9Average Household Size 221Average HH Vehicles Housing $316,940$326,242$317,688Median Home Value 198319791976Median Year Built 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 99 Exhibit 2 Exhibit 2 1005 Age & Education 630 E Woolbright Rd - Avion Riverwalk POPULATION BY AGE GROUP IN 1 MILE RADIUS POPULATION BY EDUCATION IN 1 MILE RADIUSPOPULATION BY AGE IN 1 MILE RADIUS 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 100 Exhibit 2 Exhibit 2 1006 POPULATION BY RACE MILITARY POPULATION Ethnicity 630 E Woolbright Rd 5 Mile3 MileRace1 Mile 2023 Population 118,87472.98%White 45,262 62.90%65.66%12,039 53,94422.71%Black 23,601 32.80%29.80%3,747 4,1642.25%Asian 1,385 1.92%2.30%371 639< 1%American Indian & Alaskan 310 < 1%< 1%66 161< 1%Hawaiian & Pacific Islander 49 < 1%< 1%4 3,2521.63%Other 1,348 1.87%1.80%269 0 2,800 5,600 8,400 11,200 14,000 HISPANIC POPULATION IN 1 MILE RADIUSPOPULATION BY RACE IN 1 MILE RADIUS 5 Mile3 Mile1 Mile 2023 Population 55< 1%Military 14 < 1%< 1%7 88,31799.91%Non-Military Workforce 34,823 99.96%99.94%8,058 0 1,800 3,600 5,400 7,200 9,000 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 101 Exhibit 2 Exhibit 2 1007 Boynton/Lantana PREPARED BY Hank Fishkind Retail Submarket Report Palm Beach - FL Exhibit 3 Exhibit 3 1008 RETAIL SUBMARKET REPORT Submarket Key Statistics 1 Leasing 2 Rent 5 Construction 6 Sales 10 Sales Past 12 Months 12 Supply & Demand Trends 14 Rent & Vacancy 17 Sale Trends 20 Boynton/Lantana Retail 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Exhibit 3 Exhibit 3 1009 Overview Boynton/Lantana Retail 73K 60.7K 3.2%9.0% 12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth Vacancy in the Boynton/Lantana retail submarket is 3.2%, which is essentially the same level it was a year ago. Vacancy has only risen 0.1% during this time. During this period, 73,000 SF has delivered, and 61,000 SF has been absorbed. Total availability, which includes sublease space, is 3.9% of all inventory. Within this submarket, Neighborhood Centers are the largest subtype, with 4.2 million SF in this category. Rents are around $34.00/SF, which is a 9.0% increase from where they were a year ago. In the past three years, rents have increased a cumulative 22.7%. About 120,000 SF is under construction, representing a 1.1% expansion of inventory. In the past 12 months, 24 sales have taken place. Sales have averaged $340/SF, which is also the estimated value for the submarket as a whole. Over the past three years, there have been 116 sales, which have traded for approximately $372 million. The market cap rate for Boynton/Lantana is 5.6%, moderately below its trailing three-year average of 5.9%. KEY INDICATORS Market RentVacancy RateRBACurrent Quarter Availability Rate Net Absorption SF Deliveries SF Under Construction $35.570%1,924,369Malls 0%0 0 0 $38.502.5%989,666Power Center 2.8%(4,317)0 0 $32.615.5%4,239,124Neighborhood Center 6.6%9,078 5,636 4,000 $29.742.5%579,865Strip Center 7.9%(7,203)0 36,936 $33.202.5%3,221,676General Retail 2.4%4,020 0 77,400 --0Other -0 0 0 $33.673.2%10,954,700Submarket 3.9%1,578 5,636 118,336 Forecast Average Historical Average12 MonthAnnual Trends Peak When Trough When 3.6%5.7%0.1%Vacancy Change (YOY)10.1%2009 Q4 2.1%2019 Q1 47,874120,81960.7KNet Absorption SF 458,979 2007 Q1 (177,207)2020 Q4 79,139122,56873KDeliveries SF 625,989 2007 Q4 1,195 2021 Q1 3.7%2.5%9.0%Rent Growth 9.1%2023 Q2 -6.4%2009 Q3 N/A$73.5M$125MSales Volume $168.3M 2022 Q3 $3.6M 2009 Q4 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 2 Exhibit 3 Exhibit 3 1010 Leasing Boynton/Lantana Retail NET ABSORPTION, NET DELIVERIES & VACANCY VACANCY RATE 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 3 Exhibit 3 Exhibit 3 1011 Leasing Boynton/Lantana Retail AVAILABILITY RATE 4 & 5 STAR MOST ACTIVE BUILDINGS IN SUBMARKET - PAST 12 MONTHS Property Name/Address Rating GLA Deals Leased SF 12 Mo Vacancy 12 Mo Net Absorp SF 8,6544880 Woolbright Rd 8,654 1 0%8,654 10,1358210-8320 Jog Rd 32,972 5 15.4%7,436 1,9251000-1080 Gateway Blvd Publix 45,518 1 2.5%1,925 1,1201015 Gateway Blvd Quantum Village 12,272 1 6.8%(3,045) 4,1711540-1550 SW 8th St Shoppes of Woolbright 4,171 1 80.0%(4,171) 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 4 Exhibit 3 Exhibit 3 1012 Leasing Boynton/Lantana Retail 3 STAR MOST ACTIVE BUILDINGS IN SUBMARKET - PAST 12 MONTHS Property Name/Address Rating GLA Deals Leased SF 12 Mo Vacancy 12 Mo Net Absorp SF 4,94211300 S Military Trl 72,282 3 3.6%7,709 5,0907410 Boynton Beach Blvd Hagens Ranch Commons 43,884 2 28.6%5,417 5,240111-155 N Congress Ave Boynton Plaza 108,694 4 2.5%4,500 3,8698831-8899 Hypoluxo Rd Publix at Town Commons 73,175 1 2.1%3,869 9,1638200 S State Road 7 38,203 4 25.4%3,838 5,472457-477 Greynolds Cir 11,669 3 7.5%3,767 3,5454956-4966 Le Chalet Blvd Aberdeen Square 26,176 1 10.0%3,684 1,4844793 N Congress Ave 10,260 1 30.4%1,484 1,0003501-3557 W Boynton Beach Bl… Boulevard Plaza 12,550 1 3.2%1,481 2,715540-570 SW 18th St Sunshine Square 34,975 2 3.0%1,225 6,3276169-6185 S Jog Rd 105,550 1 6.8%666 1,4201660 S Congress Ave 7,337 2 3.9%0 27,0001701-1797 N Congress Ave Catalina Centre 145,230 1 1.1%0 1,3907427-7451 S Military Trl Spectrum Square 27,936 1 0%0 1,2003301 W Boynton Beach Blvd Paz Plaza 14,400 1 1.7%0 2,250201-250 S Ocean Blvd 54,537 1 20.8%(433) 5,6001780 N Congress Ave Shoppes 10 10,500 2 54.1%(3,037) 2,800701 N Congress Ave Shopess at Boynton 42,490 1 14.4%(3,647) 9,2064895 Windward Passage Dr Gables End Plaza 18,311 4 25.1%(6,303) 3,130320-398 N Congress Ave Boynton Commons 168,617 1 6.9%(8,852) 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 5 Exhibit 3 Exhibit 3 1013 Rent Boynton/Lantana Retail MARKET RENT GROWTH (YOY) MARKET RENT PER SQUARE FEET 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 6 Exhibit 3 Exhibit 3 1014 Construction Boynton/Lantana Retail DELIVERIES & DEMOLITIONS 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 7 Exhibit 3 Exhibit 3 1015 Construction Boynton/Lantana Retail 122,676 229,463 118,336 270,341 All-Time Annual Avg. Square Feet Delivered Square Feet Past 8 Qtrs Delivered Square Feet Next 8 Qtrs Proposed Square Feet Next 8 Qtrs PAST 8 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED PAST & FUTURE DELIVERIES IN SQUARE FEET 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 8 Exhibit 3 Exhibit 3 1016 Construction Boynton/Lantana Retail RECENT DELIVERIES Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Jan 20229910 S Jog Rd Wawa 5,636 1 Jul 2023 - -1 Mar 20224530 Lantana Rd WaWa 5,636 1 Jun 2023 The Morgan Companies Julie Heberlein2 Dec 20204880 Woolbright Rd 8,654 1 Jun 2023 Stiles Retail Group Carlene Blunt3 Feb 202111600 S Trl Building J4 6,112 1 Mar 2023 - Mack Industrial Inc.4 Feb 20222505 W Woolbright Rd Wawa 3,694 1 Feb 2023 - -5 Sep 202211500 S Military Trl 5,769 1 Jan 2023 - -6 Apr 20224400 Hypoluxo Rd Chipotle 3,000 1 Dec 2022 - L & E International Services, Inc.7 Jun 202211266 S Military Trl 6,000 1 Nov 2022 - Yevgeniy Yermakov8 Apr 20206403 W Boynton Blvd A 7,700 1 Oct 2022 - Carlyle Management Company9 Jan 20228755 Hypoluxo Rd Shoppes at Town Comm…8,013 1 Oct 2022 - -10 Mar 202211800 S Military Trl 20,000 1 Sep 2022 - -11 Jan 20228200 S State Road 7 38,203 1 Apr 2022 - Melrose Center Boynton, LLC12 Dec 20216405 W Boynton Blvd 6,200 1 Apr 2022 - Wawa, Inc.13 Apr 20206405 W Boynton Blvd E 3,500 1 Mar 2022 - Carlyle Management Company14 Apr 20206405 W Boynton Blvd Sprouts 44,448 1 Feb 2022 Mason Construction & Developm… Carlyle Management Company15 Apr 20206405 W Boynton Blvd C 3,500 1 Jan 2022 - -16 Sep 2021S Military 3,445 1 Jan 2022 - Yevgeniy Yermakov17 Sep 2021650 E Woolbright Rd Josie's Ristorante 5,905 1 Jan 2022 - -18 Sep 202110160 Lyons Rd The Learning Experience 6,000 1 Jan 2022 - -19 Jun 20219602 87th Pl S 1,548 1 Oct 2021 - Jobson S Chaves20 UNDER CONSTRUCTION Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Jan 20234966 Le Chalet Blvd 40,000 1 Mar 2024 - -1 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 9 Exhibit 3 Exhibit 3 1017 Construction Boynton/Lantana Retail UNDER CONSTRUCTION Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Dec 20228764 Lantana Rd Merchants Walk Building A 17,364 1 Dec 2023 - Ward Real Estate LLC2 Dec 20228764 Lantana Rd Merchants Walk Building B 15,072 1 Jan 2024 - -3 Oct 20228601 Boynton Beach Blvd 15,000 2 Nov 2023 Gary Smigiel ABC Fine Wine & Spirits4 Jul 20231400 Dixie Hwy 10,000 2 Dec 2023 - -5 Apr 20238543 Boynton Beach Blvd 9,400 1 Dec 2023 - -6 Dec 20228764 Lantana Rd Merchants Walk Building C 4,500 1 Jan 2024 - -7 Oct 20181080 Gateway Blvd A'lu Mexican Cuisine 4,000 1 Sep 2023 - Olen Properties8 Jan 20224066 Lantana Rd 3,000 1 Sep 2023 - Marie Kettlene Placide9 PROPOSED Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Aug 20230 Hypoluxo Rd 160,000 1 Aug 2024 - -1 Aug 20234361 Hypoluxo Rd Building G 45,000 1 Feb 2024 - Paul Z. Okean2 Dec 20237395-7555 Boynton Beach… Bld A 19,054 1 Dec 2024 Edgewood Properties SJC Ventures3 Dec 20237395-7555 Boynton Beach… Building E 11,142 1 Dec 2024 Edgewood Properties SJC Ventures4 Nov 20237395-7555 Boynton Beach… Building C 9,375 1 Nov 2024 Edgewood Properties SJC Ventures5 Dec 20237395-7555 Boynton Beach… Building D 9,375 1 Dec 2024 Edgewood Properties SJC Ventures6 Jul 20246455 S Jog Rd The Falls Retail Shops 5,550 1 Dec 2024 - Joel Horowitz7 Aug 20234790 N Congress Ave 4,000 1 Feb 2024 Katz & Associates MMG Equity Partners8 Dec 20237395-7555 Boynton Beach… Building B 2,845 1 Dec 2024 Edgewood Properties SJC Ventures9 Jan 20244361 Hypoluxo Rd Building F 2,500 1 Jan 2025 - -10 Dec 20234361 Hypoluxo Rd 1,500 1 Dec 2024 - -11 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 10 Exhibit 3 Exhibit 3 1018 Sales Boynton/Lantana Retail Investors have been especially active in the capital markets in Boynton/Lantana, making it one of the most heavily traded submarkets in the region over the past several years. Annual sales volume has averaged $96.5 million over the past five years, including a 12-month high of $168 million over that stretch. The recorded transaction volume here reached $120 million in the past year. The general retail sector drove that volume. Market pricing, based on the estimated price movement of all properties in the submarket, sat at $343/SF during the third quarter of 2023. That market price is up compared to the third quarter from last year, but the level still falls far short of the average for the region. The market cap rate has shrunk since last year to 5.6%. That is the lowest cap rate in the past five years, which is the same as the metro's average. SALES VOLUME & MARKET SALE PRICE PER SF 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 11 Exhibit 3 Exhibit 3 1019 Sales Boynton/Lantana Retail MARKET CAP RATE 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 12 Exhibit 3 Exhibit 3 1020 Sales Past 12 Months Boynton/Lantana Retail 25 5.5%$345 24.6% Sale Comparables Avg. Cap Rate Avg. Price/SF Avg. Vacancy At Sale SALE COMPARABLE LOCATIONS SALE COMPARABLES SUMMARY STATISTICS Sales Attributes Low Average Median High Sale Price $400,000 $5,679,827 $2,635,000 $38,867,400 Price/SF $88 $345 $542 $1,887 Cap Rate 4.1%5.5%4.1%8.3% Time Since Sale in Months 0.2 5.4 5.2 11.7 Property Attributes Low Average Median High Building SF 640 14,947 4,299 84,180 Stories 1 1 1 2 Typical Floor SF 640 14,736 3,872 84,180 Vacancy Rate At Sale 0%24.6%0%100% Year Built 1929 1988 1979 2022 Star Rating 2.7 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 13 Exhibit 3 Exhibit 3 1021 Sales Past 12 Months Boynton/Lantana Retail Property Name - Address Rating Yr Built Bldg SF Vacancy Price Price/SF Property Sale Date Sale Cap Rate RECENT SIGNIFICANT SALES -1 11300 S Military Trl 2021 72,282 2.8%$38,867,400 $5382/26/2023 - -2 Sprouts 2022 44,448 0%$27,098,650 $6106405 W Boynton Blvd 9/8/2022 - -3 Sears 1976 84,180 100%$7,666,335 $911201 S Dixie Hwy 7/26/2023 - -4 S Military 2022 3,445 0%$6,500,000 $1,8872/21/2023 4.1% -5 Lantana Village Square 1976 69,131 5.2%$6,075,673 $881301-1499 S Dixie Hwy 7/26/2023 - -6 Truist Bank 1964 12,018 0%$6,000,000 $499315 S Federal Hwy 1/3/2023 - -7 A 2022 7,700 0%$5,901,350 $7666403 W Boynton Blvd 9/8/2022 - -8 Chipotle 2022 3,000 0%$3,121,200 $1,0404400 Hypoluxo Rd 3/20/2023 - -9 8880 Lantana Rd 1986 1,620 0%$3,000,000 $1,8527/11/2023 - -10 2250 W Woolbright Rd 1980 4,299 0%$3,000,000 $6982/13/2023 - -11 Family Dollar 2013 9,200 0%$2,720,000 $2961199 Hypoluxo Rd 6/27/2023 - -12 1300 Lantana Rd 1964 15,990 0%$2,550,000 $15912/12/2022 - -13 11266 S Military Trl 2022 6,000 0%$2,132,600 $3552/26/2023 - -14 7-Eleven 1979 2,496 0%$2,100,000 $84111190 S Military Trl 4/18/2023 - -15 101 N Federal Hwy 1929 1,792 0%$2,000,000 $1,1169/16/2022 - -16 1290 Lantana Rd 1973 2,195 0%$1,200,000 $54711/30/2022 - -17 400 Building 1973 4,752 0%$1,140,000 $240400 S Federal Hwy 10/14/2022 - -18 457-477 Greynolds Cir 1982 11,669 0%$1,057,992 $917/26/2023 - -19 Dunkin'1981 3,000 0%$975,000 $3251101 S Dixie Hwy 2/14/2023 - -20 9602 87th Pl S 2021 1,548 0%$900,000 $5813/23/2023 - 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 14 Exhibit 3 Exhibit 3 1022 Supply & Demand Trends Boynton/Lantana Retail OVERALL SUPPLY & DEMAND Net AbsorptionInventory % of Inv Construction RatioSFSF Growth % Growth SFYear 2027 57,664 0.5%0.4%41,701 1.411,243,321 2026 55,127 0.5%0.4%40,297 1.411,185,657 2025 48,987 0.4%0.5%54,571 0.911,130,530 2024 108,452 1.0%0.7%81,769 1.311,081,543 2023 53,892 0.5%-0.1%(11,945)-10,973,091 YTD 35,501 0.3%-0.1%(10,318)-10,954,700 2022 155,914 1.4%3.2%345,978 0.510,919,199 2021 106,326 1.0%0.6%59,235 1.810,763,285 2020 1,195 0%-1.7%(177,207)-10,656,959 2019 153,656 1.5%2.7%289,925 0.510,655,764 2018 15,011 0.1%0.1%11,097 1.410,502,108 2017 3,491 0%1.1%119,111 010,487,097 2016 20,342 0.2%1.2%124,588 0.210,483,606 2015 26,874 0.3%1.1%110,011 0.210,463,264 2014 2,198 0%-0.3%(35,658)-10,436,390 2013 33,023 0.3%0.4%41,957 0.810,434,192 2012 67,265 0.7%2.1%222,011 0.310,401,169 2011 7,356 0.1%0.7%77,450 0.110,333,904 MALLS SUPPLY & DEMAND Net AbsorptionInventory % of Inv Construction RatioSFSF Growth % Growth SFYear 2027 9,677 0.5%0.4%8,719 1.11,953,000 2026 9,263 0.5%0.4%8,393 1.11,943,323 2025 8,243 0.4%0.4%6,845 1.21,934,060 2024 2,098 0.1%0.1%1,336 1.61,925,817 2023 (650)0%-0.2%(3,306)-1,923,719 YTD 0 0%---1,924,369 2022 0 0%0.6%11,638 01,924,369 2021 0 0%-0.2%(4,461)-1,924,369 2020 0 0%0.2%3,323 01,924,369 2019 0 0%-0.5%(9,350)-1,924,369 2018 0 0%0.1%1,117 01,924,369 2017 0 0%-0.1%(2,267)-1,924,369 2016 0 0%0.5%10,372 01,924,369 2015 0 0%1.1%20,545 01,924,369 2014 0 0%-0.8%(14,983)-1,924,369 2013 0 0%0.1%1,655 01,924,369 2012 0 0%0.4%8,525 01,924,369 2011 0 0%0.7%12,642 01,924,369 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 15 Exhibit 3 Exhibit 3 1023 Supply & Demand Trends Boynton/Lantana Retail POWER CENTER SUPPLY & DEMAND Net AbsorptionInventory % of Inv Construction RatioSFSF Growth % Growth SFYear 2027 (1,374)-0.1%-0.2%(1,918)-983,883 2026 (1,371)-0.1%-0.2%(1,882)-985,257 2025 (1,360)-0.1%-0.1%(964)-986,628 2024 (1,357)-0.1%-0.1%(1,076)-987,988 2023 (321)0%-1.5%(15,314)-989,345 YTD 0 0%-1.3%(13,270)-989,666 2022 0 0%2.7%26,462 0989,666 2021 0 0%1.1%11,363 0989,666 2020 0 0%-2.0%(19,401)-989,666 2019 0 0%9.5%94,324 0989,666 2018 0 0%0%(96)-989,666 2017 0 0%4.3%42,944 0989,666 2016 0 0%-3.9%(38,564)-989,666 2015 0 0%0.8%7,682 0989,666 2014 0 0%-2.0%(19,753)-989,666 2013 0 0%-0.2%(1,815)-989,666 2012 0 0%1.0%10,160 0989,666 2011 0 0%0.3%2,732 0989,666 NEIGHBORHOOD CENTER SUPPLY & DEMAND Net AbsorptionInventory % of Inv Construction RatioSFSF Growth % Growth SFYear 2027 10,691 0.3%0%2,005 5.34,271,730 2026 10,137 0.2%0%1,250 8.14,261,039 2025 8,632 0.2%0.1%4,855 1.84,250,902 2024 546 0%-0.1%(4,634)-4,242,270 2023 14,348 0.3%-0.4%(17,593)-4,241,724 YTD 11,748 0.3%-0.3%(12,927)-4,239,124 2022 59,148 1.4%4.2%176,915 0.34,227,376 2021 48,100 1.2%-0.4%(16,393)-4,168,228 2020 0 0%-2.3%(96,639)-4,120,128 2019 100,661 2.5%2.4%97,103 1.04,120,128 2018 0 0%0.1%3,234 04,019,467 2017 0 0%1.6%64,726 04,019,467 2016 14,979 0.4%2.6%103,789 0.14,019,467 2015 0 0%3.0%120,681 04,004,488 2014 0 0%-0.2%(8,806)-4,004,488 2013 4,127 0.1%0.5%18,221 0.24,004,488 2012 17,265 0.4%3.6%144,190 0.14,000,361 2011 8,814 0.2%0.9%35,425 0.23,983,096 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 16 Exhibit 3 Exhibit 3 1024 Supply & Demand Trends Boynton/Lantana Retail STRIP CENTER SUPPLY & DEMAND Net AbsorptionInventory % of Inv Construction RatioSFSF Growth % Growth SFYear 2027 6,137 1.0%0.8%5,100 1.2635,706 2026 5,889 0.9%0.8%4,957 1.2629,569 2025 5,313 0.9%1.5%9,296 0.6623,680 2024 38,697 6.7%4.9%30,413 1.3618,367 2023 (195)0%-0.8%(4,621)-579,670 YTD 0 0%-1.6%(9,345)-579,865 2022 8,013 1.4%3.0%17,657 0.5579,865 2021 9,929 1.8%5.3%30,479 0.3571,852 2020 0 0%-1.1%(6,249)-561,923 2019 11,996 2.2%2.2%12,582 1.0561,923 2018 0 0%0.2%1,370 0549,927 2017 0 0%0.5%2,986 0549,927 2016 0 0%5.6%30,839 0549,927 2015 0 0%-4.9%(27,171)-549,927 2014 0 0%0.5%2,897 0549,927 2013 11,381 2.1%0.5%2,942 3.9549,927 2012 0 0%1.1%5,943 0538,546 2011 0 0%3.9%20,804 0538,546 GENERAL RETAIL SUPPLY & DEMAND Net AbsorptionInventory % of Inv Construction RatioSFSF Growth % Growth SFYear 2027 32,533 1.0%0.8%27,795 1.23,399,002 2026 31,209 0.9%0.8%27,579 1.13,366,469 2025 28,159 0.9%1.0%34,539 0.83,335,260 2024 68,468 2.1%1.7%55,730 1.23,307,101 2023 40,710 1.3%0.9%28,889 1.43,238,633 YTD 23,753 0.7%0.8%25,224 0.93,221,676 2022 88,753 2.9%3.5%113,306 0.83,197,923 2021 48,297 1.6%1.2%38,247 1.33,109,170 2020 1,195 0%-1.9%(58,241)-3,060,873 2019 40,999 1.4%3.1%95,266 0.43,059,678 2018 15,011 0.5%0.2%5,472 2.73,018,679 2017 3,491 0.1%0.4%10,722 0.33,003,668 2016 5,363 0.2%0.6%18,152 0.33,000,177 2015 26,874 0.9%-0.4%(11,726)-2,994,814 2014 2,198 0.1%0.2%4,987 0.42,967,940 2013 17,515 0.6%0.7%20,954 0.82,965,742 2012 50,000 1.7%1.8%53,193 0.92,948,227 2011 (1,458)-0.1%0.2%5,847 -2,898,227 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 17 Exhibit 3 Exhibit 3 1025 Rent & Vacancy Boynton/Lantana Retail OVERALL RENT & VACANCY Market Rent Per SF Index % Growth Vs Hist PeakYear Vacancy SF Percent Ppts Chg 2027 175 1.8%21.6%$38.54 420,186 3.7%0.1% 2026 172 2.3%19.5%$37.85 405,412 3.6%0.1% 2025 168 3.0%16.8%$37 391,670 3.5%-0.1% 2024 163 3.7%13.3%$35.90 398,323 3.6%0.2% 2023 157 9.2%9.2%$34.61 371,402 3.4%0.6% YTD 153 9.0%6.3%$33.67 351,303 3.2%0.4% 2022 144 7.2%0%$31.68 305,484 2.8%-1.8% 2021 134 5.9%-6.8%$29.54 495,548 4.6%0.4% 2020 127 4.3%-11.9%$27.91 448,457 4.2%1.7% 2019 121 3.8%-15.6%$26.75 270,055 2.5%-1.3% 2018 117 4.6%-18.7%$25.76 406,324 3.9%0% 2017 112 4.5%-22.3%$24.63 402,410 3.8%-1.1% 2016 107 5.7%-25.6%$23.57 518,030 4.9%-1.0% 2015 101 5.6%-29.6%$22.30 622,276 5.9%-0.8% 2014 96 3.2%-33.4%$21.11 705,413 6.8%0.4% 2013 93 3.2%-35.4%$20.46 667,557 6.4%-0.1% 2012 90 1.1%-37.4%$19.83 676,491 6.5%-1.5% 2011 89 -1.6%-38.1%$19.62 831,237 8.0%-0.7% MALLS RENT & VACANCY Market Rent Per SF Index % Growth Vs Hist PeakYear Vacancy SF Percent Ppts Chg 2027 155 2.0%22.9%$41.08 6,570 0.3%0% 2026 152 2.5%20.4%$40.27 5,639 0.3%0% 2025 148 3.3%17.5%$39.29 4,798 0.2%0.1% 2024 143 3.9%13.8%$38.05 3,428 0.2%0% 2023 138 9.5%9.5%$36.61 2,659 0.1%0.1% YTD 134 8.6%6.4%$35.57 0 0%0% 2022 126 4.6%0%$33.44 0 0%-0.6% 2021 120 4.6%-4.4%$31.96 11,638 0.6%0.2% 2020 115 4.2%-8.6%$30.55 7,177 0.4%-0.2% 2019 110 2.8%-12.3%$29.31 10,500 0.5%0.5% 2018 107 2.8%-14.8%$28.50 1,150 0.1%-0.1% 2017 104 4.6%-17.1%$27.73 2,267 0.1%0.1% 2016 100 5.4%-20.7%$26.51 0 0%-0.5% 2015 95 4.8%-24.8%$25.15 10,372 0.5%-1.1% 2014 90 1.6%-28.2%$24 30,917 1.6%0.8% 2013 89 1.9%-29.4%$23.61 15,934 0.8%-0.1% 2012 87 -0.6%-30.7%$23.17 17,589 0.9%-0.4% 2011 88 -2.3%-30.3%$23.30 26,114 1.4%-0.7% 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 18 Exhibit 3 Exhibit 3 1026 Rent & Vacancy Boynton/Lantana Retail POWER CENTER RENT & VACANCY Market Rent Per SF Index % Growth Vs Hist PeakYear Vacancy SF Percent Ppts Chg 2027 176 1.9%22.5%$44.20 26,910 2.7%0.1% 2026 173 2.4%20.2%$43.38 26,303 2.7%0.1% 2025 169 3.1%17.5%$42.37 25,706 2.6%0% 2024 164 3.8%13.9%$41.09 26,072 2.6%0% 2023 158 9.8%9.8%$39.60 26,282 2.7%1.5% YTD 153 9.3%6.7%$38.50 24,551 2.5%1.3% 2022 144 7.2%0%$36.08 11,281 1.1%-2.7% 2021 134 5.5%-6.7%$33.66 37,743 3.8%-1.1% 2020 127 3.8%-11.5%$31.91 49,106 5.0%2.0% 2019 122 3.6%-14.8%$30.74 29,705 3.0%-9.5% 2018 118 4.9%-17.7%$29.68 124,029 12.5%0% 2017 113 4.2%-21.6%$28.30 123,933 12.5%-4.3% 2016 108 5.4%-24.7%$27.16 166,877 16.9%3.9% 2015 103 5.7%-28.6%$25.77 128,313 13.0%-0.8% 2014 97 3.1%-32.4%$24.39 135,995 13.7%2.0% 2013 94 3.9%-34.5%$23.64 116,242 11.7%0.2% 2012 91 2.1%-36.9%$22.75 114,427 11.6%-1.0% 2011 89 -1.0%-38.3%$22.27 124,587 12.6%-0.3% NEIGHBORHOOD CENTER RENT & VACANCY Market Rent Per SF Index % Growth Vs Hist PeakYear Vacancy SF Percent Ppts Chg 2027 177 1.7%21.4%$37.12 266,056 6.2%0.2% 2026 174 2.2%19.4%$36.50 257,675 6.0%0.2% 2025 171 2.9%16.8%$35.72 249,077 5.9%0.1% 2024 166 3.6%13.5%$34.71 245,445 5.8%0.1% 2023 160 9.6%9.6%$33.51 240,239 5.7%0.7% YTD 156 9.2%6.7%$32.61 232,932 5.5%0.6% 2022 146 7.3%0%$30.57 208,257 4.9%-2.9% 2021 136 5.9%-6.8%$28.49 326,024 7.8%1.5% 2020 128 4.2%-12.0%$26.90 261,531 6.3%2.3% 2019 123 3.9%-15.6%$25.80 164,892 4.0%0% 2018 119 5.5%-18.8%$24.83 161,334 4.0%-0.1% 2017 112 4.5%-23.0%$23.54 164,568 4.1%-1.6% 2016 108 5.6%-26.3%$22.52 229,294 5.7%-2.2% 2015 102 6.1%-30.2%$21.33 318,104 7.9%-3.0% 2014 96 3.0%-34.3%$20.09 438,785 11.0%0.2% 2013 93 3.3%-36.2%$19.51 429,979 10.7%-0.4% 2012 90 1.6%-38.2%$18.88 444,073 11.1%-3.2% 2011 89 -1.6%-39.2%$18.59 570,998 14.3%-0.7% 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 19 Exhibit 3 Exhibit 3 1027 Rent & Vacancy Boynton/Lantana Retail STRIP CENTER RENT & VACANCY Market Rent Per SF Index % Growth Vs Hist PeakYear Vacancy SF Percent Ppts Chg 2027 184 1.9%21.3%$34.11 15,796 2.5%0.1% 2026 181 2.3%19.1%$33.49 14,868 2.4%0.1% 2025 177 3.1%16.3%$32.72 14,028 2.2%-0.7% 2024 171 3.8%12.8%$31.73 18,128 2.9%1.2% 2023 165 8.7%8.7%$30.57 9,818 1.7%0.8% YTD 161 8.9%5.8%$29.74 14,730 2.5%1.6% 2022 152 8.1%0%$28.12 5,385 0.9%-1.7% 2021 140 6.1%-7.5%$26.02 15,029 2.6%-3.7% 2020 132 5.1%-12.8%$24.53 35,579 6.3%1.1% 2019 126 5.4%-17.0%$23.35 29,330 5.2%-0.2% 2018 120 4.5%-21.2%$22.15 29,916 5.4%-0.2% 2017 114 3.7%-24.6%$21.20 31,286 5.7%-0.5% 2016 110 5.7%-27.3%$20.45 34,272 6.2%-5.6% 2015 104 6.2%-31.2%$19.35 65,111 11.8%4.9% 2014 98 5.5%-35.2%$18.21 37,940 6.9%-0.5% 2013 93 2.2%-38.6%$17.27 40,837 7.4%1.4% 2012 91 0.8%-39.9%$16.90 32,398 6.0%-1.1% 2011 91 -1.9%-40.4%$16.77 38,341 7.1%-3.9% GENERAL RETAIL RENT & VACANCY Market Rent Per SF Index % Growth Vs Hist PeakYear Vacancy SF Percent Ppts Chg 2027 185 1.8%20.9%$38.01 104,854 3.1%0.1% 2026 182 2.3%18.7%$37.33 100,927 3.0%0.1% 2025 178 3.1%16.1%$36.49 98,061 2.9%-0.2% 2024 172 3.7%12.6%$35.41 105,250 3.2%0.3% 2023 166 8.6%8.6%$34.13 92,404 2.9%0.3% YTD 162 9.0%5.6%$33.20 79,090 2.5%-0.1% 2022 153 8.7%0%$31.44 80,561 2.5%-0.9% 2021 141 6.7%-8.0%$28.92 105,114 3.4%0.3% 2020 132 4.6%-13.8%$27.10 95,064 3.1%1.9% 2019 126 4.3%-17.6%$25.91 35,628 1.2%-1.8% 2018 121 4.5%-21.0%$24.84 89,895 3.0%0.3% 2017 116 4.6%-24.4%$23.77 80,356 2.7%-0.2% 2016 111 6.1%-27.7%$22.72 87,587 2.9%-0.4% 2015 104 5.5%-31.9%$21.41 100,376 3.4%1.3% 2014 99 4.2%-35.4%$20.30 61,776 2.1%-0.1% 2013 95 3.7%-38.0%$19.48 64,565 2.2%-0.1% 2012 91 1.3%-40.3%$18.78 68,004 2.3%-0.1% 2011 90 -1.1%-41.0%$18.54 71,197 2.5%-0.3% 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 20 Exhibit 3 Exhibit 3 1028 Sale Trends Boynton/Lantana Retail OVERALL SALES Completed Transactions (1) Turnover Avg Price/SFDealsVolumeYear Market Pricing Trends (2) Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate 2027 -----196-$354.51 6.3% 2026 -----181-$326.53 6.7% 2025 -----173-$312 6.8% 2024 -----166-$300.27 6.9% 2023 -----188-$340.15 5.8% YTD $85.1M17 2.6%$297.72$5,316,638 1905.5%$342.73 5.6% 2022 $151.3M29 4.2%$477.12$6,576,739 1805.4%$324.30 5.7% 2021 $124.9M52 7.3%$282.24$3,047,530 1616.3%$290.04 5.9% 2020 $39.4M39 1.1%$449.76$1,515,494 1525.0%$273.80 6.1% 2019 $96.1M29 5.0%$183.30$3,845,220 1425.6%$255.82 6.3% 2018 $38.7M30 4.7%$120.79$1,933,473 1405.9%$253.02 6.3% 2017 $63.2M49 7.9%$159.05$2,431,858 1356.6%$242.97 6.3% 2016 $75.6M29 2.6%$293.03$3,598,823 1306.5%$235.36 6.3% 2015 $75M32 3.6%$201.60$2,420,415 1246.7%$224.52 6.4% 2014 $37.7M24 3.2%$147.61$1,887,445 1127.6%$202.21 6.7% 2013 $38.6M43 3.7%$141.63$1,483,655 996.7%$179.32 7.1% 2012 $104.9M27 5.7%$178.64$4,197,126 967.2%$173.62 7.2% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. MALLS SALES Completed Transactions (1) Turnover Avg Price/SFDealsVolumeYear Market Pricing Trends (2) Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate 2027 -----186-$332.60 6.1% 2026 -----171-$305.89 6.5% 2025 -----163-$291.77 6.6% 2024 -----157-$280.28 6.7% 2023 -----177-$316.65 5.6% YTD -----178-$318.60 5.4% 2022 $01 5.1%--169-$302.13 5.5% 2021 -----152-$271.91 5.7% 2020 -----144-$257.10 5.9% 2019 $4.5M1 5.2%$45.19$4,500,000 135-$241.25 6.1% 2018 -----135-$240.35 6.0% 2017 -----130-$231.38 6.1% 2016 -----126-$224.36 6.1% 2015 -----120-$214.63 6.1% 2014 -----109-$194.19 6.5% 2013 -----97-$173.68 6.8% 2012 -----95-$169.91 6.9% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 21 Exhibit 3 Exhibit 3 1029 Sale Trends Boynton/Lantana Retail POWER CENTER SALES Completed Transactions (1) Turnover Avg Price/SFDealsVolumeYear Market Pricing Trends (2) Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate 2027 -----188-$352.23 6.1% 2026 -----173-$324.53 6.5% 2025 -----165-$310.04 6.6% 2024 -----159-$298.34 6.7% 2023 -----180-$337.53 5.6% YTD -----181-$339.79 5.4% 2022 -----172-$322.30 5.5% 2021 $01 0.7%--153-$286.74 5.8% 2020 -----145-$271.89 5.9% 2019 $58.8M7 30.2%$196.99$8,400,000 135-$253.91 6.2% 2018 $7.8M2 19.5%$40.76$3,923,421 135-$252.81 6.1% 2017 -----129-$242.58 6.2% 2016 -----126-$236.54 6.2% 2015 $150K1 2.8%$5.36$150,000 120-$224.81 6.2% 2014 $01 0.7%--108-$202.45 6.6% 2013 -----96-$180.99 7.0% 2012 $5.4M2 9.3%$58.72$2,707,000 93-$175.20 7.1% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. NEIGHBORHOOD CENTER SALES Completed Transactions (1) Turnover Avg Price/SFDealsVolumeYear Market Pricing Trends (2) Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate 2027 -----181-$309.62 6.5% 2026 -----167-$286.46 6.9% 2025 -----160-$274.29 7.1% 2024 -----154-$264.43 7.1% 2023 -----174-$297.26 6.1% YTD $15.8M4 4.0%$93.91$3,943,750 175-$298.91 5.9% 2022 $109.6M8 5.4%$482.16$13,700,000 1666.4%$283.57 6.0% 2021 $88.5M19 11.2%$303.83$6,805,532 1497.2%$255.04 6.2% 2020 $14.7M4 0.4%$997.02$3,672,527 1444.8%$247.20 6.3% 2019 $5.3M4 0.4%$332.91$1,316,250 1355.0%$231.34 6.5% 2018 $9.9M4 4.4%$378.21$9,900,000 1366.1%$233.10 6.4% 2017 $50.2M26 18.8%$139.87$3,584,879 1317.1%$224.97 6.4% 2016 $37.7M4 3.2%$297.99$12,580,245 1286.7%$219.23 6.4% 2015 $12.8M2 1.5%$215.45$6,399,000 122-$209 6.5% 2014 $17.9M6 5.1%$123.68$3,571,631 111-$189.82 6.8% 2013 $11.2M19 6.5%$71.76$1,592,857 994.3%$168.90 7.2% 2012 $85M8 9.4%$226.90$10,622,172 966.8%$164.23 7.3% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 22 Exhibit 3 Exhibit 3 1030 Sale Trends Boynton/Lantana Retail STRIP CENTER SALES Completed Transactions (1) Turnover Avg Price/SFDealsVolumeYear Market Pricing Trends (2) Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate 2027 -----218-$370.54 6.1% 2026 -----200-$340.40 6.5% 2025 -----191-$324.92 6.6% 2024 -----184-$312.46 6.7% 2023 -----209-$356.17 5.7% YTD -----211-$359.73 5.4% 2022 $3.7M1 2.5%$256.94$3,700,000 198-$337.07 5.5% 2021 -----173-$294.62 5.8% 2020 $933.3K2 2.4%$70.51$466,667 159-$270.43 6.0% 2019 $3.1M1 1.8%$305.15$3,051,500 1476.8%$250.22 6.3% 2018 $9.6M4 11.8%$148.72$2,404,275 139-$237.10 6.4% 2017 $02 0.7%--133-$226.95 6.5% 2016 $5.1M1 3.5%$266.96$5,105,000 129-$219.56 6.5% 2015 $15M4 13.0%$210.24$3,750,000 1237.6%$208.98 6.5% 2014 $12.1M4 9.0%$245.26$3,034,375 1095.7%$186.29 6.8% 2013 $8M4 8.6%$168.76$1,999,500 977.0%$164.30 7.2% 2012 $5.4M4 13.9%$71.61$1,338,375 94-$159.45 7.3% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. GENERAL RETAIL SALES Completed Transactions (1) Turnover Avg Price/SFDealsVolumeYear Market Pricing Trends (2) Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate 2027 -----219-$422.69 6.1% 2026 -----201-$388.13 6.5% 2025 -----192-$370.46 6.7% 2024 -----184-$356.31 6.7% 2023 -----210-$406.82 5.7% YTD $69.3M13 3.7%$588.46$5,774,267 2125.5%$410.86 5.5% 2022 $38M19 3.6%$504.01$2,711,786 2005.2%$387.81 5.6% 2021 $36.5M32 10.0%$240.75$1,302,743 1795.8%$345.78 5.8% 2020 $23.8M33 3.0%$398.73$1,188,970 1655.6%$318.97 6.0% 2019 $24.5M16 3.7%$243.77$2,042,833 1545.3%$297.41 6.2% 2018 $11.3M20 2.1%$307.25$869,655 1495.8%$289.06 6.2% 2017 $13M21 2.2%$336.65$1,086,667 1435.7%$276 6.3% 2016 $32.7M24 4.2%$291.87$1,925,267 1376.3%$265.11 6.3% 2015 $47.1M25 7.2%$220.60$1,961,870 1316.3%$253.06 6.4% 2014 $7.8M13 2.5%$125.33$704,840 1178.8%$225.72 6.8% 2013 $19.4M20 2.7%$279.13$1,295,135 1037.8%$198.32 7.2% 2012 $9.2M13 1.7%$199.98$834,842 987.7%$190.04 7.3% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 23 Exhibit 3 Exhibit 3 1031 TIRFA Term Sheet January 10, 2024 Following are terms pursuant to which a Tax Increment Revenue Financing Agreement (“TIRFA”) will be drafted and executed between BB1 Development LLC (“Developer”) and the Boynton Beach Community Redevelopment Agency (“BBCRA”). Project: Developer is developing the Project, a mixed-use development including 371 residential units as well as approximately 25,000 SF of retail/commercial space. The Project will add thousands of permanent and temporary jobs as well as millions of dollars in benefits to the City of Boynton Beach as outlined in the report by Fishkind Litigation Services. Open Space: The Project has approximately 21,000 SF of green space and 36,000 SF of sidewalks and paved areas including a public plaza with outdoor seating connecting to the commercial space, accounting for over 35% of the total site area. Residential Units: Of the 371 total units, over 200 are housing units below 750 SF, which is a category of housing encouraged by the Boynton Beach zoning code for the purpose of providing a broader range of housing attainable at different income levels. Energy Efficiency: The Project is incorporating green elements into the design such as energy efficient air conditioners, cool roof pavers, energy efficient LED lighting fixtures and 100% Energy Star rated appliances. Community Outreach: Developer will be partner with a local community outreach partner in order to coordinate on issues pertaining to employment of City residents and jobs. BB1 and the community outreach partner will host a job fair, when feasible give priority to qualified job applicants to participate in the construction of the Project and use good faith efforts to offer permanent job positions resulting from the Project to qualified City residents. Public Parking: BB1 received feedback from members of the public and local neighborhood groups/associations to help accommodate additional parking in downtown Boynton Beach. BB1 worked with its consultants to identify an additional 32 parking spaces above the approved number of spaces. Rather than reduce the garage size by this number of spaces and achieve cost savings, BB1 will provide these spaces for public use, together with an additional 58 of its existing commercial spaces which it will convert to public spaces, 1032 for a total of 90 public parking spaces (the “New Public Parking Spaces”). After this dedication, BB1 will continue to have 70 parking spaces available for dedicated commercial use, in addition to residential/visitor only parking spaces. BB1 will be responsible for installing, managing and metering the New Public Parking Spaces and will retain such parking revenue. Infrastructure: Developer shall complete the public infrastructure items as shown in Exhibit A. Construction Start: Developer agrees to commence construction of the Project with two (2) years of the effective date of the TIRFA. Annual Report: Developer shall provide an annual performance report for the Project to the BBCRA from commencement of construction through TCO. Tax Increment Financing: Commencing upon the temporary certificate of complete (“TCO”), Developer will receive an annual refund equal to 95% of the total tax revenue generated by the project for a fifteen (15) year term, not to exceed a total of $11.5 million (the “TIRFA Amount”). Assignability: This Agreement may only be assigned by the Developer to record owners of the Property with the prior written consent of the CRA, which consent shall not be unreasonably withheld. After substantial completion of the Project, this Agreement may be transferred by the Developer; provided, however, that any assignee thereto shall specifically assume all of the obligations of the Developer under this Agreement. Termination: The TIRFA shall automatically terminate upon the cap of $11.5 million being reached or within two (2) years of the effective date of the TIRFA if Developer has failed to commence construction. Waiver/Indemnification: The BBCRA will not be responsible for any property damages or personal injury sustained by Developer from any cause whatsoever related to the Development of the Project. Developer shall also indemnify, save and hold harmless the BBCRA, its agents or its employees from any liability, claim, demand, suit, loss, cost, expense or damage which may be asserted, claimed or recovered against the BBCRA. 1033 1 TAX INCREMENT REVENUE FUNDING AGREEMENT This Tax Increment Revenue Funding Agreement (hereinafter “Agreement”) entered into as of the _____ day of _______________, 2024, by and between: BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY, a public agency created pursuant to Chapter 163, Part III of the Florida Statutes, (hereinafter referred to as “CRA”), with a business address of 100 E. Ocean Avenue, Boynton Beach, Florida 33435, and BB1 DEVELOPMENT, LLC, a Delaware limited liability company, with a business address of 888 Biscayne Boulevard, Suite 101, Miami, Florida 33132 (hereinafter referred to as the “Developer”). RECITALS WHEREAS, Developer owns the property located at 114 and 222 North Federal Highway, Boynton Beach, Florida (“Property”) and intends to construct within the Property a new mixed-use development comprised of 371 multi-family units with related amenities and approximately 25,000 square feet of commercial space as depicted in the Site Plan attached hereto as Exhibit “A” (hereinafter referred to as the “Project”); and WHEREAS, the Property is located within the CRA Downtown Masterplan; and WHEREAS, in an effort to provide the many public benefits to the public, Developer has submitted that certain proposal dated January 10, 2024, related to the Project, attached as Exhibit “B” (hereafter referred to as the “Proposal”); and WHEREAS, the CRA has determined that the Project furthers the Boynton Beach Community Redevelopment Plan; and WHEREAS, Developer has the knowledge, ability, skill, and resources to effectuate the construction and development of the Project; and WHEREAS, the CRA has determined that a public-private partnership in which the CRA provides Tax Increment Revenue Funding for the Project will further the goals and objectives of the Community Redevelopment Plan; NOW THEREFORE, in consideration of the mutual covenants and promises set forth herein, the sufficiency of which both Parties hereby acknowledge, the Parties Agree as follows: 1034 2 Section 1. Incorporation. The recitals above and all other information above are hereby incorporated herein as if fully set forth. Section 2. Definitions. As used in this Agreement, the following terms shall have the following meanings, which shall apply to words in both the singular and plural forms of such words: 2.1. “Base Year” means the base year for determining Tax Increment Revenue from the Project. 2.2. “Certificate of Occupancy” means the certificate issued by the City pursuant to the City of Boynton Beach Building and Zoning Code indicating that a building or structure complies with all applicable City of Boynton Beach Building and Zoning Code requirements and that the same may be used for the purposes stated therein. 2.3. “City” means the City of Boynton Beach, Florida. 2.4. “Commencement of Construction” or “Commence Construction” means obtaining an official permit in hand for any of the construction activities contained herein and beginning to actually demolish, excavate or prepare the site for development of the Project in accordance with the City Code and continuing until completion of construction of the P roject as applicable in accordance with the Florida Building Code. 2.5. “Community Outreach Partner” means the for-profit or non-profit group or organization selected by Developer with whom Developer shall coordinate on the issues and obligations in this Agreement pertaining to employment of City residents and jobs for Locally Owned Small Businesses. 2.6. “Contractor” means a general contractor, a subcontractor or any other business entering into a contract with the Developer related to the construction of the Project or part thereof. 2.7. "Effective Date" shall mean the date the last party to this Agreement executes this Agreement. 2.8. “Good Faith Effort” is considered to have been made when the respective parties have used reasonable means to comply with the associated directives and/or provisions set forth in this Agreement. 2.9. “Grey Shell” means an unfinished interior, lacking heating, ventilating, air conditioning, lighting, plumbing, ceilings, elevators, interior walls, etc. and ready for tenant improvements. 2.10. “Locally Owned Small Businesses” means any business that is wholly owned by individuals who reside in the City. If a business is owned by a corporation, then the corporation must be wholly owned by individuals who reside in the City. If the business is owned by a 1035 3 partnership or limited liability company, then at least 20% of its partners or members must reside in the City. 2.11 “Parking Improvements” means ninety (90) public parking spaces restricted for the use by the public in accordance with Paragraph 3.1.1(c) below. 2.12. “Pledged Project Increment Revenue” means an amount calculated by multiplying Tax Increment Revenue from the Project by agreed upon percentage factor as provided for in this Agreement. 2.13. “Property” means the property subject to this Agreement upon which the Project shall be developed as more particularly described in Exhibit “C,” hereto. 2.14. "Site Plan" shall mean the approved Site Plan attached hereto as Exhibit “A,” approved by the City of Boynton Beach, file # MSPM 23-003. Section 3. Developer’s Obligations and Covenants. 3.1 Construction of the Project. Developer agrees to Commence Construction of the Project within two (2) years of the Effective Date of this Agreement. 3.1.1 The Project shall conform to the Site Plan and shall include the following, which shall hereinafter be referred to as “Improvements”: a. Developer shall construct 371 multi-family residential units with related amenities. b. Developer shall construct approximately 25,000 square feet of commercial/retail space; c. Developer shall construct Parking Improvements, conceptually depicted on Exhibit “D,” hereto ("Public Parking") that shall be restricted for public use and that shall not be available to the residential units. The Parking Improvements may consist of structured parking, surface parking, valet parking, mechanical parking, shared parking or any other means as allowed under local city ordinance. Upon completion of the Public Parking, Developer and the CRA shall enter into a Parking Management Agreement to establish the maintenance responsibilities of the CRA for the Public Parking. If a Parking Management Agreement is not negotiated and executed by the Parties within one year of the completion of construction of the Public Parking, either party may request binding arbitration to complete the terms of the Agreement. Notwithstanding the foregoing, Developer will be responsible for managing and metering the Public Parking and all revenue derived from such metering shall be retained as revenue by Developer. 1036 4 d. Construction of the multi-family residential units for the Project shall be in compliance with the following green building construction items: • All the air conditioners will be Energy Star qualified with a minimum of SEER 16; • Provide roofing materials with a SRI 75 for our low-sloped roofs for a minimum of 75% of the roof above the parking and the residential parts; • Provide energy efficient LED lighting fixtures for the building and all the interior spaces; and • Provide 100% Energy Star appliances within the building. e. Prior to and during the construction of the Project, the Developer shall: • Hire a job placement consultant during the construction period of this Agreement; • Host a job fair; • When qualified and competitive, Locally Owned Small Businesses shall be given priority, provided such businesses are available and responsive; • Include in all contracts with Contractors requirements that the Contractors use Good Faith Efforts to hire and train City residents to participate in the construction of the Project; • Provide a list of job positions and descriptions to the Community Outreach Partner and agree to give priority to qualified job applicants referred by the Community Outreach Partner to participate in the construction of the Project; • Use Good Faith Efforts to offer permanent job positions resulting from the Project to qualified City residents; and • Notify and refer job training and job placement opportunities to the Boynton Beach Community High School and South Tech Academy in Boynton Beach in the event each are able and willing to provide such training. Section 4. Annual Performance Report. Developer shall annually provide the CRA with an Annual Performance Report for the Project indicating the status of Developer’s compliance with the requirements of this Agreement as set forth in Sections 3 and 5 of this Agreement and evidencing that Developer has paid all property taxes for the Property for the preceding year. Such report must be submitted to the CRA no later than the last day of April for the preceding year in a 1037 5 form substantially as more fully discussed below. Section 5. Certification Requirements. 5.1 As a condition precedent to its receipt of any Pledged Project Increment Revenue pursuant to this Agreement: 5.1.1 Annual Performance Report. Commencing upon the Effective Date, Developer shall annually provide the CRA with an Annual Performance Report certifying Developer’s compliance with this Agreement and evidencing that Developer has paid all property taxes for the Property for the preceding year in a form substantially in accordance with the form attached as Exhibit “E”; 5.1.2 Upon receipt of the Annual Performance Report, the CRA shall review and approve the Annual Performance Report at the next available CRA meeting as meeting the requirements in Section 4 above and certifying Developer’s compliance with all conditions precedent for receiving Pledged Increment Revenue for the Project, which approval shall not be unreasonably withheld; 5.1.3 The CRA has received Tax Increment Revenues from the completed Improvements subsequent to the Base Year; and 5.1.4 Developer shall not be entitled to any Pledged Project Increment Revenue payments if the Developer has failed to meet its obligations under this Agreement or is otherwise in default under the terms of this Agreement and has failed to sufficiently cure the default as provided for herein after appropriate notice of such default has been given. There is no obligation by the CRA to disburse the Direct Incentive Funding during any cure period or in the event the Developer is in default of this Agreement so long as, once a default is cured, Developer shall continue to receive their Direct Incentive Funding for the Project up to the Pledged Project Increment Revenue and any time periods for performance hereunder shall be extended for the same period of time needed to cure the default. 5.2 Certification. 5.2.1 Developer shall certify in its Annual Performance Report that it has met its obligation under Section 3.1.1a. and 3.1.1.b. of this Agreement by providing a Certificate of Occupancy for all residential components of the Improvements and Certificate of Completion for all nonresidential components of the Improvements from the City of Boynton Beach indicating the 100 percent completion of all Improvements and demonstrating that the taxable value of all improvements have been placed on the Palm Beach County tax rolls for the Property. 5.2.2 Developer shall certify in its Annual Performance Report that it has met its obligation under Section 3.1.1.c of this Agreement by demonstrating that it has constructed the Public Parking and by documenting signage and other means by which these Public Parking spaces 1038 6 are clearly reserved for use by the public and excluded from use by multifamily and commercial units that are part of the Project. 5.2.3 Developer shall confirm in its Annual Performance Report that it has met its obligation under Section 3.1.1.d of this Agreement by providing proof of receipt of Florida Green Building Certification. 5.2.4 Developer shall certify in its Annual Performance Report that it has met its obligation under Section 3.1.1.e of this Agreement by: a. Demonstrating that it hired and utilized the services of a job placement consultant and by reporting the job placement consultant’s activities during construction of the Project; b. Demonstrating that it held a job fair; and c. Requiring all Contractors covered by the terms of this Agreement to provide, if applicable, annual copies of its records, reports or any other information necessary to monitor compliance with the provisions of Section 3.1.1.e of this Agreement. Section 6. Pledged Project Increment Revenue. 6.1 Formula and Term. 6.1.1 The amount of the Pledged Project Increment Revenue to be paid Developer pursuant to this Agreement is capped at ____________________________ ($____________) Dollars (“TIR Cap”) based on the following formula: The CRA hereby agrees to pledge and assign to Developer pursuant to the terms of this Agreement, an annual amount which equals ninety-five percent (95%) of the Tax Increment Revenue, for a fifteen (15) year term, not to exceed a total of ____________________________________ ($_____________________) Dollars commencing on the last day of the year that all of the following conditions are met (“TIR Term”): A. The Developer has achieved Completion of Construction; B. All elements of the Project have been placed on the Tax Roll; C. The CRA has received Tax Increment Revenue from the Project; D. The Annual Performance Report is received and found to be sufficient by the CRA, which finding shall not be unreasonably withheld, conditioned or delayed; and E. Developer is not in default under this Agreement. 1039 7 Provided the above conditions precedent are satisfied, the CRA shall disburse the Tax Increment Revenue to the Developer as soon as practicable after the CRA receives the Tax Increment Revenue. 6.2 No Prior Pledge of Pledged Project Increment Revenues. The CRA warrants and represents that the Pledged Project Increment Revenues are not the subject of any prior pledge by the CRA and agrees that such revenues shall not be assigned, pledged, hypothecated or secured by the CRA for the period covered by term of this Agreement. 6.3 Form of Payment. Payment shall be in the form of a CRA check made payable to the Developer. No payment made under this Agreement shall be conclusive evidence of the performance of this Agreement by Developer, either wholly or in part, and no payment shall be construed to relieve Developer of obligations under this Agreement or to be an acceptance of faulty or incomplete rendition of Developer’s obligations under this Agreement. Section 7. Notice and Contact. Any notice or other document required or allowed to be given pursuant to this Agreement shall be in writing and shall be delivered personally, or by recognized overnight courier or sent by certified mail, postage prepaid, return receipt requested. The use of electronic communication is not considered as providing proper notice pursuant to this Agreement. If to CRA, such notice shall be addressed to: Timothy Tack, Acting Executive Director Boynton Beach Community Redevelopment Agency 100 E. Ocean Avenue Boynton Beach, Florida 33435 With a copy to: Kathryn B. Rossmell, Esq. Lewis, Longman & Walker, P.A. 360 South Rosemary Avenue Suite 1100 West Palm Beach, Florida 33401 If to Developer, such notice shall be addressed to: Mr. Robert Vecsler BB1 Development, LLC 888 Biscayne Boulevard, Suite 101 Miami, Florida 33132 With a copy to: 1040 8 Bonnie Miskel, Esq. Dunay, Miskel and Backman, LLP 14 SE 4th Street, Suite 36 Boca Raton, FL 33432 Section 8. Default. The failure of Developer to comply with the provisions set forth in this Agreement shall constitute a default and breach of this Agreement. If Developer fails to cure the default within thirty (30) days of notice from the CRA, the CRA may terminate this Agreement and all obligations for payment of Pledged Project Increment Revenue to Developer shall cease. Section 9. Termination. Unless earlier terminated pursuant to the terms herein, this Agreement shall automatically terminate upon the last disbursement of Pledged Project Increment Revenue to Developer for the Project, or within two (2) years of the Effective Date if the Developer has failed to commence construction of the Improvements subject to force majeure. Either Party may elect to terminate this Agreement by providing 45 days written notice to the other Party upon one or more of the following occurrences: a. The default of either Party, if such default is not cured within the time prescribed by this Agreement; b. The Parties enter into a mutually agreed upon, written Addendum, the effect of which is to terminate this Agreement. Section 10. Miscellaneous Provisions. 10.1 Waiver. The CRA shall not be responsible for any property damages or personal injury sustained by Developer from any cause whatsoever related to the development of the Project, whether such damage or injury occurs before, during, or after the construction of the Project or the term of this Agreement. Developer hereby forever waives, discharges, and releases the CRA, its agents, and its employees, to the fullest extent the law allows, from any liability for any damage or injury sustained by Developer. This waiver, discharge, and release specifically include negligence by the CRA, its agents, or its employees, to the fullest extent the law allows. 10.2 Indemnification. Developer shall indemnify, save, and hold harmless the CRA, its agents, and its employees from any liability, claim, demand, suit, loss, cost, expense or damage which may be asserted, claimed, or recovered against or from the CRA, its agents, or its employees, by reason of any property damages or personal injury, including death, sustained by any person whomsoever, which damage is incidental to, occurs as a result of, arises out of, or is otherwise related to the negligent or wrongful conduct or the faulty equipment (including equipment installation and removal) of Developer. Nothing in this Agreement shall be deemed to affect the rights, privileges, and sovereign immunities of the CRA as set forth in Section 768.28, Florida Statutes. This paragraph shall not be construed to require Developer to indemnify the CRA for its own negligence, or intentional acts of the CRA, its agents or employees. Each party assumes the risk of personal injury and property damage attributable to the acts or omissions of that party and its officers, employees and agents. 1041 9 10.3 Assignment. This Agreement may only be assigned by the Developer to record owners of the Property with the prior written consent of the CRA, which consent shall not be unreasonably withheld. After substantial completion of the Project, this Agreement may be transferred by the Developer; provided, however, that any assignee thereto shall specifically assume all of the obligations of the Developer under this Agreement. 10.4 Successors and Assigns. The CRA and Developer each binds itself and its partners, successors, executors, administrators and assigns to the other party and to the partners, successors, executors, administrators and assigns of such other party, in respect to all covenants of this Agreement. Nothing herein shall be construed as creating any personal liability on the part of any officer or agent of the CRA, nor shall it be construed as giving any rights or benefits hereunder to anyone other than the CRA and the Developer. 10.5 No Discrimination. Developer shall not discriminate against any person on the basis of race, color, religion, ancestry, national origin, age, sex, marital status, sexual orientation or disability for any reason in its hiring or contracting practices associated with this Agreement. 10.6 No Partnership, Etc. Developer agrees nothing contained in this Agreement shall be deemed or construed as creating a partnership, joint venture, or employee relationship. It is specifically understood that Developer is an independent contractor and that no employer/employee or principal/agent is or shall be created nor shall exist by reason of this Agreement or the performance under this Agreement. 10.7 Public Records: The CRA is a public agency subject to Chapter 119, Florida Statutes. Developer shall comply with Florida’s Public Records Law. Specifically, the Developer shall: a. Keep and maintain public records required by the CRA to perform the public services provided for in this Agreement; b. Upon request from the CRA’s custodian of public records, provide the CRA with a copy of the requested records or allow the records to be inspected or copied within a reasonable time at a cost that does not exceed the cost provided in this chapter or as otherwise provided by law. c. Ensure that public records that are exempt or confidential and exempt from public records disclosure requirements are not disclosed except as authorized by law for the duration of the contract term and following completion of the contract if Developer does not transfer the records to the CRA. d. Upon completion of the contract, transfer, at no cost, to the CRA all public records in possession of Developer or keep and maintain public records required by the CRA to perform the service. If Developer transfers all public records to the public agency upon completion of the contract, Developer shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. If Developer keeps and maintains public records upon completion of the contract, Developer shall meet all applicable requirements for retaining public records. All records stored electronically must be provided to 1042 10 the CRA, upon request from the CRA’s custodian of public records, in a format that is compatible with the information technology systems of the CRA. IF DEVELOPER HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO DEVELOPER’S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS CONTRACT, CONTACT THE CUSTODIAN OF PUBLIC RECORDS AT (561)737-3256; 710 North Federal Highway, Boynton Beach, Florida 33435; or BoyntonBeachCRA@bbfl.us. 10.8 Entire Agreement. This Agreement represents the entire and sole agreement and understanding between the Parties concerning the subject matter expressed herein. No terms herein may be altered, except in writing and then only if signed by all the parties hereto. All prior and contemporaneous agreements, understandings, communications, conditions or representations, of any kind or nature, oral or written, concerning the subject matter expressed herein, are merged into this Agreement and the terms of this Agreement supersede all such other agr eements. No extraneous information may be used to alter the terms of this Agreement. 10.9 Counterparts and Transmission. To facilitate execution, this Agreement may be executed in as many counterparts as may be convenient or required, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The executed signature page(s) from each original may be joined together and attached to one such original and it shall constitute one and the same instrument. In addition, said counterparts may be transmitted electronically (i.e., via facsimile or .pdf format document sent via electronic mail), which transmitted document shall be deemed an original document for all purposes hereunder. 10.10 Agreement Deemed to be Drafted Jointly. This Agreement shall be deemed to be drafted jointly and shall not be construed more or less favorably towards any of the parties by virtue of the fact that one party or its attorney drafted all or any part thereof. Any ambiguity found to exist shall be resolved by construing the terms of this Agreement fairly and reasonably in accordance with the purpose of this Agreement. 10.11 Governing Law, Jurisdiction, and Venue. The terms and provisions of this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Florida and the United States of America, without regard to conflict of law principles. Venue and jurisdiction shall be Palm Beach County, Florida, for all purposes, to which the Parties expressly agree and submit. 10.12 Independent Advice. The Parties declare that the terms of this Agreement have been read and are fully understood. The Parties understand that this is a binding legal document, and each Party is advised to seek independent legal advice in connection with the matters referenced herein. 10.13 Severability. If any part of this Agreement is found invalid or unenforceable by any court, such invalidity or unenforceability shall not affect the other parts of the Agreement if the rights and obligations of the Parties contained herein are not materially prejudiced and if the intentions of the Parties can continue to be achieved. To that end, this Agreement is declared severable. 1043 11 10.14 Voluntary Waiver of Provisions. The CRA may, in its sole and absolute discretion, waive any requirement of Developer contained in this Agreement. 10.15 Compliance with Laws. In its performance under this Agreement, Developer shall comply with all applicable federal and state laws and regulations and all applicable Palm Beach County, City of Boynton Beach, and CRA ordinances and regulations. 10.16 Minor Modifications. The CRA Executive Director shall administratively amend this Agreement (without requirement of CRA board approval) as may be reasonably required by the Lender, provided that such amendment does not pertain to or impact any material term of this Agreement and is or the purpose of complying with Lender requirements in order to effectuate Financial Closing. If any required amendment by the Lender would have a material effect on the terms and conditions set forth in this Agreement, then such amendment shall require CRA board approval, not to be unreasonably withheld, conditioned or delayed. For purposes of this paragraph, the term “material term” shall include all terms and provisions in Sections 3, 5, 6, 8, 9, 10.1, 10.2, 10.3, 10.4, 10.7, 10.16, 10.17, and 10.18 and any other term reasonably deemed material by the CRA Attorney at the time such request for amendment is made. 10.17 Survival. The provisions of this Agreement regarding public records, indemnity, and waiver shall survive the expiration or termination of this Agreement and remain in full force and effect. 10.18 Force Majeure. Neither Party shall be held liable or responsible to the other Party nor be deemed to have defaulted under or breached this Agreement for failure or delay in fulfilling or performing any term of this Agreement to the extent and for so long as such failur e or delay is caused by or results from causes beyond the reasonable control of the affected Party, including but not limited to fire, floods, embargoes, war, acts of war (whether war be declared or not), acts of terrorism, pandemics, insurrections, riots, civil commotions, strikes, lockouts or other labor disturbances, acts of God or acts, omissions or delays in acting by any governmental authority, or the other Party. Events of Force Majeure shall extend the period for the performance of the obligations for a period equal to the period(s) of any such delay(s). All terms contained herein shall be subject to Force Majeure. 10.19 Computation of Time. Any reference herein to time periods which are not measured in Business Days and that are less than six (6) days shall not include Saturdays, Sundays, and legal holidays in the computation thereof. Any period provided for in this Agreement which ends on a Saturday, Sunday, or legal holiday shall extend to 5 p.m. on the next full Business Day. Time is of the essence in the performance of all obligations under this Agreement. Time periods commencing with the Effective Date shall not include the Effective Date in the computation thereof. For purposes of this Agreement, Business Days shall mean Monday through Friday but shall exclude state and federal holidays. 10.20 Effective Date. This Agreement will become effective upon the date and time the last party executes this Agreement. 1044 12 IN WITNESS OF THE FOREGOING, the parties have set their hands and seals the day and year first above written. WITNESSES: BB1 DEVELOPMENT, LLC, a Delaware limited liability company (signature of witness) By: (printed name of witness) Print Name: Title: (address of witness) (signature of witness) (printed name of witness) (address of witness) STATE OF __________________ COUNTY OF ________________ BEFORE ME, an officer duly authorized by law to administer oaths and take acknowledgments, appeared before me by ⃝ physical presence or ⃝ online notarization this ___ day of __________________, 2024, by ___________________________________________, as ____________________________________ of BB1 DEVELOPMENT, LLC, a Delaware limited liability company, who is ⃝ personally known to me or ⃝ produced __________________ as identification. (SEAL) Notary Public, State of _____________________ __________________________________________ My Commission Expires: Name of Notary Typed, Printed or Stamped 1045 13 WITNESSES: BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (signature of witness) By: (printed name of witness) Print Name: Title: (address of witness) (signature of witness) (printed name of witness) (address of witness) STATE OF FLORIDA COUNTY OF PALM BEACH BEFORE ME, an officer duly authorized by law to administer oaths and take acknowledgments, appeared before me by ⃝ physical presence or ⃝ online notarization this ____ day of ________________, 2024, by ___________________________, as __________________ of BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY, who is ⃝ personally known to me or ⃝ produced __________________ as identification. (SEAL) Notary Public, State of Florida __________________________________________ My Commission Expires: Name of Notary Typed, Printed or Stamped 1046 14 EXHIBIT “A” PROJECT 1047 15 EXHIBIT “B” PROPOSAL 1048 16 EXHIBIT “C” PROPERTY 1049 17 EXHIBIT "D” PUBLIC PARKING 1050 18 EXHIBIT "E” ANNUAL PERFORMANCE REPORT FORM 1051 1 TAX INCREMENT REVENUE FUNDING AGREEMENT This Tax Increment Revenue Funding Agreement (hereinafter “Agreement”) entered into as of the _____ day of _______________, 2024, by and between: BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY, a public agency created pursuant to Chapter 163, Part III of the Florida Statutes, (hereinafter referred to as “CRA”), with a business address of 100 E. Ocean Avenue, Boynton Beach, Florida 33435, and BB1 DEVELOPMENT, LLC, a Delaware limited liability company, with a business address of 888 Biscayne Boulevard, Suite 101, Miami, Florida 33132 (hereinafter referred to as the “Developer”). RECITALS WHEREAS, Developer owns the property located at 114 and 222 North Federal Highway, Boynton Beach, Florida (“Property”) and intends to construct within the Property a new mixed-use development comprised of a approximately 371 multi-family units with related amenities and approximately 25,000 square feet of commercial space as depicted in the Site Plan attached hereto as Exhibit “A” (hereinafter referred to as the “Project”); and WHEREAS, the Property is located within the CRA Downtown Masterplan; and WHEREAS, in an effort to provide the many public benefits to the public, Developer has submitted that certain proposal dated __________ related to the Project, attached as Exhibit “B” (hereafter referred to as the “Proposal”); and WHEREAS, the CRA has determined that the Project furthers the Boynton Beach Community Redevelopment Plan; and WHEREAS, Developer has the knowledge, ability, skill, and resources to effectuate the construction and development of the Project; and WHEREAS, the CRA has determined that a public-private partnership in which the CRA provides Tax Increment Revenue Funding for the Project will further the goals and objectives of the Community Redevelopment Plan; NOW THEREFORE, in consideration of the mutual covenants and promises set forth herein, the sufficiency of which both Parties hereby acknowledge, the Parties Agree as follows: 1052 2 Section 1. Incorporation. The recitals above and all other information above are hereby incorporated herein as if fully set forth. Section 2. Definitions. As used in this Agreement, the following terms shall have the following meanings, which shall apply to words in both the singular and plural forms of such words: 2.1. “Base Year” means the base year for determining Tax Increment Revenue from the Project. 2.3. “Certificate of Occupancy” means the certificate issued by the City pursuant to the City of Boynton Beach Building and Zoning Code indicating that a building or structure complies with all applicable City of Boynton Beach Building and Zoning Code requirements and that the same may be used for the purposes stated therein. 2.4. “City” means the City of Boynton Beach, Florida. 2.5. “Commencement of Construction” or “Commence Construction” means obtaining an official permit in hand for any of the construction activities contained herein and beginning to actually demolish, excavate or prepare the site for development of the Project in accordance with the City Code and continuing until completion of construction of the Project as applicable in accordance with the Florida Building Code. 2.6. “Community Outreach Partner” means the for-profit or non-profit group or organization selected by Developer with whom Developer shall coordinate on the issues and obligations in this Agreement pertaining to employment of City residents and jobs for Locally Owned Small Businesses. 2.7. “Contractor” means a general contractor, a subcontractor or any other business entering into a contract with the Developer related to the construction of the Project or part thereof. 2.8. "Effective Date" shall mean the date the last party to this Agreement executes this Agreement. 2.9. “Good Faith Effort” is considered to have been made when the respective parties have used reasonable means to comply with the associated directives and/or provisions set forth in this Agreement. 2.10. “Grey Shell” means an unfinished interior, lacking heating, ventilating, air conditioning, lighting, plumbing, ceilings, elevators, interior walls, etc. and ready for tenant improvements. 2.11. “Locally Owned Small Businesses” means any business that is wholly owned by individuals who reside in the City. If a business is owned by a corporation, then the corporation must be wholly owned by individuals who reside in the City. If the business is owned by a 1053 3 partnership or limited liability company, then at least 20% of its partners or members must reside in the City. 2.13 “Parking Improvements” means ninety (90) public parking spaces restricted for the use by the public in accordance with Paragraph 3.1.1(c) below. 2.14. “Pledged Project Increment Revenue” means an amount calculated by multiplying Tax Increment Revenue from the Project by agreed upon percentage factor as provided for in this Agreement. 2.15. “Property” means the property subject to this Agreement upon which the Project shall be developed as more particularly described in Exhibit “C,” hereto. 2.16. "Site Plan" shall mean the approved Site Plan attached hereto as Exhibit “A,” approved by the City of Boynton Beach, file # MSPM 23-003. 2.17. “Tax Increment Revenue” shall mean the amount deposited in the Redevelopment Trust Fund for the Boynton Beach Community Redevelopment Area, pursuant to Florida Statutes, Section 163.387, that is attributable to the Project. Section 3. Developer’s Obligations and Covenants. 3.1 Construction of the Project. Developer agrees to Commence Construction of the Project within two (2) years of the Effective Date of this Agreement. 3.1.1 The Project shall conform to the Site Plan and shall include the following, which shall hereinafter be referred to as “Improvements”: a. Developer shall construct approximately of 371 multi-family residential units with related amenities. b. Developer shall construct approximately 25,000 square feet of commercial/retail space; c. Developer shall construct Parking Improvements, conceptually depicted on Exhibit “D,” hereto ("Public Parking") that shall be restricted for public use and that shall not be available to the residential units. The Parking Improvements may consist of structured parking, surface parking, valet parking, mechanical parking, shared parking or any other means as allowed under local city ordinance. Upon completion of the Public Parking, Developer and the CRA shall enter into a Parking Management Agreement to establish the maintenance responsibilities of the CRA for the Public Parking. If a Parking Management Agreement is not negotiated and executed by the Parties within one year of the completion of construction of the Public Parking, either Formatted: Font: Bold Formatted: Font: Not Bold 1054 4 party may request binding arbitration to complete the terms of the Agreement. Notwithstanding the foregoing, Developer will be responsible for managing and metering the Public Parking and all revenue derived from such metering shall be retained as revenue by Developer. d. Construction of the multi-family residential units for the Project shall be in compliance with the following green building construction items:.  All the air conditioners will be Energy Star qualified with a minimum of SEER 16.  Provide roofing materials with a SRI 75 for our low-sloped roofs for a minimum of 75% of the roof above the parking and the residential parts.  Provide energy efficient LED lighting fixtures for the building and all the interior spaces.  Provide 100% Energy Star appliances within the building. e. Prior to and during the construction of the Project, the Developer shall :  Hire a job placement consultant during the construction period of this Agreement;  Host a job fair;  When feasible, give priority to Contractors that are Locally Owned Small Businesses to participate in the construction of the Project;  Include in all contracts with Contractors requirements that the Contractors use Good Faith Efforts to hire and train City residents to participate in the construction of the Project;  Provide a list of job positions and descriptions to the Community Outreach Partner and agree to give priority to qualified job applicants referred by the Community Outreach Partner to participate in the construction of the Project;  Use Good Faith Efforts to offer permanent job positions resulting from the Project to qualified City residents;  Notify and refer job training and job placement opportunities to the Boynton Beach Community High School and South Tech Academy in Boynton Beach in the event each are able and willing to provide such training; and 1055 5 Provide 4 EV charging stations more than the minimum required. We provide a total of 13 EV level 2 charging stations. Section 4. Annual Performance Report. Developer shall annually provide the CRA with an Annual Performance Report for the Project indicating the status of Developer’s compliance with the requirements of this Agreement as set forth in Sections 3 and 5 of this Agreement and evidencing that Developer has paid all property taxes for the Property for the preceding year. Such report must be submitted to the CRA no later than the last day of April for the preceding year in a form substantially as more fully discussed below. Section 5. Certification Requirements. 5.1 As a condition precedent to its receipt of any Pledged Project Increment Revenue pursuant to this Agreement: 5.1.1 Annual Performance Report. Commencing upon the Effective Date, Developer shall annually provide the CRA with an Annual Performance Report certifying Developer’s compliance with this Agreement and evidencing that Developer has paid all property taxes for the Property for the preceding year in a form substantially in accordance with the form attached as Exhibit “E”; 5.1.2 Upon receipt of the Annual Performance Report, the CRA shall review and approve the Annual Performance Report at the next available CRA meeting as meeting the requirements in Section 4 above and certifying Developer’s compliance with all conditions precedent for receiving Pledged Increment Revenue for the Project, which approval shall not be unreasonably withheld; 5.1.3 The CRA has received Tax Increment Revenues from the completed Improvements subsequent to the Base Year; 5.1.4 Developer shall not be entitled to any Pledged Project Increment Revenue payments if the Developer has failed to meet its obligations under this Agreement or is otherwise in default under the terms of this Agreement and has failed to sufficiently cure the default as provided for herein after appropriate notice of such default has been given. There is no obligation by the CRA to disburse the Direct Incentive Funding during any cure period or in the event the Developer is in default of this Agreement so long as, once a default is cured, Developer shall continue to receive their Direct Incentive Funding for the Project up to the Pledged Project Increment Revenue and any time periods for performance hereunder shall be extended for the same period of time needed to cure the default; and 5.1.5 5.2 Certification. 5.2.1 Developer shall certify in its Annual Performance Report that it has met its 1056 6 obligation under Section 3.1.1a. and 3.1.1.b. of this Agreement by providing a Certificate of Occupancy for all residential components of the Improvements and Certificate of Completion for all nonresidential components of the Improvements from the City of Boynton Beach indicating the 100 percent completion of all Improvements and demonstrating that the taxable value of all improvements have been placed on the Palm Beach County tax rolls for the Property. 5.2.2 Developer shall certify in its Annual Performance Report that it has met its obligation under Section 3.1.1.c of this Agreement by demonstrating that it has constructed the Public Parking and by documenting signage and other means by which these Public Parking spaces are clearly reserved for use by the public and excluded from use by multifamily and commercial units that are part of the Project. 5.2.3 Developer shall confirm in its Annual Performance Report that it has met its obligation under Section 3.1.1.d of this Agreement by providing proof of receipt of Florida Green Building Certification. 5.2.4 Developer shall certify in its Annual Performance Report that it has met its obligation under Section 3.1.1.e of this Agreement by: a. Demonstrating that it hired and utilized the services of a job placement consultant and by reporting the job placement consultant’s activities during construction of the Project; b. Demonstrating that it held a job fair; and c. Requiring all Contractors covered by the terms of this Agreement to provide annual copies of its records, reports or any other information necessary to monitor compliance with the provisions of Section 3.1.1e of this Agreement and require all Contractors to submit annual payrolls to the Developer that include the following information: name, address and the number of hours worked for the period, until a Certificate of Occupancy is issued for at least 90% of the residential units of the Project. Section 6. Pledged Project Increment Revenue. 6.1 Formula and Term. 6.1.1 The amount of the Pledged Project Increment Revenue to be paid Developer pursuant to this Agreement is capped at Eleven Million Five Hundred Thousand ($XX) Dollars (“TIR Cap”) based on the following formula: The CRA hereby agrees to pledge and assign to Developer pursuant to the terms of this Agreement, an annual amount which equals ninety-five percent 1057 7 (95%) of the Tax Increment Revenue, for a fifteen (15) year term, not to exceed a total of Eleven Million Five Hundred Thousand ($XX) Dollars commencing on the last day of the year that all of the following conditions are met (“TIR Term”): A. The Developer has achieved Completion of Construction; B. All elements of the Project have been placed on the Tax Roll; C. The CRA has received Tax Increment Revenue from the Project; D. The Annual Performance Report is received and found to be sufficient by the CRA, which finding shall not be unreasonably withheld, conditioned or delayed; and E. Developer is not in default under this Agreement. Provided the above conditions precedent are satisfied, the CRA shall disburse the Tax Increment Revenue to the Developer as soon as practicable after the CRA receives the Tax Increment Revenue. 6.2 No Prior Pledge of Pledged Project Increment Revenues. The CRA warrants and represents that the Pledged Project Increment Revenues are not the subject of any prior pledge by the CRA and agrees that such revenues shall not be assigned, pledged, hypothecated or secured by the CRA for the period covered by term of this Agreement. 6.3 Form of Payment. Payment shall be in the form of a CRA check made payable to the Developer. No payment made under this Agreement shall be conclusive evidence of the performance of this Agreement by Developer, either wholly or in part, and no payment shall be construed to relieve Developer of obligations under this Agreement or to be an acceptance of faulty or incomplete rendition of Developer’s obligations under this Agreement. Section 7. Notice and Contact. Any notice or other document required or allowed to be given pursuant to this Agreement shall be in writing and shall be delivered personally, or by recognized overnight courier or sent by certified mail, postage prepaid, return receipt requested. The use of electronic communication is not considered as providing proper notice pursuant to this Agreement. If to CRA, such notice shall be addressed to: Timothy Tack, Acting Executive Director Boynton Beach Community Redevelopment Agency 100 E. Ocean Avenue Boynton Beach, Florida 33435 With a copy to: Kathryn B. Rossmell, Esq. 1058 8 Lewis, Longman & Walker, P.A. 360 South Rosemary Avenue Suite 1100 West Palm Beach, Florida 33401 If to Developer, such notice shall be addressed to: Mr. Robert Vecsler BB1 Development, LLC 888 Biscayne Boulevard, Suite 101 Miami, Florida 33132 With a copy to: Bonnie Miskel, Esq. Dunay, Miskel and Backman, LLP 14 SE 4th Street, Suite 36 Boca Raton, FL 33432 Section 8. Default. The failure of Developer to comply with the provisions set forth in this Agreement shall constitute a default and breach of this Agreement. If Developer fails to cure the default within thirty (30) days of notice from the CRA, the CRA may terminate this Agreement and all obligations for payment of Pledged Project Increment Revenue to Developer shall cease. Section 9. Termination. Unless earlier terminated pursuant to the terms herein, this Agreement shall automatically terminate upon the last disbursement of Pledged Project Increment Revenue to Developer for the Project, or within two (2) years of the Effective Date if the Developer has failed to commence construction of the Improvements subject to force majeure. Either Party may elect to terminate this Agreement by providing 45 days written notice to the other Party upon one or more of the following occurrences: a. The default of either Party, if such default is not cured within the time prescribed by this Agreement; b. The Parties enter into a mutually agreed upon, written Addendum, the effect of which is to terminate this Agreement. Section 10. Miscellaneous Provisions. 10.1 Waiver. The CRA shall not be responsible for any property damages or personal injury sustained by Developer from any cause whatsoever related to the development of the Project, whether such damage or injury occurs before, during, or after the construction of the Project or the term of this Agreement. Developer hereby forever waives, discharges, and releases the CRA, its agents, and its employees, to the fullest extent the law allows, from any liability for any damage or injury sustained by Developer. This waiver, discharge, and release specifically 1059 9 include negligence by the CRA, its agents, or its employees, to the fullest extent the law allows. 10.2 Indemnification. Developer shall indemnify, save, and hold harmless the CRA, its agents, and its employees from any liability, claim, demand, suit, loss, cost, expense or damage which may be asserted, claimed, or recovered against or from the CRA, its agents, or its employees, by reason of any property damages or personal injury, including death, sustained by any person whomsoever, which damage is incidental to, occurs as a result of, arises out of, or is otherwise related to the negligent or wrongful conduct or the faulty equipment (including equipment installation and removal) of Developer. Nothing in this Agreement shall be deemed to affect the rights, privileges, and sovereign immunities of the CRA as set forth in Section 768.28, Florida Statutes. This paragraph shall not be construed to require Developer to indemnify the CRA for its own negligence, or intentional acts of the CRA, its agents or employees. Each party assumes the risk of personal injury and property damage attributable to the acts or omissions of that party and its officers, employees and agents. 10.3 Assignment. This Agreement may only be assigned by the Developer to record owners of the Property with the prior written consent of the CRA, which consent shall not be unreasonably withheld, provided, however, that any assignee hereto shall specifically assume all of the obligations of the Developer under this Agreement. 10.4 Successors and Assigns. The CRA and Developer each binds itself and its partners, successors, executors, administrators and assigns to the other party and to the partners, successors, executors, administrators and assigns of such other party, in respect to all covenants of this Agreement. Nothing herein shall be construed as creating any personal liability on the part of any officer or agent of the CRA, nor shall it be construed as giving any rights or benefits hereunder to anyone other than the CRA and the Developer. 10.5 No Discrimination. Developer shall not discriminate against any person on the basis of race, color, religion, ancestry, national origin, age, sex, marital status, sexual orientation or disability for any reason in its hiring or contracting practices associated with this Agreement. 10.6 No Partnership, Etc. Developer agrees nothing contained in this Agreement shall be deemed or construed as creating a partnership, joint venture, or employee relationship. It is specifically understood that Developer is an independent contractor and that no employer/employee or principal/agent is or shall be created nor shall exist by reason of this Agreement or the performance under this Agreement. 10.7 Public Records: The CRA is a public agency subject to Chapter 119, Florida Statutes. Developer shall comply with Florida’s Public Records Law. Specifically, the Developer shall: a. Keep and maintain public records required by the CRA to perform the public services provided for in this Agreement; b. Upon request from the CRA’s custodian of public records, provide the CRA with a copy of the requested records or allow the records to be inspected or copied within a reasonable time at a cost that does not exceed the cost provided in this 1060 10 chapter or as otherwise provided by law. c. Ensure that public records that are exempt or confidential and exempt from public records disclosure requirements are not disclosed except as authorized by law for the duration of the contract term and following completion of the contract if Developer does not transfer the records to the CRA. d. Upon completion of the contract, transfer, at no cost, to the CRA all public records in possession of Developer or keep and maintain public records required by the CRA to perform the service. If Developer transfers all public records to the public agency upon completion of the contract, Developer shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. If Developer keeps and maintains public records upon completion of the contract, Developer shall meet all applicable requirements for retaining public records. All records stored electronically must be provided to the CRA, upon request from the CRA’s custodian of public records, in a format that is compatible with the information technology systems of the CRA. IF DEVELOPER HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO DEVELOPER’S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS CONTRACT, CONTACT THE CUSTODIAN OF PUBLIC RECORDS AT (561)737-3256; 710 North Federal Highway, Boynton Beach, Florida 33435; or BoyntonBeachCRA@bbfl.us. 10.8 Entire Agreement. This Agreement represents the entire and sole agreement and understanding between the Parties concerning the subject matter expressed herein. No terms herein may be altered, except in writing and then only if signed by all the parties hereto. All prior and contemporaneous agreements, understandings, communications, conditions or representations, of any kind or nature, oral or written, concerning the subject matter expressed herein, are merged into this Agreement and the terms of this Agreement supersede all such other agreements. No extraneous information may be used to alter the terms of this Agreement. 10.9 Counterparts and Transmission. To facilitate execution, this Agreement may be executed in as many counterparts as may be convenient or required, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The executed signature page(s) from each original may be joined together and attached to one such original and it shall constitute one and the same instrument. In addition, said counterparts may be transmitted electronically (i.e., via facsimile or .pdf format document sent via electronic mail), which transmitted document shall be deemed an original document for all purposes hereunder. 10.10 Agreement Deemed to be Drafted Jointly. This Agreement shall be deemed to be drafted jointly and shall not be construed more or less favorably towards any of the parties by virtue of the fact that one party or its attorney drafted all or any part thereof. Any ambiguity found to exist shall be resolved by construing the terms of this Agreement fairly and reasonably in accordance with the purpose of this Agreement. 10.11 Governing Law, Jurisdiction, and Venue. The terms and provisions of this 1061 11 Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Florida and the United States of America, without regard to conflict of law principles. Venue and jurisdiction shall be Palm Beach County, Florida, for all purposes, to which the Parties expressly agree and submit. 10.12 Independent Advice. The Parties declare that the terms of this Agreement have been read and are fully understood. The Parties understand that this is a binding legal document, and each Party is advised to seek independent legal advice in connection with the matters referenced herein. 10.13 Severability. If any part of this Agreement is found invalid or unenforceable by any court, such invalidity or unenforceability shall not affect the other parts of the Agreement if the rights and obligations of the Parties contained herein are not materially prejudiced and if the intentions of the Parties can continue to be achieved. To that end, this Agreement is declared severable. 10.14 Voluntary Waiver of Provisions. The CRA may, in its sole and absolute discretion, waive any requirement of Developer contained in this Agreement. 10.15 Compliance with Laws. In its performance under this Agreement, Developer shall comply with all applicable federal and state laws and regulations and all applicable Palm Beach County, City of Boynton Beach, and CRA ordinances and regulations. 10.16 Minor Modifications. The CRA Executive Director shall administratively amend this Agreement (without requirement of CRA board approval) as may be reasonably required by the Lender, provided that such amendment does not pertain to or impact any material term of this Agreement and is or the purpose of complying with Lender requirements in order to effectuate Financial Closing. If any required amendment by the Lender would have a material effect on the terms and conditions set forth in this Agreement, then such amendment shall require CRA board approval, not to be unreasonably withheld, conditioned or delayed. For purposes of this paragraph, the term “material term” shall include all terms and provisions in Sections 3, 5, 6, 8, 9, 10.1, 10.2, 10.3, 10.4, 10.7, 10.16, 10.17, and 10.18 and any other term reasonably deemed material by the CRA Attorney at the time such request for amendment is made. 10.17 Survival. The provisions of this Agreement regarding public records, indemnity, and waiver shall survive the expiration or termination of this Agreement and remain in full force and effect. 10.18 Force Majeure. Neither Party shall be held liable or responsible to the other Party nor be deemed to have defaulted under or breached this Agreement for failure or delay in fulfilling or performing any term of this Agreement to the extent and for so long as such failure or delay is caused by or results from causes beyond the reasonable control of the affected Party, including but not limited to fire, floods, embargoes, war, acts of war (whether war be declared or not), acts of terrorism, pandemics, insurrections, riots, civil commotions, strikes, lockouts or other labor disturbances, acts of God or acts, omissions or delays in acting by any governmental authority, or the other Party. Events of Force Majeure shall extend the period for the performance of the obligations for a period equal to the period(s) of any such delay(s). All terms contained herein 1062 12 shall be subject to Force Majeure. 10.19 Computation of Time. Any reference herein to time periods which are not measured in Business Days and that are less than six (6) days shall not include Saturdays, Sundays, and legal holidays in the computation thereof. Any period provided for in this Agreement which ends on a Saturday, Sunday, or legal holiday shall extend to 5 p.m. on the next full Business Day. Time is of the essence in the performance of all obligations under this Agreement. Time periods commencing with the Effective Date shall not include the Effective Date in the computation thereof. For purposes of this Agreement, Business Days shall mean Monday through Friday but shall exclude state and federal holidays. 10.20 Effective Date. This Agreement will become effective upon the date and time the last party executes this Agreement. IN WITNESS OF THE FOREGOING, the parties have set their hands and seals the day and year first above written. WITNESSES: BB1 DEVELOPMENT, LLC, a Delaware limited liability company (signature of witness) By: (printed name of witness) Print Name: Title: (address of witness) (signature of witness) (printed name of witness) (address of witness) STATE OF __________________ COUNTY OF ________________ BEFORE ME, an officer duly authorized by law to administer oaths and take acknowledgments, appeared before me by ⃝ physical presence or ⃝ online notarization this ___ day of __________________, 2024, by ___________________________________________, as ____________________________________ of BB1 DEVELOPMENT, LLC, a Delaware limited liability company, who is ⃝ personally known to me or ⃝ produced __________________ as identification. (SEAL) 1063 13 Notary Public, State of _____________________ __________________________________________ My Commission Expires: Name of Notary Typed, Printed or Stamped WITNESSES: BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (signature of witness) By: (printed name of witness) Print Name: Title: (address of witness) (signature of witness) (printed name of witness) (address of witness) STATE OF FLORIDA COUNTY OF PALM BEACH BEFORE ME, an officer duly authorized by law to administer oaths and take acknowledgments, appeared before me by ⃝ physical presence or ⃝ online notarization this ____ day of ________________, 2024, by ___________________________, as __________________ of BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY, who is ⃝ personally known to me or ⃝ produced __________________ as identification. (SEAL) Notary Public, State of Florida __________________________________________ My Commission Expires: Name of Notary Typed, Printed or Stamped 1064 14 EXHIBIT “A” PROJECT 1065 15 EXHIBIT “B” PROPOSAL 1066 16 EXHIBIT “C” PROPERTY 1067 17 EXHIBIT "D” PUBLIC PARKING 1068 18 EXHIBIT "E” ANNUAL PERFORMANCE REPORT FORM 1069 TIRFA Term Sheet January 10, 2024 Following are terms pursuant to which a Tax Increment Revenue Financing Agreement (“TIRFA”) will be drafted and executed between BB1 Development LLC (“Developer”) and the Boynton Beach Community Redevelopment Agency (“BBCRA”). Project: Developer is developing the Project, a mixed-use development including 371 residential units as well as approximately 25,000 SF of retail/commercial space. The Project will add thousands of permanent and temporary jobs as well as millions of dollars in benefits to the City of Boynton Beach as outlined in the report by Fishkind Litigation Services. Open Space: The Project has approximately 21,000 SF of green space and 36,000 SF of sidewalks and paved areas including a public plaza with outdoor seating connecting to the commercial space, accounting for over 35% of the total site area. Residential Units: Of the 371 total units, over 200 are housing units below 750 SF, which is a category of housing encouraged by the Boynton Beach zoning code for the purpose of providing a broader range of housing attainable at different income levels. Energy Efficiency: The Project is incorporating green elements into the design such as energy efficient air conditioners, cool roof pavers, energy efficient LED lighting fixtures and 100% Energy Star rated appliances. Community Outreach: Developer will be partner with a local community outreach partner in order to coordinate on issues pertaining to employment of City residents and jobs. BB1 and the community outreach partner will host a job fair, when feasible give priority to qualified job applicants to participate in the construction of the Project and use good faith efforts to offer permanent job positions resulting from the Project to qualified City residents. Public Parking: BB1 received feedback from members of the public and local neighborhood groups/associations to help accommodate additional parking in downtown Boynton Beach. BB1 worked with its consultants to identify an additional 32 parking spaces above the approved number of spaces. Rather than reduce the garage size by this number of spaces and achieve cost savings, BB1 will provide these spaces for public use, together with an additional 58 of its existing commercial spaces which it will convert to public spaces, 1070 for a total of 90 public parking spaces (the “New Public Parking Spaces”). After this dedication, BB1 will continue to have 70 parking spaces available for dedicated commercial use, in addition to residential/visitor only parking spaces. BB1 will be responsible for installing, managing and metering the New Public Parking Spaces and will retain such parking revenue. Infrastructure: Developer shall complete the public infrastructure items as shown in Exhibit A. Construction Start: Developer agrees to commence construction of the Project with two (2) years of the effective date of the TIRFA. Annual Report: Developer shall provide an annual performance report for the Project to the BBCRA from commencement of construction through TCO. Tax Increment Financing: Commencing upon the temporary certificate of complete (“TCO”), Developer will receive an annual amount which refund equals to 95% of the total tax revenue generated by the project for a fifteen (15) year term, not to exceed a total of $11.5 million (the “TIRFA Amount”). Assignability: This Agreement may only be assigned by the Developer to record owners of the Property with the prior written consent of the CRA, which consent shall not be unreasonably withheld After substantial completion of the Project, this Agreement may be transferred by the Developer; provided, however, that any assignee thereto shall specifically assume all of the obligations of the Developer under this Agreement. Termination: The TIRFA shall automatically terminate upon the cap of $11.5 million being reached or within two (2) years of the effective date of the TIRFA if Developer has failed to commence construction. Waiver/Indemnification: The BBCRA will not be responsible for any property damages or personal injury sustained by Developer from any cause whatsoever related to the Development of the Project. Developer shall also indemnify, save and hold harmless the BBCRA, its agents or its employees from any liability, claim, demand, suit, loss, cost, expense or damage which may be asserted, claimed or recovered against the BBCRA. 1071 ABRAMSON & ASSOCIATES, Inc. Real Estate and Public-Private Development Advisory Services 113 Chestnut Street / Newton, MA 02465 / tel: (617) 965-4545 / fax: (617) 965-5431 /www.abramsonassoc.com MEMORANDUM TO: Timothy Tack, P.E., Assistant Director Boynton Beach Community Redevelopment Agency FROM: Barry Abramson SUBJECT: Evaluation of TIRFA Request for Ocean One Project DATE: March 28, 2024 _______________________________________________________________________ EXECUTIVE SUMMARY This memorandum summarizes our evaluation of a request for TIRFA by BB1 Development LLC (“BB1”) for a proposed project – Ocean One, a mixed-use development located at 114/222 N. Federal Highway. The project is to include 371 rental apartments, 24,742 net square feet of retail space and a parking garage to meet the needs of the project with 90 spaces proposed to be operated as “public spaces” available to the public at large with parking revenues to be retained by the project. The developer requests 95% of the total tax increment revenue received by the BBCRA generated by the project for a fifteen-year term commencing upon temporary certificate of occupancy, not to exceed a total of $11.5 million with two years from the effective date of the TIRFA to start construction. The evaluation focuses on the need for the TIF funding and the financial effect to the CRA of the proposed agreement, along with general comments regarding proposed benefits claimed by the developer. The analysis does not consider conformance of the proposed project with planning and zoning requirements such as density and parking sufficiency which should be evaluated by the CRA and City. Based upon our evaluation, we consider the developer’s assumptions to be generally in a range of reasonableness and that, in the current development market, the project has a feasibility gap requiring the requested TIF subsidy. Notwithstanding this conclusion, we note that relatively small variations in assumptions and/or improvements in the development market over the two-year time-frame could significantly reduce, or even, eliminate the subsidy requirement. Total CRA incremental revenues from the project are estimated at approximately $14,000,000. With the vast majority of this revenue following the estimated ten years of operation it would take to reach the $11,500,000 total award, the present value at the start of 2025 is estimated at approximately $7,600,000. 1072 2 The City is estimated to receive total incremental tax revenues from the project of approximately $67,000,000 over 50 years of the property’s operation. As these revenues would be primarily back-loaded, following the CRA sunset, their present value as of the start of 2025 is estimated at only $1,500,000. The CRA may wish to explore structuring opportunities with the developer that might result in a lessening of the TIF award should it prove not to be fully required for feasibility. COMMENTS ON PUBLIC BENEFITS Public Parking The proposed 90 public spaces are comprised of 58 of the retail spaces which would otherwise be dedicated to retail tenants (which , if dedicated, would enhance the marketability of such retail space) plus 32 spaces above and beyond the number required by zoning which the developer could otherwise eliminate from the garage to save cost. The public spaces would be operated by the project owner who would retain parking revenues. The developer contends the 90 public spaces have a value to the CRA/City of $5,000,000 ($55,556 per space) based on the developer’s estimate of the cost (including land, soft and financing, as well as hard costs) that the CRA or City would incur to build parking in a new garage. At least with regard to the 58 spaces switched from dedicated to publicly available, we would anticipate at least some of these spaces would be used by visitors to the project’s retail component, as they would if they were dedicated to those tenants. A qualified parking consultant would need to validate cost/value, estimate the extent to which parking revenues would exceed operating costs in a public garage and in the proposed privately-operated garage, and the net effect on area parking supply and demand of the project and the switch of the 58 spaces from dedicated to public and the additional 32 spaces beyond zoning requirement. Other Benefits The developer contends it is providing an estimated $1,000,000 of public infrastructure and will make efforts in the area of local hiring. The CRA and City are best positioned to determine whether these matters are standard or above and beyond the normal requirements and customary contributions of a project of this nature. A consultant report commissioned by the developer claimed various benefits in terms of fiscal and economic impact for the project. These impacts are generally felt on a regional basis. The impact on a relatively small local community such as Boynton Beach would be hard to quantify with any reliability but would be expected to be relatively small. 1073 3 Obviously, a significant benefit of the project would be to convert this large, underutilized property to an attractive and productive use consistent with the planning objectives of the CRA and the City. THE TIRFA PROPOSAL The developer is requesting a TIRFA as follows: “Commencing upon the temporary certificate of occupancy (“TCO”), Developer will receive an annual payment equal to 95% of the total tax increment revenue received by the BBCRA generated by the project for a fifteen (15) year term, not to exceed a total of $11.5 million (the “TIRFA Amount”). The proposal calls for the developer to have two years from the effective date of the TIRFA to start construction. EVALUATION OF PROJECT NEED FOR THE TIRFA The developer’s TIRFA request is based on its contention that the project is infeasible under current development market conditions without the TIF subsidy. Specifically, the developer contends that a subsidy equivalent to a present value of approximately $9,500,000 at the time of substantive completion of construction is necessary to achieve the “untrended” return on cost (“ROC”) of 6.0%, necessary to finance the project in the current market. Untrended return on cost is the net operating income of the project (prior to debt) upon stabilization divided by the total development cost, both stated in today’s (2024) dollars. The developer estimates the $11,500,000 of TIF revenues awarded to the project over time, discounted at an annual rate of4.0%, would yield a present value equal to the above-noted target present value. The developer contends that it needs the TIRFA to be able to secure financing which would enable it to start construction within approximately six months. We evaluated the developer’s pro forma, researched and reviewed publicly available market data and insights, held conversations with the developer, the developer’s advisors, the Palm Beach County Property Appraiser’s office, and knowledgeable market participants and analyzed the project’s economics based upon the above and our experience. Based upon this evaluation, we consider the developer’s assumptions to be generally in a range of reasonableness, though we note that relatively small variations within the range of reasonableness can have a dramatic impact on the amount of subsidy required. Notably, estimated hard construction and related costs are based on a construction company’s estimates based on 50% drawings plus an owner-held hard cost contingency and may tighten if value engineering and bidding enable a tightening of early-stage cost cushioning, especially in a construction market in which project starts have been stalled. Permit fees and other upfront exactions are another cost item that could be reviewed. The developer’s estimates were provided by an experienced consultant specializing in this field but have not as yet been reviewed by the City. 1074 4 We concur that untrended return on cost is an appropriate metric to estimate feasibility/required gap. ROC is a common measure of development feasibility and profitability. It has the advantages of: being simple, avoiding the vagaries of particular debt and equity financing arrangements (while, inherently, accounting for them in a general ized market-wide way); avoiding speculation about inflation; and being a parameter for which participants in the real estate market are able to provide general market norms (which, of course, should be considered in light of the particulars of the specific location and project). Based on our research, we consider a 6.0% untrended return on cost to be reasonable in the current development market. This ROC is higher than what would have been required at the peak of the market a couple of years ago. Required rates of return can be anticipated to decrease over time if and when interest rates for development financing decrease as a result of reductions in treasury bond interest rates, though there are various factors that might not necessarily result in this being a one:one relationship. A slight variation in the required return on cost would have significant implications for the required subsidy amount, as would variations in other development costs or elements of net operating income. Based on the developer’s assumptions, the project has a feasibility gap requiring subsidy of approximately $9,500,000 which the developer estimated would yield a 5.97% ROC. Our TIF cash flow analysis estimates the proposed TIRFA award, totaling $11,500,000 over time, would yield a present value at the completion of substantial construction, at a 4.0% discount rate, of approximately $9,300,000, yielding a 5.96% ROC. The small differences in present value and ROC are not considered material. Financial Feasibility/Gap Analysis Development Cost Acquisition Cost $12,000,000 Total Hard Costs $111,241,836 $44,629,558 Total Development Cost $167,871,394 Stabilized Operating Income ($2024) Effective Gross Income $14,257,355 General Oper Exps & Property Management $2,730,692 Taxes & Assessments RE Tax after 4% early payment discount @ AV/unit =$275,688 $1,988,483 City Fire Assessment $46,394 City Solid Waste Authority Assessment $41,086 Total Tax & Operating Expenses $4,806,655 Net Operating Income $9,450,700 Required Subsidy Analysis Without Subsidy With Subsidy Net Operating Income $9,450,700 $9,450,700 Development Cost $167,871,394 $167,871,394 Less Subsidy $0 ($9,300,000) Development Cost After Subsidy $167,871,394 $158,571,394 Return on Cost 5.63%5.96% Soft & Other Costs (Incl Predev, Dev OH&Fee, Owner Hard Contingency, TI, Financing Costs, Lease-Up) 1075 5 EVALUATION OF THE FINANCIAL EFFECT OF THE TIRFA ON THE CRA AND CITY The estimated assessed/taxable valuations for the project are based on estimates provided by a consultant specializing in this field engaged by the developer, which were consistent with our research of assessments for comparable properties in Boynton Beach and discussion with the county property appraiser’s office. Our analysis (presented on following pages) indicates that the proposed TIRFA would absorb nearly all the CRA tax increment for the first ten years of the project’s operations (i.e. through 2036). Thereafter, the CRA would enjoy the full increment (estimated at approximately $1,500,000 in 2037) through the CRA sunset in 2044. Total CRA incremental revenues from the project are estimated at approximately $14,000,000. Present value to the CRA has been estimated at a discount rate of 4.0%, slightly higher than the AA municipal bond yield which is currently 3.5% for a 20 year-term. Present value to the CRA at the start of 2025 is estimated at approximately $7,600,000. The City is estimated to receive total incremental tax revenues from the project of approximately $67,000,000 over 50 years of the property’s operation. Given these revenues would be primarily back-loaded, following the CRA sunset, the present value at the start of 2025 of these revenues is estimated at only $1,500,000. A discount rate of 4.0% was applied to revenues during the initial period prior to CRA sunset and a 6.0% discount rate was applied to revenues in following years, given greater uncertainty re. market conditions and the property at that point no longer being positioned as a newer prime property in the marketplace. If TIRFA Not Awarded As the CRA considers this TIRFA request, an obvious question is what will happen if it is not granted? There is a possibility that, in the coming couple or few years, the private development market will recover its equilibrium based on some combination of financing rates coming down somewhat, construction costs stabilizing, and rents increasing to a level that supports new development, as has been the case in past boom and bust cycles in Southeast Florida which have shown the resiliency of the market. In that event, while the present developer may have difficulty recouping some of its investment in the cost of its extended holding period interest and other costs, there would be a reasonable chance that the developer or a successor could be able to make this or a comparable project work without a TIF, enabling the CRA to realize all the incremental revenue over that period. Of course, this is a hypothetical. There is no guaranty when the development market will recover or what will happen with this individual property – which has lain fallow for many years and could be burdened by the current developer’s holding out until it can recoup all its costs. Whether or not the present value of incremental revenues to the CRA and City would 1076 6 be significantly higher than if the developer can proceed with the project in the near term under the proposed agreement would be a function of the level of risk ascribed to the hypothetical in terms of a discount rate, which would be a subjective determination. POSSIBLE STRUCTURING CONCEPTS The CRA may wish to explore options for structuring the TIRFA so that the award may be reduced in the event it proves not to be fully needed – at the time the construction contract and financing are secured, upon completion of construction, and/or during operations. Developers and financing sources, understandably, would prefer surety and simplicity – a guaranteed award without any adjustments. Still, with so much money at stake , development factors subject to verifiable refinement, and a development market that may show improvement over the near term, and considered more likely than not, over the up to two years the developer proposes the TIRFA allow for it to start construction, there may be opportunities to adjust the TIRFA without unduly hamstringing the developer’s financing efforts, as has been accomplished in other public-private deals. It would be essential to make any adjustments subject to verifiable improvements in the project’s economics so that the developer and financing sources could be assured of achieving a reasonable rate of return. Especially given anticipated (albeit not guaranteed) improvements in development market factors, there may be some adjustments that might not take effect if construction starts in the near term – say the six months following TIRFA approval, but could kick in if the project does not start till later in the proposed two-year window. A few concepts that could be explored with the developer are: • Reduce TIRFA award by amount on a present value basis (or percentage thereof) if actual construction cost is less than currently estimated. This can be determined upon construction contract and again at completion of construction. • Reduce TIRFA award by amount on a present value basis (or percentage thereof) if actual permit fees and other exactions are less than current estimates, which have not been verified at this time. • Adjust above for costs that clearly would be impacted by reduction in construction and permit costs. • Reduce TIRFA award in the form of a CRA participation in net public parking revenues if above developer’s current estimates. • Reduce TIRFA award by some negotiated factor relative to some verifiable measure of financing rates or treasury bond yields. • Adjust TIRFA award on ongoing basis by means of a participation in excess return in cash flow and capital events. 1077 OCEAN ONE PROPOSED TIF INCENTIVE CASH FLOW Year of operation:1 2 3 4 5 6 7 8 Calendar Year:2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Annual Ecalation Rate:0.0%0.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0% Taxable Value Prior to Redevelopment 114 N Federal 9,006,248 $9,006,248 $9,276,435 $9,554,729 $9,841,370 $10,136,611 $10,440,710 $10,753,931 $11,076,549 $11,408,846 $11,751,111 222 N Federal 1,410,649 $1,410,649 $1,452,968 $1,496,558 $1,541,454 $1,587,698 $1,635,329 $1,684,389 $1,734,920 $1,786,968 $1,840,577 Total 10,416,897 $10,416,897 $10,729,404 $11,051,286 $11,382,825 $11,724,309 $12,076,039 $12,438,320 $12,811,469 $13,195,813 $13,591,688 Ad Valorem Taxes Prior to Development 114 N Federal 185,579 $185,579 $191,146 $196,881 $202,787 $208,871 $215,137 $221,591 $228,239 $235,086 $242,139 222 N Federal 29,075 $29,075 $29,947 $30,846 $31,771 $32,724 $33,706 $34,717 $35,759 $36,831 $37,936 Total 214,654 $214,654 $221,094 $227,726 $234,558 $241,595 $248,843 $256,308 $263,997 $271,917 $280,075 Estimated Assessed/Taxable Value of Completed Project $102,280,157 $102,280,157 $105,348,562 $108,509,019 $111,764,290 $115,117,218 $118,570,735 $122,127,857 $125,791,693 $129,565,443 $133,452,407 pre-construction construction construction % Valuation of Completed Stabilized Project (if 0%, Prior AV)0%0%0%100%100%100%100%100%100%100%100% Taxable Value of Project $10,416,897 $10,416,897 $10,729,404 $108,509,019 $111,764,290 $115,117,218 $118,570,735 $122,127,857 $125,791,693 $129,565,443 $133,452,407 Project Incremental Value $0 $0 $0 $97,457,733 $100,381,465 $103,392,909 $106,494,696 $109,689,537 $112,980,223 $116,369,630 $119,860,719 City TIF Contribution @ Millage Rate =7.85 $0 $0 $0 $697,719 $718,651 $740,211 $762,417 $785,289 $808,848 $833,113 $858,107 County Contribution @ Millage Rate =4.50 $0 $0 $0 $399,967 $411,966 $424,324 $437,054 $450,166 $463,671 $477,581 $491,908 TIF Revenue Created by Project 12.35 $0 $0 $0 $1,097,686 $1,130,617 $1,164,535 $1,199,471 $1,235,455 $1,272,519 $1,310,694 $1,350,015 TIF Award @ Award Factor =95%$0 $0 $0 $1,042,802 $1,074,086 $1,106,308 $1,139,498 $1,173,682 $1,208,893 $1,245,160 $1,282,514 Cummulative of Above $0 $0 $1,042,802 $2,116,887 $3,223,196 $4,362,693 $5,536,376 $6,745,268 $7,990,428 $9,272,943 @ Award Factor % up to Total $ Amount 95%$11,500,000 $1,042,802 $1,074,086 $1,106,308 $1,139,498 $1,173,682 $1,208,893 $1,245,160 $1,282,514 NPV to TCO - 1/1/27 @ 4.0%$9,297,000 Total Remaining with CRA $14,202,000 $54,884 $56,531 $58,227 $59,974 $61,773 $63,626 $65,535 $67,501 NPV to TCO - 1/1/27 @ 4.0%$8,226,000 NPV to 1/1/25 @ 4.0%$7,605,000 5% of City Operating Millage Retained by City *$1,285,000 $54,884 $56,531 $58,227 $59,974 $61,773 $63,626 $65,535 $67,501 NPV to TCO - 1/1/27 @ 4.0%$876,000 NPV to 1/1/25 @ 4.0%$810,000 City Tax After CRA Sunset @ City Millage *7.85 $65,646,000 $0 $0 $0 $0 $0 $0 $0 $0 NPV to TCO - 1/1/27 @ 6.0%$738,000 NPV to 1/1/25 @ 6.0%$657,000 Total City Before & After CRA Sunset $66,931,000 NPV to TCO - 1/1/27 @ $1,614,000 NPV to 1/1/25 @ $1,467,000 * Not including City Operating Millage on base (pre-project) value Proposed Incentive Award = Award Factor x TIF Revenue created by Project TIF Revenue = 95% of Project Increment x (City + County Millage) less 4% early payment discount 1078 8 OCEAN ONE PROPOSED TIF INCENTIVE CASH FLOW Year of operation:9 10 11 12 13 14 15 16 17 18 19 Calendar Year:2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Annual Ecalation Rate:3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0% Taxable Value Prior to Redevelopment 114 N Federal $12,103,644 $12,466,754 $12,840,756 $13,225,979 $13,622,758 $14,031,441 $14,452,384 $14,885,956 $15,332,534 $15,792,510 $16,266,286 222 N Federal $1,895,794 $1,952,668 $2,011,248 $2,071,586 $2,133,733 $2,197,745 $2,263,678 $2,331,588 $2,401,535 $2,473,582 $2,547,789 Total $13,999,439 $14,419,422 $14,852,004 $15,297,564 $15,756,491 $16,229,186 $16,716,062 $17,217,544 $17,734,070 $18,266,092 $18,814,075 Ad Valorem Taxes Prior to Development 114 N Federal $249,403 $256,885 $264,591 $272,529 $280,705 $289,126 $297,800 $306,734 $315,936 $325,414 $335,176 222 N Federal $39,074 $40,247 $41,454 $42,698 $43,979 $45,298 $46,657 $48,057 $49,498 $50,983 $52,513 Total $288,477 $297,131 $306,045 $315,227 $324,683 $334,424 $344,457 $354,790 $365,434 $376,397 $387,689 Estimated Assessed/Taxable Value of Completed Project $137,455,979 $141,579,658 $145,827,048 $150,201,859 $154,707,915 $159,349,153 $164,129,627 $169,053,516 $174,125,122 $179,348,875 $184,729,341 % Valuation of Completed Stabilized Project (if 0%, Prior AV)100%100%100%100%100%100%100%100%100%100%100% Taxable Value of Project $137,455,979 $141,579,658 $145,827,048 $150,201,859 $154,707,915 $159,349,153 $164,129,627 $169,053,516 $174,125,122 $179,348,875 $184,729,341 Project Incremental Value $123,456,540 $127,160,237 $130,975,044 $134,904,295 $138,951,424 $143,119,967 $147,413,566 $151,835,973 $156,391,052 $161,082,783 $165,915,267 $1 City TIF Contribution @ Millage Rate =7.85 $883,850 $910,366 $937,677 $965,807 $994,781 $1,024,624 $1,055,363 $1,087,024 $1,119,635 $1,153,224 $1,250,337 County Contribution @ Millage Rate =4.50 $506,666 $521,866 $537,522 $553,647 $570,257 $587,364 $604,985 $623,135 $641,829 $661,084 TIF Revenue Created by Project 12.35 $1,390,516 $1,432,231 $1,475,198 $1,519,454 $1,565,038 $1,611,989 $1,660,348 $1,710,159 $1,761,464 $1,814,308 $1,250,337 TIF Award @ Award Factor =95%$1,320,990 $1,360,620 $1,401,438 $1,443,481 $1,486,786 $1,531,389 $1,577,331 $1,624,651 $1,673,391 $1,723,592 $1,187,821 Cummulative of Above $10,593,933 $11,954,552 $13,355,990 $14,799,472 $16,286,258 $17,817,647 $19,394,978 $21,019,629 $22,693,019 $24,416,612 $25,604,432 @ Award Factor % up to Total $ Amount 95%$11,500,000 $1,320,990 $906,067 NPV to TCO - 1/1/27 @ 4.0%$9,297,000 Total Remaining with CRA $14,202,000 $69,526 $526,164 $1,475,198 $1,519,454 $1,565,038 $1,611,989 $1,660,348 $1,710,159 $1,761,464 $1,814,308 NPV to TCO - 1/1/27 @ 4.0%$8,226,000 NPV to 1/1/25 @ 4.0%$7,605,000 5% of City Operating Millage Retained by City *$1,285,000 $69,526 $71,612 $73,760 $75,973 $78,252 $80,599 $83,017 $85,508 $88,073 $90,715 NPV to TCO - 1/1/27 @ 4.0%$876,000 NPV to 1/1/25 @ 4.0%$810,000 City Tax After CRA Sunset @ City Millage *7.85 $65,646,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,250,337 NPV to TCO - 1/1/27 @ 6.0%$738,000 NPV to 1/1/25 @ 6.0%$657,000 Total City Before & After CRA Sunset $66,931,000 NPV to TCO - 1/1/27 @ $1,614,000 NPV to 1/1/25 @ $1,467,000 * Not including City Operating Millage on base (pre-project) value Proposed Incentive Award = Award Factor x TIF Revenue created by Project TIF Revenue = 95% of Project Increment x (City + County Millage) less 4% early payment discount 1079 9 ASSUMPTIONS AND LIMITING CONDITIONS • Information provided by others for use in this analysis is believed to be reliable, but in no sense is guaranteed. All information concerning physical, market or cost data is from sources deemed reliable. No warranty or representation is made regarding the accuracy thereof, and is subject to errors, omissions, changes in price, rental, or other conditions. • The Consultant assumes no responsibility for legal matters nor for any hidden or unapparent conditions of the property, subsoils, structure or other matters which would materially affect the marketability, developability or value property. • The analysis assumes a continuation of current economic and real estate market conditions, without any substantial improvement or degradation of such economic or market conditions except as otherwise noted in the report. • Any forecasts of the effective demand for space are based upon the best available data concerning the market, but are projected under conditions of uncertainty. • Since any projected mathematical models are based on estimates and assumptions, which are inherently subject to uncertainty and variation depending upon evolving events, The Consultant does not represent them as results that will actually be achieved. • The report and analyses contained therein should not be regarded as constituting an appraisal or estimate of market value. • The analysis was undertaken to assist the client in evaluating and strategizing the potential transaction discussed in the report. It is not based on any other use, nor should it be applied for any other purpose. • Possession of this report or any copy or portion thereof does not carry with it the right of publication nor may the same be used for any other purpose by anyone without the previous written consent of the Consultant and, in any event, only in its entirety. • The Consultant shall not be responsible for any unauthorized excerpting or reference to this report. • The Consultant shall not be required to give testimony or to attend any governmental hearing regarding the subject matter of this report without agreement as to additional compensation and without sufficient notice to allow adequate preparation. 1080 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: April 9, 2024 NEW BUSINESS AGENDA ITEM 15.B SUBJECT: Discussion and Consideration of Purchase of 703 S. Federal Highway SUMMARY: CRA Staff actively pursues the purchase of properties within the BBCRA District in order to spur redevelopment opportunities in accordance with the 2016 Boynton Beach Community Redevelopment Plan. The property located at 703 S. Federal Highway is within the Downtown District of the BBCRA boundaries (Attachment I & II). The vacant lot located at 703 S. Federal Highway is a commercial 27,843.552 square foot (0.6392 acres) vacant lot which appraised at $1,568,000.00 (Attachment III). The future development of the lots would be mixed-use under the MU Medium Future Land Use Classification. The development potential would allow a mixed-use development with a maximum density of 40-50 units per acre and a maximum height of 65'-75'. The owner is offering the property to the CRA at the appraised value of $1,568,000.00. This is comparable to the square footage cost of recent CRA acquisitions (Attachment IV). A draft Purchase and Sale Agreement has been prepared based on the Seller's asking price and other minor terms which have been reviewed by legal (see Attachment V). This item is being brought before the Board for discussion on the potential purchase of the vacant lot. Due diligence would be performed as part of the purchasing process. FISCAL IMPACT: Purchase Price to be determined by the Board. FY 2023-2024 Budget, Project Fund, Line Item 02-58200-401 CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan - Downtown District CRA BOARD OPTIONS: 1. Approve the purchase of the vacant lot located at 703 S. Federal Highway in the amount of $1,568,000.00 and allow the Chair to sign the Purchase and Sale Agreement. 2. Do not approve the purchase of the vacant lot located at 703 S. Federal Highway. 3. Alternative direction as provided by the CRA Board. 1081 •Attachment I - Downtown District •Attachment II - Location Map •Attachment III - Appraisal 703 S Federal Hwy •Attachment IV - 703 S Federal Hwy Comparable •Attachment V - Purchase and Sale Agreement - 703 S Federal Hwy FINAL ATTACHMENTS: Description 1082 81 Downtown District Introduction Planning Challenges Planning Considerations The Vision Recommendations 1083 82D.District PlansIntroduction The Downtown District has been included in several planning efforts including the Federal Highway Corridor Plan, the Downtown Vision and Master Plan, and the original CRA plan adopted in 1984. It has long been the desire of the City to reinvigorate the historic center of Boynton Beach. Some progress has been made toward this goal with the development of the Casa Costa, Marina Village condominiums, and the soon to be completed 500 Ocean mixed-use development. The CRA has invested in the redevelopment of the Boynton Harbor Marina to create a tourism destination, preserve a working waterfront and support the boating community. The Agency planned and constructed the Boynton Beach Promenade that extends from Federal Highway to the Intracoastal Waterway; the Promenade also connects to the City’s Mangrove Walk Park and the Marina. The Downtown District is bound to the north by N.E. 7th Avenue, to the south by S.E. 12th Avenue, to the east by Federal Highway and the Intracoastal Waterway, and to the west by the FEC Railway. The District connects via Federal Highway and S.E. 4th Street to the secondary development node at Woolbright and Federal Highway. Downtown Boynton Beach is easily accessed via I-95 and Boynton Beach Boulevard: the distance from I-95 to Federal Highway is less than one mile. The City’s beach at Oceanfront Park is only 1.7 miles from I-95 or, for residents of one of the new downtown developments, a quick walk over the Ocean Avenue Bridge. The Tri-Rail Coastal Link commuter rail station is planned for the downtown at N.E. 4th Street between Ocean Avenue and Boynton Beach Boulevard. This led the City to adopt the Downtown Transit Oriented Development District, allowing for a 25% density bonus within ½ mile of the future station. N Ocean Ave Boynton Beach Blvd.SE 4th StFederal HwySE 12th Ave NE 6th Ave SE 8th AveFEC RailroadFigure 40: Downtown District Location Map 1084 83 Planning Challenges Unlike Delray Beach or West Palm Beach, Boynton Beach historically has only had a very small downtown area. It extended from just east of Federal Highway to west of Federal Highway at Ocean Avenue. There have been very few commercial buildings that could be repurposed into restaurants and stores as Delray Beach has done. Consequently, the first CRA Plan adopted in 1984 concentrated on the downtown area (smaller than proposed in this plan) as a redevelopment priority. Some of the planning challenges are: • Lack of developable parcels – assemblage is required • Property owners have unrealistic expectations of the value of their property • Not pedestrian friendly • No shade trees • No public parking areas and little on-street parking • Lack of wayfinding signage • No design theme to create an identity • Limited space on Ocean Avenue to locate retail and restaurant uses Planning Considerations Several factors were considered in determining the land use designations for the Downtown District. First, the downtown will be the future site of the station for the planned Tri-Rail Coastal Link commuter service on the FEC Rail line, which will serve the South Florida metropolitan region. To improve land development patterns in advance of station development, the City adopted a Downtown Transit Oriented Development District (DTOD), covering a ½ mile radius around the station’s location. The DTOD district regulations support increased intensity of development through a 25% density bonus. A second consideration is that the Downtown District is entirely enclosed within the Transportation Concurrency Exception Area (TCEA) which, in addition to the residential exception area applicable east of I-95, exempts all development from the Palm Beach County traffic concurrency thus allowing denser development. The existence of both of these transportation- oriented designations is a factor in considering where increased height and density will occur within the CRA district. The Downtown District’s location in the center of both the DTODD and the TCEA supports the highest density and height within this district. Figure 41: Example of District Planning Challenges 1085 84D.District Plans1086 85 Vision Downtown Boynton Beach will be where people live, work and play in an environment that provides bikeable and walkable access to the beach, restaurants, transit, parks and cultural experiences. There will be areas to gather and socialize. Entrepreneurs will open new restaurants and businesses creating financial benefits to the local economy. Attractive new buildings will provide housing for people of all ages and incomes, and accommodate new shops and restaurants. Recommendations: Streetscape Streetscape enhancements are recommended for the Federal Highway corridor. The space for these enhancements may be obtained through either right-of-way dedications or public easements. The enhancements should include: • Create a Complete Street design for Federal Highway including the addition of: • On-street parking • Bike lanes • Enhance median with mature tree canopy (at time of planting) and landscape lighting • Marking of major intersections with materials such as pavers, paint, etc. • Create a Pedestrian Zone adjacent to the right-of-ways that is inviting, safe and includes: • Addition of canopy street trees • Minimum 8’ wide clear sidewalk • Minimum 8’ wide active use area abutting the building • Decorative light poles at both the vehicular and pedestrian scales • Enhanced street furniture, bus shelters, bike racks and receptacles • Active uses along the first floor of development • Canopy trees that provide immediate shading at time of construction • Bus shelters with unique design for the downtown district • Underground overhead utilities • Public art in key locations • Additional pedestrian crossings where needed • A greenway along SE 4th Street and Ocean Avenue connecting Pence Park and the Marina, per the Connectivity Plan • An eco-trail connecting the pedestrian zone to Mangrove Park, per the Connectivity Plan. 1087 86D.District PlansRecommendations: Land Use To attract new residents and businesses, the area must present a unified vision for the future. Therefore, it is recommended that the changes to the Future Land Use map be made using the new future land use/ zoning structure as shown: Table 5: Recommended Future Land Use (FLU) Classifications within the Downtown District Figure 42: Cultural District Example Projects * *Properties located within the TOD may recieve a 25% density bonus 1088 87 HDR GC I REC MU-M MU-H N Ocean Ave Boynton Beach Blvd.SE 4th StSE 12th Ave SE 8th Ave SE 6th Ave Federal HwyNE 6th Ave FEC RailroadFigure 43: Recommended Land Use for the Downtown District 1089 88D.District PlansRecommendations: Urban Design In order to promote an active and walkable built environment in the Downtown District, the following recommendations apply: • Active commercial uses shall be required on the street frontage of Ocean Ave. Automobile oriented uses, such as gas stations, car washes, and drive-thrus, are prohibited. • The build-to line shall accommodate a ten foot sidewalk, mature shade trees (at install), street lights and street furniture • Buildings fronting Federal Highway, Boynton Beach Boulevard and S.E. 4th Street shall have a 60-90% window to wall ratio on the first floor. • Approximately 75% of the lot frontage must be occupied by structure and adjacent to the pedestrian zone • Buildings fronting Boynton Beach Boulevard or Federal Highway shall have a minimum height of 30’ • Buildings fronting Boynton Beach Boulevard and/or Federal Highway shall be a maximum of 45’ in height, any additional height permitted by the zoning districts must be stepped back proportionately to the overall height, a minimum of 10’ deep. • Parking shall be located to the rear or side of the property. • Only when access is not possible from the rear or side shall curb cuts be permitted on Boynton beach Blvd or Federal Highway. • All buildings along Federal Highway must have pedestrian access from the right-of-way/ sidewalks. • The main pedestrian entry, or front door, must be fronting Federal Highway. • Where mixed use development is proposed adjacent residential areas, the residential areas shall be protected through the residential compatibility standards and the use of landscape buffers and/ or walls as appropriate. Staff will review architectural styles and make recommendations regarding Architectural Guidelines that may enhance the character of the District. This process will include public input. Figure 44: SE 4th St. Example Mixed Use Medium Project A 1090 89 Figure 45: SE 4th St. Design Diagram 1091 90D.District PlansFigure 46: Example of Mixed Use High Project in the Downtown District B 1092 91 Figure 47: Downtown District Master Plan B N A Federal Hwy.Boynton Beach Blvd 1093 92D.District Plans1094 1095 A P P R A I S A L R E P O R T VACANT LAND 703 SOUTH FEDERAL HIGHWAY BOYNTON BEACH, FLORIDA 33435 by Vance Real Estate Service 7481 Northwest Fourth Street Plantation, Florida 33317-2204 for Boynton Beach Community Redevelopment Agency 100 E. Ocean Avenue Boynton Beach, FL 33435 December 1, 2023 1096 MBA in REAL ESTATE DEVELOPMENT & MANAGEMENT 7481 Northwest 4th Street, Plantation, FL 33317-2204 954/583-2116 vanceval@att.net December 1, 2023 Boynton Beach Community Redevelopment Agency 100 East Ocean Avenue Boynton Beach, FL 33435 RE: Vacant Land, 0.64 acres, 703 South Federal Highway, Boynton Beach, FL 33435 (Legal description is in the report.) Ladies and Gentlemen: In fulfillment of our agreement, we transmit our Appraisal Report, in which we develop an opinion of market value for the fee simple estate in the referenced real property as of December 1, 2023. The report sets forth our value conclusion, along with data and reasoning supporting our value opinion. This report was prepared for and our professional fee billed to the client and intended user, Boynton Beach Community Redevelopment Agency. Our analyses have been prepared in conformance with the Uniform Standards of Professional Appraisal Practice (USPAP 2020-2023). This report is for exclusive use of the client and intended user for possible acquisition of the appraised property. Jesse B. Vance, Jr. and Claudia Vance visited the property. If you have questions or further needs, please contact the undersigned. As a result of our analyses, we have developed the following opinion of market value of the appraised property, subject to definitions, certifications, and limiting conditions set forth in the attached report. ONE MILLION FIVE HUNDRED SIXTY-EIGHT THOUSAND DOLLARS $1,568,000 (THIS LETTER MUST REMAIN ATTACHED TO THE REPORT WITH SIXTY-FOUR (64) NUMBERED PAGES FOR THE VALUE OPINION SET FORTH TO BE CONSIDERED VALID.) Respectfully submitted, Jesse B. Vance, Jr., MAI, SRA, ASA State-Certified General Real Estate Appraiser RZ-85 Claudia Vance, MAI State-Certified General Real Estate Appraiser RZ-173 1097 TABLE OF CONTENTS Page Number Title Page i Letter of Transmittal ii Table of Contents iii INTRODUCTION 4 Photographs of the Subject Property 5 1-3-5 Mile Location Map 9 1-3-5 Mile Demographic Statistics 10 Summary of Important Facts and Conclusions 12 DESCRIPTIONS, ANALYSES, & CONCLUSIONS 13 Identity of Client and Intended User 14 Intended Use 14 Identification of Real Estate Appraised 14 Ownership 14 Property Address 14 Legal Description 14 Real Estate Tax Analysis 15 Market Area Description 16 Land Use & Zoning 22 Site Description 22 Real Property Interest Appraised 23 Appraisal Purpose and Definition of Market Value 24 Effective Dates of the Appraisal and Report 25 Scope of the Work 25 Summary of Information Considered 35 Property History 26 Highest and Best Use 27 SALES COMPARISON APPROACH 29 Land Sales location map 30 Land Sales documentation 31 Land Sales Comparison & Adjustment Chart 43 Valuation by the Sales Comparison Approach 44 FINAL VALUE OPINION 48 Certification and Limiting Conditions 49 ADDENDA 51 “C-3” zoning information 52 “MU” zoning information 54 USPAP Standards Rule 2-2a 56 Qualifications of the Appraisers 60 1098 INTRODUCTION 4 1099 LOOKING SOUTH ON SOUTH FEDERAL HIGHWAY BOYNTON BEACH, FLORIDA LOOKING SOUTHWEST AT THE APPRAISED LAND 703 S. FEDERAL HIGHWAY BOYNTON BEACH, FLORIDA 5 1100 LOOKING WEST ON SE 6TH AVENUE BOYNTON BEACH, FLORIDA LOOKING EAST AT APPRAISED LAND 703 S. FEDERAL HIGHWAY BOYNTON BEACH, FLORIDA 6 1101 LOOKING SOUTH ON SE 4TH STREET BOYNTON BEACH, FLORIDA 7 1102 AERIAL VIEW OF APPRAISED PROPERTY 703 S. FEDERAL HIGHWAY BOYNTON BEACH, FLORIDA 33435 8 1103 1-3-5 MILE RADII FROM THE APPRAISED PROPERTY BOYNTON BEACH, FLORIDA 33435 9 1104 Executive Summary 703 S Federal Hwy, Boynton Beach, Florida, 33435 Prepared by Esri Rings: 1, 3, 5 mile radii Latitude: 26.52162 Longitude: -80.05863 1 mile 3 miles 5 miles Population 2010 Population 12,147 67,541 168,838 2020 Population 14,406 78,492 189,165 2023 Population 15,006 81,033 192,780 2028 Population 16,907 82,839 194,465 2010-2020 Annual Rate 1.72%1.51%1.14% 2020-2023 Annual Rate 1.26%0.99%0.58% 2023-2028 Annual Rate 2.41%0.44%0.17% 2020 Male Population 48.3%47.6%47.6% 2020 Female Population 51.7%52.4%52.4% 2020 Median Age 48.8 44.3 47.2 2023 Male Population 48.4%48.0%47.7% 2023 Female Population 51.6%52.0%52.3% 2023 Median Age 49.8 45.2 48.5 In the identified area, the current year population is 192,780. In 2020, the Census count in the area was 189,165. The rate of change since 2020 was 0.58% annually. The five-year projection for the population in the area is 194,465 representing a change of 0.17% annually from 2023 to 2028. Currently, the population is 47.7% male and 52.3% female. Median Age The median age in this area is 48.5, compared to U.S. median age of 39.1. Race and Ethnicity 2023 White Alone 54.5%52.4%55.5% 2023 Black Alone 30.9%29.6%25.4% 2023 American Indian/Alaska Native Alone 0.2%0.4%0.4% 2023 Asian Alone 1.2%1.9%2.4% 2023 Pacific Islander Alone 0.0%0.0%0.0% 2023 Other Race 4.7%5.5%5.7% 2023 Two or More Races 8.6%10.3%10.5% 2023 Hispanic Origin (Any Race)13.7%16.5%17.3% Persons of Hispanic origin represent 17.3% of the population in the identified area compared to 19.4% of the U.S. population. Persons of Hispanic Origin may be of any race. The Diversity Index, which measures the probability that two people from the same area will be from different race/ethnic groups, is 72.4 in the identified area, compared to 72.1 for the U.S. as a whole. Households 2023 Wealth Index 94 86 103 2010 Households 5,522 28,981 73,735 2020 Households 6,552 33,798 82,102 2023 Households 6,922 35,236 84,367 2028 Households 7,912 36,348 85,848 2010-2020 Annual Rate 1.73%1.55%1.08% 2020-2023 Annual Rate 1.70%1.29%0.84% 2023-2028 Annual Rate 2.71%0.62%0.35% 2023 Average Household Size 2.11 2.26 2.25 The household count in this area has changed from 82,102 in 2020 to 84,367 in the current year, a change of 0.84% annually. The five-year projection of households is 85,848, a change of 0.35% annually from the current year total. Average household size is currently 2.25, compared to 2.27 in the year 2020. The number of families in the current year is 47,302 in the specified area. Data Note: Income is expressed in current dollars. Housing Affordability Index and Percent of Income for Mortgage calculations are only available for areas with 50 or more owner-occupied housing units. The Gini index measures the extent to which the distribution of income or consumption among individuals or households within an economy deviates from a perfectly equal distribution. A Gini index of 0 represents perfect equality, while an index of 100 implies perfect inequality. Source: U.S. Census Bureau. Esri forecasts for 2023 and 2028. Esri converted Census 2010 into 2020 geography and Census 2020 data. November 17, 2023 ©2023 Esri Page 1 of 2 10 1105 Executive Summary 703 S Federal Hwy, Boynton Beach, Florida, 33435 Prepared by Esri Rings: 1, 3, 5 mile radii Latitude: 26.52162 Longitude: -80.05863 1 mile 3 miles 5 miles Mortgage Income 2023 Percent of Income for Mortgage 33.4%30.5%31.6% Median Household Income 2023 Median Household Income $61,238 $63,214 $66,925 2028 Median Household Income $71,406 $74,589 $79,148 2023-2028 Annual Rate 3.12%3.36%3.41% Average Household Income 2023 Average Household Income $98,616 $94,514 $101,742 2028 Average Household Income $116,170 $110,848 $119,271 2023-2028 Annual Rate 3.33%3.24%3.23% Per Capita Income 2023 Per Capita Income $44,111 $41,451 $44,548 2028 Per Capita Income $52,748 $49,025 $52,679 2023-2028 Annual Rate 3.64%3.41%3.41% GINI Index 2023 Gini Index 43.6 42.0 41.9 Households by Income Current median household income is $66,925 in the area, compared to $72,603 for all U.S. households. Median household income is projected to be $79,148 in five years, compared to $82,410 for all U.S. households Current average household income is $101,742 in this area, compared to $107,008 for all U.S. households. Average household income is projected to be $119,271 in five years, compared to $122,048 for all U.S. households Current per capita income is $44,548 in the area, compared to the U.S. per capita income of $41,310. The per capita income is projected to be $52,679 in five years, compared to $47,525 for all U.S. households Housing 2023 Housing Affordability Index 72 80 77 2010 Total Housing Units 8,079 37,303 92,178 2010 Owner Occupied Housing Units 3,387 18,508 51,791 2010 Renter Occupied Housing Units 2,135 10,472 21,936 2010 Vacant Housing Units 2,557 8,322 18,443 2020 Total Housing Units 8,761 40,502 98,766 2020 Owner Occupied Housing Units 3,695 19,382 53,610 2020 Renter Occupied Housing Units 2,857 14,416 28,492 2020 Vacant Housing Units 2,138 6,853 16,742 2023 Total Housing Units 9,105 41,758 100,689 2023 Owner Occupied Housing Units 3,886 19,523 54,792 2023 Renter Occupied Housing Units 3,036 15,713 29,575 2023 Vacant Housing Units 2,183 6,522 16,322 2028 Total Housing Units 9,760 42,639 101,979 2028 Owner Occupied Housing Units 4,051 20,021 55,657 2028 Renter Occupied Housing Units 3,861 16,327 30,191 2028 Vacant Housing Units 1,848 6,291 16,131 Socioeconomic Status Index 2023 Socioeconomic Status Index 45.9 44.6 47.3 Currently, 54.4% of the 100,689 housing units in the area are owner occupied; 29.4%, renter occupied; and 16.2% are vacant. Currently, in the U.S., 58.5% of the housing units in the area are owner occupied; 31.7% are renter occupied; and 9.8% are vacant. In 2020, there were 98,766 housing units in the area and 17.0% vacant housing units. The annual rate of change in housing units since 2020 is 0.60%. Median home value in the area is $351,464, compared to a median home value of $308,943 for the U.S. In five years, median value is projected to change by 1.40% annually to $376,840. Data Note: Income is expressed in current dollars. Housing Affordability Index and Percent of Income for Mortgage calculations are only available for areas with 50 or more owner-occupied housing units. The Gini index measures the extent to which the distribution of income or consumption among individuals or households within an economy deviates from a perfectly equal distribution. A Gini index of 0 represents perfect equality, while an index of 100 implies perfect inequality. Source: U.S. Census Bureau. Esri forecasts for 2023 and 2028. Esri converted Census 2010 into 2020 geography and Census 2020 data. November 17, 2023 ©2023 Esri Page 2 of 2 11 1106 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS PROPERTY APPRAISED: Vacant lot 703 South Federal Highway Boynton Beach, FL 33435 OWNERSHIP: Lucy Land LLC 625 South Federal Highway Boynton Beach, FL 33435 4925 LAND AREA: Approximately 27,844 square feet or 0.64 of an acre. Size is from public records. No sketch of survey is available for review. BUILDING IMPROVEMENTS: No structural improvements on the lot ZONING: “C-3”, Community Commercial in the city of Boynton Beach LAND USE: “LRC”, Local Retail Commercial CRA DISTRICT: Federal Highway South District APPRAISAL PURPOSE: To develop an opinion of market value INTEREST APPRAISED: Fee simple CURRENT USE: Vacant HIGHEST AND BEST USE: As vacant: For a stand-alone, small retail or office building or for future assemblage with adjacent property for a larger mixed use project of office, retail and residential uses VALUE BY THE SALES COMPARISON APPROACH: 27,844 square feet x $56.32 per square foot (rounded to) = $1,568,000 ONE MILLION FIVE HUNDRED SIXTY-EIGHT THOUSAND DOLLARS VALUATION DATE: December 1, 2023 Exposure Time: 12 months prior to selling at the appraised value. Marketing Time: 12 months immediately following the effective date of appraisal during which time the subject property should sell at the appraised value. 12 1107 DESCRIPTIONS, ANALYSES, CONCLUSIONS 13 1108 APPRAISAL REPORT This is an APPRAISAL REPORT that complies with Standard Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice (USPAP 2020 - 2023) 2-2(a)(i) State the identity of the client; The client and intended user of this report is the Boynton Beach Community Redevelopment Agency. 2-2(a)(ii) State the identity of any other intended users by name or type; None 2-2(a)(iii) State the intended use of the appraisal; The intended use of the appraisal is for possible acquisition of the appraised property. 2-2(a)(iv) Contain information, documentation, and/or exhibits sufficient to identify the real estate involved in the appraisal, including the physical, legal and economic property characteristics relevant to the assignment; Owner: Lucy Land LLC 625 South Federal Highway Boynton Beach, FL 33435 Property Address: 703 South Federal Highway Boynton Beach, FL 33435 Legal Description: Township 45 South, Range 43 East, Section 28, Palm Beach County, FL: Beginning at the NE corner of the NE ¼ quarter of the SE ¼ quarter of said Section 28, south 80 feet, westerly 410.2 feet, north 80 feet, easterly 410.2 feet to the point of beginning, less right-of-way for US 1 14 1109 APPRAISAL REPORT (continued) Census Tract No. 61 Real Estate Tax: Parcel Control Number: 08 43 45 28 00 000 5010 Land Value: $526.252 Improvement Value: 2,491 Total Value: $528,743 Assessed Value: $384,251 Exemption Amount: - 0 - Taxable Value: $384,251 Ad Valorem Tax: $ 8,715 Non Ad Valorem Tax: $ - 0 - Total Tax: $ 8,715 Real estate tax for 2023 was paid, with no outstanding tax for previous years. Properties are assessed in arrears by the county property appraiser. The tax bill is issued in November and a 4% discount is given to a tax payer if the amount is paid in November. The discount diminishes until March, when the tax is due and payable. In Florida, the taxable (assessed) value for non- homesteaded properties can be increased to a maximum of 10% per year, from tax year 2009 going forward, based on a constitutional amendment voted on by the electorate of the state. There are some exceptions which relate to school taxing districts. However, the millage of the city can increase; thus, real estate taxes can continue to increase from year to year. The 10% per year increase cap accounts for the difference between the Total Value of the appraised property and the Assessed Value. 15 1110 APPRAISAL REPORT Market Area Description: Boundaries and Market Composition & Transportation Infrastructure The general market area is the City of Boynton Beach in eastern -central Palm Beach County. Population of the city is about 79,000 residents; land area of the municipality is about 16 square miles situated between Delray Beach on the south and Lake Worth on the north. The town was named for an early developer, Nathan Boynton, a former major in the Union Army in the Civil War. The city was founded in 1898 and incorporated in 1920. Most of the original buildings were destroyed in the hurricane of 1926, though a few remain. Those few which were constructed in the early 1920s that are still in use have had repairs and replacements over the decades changing their historical significance. Time and economic trends take a toll on properties; thus, in 1984 a redevelopment plan was adopted for the Community Redevelopment Area (CRA) in the city. It covers 1,650 acres in the central part of the municipality west of the Intracoastal Waterway. Agriculture and farming had been important activities in past centuries in Boynton Beach. Commerce came to the area when Henry Flagler extended the Florida East Coast Railway from West Palm Beach to Miami in 1896. The railroad was the main mode of transportation to bring visitors and manufactured products to the town as well as transporting produce grown in the vicinity out of the area to other cities in the southeastern United States. Freight trains still run through the subject market area on the FEC tracts. Higher speed, passenger Brightline train runs along the FEC tract, but does not stop in Boynton Beach. There are depots in downtown Miami, downtown Fort Lauderdale and downtown West Palm Beach. Boca Raton, Aventura, Port of Miami are added to the list. Rail service to Orlando is operating. In the future, there may be commuter rail service along the FEC tracks with a station in downtown Boynton Beach; however, no plans have been announced. 16 1111 APPRAISAL REPORT (continued) The subject market area includes the Boynton Beach CRA districts of Boynton Beach, delineate by the Boynton Beach Boulevard corridor. To the east is the Downtown CRA District with the following general boundaries of Florida East Coast (FEC) Railroad on the west, Federal Highway and the Intracoastal Waterway on the east, Northeast 7st Avenue to the north and Southeast 12 Avenue on the south. The market area fans out to the Federal Highway North and South CRA Districts, flanking the Downtown District. The geographic area is relatively small, with one district blending into the next. Boynton Beach Boulevard corridor (east/ west) and Federal Highway (north/south) are the most heavily traveled arteries in the city. Federal Highway is the main north-south artery through the Downtown District. It is also known as US Highway 1 and is the main north -south artery through eastern Palm Beach County and extends along the eastern seaboard of the United States. Heavily trafficked Federal Highway is a catalyst to redevelopment of the market area, with over 2,300 residential dwelling units in five projects either built or planned. Road beautification projects enhanced the aesthetics of the market area. Most individual properties have shallow depths, inhibiting redevelopment of small parcels on their own. Hence, assemblages of adjacent properties and rezoning to mixed use are revitaliz ing the subject market area. Land Sales 2 and 5 are examples of such assemblages. Primary east-west artery is Boynton Beach Boulevard, with Ocean Avenue to the south as a secondary thoroughfare. Boynton Beach Boulevard is the principal east-west artery in city, having interchanges with Interstate 95 and Florida’s Turnpike. Boynton Beach Boulevard commences in the east at US Highway 1, just to the east of the FEC Railroad. The boulevard continues west through Palm Beach County to its terminus at State Road 7/ U S Highway 441. Ocean Avenue, in the Cultural District of the CRA, is an upgraded streetscape of wide sidewalks covered with pavers, lighting, kinetic sculptures, and bollards. Ocean Avenue continues east of the Cultural District with a drawbridge over the Intracoastal Waterway, reaching Ocean Boulevard and the Atlantic Ocean. Ocean Avenue extends west through Boynton Beach, with an interruption at Interstate 95. 17 1112 APPRAISAL REPORT (continued) To the northwest of the Downtown District and the Federal Highway North District is the Heart of Boynton District where the CRA has concentrated funds and effort into revitalizing the area with new housing options and upgraded streetscapes. The CRA has purchased numerous smaller properties to assemble larger sites for redevelopment of mixed use projects. The subject market area is easily accessible by main roads and Interstate 95. Population Trends The demographic survey in the beginning of the report of 1, 3, and 5 mile radial circles from the appraised property shows the median household income for 2023 in the one-mile radius is $61,238, for three miles it is $63,214, and $66,925 for the five mile circle. Median household income for Palm Beach County is $68,900. In the one-mile circle, population is 15,006. In three miles, population increases to 81,033; at five miles, it is 192,780. However, about 40% of the three and five mile circles are over the Atlantic Ocean and waterways. Annual growth rate in the one-mile circle for the next five years is anticipated to be high at 2.41%, with new multi-family residential complexes being constructed in central Boynton Beach. Annual growth rates in the three and five mile circles are slower at 0.44% and 0.17%. 54% of the housing units are owner occupied, with 29% rented. This percentage of renters is high for Palm Beach County because there are numerous multi-family dwellings in this vicinity. Vacancy is reported to be 17%; however, this amount is elevated due to the undercount of the other two categories as some residents are seasonal and not counted. Median home value in the five-mile area is $351,464 including the highly priced homes fronting the Atlantic Ocean and Intracoastal Waterway, compared to median home value of $308,943 in the United States. Economic Trends In South Florida, as in the rest of the United States, real estate prices climbed from 2003-2006. In 2007-2008, concerns were expressed about an unsustainable upward price trend in the market. Then, the economic collapse came in fall of 2008 along with the crash in real estate prices. In 2009, there were very few sales of any type of real estate. By 2010, it appeared that the worst was over. Cash buyers started making purchases. From 2013 to 2020, sales activity and prices recuperated. In 2021, prices took a grand upswing due in part to scarcity of developable land, especially in the eastern part of the county, and part to rising prices in general. 18 1113 APPRAISAL REPORT (continued) The life cycle stage of the market area is revitalization, a period of renewal, modernization, and increasing demand. The catalyst of the revitalization was 500 Ocean fronting Federal Highway, consisting of 341 residential units, 20,000 square feet of retail space and 6,000 square feet of office. Several other mixed-use projects are planned along Federal Highway such as Ocean One at 114 N Federal Highway which was finally approved for 371 apartments, 25,588 square feet of retail, and 450 parking spaces. Davis Camalier sold the site to Hyperion Group for $78.98 per square foot in December, 2021. Another Federal Highway project is comprised of thirteen parcels beginning at the northeast corner of North Federal Highway and SE 2 Avenue, then extending east. All of the existing improvements were demolished and removed to make way for Broadstone at Boynton Beach, a mixed use project with 274 dwelling unit and 13,110 square feet of retail space. Land unit sale price equates to $83.18 per square foot in May, 2022. Land Sale 5 at 515 South Federal Highway will be another mixed use project. Its sale unit price was $52.70 per square foot in January, 2022. Details of the transaction are on the sale sheet in this report. The Villages at East Ocean Avenue, an assemblage of eighteen parcels over two decades, will be a mixed use project stretching from Boynton Beach Boulevard on the north to SE 1 Avenue on the south. The project was approved for 371 dwelling units, 15,757 square feet of commercial space, plaza, 644-space parking garage, et cetera. The buyer will update the design and proceed as approved. Land unit sale price was approximately $54.12 per square foot in May, 2022. Boynton Beach Community Redevelopment Agency (CRA) accepted the proposal from Affiliated Development from five submissions to build a mixed-use project at 115 North Federal Highway. The CRA had purchased the property when improved with a church and subsequently demolished it. The size of the land offered by the CRA was 2.28 acres, including parking lots and the recent purchase of 508 East Boynton Beach Boulevard. Land purchase by Affiliated Development has not been finalized. The proposed project will be called the Pierce, for the legendary Barefoot Mailman, Charlie Pierce. Project size will be 236 apartments, 16,800 square feet of restaurant, retail and office, and 600 space parking garage. 150 of the apartments would be for workforce housing units. 19 1114 APPRAISAL REPORT (continued) Boynton Beach CRA purchased the property at 511-529 East Ocean Avenue where Hurricane Alley Raw Bar & Restaurant is located. Purchase price was $3,600,000. This property consists of three buildings with a total size of approximately 17,201 square feet on a site of 17,903 square feet. It is in the block to the south of 115 North Federal Highway and will become part of the Pierce project. The convenience store at 101 North Federal Highway, adjacent to the west of 529 East Ocean Avenue, was purchased by a related entity to Affiliated Development, providing Federal Highway frontage for the two southern blocks that the Pierce will cover. Purchase price for this improved property was $2,000,000 or $184.10 per square foot of building including land. Town Square, a major redevelopment project to the west of Federal Highway, covers three blocks from the south side of Boynton Beach Boulevard south to SE 2 Avenue, encompassing 16.5 acres of land. The north section covers the area of the old city hall and police station which were demolished and removed. For several years, the north and south sections of the project have sat vacant. The middle section was improved with a new City Hall, library, park, museum, amphitheatre and fire station. The former school was preserved. In April, 2023, the north and south sections were sold to Boynton Beach Town Center for a price of $44 million or approx imately $126 per square foot of land. The master plan for the parcels include: o 900 residential rental units o 24,000 square feet of retail space o Parking garage for 2,000 vehicles, with 500 of these spaces for city use In addition to the transfer of the ownership of the land, other agreements and considerations were made such as a 100 year parking lease agreement with the City. The Town Square project is the catalyst for other pending mixed-use projects to move forward. Boynton Beach Community Redevelopment Agency (BB CRA) activity in the Boynton Beach Boulevard District includes the purchase of 209 N Seacrest Boulevard which is a two-story commercial building that was leased to the city and used for the Boynton Beach Utility Customer Service facility and the Police substation. The purchase price was $1,400,000, closed in October, 2020. 20 1115 APPRAISAL REPORT (continued) The adjacent property to the north at 217 N Seacrest Boulevard is leased to the United States Postal Service, with a one-story building and large parking lot for postal vehicles. The north side of the property fronts Boynton Beach Boulevard. BB CRA purchased the property for $1,600,000 or $40.52 per square foot of land in February, 2023. Purchases of these two properties are examples of the BB CRA pursuing assemblages to amass land which can be redeveloped into larger mixed use facilities as planned for the Boynton Beach Boulevard corridor. BB CRA acquired Land Sale 1 at 401-411 East Boynton Beach Boulevard in February, 2021 for $917,000 or $54.94 per square foot of land including buildings. Subsequent to the purchase, BB CRA had the improvements demolished and removed. Plans are to construct a small retail center including a space for the United States Postal Service due to the sale of the building it occupied at 217 N Seacrest Boulevard. The search continues for a developer for the project. Land Sales 2 and 3 are negotiated purchases by the BB CRA. Both properties are vacant sites fronting the north side of West Boynton Beach Boulevard. The seller of Sale 2 assembled four parcels to form a site of 46,017 square feet. Purchase price equates to $47.48 per square foot; closed in March, 2023. Sale 3 is a vacant tract containing 24,707 square feet. Sale unit price was $48.57 in June, 2023. These sales are made by choice of the property owners; they are not under the threat of condemnation. Conclusion The town’s redevelopment goal is to transform Boynton Beach from a retirement community to a vibrant city where residents can enjoy living and working in an attractive setting. Boynton Beach Community Redevelopment Agency is instrumental in the renaissance of the city. The transformation of the area is in progress. Development of real estate takes time and the right market conditions which have been positive. Progress and completion of projects convey confidence that revitalization will continue to occur. Price trend for real estate in the subject market area will rise as the demand for new commercial space and mixed-use projects progresses. 21 1116 APPRAISAL REPORT (continued) Current Land Use: Local Retail Commercial (LRC) BB CRA Land Use: Proposed: Mixed Use, medium intensity, 50 dwelling units per acre with a possible 20% bonus for being in the Transit Oriented Development District, maximum height 150 feet. Mixed Use, medium intensity, requires one acre of land and 150 feet of frontage. CRA District: Federal Highway South District Zoning: “C -3”, Community Commercial District in the city of Boynton Beach. The intent of this district is to implement the local retail commercial future land use map classification of the Comprehensive Plan. Uses allowed in the district are intended to provide a wide range of goods and services located along major thoroughfares. The C-3 district allows 11 dwelling units per acre, adhering to the R-3 regulations. Minimum lot area is 15,000 square feet. Minimum lot frontage is 75 feet. Copy of the zoning code is in the Addenda. The size of the appraised land is 27,844 square feet and a minimum width of 80 feet, meeting the minimum standard in the C -3 District. Platting: The appraised land is not platted which will most probably be a requirement to improved it with a building structure. Site Description: The shape of the site is rectangular. Approximate dimensions and size are from public records. North boundary SE 6 Avenue: 410.2 feet East boundary on S Federal Highway: 80.0 feet South boundary adjacent property: 410.2 feet West boundary on SE 4 Street: 80.0 feet Total: 27,844 square feet or 0.64 of an acre 22 1117 APPRAISAL REPORT (continued) Utilities: All utilities are available to the site. Access: The site is accessible via South Federal Highway, a north-south principal arterial with streetlights, sidewalks, storm drains and a raised, landscaped median. Federal Highway consists of two northbound lanes and two southbound lanes. SE 6 Avenue is a two-laned local road. SE 4 Street is a secondary north-south road with divided lanes, street parallel parking, sidewalks and streetlights. Easements: If they exist, utility easements would be most probably be around the perimeter of the lot. Encroachments: There is no sketch of survey to review to note if there are encroachments. Improvement Description: There are no structural improvements on the site. Chain link fenced area is on the east end of the parcel. Environmental Assessment: No assessment was available for review. 2-2(a) (v) State the real property interest appraised; A person who owns all the property rights is said to have fee simple title. A fee simple title implies absolute ownership unencumbered by any other interest or estate. Partial interests in real estate are created by selling, leasing, et cetera. Partial estates include leased fee and leasehold estates. The interest appraised is fee simple. 23 1118 APPRAISAL REPORT 2-2(a)(vi) State the type and definition of value and cite the source of the definition; The purpose of the appraisal is to develop an opinion of market value of the subject property as of December 1, 2023. MARKET VALUE: a type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal. The conditions included in market value definitions establish market perspectives for development of the opinion. These conditions may vary from definition to definition but generally fall into three categories as follows. 1. the relationship, knowledge, and motivation of the parties (i.e., seller and buyer); 2. the terms of sale (e.g., cash, cash equivalent, or other terms); and 3. the conditio ns of sale (e.g., exposure in a competitive market for a reasonable time prior to sale). Market value appraisals are distinct from appraisals completed for other purposes because market value appraisals are based on a market perspective and on a normal or typical premise. These criteria are illustrated in the following definition of Market Value*, provided here only as an example. Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions as follows. 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised and acting in what they consider their own best interests; 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. * This example definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated December, 2010. Florida Court Definition: “Market Value is the price that a seller willing, but not compelled to sell, and a buyer willing, but not compelled to buy, would agree to in fair negotiations with knowledge of all the facts.” [Source: Fla. Power & Light Co., v. Jennings, 518 So.2d 895 (Fla. 1987)] 24 1119 APPRAISAL REPORT 2-2(a)(vii) State the effective date of the appraisal and the date of the report; A) Effective Date of the Appraisal: December 1, 2023 B) Date of the Report: December 1, 2023 2-2(a)(viii) Summarize the scope of work used to develop the appraisal; The appraisal problem is to develop an opinion of value of the property based on its highest and best use. The appraisers visited the property. An investigation was made into the physical characteristics of the property that could affect its value. The market area was surveyed to determine its stage of the life cycle. Research was conducted to ascertain economic factors that might influence value. Data research consisted of collecting, confirming, and reporting land sales. The process included searches and analyses, inspections and confirmations, and final reporting. The appraiser examined several sources of sales data, including multiple listing service, Palm Beach County Property Appraiser’s records, the public records, and data from the appraisers’ plant. 2-2(a)(ix) Summarize the extent of any significant real property appraisal assistance; The two signatory appraisers are the only people involved in the appraisal process. 2-2(a)(x)(1) Summarize the appraisal methods and techniques employed; (2) State the reasons for excluding any of the valuation approaches; (3) Summarize the results of analyzing the subject sales, options and listings; (4) State the value opinion and conclusion (5) Summarize the information analyzed and the reasoning that supports the analyses, opinions, and conclusions 25 1120 APPRAISAL REPORT For Sales Comparison Approach, land sales are compared to each other and to the property under appraisement to arrive at an opinion of value. The information analyzed and the appraisal method used is detailed in the valuation section of the report. Further, the reasoning that supports the analyses, opinions, and conclusions is explained in the valuation section. Cost Approach is not used because no permanent structures were considered in the valuation. The Income Approach is not employed in this appraisal because most sites like the subject are purchased and not leased. Exclusion of these approaches to value still produces a creditable report. The value opinion and conclusion is stated at the end of the Sales Comparison Approach – Land Valuation. SR 1-5 When the value opinion to be developed is market value, if such information is available in the normal course of business: a) analyze all agreements of sale, options, or listings of the subject property current as of the effective date of the appraisal; There are no agreements of sale, options or listings of the subject property as of the effective date of the appraisal. b) analyze all sales of the subject property that occurred within the three (3) years prior to the effective date of the appraisal. There has been no warranty deeds recorded for the property in the past three years. The property has been in the owner’s or an affiliate’s possession since 1982. 2-2(a)(xi) State the use of the real estate existing as of the effective date and use of the real estate reflected in the appraisal; The use of the real estate on the date of valuation is vacant land, and it is this use which is reflected in the appraisal. No personal property is included in the valuation. 26 1121 APPRAISAL REPORT 2-2(a)(xii) When an opinion of highest and best use was developed by the appraiser, state that opinion and summarize the support and rationale for that opinion; HIGHEST AND BEST USE OF THE PROPERTY AS VACANT Physically Possible as Vacant The land appraised is an unplatted parcel of land containing 27,844 square feet. The size may change after platting. It is located at a minor corner of South Federal Highway and SE 6 Avenue. The parcel is level and filled to street grade. All utilities are available to the site. No soil or subsoil tests were available for review to ascertain if the appraised land is capable of supporting buildings. However, surrounding properties have been improved with one or two-story building for over 100 years. Physical constraint to develop the site is its size which governs the size and number of the potential improvements that can be placed on it. Legally Permissible as Vacant Legal restrictions to the development of the site consist of land use designation, building and zoning codes, platting and deed restriction, none of which came to light during the property investigation. Land use designation is Local Retail Commercial. Zoning is “C-3”, Community Commercial District. Minimum lot size is 15,000 square feet; minimum lot frontage is 75 feet. The appraised site meets these standards and could be put to one of the permitted uses in the “C-3” district. As noted, platting is most probably necessary for improvement of the tract. Financially Feasible as Vacant The third test of Highest and Best Use is economic feasibility. Demand for a certain property type must be evident for it to be feasible. For it to be financially feasible, the use must be marketable and provide the investor with a competitive return when compared with alternate uses. 27 1122 HIGHEST AND BEST USE OF THE PROPERTY AS VACANT As mentioned, assemblages of smaller parcels into larger sites for mixed use development are taking place in the subject market area and in other CRA districts. Once a large site is assembled, the development process can commence with possible zoning and/or land use change to permit a mixed use project such as 500 Ocean. For mixed use, medium intensity, one acre of land is required. The only possibility of assemblage is with the property to the south that is currently improved with a two-story building. Hence, an assemblage may be far into the future. Currently, the appraised site is of sufficient size to be improved with a use permitted in the “C-3” district. It has a corner location with 80 feet of frontage on Federal Highway, the main north-south route in the city. Depth spans the entire block for 410 feet. Financially feasible use of the land concerned is to improve it with a multi-bay retail facility to cater to the everyday needs of the existing residents and those who will live and work in the projects being constructed in the market area. The most probable buyer is a local developer who wants to be a part of the revitalization. Time for development is now with little competition from similar, smaller new properties. Maximally Productive as Vacant In summary, the Highest and Best Use of the land in question is to be developed with a small multi-bay retail center which use is physically possible, probably legally permissible, financially feasible and maximally productive. Future highest and best use, if assemblage with adjacent property could be accomplished, is development of a medium intensity mixed use project with residential units on the upper floors and commercial use on the ground level. 2-2(a) (xiii) Clearly and Conspicuously: State all extraordinary assumptions and hypothetical conditions; and state that their use might have affected the assignment result. There are no extraordinary assumptions or hypothetical conditions in this report. 2-2(a) (xiv) Include a signed certification in accordance with Standards Rule 2-1 See signed certification in report. 28 1123 SALES COMPARISON APPROACH LAND VALUATION 29 1124 30 1125 31 1126 LAND SALE 1 1320 S. FEDERAL HIGHWAY BOYNTON BEACH, FLORIDA 32 1127 LAND SALES SALE NO. 2 LEGAL DESCRIPTION Le ngthy description, see deed RECORDED OR Book 34211, page 344 Palm Beach County, FL GRANTOR MG Delray Holdings LLC, et al GRANTEE Boynton Beach Community Redevelopment Agency DATE OF SALE March 29, 2023 LOCATION 219 & 225 W Boynton Beach Boulevard 212 & 222 NW 3 Court Boynton Beach, FL ZONING “C-2”, Commercial “R-1-A”, single family residential LAND USE “LRC ”, Local Retail Commercial SALE PRICE $2,185,000 LAND SIZE 46,017 square feet or 1.06 acres UNIT OF COMPARISON $47.48 per square foot of land PARCEL CONTROL NOS. 08 43 45 21 07 001 1180 08 43 45 21 07 001 1160 08 43 45 21 07 001 1120 08 43 45 21 07 001 1131 CONDITIONS OF SALE Cash sale. Arm’s length transaction. CONFIRMED Office of closing attorney Kenneth Dodge COMMENTS Four parcels assembled by the grantor sold to the CRA in a negotiated transaction. 33 1128 34 1129 35 1130 LAND SALE 2 219 W. BOYNTON BEACH BOULEVARD BOYNTON BEACH, FL 36 1131 LAND SALES SALE NO. 3 LEGAL DESCRIPTION Lot 129, less the south 10 feet, RIDGEWOOD HILLS, Plat Book 23, page 250 and Lots 83 & 84, less the south 10 feet, RIDGEWOOD, Plat Book 13, page 7, Palm Beach County, FL RECORDED OR Book 34373, page 722 Palm Beach County, FL GRANTOR Boynton East LLC GRANTEE Boynton Beach Community Redevelopment Agency DATE OF SALE June 12, 2023 LOCATION 433 W Boynton Beach Boulevard Boynton Beach, FL ZONING “C-2”, Commercial LAND USE “LRC ”, Local Retail Commercial SALE PRICE $1,200,000 LAND SIZE 24,707 square feet or 0.5672 of an acre UNIT OF COMPARISON $48.57 per square foot of land PARCEL CONTROL NOS. 08 43 45 21 15 000 0830 CONDITIONS OF SALE Cash sale. Arm’s length transaction. CONFIRMED Office of closing attorney Kenneth Dodge COMMENTS Vacant parcel sold to the CRA in a negotiated transaction. 37 1132 LAND SALE 3 433 W. BOYNTON BEACH BOULEVARD BOYNTON BEACH, FL 38 1133 VACANT LAND SALES SALE NO. 4 LEGAL DESCRIPTION Lots 12 & 13, Parker Estate, Plat Book 10, Page37 of the Public Records of Palm Beach County, Florida, and less the E. 15 feet for road GRANTOR Indiantown Land Holdings, LLC GRANTEE 1111 South Federal Highway Development, LLC DATE OF SALE December 13, 2022 LOCATION 1111 South Federal Highway, Boynton Beach, Florida ZONING “C-3”, Community Commercial LAND USE “LRC” Local Retail Commercial SALE PRICE $625,000 LAND SIZE 15,460 square feet UNITS OF COMPARISON $40.43 per square foot FOLIO NUMBER 08-43-45-28-24-000-0120 CONDITIONS OF SALE Arm’s length cash transaction. CONFIRMED Office of First International Title, West Palm Beach, Florida COMMENTS There were no plans recorded for a future use. 39 1134 LAND SALE 4 1111 SOUTH FEDERAL HIGHWAY BOYNTON BEACH, FLORIDA 40 1135 LAND SALES SALE NO. 5 LEGAL DESCRIPTION Le ngthy description on deeds in appraisers’ file RECORDED OR Book 33271, page 1173 Palm Beach County, FL OR Book 33279, page 1242 Palm Beach County, FL OR Book 33271, page 1248 Palm Beach County, FL GRANTOR Boynton Beach Group LLC Ocean Hudson LLC Exsorro One Inc. GRANTEE 515 South Federal LLC DATE OF SALE January 28, 2022 LOCATION 515 South Federal Highway + parcels to the north Boynton Beach, FL ZONING “C-3”, Commercial LAND USE “LRC ”, Lo cal Retail Commercial SALE PRICE $8,200,000 LAND SIZE 155,587 square feet or 3.57 acres UNIT OF COMPARISON $54.60 per square foot of land PARCEL CONTROL NOS. 08 43 45 28 07 001 0170 08 43 45 28 07 001 0130 08 43 45 28 07 001 0180 08 43 45 28 07 001 0190 08 43 45 28 07 001 0202 08 43 45 28 07 001 0201 08 43 45 28 07 001 0220 08 43 45 28 07 001 0101 08 43 45 28 07 001 0140 CONDITIONS OF SALE Cash sale. Arm’s length transaction. CONFIRMED Office of closing attorney Kenneth Kaleel COMMENTS Assemblage of nine parcels for future mixed use project. 41 1136 LAND SALE 5 515 South Federal Highway Boynton Beach, FL LAND SALE 5 515 South Federal Highway Boynton Beach, FL 42 1137 LAND SALE COMPARISON & ADJUSTMENT CHART Transactional Adjustments Property Adjustments LAND SALE PRICE SALE LAND SIZE LAND Condition Adjusted Price Market Conditions Adjusted Price Location Stage of Final Final Price per SALE PRICE/ SF DATE Sq.Ft. & Ac.ZONING of sale for Sale Conditions 7%/Year for Market Conditions Adjustment Development Adjusted Price Square Foot 1 1320 S. Federal Highway $1,600,000 4/20/2023 22,686 "MU"-$160,000 $1,440,000 $67,680 $1,507,680 $0.00 -$150,768 $1,356,912 $59.81 Boynton Beach, FL $70.53 0.52 Mixed Use/Low Density Superior -10%Inferior + 4.70%Equal Superior - 10% 2 219 & 225 W.Boynton Beach Blvd.$2,185,000 3/29/2023 46,017 "C-2" Commercial $0 $2,185,000 $126,949 $2,311,949 $462,390 $0 $2,774,338 $60.29 212 & 222 NW 3 Court $47.48 1.06 "R-1-A" Single Family Res.Equal Inferior + 5.81%Inferior + 20%Equal Boynton Beach, FL 3 433 W. Boynton Beach Blvd.$1,200,000 6/12/2023 24,707 "C-2" Commercial $0 $1,200,000 $14,280 $1,214,280 $242,856 $0 $1,457,136 $58.98 Boynton Beach, FL $48.57 0.57 Equal Inferior + 1.19%Inferior + 20%Equal 4 1111 S. Federal Highway $625,000 12/13/2022 15,460 "C-3"$0 $625,000 $54,688 $679,688 $0 $0 $679,688 $43.96 Boynton Beach, Florida $40.43 0.35 "LRC" Local Retail Commercial Equal Inferior + 8.75%Equal Equal 5 515 S. Fed. Hwy. + parcels to N.$8,200,000 01/28/2022 155,587 "C-3"$0 $8,200,000 $906,920 $9,106,920 $0 $0 $9,106,920 $58.53 Boynton Beach, Florida $52.70 3.57 Commercial Equal Inferior + 11.06%Equal Equal SUBJECT VALUE VALUE per SQ.FT. 703 S. Federal Highway $1,568,000 12/01/2023 27,844 "C-3"--------------------------------------$56.32 Boynton Beach, FL 0.64 Commercial 43 1138 SALES COMPARISON APPROACH LAND VALUATION Of the several methods to develop an opinion of land value, the one considered the most reliable is the Sales Comparison Approach. In this method, sales of similar vacant parcels are compared to the site concerned; then adjusted for differences to arrive at land value. The steps of Sales Comparison in Land Valuation are: 1) Locate and collect information of recent sales of sites most similar to the land being appraised. 2) Verify the sales information with the most reliable sources, including details of financing and any special considerations or non-typical market features. 3) Select relevant units of comparison and develop a comparative analysis. 4) Compare and adjust the sales to the subject using significant, market-derived units of comparison. 5) Reconcile all value indications from the comparisons into a value opinion by this approach. Land size of the subject is 27,844 square feet; zoning is “C-3”, Community Commercial District in the city of Boynton Beach, FL. Highest and best use for the appraised property is to improve the land with a small, multi-bay retail center or, if possible, assemble it with adjacent property for a larger mixed-use project. Fee simple interest of the market value of the land is developed in this Sales Comparison Approach. A search was made to find recent sales of properties in the immediate subject market area with the price attributable to the land; existing improvements have no contributory value toward the highest and best use of the properties. A property-by-property search was conducted along Boynton Beach Boulevard and US Highway 1. Of the sales reviewed, the five that are more similar to the subject are included in this appraisal. Details of the transactions are on the sale sheets and chart. The unit of comparison used by buyers and sellers of this type of property is the Sale Price per Square Foot of Land. The range of unit prices of the sales is from $40.43 to $70.53 per square foot, before adjustment. ELEMENTS OF COMPARISON Elements of comparison are the characteristics of transactions and properties that cause variation in prices paid for real estate. The Appraisal of Real Estate states that there are several basic elements of comparison that may be considered in sales comparison analysis for land valuation. The first group is termed transactional elements being: real property rights conveyed, financing terms, conditions of sale and market conditions. Adjustments for transactional elements are made, then, attention is focused on the second group, property elements. This second group of property elements consists of location, physical characteristics and use. (Continued) 44 1139 SALES COMPARISON APPROACH (Continued) Real Property Rights Conveyed A transaction price is always predicated on the real property interest conveyed. Property interests conveyed can either be fee simple (without tenants) or leased fee (subject to leases). An adjustment for property rights conveyed is based on whether a leased fee interest was sold with leases at, below, or above market rent. The interest valued for the subject property is fee simple. The sales were all conveyances of fee simple interests without leases or easements which were significant enough to affect the price. No adjustment is necessary for this element of comparison. Financing Terms Financing terms may have a bearing on the price paid for a property. Such terms that may affect price include assuming a mortgage at lower than current interest rates, the seller paying a buydown for the buyer to have a lower interest rate, or the seller providing financing for a transaction at lower than typical institutional rates. In all of these cases, the buyer could have paid higher prices in such transactions to obtain favorable financing. The reverse is also a possibility in which lower sale prices result from above market financing. Although third party financing is readily available, all of the transactions were in cash, the most common form of purchase for smaller parcels of vacant land. No adjustment is required for this element of comparison. Conditions of Sale Condition of sale addresses the motivation of buyers and sellers. Such motivations include a seller accepting a lower than market price for needed cash, a lender selling a previously foreclosed property to comply with regulations imposed on the institution, or a buyer purchasing an adjacent property. Even arm's length transactions may be the result of atypical motivation, such as lack of exposure time to the market, the result of an eminent domain proceeding, or tax consideration. None of the land sales are transactions by lenders after foreclosures of prior mortgages on the properties. Grantors and grantees of Sales 1, 4 and 5 were private parties. Grantors of Sales 2 and 3 sold the properties to Boynton Beach Community Redevelopment Agency (BB CRA) in negotiated transactions. There was no pending government action that would have compelled the grantors to sell. Grantors of Sales 2 and 5 assembled multiple lots to form larger sites that would be attractive to buyers who want to quickly move ahead on projects and not take years to accumulate sufficient land for them. Conditions of sale for the transfers of Sales 2, 3, 4 and 5 were typical for a market in the life stage of revitalization, with no adjustments necessary. (Continued) 45 1140 SALES COMPARISON APPROACH (Continued) Reportedly, the grantee of Land Sale 1was involved in a 1031 Exchange and had to purchase the property in the time frame of the exchange. The unit price paid for the land exceeds the typical market price range. This condition of Sale of No. 1 makes its price superior to the other transactions. Hence, Sale 1 is adjusted downward 10% for this aspect of this element of comparison. Market Conditions Comparable sales that occurred under different market conditions than those applicable to the subject on the effective date of the value estimate require adjustment for any differences that affect their value. The most common adjustment for market condition is time; however, the passage of time itself is not the cause of the adjustment. Market conditions which change over time are the reason to make the adjustment, such as appreciation or depreciation due to building inventory, changes in tax laws, investor's criteria, building moratoriums, fluctuation in supply and demand, et cetera. It is also possible that there is no change in market condition over time. Three of the sales occurred in 2023, and two in 2022. Some properties have had a significant increase in price during the past few years. Such increases are characteristic of the market due in part to scarcity of properties for sale and lack of land for more building. The high percentage of increase may not be representative of the price trend going forward. For buyers wanting to finance transactions, the rise in interest rates is negatively affecting the prices they can pay. Volume of sales has dropped significantly in 2023 due to the increased interest rates and buyers’ unwillingness to pay higher prices. The inflation rate in 2021 was 4.7%; in 2022, it was 8.0%. The rate began in 2023 at 6.4%, moving down to 3.3%, currently. A decrease in the inflation rate will take time to move through the financial channels and become part of the matrix that affects real estate prices. Despite the dearth of 2023 sales and slowing inflation, the change in market conditions is still positive at a moderate 7% annually. Each of the sales is adjusted upward 7% annually for market conditions to the effective date of appraisal. The amounts of the adjustments are shown on the chart. Adjustments for transactional elements of comparison were considered; now, property elements of comparison are addressed. Location The location of a property is a key factor in prompting a buyer to purchase it. Location encompasses many aspects such as road frontage, access, proximity to other competing properties, proximity to a market that will use the goods and services housed in a property, governmental influences, average daily traffic flow, etc. Typically, properties in a neighborhood share some of the same locational characteristics such as age, condition, and style. The appraised site and the sale properties are in the Boynton Beach Community Redevelopment Area (BB CRA) fronting the main roads in the market. Each of the properties borders either Boynton Beach Boulevard or Federal Highway, affording access and visibility to potential drive-by customers. (Continued) 46 1141 SALES COMPARISON APPROACH (Continued) Zoning district for the subject is “C-3”, Community Commercial, with a minimum size of 15,000 square feet. Sales 4 and 5 are also zoned “C-3.” Sales 2 and 3 are zoned “C-2,” Neighborhood Commercial, a less intense district than “C-3.” Zoning for Sale 1 is already “MU” mixed use. The sales are platted; the subject is not. Platting will most probably be required prior to constructing a building on the land. Not being platted puts the appraised parcel at the beginning of the development process. This factor is considered in the final valuation of the land concerned. BB CRA recommended development potential for the appraised land and Land Sales 1, 4 and 5 is 50 dwelling units per acre. These sites line Federal Highway. For Sales 2 and 3, it is 20 dwelling units per acre, fronting Boynton Beach Boulevard. Pairing the adjusted unit sale prices thus far of the two groups of sales, the difference is approximately 20% for location. Sales 2 and 3 on Boynton Beach Boulevard are adjusted upward 20% for inferior location to the other sites on Federal Highway. The adjustment amount is shown on the chart. Physical Characteristics Physical characteristics to be considered for adjustments are those that cause a difference in price to be paid by the market. A wide range of such items includes land size, shape, frontage, depth, topography, view, access, functional utility, degree of readiness for development, et cetera. There does not appear to be a direct relationship between land size and price per square foot. Each sale parcel meets the size standard in its current zoning district for independent development. Sales 1, 2 and 3, like the subject, are vacant parcels. Sales 4 and 5 have old improvements on them that will be demolished and removed to improve the sites to their highest and best uses. The stage of development for Sale 1 is superior to the subject and the other sales. It was sold with a city approved plan for a project of a three-story office building. Reaching this point in the development process takes time and funds to accomplish. Sale 1 is adjusted downward 10% for stage of development. The adjustment amount is shown on the chart. Use For properties to be comparable, they should have similar uses. Highest and best use for the subject as a stand-alone property is for a small commercial project, as would be the cases for Sales 1, 2, 3 and 4. If these sites were assembled with adjacent properties, there is the possibility of future mixed use projects with retail and/or office on the ground floor and residential on the upper floors. Example of an assemblage for this use is Sale 5. The elements of comparison of use and location are closely aligned. An adjustment for the latter is already made, with no additional adjustment called for use. (Continued) 47 1142 SALES COMPARISON APPROACH (Continued) FINAL VALUE OPINION Following is a summary of the adjusted square foot unit sale prices for the five sales. Sale No. Adjusted Sale Price/ SF 1 $59.81 2 $60.29 3 $58.98 4 $43.96 5 $58.53 The range of adjusted unit prices is from $43.96 to $60.29 per square foot of land. With quantitative adjustments having already been made for differences which affect price, equal weight is placed on each of the adjusted unit prices. Considering the foregoing discussion, the unit value for the subject is $56.32 per square foot. The quantity of the comparable data is sufficient to have an overview of the market for sites along the main roads of central city Boynton Beach. The quality of the data is good in that it provides a sound basis to develop an opinion of value for the property under appraisement. Based on the analysis and conclusions presented within the report, it is our opinion that the Market Value of the Fee Simple Estate of the Subject Property, as of December 1, 2023 is: $56.32/sq.ft. of land x 27,844 square feet of land = $1,568,000 ONE MILLION FIVE HUNDRED SIXTY-EIGHT THOUSAND DOLLARS 48 1143 CERTIFICATION I certify that, to the best of my knowledge and belief, the statements contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of 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. I 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. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. The analyses, opinions and conclusions were also developed and the report prepared in conformity with the Uniform Standards of Professional Appraisal Practice, which is included in the Appraisal Institute's Standards, and Chapter 475, Part II F.S. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. The use of this report is (also) subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board. I have visited the property that is the subject of this report on November 10, 2023. Jesse B. Vance, Jr. and Claudia Vance are responsible for the analyses, conclusions and opinions concerning real estate set forth in this report. No one else has provided significant professional service to the persons signing this certification. The Appraisal Institute and the American Society of Appraisers each conduct programs of continuing education for their designated members. As of the date of this report, Jesse B. Vance, Jr. and Claudia Vance have completed the continuing education program for Designated Members of the Appraisal Institute. Continuing education programs are also completed for the American Society of Appraisers and the State of Florida. December 1, 2023 Jesse B. Vance, Jr., MAI, SRA, ASA Florida State-Certified General Real Estate Appraiser No. RZ-85 December 1 , 2023 Claudia Vance, MAI Florida State-Certified General Real Estate Appraiser No. RZ-173 49 1144 CERTIFICATION AND LIMITING CONDITIONS The statements and conclusions contained in this report, subject to the limiting conditions hereafter cited, are correct to the best of the writers' knowledge. 1. The undersigned have personally inspected the subject of this report. No pertinent information has been knowingly withheld. 2. Unless specifically included, the subject is analyzed as though free and clear of liens and encumbrances. 3. No responsibility is assumed for legal matters, nor is an opinion of title rendered. Title is assumed to be good and held in Fee Simple, unless excepted. 4. Legal descriptions and property dimensions have been furnished by others; no responsibility for their correctness is assumed. Sketches which may be in the report are for illustrative purposes only. 5. Possession of any copy of this report does not carry with it the right of publication, duplication, or advertising using the writers’ names or professional designations or membership organizations. 6. The writers are not required to testify without prior agreement. 7. Neither the employment to make this appraisal nor compensation therefore is contingent on the value reported. 8. Where divisions are made between land, improvements, etc., the values estimated for each apply only under the cited use or uses. 9. The value applies ONLY as of the date of valuation stated within the report. 10. The writers certify that they have no present, past or contemplated interest in the subject of this report - unless specifically stated. 11. This report is the property of the indicated client. It may not be used by any other party for any purpose not consistent with the written function of this report without the express written consent of the writers AND client. 12. The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Practice and Conduct of the Appraisal Institute. The work also conforms to the Uniform Standards of Professional Appraisal Practice. 13. Soil or sub-soil contamination may exist from current or prior users, or users outside the property concerned. The appraisers are not qualified to detect such substances. We urge the client to retain an expert in this field if desired. 14. The appraisers have not been provided a Habitat Survey, Endangered Species Survey, or analysis by a qualified environmental specialist indicating the presence of or proximity to environmentally sensitive and/or protected land or species which could affect the use, and possibly, value of the appraised property. The appraisers are not qualified to identify these factors. We recommend that an expert be hired where there may be reasonable cause to expect the presence of any of the cited elements. 15. Jesse B. Vance, Jr. and Claudia Vance are responsible for the analyses, conclusions, and opinions of real estate set forth in this report. No one else provided significant professional assistance to the signers of this report. 16. Prospective value is based on current conditions and trends. The appraisers cannot be held responsible for unforeseeable events which might alter market conditions upon which market value opinion has been developed. 17. The appraisers certify that they have the knowledge and experience required to perform this appraisal assignment. 18. The appraisers reserve the right to amend or change this report at any time additional market information is obtained which would significantly affect the value. Jesse B. Vance, Jr., MAI, SRA, ASA State-Certified General Real Estate Appraiser No. RZ 85 December 1, 2023 Claudia Vance, MAI State-Certified General Real Estate Appraiser No. RZ 173 December 1, 2023 50 1145 ADDENDA 51 1146 C. C-3 Community Commercial District. 1. General. a. Purpose and Intent. The purpose of the C-3 zoning district is to implement the local retail commercial (LRC) future land use map (FLUM) classification of the Comprehensive Plan. The intent of this conventional district is to encourage the development or use of property for appropriate intensive retail commercial uses providing for a wide range of goods and services, located along major thoroughfares. The C-3 district allows a maximum density of eleven (11) dwelling units per acre; however, all residential developments must adhere to the R-3 district building and site regulation in accordance with Section 2.F. above. b. Prerequisite Location Standard. In reaching recommendations and decisions as to zoning land to C-3, the advisory board and City Commission shall apply the following location standards, in addition, to the standards applicable to the rezoning of land generally: (1) Centrally and accommodating multiple neighborhoods; and (2) Abutting to at least one (1) major thoroughfare. 2. Use(s) Allowed. See "Use Matrix Table 3-28" in Chapter 3, Article IV, Section 3.D. 3. Building and Site Regulations (Table 3-16). No building or portion thereof shall be erected, constructed, converted, established, altered, enlarged or used unless the premises and buildings shall comply with the following regulations: BUILDING/SITE REGULATIONS C-3 District Minimum lot area: 15,000 s.f. Minimum lot frontage: 75 feet Minimum yard setbacks: Front: 20 feet1 Rear: 20 feet2 Abutting: Residential district(s) 30 feet Interior side: 0 feet1,3 Abutting: Residential district(s) 30 feet1 Corner side: 20 feet1 Abutting: Residential district(s) 30 feet1 Maximum lot coverage: 40% Maximum Floor Area Ratio (FAR) 0.504 52 1147 Maximum structure height: 45 feet5 1 Reduced setbacks will be applied to property located within the Urban Commercial District Overlay Zone, Section 8.C. below. 2 Where rear yard access is available from a public street or alley, rear yard may be decreased by one-half (1/2) the width of such street or alley, but in no case shall a rear yard be less than ten (10) feet. 3 Where rear access is not available from a public street or alley, a side yard of not less than fifteen (15) feet shall be provided on one (1) side. 4 A floor area ratio (FAR) up to 0.50 may be considered for local retail commercial uses allowed within the C-3 district (see "Use Matrix" – Chapter 3, Article IV, Section 3.D.), pursuant to the local retail commercial future land use classification of the Comprehensive Plan. 5 Not to exceed four (4) stories. 4. Review and Approval Process. a. Single-family and duplex dwellings and accessory uses thereto shall be allowed upon application to and approval by the Building Official for structures that require a building permit pursuant to Chapter 2, Article IV, Section 2. b. Community and common areas, such as recreational areas, landscape buffers and tracts, and project signage may be subject to site plan review. c. Non-residential uses shall require site plan approval in accordance with Chapter 2, Article II, Section 2.F. prior to application for building permit. 5. Parking. Required off-street parking is regulated in accordance with Chapter 4, Article V, Minimum Off-Street Parking Requirements. 6. Exterior Storage of Merchandise and Equipment. See Chapter 3, Article V, Section 8 for the regulations pertaining to the permanent exterior storage of merchandise and equipment. 53 1148 E. Mixed Use Urban Building and Site Regulations (Table 3-4). MIXED USE, URBAN MU-L1 MU-L2 MU-L3 MU-4 MU-H Lot Area, Minimum (acres): Public park N/A N/A N/A N/A N/A All other uses 0.50 0.75 1 1 1 Lot Frontage, Minimum (ft.)1 100 100 1502 200 200 Structure Ht., Minimum (ft.) 30 30 30 45 45 Maximum Height (ft.)5 45 65 75 100 150/1256 Maximum Density (DUs/Acre)14, 16 20 30 40 60 80 Maximum F.A.R.15 1.0 2.0 3.0 4.0 4.0 Build-to-line (ft.)11 All sides abutting a collector or arterial road Factor of Pedestrian Zone Requirement10 Abutting a Local street 010 010 010 010 010 Interior side 010 010 010 010 010 Building Setback, Minimum (ft.)11 Rear abutting: Residential single-family 257/07, 8 257 257 257 257 Intracoastal waterway 257 257 257 257 257 Side abutting Residential single-family 257/07, 8 257 257 257 257 Usable Open Space, Minimum (sq. ft.)13 N/A N/A N/A 1% 2% 1. May be reduced if frontage extends from right-of-way to right -of-way. 2. Minimum of fifty (50) feet, if frontage is on a collector/local collector roadway. 5. Maximum height on any street frontage is forty-five (45) feet. Maximum height on Intracoastal Waterway is thirty-five (35) feet. Heights may require reduction where adjacent to a single-family zoning district where necessary to achieve the compatibility requirements of these regulations. 54 1149 6. Maximum height reduced to one hundred twenty-five (125) feet for the entire project where property abuts any MU-L or resid ential zoning district not separated by a right-of-way. 7. Plus one (1) additional foot for each foot of height over thirty-five (35) feet. 8. Where there is an intervening right -of-way of at least forty (40) feet. 9. Subject to permitting agency approval. 10. Buildings and structures shall be located no farther than zero (0) feet from the property line, except in conjunction with providing required visibility at intersections, driveways; open spaces and public plazas; or when additional setback is necessary to provide for required “Pedestrian Zone (PZ). Building placement is a factor of roadway type and CRA district, which determines the min. width and design of the PZ. Except for the Downtown District, where the minimum PZ width is 18', the minimum PZ in all other districts if 16 ft. See Section 5.C.2. below for additional relief provisions from build-to line requirements. 11. Listed eligible historic structures are not required to meet these standards. 13. Usable open space shall be required for all developments two (2) acres in size or larger which shall be devoted to plazas or other public open space, excluding private recreation. See Chapter 4, Article III, Section 8 for additional regulations. 14. Projects within the transit core shall have minimum densities as follows: MU-1 - eleven (11), MU-2 - twenty (20), MU-3 - thirty (30), MU-4 - thirty-five (35) and MU-H - forty (40) dwellings per acre (except that minimum density for the MU-H district applies to projects located within the entire station area). 15. Projects within the transit core shall have a minimum FAR as follows: MU-L3 - one and three-quarters (1.75), MU-4 (2.0) and MU-H - two (2.0) (except that minimum FAR for the MU-H district applies to projects to be located within the entire station area). 16. The maximum density for projects within the Downtown Transit -Oriented Development District Overlay Zone (the Station Area) may be increased up to twenty-five percent (25%) over the maximum density allowed in the underlying zoning district. (Ord. 10-025, passed 12-7-10; Am. Ord. 12-016, passed 10-2-12; Am. Ord. 14-009, passed 7-1- 14; Am. Ord. 15-006, passed 3-2-15; Am. Ord. 16-023, passed 1-3-17) 55 1150 SUMMARY OF 2020-2023 USPAP (Uniform Standards of Professional Appraisal Practice) Standard Rule 2: Real Property Appraisal, Reporting In reporting the results of a real property appraisal, an appraiser must communicate each analysis, opinion, and conclusion in a manner that is not misleading. STANDARD 2 addresses the content and level of information required in a report that communicates the results of the real property appraisal. STANDARD 2 does not dictate the form, format, or style of real property appraisal reports. The substantive content of a report determines its compliance. STANDARDS RULE 2-1 Each written or oral real property appraisal report m ust: (a) clearly and accurately set forth the appraisal in a manner that will not be misleading; (b) contain sufficient information to enable the intended users of the appraisal to understand the report properly; and (c) clearly and accurately disclose all assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions used in the assignment. STANDARDS RULE 2-2 Each written real property appraisal report m ust be prepared under one of the following options and prominently state which option is used: Appraisal Report or Restricted Appraisal Report. An appraiser may use any other label in addition to, but not in place of, the labels set forth in this Standards Rule for the type of report produced. The use of additional labels such as analysis, consultation, evaluation, study, or valuation does not exempt an appraiser from adherence to USPAP. The report content and level of information requirements in this Standards Rule are minimal for each type of report. An appraiser must supplement a report form, when necessary, to insure that any intended user of the appraisal is not misled and that the report complies with the applicable content requirements. (a) The content of an appraisal report must be appropriate for the intended use or the appraisal and, at a minimum: (i) state the identity of the client, or if the client requested anonymity, state that the identity is withheld at the client’s request but is retained in the appraiser’s workfile; (ii) state the identity of any other intended users by name or type; (iii) state the intended use of the appraisal; (iv) contain information, documents, and/or exhibits sufficient to identify the real estate involved in the appraisal, including the physical, legal, and economic property characteristics relevant to the assignment; (v) state the real property interest appraised; (vi) state the type and definition of value and cite the source of the definition; (vii) state the effective date of the appraisal and the date of the report; (viii) summarize the scope of work used to develop the appraisal; (ix) summarize the extent of any significant real property appraisal assistance; 56 1151 SUMMARY OF 2020–2021 USPAP (Uniform Standards of Professional Appraisal Practice) Standard Rule 2: Real Property Appraisal, Reporting (x) provide sufficient information to indicate that the appraiser complied with the requirements of STANDARD 1 by: (1) summarizing the appraisal methods and techniques employed; (2) stating the reasons for excluding the sales comparison, cost, or income approach(es) if any have not been developed; (3) summarizing the results of analyzing the subject sales, options, and listings in accordance with Standards Rule 1-5; (4) stating the value opinion(s) and conclusions(s); and (5) summarizing the information analyzed and the reasoning that supports the analyses opinions, and conclusions, including reconciliation of the data and approaches; (xi) state the use of the real estate existing as of the effective date and the use of the real estate reflected in the appraisal; (xii) when an opinion of highest and best use was developed by the appraiser, state that opinion and summarize the support and rationale for that opinion; (xiii) clearly and conspicuously: • state all extraordinary assumptions and hypothetical conditions, and • state that their use might have affected the assignment results, and (xiv) include a signed certification in accordance with Standards Rule 2-1. STANDARDS RULE 1-5 When the value opinion to be developed is market value, if such information is available in the normal course of business: a) analyze all agreements of sale, options, or listings of the subject property current as of the effective date of the appraisal; b) analyze all sales of the subject property that occurred within the three (3) years prior to the effective date of the appraisal. 57 1152 475.611 Florida Statutes: Definitions.- (1) As used in this part, the term: (a) “Appraisal” or “Appraisal Services” means the services provided by certified and licensed appraisers or registered trainee appraisers, and includes: 1. "Appraisal assi gnment" denotes an engagement for which a person is employed or retained to act, or coul d be perceived by third parties or the public as acting, as an agent or a disinterested third party in rendering an unbiased analysis, opinion, review, or conclusion relating to the nature, quality, val ue, or utility of specified interests in, or aspects of, identified real property. 2. "Analysis assi gnment" denotes appraisal services that relate to the employer's or client's individual needs or investment objectives and incl udes specialized marketi ng, financing, and feasibility studies as well as analyses, opinions, and conclusions given in connection with activities such as real estate brokerage, mortgage banking, real estate counseling, or real estate consulting. 3. "Appraisal review assignment" denotes an engagement for which an appraiser is employed or retai ned to develop and communicate an opinion about the quality of another appraiser's appraisal, appraisal report, or work. An appraisal review may or may not contain the reviewing appraiser's opinion of value. (b) "Appraisal Foundation" or "foundation" me ans the Appraisal Foundation established on November 20, 1987, as a not-for-profit corporation under the laws of Illinois. (c) "Appraisal report" means any communicati on, written or oral, of an appraisal, appraisal review, appraisal consulting service, analysis, opini on, or conclusion relating to the nature, quality, val ue, or utility of a specified interest in, or aspect of, identified real property, and includes any report communicating an appraisal analysi s, opinion, or conclusion of value, regardless of title. However, in order to be recognized in a federally related transaction, an appraisal report must be wri tten. (d) "Appraisal review" means the act or process of developing and communicating an opinion about the quality of another appraiser's appraisal, appraisal report, or work. (e) "Appraisal subcommittee" means the designees of the heads of the federal financial institutions regulatory agencies established by the Federal Financi al Institutions Exami nation Council Act of 1978 (12 U.S.C. ss. 3301 et seq.), as amended. (f) "Appraiser" means any person who i s a registered trainee real estate appraiser, licensed real estate appraiser, or a certified real estate appraiser. An appraiser renders a professional service and is a professional within the meaning of 95.11(4)(a). (g) "Board" means the Fl orida Real Estate Appraisal Board established under thi s section. (h) “Certified General Appraiser” means a person who is certified by the department as qualified to issue appraisal reports for any type of real property (i) "Certified Residential Appraiser" means a person who is certified by the department as qualified to issue appraisal reports for residential real property of one to four resi dential units, without regard to transaction value or complexity, or real property as may be authorized by federal regulati on. (j) "Department" means the Department of Busi ness and Professi onal Regulati on. 58 1153 2020 FLORIDA STATUTES 475.628 Professional standards for appraisers registered, licensed, or certified under this part.— (1) The board shall adopt rules establishing standards of professional practice which meet or exceed nationally recognized standards of appraisal practice, including standards adopted by the Appraisal Standards Board of the Appraisal Foundation. Each appraiser registered, licensed, or certified under this part must comply with the rules. Statements on appraisal standards which may be issued for the purpose of clarification, interpretation, explanation, or elaboration through the Appraisal Foundation are binding on any appraiser registered, licensed, or certified under this part, upon adoption by rule of the board. (2) The board may adopt rules establishing standards of professional practice other than standards adopted by the Appraisal Standards Board of the Appraisal Foundation for nonfederally related transactions. The board shall require that when performing an appraisal or appraisal service for any purpose other than a federally related transaction, an appraiser must comply with the Ethics and Competency Rules of the standards adopted by the Appraisal Standards Board of the Appraisal Foundation, and other requirements as determined by rule of the board. An assignment completed using alternate standards does not satisfy the experience requirements under s. 475.617 unless the assignment complies with the standards adopted by the Appraisal Standards Board of the Appraisal Foundation. History.—ss. 9, 11, ch. 91-89; s. 4, ch. 91-429; s. 35, ch. 98-250; s. 22, ch. 2012-61; s. 9, ch. 2017-30. Title XXXII REGULATION OF PROFESSIONS AND OCCUPATIONS Chapter 475 REAL ESTATE BROKERS, SALES ASSOCIATES, SCHOOLS, AND APPRAISERS View Entire Chapter 59 1154 Jesse B. Vance, Jr., MAI, SRA, ASA, MBA Appraiser · Real Estate Analyst · Reviewer · Expert Witness Vance Real Estate Service · 7481 NW 4 Street · Plantation · Florida · 33317 Office: 954·583·2116; Cell: 954·610·2423; Email: vanceval@comcast.net Web Page: www.vancerealestateservice.com Vance Real Estate Service is a Veteran-Owned Small Business (VOSB) and Florida Certified SDVBE Minority Business Enterprise specializing in personalized real estate valuation services in Florida for over 45 years. Designated appraisers perform the appraisal work, no trainees. Jesse B. Vance, Jr., MAI, SRA, ASA, MBA and Claudia Vance, MAI are qualified as expert witnesses for eminent domain, bankruptcies, deficiency judgments, marriage dissolution, and estate valuations. Our firm values most types of real property interests for sale, mortgage loans, litigation and investment reasonably, timely and professionally. As licensed real estate brokers, we perform most other real property functions. We also do “Valuations for Financial Reporting.” PROFESSIONAL QUALIFICATIONS A) PROFESSIONAL DESIGNATIONS/ DEGREES/ LICENSES & CERTIFICATIONS MAI DESIGNATION - APPRAISAL INSTITUTE/Life Member No. 8781 SRA DESIGNATION - APPRAISAL INSTITUTE/Life Member No. 8781 ASA DESIGNATION - AMERICAN SOCIETY OF APPRAISERS (RE-Urban) #003439 MBA DEGREE - REAL ESTATE MANAGEMENT AND DEVELOPMENT STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER #RZ-85 (Florida) FLORIDA STATE LICENSED REAL ESTATE BROKER NO. BK. 91050 REGISTERED VETERAN-OWNED SMALL BUSINESS (CCR/Duns 826494957) FLORIDA CERTIFIED SDVBE BUSINESS ENTERPRISE (Minority Business Enterprise - MBE) FLORIDA “D.E.P.” APPROVED APPRAISER B) QUALIFIED AS AN EXPERT WITNESS IN REAL ESTATE VALUATION 1. U.S. Court of Appeals, Eleventh Circuit 2. U.S. District Court, Southern District of South Florida 3. U.S. District Court, New Jersey 4. U.S. Bankruptcy Court, Southern District of Florida 5. U.S. Bankruptcy Court, District of New Jersey 6. U.S. Bankruptcy Court, Western (Pittsburgh) Division of Pennsylvania 7. Florida Circuit Courts: Broward, Dade, Palm Beach, Lee, Collier, Martin, and Okeechobee Counties 8. Appraiser on landmark eminent domain cases: TESSLER, NESS TRAILER PARK, PATEL, SIMPSON v. FILLICHIO, RUBANO, PALM BEACH COUNTY (FL) vs. COVE CLUB INVESTORS, LTD. C) EXPERIENCE Over thirty-five (35) years appraising and analyzing real property interests in South Florida. Partial list: RESIDENCES, RESTAURANTS/BARS, APARTMENT BUILDINGS, OFFICE BUILDINGS HOTELS/MOTELS, CHURCHES, CONDOMINIUMS/COOPS, HOSPITALS & NURSING HOMES, VACANT LAND, GOLF COURSES, GOLF CLUBS, GASOLINE SERVICE STATIONS, MARINAS, TRAILER PARKS, SHOPPING CENTERS, BANKS/THRIFT INSTITUTIONS, BOWLING ALLEYS, P.U.D.'S, INDUSTRIAL BUILDINGS, TIME-SHARE DEVELOPMENTS, ROCK PITS, SCHOOLS, AGRICULTURAL PROPERTIES, WATER MANAGEMENT DISTRICT, MARKETABILITY, FEASIBILITY ANALYSES, INVESTMENT ANALYSES, AUTO SALES FACILITIES, LEASE VALUATIONS, TAX & ASSESSMENT APPEALS, CONDEMNATION, EXPERT WITNESS (Member National Forensic Center), BUSINESS ENTERPRISE VALUATIONS (BEV), (VFR) VALUATION FOR FINANCIAL REPORTING, AVIGATION & CLEARANCE EASEMENTS, ESTATES, DIVORCES, PLANNING/LAND USE STUDIES, HIGHEST & BEST USE ANALYSES, DEPRECIATION ANALYSES, COMPONENT APPRAISALS, ENVIRONMENTALLY SENSITIVE LAND, CONTAMINATED PROPERTIES, SUGARCANE & TURFGRASS LAND, DAY CARE CENTERS, SELF-STORAGE FACILITIES, FUNERAL HOMES, ANIMAL HOSPITALS, SUBMERGED LAND, CITY CENTERS, etc. 60 1155 D) PARTIAL LIST OF CLIENTS PRIVATE INDIVIDUALS AND CORPORATIONS, ATTORNEYS, ACCOUNTANTS, TRUST DEPARTMENTS, COMMERCIAL BANKS: Wells Fargo; BankAtlantic; SunTrust; American National Bank; Landmark Bank; City National Bank; BankUnited; Gateway American Bank; State Farm Bank; Englewood Bank & Trust; SAVINGS & LOANS, INSURANCE COMPANIES, REAL ESTATE INVESTMENT TRUSTS, & REAL ESTATE TRANSFER COMPANIES, TITLE INSURANCE COMPANIES; FLORIDA CITIES: FORT LAUDERDALE, PLANTATION, COOPER CITY, TAMARAC, LAUDERHILL, BOCA RATON, DEERFIELD BEACH, OAKLAND PARK, WILTON MANORS, HOLLYWOOD, WEST PALM BEACH, DELRAY BEACH, HALLANDALE, PEMBROKE PINES, COOPER CITY, TOWN OF DAVIE, TOWN OF SOUTHWEST RANCHES, MIRAMAR. FLORIDA COUNTIES: BROWARD, PALM BEACH, COLLIER, OKEECHOBEE; BROWARD COUNTY BOARD OF COUNTY COMMISSIONERS; OKEECHOBEE BOARD OF COUNTY COMMISSIONERS. SCHOOL BOARD OF BROWARD COUNTY, FLORIDA, BROWARD COUNTY HOUSING AUTHORITY, STATE OF FLORIDA DEPARTMENT OF TRANSPORTATION (DOT); STATE OF FLORIDA DIVISION OF GENERAL SERVICES(GSA); N. BROWARD GENERAL HOSPITAL DISTRICT; STATE OF FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION (Approved Vendor);U.S. TREASURY DEPARTMENT (General Counsel, I.R.S.); U.S. MARSHAL'S SERVICE – U.S. ATTORNEY’S OFFICE CENTRAL DIVISION – U.S. Dept. of Justice; VETERANS ADMINISTRATION E) EDUCATIONAL BACKGROUND - (Partial List) ACADEMIC: BACHELOR OF ARTS - Earlham College, Richmond, Indiana (1954) MBA (Nova University) - Real Estate Management & Development (National Dean's List 1991) Professional: Qualifying courses for the SRA and SREA designations from the Society of Real Estate Appraisers Qualifying courses for the MAI designation from the Appraisal Institute F) APPRAISAL TEACHING EXPERIENCE Licensed by the Florida Department of Education to Teach (Certificate No. 275236). Authored and taught Residential and Commercial Real Estate Appraisal Courses for Broward County Adult Education Program. Taught Course 101 - Society of Real Estate Appraisers. Taught Course 201 - Society of Real Estate Appraisers. Taught Appraisal Seminars - Board of Realtors, ASA, SREA, and AI (Appraisal Institute). Adjunct Professor, University of Florida Division of Continuing Education: (taught Course 2, "Real Estate Principles and Practices" to prospective Florida Real Estate Brokers). G) PROFESSIONAL OFFICES HELD/AWARDS NATIONAL B.O.D. MEMBER - BOARD OF DIRECTORS of APPRAISAL INSTITUTE (2006- 2008) AWARD - Appraisal Institute “NATIONAL PRESIDENTS AWARD” 2008 AWARD - Appraisal Institute “LIFETIME ACHIEVEMENT AWARD” 2011 For “high ethical standards, contributions to the Appraisal Institute, Community and Appraisal Profession for at least 20 years.” CHAIR - REGION X - All of Florida - Appraisal Institute (2008) VICE-CHAIR - REGION X - All of Florida - Appraisal Institute (2007) THIRD DIRECTOR - REGION X - All of Florida - Appraisal Institute (2006) FINANCE OFFICER - REGION X – All of Florida – Appraisal Institute (2006) PRESIDENT - BROWARD COUNTY, SOCIETY OF REAL ESTATE APPRAISERS PRESIDENT - BROWARD COUNTY, AMERICAN SOCIETY OF APPRAISERS CHAIR - FLA. STATE GOVERNMENT RELATIONS SUBCOMMITTEE OF AI CHAIR - FLA. STATE LEGISLATION & REGULATION SUBCOMMITTEE OF AI G) PROFESSIONAL OFFICES HELD/AWARDS CHAIR - FLORIDA REALTORS COMMITTEE ON COMMITTEE REFORMS CHAIR - EDUCATION COMMITTEE, FT. LAUDERDALE CHAPTER AI CHAIR - CANDIDATES GUIDANCE COMMITTEE, FT .LAUDERDALE CHAPTER AI CHAIR - NATIONAL Valuation for Financial Reporting PROJECT TEAM OF AI VICE CHAIR & MEMBER - NATIONAL GOVERNMENT RELATIONS COMMITTEE OF AI (15 Years) MEMBER - NATIONAL LONG RANGE PLANNING COMMITTEE OF AI MEMBER - NATIONAL PUBLIC AFFAIRS COMMITTEE OF AI DIRECTOR - REGION X (Florida ) Appraisal Institute MEMBER - REGION X (FLORIDA) ETHICS AND COUNSELING PANEL 61 1156 DIRECTOR - BROWARD COUNTY, FLORIDA SOCIETY OF REAL ESTATE APPRAISERS DIRECTOR - SOUTH FLORIDA CHAPTER AMERICAN SOCIETY OF APPRAISERS MEMBER - NATIONAL EXPERIENCE REVIEW PANEL MEMBER OF AI SPECIAL MASTER - BROWARD COUNTY BOARD OF TAX ADJUSTMENT COMMISSIONER - 17TH JUDICIAL CIRCUIT COURT, Broward County, FL MEMBER - 2013 APPRAISAL INSTITUTE NATIONAL BUSVAL PROJECT TEAM H) PROFESSIONAL PUBLICATIONS & PRESENTATIONS Wrote and taught a basic Residential Appraisal Course for the Broward County Adult Education Div. of the Dept. of Education; Wrote and taught an Income Appraisal Course for the Broward County Adult Education Division of the Department of Education; Co-authored and taught an appraisal course on Mortgage-Equity Capitalization for the American Society of Appraisers. Authored and taught a Florida State and Appraisal Institute 3-hour accredited course in "The Legislation, Regulation and Appraisal of Real Property Rights in Florida September 7, 1996. Presentation on “Gramm-Leach -Bliley” Federal Privacy Act of 1999 for South Florida Chapter of American Society of Appraisers on October 24, 2001. Presented 3-hour Florida CEU-credit seminar on “Appraisers and the Gramm-Leach-Bliley Act” before the South Florida Chapter of the Appraisal Institute on July 27, 2002. Presenter at 6.5 Hour CLE-credit Attorney Seminar on Florida Eminent Domain, “Valuation and Damage Issues” February 2, 2006, Fort Lauderdale, Florida I) CIVIC INVOLVEMENT MEMBER OF ROTARY INTERNATIONAL / PAUL HARRIS FELLOW MEMBER OF THE GREATER FORT LAUDERDALE OPERA GUILD MEMBER FLORIDA PHILHARMONIC BROWARD TRUSTEES MEMBER OF THE BROWARD COUNTY LIBRARY SUPPORT GROUP ("BYBLOS") MEMBER CIRCLE OF FRIENDS – NOVA SOUTHEASTERN LIBRARY FOUNDATION MEMBER NOVA SOUTHEASTERN UNIVERSITY ALUMNI ASSOCIATION MEMBER OF THE FORT LAUDERDALE HISTORICAL SOCIETY MEMBER OF THE BROWARD COUNTY MUSEUM OF THE ARTS MEMBER OF THE FORT LAUDERDALE / BROWARD COUNTY CHAMBER OF COMMERCE MEMBER OF THE BETTER BUSINESS BUREAU OF SOUTH FLORIDA LIFETIME HONORARY MEMBER FLORIDA SHERIFF’S ASSOCIATION MEMBER NATIONAL & FT. LAUDERDALE COUNCILS U.S. NAVY LEAGUE U.S. ARMY VETERAN WWII (RA 17212681) - HONORABLE DISCHARGE 1949 62 1157 Claudia Vance, MAI Appraiser · Real Estate Analyst · Reviewer Vance Real Estate Service · 7481 NW 4 Street · Plantation · FL · 33317 Office: 954·583·2116 Cell: 954·647·7148 Email: vanceval@att.net Web Site: www.vancerealestateservice.com Vance Real Estate Service is a Veteran-Owned Small Business (VOSB) and Florida Certified SDVBE Minority Business Enterprise specializing in personalized real estate valuation services in Florida for over 40 years. Designated appraisers perform the appraisal work, no trainees. Our appraisals are used for financial/ mortgage loan purposes from large mixed use complexes to small owner - occupied properties. We have the qualifications for appraisals submitted to SBA. Jesse B. Vance, Jr., MAI, SRA, ASA and Claudia Vance, MAI are qualified as expert witnesses for eminent domain, deficiency judgments, marriage dissolution, and estates. Our firm values most types of real property interests, timely, professionally, and at competitive costs. PROFESSIONAL QUALIFICATIONS A) PROFESSIONAL DESIGNATIONS/ LICENSES MAI Designation - APPRAISAL INSTITUTE No. 9451 State-Certified General Real Estate Appraiser No. RZ-173 Florida State Licensed Real Estate Broker No. BK 0161305 VOSB Veteran-Owned Small Business (CCR/Duns 826494957) B) WORK HISTORY 1983 - Current Vice President - Vance Real Estate Service 1981 – 1983 President - The Appraisal Company, Fort Lauderdale, Florida C) QUALIFIED AS AN EXPERT WITNESS IN REAL ESTATE VALUATION U.S. Bankruptcy Court, Southern District of Florida Florida Circuit Court: Broward County D) PROFESSIONAL DEVELOPMENT PROGRAM REGISTRIES Valuation of Sustainable Buildings: Commercial Valuation of Sustainable Buildings: Residential E) EXPERIENCE: 40+years appraising and analyzing real property interests in South Florida. F) APPRAISER SPECIAL MAGISTRATE FOR THE BROWARD CO VALUE ADJUSTMENT BOARD 2002-2010 Partial list of real property types valued: High value residences, Condominiums/ Co -operatives, Office, Industrial, Multi-family, Restaurants/ bars, Auto dealerships, City Centers, Hotels/ motels, Houses of worship, Schools, Child care centers, Self-storage, Funeral home, Animal Hospital, Mixed use, Nursing homes, Gas sales stations, Marinas, Mobile home parks, Shopping centers, Country clubs/ golf courses, Financial institutions, Bowling centers, Vacant land, Agricultural properties, Environmentally sensitive land Types of Reports: Market Value, Eminent Domain, Marketability, Feasibility, Highest and Best Use, Investment Analyses, Partial Interests, Easement Valuations, Estate planning, Marriage dissolution, Land use studies, Damage/ Contamination studies 63 1158 G) PARTIAL LIST OF CLIENTS – PRIVATE: Individuals, Corporations, Attorneys, Accountants, Habitat for Humanity, Seminole Tribe of Florida COMMERCIAL BANKS: Wells Fargo; BankAtlantic; SunTrust; Citigroup; Space Coast Credit Union; State Farm Bank; Florida Shores Bank; American National Bank; Landmark Bank; City National Bank; Evermore Bank National Bank SAVINGS & LOANS, INSURANCE COMPANIES, REAL ESTATE INVESTMENT TRUSTS, & REAL ESTATE TRANSFER COMPANIES, TITLE INSURANCE COMPANIES FLORIDA CITIES: Fort Lauderdale, Plantation, Cooper City, Deerfield Beach, Tamarac, Oakland Park, Wilton Manors, North Lauderdale, Davie, Pembroke Pines, Hallandale Beach, Lauderhill, Southwest Ranches, Miramar, Boca Raton, Boynton Beach, West Palm Beach, Delray Beach FLORIDA COUNTIES and AGENCIES: Broward, Palm Beach, Broward County Board of County Commissioners, School Board of Broward County, Broward County Housing Authority, Fort Lauderdale Community Redevelopment Agency, Boynton Beach Community Redevelopment Agency STATE OF FLORIDA Department of Transportation (FDOT), Department of Environmental Protection U.S. Department of Veterans Affairs, U.S. Department of Treasury (IRS), U.S Marshall’s Service, U.S. Attorney H) EDUCATIONAL BACKGROUND Academic: Bachelor of Arts Degree – University of New Orleans, New Orleans, LA – Major: English Professional: Qualifying courses for the MAI designation I) PROFESSIONAL INVOLVEMENT Region X Representative of the Appraisal Institute 2006 – 2009 President of the South Florida Chapter of the Appraisal Institute - 2003 First Vice-President of the South Florida Chapter of the Appraisal Institute -2002 Second Vice-President of the South Florida Chapter of the Appraisal Institute -2001 Secretary of the South Florida Chapter of the Appraisal Institute -2000 Treasurer of the South Florida Chapter of the Appraisal Institute - 1999 Chair of the Education Committee of the S. Florida Chapter of the Appraisal Institute - 1995, 1996, 1997, 1998, 2007- 2018 Director of the South Florida Chapter of the Appraisal Institute 1996 - 1998 Member of Region X (Florida) Ethics and Counseling Panel –AI Newsletter Editor of the South Florida Chapter of the Appraisal Institute – 2020-current Graduate of the Florida REALTORS Institute (GRI) J) CIVIC INVOLVEMENT Member of the Navy League of the United States – Fort Lauderdale Council Lifetime Honorary Member- Florida Sheriff’s Association Member of Zeta Tau Alpha Alumnae Fraternity 64 1159 Street # Property Address Structure or Lot? Legal Date Acquired Purchase Price Lot Size Acres Square Feet Price per Sq. Ft. Assemblage Total Square Feet Assemblage Total Price per Sq. Ft. Demolition Costs THE PIERCE ASSEMBLAGE Parking Lot part of Church Purchase-115 N. Fed. Hwy.0.3578 Structure demo'd w/ SWA grant and temporary parking placed on lot 0.9376 511 Commercial Retail Blvd. - 7720 sq ft Lot 10 & W 7'8" of Lot 11, Blk 6, Town of Boynton 0.1545 515 Commercial Retail Blvd. - 4101 sq ft Lot 11 less W 7'8" Blk 6 Town of Boynton 0.1134 529 Commercial Retail Blvd. - 5644 sq ft Lot 12, Blk 6 Town of Boynton 0.1431 508 E. Boynton Beach Blvd. Bradley Miller Commercial Retail Bldg. - 1925 sq ft Lots 6 & 7, Block 1, Original Town of Boynton October-21 $915,000.00 0.2863 12471.228 $73.37 NE 1st Stree & Avenue 4th Street Parking Lot Lots 8 & 9 July-01 $90,000.00 0.2863 12471.228 $7.22 USPS PURCHASE 209 N. Seacrest Blvd. Commercial Rental Property (City Water Dept. & E2L offices for Town square project) Lots 23, 24, 25, 26 and 27 and S 7' of Lot 22, Block 4, Boynton Heights October-20 $1,400,000.00 0.2885 12567.06 $111.40 217 N. Seacrest Blvd.USPS Facility Lots 9, 10, 11 & 12, Block 4, Boynton Heights Addition to Town of Boynton Beach February-23 $1,600,000.00 0.9065 39487.14 $40.52 401 Commercial Retail Bldg. - 2062 sq ft Lot 6, Less S 17.6 Ft SR 804/Arden Park Addition 0.1091 407 Vacant Lot W 46.85 ft of Lot 5/Less S17.6 ft SR 804/Arden Park Addition 0.1284 411 Vacant Lot -Commercial Retail Bldg. - 3334 sq ft - Structure demo'd Lt 4 & E 3.15 ft of Lot 5/Less S 17.6 Ft SR 804/Arden Park 0.1457 Lot 177 NW 2nd Street Vacant Lot S 25' of Lot 177, Block A, Boynton Hills $35,000.00 0.0574 2500.344 $14.00 2500.344 $14.00 N/A 219 W. Boynton Beach Blvd. Vacant Lot Lot 112 and E 25' of Lot 113, Block A, Boynton Hills 0.1725 7514.1 225 W. Boynton Beach Blvd. Vacant Lot W 25' of Lot 113 and all of Lots 114, 115, Block A, Boynton Hills 0.3183 13865.148 212 NW 3rd Court Vacant Lot Lots 118 & 119, Block A, Boynton Hills 0.2924 12736.944 222 NW 3rd Court Vacant Lot Lots 116 & 117, Block A, Boynton Hills 0.2732 11900.592 W. BOYNTON BEACH BLVD. ASSEMBLAGE (BOCA REGIONAL HOSPITAL) $85,720.00 BOYNTON BEACH CRA PROPERTY PURCHASES Last 5 yrs. Price Per Sq. Ft. E. Ocean Avenue Oyer December-21 $3,600,000.00 17903.16 $201.08 115 $53.17 N Federal Highway Church Lots 1, 2, 3, 4, 5, 6 and 7 Block 6, Original Town of Boynton May-18 $3,000,000.00 56427.624 99273.24 $54.94E. Boynton Beach Blvd. ABC Rentals February-21 $917,000.00 16692.192 $54.94 $76.61 MATT GRACEY PROPERTIES - W. BOYNTON BEACH BLVD. ASSEMBLAGE $2,185,000.00 $47.48 46016.784 $47.48 N/AMarch-23 $35,828.75 $45,804.00 52054.2 $57.63 E. BOYNTON BEACH BLVD. ASSEMBLAGE (ABC RENTAL PROPERTIES) 16692.192 1160 433 W. Boynton Beach Blvd. Vacant Lot Lots 83-86 Ridgewood Hills June-23 $1,200,000.00 0.5672 24707.232 $48.57 N/A N/A N/A 1111 S. FEDERAL HIGHWAY DEVELOPMENT, LLC 1111 S Federal Highway Lot Lots 12, 13 Parker Estates listing price $895,000.$870,000.00 0.3549 15459.444 $56.28 N/A N/A N/A Total Purchase Price Total Lot Size Acres Total Square Feet Price per Sq. Ft. $15,812,000.00 5.8931 256703.436 $61.60 Street # Property Address Structure or Lot? Legal Appraised Value Asking Price Lot Size Acres Square Feet Price per Sq. Ft. Assemblage Total Square Feet Assemblage Total Price per Sq. Ft. Demolition Costs YELLOWBEARD, INC. 1022 N. Federal Highway Structure will be demo'd prior to sale-Vacant Lot Lots 20, 21, 22, Blk 3, Lake Addition $910,000.00 $1,000,000.00 0.3805 16574.58 $60.33 N/A N/A $20,500 Street # Property Address Structure or Lot? Legal Appraised Value Asking Price Lot Size Acres Square Feet Price per Sq. Ft. Assemblage Total Square Feet Assemblage Total Price per Sq. Ft. Demolition Costs LUCY LAND, LLC 703 S. Federal Highway Lot NE corner of the NE 1/4 of the SE 1/4 of Section 28; S 80'; W 410.2'; N 80'; E 410.2' to POB $1,568,000.00 $1,568,000.00 0.6392 27843.552 $56.31 N/A N/A N/A Street # Property Address Structure or Lot/Appraisal Legal Appraised Value Asking Price Lot Size Acres Square Feet Price per Sq. Ft. Assemblage Total Square Feet Assemblage Total Price per Sq. Ft. 1310 N Federal Highway Car Wash Site Portion of Lot A, Harbor Estates N/A $1,295,000.00 0.6511 28361.916 $45.66 N/A N/A 1320 S Federal Highway Vacant Lot Lot 2, Lee Manor Isles N/A $2,750,000.00 0.5208 22686.048 $121.22 N/A N/A 709 S Federal Highway Medical Bldg.N/A $6,000,000.00 0.6624 28854.144 $207.94 N/A N/A 136-140 W Boynton Beach Blvd. Retail Bldg. Lots 2-4, Blk 4, Boynton Heights Add N/A $1,700,000.00 0.3093 13473.108 $126.18 N/A N/A 3047 N Federal Highway Vacant Lot Kings Sub Tr C N/A $4,000,000.00 0.8926 38881.656 $102.88 N/A N/A IPUD 724 N Federal Highway Car Lot/Auto Shop Lots 23-25, Boynton Place N/A $1,250,000.00 0.3234 14087.304 $88.73 N/A N/A 1017 N Federal Highway Take Out Lots 1 & 2, Lake Add N/A $895,000.00 0.2114 9208.584 $97.19 N/A N/A 812 N Federal Highway Take Out Lots 23-25, Lake Add N/A $925,000.00 0.3442 14993.352 $61.69 N/A N/A Contract BOYNTON EAST, LLC CURRENT LISTINGS ON FEDERAL HIGHWAY PROPERTIES UNDER CONTRACT AVERAGE COST PER SQ. FT. OF PURCHASES ABOVE SUBJECT PROPERTIE FOR BOYNTON BEACH CRA PURCHASE 1161 Street # Property Address Structure or Lot/Appraisal Legal Date Acquired Sale Price Lot Size Acres Square Feet Price per Sq. Ft. 507-513 NE 2nd Street - Hen Duplexes 507 & 513 NE 2nd Street 3 Structures - Duplexes Appraisal Price $1,055,000.00 Lots 58, 60, 62, 64, 66, 68, 70, 72, C.W. Copp's Add N/A $3,000,000.00 0.6073 26453.988 $113.40 112-216 NE 1st Avenue & NE 1st Street - Fitzpatrick Apartments 112-216 NE 1st & 1st 6 Structures - Apartments Appraisal Price $1,809,000.00 Green Acres Condominium N/A $3,000,000.00 0.6497 28300.932 $106.00 Hall Properties 417, 445, 511, 520, 521, 522 N. Federal Highway Structures/Businesses various lots-Blk 5, Robert Add N/A $6,247,500.00 1.24 54014.4 $115.66 417, 445, 511, 520, 521, 522 N. Federal Highway Structures/Businesses various lots-Blk 5, Robert Add Appraised Value 6/19/23 $5,100,000.00 1.24 54014.4 $94.42 PREVIOUS PROPERTY OFFERINGS TO BOYNTON BEACH CRA 1162 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 PURCHASE AND SALE AGREEMENT This Purchase and Sale Agreement (hereinafter “Agreement”) is made and entered into as of the Effective Date (hereinafter defined), by and between BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY, a public agency created pursuant to Chapter 163, Part III, of the Florida Statutes (hereinafter “PURCHASER”) and LUCY LAND, LLC (hereinafter “SELLER”). In consideration of the mutual covenants and agreements herein set forth, the Parties hereto agree as follows: 1. PURCHASE AND SALE/PROPERTY. SELLER agrees to sell and convey to PURCHASER and PURCHASER agrees to purchase and acquire from SELLER, on the terms and conditions hereinafter set forth, the Properties located in Palm Beach County, Florida (the “Properties”) and more particularly described as follows: PCN: 08-43-45-28-00-000-5010 Address: 703 S. Federal Highway, Boynton Beach, FL 33435 A parcel of land in Section 28, Township 45 South, Range 43 East, Palm Beach County, Florida, being more particularly described as follows: Begin at the Northeast corner of the Northeast Quarter (NE ¼) of the Southeast Quarter (SE ¼) of said Section 28; thence South 80 feet; thence Westerly 410.2 feet; thence North 80 feet; thence Easterly 410.2 feet to the Point of Beginning. LESS the Rights-of-Way for U. S. 1, and a/k/a State Road 5. 2. PURCHASE PRICE AND PAYMENT. The Purchase Price to be paid for the Property shall be One Million Five Hundred Sixty-Eight Thousand Dollars ($1,568.000.00), payable in cash, by wire transfer of United States Dollars at the Closing. 3. DEPOSIT. 3.1 Earnest Money Deposit. Within five (5) Business Days after the execution of the Purchase Agreement by both parties, PURCHASER shall deliver to Lewis, Longman & Walker, PA (“Escrow Agent”) a deposit in the amount of Ten Thousand Dollars ($10,000.00) the “Deposit”). 3.2 Application/Disbursement of Deposit. The Deposit shall be applied and disbursed as follows: 1163 Purchase and Sale Agreement Page 2 of 16 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 The Deposit shall be delivered to SELLER at Closing and t he PURCHASER shall receive credit for such amount against the Purchase Price. If this Agreement is terminated during the Feasibility Period (hereinafter defined) for any reason, the Deposit shall be immediately refunded to the PURCHASER. If this Agreement is terminated due to a default, pursuant to Section 12, the Deposit shall be delivered to (or retained by, as applicable) the non -defaulting Party, and the non-defaulting Party shall have such additional rights, if any, as are provided in Section 12. 3.3 Escrow Agent. PURCHASER and SELLER authorize Escrow Agent to receive, deposit and hold funds in escrow and, subject to clearance, disburse them upon proper authorization and in accordance with Florida law and the terms of this Agreement. The parties agree that Escrow Agent will not be liable to any person for misdelivery of escrowed items to PURCHASER and SELLER, unless the misdelivery is due to Escrow Agent’s willful breach of this Agreement or gross negligence. If Escrow Agent interpleads the subje ct matter of the escrow, Escrow Agent will pay the filing fees and costs from the deposit and will recover reasonable attorney’s fees and costs to be paid from the escrowed funds which are charged and awarded as court costs in favor of the prevailing party . All claims against Escrow Agent will be arbitrated, so long as Escrow Agent consents to arbitrate. 4. EFFECTIVE DATE. The date of this Agreement (the “Effective Date”) shall be the date when the last one of the SELLER and PURCHASER has signed this Agreement. 5. CLOSING. The purchase and sale transaction contemplated herein shall clos e on or before JUNE 28, 2024 (the “Closing”), unless extended by other provisions of this Agreement or by written agreement, signed by both parties, extending the Closing. 6. TITLE TO BE CONVEYED. At Closing, SELLER shall convey to PURCHASER, by Warranty Deed complying with the requirements of the Title Commitment (hereinafter defined), valid, good, marketable and insurable title in fee simple to the Property, free an d clear of any and all liens, encumbrances, conditions, easements, assessments, restrictions and other conditions except only the following (collectively, the “Permitted Exceptions”): (a) general real estate taxes and special assessments for the year of Closing and subsequent years not yet due and payable; (b) covenants, conditions, easements, dedications, rights -of-way and matters of record included on the Title Commitment or shown on the Survey (defined in Section 7), to which PURCHASER fails to object, or which PURCHASER agrees to accept, pursuant to Section 7.1 and Section 7.2 hereof. 7. FEASIBILITY PERIOD. The PURCHASER, and its designees shall have sixty (60) days from the Effective Date of this Agreement (“Feasibility Period”), at PURCHASER’s expense, to make inquiries to determine if the Property is suitable for its intended use and to enter upon the Property, at any time and from time to time with reasonable notice to SELLER and so long as said investigations do not result in a business interruption, to perform any and all physical 1164 Purchase and Sale Agreement Page 3 of 16 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 tests, inspections, valuation appraisals and investigations of the Property, including but not limited to Phase I and Phase II investigations, which PURCHASER may deem necessary. During this Feasibility Period, PURCHASER may elect, in PURCHASER’s sole and absolute discretion, to terminate this contract and receive back all deposits hereunder. If PURCHASER elects to terminate this Agreement in accordance with this Section, PURCHASER shall: (i) leave the Property in substantially the condition existing on the Effective Date, subject to such disturbance as was reasonably necessary or convenient in the testing and investigation of the Property; (ii) to the extent practicable, shall repair and restore any damage caused to the Property by PURCHASER’s testing and investigation; and (iii) release to SELLER, at no cost, all reports and other work generated as a result of the PURCHASER’s testing and investigation. PURCHASER hereby agrees to indemnify and hold SELLER harmless from and against all claims, losses, expenses, demands and liabilities, including, but not limited to, attorney’s fees, for nonpayment for services rendered to PURCHASER (including, without limitation, any construction liens resulting therefrom) or for damage t o persons or property (subject to the limitation on practicability provided above) arising out of PURCHASER’s investigation of the Property. However, PURCHASER’s indemnification obligations shall not exceed its statutory limits as provided within Section 768.28, Florida Statutes, and PURCHASER does not waive its sovereign immunity rights. 7.1 Title Review. Within twenty (20) days of the Effective Date, PURCHASER shall obtain, at the PURCHASER’s expense, from a Title Company chosen by PURCHASER (hereinafter “Title Company”), a Title Commitment covering the Property and proposing to insure PURCHASER in the amount of the Purchase Price subject only to the Permitted Exceptions, together with complete and legible copies of all instruments identified as cond itions or exceptions in Schedule B of the Title Commitment. Any and all assessments, outstanding utility charges, liens and other matters not constituting Permitted Exceptions shall be paid by Seller prior to or at closing from Seller’s proceeds. PURCHASER shall examine the Title Commitment and deliver written notice to SELLER no later than thirty (30) days after the Effective Date notifying SELLER of any objections PURCHASER has to the condition of title (hereinafter “Title Objections”). If PURCHASER fails to deliver the Title Objections to SELLER within the aforesaid review period, title shall be deemed accepted subject to the conditions set forth in the Title Commitment. If PURCHASER timely delivers the Title Objections, then SELLER shall have thirty (30) days to diligently and in good faith undertake all necessary activities to cure and remove the Title Objections (hereinafter “Cure Period”). In the event that SELLER is unable to cure and remove, or cause to be cured and removed, the Title Objections within the Cure Period, to the satisfaction of PURCHASER, then PURCHASER, in PURCHASER’s sole and absolute discretion, shall have the option of (i) extending the Cure Period and the Closing for one additional thirty (30) day period, or (ii) accepting the t itle as it then is but using such portion of the Purchase Price as may be necessary to pay and satisfy any mortgages, outstanding utility charges, delinquent property taxes and/or code enforcement and contractors' liens or other recorded claims of lien upo n the property, or (iii) canceling and 1165 Purchase and Sale Agreement Page 4 of 16 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 terminating this Agreement, in which case, the Deposit shall be returned to PURCHASER and the Parties shall have no further obligations or liability hereunder, except for those expressly provided herein to survive termination of this Agreement. Prior to the Closing, PURCHASER shall have the right to cause the Title Company to issue an updated Title Commitment (“Title Update”) covering the Property. If any Title Update contains any conditions which did not appear i n the Title Commitment, and such items render title unmarketable, PURCHASER shall have the right to object to such new or different conditions in writing prior to Closing. All rights and objections of the Parties with respect to objections arising from the Title Update shall be the same as objections to items appearing in the Title Commitment, subject to the provisions of this Section. 7.2. Survey Review. PURCHASER, at PURCHASER’s expense, shall obtain a current boundary survey (the “Survey”) of the Property, indicating the number of acres comprising the Property to the nearest 1/100th of an acre. If the Survey discloses encroachments on the Property or that improvements located thereon encroach on setback lines, easements, lands of others or violate any restrictions, covenants of this Agreement, or applicable governmental regulations, the same shall constitute a title defect and shall be governed by the provisions of Section 7.1 concerning title objections. 7.3 SELLER Deliveries. SELLER shall deliver to PURCHASER the following documents and instruments within ten (10) days of the Effective Date of this Agreement, except as specifically indicated: 7.3.1 Copies of any reports or studies (including engineering, environmental, soil borings, and other physical inspection reports), in SELLER’s possession or control with respect to the physical condition or operation of the Property, if any. 7.3.2 Copies of all licenses, variances, waivers, permits (including but not limited to all surface water management permits, wetland resource permits, consumptive use permits and environmental resource permits), authorizations, and approvals required by law or by any governmental or private authority having jurisdiction over the Property, or any portion thereof (the "Governmental Approvals"), which are material to the use or operation of the Property, if any. 7.3.3 Prior to the Closing Date, SELLER shall execute and deliver to PURCHASER any and all documents and instruments required by PURCHASER, in PURCHASER’s sole and absolute discretion, which: (i) effectuate the transfer to PURCHASER of those Governmental Approvals, or portions thereof which are applicable to the Property, that PURCHASER desires to have assigned to it, and/or (ii) cause the Property to be withd rawn from any Governmental Approvals. No later than thirty (30) days prior to the Closing Date, SELLER 1166 Purchase and Sale Agreement Page 5 of 16 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 shall remedy, restore, and rectify any and all violations of the Governmental Approvals (including, but not limited to, any and all portions of the surface water management system, mitigation areas or other items which do not comply with the Governmental Approvals or applicable rules), if any. SELLER warrants that there will not be, at the time of Closing, any unrecorded instruments affecting the title to the Property, including, but not limited to any conveyances, easements, licenses or leases. 8. CONDITIONS TO CLOSING. PURCHASER shall not be obligated to close on the purchase of the Property unless each of the following conditions (collectively, the “Conditions to Closing”) are either fulfilled or waived by PURCHASER in writing: 8.1. Representations and Warranties. All of the representations and warranties of SELLER contained in this Agreement shall be true and correct as of Closing. 8.2. Condition of Property. The physical condition of the Property shall be the same on the date of Closing as on the Effective Date, reasonable wear and tear excepted . 8.3. Pending Proceedings. At Closing, there shall be no litigation or administrative agency or other governmental proceeding of any kind whatsoever, pending or threatened, which has not been disclosed, prior to closing, and accepted by PURCHASER. 8.4. Compliance with Laws and Regulations. The Property shall be in compliance with all applicable federal, state and local laws, ordinances, rules, regulations, codes, requirements, licenses, permits and authorizations as of the date of Closing. 8.5. Occupancy. The property shall be conveyed to the PURCHASER at time of closing unoccupied. 9. CLOSING DOCUMENTS. The PURCHASER shall prepare, or cause to be prepared, the Closing Documents set forth in this Section, except for documents prepared by the SELLER’S Title Company. At Closing, SELLER shall execute and deliver, or cause to be executed and delivered to PURCHASER the following documents and instruments: 9.1. Deed. A Warranty Deed (the “Deed”) conveying to PURCHASER valid, good, marketable and insurable fee simple title to the Property free and clear of all liens, encumbrances and other conditions of title other than the Permitted Exceptions. 9.2 Seller’s Affidavits. SELLER shall furnish to PURCHASER an owner’s affidavit attesting that, to the best of its knowledge, no individual or entity has any claim against the Property under the applicable construction lien law; and that there are no parties in possession of the Property other than SELLER. SELLER shall also furnish to PURCHASER a non- 1167 Purchase and Sale Agreement Page 6 of 16 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 foreign affidavit with respect to the Property. In the event SELLER is unable to deliver its affidavits referenced above, the same shall be deemed an uncured title objection. 9.3. Closing Statement. A closing statement setting forth the Purchase Price, the Deposit, all credits, adjustments and prorations between PURCHASER and SELLER, all costs and expenses to be paid at Closing, and the net proceeds due SELLER, which PURCHASER shall also execute and deliver at Closing. 9.4. Corrective Documents. Documentation required to clear title to the Property of all liens, encumbrances and exceptions, if any, other than Permitted Exceptions. 9.5. Additional Documents. Such other documents as PURCHASER or the Title Company may reasonably request that SELLER execute and deliver, and any other documents required by this Agreement or reasonably necessary in order to close this transaction and effectuate the terms of this Agreement. 10. PRORATIONS, CLOSING COSTS AND CLOSING PROCEDURES. 10.1. Prorations. Assessments, rents, interest, insurance and other expenses of the Property shall be prorated through the day before Closing. PURCHASER shall have the option of taking over existing policies of insurance, if assumable, in which event premiums shall be prorated. Cash at Closing shall be increased or decreased as may be required by prorations to be made through the day prior to Closing. Advance rent and security deposits, if any, will be credited to PURCHASER. Taxes shall be prorated based upon the current year’s tax with due allowance made for maximum allowable discount. 10.2 Ad Valorem Taxes. PURCHASER and SELLER shall comply with Section 196.295, Florida Statutes, with respect to the payment of prorated ad valorem taxes for the year of closing into escrow with the Palm Beach County Tax Collector’s Office. In the event that, following the Closing, the actual amount of assessed real property tax on the Property for the current year is higher than any estimate of such tax used for purposes of the Closing, the parties shall re-prorate any amounts paid or credited based on such estimate as if paid in November. This shall survive the Closing. 10.3. Special Assessment Liens. Certified, confirmed and ratified special assessment liens imposed by public bodies as of Closing are to be paid by SELLER. Pending liens as of Closing shall be assumed by PURCHASER. If the improvement has been substantially completed as of the Effective Date, any pending lien shall be considered certified, confirmed or ratified and SELLER shall, at Closing, be charged an amount equal to the last estimate or assessment for the improvement by the public body. 1168 Purchase and Sale Agreement Page 7 of 16 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 10.4. Closing Costs. PURCHASER shall be responsible for recording the deed and half of all general closing expenses (settlement fee, courier fees, overnight package, etc.). SELLER is responsible for documentary stamps on the deed and half of all general closing expenses and their own legal fees. All other costs of closing shall be borne by PURCHASER. 10.5 Closing Procedure. PURCHASER shall fund the Purchase Price subject to the credits, offsets and prorations set forth herein. SELLER and PURCHASER (as applicable) shall execute and deliver to Closing Agent the Closing Documents. The Closing Agent shall, at Closing: (i) disburse the sale proceeds to SELLER; (ii) deliver the Closing Documents and a “marked-up” Title Commitment to PURCHASER, and promptly thereafter, record the Deed and other recordable Closing Documents in the appropriate public records. 10.6 Existing Mortgages and Other Liens. At Closing, SELLER shall obtain, or cause to be obtained, satisfaction or release of record of all mortgages, liens and judgments applicable to and encumbering the Property. 11. REPRESENTATIONS, COVENANTS AND WARRANTIES. To induce PURCHASER to enter into this Agreement, SELLER makes the following representations, all of whic h, to the best of its knowledge, in all material respects and except as otherwise provided in this Agreement (i) are now true, and (ii) shall be true as of the date of the Closing unless SELLER receives information to the contrary. Nothing shall survive the Closing. In that event, PURCHASER shall be provided immediate notice as to the change to the following representations: 11.1 At all times from the Effective Date until prior to Closing, SELLER shall keep the Property (whether before or after the date of Closing) free and clear of any mechanic's or materialmen's liens for work or materials furnished to or contracted for, by or on behalf of SELLER prior to the Closing, and SELLER shall indemnify, defend and hold PURCHASER harmless from and against all expense and liability in connection therewith (including, without limitation, court costs and reasonable attorney's fees). 11.2 SELLER has no actual knowledge nor has SELLER received any notice of any litigation, claim, action or proceeding, actual or threatened, against SELLER or the Property by any organization, person, individual or governmental agency which would affect (as to any threatened litigation, claim, action or proceeding, in a materially adverse fashion) the use, occupancy or value of the Property or any part thereof or which would otherwise relate to the Property. 11.3 SELLER has full power and authority to enter into this Agreement and to assume and perform its obligations hereunder in this Agreement. SELLER does not and will not conflict with or result in the breach of any condition or provision, or constitute a default under, or result in the creation or imposition of any lien, charge, or encumbrance upon any of the Property or assets of the SELLER by reason of the terms of any contract, mortgage, lien, lease, agreement, 1169 Purchase and Sale Agreement Page 8 of 16 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 indenture, instrument or judgment to which the SELLER is a party of which is or purports to be binding upon the SELLER or which affects the SELLER; no action by any federal, state or municipal or other governmental department, commission, board, bureau or instrumentality is necessary to make this Agreement a valid instrument binding upon the SELLER in accordance with its terms. 11.4 SELLER represents that SELLER will not, between the date of this Agreement and the Closing, without PURCHASER'S prior written consent, which consent shall not be unreasonably withheld or delayed, except in the ordinary course of business, create any encumbrances on the Property. For purposes of this provision the term "encumbrances" shall mean any liens, claims, options, or other encumbrances, encroachments, rights-of-way, leases, easements, covenants, conditions or restrictions. Additionally, SELLER represents that SELLER will not, between the date of this Agreement, and the Closing take any action to terminate or materially, amend or alter any existing leases presently in existence, without the prior consent of PURCHASER, which consent shall not be unreasonably withheld or delayed. 11.5 SELLER represents that there are no parties other than SELLER in possession of the Property or any portion of the Property as a lessee. 11.6 SELLER shall not list or offer the Property for sale or solicit or negotiate offers to purchase the Property while this Agreement is in effect. SELLER shall use its best efforts to maintain the Property in its present condition so as to ensure that it shall remain substantially in the same condition from the conclusion of the Feasibility Period to the Closing Date. 11.7 SELLER has no actual knowledge no r has SELLER received any notice of any litigation, claim, action or proceeding, actual or threatened, against SELLER or the Property by any organization, person, individual or governmental agency which would affect (as to any threatened litigation, claim, action or proceeding, in a materially adverse fashion) the use, occupancy or value of the Property or any part thereof or which would otherwise relate to the Property. 11.8 SELLER represents that it has no actual knowledge nor has it received any notice that the Property has been, is presently or is contemplated to be utilized as a reservoir of hazardous material. As used herein, the term "Hazardous Material" shall mean any substance, water or material which has been determined by any state, federal or local government authority to be capable of posing a risk of injury to health, safety and property, including, but not limited to, all of those materials, wastes and substances designated as hazardous or toxic by the U.S. Environmental Protection Agency, the U.S. Department of Labor, the U.S. Department of Transportation, and/or any other state or local governmental agency now or hereafter authorized to regulate materials and substances in the environment (collectively "Governmental Authority(ies)"). 1170 Purchase and Sale Agreement Page 9 of 16 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 11.9 SELLER represents to PURCHASER that the Property is not subject to any deed restrictions or declaration of restrictions running with the Property which would affect the use of the Property except those constituting Permitted Exceptions as defined above. 11.10 Between the date of this Agreement and the date of closing, SELLER will not file any application for a change of the present zoning classification of the Property. 11.11 Authority. The execution and delivery of this Agreement by SELLER and the consummation by SELLER of the transaction contemplated by this Agreement are within SELLER’S capacity and all requisite action has been taken to make this Agreement valid and binding on SELLER in accordance with its terms. The person executing this Agreement on behalf of SELLER has been duly authorized to act on behalf of and to bind SELLER, and this Agreement represents a valid and binding obligation of SELLER. 11.12 Title. SELLER is and will be on the Closing Date, the owner of valid, g ood, marketable and insurable fee simple title to the Property, free and clear of all liens, encumbrances and restrictions of any kind, except the Permitted Exceptions (and encumbrances of record which will be discharged at Closing). 11.13 Additional Warranties and Representations of SELLER. As a material inducement to PURCHASER entering into this Agreement, SELLER, to the best of SELLER’S information and belief, hereby represents and warrants the following: 11.13.1 There are no pending applications, permits, petitions, contracts, approvals, or other proceedings with any governmental or quasi-governmental authority, including but not limited to, PURCHASER, municipalities, counties, districts, utilities, and/or federal or state agencies, concerning the use or operation of, or title to the Property or any portion thereof and SELLER has not granted or is not obligated to grant any interest in the Property to any of the foregoing entities. 11.13.2 There are no facts believed by SELLER to be material to the use, condition and operation of the Property in the manner that it has been used or operated, which it has not disclosed to PURCHASER herein, including but not limited to unrecorded instruments or defects in the condition of the Property which will impair the use or operation of the Property in any manner. 11.13.3 To the best of SELLER’S knowledge, the Property and the use and operation thereof are in compliance with all applicable county and governmental laws, ordinances, regulations, licenses, permits and authorizations, including, without limitation, applicable zoning and environmental laws and regulations. 1171 Purchase and Sale Agreement Page 10 of 16 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 12. DEFAULT. 12.1. PURCHASER’s Default. In the event that this transaction fails to close due to a wrongful refusal to close or defau lt on the part of PURCHASER, subject to the provisions of Paragraph 12.3 below, the Deposit actually then being held by the Escrow Agent shall be paid by Escrow Agent to SELLER as agreed liquidated damages and, thereafter, neither PURCHASER nor SELLER shall have any further obligation or liabilities under this Agreement, except for those expressly provided to survive the termination of this Agreement; provided, however, that PURCHASER shall also be responsible for the removal of any liens asserted against t he Property by persons claiming by, through or under PURCHASER, but not otherwise. PURCHASER and SELLER acknowledge that if PURCHASER defaults, SELLER will suffer damages in an amount which cannot be ascertained with reasonable certainty on the Effective Date and that the amount of the Deposit being held by Escrow Agent most closely approximates the amount necessary to compensate SELLER. PURCHASER and SELLER agree that this is a bona fide liquidated damages provision and not a penalty or forfeiture provis ion. 12.2. Seller’s Default. In the event that SELLER shall fail to fully and timely perform any of its obligations or covenants hereunder or if any of SELLER’S representations are untrue or inaccurate, then, notwithstanding anything to the contrary co ntained in this Agreement, PURCHASER may, at its option: (1) declare SELLER in default under this Agreement by notice delivered to SELLER, in which event PURCHASER may terminate this Agreement and demand that the Deposit be returned, including all interest thereon if any, in accordance with Section 3 and neither Party shall have any further rights hereunder , or (2) seek specific performance of this Agreement, without waiving any action for damages. 12.3. Notice of Default. Prior to declaring a default and exercising the remedies described herein, the non-defaulting Party shall issue a notice of default to the defaulting Party describing the event or condition of default in sufficient detail to enable a reasonable person to determine the action necessary to cure the default. The defaulting Party shall have fifteen (15) days from delivery of the notice during which to cure the default, provided, however, that as to a failure to close, the cure period shall only be three (3) business days from the delivery of notice. Both parties agree that if an extension is requested, such extension shall not be unreasonably withheld. If the default has not been cured within the aforesaid period, the non-defaulting Party may exercise the remedies described above. 13. NOTICES. All notices required in this Agreement must be in writing and shall be considered delivered when received by certified mail, return receipt requested, or personal delivery to the following addresses: 1172 Purchase and Sale Agreement Page 11 of 16 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 If to Seller: Name:___________________________________ Address:_________________________________ ________________________________________ Telephone:_______________________________ If to Purchaser: Timothy Tack, Acting Executive Director Boynton Beach Community Redevelopment Agency 100 E. Ocean Avenue, 4th Floor Boynton Beach, FL 33435 With a copy to: Kenneth Dodge Lewis, Longman & Walker, PA 360 South Rosemary Avenue Suite 1100 West Palm Beach, FL 33401 14. BINDING OBLIGATION/ASSIGNMENT. The terms and conditions of this Agreement are hereby made binding on, and shall inure to the benefit of the successors and permitted assigns of the Parties hereto. SELLER may not assign its interest in this Agreement without the prior written consent of PURCHASER, which shall not be unreasonably withheld. PURCHASER shall have the right to assign this Agreement to the City of Boynton Beach (the “City”) without the prior consent of SELLER and the PURCHASER shall be released from any further obligations and liabilities under this Agreement. The PURCHASER may not assign this Agreement to any other party without the prior written approval of SELLER , which shall not unreasonably withheld. If PURCHASER has been dissolved as an entity while this Agreement and/or the attached Lease Agreement are in effect, the provisions of section 163.357(1), Florida Statutes, (as it may be amended from time to time), shall apply. 15. BROKER FEES. The SELLER hereby states that they have dealt with Law Realty, Inc. and/or Law Real Estate Corporation in connection with the transaction contemplated by this Agreement. PURCHASEER is not liable for a sales commission. SELLER shall indemnify, defend and hold harmless the PURCHASER from and against any and all claims, losses, damages, costs or expenses (including, without limitation, attorney’s fees) of any kind or character arising out of or resulting from any agreement, arrangement or understanding alleged to have been made by SELLER on its behalf with any broker or finder in connection with this Agreement. The provisions of this Section shall survive Closing or termination of this Agreement. 1173 Purchase and Sale Agreement Page 12 of 16 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 16. ENVIRONMENTAL CONDITIONS. 16.1. For purposes of this Agreement, pollutant ("Pollutant") shall mean any hazardous or toxic substance, material, or waste of any kind or any contaminant, pollutant, petroleum, petroleum product or petroleum by-product as defined or regulated by environmental laws. Disposal ("Disposal") shall mean the release, storage, use, handling, discharge, or disposal of such Pollutants. Environmental laws ("Environmental Laws") shall mean any applicable federal, state, or local laws, statutes, ordinances, rules, regulations or other governmental restrictions. 16.1.1 As a material inducement to PURCHASER entering into this Agreement, SELLER hereby warrants and represents the following, as applicable: (1) That SELLER and occupants of the Property have obtained and are in full compliance with any and all permits regarding the Disposal of Pollutants on the Property or contiguous property owned by SELLER, to the best of SELLER’S knowledge. (2) SELLER is not aware nor does it have any notice of any past, present or future events, conditions, activities or practices which may give rise to any liability or form a basis for any claim, demand, cost or action relating to the Disposal of any Pollutant on the Property. SELLER is not aware nor does it have any notice of any past, present or future events, conditions, activities or practices on contiguous property that is owned by SELLER which may give rise to any liability or form a basis for any claim, demand, cost or action relating to the Disposal of any Pollutant affecting the SELLER’S property. (3) There is no civil, criminal or administrative action, suit, claim, demand, investigation or notice of violation pending or, to the best of that entity’s knowledge, threatened against SELLER or the Property relating in any way to the Disposal of Pollutants on the Property, any portion thereof, or on any contiguous property owned by SELLER. 17. PUBLIC RECORDS. PURCHASER is a public agency subject to Chapter 119, Florida Statutes. The SELLER is hereby notified that the PURCHASER is required by law, pursuant to Chapter 119, to maintain and disclose upon request all records deemed public under the statute including this Agreement and some or all of the documents necessary to consummate the transaction set forth herein. To the extent that any litigation should be instituted by SELLER , either directly or as a third party, to prevent or prohibit PURCHASER from disclosing or providing documents involving this Agreement or the transaction set forth in the Agreement pursuant to a public records request submitted under Chapter 119, SELLER agrees that PURCHASER may either: 1) defend the claim up to and including final judgment, or 2) interplead the challenged documents into the court. In either event, SELLER agrees to pay PURCHASER’s reasonable attorneys’ fees and costs, both trial and appellate. 1174 Purchase and Sale Agreement Page 13 of 16 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 18. 1031 EXCHANGE. The sale of the Property may be a part of a tax-deferred exchange to either party. If so, the party electing the exchange shall notify the other party in writing of such fact at least thirty (30) days prior to the Closing Date. In connection therewith, each party agrees to execute such documents as may be reasonably necessary to accommodate the tax-deferred exchange, and to otherwise cooperate with the party requesting the exchange, provided such exchange does not result in any delay or postponement of Closing and the other party does not incur any additional costs as a result of such exchange, and provided further that Purchaser shall not be required to take title to any exchange property or to assume any liability in connection therewith. 19. MISCELLANEOUS. 19.1. General. This Agreement, and any amendment hereto, may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which shall, together, constitute one and the same instrument. The section and paragraph headings herein contained a re for the purposes of identification only and shall not be considered in construing this Agreement. Reference to a Section shall be deemed to be a reference to the entire Section, unless otherwise specified. No modification or amendment of this Agreemen t shall be of any force or effect unless in writing executed by the Parties. This Agreement sets forth the entire agreement between the Parties relating to the Property and all subject matter herein and supersedes all prior and contemporaneous negotiations, understandings and agreements, written or oral, between the Parties. This Agreement shall be interpreted in accordance with the laws of the State of Florida. The Parties hereby agree that jurisdiction of any litigation brought arising out of this Agre ement shall be in the Fifteenth Judicial Circuit, in and for Palm Beach County, Florida, or, should any cause of action be limited to federal jurisdiction only, in the United States District Court for the Southern District of Florida. 19.2. Computation of Time. Any reference herein to time periods which are not measured in business days and which are less than six (6) days, shall exclude Saturdays, Sundays and legal holidays in the computation thereof. Any time period provided for in this Agreement which ends on a Saturday, Sunday or legal holiday shall extend to 5:00 p.m. on the next full business day. Time is of the essence in the performance of all obligations under this Agreement. Time periods commencing with the Effective Date shall not includ e the Effective Date in the calculation thereof. 19.3. Waiver. Neither the failure of a party to insist upon a strict performance of any of the terms, provisions, covenants, agreements and conditions hereof, nor the acceptance of any item by a party with knowledge of a breach of this Agreement by the other party in the performance of their respective obligations hereunder, shall be deemed a waiver of any rights or remedies that a party may have or a waiver of any subsequent breach or default in any of such terms, provisions, covenants, agreements or conditions. This paragraph shall survive termination of this Agreement and the Closing. 1175 Purchase and Sale Agreement Page 14 of 16 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 19.4. Construction of Agreement. The Parties to this Agreement, through counsel, have participated freely in the negotiation and preparation hereof. Neither this Agreement nor any amendment hereto shall be more strictly construed against any of the Parties. As used in this Agreement, or any amendment hereto, the masculine shall include the feminine, the singular shall include the plural, and the plural shall include the singular, as the context may require. Provisions of this Agreement that expressly provide that they survive the Closing shall not merge into the Deed. 19.5. Severability. If any provision of this Agreement or the application thereof shall, for any reason and to any extent, be invalid or unenforceable, neither the remainder of this Agreement nor the application of the provision to other persons, entities or circumstances shall be affected thereby, but instead shall be enforced to the maximum extent permitted by law. The provisions of this Section shall apply to any amendment of this Agreement. 19.6 Handwritten Provisions. Handwritten provisions inserted in this Agreement and initialed by PURCHASER and SELLER shall control all printed provisions in conflict therewith. 19.7 Waiver of Jury Trial. As an inducement to PURCHASER agreeing to enter into this Agreement, PURCHASER and SELLER hereby waive trial by jury in any action or proceeding brought by either party against the other party pertaining to any matter whatsoever arising out of or in any way connected with this Agreement. 19.8. Attorneys Fees and Costs. Should it be necessary to bring an action to enforce any of the provisions of this Agreement, reasonable attorneys’ fees and costs, including those at the appellate level, shall be awarded to the prevailing party. 19.9 Binding Authority. Each party hereby represents and warrants to the other that each person executing this Agreement on behalf of the PURCHASER and SELLER has full right and lawful authority to execute this Agreement and to bind and obligate the party for whom or on whose behalf he or she is signing with respect to all provisions contained in this Agreement. 19.10 Recording. This Agreement may not be recorded in the Public Records of Palm Beach County, Florida without the prior approval of both parties. 19.11 Survival. The covenants, warranties, representations, indemnities and undertakings of SELLER set forth in this Agreement, shall survive the Closing, the delivery and recording of the SELLER ’S Property Deed and PURCHASER’s possession of the Property. 1176 Purchase and Sale Agreement Page 15 of 16 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 19.12 SELLER Attorneys’ Fees and Costs. SELLER acknowledges and agrees that SELLER shall be responsible for its own attorney s’ fees and all costs, if any, incurred by SELLER in connection with the transaction contemplated by this Agreement. SIGNATURES ON FOLLOWING PAGE. 1177 Purchase and Sale Agreement Page 16 of 16 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective date. PURCHASER: BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY SELLER: ___________________________________ _____________________________________ Printed Name: Ty Penserga Printed Name: _________________________ Title: Chair Title: ________________________________ Date: ______________________________ Date: ________________________________ WITNESS: ___________________________________ Printed Name: _______________________ WITNESS: _____________________________________ Printed Name: _________________________ ESCROW AGENT ___________________________________ Lewis, Longman & Walker, P.A. Printed Name: _______________________ Date: ______________________________ 1178 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: April 9, 2024 NEW BUSINESS AGENDA ITEM 15.C SUBJECT: Discussion and Consideration of Purchase of 524 NW 3rd Street SUMMARY: CRA Staff actively pursues the purchase of properties within the BBCRA District in order to spur redevelopment opportunities in accordance with the 2016 Boynton Beach Community Redevelopment Plan. The vacant property located at 524 NW 3rd Street is located within the Heart of Boynton District (Attachment I & II). The property is approximately 8,476.78 square feet (0.1946 acres) and zoned R1A-Single Family, 6 DU/AC. The future development would be low density residential (LDR) 5 DU/AC. The development potential would allow low density residential with a maximum density of 7.5 units per acre and a maximum height of 45'. The CRA has successfully partnered with Habitat for Humanity and the Boynton Beach Faith Based Community Development Corporation in using such infill lots to fulfill its mission of providing affordable housing within the BBCRA Districts. The property is currently listed for sale at $199,999.00 (Attachment III) and was appraised on February 17, 2024 for $195,000.00 (see Attachment IV). The seller has accepted the appraised value for the property and provided an executed Purchase and Sale Agreement (Attachment V). This is comparable to the square footage cost of recent CRA acquisitions in the Heart of Boynton District (Attachment VI). This item is being brought before the Board for discussion on the potential purchase of the vacant lot. Due diligence would be performed as part of the purchasing process. FISCAL IMPACT: Purchase Price to be determined by the Board. FY 2023-2024 Budget, Project Fund, Line Item 02-58200-401 CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan - Heart of Boynton District CRA BOARD OPTIONS: 1. Approve the purchase of 524 NW 3rd Street in the amount of $195,000.00 and allow the Chair to execute the Purchase and Sale Agreement. 2. Do not approve the purchase of the vacant lot located at 524 NW 3rd Street. 1179 •Attachment I - Location Map •Attachment II - Heart of Boynton District •Attachment III - MLS 524 NW 3rd Street •Attachment IV - Appraisal PDF 524 NW 3 Street •Attachment V - Purchase and Sale Agreement - 524 NW 3rd Street - Seller Executed •Attachment VI - HOB Comparable - 524 NW 3rd Street 3. Alternative direction as provided by the CRA Board. ATTACHMENTS: Description 1180 1181 105 Heart of Boynton District Introduction Planning Challenges Planning Considerations The Vision Recommendations 1182 106D.District PlansIntroduction The Heart of Boynton District is a 380-acre neighborhood developed predominantly with single-family homes. The neighborhood has several parks, two public schools and numerous churches. Unfortunately, it has been the victim of disinvestment over the last 50 years. The two Census blocks of Tract 61 which encompasses this District have the median household income of $20,848, the lowest in the City. To counter the decline of the neighborhood, in 2001 the CRA and City adopted the Heart of Boynton Community Redevelopment Plan. The Plan was updated in 2014 to reflect the achievements of the original plan and add new projects to reflect the current market conditions. A number of recommendations of the original CRA Plan have been implemented, including: • The demolition of the Cherry Hill public housing project • The redevelopment of the Boynton Terrace site – Ocean Breeze West – into 21 single- family homes • Redevelopment of Wilson Park and into Carolyn Sims Community Center • Expansion of the Palmetto Greens Park • Redevelopment of Sara Sims Park – Master Plan created, property acquired • Streetscape Improvements on Seacrest Boulevard • Redevelopment of Martin Luther King, Jr. Boulevard – Property acquired and Family Dollar developed • Development of new housing – 60 new single family homes developed In partnership with nonprofits, the City and CRA. The Heart of Boynton District is bounded by the C. Stanley Weaver (C-Canal) canal to the north, I-95 to the west, N.E. 3rd Avenue to the south and the FEC rail line to the east. The area is within walking distance of the Cultural and Downtown Districts. A major arterial road—Seacrest Boulevard—runs through the neighborhood north/south. Martin Luther King, Jr. Boulevard, once lined with locally-owned businesses, runs east/west. There are two public elementary schools in the neighborhood, Poinciana and Galaxy. Both schools are STEM schools (Science, Technology, Engineering and Math). There are a number of parks and special use areas within the neighborhood, such as, Carolyn Sims Community Center, Galaxy Park and Scrub and Sara Sims Park. 1183 107 Boynton Beach Blvd.FEC RailroadSeacrest Blvd.MLK, Jr. Blvd. NE 3rd Ave. NNW 3rd St.NW 6th Ave. NE 11th Ave.NE 3rd St.NE 9th Ave. Figure 57: Heart of Boynton District Location Map 1184 108D.District PlansFigure 58: Example of District Planning Challenges Planning Challenges The Heart of Boynton area suffers from an aging and poorly maintained housing stock. The CRA and City, in partnership with local non-profits, continue to develop single-family homes, but there is a need for quality affordable multi-family rental housing. The problem is that—given low median household incomes—it cost more to build even modest apartments than many of the families can afford. This gap will has to be filled through some form of a subsidy. Another major deterrent to private investment is the visible blight and crime. There are still a number of small convenience stores that allow loitering and illegal activities for all to see, discouraging people to buy homes or invest in businesses within the area. The District is comprised of small parcels platted in the 1920’s – 1930’s, during Florida’s land boom. The parcels are owned by many different people making assembly of a developable site very difficult and expensive. Moreover, many owners have an unrealistic sense of the value of their property. Over the years, the neighborhood has lost most of their retailers and service providers. There is no full service grocery store and only one take- out restaurant. The majority of commercial use is represented by convenience stores. A new Family Dollar store at the corner of Martin Luther King, Jr. Boulevard and Seacrest Boulevard has been a welcome addition, but there is a need for more retail services. The neighborhood is bifurcated by a four- lane Seacrest Boulevard, which has only one signalized pedestrian crossing even though there are two elementary schools in the neighborhood. The width of the road and drive aisles encourage speeding through the neighborhood; clearly, the road is not presently designed at a neighborhood scale. Both Seacrest Boulevard and Martin Luther King, Jr. Boulevard have older, ill-maintained power poles with overhead utilities, causing a “visual blight.” 1185 109 Planning Considerations Several factors were considered in determining the land use designations for the Heart of Boynton District. A future commuter rail station for the planned Tri- Rail Coastal Link service, which will serve the South Florida metropolitan region, is planned for downtown at N.E. 4th between Ocean Avenue and Boynton Beach Boulevard. To improve land development patterns in advance of station development, the City adopted a Downtown Transit Oriented Development District (DTOD), covering a ½ mile radius around the station’s location, including a portion of the Heart of Boynton. The DTOD district regulations support increased intensity of development through a 25% density bonus. A second consideration is the Transportation Concurrency Exception Area (TCEA) which, in addition to the residential exception area applicable east of I-95, exempts all development from the Palm Beach County traffic concurrency requirements thus allowing denser development. The Plan recommends increasing density within the area where the TCEA and TOD designations overlap. However, because this District is a low- scale neighborhood, no increase in height over 45’ is recommended. Historic District. There are a significant number of historic cottages located along both sides of NE 3rd Avenue and the south side of NE 4th Avenue between N. Seacrest Boulevard and NE 1st Street. In order to protect these cottages while allowing commercial redevelopment of the south side of NE 3rd Avenue, the Plan recommends that: • The historic cottages from the south side of NE 3rd Avenue be relocated to the vacant lots on the north side of NE 3rd Avenue. • On completion of the relocations, a historic district, tentatively called Shepard Funk Addition Historic Cottage District, be created within the block enclosed by N. Seacrest Boulevard, NE 1st Street, NE 3rd Avenue, and NE 4th Avenue. Figure 59: Historically significant cottages in the HOB 1186 110D.District PlansVision The Heart of Boynton area will become a model neighborhood, with its unique character and history preserved. The vision includes enriching the original vernacular architecture of the neighborhood, investing in housing and commercial uses, and connecting both through the pedestrian and vehicular networks. Recommendations: Streetscape Streetscape enhancements are recommended for the Seacrest Blvd and Martin Luther King Jr. Blvd. The space for these enhancements may be obtained through either right-of-way dedications or public easements. The enhancements should include: • Implement a Complete Streets program for Seacrest Boulevard and ML K Jr. Boulevard to accommodate bike lanes and bike racks, widening of sidewalks, decorative street lights, street furniture, and on-street parking. • Marking of major intersections with materials such as pavers, paint, etc. • Enhanced median landscaping • Bus shelters (will be required as part of new construction) • Additional signalized pedestrian crossings (including mid-block) along Seacrest BoulevardAddition of canopy street trees • Creation of a Pedestrian Zone adjacent to the right-of-ways that is inviting, safe and includes: • Minimum 8’ wide clear sidewalk • Decorative light poles at both the vehicular and pedestrian scales • Require installation of canopy trees that provide immediate shading at time of construction • Undergrounding of overhead utilities • Creation of a greenway to connect the greenway proposed along NW 1st Avenue, Sara Sims Park, and Wilson Park per the Connectivity Plan • Creation of an eco-trail to connect the existing scrub and linear parks per the Connectivity Plan 1187 111 Figure 60: Seacrest Blvd Streetscape Area Figure 61: MLK JR. Blvd. Streetscape Area Figure 62: MLK JR. Blvd. Street Section 1188 112D.District PlansRecommendations: Land Use The existing land use designations within the Heart of Boynton District are: • Low Density Residential – 5 units per acre (all of this land use designation is concentrated on the west side of Seacrest Boulevard. • Medium Density Residential – 10 units per acre (this land use designation is concentrated on the east side of Seacrest Boulevard) • High Density Residential – 11 units per acre (currently over the Ocean Breeze West development and along W. Seacrest from N.W. 8th to N.W. 9th) • Mixed-Use – 40 units per acre (this land use designation is placed on the CRA-owned Ocean Breeze East block and on CRA-owned property along MLK, Jr. Boulevard) • Local Retail Commercial, General Commercial, Industrial, Recreational, and Public & Private Governmental/Institutional Below is a table of the proposed land use and zoning designations that will apply within the Federal Highway Corridor District: Table 7: Recommended Future Land Use (FLU) Classifications within the Heart of Boynton District *Properties located within the TOD may recieve a 25% density bonus * 1189 113 Boynton Beach Blvd.Seacrest Blvd.MLK Jr. Blvd.NW 3rd St.NE 3rd St.NW 6th Ave. NE 9th Ave. N LDR MUM MUL MDR HDR GC I R PBG/I Figure 63: Recommended Land Use for the Heart of Boynton District 1190 114D.District PlansRecommendations: Urban Design • There are three architectural styles of historic structures in the Heart of Boynton: Mission, Frame Vernacular, and Mediterranean Revival. When building in this District, new development shall attempt to utilize one of these architectural styles. • A Historic Cottage District should be considered adjacent to the proposed Cottage District; where feasible, historically contributing cottages in the area shall be relocated in the Historic Cottage District. • Commercial buildings fronting MLK Jr., Boulevard and/or Seacrest Boulevard shall maximize the amount of glazing. • Residential buildings fronting MLK Jr., Boulevard and/or Seacrest Boulevard shall be designed to have pedestrian access from the main road and have front door facing the main road. • All buildings along MLK Jr., Boulevard and/or Seacrest Boulevard shall be set back to allow for a pedestrian zone. • Approximately 75% of the lot frontage must be occupied by structure and be adjacent to the pedestrian zone. • Buildings fronting MLK Jr., Boulevard shall be a maximum of two story and stepped back to continue to the maximum allowed height in the designated Zoning District. • Parking shall be located to the rear or side of the buildings • Curb cuts shall be permitted on Boynton Beach Blvd only when access is not possible from the rear or side. • When adjacent to commercial uses, single-family areas shall be protected through the use of landscape buffers and/or walls as appropriate. Figure 64: Heart of Boynton Projects 1191 115 Sara Sims Park Expansion Working with residents of the community, the CRA and its consultant created a master plan for the expansion and improvement of Sara Sims Park. The CRA has also purchased seven properties and deeded them to the City in preparation for the eventual expansion of the park. Staff will review the feasibility of converting a portion of Sara Sims Park Master Plan, along the western boundary, from Recreational Land Use to Single Family. This process shall include a public meeting, the Parks and Recreation Board review and recommendation, and CIty Commision approval. Ocean Breeze East The CRA owns 4.5 acres of vacant land east of Seacrest Boulevard between N.E. 6th and 7th Avenues. The CRA is seeking a private development partner to build a multi-family project on the site. Cottage District The CRA owns approximately 5 acres on the block between N.E. 4th and 5th Avenue. The CRA’s goal for this site is to attract a private development partner to build single-family for-sale homes in the style of the surrounding historic cottages. MLK Commercial Leveraging CRA-owned land and economic development grants, the CRA was able to bring a Family Dollar store to the Martin Luther King, Jr. Boulevard corridor in 2015. The CRA owns additional land on the corridor and continues to work with developers to attract new and needed neighborhood retail. MLK Multi Family Utilizing CRA-owned land, the CRA is seeking to attract a private development partner to build a multi- family development along the Martin Luther King, Jr. Boulevard corridor. The development may include commercial uses. Figure 65: Sara Sims Expansion Figure 66: Ocean Breeze East Figure 67: Cottage District 1192 116D.District PlansFigure 68: Example of a Commercial Project on MLK Jr. Blvd. 1193 117 Figure 69: Example of Multi Family Project on MLK Jr. Blvd. 1194 1195 A P P R A I S A L R E P O R T VACANT LAND 524 NORTHWEST 3RD STREET BOYNTON BEACH, FLORIDA 33435 by Vance Real Estate Service 7481 Northwest Fourth Street Plantation, Florida 33317-2204 for Boynton Beach Community Redevelopment Agency 100 E. Ocean Avenue Boynton Beach, FL 33435 February 17, 2024 1196 MBA in REAL ESTATE DEVELOPMENT & MANAGEMENT 7481 Northwest 4th Street, Plantation, FL 33317-2204 954/583-2116 vanceval@att.net February 29, 2024 Boynton Beach Community Redevelopment Agency 100 East Ocean Avenue Boynton Beach, FL 33435 RE: Vacant Land, 0.1946 acres, 524 Northwest 3rd Street, Boynton Beach, FL 33435 (Legal description is in the report.) Ladies and Gentlemen: In fulfillment of our agreement, we transmit our Appraisal Report, in which we develop an opinion of market value for the fee simple estate in the referenced real property as of February 17, 2024. The report sets forth our value conclusion, along with data and reasoning supporting our value opinion. This report was prepared for and our professional fee billed to the client and intended user, Boynton Beach Community Redevelopment Agency. Our analyses have been prepared in conformance with the Uniform Standards of Professional Appraisal Practice. This report is for exclusive use of the client and intended user for possible acquisition of the appraised property. Jesse B. Vance, Jr. and Claudia Vance visited the property. If you have questions or further needs, please contact the undersigned. As a result of our analyses, we have developed the following opinion of market value of the appraised property, subject to definitions, certifications, and limiting conditions set forth in the attached report. ONE HUNDRED NINETY-FIVE THOUSAND DOLLARS $195,000 (THIS LETTER MUST REMAIN ATTACHED TO THE REPORT WITH SIXTY-THREE (63) NUMBERED PAGES FOR THE VALUE OPINION SET FORTH TO BE CONSIDERED VALID.) Respectfully submitted, Jesse B. Vance, Jr., MAI, SRA, ASA State-Certified General Real Estate Appraiser RZ-85 Claudia Vance, MAI State-Certified General Real Estate Appraiser RZ-173 1197 TABLE OF CONTENTS Page Number Title Page i Letter of Transmittal ii Table of Contents iii INTRODUCTION 4 Photographs of the Subject Property 5 1-3-5 Mile Location Map 8 1-3-5 Mile Demographic Statistics 9 Summary of Important Facts and Conclusions 11 DESCRIPTIONS, ANALYSES, & CONCLUSIONS 12 Identity of Client and Intended User 13 Intended Use 13 Identification of Real Estate Appraised 13 Ownership 13 Property Address 13 Legal Description 13 Real Estate Tax Analysis 14 Market Area Description 15 Land Use & Zoning 21 Site Description 23 Real Property Interest Appraised 23 Appraisal Purpose and Definition of Market Value 23 Effective Dates of the Appraisal and Report 24 Scope of the Work 24 Summary of Information Considered 25 Property History 26 Highest and Best Use 26 SALES COMPARISON APPROACH 29 Land Sales location map 30 Land Sales documentation 33 Land Sales Comparison & Adjustment Chart 38 Valuation by the Sales Comparison Approach 39 FINAL VALUE OPINION 43 Certification and Limiting Conditions 44 ADDENDA 46 Acquiring deed 47 Zoning and land use map 49 Boynton Beach CRA recommended land use map 50 “R-1-A” zoning information 51 USPAP Standards Rule 2-2a 55 Qualifications of the Appraisers 59 1198 INTRODUCTION 4 1199 LOOKING NE AT APPRAISED LAND LOOKING EAST AT APPRAISED LAND Picture Page 1 5 1200 LOOKING NORTH AT NW 3RD STREET LOOKING SOUTH AT NE 3RD STREET Picture Page 2 6 1201 AERIAL VIEW OF THE APPRAISED LAND 524 NORTHWEST 3rd STREET BOYNTON BEACH, FL 334335 7 1202 1-3-5 MILE RADII FROM VALUED REAL ESTATE 524 NW 3 STREET BOYNTON BEACH, FLORIDA 33435 8 1203 Executive Summary 524 NW 3rd St, Boynton Beach, Florida, 33435 4 Prepared by Esri 524 NW 3rd St, Boynton Beach, Florida, 33435 Latitude: 26.53159 Rings: 1, 3, 5 mile radii Longitude: -80.06808 1 mile 3 miles 5 miles Population 2010 Population 16,245 84,938 189,032 2020 Population 18,541 97,353 211,730 2023 Population 19,352 99,224 215,777 2028 Population 20,649 100,531 216,947 2010-2020 Annual Rate 1.33%1.37%1.14% 2020-2023 Annual Rate 1.33%0.59%0.58% 2023-2028 Annual Rate 1.31%0.26%0.11% 2020 Male Population 48.3%47.4%47.6% 2020 Female Population 51.7%52.6%52.4% 2020 Median Age 39.8 44.5 46.4 2023 Male Population 48.5%47.8%47.8% 2023 Female Population 51.5%52.2%52.2% 2023 Median Age 39.5 45.5 47.8 In the identified area, the current year population is 215,777. In 2020, the Census count in the area was 211,730. The rate of change since 2020 was 0.58% annually. The five-year projection for the population in the area is 216,947 representing a change of 0.11% annually from 2023 to 2028. Currently, the population is 47.8% male and 52.2% female. Median Age The median age in this area is 47.8, compared to U.S. median age of 39.1. Race and Ethnicity 2023 White Alone 36.1%52.3%55.3% 2023 Black Alone 48.6%27.9%23.9% 2023 American Indian/Alaska Native Alone 0.3%0.5%0.6% 2023 Asian Alone 1.1%2.3%2.6% 2023 Pacific Islander Alone 0.0%0.0%0.0% 2023 Other Race 5.3%6.0%6.4% 2023 Two or More Races 8.6%10.9%11.2% 2023 Hispanic Origin (Any Race)14.2%18.1%19.1% Persons of Hispanic origin represent 19.1% of the population in the identified area compared to 19.4% of the U.S. population. Persons of Hispanic Origin may be of any race. The Diversity Index, which measures the probability that two people from the same area will be from different race/ethnic groups, is 73.7 in the identified area, compared to 72.1 for the U.S. as a whole. Households 2023 Wealth Index 58 85 105 2010 Households 5,929 36,568 80,992 2020 Households 6,943 41,515 89,661 2023 Households 7,355 42,860 92,111 2028 Households 8,012 43,776 93,342 2010-2020 Annual Rate 1.59%1.28%1.02% 2020-2023 Annual Rate 1.79%0.99%0.83% 2023-2028 Annual Rate 1.73%0.42%0.27% 2023 Average Household Size 2.59 2.28 2.31 The household count in this area has changed from 89,661 in 2020 to 92,111 in the current year, a change of 0.83% annually. The five-year projection of households is 93,342, a change of 0.27% annually from the current year total. Average household size is currently 2.31, compared to 2.33 in the year 2020. The number of families in the current year is 53,296 in the specified area. Data Note: Income is expressed in current dollars. Housing Affordability Index and Percent of Income for Mortgage calculations are only available for areas with 50 or more owner-occupied housing units. The Gini index measures the extent to which the distribution of income or consumption among individuals or households within an economy deviates from a perfectly equal distribution. A Gini index of 0 represents perfect equality, while an index of 100 implies perfect inequality. Source: U.S. Census Bureau. Esri forecasts for 2023 and 2028. Esri converted Census 2010 into 2020 geography and Census 2020 data. March 02, 2024 ©2024 Esri Page 1 of 2 9 1204 Executive Summary 524 NW 3rd St, Boynton Beach, Florida, 33435 4 Prepared by Esri 524 NW 3rd St, Boynton Beach, Florida, 33435 Latitude: 26.53159 Rings: 1, 3, 5 mile radii Longitude: -80.06808 1 mile 3 miles 5 miles Mortgage Income 2023 Percent of Income for Mortgage 33.1%29.4%31.4% Median Household Income 2023 Median Household Income $58,801 $63,525 $68,253 2028 Median Household Income $65,855 $75,061 $80,301 2023-2028 Annual Rate 2.29%3.39%3.30% Average Household Income 2023 Average Household Income $81,508 $92,591 $102,124 2028 Average Household Income $95,377 $108,527 $119,531 2023-2028 Annual Rate 3.19%3.23%3.20% Per Capita Income 2023 Per Capita Income $31,462 $40,176 $43,632 2028 Per Capita Income $37,510 $47,458 $51,465 2023-2028 Annual Rate 3.58%3.39%3.36% GINI Index 2023 Gini Index 39.5 41.4 41.4 Households by Income Current median household income is $68,253 in the area, compared to $72,603 for all U.S. households. Median household income is projected to be $80,301 in five years, compared to $82,410 for all U.S. households Current average household income is $102,124 in this area, compared to $107,008 for all U.S. households. Average household income is projected to be $119,531 in five years, compared to $122,048 for all U.S. households Current per capita income is $43,632 in the area, compared to the U.S. per capita income of $41,310. The per capita income is projected to be $51,465 in five years, compared to $47,525 for all U.S. households Housing 2023 Housing Affordability Index 73 83 78 2010 Total Housing Units 7,328 46,537 100,213 2010 Owner Occupied Housing Units 3,533 24,363 57,852 2010 Renter Occupied Housing Units 2,397 12,204 23,143 2010 Vacant Housing Units 1,399 9,969 19,221 2020 Total Housing Units 8,154 49,708 106,964 2020 Owner Occupied Housing Units 3,881 25,232 60,062 2020 Renter Occupied Housing Units 3,062 16,283 29,599 2020 Vacant Housing Units 1,258 8,191 17,390 2023 Total Housing Units 8,515 50,760 109,009 2023 Owner Occupied Housing Units 3,818 25,313 61,174 2023 Renter Occupied Housing Units 3,537 17,547 30,937 2023 Vacant Housing Units 1,160 7,900 16,898 2028 Total Housing Units 8,960 51,633 110,248 2028 Owner Occupied Housing Units 3,978 25,735 62,100 2028 Renter Occupied Housing Units 4,034 18,041 31,242 2028 Vacant Housing Units 948 7,857 16,906 Socioeconomic Status Index 2023 Socioeconomic Status Index 40.5 45.7 47.2 Currently, 56.1% of the 109,009 housing units in the area are owner occupied; 28.4%, renter occupied; and 15.5% are vacant. Currently, in the U.S., 58.5% of the housing units in the area are owner occupied; 31.7% are renter occupied; and 9.8% are vacant. In 2020, there were 106,964 housing units in the area and 16.3% vacant housing units. The annual rate of change in housing units since 2020 is 0.58%. Median home value in the area is $356,305, compared to a median home value of $308,943 for the U.S. In five years, median value is projected to change by 1.38% annually to $381,591. Data Note: Income is expressed in current dollars. Housing Affordability Index and Percent of Income for Mortgage calculations are only available for areas with 50 or more owner-occupied housing units. The Gini index measures the extent to which the distribution of income or consumption among individuals or households within an economy deviates from a perfectly equal distribution. A Gini index of 0 represents perfect equality, while an index of 100 implies perfect inequality. Source: U.S. Census Bureau. Esri forecasts for 2023 and 2028. Esri converted Census 2010 into 2020 geography and Census 2020 data. March 02, 2024 ©2024 Esri Page 2 of 2 10 1205 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS PROPERTY APPRAISED: Vacant lot 524 Northwest 3rd Street Boynton Beach, FL 33435 OWNERSHIP: Elite Ramsay Group LLC 4126 Digney Avenue Bronx, NY 10466-2020 LAND AREA: Approximately 8477 square feet or 0.1946 of an acre. Size is from public records. No sketch of survey is available for review. BUILDING IMPROVEMENTS: No structural improvements on the lot. Depreciated house was demolished and removed. CURRENT ZONING: “R-1-A”, Single Family Residential District in the city of Boynton Beach (6 dwelling units/ acre) LAND USE: “LDR”, Low Density Residential (7.5 dwelling units/ acre) CRA DISTRICT: Heart of Boynton District APPRAISAL PURPOSE: To develop an opinion of market value INTEREST APPRAISED: Fee simple CURRENT USE: Vacant HIGHEST AND BEST USE: One single-user dwelling. VALUE BY THE SALES COMPARISON APPROACH: 8,477 square feet x $23.00 per square foot (rounded to) = $195,000 ONE HUNDRED NINETY-FIVE THOUSAND DOLLARS VALUATION DATE: February 17, 2024 Exposure Time: 12 months prior to selling at the appraised value. Marketing Time: 12 months immediately following the effective date of appraisal during which time the subject property should sell at the appraised value. 11 1206 DESCRIPTIONS, ANALYSES, CONCLUSIONS 12 1207 APPRAISAL REPORT This is an APPRAISAL REPORT that complies with Standard Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice 2-2(a)(i) State the identity of the client; The client and intended user of this report is the Boynton Beach Community Redevelopment Agency. 2-2(a)(ii) State the identity of any other intended users by name or type; None 2-2(a)(iii) State the intended use of the appraisal; The intended use of the appraisal is for possible acquisition of the appraised property. 2-2(a)(iv) Contain information, documentation, and/or exhibits sufficient to identify the real estate involved in the appraisal, including the physical, legal and economic property characteristics relevant to the assignment; Owner: Elite Ramsay Group LLC 4126 Digney Avenue Bronx, NY 10466 2020 Property Address: 524 Northwest 3 Street Boynton Beach, FL 33435 Legal Description: Lot 15 and the south 20 feet of Lot 16, RIDGEWOOD HILLS, Plat Book 23, page 250, Palm Beach County, FL Census Tract No. 61 13 1208 APPRAISAL REPORT (continued) Real Estate Tax: Parcel Control Number: 08 43 45 21 16 000 0150 Land Value: $92,896 Improvement Value: (demolished) 79,509 Total Value: $172,405 Assessed Value: $172,405 Exemption Amount: - 0 - Taxable Value: $172,405 Ad Valorem Tax: $ 3,491 Non Ad Valorem Tax: 308 Total Tax: $ 3,799 Real estate tax for 2023 is not paid. There are no outstanding taxes for previous years. Properties are assessed in arrears by the county property appraiser. The tax bill is issued in November and a 4% discount is given to a tax payer if the amount is paid in November. The discount diminishes until March, when the tax is due and payable. In Florida, the taxable (assessed) value for non- homesteaded properties can be increased to a maximum of 10% per year, from tax year 2009 going forward, based on a constitutional amendment voted on by the electorate of the state. There are some exceptions which relate to school taxing districts. However, the millage of the city can increase; thus, real estate taxes can continue to increase from year to year. The 10% per year increase cap accounts for the difference between the Total Value of a property an d the Assessed Value. 14 1209 APPRAISAL REPORT Market Area Description: Boundaries and Market Composition & Transportation Infrastructure The general market area is the City of Boynton Beach in eastern -central Palm Beach County. Population of the city is about 79,000 residents; land area of the municipality is about 16 square miles situated between Delray Beach on the south and Lake Worth on the north. The town was named for an early developer, Nathan Boynton, a former major in the Union Army in the Civil War. The city was founded in 1898 and incorporated in 1920. Most of the original buildings were destroyed in the hurricane of 1926, though a few remain. Those few which were constructed in the early 1920s that are still in use have had repairs and replacements over the decades changing their historical significance. Time and economic trends take a toll on properties; thus, in 1984 a redevelopment plan was adopted for the Community Redevelopment Area (CRA) in the city. It covers 1,650 acres in the central part of the municipality west of the Intracoastal Waterway. Agriculture and farming had been important activities in past centuries in Boynton Beach. Commerce came to the area when Henry Flagler extended the Florida East Coast Railway from West Palm Beach to Miami in 1896. The railroad was the main mode of transportation to bring visitors and manufactured products to the town as well as transporting produce grown in the vicinity out of the area to other cities in the southeastern United States. Freight trains still run through the subject market area on the FEC tracts. Higher speed, passenger Brightline train runs along the FEC tract, but does not stop in Boynton Beach. There are depots in downtown Miami, downtown Fort Lauderdale and downtown West Palm Beach. Boca Raton, Aventura, Port of Miami, and Stuart are added to the list. Rail service to Orlando is operating. In the future, there may be commuter rail service along the FEC tracks with a station in downtown Boynton Beach; however, no plans have been announced. 15 1210 APPRAISAL REPORT (continued) The immediate subject market area is one of the districts in the CRA known as the Heart of Boynton (HOB), containing 380 acres. This area is the historic, older part of the CRA, with the following boundaries: Boynton Beach Canal (C-16) on the north, Florida East Coast (FEC) Railroad on the east, Interstate 95 on the west, and jagged line a few blocks north of Boynton Beach Boulevard as the south boundary, at about NE 3 Avenue. The CRA has concentrated funds and effort into revitalizing the area with new housing options and upgraded streetscapes. The CRA has purchased numerous smaller properties to assemble larger sites for redevelopment of mixed use projects. To the east of the FEC Railroad is U S Highway 1, also known as Federal Highway, the main north-south artery through eastern Palm Beach County and extends along the eastern seaboard of the United States. Heavily trafficked Federal Highway is a catalyst to redevelopment of the general market area, with residential projects planned and completed. Highway beautification projects enhanced the aesthetics of the market area. Individual properties on the east and west side of the highway have shallow depths, inhibiting redevelopment of the sites with larger commercial projects. Assemblages of adjacent properties and rezoning to mixed use will continue to facilitate revitalization of the subject market area. Seacrest Boulevard is a main north-south artery through the City of Boynton Beach and south into Delray Beach. Martin Luther King, Jr. Boulevard is an east-west thoroughfare through the Heart of Boynton. The subject market area is easily accessible by main roads and Interstate 95. Property types in the Heart of Boynton are smaller commercial establishments along the main roads, light industrial close to the FEC Railroad, municipal facilities, single family residential, small multi-family dwellings, a few apartment buildings and places of worship. As mentioned, some structures date back to the 1920’s, but most which are still usable were built in the mid-twentieth century. Municipal facilities in the immediate subject market area include parks, two elementary schools and a community center. 16 1211 APPRAISAL REPORT Projects completed in the Heart of Boynton are: • Seacrest Boulevard Streetscape • Carolyn Sims Center • Ocean Breeze West - 21 homes –joint venture with Habitat for Humanity • Construction of single family residences on Martin Luther King, Jr. Boulevard and on NW 11 Avenue, west of Seacrest Boulevard • Enhancements to Sara Sims Park including landscaping, pavilions, picnic facilities, lighting and security. Projects in progress are: • Higher density residential buildings and commercial buildings on Martin Luther King, Jr. Boulevard • Redevelopment of the Public Works site • Establishment of mixed use districts of residential and commercial • Expansion of light industrial near the FEC Railroad Population Trends The demographic survey in the beginning of the report of 1, 3, and 5 mile radial circles from the appraised property shows the median household income for 2023 in the one-mile radius is $58,801, for three miles it is $63,525, and $68,253 for the five mile circle. Median household income for Palm Beach County is $68,900. In the one-mile circle, population is 19,352. In three miles, population increases to 99,224; at five miles, it is 215,777. However, about 40% of the three and five mile circles are over the Atlantic Ocean and waterways. Annual growth rate in the one-mile circle for the next five years is anticipated to be high at 1.31%, with new multi-family residential complexes being constructed in central Boynton Beach. Annual growth rates in the three and five mile circles are slower at 0.26% and 0.11%. 56% of the housing units are owner occupied, with 28% rented. This percentage of renters is high for Palm Beach County because there are numerous multi-family dwellings in this vicinity. Vacancy is reported to be 16%; however, this amount is elevated due to the undercount of the other two categories as some residents are seasonal and not counted. Median home value in the five-mile area is $356,305 including the highly priced homes fronting the Atlantic Ocean and Intracoastal Waterway, compared to median home value of $308,943 in the United States. 17 1212 APPRAISAL REPORT Economic Trends In South Florida, as in the rest of the United States, real estate prices climbed from 2003-2006. In 2007-2008, concerns were expressed about an unsustainable upward price trend in the market. Then, the economic collapse came in fall of 2008 along with the crash in real estate prices. In 2009, there were very few sales of any type of real estate. By 2010, it appeared that the worst was over. Cash buyers started making purchases. From 2013 to 2022, sales activity and prices recuperated. The upswing in prices is due in part to scarcity of developable land. Properties were back to pre-crash prices and in most cases exceeded that level. The upward trend in real estate prices plateaued and sales volume significantly diminished in the past year due to the increase in interest rates and prices of building materials. Sales volume in 2023 was 75% lower than in 2022 across the real estate board. Some new construction projects were halted and some planned did not commence. The subject market area has examples of each case. The life cycle stage of the market area is revitalization, a period of renewal, modernization, and increasing demand. This revitalization is occurring throughout the CRA area and is influencing activity in each district. The catalyst of the revitalization in the Downtown District was 500 Ocean fronting Federal Highway, consisting of 341 residential units, 20,000 square feet of retail space and 6,000 square feet of office. Several other mixed-use projects are planned along Federal Highway such as Ocean One at 114 N Federal Highway which was finally approved for 371 apartments, 25,588 square feet of retail, and 450 parking spaces. Davis Camalier sold the site to Hyperion Group for $78.98 per square foot in December, 2021. Another Federal Highway project is comprised of thirteen parcels beginning at the northeast corner of North Federal Highway and SE 2 Avenue, then extending east. All of the existing improvements were demolished and removed to make way for Broadstone at Boynton Beach, a mixed use project with 274 dwelling unit and 13,110 square feet of retail space. Land unit sale price equates to $83.18 per square foot in May, 2022 for the initial transaction. With the project underway, there was a second sale to another developer and construction has stopped for now. 18 1213 APPRAISAL REPORT Boynton Beach Community Redevelopment Agency (CRA) accepted the proposal from Affiliated Development from five submissions to build a mixed- use project at 115 North Federal Highway. The CRA had purchased the property when improved with a church and subsequently demolished it. The size of the land offered by the CRA was 2.28 acres, including parking lots and the recent purchase of 508 East Boynton Beach Boulevard. Land purchase by Affiliated Development has not been finalized. The proposed project will b e called the Pierce, for the legendary Barefoot Mailman, Charlie Pierce. Project size will be 236 apartments, 16,800 square feet of restaurant, retail and office, and 600 space parking garage. 150 of the apartments would be for workforce housing units. Boynton Beach CRA purchased the property at 511-529 East Ocean Avenue where Hurricane Alley Raw Bar & Restaurant is located. Purchase price was $3,600,000. This property consists of three buildings with a total size of approximately 17,201 square feet on a site of 17,903 square feet. It is in the block to the south of 115 North Federal Highway and will become part of the Pierce project. Town Square, a major redevelopment project to the west of Federal Highway, covers three blocks from the south side of Boynton Beach Boulevard south to SE 2 Avenue, encompassing 16.5 acres of land. The north section covers the area of the old city hall and police station which were demolished and removed. For several years, the north and south sections of the project have sat vacant. The middle section was improved with a new City Hall, library, park, museum, amphitheatre and fire station. The former school was preserved. In April, 2023, the north and south sections were sold to Boynton Beach Town Center for a price of $44 million or approximately $126 per square foot of land. The master plan for the parcels include: o 900 residential rental units o 24,000 square feet of retail space o Parking garage for 2,000 vehicles, with 500 of these spaces for city use In addition to the transfer of the ownership of the land, other agreements and considerations were made such as a 100 year parking lease agreement with the City. The Town Square project completion is the force for other pending mixed -use projects to move forward. 19 1214 APPRAISAL REPORT In the Heart of Boynton CRA district, Ocean Breeze East is completed at 700 North Seacrest Boulevard. The development is an affordable apartment project containing 123 units, retail space, clubhouse and swimming pool. The proj ect came about by the Boynton Beach Community Redevelopment Agency selling the land and the Florida Housing Finance Corporation and TD Bank providing the financing. In the Heart of Boynton CRA district, Heart of Boynton Villages and Shops is under construction fronting the north and south sides of East Martin Luther King, Jr. Boulevard, east of Seacrest Boulevard. There will be 124 residential units, 8,530 square feet of commercial space and 218 surface parking spaces. Part of the land was transferred from the Boynton Beach CRA to Wells Landing Apartments, LLC. Wells Landing purchased four parcels from a private property owner to complete the site for the new project. Funding for the project was awarded to the property owner from the Florida Housing Finance Corporation. This project is anticipated to bring about more development along MLK Boulevard and surrounding avenues. At the southeast corner of Seacrest Boulevard and East Martin Luther King, Jr. Boulevard, the store was purchased and opened as Dollar Tree. A large section of the Cottage District from NE 4 Avenue to NE 5 Avenue, between Seacrest Boulevard and NE 1 Street is planned to be developed by Pulte Homes with workforce housing. Parcel size is 4.6513 acres, comprised of smaller lots acquired over many years to assemble a large tract of land for a transformation of a substantial part of the area. Plans are for 41 for-sale units, consisting of 19 single-family houses and 22 townhouses. Conclusion The town’s redevelopment goal is to transform Boynton Beach from a retirement community to a vibrant city where residents can enjoy living and working in an attractive setting. Boynton Beach Community Redevelopment Agency is instrumental in the renaissance of the city. The immediate subject market area of the Heart of Boynton (HOB) has the components of an appealing neighborhood with schools, parks and recreation. HOB is easily accessible by main roads and Interstate 95. 20 1215 APPRAISAL REPORT Goods and services are nearby on Boynton Beach Boulevard and U S Highway 1. With the involvement of the City of Boynton Beach and the Community Redevelopment Agency, Heart of Boynton Community Redevelopment Plan can continue to succeed in revitalizing the area. The transformation of the area is in progress. Development of real estate takes time and the right market conditions which have been positive. Upward price trend for property in the subject market area should escalate when interest rates decrease. Platting: The appraised land is one lot and part of another in an old plat, recorded prior to the effective date of current zoning regulations. Current Land Use: LDR, Low Density Residential, maximum density 7.50 dwelling units per acre This is also the future land use recommended by the Boynton Beach CRA. Zoning: “R -1-A”, Single-family Residential District, 6 dwelling units per acre, with the intent to promote the suburban character of the city by encouraging single family dwellings. Minimum lot area is 7,500 square feet; minimum lot frontage is 60 feet. There is a provision in the “R-1-A” zoning ordinance that parcels within the Heart of Boynton (HOB) that were originally platted or an existing parcel as of April 1, 2020 may use reduced development regulations to develop a single family residence: no minimum lot area per unit, no minimum lot frontage, et cetera as listed in the code. Copy of the zoning code is in the Addenda. The appraised parcel appears to meet the size standards of the “R-1-A” district; however, city officials make that determination. 21 1216 APPRAISAL REPORT Site Description: The shape of the site is a rectangular. Approximate dimensions are from public records; size is from the Palm Beach County tax roll. North boundary on adjacent property: 121 feet East boundary on service alley: 70 feet S boundary on adjacent property: 121 feet West boundary on NW 3rd Street: 70 feet Land size is approximately 8,477 square feet or 0.1946 of an acre. Utilities: All utilities are available to the site. Access: The site is accessible via NW 3 rd Street, a two-laned local road. It is two block north of Boynton Beach Boulevard, the main east-west artery in the city. NW 3 Street has streetlights, but no sidewalks. Easements: Easements are not noted on the original plat. If they exist, utility easements would be most probably around the perimeter of the lot. Improvement Description: There are no structural improvements on the site. The property owner demolished and removed a depreciated residence that was on the site. Notice of commencement for the demolition was recorded on December 30, 2022. Environmental Assessment: No assessment was available for review. 22 1217 APPRAISAL REPORT 2-2(a) (v) State the real property interest appraised; A person who owns all the property rights is said to have fee simple title. A fee simple title implies absolute ownership unencumbered by any other interest or estate. Partial interests in real estate are created by selling, leasing, et cetera. Partial estates include leased fee and leasehold estates. The interest appraised is fee simple. 2-2(a)(vi) State the type and definition of value and cite the source of the definition; The purpose of the appraisal is to develop an opinion of market value of the subject property as of February 17, 2024. MARKET VALUE: a type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal. The conditions included in market value definitions establish market perspectives for development of the opinion. These conditions may vary from definition to definition but generally fall into three categories as follows. 1. the relationship, knowledge, and motivation of the parties (i.e., seller and buyer); 2. the terms of sale (e.g., cash, cash equivalent, or other terms); and 3. the conditions of sale (e.g., exposure in a competitive market for a reasonable time prior to sale). Market value appraisals are distinct from appraisals completed for other purposes because market value appraisals are based on a market perspective and on a normal or typical premise. These criteria are illustrated in the following definition of Market Value*, provided here only as an example. Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions as follows. 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised and acting in what they consider their own best interests; 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. 23 1218 APPRAISAL REPORT * This example definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated December, 2010. Florida Court Definition: “Market Value is the price that a seller willing, but not compelled to sell, and a buyer willing, but not compelled to buy, would agree to in fair negotiations with knowledge of all the facts.” [Source: Fla. Power & Light Co., v. Jennings, 518 So.2d 895 (Fla. 1987)] 2-2(a)(vii) State the effective date of the appraisal and the date of the report; A) Effective Date of the Appraisal: February 17, 2024 B) Date of the Report: February 29, 2024 2-2(a)(viii) Summarize the scope of work used to develop the appraisal; The appraisal problem is to develop an opinion of value of the property based on its highest and best use. The appraisers visited the property. An investigation was made into the physical characteristics of the property that could affect its value. The market area was surveyed to determine its stage of the life cycle. Research was conducted to ascertain economic factors that might influence value. Data research consisted of collecting, confirming, and reporting land sales. The process included searches and analyses, inspections and confirmations, and final reporting. The appraiser examined several sources of sales data, including multiple listing service, Palm Beach County Property Appraiser’s records, the public records, and data from the appraisers’ plant. 2-2(a)(ix) Summarize the extent of any significant real property appraisal assistance; The two signatory appraisers are the only people involved in the appraisal process. 24 1219 APPRAISAL REPORT 2-2(a)(x)(1) Summarize the appraisal methods and techniques employed; (2) State the reasons for excluding any of the valuation approaches; (3) Summarize the results of analyzing the subject sales, options and listings; (4) State the value opinion and conclusion (5) Summarize the information analyzed and the reasoning that supports the analyses, opinions, and conclusions For Sales Comparison Approach, land sales are compared to each other and to the property under appraisement to arrive at an opinion of value. The information analyzed and the appraisal method used is detailed in the valuation section of the report. Further, the reasoning that supports the analyses, opinions, and conclusions is explained in the valuation section. Cost Approach is not used because no permanent structures were considered in the valuation. The Income Approach is not employed in this appraisal because most sites like the subject are purchased and not leased. Exclusion of these approaches to value still produces a creditable report. The value opinion and conclusion is stated at the end of the Sales Comparison Approach – Land Valuation. SR 1-5 When the value opinion to be developed is market value, if such information is available in the normal course of business: a) analyze all agreements of sale, options, or listings of the subject property current as of the effective date of the appraisal; Sale and listing history of the appraised property follows: 10/14/23 Listed for $199,999 09/23/23 Listed for $220,000 08/11/23 Listed for $240,000 07/12/23 Listed for $250,000 12/30/23 House demolished and removed 07/20/22 Purchased by current owner for $205,000 06/27/22 Listed for $150,000 with old house on the site 25 1220 APPRAISAL REPORT b) analyze all sales of the subject property that occurred within the three (3) years prior to the effective date of the appraisal. The last transfer of ownership by warranty deed was on July 20, 2022 for $205,000. A copy of the deed is in the Addenda. The sale and listing history of the appraised property is emblematic of market activity of the recent past. The current list price of $199,999 is close to the appraised value as vacant of $195,000. 2-2(a)(xi) State the use of the real estate existing as of the effective date and use of the real estate reflected in the appraisal; The use of the real estate on the date of valuation is vacant land, and it is this use which is reflected in the appraisal. No personal property is included in the valuation. 2-2(a)(xii) When an opinion of highest and best use was developed by the appraiser, state that opinion and summarize the support and rationale for that opinion; HIGHEST AND BEST USE OF THE PROPERTY AS VACANT Physically Possible as Vacant No soil or subsoil tests are available for review. However, surrounding land is supporting one-story residences. The land is level and filled to street grade; however, the type of fill is not known. The appraised site is one lot and part of another in an old plat, containing approximately 8,477 square feet. The shape is a rectangle. All utilities are available to the site. The site is accessible via NW 3 Street, north of Boynton Beach Boulevard. Physical constraint to develop the site is its size which governs the size of potential building and site improvements which can be placed on it. 26 1221 HIGHEST AND BEST USE OF THE PROPERTY AS VACANT Legally Permissible as Vacant Legal restrictions to the development of the site consist of land use designation, building and zoning codes, platting restrictions and restrictive covenants. Zoning is “R-1-A”, Single-family Residential District, 6 dwelling units per acre. Minimum lot area is 7,500 square feet; minimum lot frontage is 60 feet. The subject land size is 8,477 square feet; frontage is 70 feet. Size and frontage seem to meet code; city officials make that decision. Financially Feasible as Vacant The third test of Highest and Best Use is economic feasibility. Demand for a certain property type must be evident for it to be feasible. For it to be financially feasible, the use must be marketable and provide the investor with a competitive return when compared with alternate uses. The subject market area has been improved with single-family residences and small multi-family dwellings for 100 years. Structures come to the end of their useful lives, improvements are razed and the sites are redeveloped with modern projects. The appraised property is a case in point. There are other examples of this cycle throughout the subject market area. Redevelopment projects in the subject vicinity are Ocean Breeze West with 21 homes, Eastview Park by D R Horton, and new houses on West Martin Luther King, Jr. Boulevard. Habitat for Humanity will be constructing single family residences on NW 11 Avenue. Financially feasible use of the appraised land is to improve it with a single- family residence. The most probable buyer for the site is a local developer familiar with the revitalization that is occurring in the subject market area. Time for development is now with renewed interest in the neighborhood and support from the Boynton Beach Community Redevelopment Agency. Maximally Productive as Vacant In summary, the Highest and Best Use of the appraised property as vacant is to improve it with a single-family residence. Such use would be physically possible, most probably legally permissible, financially feasible and maximally productive. 27 1222 APPRAISAL REPORT 2-2(a) (xiii) Clearly and Conspicuously: State all extraordinary assumptions and hypothetical conditions; and state that their use might have affected the assignment result. There are no extraordinary assumptions or hypothetical conditions in this report. 2-2(a) (xiv) Include a signed certification in accordance with Standards Rule 2-1 See signed certification in report. 28 1223 SALES COMPARISON APPROACH LAND VALUATION 29 1224 30 1225 Land Sale 4 Land Sale 3 Land Sale 1 Land Sale 2 LAND SALES AERIAL VIEW 31 1226 AERIAL VIEW OF LAND SALE 5 1084 Highland Road, Unincorporated Palm Beach County, FL 32 1227 VACANT LAND SALES SALE NO. 1 LEGAL DESCRIPTION Lot 484, Cherry Hills, Plat Book 4, Page 58, Public Records of Palm Beach County, Florida. RECORDED O. R. Book 33776, page 1415, Palm Beach County, FL Public Records. GRANTOR JT and NH Ventures, LLC GRANTEE Vasos Sagrados, LLC DATE OF SALE August 11, 2022 LOCATION 410 NW 13th Avenue, Boynton Beach, Florida ZONING “R-2” Duplex, 10 DU per Acre (08 Boynton Beach, FL) SALE PRICE $76,000 LAND SIZE 2,748 square feet (0.0631 acres) UNITS OF COMPARISON $27.66/square foot of Land PARCEL CONTROL NO. 08-43-45-21-14-000-4840 CONDITIONS OF SALE Arm’s length cash transaction. COMMENTS Vacant lot sale. Notice of commencement was recorded for the construction of a single user residence on the lot. 33 1228 VACANT LAND SALES SALE NO. 2 LEGAL DESCRIPTION Lot 420, Cherry Hills, Plat Book 4, Page 58, Public Records of Palm Beach County, Florida. RECORDED O. R. Book 33776, page 1424, Palm Beach County, FL Public Records. GRANTOR JT and NH Ventures, LLC GRANTEE Vasos Sagrados, LLC DATE OF SALE August 11, 2022 LOCATION 409 NW 12 Avenue, Boynton Beach, Florida ZONING “R-2” Duplex, 10 DU per Acre (08 Boynton Beach, FL) SALE PRICE $76,000 LAND SIZE 2,627 square feet (0.0603 acres) UNITS OF COMPARISON $28.93/square foot of Land PARCEL CONTROL NO. 08-43-45-21-14-000-4200 CONDITIONS OF SALE Arm’s length cash transaction. COMMENTS Vacant lot sale. Notice of commencement was recorded for the construction of a single-user residence on the lot. 34 1229 VACANT LAND SALES SALE NO. 3 LEGAL DESCRIPTION Lot s 467, 468, 469 and 470, Cherry Hills, Plat Book 4, Page 58, Public Records of Palm Beach County, Florida. RECORDED O. R. Book 33942, page 481, Palm Beach County, FL Public Records. GRANTOR Freedom, 513 LLC GRANTEE Molinares Home, LLC DATE OF SALE October 31, 2022 LOCATION 502 NW 13th Avenue, Boynton Beach, Florida ZONING “R-2” Duplex, 10 DU per Acre (08 Boynton Beach, FL) SALE PRICE $170,000 LAND SIZE 10,890 square feet (0.25 acres) UNITS OF COMPARISON $15.61/square foot of Land PARCEL CONTROL NO. 08-43-45-21-14-000-4670 CONDITIONS OF SALE Arm’s length cash transaction. COMMENTS Vacant site sale. Notice of commencement was recorded for the construction of a duplex on the site. 35 1230 VACANT LAND SALES SALE NO. 4 LEGAL DESCRIPTION The East ½ of Lot 382, and all of Lot 383, Cherry Hills, Plat Book 4, Page 58, Public Records of Palm Beach County, Florida. RECORDED O. R. Book 34,509, page 115, Palm Beach County, FL Public Records. GRANTOR Dixieland Ranch, LLC GRANTEE TNR Global, LLC DATE OF SALE August 17, 2023 LOCATION 530 NW 12th Avenue, Boynton Beach, Florida ZONING “R-2” Duplex, 10 DU per Acre (08 Boynton Beach, FL) SALE PRICE $122,000 LAND SIZE 3,920 square feet (0.09 acres) UNITS OF COMPARISON $31.12/square foot of Land PARCEL CONTROL NO. 08-43-45-21-14-000-3821 CONDITIONS OF SALE Arm’s length cash transaction. COMMENTS Vacant site sale. No notice of commencement is recorded for the construction of a residence on this site yet. The property owner of the three contiguous sites to the west of the sale site is a related party to the buyer. The four sites are essentially an assemblage of land. The three western lots have recorded notices of commencement for single-user residences that are in progress of construction. 36 1231 VACANT LAND SALES SALE NO. 5 LEGAL DESCRIPTION Lot 45, River Grove, Plat Book 22, Page 8, Public Records of Palm Beach County, Florida. RECORDED O. R. Book 34614, page 1452, Palm Beach County, FL Public Records. GRANTOR Daniel Tucci-Caselli, a married man, GRANTEE Mathilda Morency, Single Woman, and Mikelson MomPremier and Kenya MomPremier, husband and wife right of survivorship. DATE OF SALE October 9, 2023 LOCATION 1084 Highland Road, Unincorporated Palm Beach County, Florida ZONING “R-M” Multi-Family (Medium Density) (00-Unincorporated) SALE PRICE $100,000 LAND SIZE 4,003 square feet (0.0919 acres) UNITS OF COMPARISON $24.98/square foot of Land PARCEL CONTROL NO. 04-43-45-09-08-000-0450 CONDITIONS OF SALE Arm’s length cash transaction. COMMENTS Vacant lot sale. No notice of commencement is recorded for the construction of a residence on this lot yet. 37 1232 LAND SALE COMPARISON & ADJUSTMENT CHART TRANSACTIONAL ADJUSTMENTS LAND SALE PRICE SALE LAND SIZE Market Conditions Market Adjusted Adjusted Price SALE PRICE/ SF DATE Sq.Ft.ZONING +5%/year Sale Price Per Sq.Ft. 1 410 NW 13 Avenue $76,000 August 11, 2022 2,748 "R-2" Duplex $5,700 $81,700 $29.73 Boynton Beach, Florida Inferior + 7.50% 2 409 NW 12 Avenue $76,000 August 11, 2022 2,627 "R-2" Duplex $5,700 $81,700 $31.10 Boynton Beach, Florida Inferior + 7.50% 3 502 NW 13th Avenue $170,000 October 31, 2022 10,890 "R-2" Duplex $12,070 $182,070 $16.72 Boynton Beach, Florida Inferior + 7.10% 4 530 NW 12th Avenue $122,000 August 17, 2023 3,920 "R-2" Duplex $3,050 $125,050 $31.90 Boynton Beach, Florida Inferior +2.50% 5 1084 Highland Road $100,000 October 9, 2023 4,003 "R-M" MF $1,650 $101,650 $25.39 Unincorp Palm Bch Cty, Fla Inferior + 1.65% SUBJECT Value Unit Value 524 NW 3 Street $195,000 02/17/2024 8,477 "R-1-A"----------$23.00 Boynton Beach, Florida Single-Family 38 1233 SALES COMPARISON APPROACH LAND VALUATION Of the several methods to develop an opinion of land value, the one considered the most reliable is the Sales Comparison Approach. In this method, sales of similar vacant parcels are compared to the site concerned; then adjusted for differences to arrive at land value. The steps of Sales Comparison in Land Valuation are: 1) Locate and collect information of recent sales of sites most similar to the land being appraised. 2) Verify the sales information with the most reliable sources, including details of financing and any special considerations or non-typical market features. 3) Select relevant units of comparison and develop a comparative analysis. 4) Compare and adjust the sales to the subject using significant, market-derived units of comparison. 5) Reconcile all value indications from the comparisons into a value opinion by this approach. The appraised property consists of one platted lot and part of another at 524 NW 3 Street, Boynton Beach, FL. Land size is approximately 8,477 square feet; zoning is “R-1-A”, single-user dwelling in the city of Boynton Beach, FL. Land use is Low Density Residential. Highest and best use for the appraised land is a single -user dwelling. Future use is the same; no increase in density is recommended. Minimum lot size in the “R-1-A” district is 7,500 square feet. The subject size of 8,477 square feet is almost 1,000 square feet larger than the size standard, making it a superadequacy for that district. Fee simple interest of the market value of the land is developed in this Sales Comparison Approach. A search was made to find recent sales of sites in the immediate subject market area or in similar areas. A property-by-property search was conducted in the Heart of Boynton CRA district. As mentioned, the volume of sales drastically dropped in 2023; thus, transactions from 2022 had to be considered in this approach to value. In October 2021, the Palm Beach County Housing Authority auctioned approximately 40 lots that it had acquired over the decades. These lots accounted for most of the vacant lot sales in the Heart of Boynton district. Zoning for these lots is “R-2”, one or two-user residential, a category with more flexibility of use than the “R-1-A” district of only single - user residential. Use in the “R-2” district is governed by the size of the lot and the date of platting. None of auction transactions were cited in this Sales Comparison Approach; however, resales of the lots from one private party to another are included due to their constituting most of the sales activity in the subject market area. Land Sales 1, 2, 3 and 4 are such resales. Land Sale 5 is a lot to the north, outside of the subject market area. It demonstrates that the price of the resales are in the range of current transactions for lots that could be improved with one-user dwellings in central Palm Beach County. All of the sales were verified through public records and parties familiar with the transactions. Details of the transactions are on the sale sheets and chart. (Continued) 39 1234 SALES COMPARISON APPROACH (Continued) The unit of comparison used by buyers and sellers of this type of property is the Sale Price per Square Foot of Land. The range of unit prices of the sales is from $15.61 to $31.12 per square foot, before adjustment. ELEMENTS OF COMPARISON Elements of comparison are the characteristics of transactions and properties that cause variation in prices paid for real estate. The Appraisal of Real Estate states that there are several basic elements of comparison that may be considered in sales comparison analysis for land valuation. The first group is termed transactional elements being: real property rights conveyed, financing terms, conditions of sale and market conditions. Adjustments for transactional elements are made, then, attention is focused on the second group, property elements. This second group of property elements consists of location, physical characteristics and use. Real Property Rights Conveyed A transaction price is always predicated on the real property interest conveyed. Property interests conveyed can either be fee simple (without tenants) or leased fee (subject to leases). An adjustment for property rights conveyed is based on whether a leased fee interest was sold with leases at, below, or above market rent. The interest valued for the subject property is fee simple. The sales were all conveyances of fee simple interests without leases or easements which were significant enough to affect the price. No adjustment is necessary for this element of comparison. Financing Terms Financing terms may have a bearing on the price paid for a property. Such terms that may affect price include assuming a mortgage at lower than current interest rates, the seller paying a buydown for the buyer to have a lower interest rate, or the seller providing financing for a transaction at lower than typical institutional rates. In all of these cases, the buyer could have paid higher prices in such transactions to obtain favorable financing. The reverse is also a possibility in which lower sale prices result from above market financing. Land Sales 1, 2, 3, 4 and 5 were cash transactions, the typical way of purchasing small tracts of land. No adjustment is made for this element of comparison. Conditions of Sale Condition of sale addresses the motivation of buyers and sellers. Such motivations include a seller accepting a lower than market price for needed cash, a lender selling a previously foreclosed property to comply with regulations imposed on the institution, or a buyer purchasing an adjacent property. Even arm's length transactions may be the result of atypical motivation, such as lack of exposure time to the market, the result of an eminent domain proceeding, or tax consideration. (Continued) 40 1235 SALES COMPARISON APPROACH (Continued) None of the land sales are transactions by lenders after foreclosures of prior mortgages on the properties. Grantees of Land Sales 1, 2, 4 and 5 appeared to have purchased the lots for the construction of single -user houses for sale to end-users. Notices of commencement for the construction of houses were recorded for Land Sales 1 and 2. Notice of commencement for the construction of a duplex was recorded for No. 3. It meets the size to permit a duplex of 4,500 square feet per unit; No. 3 contains 10,890 square feet. Grantee of Sale 4 is a related party to the grantee of the three lots purchased to the west of No. 4. The purchases of the four lots form an assemblage, with No. 4 being the last of the group. Characteristic of an assemblage, the unit sale price of the last purchase is the highest of the collection. Hence, lesser weight is placed on the unit sale price of No. 4 due this condition of sale. Market Conditions Comparable sales that occurred under different market conditions than those applicable to the subject on the effective date of the value estimate require adjustment for any differences that affect their value. The most common adjustment for market condition is time; however, the passage of time itself is not the cause of the adjustment. Market conditions which change over time are the reason to make the adjustment, such as appreciation or depreciation due to building inventory, changes in tax laws, investor's criteria, building moratoriums, fluctuation in supply and demand, et cetera. It is also possible that there is no change in market condition over time. Two of the sales occurred in 2023, and three in 2022. Some properties have had a significant increase in price during the past few years. Such increases are characteristic of the market due in part to scarcity of properties for sale and lack of land for more building. The high percentage of increase may not be representative of the price trend going forward. For buyers wanting to finance transactions, the rise in interest rates is negatively affecting the prices they can pay. Volume of sales has dropped significantly in 2023 due to the increased interest rates and buyers’ unwillingness to pay higher prices. The inflation rate in 2021 was 4.7%; in 2022, it was 8.0%. The rate began in 2023 at 6.4%, moving down to 3.4%, currently. A decrease in the inflation rate will take time to move through the financial channels and become part of the matrix that affects real estate prices. Despite the dearth of 2023 sales and slowing inflation, the change in market conditions is still positive at a moderate 5% annually. Each of the sales is adjusted upward 5% annually for market conditions to the effective date of appraisal. The amounts of the adjustments are shown on the chart. Adjustments for transactional elements of comparison were considered; now, property elements of comparison are addressed. (Continued) 41 1236 SALES COMPARISON APPROACH (Continued) Location The location of a property is a key factor in prompting a buyer to purchase it. Location encompasses many aspects such as zoning, road frontage, access, proximity to other competing properties, proximity to a market that will use the goods and services housed in a property, governmental influences, average daily traffic flow, etc. Typically, properties in a neighborhood share some of the same locational characteristics such as age, condition, and style. The appraised site and Land Sales 1, 2, 3 and 4 are in the Heart of Boynton CRA district. The land concerned and all of the land sales are platted. Zoning district for the subject is “R-1-A”, one-user dwelling; Land Sales 1, 2, 3 and 4 are in the “R-2”, one or two-user dwelling district. Land use for these parcels is medium density residential. Sales 1-4 have a development potential greater than the subject. Land Sale 5 is in a similar zoning district as the other sales of residential medium density, also with the potential of a higher density. Location/ development potential of the land sales are superior to the appraised land and are considered qualitatively in the final reconciliation. Physical Characteristics Physical characteristics to be considered for adjustments are those that cause a difference in price to be paid by the market. A wide range of such items includes land size, shape, frontage, depth, topography, view, access, functional utility, degree of readiness for development, et cetera. The parcel in question and the land sales are vacant, without old improvements that have to be removed. The main physical difference among the subject and the sales is size of the parcel. Land Sales 1 and 2 are each one very small lot. No. 3 consists of four contiguous lots, largest site in the data set with the lowest unit price. Sale 4 consists of 1.5 lots; No. 5 is one lot. The lots in the subject plat are of larger size than in the plats of the sales. The land sales exhibit a typical relationship of smaller sized lots selling for higher unit sale prices because there are fewer square feet over which the price can be distributed. Further, the appraised land consists of more than one platted lot, giving it a size that is larger than the standard size in the subject plat. The larger size lot can only be improved with a one-user dwelling, making the extra land area excessive for this market. Hence, a buyer would pay less per square foot for the subject than the adjusted prices of Land Sales 1, 2, 4 and 5, yet more than for Sale 3. Use For properties to be comparable, they should have similar uses. Highest and best use for the subject is for a one-user dwelling. Highest and best use for the Land Sales 1, 2, 4 and 5 is the same. The size of No. 3 allows it to be improved with a duplex. Use and zoning are closely linked, as will be included in the final value opinion. No adjustment is made here for the element of comparison of use. (Continued) 42 1237 SALES COMPARISON APPROACH (Continued) FINAL VALUE OPINION Following is a summary of the adjusted square foot unit sale prices for the five sales. Sale No. Adjusted Sale Price/ SF 1 $29.73 2 $31.10 3 $16.72 4 $31.90 5 $25.39 The land sales are adjusted for market conditions. The adjusted unit prices reveal the relationship of smaller sized parcels typically have higher unit prices. The appraised land is larger than all but Land Sale 3. The land sales are zoned for one or two-user dwellings; the subject is zoned for one- user. Use of the land concerned is for a single -user dwelling on a site than is larger than standard. The zoning, use and land size of the subject place its unit value in the mid-range of the extremes of the adjusted unit sale price at $23.00 per square foot. The quantity of the comparable data is sufficient to have an overview of the market for residentially zoned land in the subject market area and similar areas. The quality of the data is good in that it provides a sound basis to develop an opinion of value for the property under appraisement. Based on the analysis and conclusions presented within the report, it is our opinion that the Market Value of the Fee Simple Estate of the Subject Property, as of February 17, 2024 is: $23.00/sq.ft. of land x 8,477 square feet of land = $195,000 ONE HUNDRED NINETY-FIVE THOUSAND DOLLARS 43 1238 CERTIFICATION I certify that, to the best of my knowledge and belief, the statements contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of 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. I 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. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. The analyses, opinions and conclusions were also developed and the report prepared in conformity with the Uniform Standards of Professional Appraisal Practice, which is included in the Appraisal Institute's Standards, and Chapter 475, Part II F.S. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. The use of this report is (also) subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board. I have visited the property that is the subject of this report on February 17, 2024. Jesse B. Vance, Jr. and Claudia Vance are responsible for the analyses, conclusions and opinions concerning real estate set forth in this report. No one else has provided significant professional service to the persons signing this certification. The Appraisal Institute and the American Society of Appraisers each conduct programs of continuing education for their designated members. As of the date of this report, Jesse B. Vance, Jr. and Claudia Vance have completed the continuing education program for Designated Members of the Appraisal Institute. Continuing education programs are also completed for the American Society of Appraisers and the State of Florida. February 29, 2024 Jesse B. Vance, Jr., MAI, SRA, ASA Florida State-Certified General Real Estate Appraiser No. RZ-85 February 29, 2024 Claudia Vance, MAI Florida State-Certified General Real Estate Appraiser No. RZ-173 44 1239 CERTIFICATION AND LIMITING CONDITIONS The statements and conclusions contained in this report, subject to the limiting conditions hereafter cited, are correct to the best of the writers' knowledge. 1. The undersigned have personally inspected the subject of this report. No pertinent information has been knowingly withheld. 2. Unless specifically included, the subject is analyzed as though free and clear of liens and encumbrances. 3. No responsibility is assumed for legal matters, nor is an opinion of title rendered. Title is assumed to be good and held in Fee Simple, unless excepted. 4. Legal descriptions and property dimensions have been furnished by others; no responsibility for their correctness is assumed. Sketches which may be in the report are for illustrative purposes only. 5. Possession of any copy of this report does not carry with it the right of publication, duplication, or advertising using the writers’ names or professional designations or membership organizations. 6. The writers are not required to testify without prior agreement. 7. Neither the employment to make this appraisal nor compensation therefore is contingent on the value reported. 8. Where divisions are made between land, improvements, etc., the values estimated for each apply only under the cited use or uses. 9. The value applies ONLY as of the date of valuation stated within the report. 10. The writers certify that they have no present, past or contemplated interest in the subject of this report - unless specifically stated. 11. This report is the property of the indicated client. It may not be used by any other party for any purpose not consistent with the written function of this report without the express written consent of the writers AND client. 12. The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Practice and Conduct of the Appraisal Institute. The work also conforms to the Uniform Standards of Professional Appraisal Practice. 13. Soil or sub-soil contamination may exist from current or prior users, or users outside the property concerned. The appraisers are not qualified to detect such substances. We urge the client to retain an expert in this field if desired. 14. The appraisers have not been provided a Habitat Survey, Endangered Species Survey, or analysis by a qualified environmental specialist indicating the presence of or proximity to environmentally sensitive and/or protected land or species which could affect the use, and possibly, value of the appraised property. The appraisers are not qualified to identify these factors. We recommend that an expert be hired where there may be reasonable cause to expect the presence of any of the cited elements. 15. Jesse B. Vance, Jr. and Claudia Vance are responsible for the analyses, conclusions, and opinions of real estate set forth in this report. No one else provided significant professional assistance to the signers of this report. 16. Prospective value is based on current conditions and trends. The appraisers cannot be held responsible for unforeseeable events which might alter market conditions upon which market value opinion has been developed. 17. The appraisers certify that they have the knowledge and experience required to perform this appraisal assignment. 18. The appraisers reserve the right to amend or change this report at any time additional market information is obtained which would significantly affect the value. Jesse B. Vance, Jr., MAI, SRA, ASA State-Certified General Real Estate Appraiser No. RZ 85 February 29, 2024 Claudia Vance, MAI State-Certified General Real Estate Appraiser No. RZ 173 February 29, 2024 45 1240 ADDENDA 46 1241 47 1242 48 1243 49 1244 50 1245 C. R-1-A Single-family Residential District. 1. General. The purpose of the R-1-A zoning district is to implement the low density residential (LDR) future land use map (FLUM) classification of the Comprehensive Plan. The intent of this conventional district is to promote the suburban character of the city by preserving and encouraging single-family dwellings and structures at densities no greater than six (6) dwelling units per acre, and allowing limited types of non-residential uses. 2. Use(s) Allowed. See "Use Matrix Table 3-28" in Chapter 3, Article IV, Section 3.D. 3. Building and Site Regulations (Table 3-7). The following lot and building requirements shall be observed: BUILDING/SITE REGULATIONS 3 R-1-A District BUILDING/SITE REGULATIONS 3 R-1-A District Minimum lot area: 7,500 s.f. Minimum lot frontage: 60 feet Minimum yard setbacks: Front: 25 feet Rear: 20 feet Special rear yard setback reduction for single-story building: Abutting: I-95 or railroad tracks: 50% Abutting: Intracoastal: 50% Abutting: Lakes: 50% Abutting: Golf Course: 50% Abutting: Canals wider than 150 ft 50% Abutting: Canals narrower than 150 ft 33% Abutting: Perimeter walls of community that abut other than residential: Abutting: Commercial or Industrial 50% Abutting: Public or private park: 50% Interior side: 7.5 feet Corner side: 25 feet2 Minimum living area: 1,400 s.f. Maximum lot coverage: 45% Maximum structure height: 30 feet 51 1246 1 These special rear yard setback reduction provisions shall not supersede any setbacks that are recorded on a plat. 2 On corner lots, the side setback adjacent to the street shall be not less than one-half (½) the front yard setback. However, where orientation of adjacent lots on both street frontages provides typical front yard setbacks, the corner lot shall provide for front yard setbacks along both streets. When two (2) front yard setbacks are provided for on a corner lot, no rear yard setback shall be required, only side yard setbacks shall be imposed. 3 Parcels within the Heart of Boynton District, as defined by the CRA Community Redevelopment Plan, that (1) were originally platted or (2) an existing parcel as of April 1, 2020 may use the development regulations within this section to develop a single- family residence: Modified Development Standards* Lot Area per unit, Minimum (square feet): N/A Lot Frontage, Minimum (feet): N/A Living Area, Minimum A/C (square feet): 750 Building Setbacks, Minimum (feet): Front: 15 Interior side: 5 Corner side: 5 Rear: 10 * Parcels located within the Martin Luther King Jr. Overlay District are not eligible. 52 1247 4. Administrative Adjustments. a. For lots platted prior to August 19, 2008, the following administrative adjustments to the minimum yard setbacks for first floor additions to existing residential structures may be allowed: Front and side yard: 20% reduction Rear yard: 25% reduction These setback reduction provisions shall not supersede any setbacks that are recorded on a plat. b. An administrative adjustment may be granted if any first floor addition follows the building line of a legally nonconforming single-family structure, or a building line previously approved by a variance. c. See Chapter 2, Article II, Section 4.A. for the administrative adjustment process. 5. Accessory Structures. Walls, fences, pools, sheds, screen-roof enclosures, and other structures are regulated in accordance with Chapter 3, Article V, Supplemental Regulations. 6. Review and Approval Process. a. Single-family and duplex dwellings and accessory uses thereto shall be allowed upon application to and approval by the Building Official for structures that require a building permit pursuant to Chapter 2, Article IV, Section 2. 53 1248 b. Community and common areas, such as recreational areas, landscape buffers and tracts, and project signage may be subject to site plan review. c. Non-residential uses shall require site plan approval in accordance with Chapter 2, Article II, Section 2.F. prior to application for building permit. 7. Parking. Required off-street parking is regulated in accordance with Chapter 4, Article V, Minimum Off-Street Parking Requirements. 54 1249 SUMMARY OF USPAP (Uniform Standards of Professional Appraisal Practice) Standard Rule 2: Real Property Appraisal, Reporting In reporting the results of a real property appraisal, an appraiser must communicate each analysis, opinion, and conclusion in a manner that is not misleading. STANDARD 2 addresses the content and level of information required in a report that communicates the results of the real property appraisal. STANDARD 2 does not dictate the form, format, or style of real property appraisal reports. The substantive content of a report determines its compliance. STANDARDS RULE 2-1 Each written or oral real property appraisal report m ust: (a) clearly and accurately set forth the appraisal in a manner that will not be misleading; (b) contain sufficient information to enable the intended users of the appraisal to understand the report properly; and (c) clearly and accurately disclose all assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions used in the assignment. STANDARDS RULE 2-2 Each written real property appraisal report m ust be prepared under one of the following options and prominently state which option is used: Appraisal Report or Restricted Appraisal Report. An appraiser may use any other label in addition to, but not in place of, the labels set forth in this Standards Rule for the type of report produced. The use of additional labels such as analysis, consultation, evaluation, study, or valuation does not exempt an appraiser from adherence to USPAP. The report content and level of information requirements in this Standards Rule are minimal for each type of report. An appraiser must supplement a report form, when necessary, to insure that any intended user of the appraisal is not misled and that the report complies with the applicable content requirements. (a) The content of an appraisal report must be appropriate for the intended use or the appraisal and, at a minimum: (i) state the identity of the client, or if the client requested anonymity, state that the identity is withheld at the client’s request but is retained in the appraiser’s workfile; (ii) state the identity of any other intended users by name or type; (iii) state the intended use of the appraisal; (iv) contain information, documents, and/or exhibits sufficient to identify the real estate involved in the appraisal, including the physical, legal, and economic property characteristics relevant to the assignment; (v) state the real property interest appraised; (vi) state the type and definition of value and cite the source of the definition; (vii) state the effective date of the appraisal and the date of the report; (viii) summarize the scope of work used to develop the appraisal; (ix) summarize the extent of any significant real property appraisal assistance; 55 1250 SUMMARY OF USPAP (Uniform Standards of Professional Appraisal Practice) Standard Rule 2: Real Property Appraisal, Reporting (x) provide sufficient information to indicate that the appraiser complied with the requirements of STANDARD 1 by: (1) summarizing the appraisal methods and techniques employed; (2) stating the reasons for excluding the sales comparison, cost, or income approach(es) if any have not been developed; (3) summarizing the results of analyzing the subject sales, options, and listings in accordance with Standards Rule 1-5; (4) stating the value opinion(s) and conclusions(s); and (5) summarizing the information analyzed and the reasoning that supports the analyses opinions, and conclusions, including reconciliation of the data and approaches; (xi) state the use of the real estate existing as of the effective date and the use of the real estate reflected in the appraisal; (xii) when an opinion of highest and best use was developed by the appraiser, state that opinion and summarize the support and rationale for that opinion; (xiii) clearly and conspicuously: • state all extraordinary assumptions and hypothetical conditions, and • state that their use might have affected the assignment results, and (xiv) include a signed certification in accordance with Standards Rule 2-1. STANDARDS RULE 1-5 When the value opinion to be developed is market value, if such information is available in the normal course of business: a) analyze all agreements of sale, options, or listings of the subject property current as of the effective date of the appraisal; b) analyze all sales of the subject property that occurred within the three (3) years prior to the effective date of the appraisal. 56 1251 475.611 Florida Statutes: Definitions.- (1) As used in this part, the term: (a) “Appraisal” or “Appraisal Services” means the services provided by certified and licensed appraisers or registered trainee appraisers, and includes: 1. "Appraisal assi gnment" denotes an engagement for which a person is employed or retained to act, or coul d be perceived by third parties or the public as acting, as an agent or a disinterested third party in rendering an unbiased analysis, opinion, review, or conclusion relating to the nature, quality, val ue, or utility of specified interests in, or aspects of, identified real property. 2. "Analysis assi gnment" denotes appraisal services that relate to the employer's or client's individual needs or investment objectives and incl udes specialized marketi ng, financing, and feasibility studies as well as analyses, opinions, and conclusions given in connection with activities such as real estate brokerage, mortgage banking, real estate counseling, or real estate consulting. 3. "Appraisal review assignment" denotes an engagement for which an appraiser is employed or retai ned to develop and communicate an opinion about the quality of another appraiser's appraisal, appraisal report, or work. An appraisal review may or may not contain the reviewing appraiser's opinion of value. (b) "Appraisal Foundation" or "foundation" me ans the Appraisal Foundation established on November 20, 1987, as a not-for-profit corporation under the laws of Illinois. (c) "Appraisal report" means any communicati on, written or oral, of an appraisal, appraisal review, appraisal consulting service, analysis, opini on, or conclusion relating to the nature, quality, val ue, or utility of a specified interest in, or aspect of, identified real property, and includes any report communicating an appraisal analysi s, opinion, or conclusion of value, regardless of title. However, in order to be recognized in a federally related transaction, an appraisal report must be wri tten. (d) "Appraisal review" means the act or process of developing and communicating an opinion about the quality of another appraiser's appraisal, appraisal report, or work. (e) "Appraisal subcommittee" means the designees of the heads of the federal financial institutions regulatory agencies established by the Federal Financi al Institutions Exami nation Council Act of 1978 (12 U.S.C. ss. 3301 et seq.), as amended. (f) "Appraiser" means any person who i s a registered trainee real estate appraiser, licensed real estate appraiser, or a certified real estate appraiser. An appraiser renders a professional service and is a professional within the meaning of 95.11(4)(a). (g) "Board" means the Fl orida Real Estate Appraisal Board established under thi s section. (h) “Certified General Appraiser” means a person who is certified by the department as qualified to issue appraisal reports for any type of real property (i) "Certified Residential Appraiser" means a person who is certified by the department as qualified to issue appraisal reports for residential real property of one to four resi dential units, without regard to transaction value or complexity, or real property as may be authorized by federal regulati on. (j) "Department" means the Department of Busi ness and Professi onal Regulati on. 57 1252 2020 FLORIDA STATUTES 475.628 Professional standards for appraisers registered, licensed, or certified under this part.— (1) The board shall adopt rules establishing standards of professional practice which meet or exceed nationally recognized standards of appraisal practice, including standards adopted by the Appraisal Standards Board of the Appraisal Foundation. Each appraiser registered, licensed, or certified under this part must comply with the rules. Statements on appraisal standards which may be issued for the purpose of clarification, interpretation, explanation, or elaboration through the Appraisal Foundation are binding on any appraiser registered, licensed, or certified under this part, upon adoption by rule of the board. (2) The board may adopt rules establishing standards of professional practice other than standards adopted by the Appraisal Standards Board of the Appraisal Foundation for nonfederally related transactions. The board shall require that when performing an appraisal or appraisal service for any purpose other than a federally related transaction, an appraiser must comply with the Ethics and Competency Rules of the standards adopted by the Appraisal Standards Board of the Appraisal Foundation, and other requirements as determined by rule of the board. An assignment completed using alternate standards does not satisfy the experience requirements under s. 475.617 unless the assignment complies with the standards adopted by the Appraisal Standards Board of the Appraisal Foundation. History.—ss. 9, 11, ch. 91-89; s. 4, ch. 91-429; s. 35, ch. 98-250; s. 22, ch. 2012-61; s. 9, ch. 2017-30. Title XXXII REGULATION OF PROFESSIONS AND OCCUPATIONS Chapter 475 REAL ESTATE BROKERS, SALES ASSOCIATES, SCHOOLS, AND APPRAISERS View Entire Chapter 58 1253 Jesse B. Vance, Jr., MAI, SRA, ASA, MBA Appraiser · Real Estate Analyst · Reviewer · Expert Witness Vance Real Estate Service · 7481 NW 4 Street · Plantation · Florida · 33317 Office: 954·583·2116; Cell: 954·610·2423; Email: vanceval@comcast.net Web Page: www.vancerealestateservice.com Vance Real Estate Service is a Veteran-Owned Small Business (VOSB) and Florida Certified SDVBE Minority Business Enterprise specializing in personalized real estate valuation services in Florida for over 45 years. Designated appraisers perform the appraisal work, no trainees. Jesse B. Vance, Jr., MAI, SRA, ASA, MBA and Claudia Vance, MAI are qualified as expert witnesses for eminent domain, bankruptcies, deficiency judgments, marriage dissolution, and estate valuations. Our firm values most types of real property interests for sale, mortgage loans, litigation and investment reasonably, timely and professionally. As licensed real estate brokers, we perform most other real property functions. We also do “Valuations for Financial Reporting.” PROFESSIONAL QUALIFICATIONS A) PROFESSIONAL DESIGNATIONS/ DEGREES/ LICENSES & CERTIFICATIONS MAI DESIGNATION - APPRAISAL INSTITUTE/Life Member No. 8781 SRA DESIGNATION - APPRAISAL INSTITUTE/Life Member No. 8781 ASA DESIGNATION - AMERICAN SOCIETY OF APPRAISERS (RE-Urban) #003439 MBA DEGREE - REAL ESTATE MANAGEMENT AND DEVELOPMENT STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER #RZ-85 (Florida) FLORIDA STATE LICENSED REAL ESTATE BROKER NO. BK. 91050 REGISTERED VETERAN-OWNED SMALL BUSINESS (CCR/Duns 826494957) FLORIDA CERTIFIED SDVBE BUSINESS ENTERPRISE (Minority Business Enterprise - MBE) FLORIDA “D.E.P.” APPROVED APPRAISER B) QUALIFIED AS AN EXPERT WITNESS IN REAL ESTATE VALUATION 1. U.S. Court of Appeals, Eleventh Circuit 2. U.S. District Court, Southern District of South Florida 3. U.S. District Court, New Jersey 4. U.S. Bankruptcy Court, Southern District of Florida 5. U.S. Bankruptcy Court, District of New Jersey 6. U.S. Bankruptcy Court, Western (Pittsburgh) Division of Pennsylvania 7. Florida Circuit Courts: Broward, Dade, Palm Beach, Lee, Collier, Martin, and Okeechobee Counties 8. Appraiser on landmark eminent domain cases: TESSLER, NESS TRAILER PARK, PATEL, SIMPSON v. FILLICHIO, RUBANO, PALM BEACH COUNTY (FL) vs. COVE CLUB INVESTORS, LTD. C) EXPERIENCE Over thirty-five (35) years appraising and analyzing real property interests in South Florida. Partial list: RESIDENCES, RESTAURANTS/BARS, APARTMENT BUILDINGS, OFFICE BUILDINGS HOTELS/MOTELS, CHURCHES, CONDOMINIUMS/COOPS, HOSPITALS & NURSING HOMES, VACANT LAND, GOLF COURSES, GOLF CLUBS, GASOLINE SERVICE STATIONS, MARINAS, TRAILER PARKS, SHOPPING CENTERS, BANKS/THRIFT INSTITUTIONS, BOWLING ALLEYS, P.U.D.'S, INDUSTRIAL BUILDINGS, TIME-SHARE DEVELOPMENTS, ROCK PITS, SCHOOLS, AGRICULTURAL PROPERTIES, WATER MANAGEMENT DISTRICT, MARKETABILITY, FEASIBILITY ANALYSES, INVESTMENT ANALYSES, AUTO SALES FACILITIES, LEASE VALUATIONS, TAX & ASSESSMENT APPEALS, CONDEMNATION, EXPERT WITNESS (Member National Forensic Center), BUSINESS ENTERPRISE VALUATIONS (BEV), (VFR) VALUATION FOR FINANCIAL REPORTING, AVIGATION & CLEARANCE EASEMENTS, ESTATES, DIVORCES, PLANNING/LAND USE STUDIES, HIGHEST & BEST USE ANALYSES, DEPRECIATION ANALYSES, COMPONENT APPRAISALS, ENVIRONMENTALLY SENSITIVE LAND, CONTAMINATED PROPERTIES, SUGARCANE & TURFGRASS LAND, DAY CARE CENTERS, SELF-STORAGE FACILITIES, FUNERAL HOMES, ANIMAL HOSPITALS, SUBMERGED LAND, CITY CENTERS, etc. 59 1254 D) PARTIAL LIST OF CLIENTS PRIVATE INDIVIDUALS AND CORPORATIONS, ATTORNEYS, ACCOUNTANTS, TRUST DEPARTMENTS, COMMERCIAL BANKS: Wells Fargo; BankAtlantic; SunTrust; American National Bank; Landmark Bank; City National Bank; BankUnited; Gateway American Bank; State Farm Bank; Englewood Bank & Trust; SAVINGS & LOANS, INSURANCE COMPANIES, REAL ESTATE INVESTMENT TRUSTS, & REAL ESTATE TRANSFER COMPANIES, TITLE INSURANCE COMPANIES; FLORIDA CITIES: FORT LAUDERDALE, PLANTATION, COOPER CITY, TAMARAC, LAUDERHILL, BOCA RATON, DEERFIELD BEACH, OAKLAND PARK, WILTON MANORS, HOLLYWOOD, WEST PALM BEACH, DELRAY BEACH, HALLANDALE, PEMBROKE PINES, COOPER CITY, TOWN OF DAVIE, TOWN OF SOUTHWEST RANCHES, MIRAMAR. FLORIDA COUNTIES: BROWARD, PALM BEACH, COLLIER, OKEECHOBEE; BROWARD COUNTY BOARD OF COUNTY COMMISSIONERS; OKEECHOBEE BOARD OF COUNTY COMMISSIONERS. SCHOOL BOARD OF BROWARD COUNTY, FLORIDA, BROWARD COUNTY HOUSING AUTHORITY, STATE OF FLORIDA DEPARTMENT OF TRANSPORTATION (DOT); STATE OF FLORIDA DIVISION OF GENERAL SERVICES(GSA); N. BROWARD GENERAL HOSPITAL DISTRICT; STATE OF FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION (Approved Vendor);U.S. TREASURY DEPARTMENT (General Counsel, I.R.S.); U.S. MARSHAL'S SERVICE – U.S. ATTORNEY’S OFFICE CENTRAL DIVISION – U.S. Dept. of Justice; VETERANS ADMINISTRATION E) EDUCATIONAL BACKGROUND - (Partial List) ACADEMIC: BACHELOR OF ARTS - Earlham College, Richmond, Indiana (1954) MBA (Nova University) - Real Estate Management & Development (National Dean's List 1991) Professional: Qualifying courses for the SRA and SREA designations from the Society of Real Estate Appraisers Qualifying courses for the MAI designation from the Appraisal Institute F) APPRAISAL TEACHING EXPERIENCE Licensed by the Florida Department of Education to Teach (Certificate No. 275236). Authored and taught Residential and Commercial Real Estate Appraisal Courses for Broward County Adult Education Program. Taught Course 101 - Society of Real Estate Appraisers. Taught Course 201 - Society of Real Estate Appraisers. Taught Appraisal Seminars - Board of Realtors, ASA, SREA, and AI (Appraisal Institute). Adjunct Professor, University of Florida Division of Continuing Education: (taught Course 2, "Real Estate Principles and Practices" to prospective Florida Real Estate Brokers). G) PROFESSIONAL OFFICES HELD/AWARDS NATIONAL B.O.D. MEMBER - BOARD OF DIRECTORS of APPRAISAL INSTITUTE (2006- 2008) AWARD - Appraisal Institute “NATIONAL PRESIDENTS AWARD” 2008 AWARD - Appraisal Institute “LIFETIME ACHIEVEMENT AWARD” 2011 For “high ethical standards, contributions to the Appraisal Institute, Community and Appraisal Profession for at least 20 years.” CHAIR - REGION X - All of Florida - Appraisal Institute (2008) VICE-CHAIR - REGION X - All of Florida - Appraisal Institute (2007) THIRD DIRECTOR - REGION X - All of Florida - Appraisal Institute (2006) FINANCE OFFICER - REGION X – All of Florida – Appraisal Institute (2006) PRESIDENT - BROWARD COUNTY, SOCIETY OF REAL ESTATE APPRAISERS PRESIDENT - BROWARD COUNTY, AMERICAN SOCIETY OF APPRAISERS CHAIR - FLA. STATE GOVERNMENT RELATIONS SUBCOMMITTEE OF AI CHAIR - FLA. STATE LEGISLATION & REGULATION SUBCOMMITTEE OF AI G) PROFESSIONAL OFFICES HELD/AWARDS CHAIR - FLORIDA REALTORS COMMITTEE ON COMMITTEE REFORMS CHAIR - EDUCATION COMMITTEE, FT. LAUDERDALE CHAPTER AI CHAIR - CANDIDATES GUIDANCE COMMITTEE, FT .LAUDERDALE CHAPTER AI CHAIR - NATIONAL Valuation for Financial Reporting PROJECT TEAM OF AI VICE CHAIR & MEMBER - NATIONAL GOVERNMENT RELATIONS COMMITTEE OF AI (15 Years) MEMBER - NATIONAL LONG RANGE PLANNING COMMITTEE OF AI MEMBER - NATIONAL PUBLIC AFFAIRS COMMITTEE OF AI DIRECTOR - REGION X (Florida ) Appraisal Institute MEMBER - REGION X (FLORIDA) ETHICS AND COUNSELING PANEL 60 1255 DIRECTOR - BROWARD COUNTY, FLORIDA SOCIETY OF REAL ESTATE APPRAISERS DIRECTOR - SOUTH FLORIDA CHAPTER AMERICAN SOCIETY OF APPRAISERS MEMBER - NATIONAL EXPERIENCE REVIEW PANEL MEMBER OF AI SPECIAL MASTER - BROWARD COUNTY BOARD OF TAX ADJUSTMENT COMMISSIONER - 17TH JUDICIAL CIRCUIT COURT, Broward County, FL MEMBER - 2013 APPRAISAL INSTITUTE NATIONAL BUSVAL PROJECT TEAM H) PROFESSIONAL PUBLICATIONS & PRESENTATIONS Wrote and taught a basic Residential Appraisal Course for the Broward County Adult Education Div. of the Dept. of Education; Wrote and taught an Income Appraisal Course for the Broward County Adult Education Division of the Department of Education; Co-authored and taught an appraisal course on Mortgage-Equity Capitalization for the American Society of Appraisers. Authored and taught a Florida State and Appraisal Institute 3-hour accredited course in "The Legislation, Regulation and Appraisal of Real Property Rights in Florida September 7, 1996. Presentation on “Gramm-Leach -Bliley” Federal Privacy Act of 1999 for South Florida Chapter of American Society of Appraisers on October 24, 2001. Presented 3-hour Florida CEU-credit seminar on “Appraisers and the Gramm-Leach-Bliley Act” before the South Florida Chapter of the Appraisal Institute on July 27, 2002. Presenter at 6.5 Hour CLE-credit Attorney Seminar on Florida Eminent Domain, “Valuation and Damage Issues” February 2, 2006, Fort Lauderdale, Florida I) CIVIC INVOLVEMENT MEMBER OF ROTARY INTERNATIONAL / PAUL HARRIS FELLOW MEMBER OF THE GREATER FORT LAUDERDALE OPERA GUILD MEMBER FLORIDA PHILHARMONIC BROWARD TRUSTEES MEMBER OF THE BROWARD COUNTY LIBRARY SUPPORT GROUP ("BYBLOS") MEMBER CIRCLE OF FRIENDS – NOVA SOUTHEASTERN LIBRARY FOUNDATION MEMBER NOVA SOUTHEASTERN UNIVERSITY ALUMNI ASSOCIATION MEMBER OF THE FORT LAUDERDALE HISTORICAL SOCIETY MEMBER OF THE BROWARD COUNTY MUSEUM OF THE ARTS MEMBER OF THE FORT LAUDERDALE / BROWARD COUNTY CHAMBER OF COMMERCE MEMBER OF THE BETTER BUSINESS BUREAU OF SOUTH FLORIDA LIFETIME HONORARY MEMBER FLORIDA SHERIFF’S ASSOCIATION MEMBER NATIONAL & FT. LAUDERDALE COUNCILS U.S. NAVY LEAGUE U.S. ARMY VETERAN WWII (RA 17212681) - HONORABLE DISCHARGE 1949 61 1256 Claudia Vance, MAI Appraiser · Real Estate Analyst · Reviewer Vance Real Estate Service · 7481 NW 4 Street · Plantation · FL · 33317 Office: 954·583·2116 Cell: 954·647·7148 Email: vanceval@att.net Web Site: www.vancerealestateservice.com Vance Real Estate Service is a Veteran-Owned Small Business (VOSB) and Florida Certified SDVBE Minority Business Enterprise specializing in personalized real estate valuation services in Florida for over 40 years. Designated appraisers perform the appraisal work, no trainees. Our appraisals are used for financial/ mortgage loan purposes from large mixed use complexes to small owner - occupied properties. We have the qualifications for appraisals submitted to SBA. Jesse B. Vance, Jr., MAI, SRA, ASA and Claudia Vance, MAI are qualified as expert witnesses for eminent domain, deficiency judgments, marriage dissolution, and estates. Our firm values most types of real property interests, timely, professionally, and at competitive costs. PROFESSIONAL QUALIFICATIONS A) PROFESSIONAL DESIGNATIONS/ LICENSES MAI Designation - APPRAISAL INSTITUTE No. 9451 State-Certified General Real Estate Appraiser No. RZ-173 Florida State Licensed Real Estate Broker No. BK 0161305 VOSB Veteran-Owned Small Business (CCR/Duns 826494957) B) WORK HISTORY 1983 - Current Vice President - Vance Real Estate Service 1981 – 1983 President - The Appraisal Company, Fort Lauderdale, Florida C) QUALIFIED AS AN EXPERT WITNESS IN REAL ESTATE VALUATION U.S. Bankruptcy Court, Southern District of Florida Florida Circuit Court: Broward County D) PROFESSIONAL DEVELOPMENT PROGRAM REGISTRIES Valuation of Sustainable Buildings: Commercial Valuation of Sustainable Buildings: Residential E) EXPERIENCE: 40+years appraising and analyzing real property interests in South Florida. F) APPRAISER SPECIAL MAGISTRATE FOR THE BROWARD CO VALUE ADJUSTMENT BOARD 2002-2010 Partial list of real property types valued: High value residences, Condominiums/ Co -operatives, Office, Industrial, Multi-family, Restaurants/ bars, Auto dealerships, City Centers, Hotels/ motels, Houses of worship, Schools, Child care centers, Self-storage, Funeral home, Animal Hospital, Mixed use, Nursing homes, Gas sales stations, Marinas, Mobile home parks, Shopping centers, Country clubs/ golf courses, Financial institutions, Bowling centers, Vacant land, Agricultural properties, Environmentally sensitive land Types of Reports: Market Value, Eminent Domain, Marketability, Feasibility, Highest and Best Use, Investment Analyses, Partial Interests, Easement Valuations, Estate planning, Marriage dissolution, Land use studies, Damage/ Contamination studies 62 1257 G) PARTIAL LIST OF CLIENTS – PRIVATE: Individuals, Corporations, Attorneys, Accountants, Habitat for Humanity, Seminole Tribe of Florida COMMERCIAL BANKS: Wells Fargo; BankAtlantic; SunTrust; Citigroup; Space Coast Credit Union; State Farm Bank; Florida Shores Bank; American National Bank; Landmark Bank; City National Bank; Evermore Bank National Bank SAVINGS & LOANS, INSURANCE COMPANIES, REAL ESTATE INVESTMENT TRUSTS, & REAL ESTATE TRANSFER COMPANIES, TITLE INSURANCE COMPANIES FLORIDA CITIES: Fort Lauderdale, Plantation, Cooper City, Deerfield Beach, Tamarac, Oakland Park, Wilton Manors, North Lauderdale, Davie, Pembroke Pines, Hallandale Beach, Lauderhill, Southwest Ranches, Miramar, Boca Raton, Boynton Beach, West Palm Beach, Delray Beach FLORIDA COUNTIES and AGENCIES: Broward, Palm Beach, Broward County Board of County Commissioners, School Board of Broward County, Broward County Housing Authority, Fort Lauderdale Community Redevelopment Agency, Boynton Beach Community Redevelopment Agency STATE OF FLORIDA Department of Transportation (FDOT), Department of Environmental Protection U.S. Department of Veterans Affairs, U.S. Department of Treasury (IRS), U.S Marshall’s Service, U.S. Attorney H) EDUCATIONAL BACKGROUND Academic: Bachelor of Arts Degree – University of New Orleans, New Orleans, LA – Major: English Professional: Qualifying courses for the MAI designation I) PROFESSIONAL INVOLVEMENT Region X Representative of the Appraisal Institute 2006 – 2009 President of the South Florida Chapter of the Appraisal Institute - 2003 First Vice-President of the South Florida Chapter of the Appraisal Institute -2002 Second Vice-President of the South Florida Chapter of the Appraisal Institute -2001 Secretary of the South Florida Chapter of the Appraisal Institute -2000 Treasurer of the South Florida Chapter of the Appraisal Institute - 1999 Chair of the Education Committee of the S. Florida Chapter of the Appraisal Institute - 1995, 1996, 1997, 1998, 2007- 2018 Director of the South Florida Chapter of the Appraisal Institute 1996 - 1998 Member of Region X (Florida) Ethics and Counseling Panel –AI Newsletter Editor of the South Florida Chapter of the Appraisal Institute – 2020-current Graduate of the Florida REALTORS Institute (GRI) J) CIVIC INVOLVEMENT Member of the Navy League of the United States – Fort Lauderdale Council Lifetime Honorary Member- Florida Sheriff’s Association Member of Zeta Tau Alpha Alumnae Fraternity 63 1258 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 PURCHASE AND SALE AGREEMENT This Purchase and Sale Agreement (hereinafter “Agreement”) is made and entered into as of the Effective Date (hereinafter defined), by and between BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY, a public agency created pursuant to Chapter 163, Part III, of the Florida Statutes (hereinafter “PURCHASER”) and ELITE RAMSAY GROUP, LLC (hereinafter “SELLER”). In consideration of the mutual covenants and agreements herein set forth, the Parties hereto agree as follows: 1. PURCHASE AND SALE/PROPERTY. SELLER agrees to sell and convey to PURCHASER and PURCHASER agrees to purchase and acquire from SELLER, on the terms and conditions hereinafter set forth, the Properties located in Palm Beach County, Florida (the “Properties”) and more particularly described as follows: PCN 08-43-45-21-16-000-0150 Lots 15 and South 20 feet of Lot 16, of RIDGEWOOD HILLS, according to the Plat thereof, as recorded in Plat Book 23, Page(s) 250, of the Public Records of Palm Beach County, Florida. 2. PURCHASE PRICE AND PAYMENT. The Purchase Price to be paid for the Property shall be One Hundred Ninety-Five Thousand ($195,000.00), payable in cash, by wire transfer of United States Dollars at the Closing. 3. DEPOSIT. 3.1 Earnest Money Deposit. Within five (5) Business Days after the execution of the Purchase Agreement by both parties, PURCHASER shall deliver to Lewis, Longman & Walker, PA (“Escrow Agent”) a deposit in the amount of Five Thousand Dollars ($5,000.00) the “Deposit”). 3.2 Application/Disbursement of Deposit. The Deposit shall be applied and disbursed as follows: The Deposit shall be delivered to SELLER at Closing and the PURCHASER shall receive credit for such amount against the Purchase Price. If this Agreement is terminated during the Feasibility Period (hereinafter defined) for any reason, the Deposit shall be immediately refunded to the PURCHASER. If this Agreement is terminated due to a default, pursuant to Section 12, the Deposit shall be delivered to (or retained by, as applicable) the non-defaulting Party, and the non-defaulting Party shall have such additional rights, if any, as are provided in Section 12. PR Electronically Signed using eSignOnline™ [ Session ID : 8fa3f6ac-7e72-4699-a1a2-1efea4345ea1 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ] 1259 Purchase and Sale Agreement Page 2 of 15 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 3.3 Escrow Agent. PURCHASER and SELLER authorize Escrow Agent to receive, deposit and hold funds in escrow and, subject to clearance, disburse them upon proper authorization and in accordance with Florida law and the terms of this Agreement. The parties agree that Escrow Agent will not be liable to any person for misdelivery of escrowed items to PURCHASER and SELLER, unless the misdelivery is due to Escrow Agent’s willful breach of this Agreement or gross negligence. If Escrow Agent interpleads the subject matter of the escrow, Escrow Agent will pay the filing fees and costs from the deposit and will recover reasonable attorney’s fees and costs to be paid from the escrowed funds which are charged and awarded as court costs in favor of the prevailing party. All claims against Escrow Agent will be arbitrated, so long as Escrow Agent consents to arbitrate. 4. EFFECTIVE DATE. The date of this Agreement (the “Effective Date”) shall be the date when the last one of the SELLER and PURCHASER has signed this Agreement. 5. CLOSING. The purchase and sale transaction contemplated herein shall close on or before May 31, 2024 (the “Closing”), unless extended by other provisions of this Agreement or by written agreement, signed by both parties, extending the Closing. 6. TITLE TO BE CONVEYED. At Closing, SELLER shall convey to PURCHASER, by Warranty Deed complying with the requirements of the Title Commitment (hereinafter defined), valid, good, marketable and insurable title in fee simple to the Property, free and clear of any and all liens, encumbrances, conditions, easements, assessments, restrictions and oth er conditions except only the following (collectively, the “Permitted Exceptions”): (a) general real estate taxes and special assessments for the year of Closing and subsequent years not yet due and payable; (b) covenants, conditions, easements, dedications, rights-of-way and matters of record included on the Title Commitment or shown on the Survey (defined in Section 7), to which PURCHASER fails to object, or which PURCHASER agrees to accept, pursuant to Section 7.1 and Section 7.2 hereof. 7. FEASIBILITY PERIOD. The PURCHASER, and its designees shall have forty-five (45) days from the Effective Date of this Agreement (“Feasibility Period”), at PURCHASER’s expense, to make inquiries to determine if the Property is suitable for its intended use and to enter upon the Property, at any time and from time to time with reasonable notice to SELLER and so long as said investigations do not result in a business interruption, to perform any and all physical tests, inspections, valuation appraisals and investigations of the Property, including but not limited to Phase I and Phase II investigations, which PURCHASER may deem necessary. During this Feasibility Period, PURCHASER may elect, in PURCHASER’s sole and absolute discretion, to terminate this contract and receive back all deposits hereunder. If PURCHASER elects to terminate this Agreement in accordance with this Section, PURCHASER shall: (i) leave the Property in substantially the condition existing on the Effective Date, subject to such disturbance as was reasonably necessary or convenient in the testing and investigation of the PR Electronically Signed using eSignOnline™ [ Session ID : 8fa3f6ac-7e72-4699-a1a2-1efea4345ea1 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ] 1260 Purchase and Sale Agreement Page 3 of 15 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 Property; (ii) to the extent practicable, shall repair and restore any damage caused to the Property by PURCHASER’s testing and investigation; and (iii) release to SELLER, at no cost, al l reports and other work generated as a result of the PURCHASER’s testing and investigation. PURCHASER hereby agrees to indemnify and hold SELLER harmless from and against all claims, losses, expenses, demands and liabilities, including, but not limited t o, attorney’s fees, for nonpayment for services rendered to PURCHASER (including, without limitation, any construction liens resulting therefrom) or for damage to persons or property (subject to the limitation on practicability provided above) arising out of PURCHASER’s investigation of the Property. However, PURCHASER’s indemnification obligations shall not exceed its statutory limits as provided within Section 768.28, Florida Statutes, and PURCHASER does not waive its sovereign immunity rights. SELLER hereby agrees to indemnify and hold PURCHASER harmless from and against all claims, losses, expenses, demands and liabilities, including, but not limited to, attorney’s fees, for nonpayment for services rendered to SELLER or for damage to persons or property (subject to the limitation on practicability provided above) arising out of PURCHASER’s investigation of the Property. SELLERS’ obligations under this Section shall survive the termination, expiration or Closing of this Agreement. 7.1 Title Review. Within twenty (20) days of the Effective Date, PURCHASER shall obtain, at the PURCHASER’s expense, from a Title Company chosen by PURCHASER (hereinafter “Title Company”), a Title Commitment covering the Property and proposing to insure PURCHASER in the amount of the Purchase Price subject only to the Permitted Exceptions, together with complete and legible copies of all instruments identified as conditions or exceptions in Schedule B of the Title Commitment. Any and all assessments, outstanding utility charges, liens and other matters not constituting Permitted Exceptions shall be paid by Seller prior to or at closing from Seller’s proceeds. PURCHASER shall examine the Title Commitment and deliver written notice to SELLER no later than thirty (30) days afte r the Effective Date notifying SELLER of any objections PURCHASER has to the condition of title (hereinafter “Title Objections”). If PURCHASER fails to deliver the Title Objections to SELLER within the aforesaid review period, title shall be deemed accepted subject to the conditions set forth in the Title Commitment. If PURCHASER timely delivers the Title Objections, then SELLER shall have thirty (30) days to diligently and in good faith undertake all necessary activities to cure and remove the Title Objections (hereinafter “Cure Period”). In the event that SELLER is unable to cure and remove, or cause to be cured and removed, the Title Objections within the Cure Period, to the satisfaction of PURCHASER, then PURCHASER, in PURCHASER’s sole and absolute discretion, shall have the option of (i) extending the Cure Period and the Closing for one additional thirty (30) day period, or (ii) accepting the title as it then is but using such portion of the Purchase Price as may be necessary to pay and satisfy any mortgages, outstanding utility charges, delinquent property taxes and/or code enforcement and contractors' liens or other recorded claims of lien upon the property, or (iii) canceling and terminating this Agreement, in which case, the Deposit shall be return ed to PURCHASER and the Parties shall have no further obligations or liability hereunder, except for those expressly Electronically Signed using eSignOnline™ [ Session ID : 8fa3f6ac-7e72-4699-a1a2-1efea4345ea1 ] PR Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ] PR Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ] 1261 Purchase and Sale Agreement Page 4 of 15 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 provided herein to survive termination of this Agreement. Prior to the Closing, PURCHASER shall have the right to cause the Title Company to issue an updated Title Commitment (“Title Update”) covering the Property. If any Title Update contains any conditions which did not appear in the Title Commitment, and such items render title unmarketable, PURCHASER shall have the right to object to such new or different conditions in writing prior to Closing. All rights and objections of the Parties with respect to objections arising from the Title Update shall be the same as objections to items appearing in the Title Commitment, subject to the provisions of this Section. 7.2. Survey Review. PURCHASER, at PURCHASER’s expense, shall obtain a current boundary survey (the “Survey”) of the Property, indicating the number of acres comprising the Property to the nearest 1/100th of an acre. If the Survey discloses encroachments on the Property or that improvements located thereon encroach on setback lines, easements, lands of others or violate any restrictions, covenants of this Agreement, or applicable governmental regulations, the same shall constitute a title defect and shall be governed by the provisions of Section 7.1 concerning title objections. 7.3 SELLER Deliveries. SELLER shall deliver to PURCHASER the following documents and instruments within ten (10) days of the Effective Date of this Agreement, except as specifically indicated: 7.3.1 Copies of any reports or studies (including engineering, environmental, soil borings, and other physical inspection reports), in SELLER’s possession or control with respect to the physical condition or operation of the Property, if any. 7.3.2 Copies of all licenses, variances, waivers, permits (including but not limited to all surface water management permits, wetland resource permits, consumptive use permits and environmental resource permits), authorizations, and approvals required by law or by any governmental or private authority having jurisdiction over the Property, or any portion thereof (the "Governmental Approvals"), which are material to the use or operation of the Property, if any. 7.3.3 Prior to the Closing Date, SELLER shall execute and deliver to PURCHASER any and all documents and instruments required by PURCHASER, in PURCHASER’s sole and absolute discretion, which: (i) effectuate the transfer to PURCHASER of those Governmental Approvals, or portions thereof which are applicable to the Property, that PURCHASER desires to have assigned to it, and/or (ii) cause the Property to be withdrawn from any Governmental Approvals. No later than thirty (30) days prior to the Closing Date, SELLER shall remedy, restore, and rectify any and all violations of the Governmental Approvals (including, but not limited to, any and all portions of the surface water management system, PR Electronically Signed using eSignOnline™ [ Session ID : 8fa3f6ac-7e72-4699-a1a2-1efea4345ea1 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ] 1262 Purchase and Sale Agreement Page 5 of 15 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 mitigation areas or other items which do not comply with the Governmental Approva ls or applicable rules), if any. SELLER warrants that there will not be, at the time of Closing, any unrecorded instruments affecting the title to the Property, including, but not limited to any conveyances, easements, licenses or leases. 8. CONDITIONS TO CLOSING. PURCHASER shall not be obligated to close on the purchase of the Property unless each of the following conditions (collectively, the “Conditions to Closing”) are either fulfilled or waived by PURCHASER in writing: 8.1. Representations and Warranties. All of the representations and warranties of SELLER contained in this Agreement shall be true and correct as of Closing. 8.2. Condition of Property. The physical condition of the Property shall be the same on the date of Closing as on the Effective Date, reasonable wear and tear excepted. 8.3. Pending Proceedings. At Closing, there shall be no litigation or administrative agency or other governmental proceeding of any kind whatsoever, pending or threatened, which has not been disclosed, prior to closing, and accepted by PURCHASER. 8.4. Compliance with Laws and Regulations. The Property shall be in compliance with all applicable federal, state and local laws, ordinances, rules, regulations, codes, requirements, licenses, permits and authorizations as of the date of Closing. 8.5. Occupancy. The property shall be conveyed to the PURCHASER at time of closing unoccupied. 9. CLOSING DOCUMENTS. The PURCHASER shall prepare, or cause to be prepared, the Closing Documents set forth in this Section, except for documents prepared by the SELLER’S Title Company. At Closing, SELLER shall execute and deliver, or cause to be executed and delivered to PURCHASER the following documents and instruments: 9.1. Deed. A Warranty Deed (the “Deed”) conveying to PURCHASER valid, good, marketable and insurable fee simple title to the Property free and clear of all liens, encumbrances and other conditions of title other than the Permitted Exceptions. 9.2 Seller’s Affidavits. SELLER shall furnish to PURCHASER an owner’s affidavit attesting that, to the best of its knowledge, no individual or entity has any claim against the Property under the applicable construction lien law; and that there are no parties in possession of the Property other than SELLER. SELLER shall also furnish to PURCHASER a non- foreign affidavit with respect to the Property. In the event SELLER is unable to deliver its affidavits referenced above, the same shall be deemed an uncured title objection. PR Electronically Signed using eSignOnline™ [ Session ID : 8fa3f6ac-7e72-4699-a1a2-1efea4345ea1 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ] 1263 Purchase and Sale Agreement Page 6 of 15 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 9.3. Closing Statement. A closing statement setting forth the Purchase Price, the Deposit, all credits, adjustments and prorations between PURCHASER and SELLER, all costs and expenses to be paid at Closing, and the net proceeds due SELLER, which PURCHASER shall also execute and deliver at Closing. 9.4. Corrective Documents. Documentation required to clear title to the Property of all liens, encumbrances and exceptions, if any, other than Permitted Exceptions. 9.5. Additional Documents. Such other documents as PURCHASER or the Title Company may reasonably request that SELLER execute and deliver, and any other documents required by this Agreement or reasonably necessary in order to close this transaction and effectuate the terms of this Agreement. 10. PRORATIONS, CLOSING COSTS AND CLOSING PROCEDURES. 10.1. Prorations. Assessments, rents, interest, insurance and other expenses of the Property shall be prorated through the day before Closing. PURCHASER shall have the option of taking over existing policies of insurance, if assumable, in which event premiums shall be prorated. Cash at Closing shall be increased or decreased as may be required by prorations to be made through the day prior to Closing. Advance rent and security deposits, if any, will be credited to PURCHASER. Taxes shall be prorated based upon the current year’s tax with due allowance made for maximum allowable discount. 10.2 Ad Valorem Taxes. PURCHASER and SELLER shall comply with Section 196.295, Florida Statutes, with respect to the payment of prorated ad valorem taxes for the year of closing into escrow with the Palm Beach County Tax Collector’s Office. In the event that, following the Closing, the actual amount of assessed real property tax on the Property for the current year is higher than any estimate of such tax used for purposes of the Closing, the parties shall re-prorate any amounts paid or credited based on such estimate as if paid in November. This shall survive the Closing. 10.3. Special Assessment Liens. Certified, confirmed and ratified special assessment liens imposed by public bodies as of Closing are to be paid by SELLER. Pending liens as of Closing shall be assumed by PURCHASER. If the improvement has been substantially completed as of the Effective Date, any pending lien shall be considered certified, confirmed or ratified and SELLER shall, at Closing, be charged an amount equal to the last estimate or assessment for the improvement by the public body. 10.4. Closing Costs. PURCHASER shall be responsible for recording the deed and half of all general closing expenses (settlement fee, courier fees, overnight package, etc.). PR Electronically Signed using eSignOnline™ [ Session ID : 8fa3f6ac-7e72-4699-a1a2-1efea4345ea1 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ] 1264 Purchase and Sale Agreement Page 7 of 15 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 SELLER is responsible for documentary stamps on the deed and half of all general closing expenses and their own legal fees. All other costs of closing shall be borne by PURCHASER. 10.5 Closing Procedure. PURCHASER shall fund the Purchase Price subject to the credits, offsets and prorations set forth herein. SELLER and PURCHASER (as applicable) shall execute and deliver to Closing Agent the Closing Documents. The Closing Agent shall, at Closing: (i) disburse the sale proceeds to SELLER; (ii) deliver the Closing Documents and a “marked-up” Title Commitment to PURCHASER, and promptly thereafter, record the Deed and other recordable Closing Documents in the appropriate public records. 10.6 Existing Mortgages and Other Liens. At Closing, SELLER shall obtain, or cause to be obtained, satisfaction or release of record of all mortgages, liens and judgments applicable to and encumbering the Property. 11. REPRESENTATIONS, COVENANTS AND WARRANTIES. To induce PURCHASER to enter into this Agreement, SELLER makes the following representations, all of which, to the best of its knowledge, in all material respects and except as otherwise provided in this Agreement (i) are now true, and (ii) shall be true as of the date of the Closing unless SELLER receives information to the contrary, and (iii) shall survive the Closing. In that event, PURCHASER shall be provided immediate notice as to the change to the following representations: 11.1 At all times from the Effective Date until prior to Closing, SELLER shall keep the Property (whether before or after the date of Closing) free and clear of any mechanic's or materialmen's liens for work or materials furnished to or contracted for, by or on behalf of SELLER prior to the Closing, and SELLER shall indemnify, defend and hold PURCHASER harmless from and against all expense and liability in connection therewith (including, without limitation, court costs and reasonable attorney's fees). 11.2 SELLER has no actual knowledge nor has SELLER received any notice of any litigation, claim, action or proceeding, actual or threatened, against SELLER or the Property by any organization, person, individual or governmental agency which would affect (as to any threatened litigation, claim, action or proceeding, in a materially adverse fashion) the use, occupancy or value of the Property or any part thereof or which would otherwise relate to the Property. 11.3 SELLER has full power and authority to enter into this Agreement and to assume and perform its obligations hereunder in this Agreement. SELLER does not and will not conflict with or result in the breach of any condition or provision, or constitute a default under, or result in the creation or imposition of any lien, charge, or encumbrance upon any of the Property or assets of the SELLER by reason of the terms of any contract, mortgage, lien, lease, agreement, indenture, instrument or judgment to which the SELLER is a party of which is or purports to be binding upon the SELLER or which affects the SELLER; no action by any federal, state or municipal PR Electronically Signed using eSignOnline™ [ Session ID : 8fa3f6ac-7e72-4699-a1a2-1efea4345ea1 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ] 1265 Purchase and Sale Agreement Page 8 of 15 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 or other governmental department, commission, board, bureau or instrumentality is necessary to make this Agreement a valid instrument binding upon the SELLER in accordance with its terms. 11.4 SELLER represents that SELLER will not, between the date of this Agreement and the Closing, without PURCHASER'S prior written consent, which consent shall not be unreasonably withheld or delayed, except in the ordinary course of business, create any encumbrances on the Property. For purposes of this provision the term "encumbrances" shall mean any liens, claims, options, or other encumbrances, encroachments, rights-of-way, leases, easements, covenants, conditions or restrictions. Additionally, SELLER represents that SELLER will not, between the date of this Agreement, and the Closing take any action to terminate or materially, amend or alter any existing leases presently in existence, without the prior consent of PURCHASER, which consent shall not be unreasonably withheld or delayed. 11.5 SELLER represents that there are no parties other than SELLER in possession of the Property or any portion of the Property as a lessee. 11.6 SELLER shall not list or offer the Property for sale or solicit or negotiate offers to purchase the Property while this Agreement is in effect. SELLER shall use its best efforts to maintain the Property in its present condition so as to ensure that it shall remain substantially in the same condition from the conclusion of the Feasibility Period to the Closing Date. 11.7 SELLER has no actual knowledge nor has SELLER received any notice of any litigation, claim, action or proceeding, actual or threatened, agains t SELLER or the Property by any organization, person, individual or governmental agency which would affect (as to any threatened litigation, claim, action or proceeding, in a materially adverse fashion) the use, occupancy or value of the Property or any part thereof or which would otherwise relate to the Property. 11.8 SELLER represents that it has no actual knowledge nor has it received any notice that the Property has been, is presently or is contemplated to be utilized as a reservoir of hazardous material. As used herein, the term "Hazardous Material" shall mean any substance, water or material which has been determined by any state, federal or local government authority to be capable of posing a risk of injury to health, safety and property, inclu ding, but not limited to, all of those materials, wastes and substances designated as hazardous or toxic by the U.S. Environmental Protection Agency, the U.S. Department of Labor, the U.S. Department of Transportation, and/or any other state or local governmental agency now or hereafter authorized to regulate materials and substances in the environment (collectively "Governmental Authority(ies)"). PR Electronically Signed using eSignOnline™ [ Session ID : 8fa3f6ac-7e72-4699-a1a2-1efea4345ea1 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ] 1266 Purchase and Sale Agreement Page 9 of 15 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 11.9 SELLER represents to PURCHASER that the Property is not subject to any deed restrictions or declaration of restrictions running with the Property which would affect the use of the Property except those constituting Permitted Exceptions as defined above. 11.10 Between the date of this Agreement and the date of closing, SELLER will not file any application for a change of the present zoning classification of the Property. 11.11 Authority. The execution and delivery of this Agreement by SELLER and the consummation by SELLER of the transaction contemplated by this Agreement are within SELLER’S capacity and all requisite action has been taken to make this Agreement valid and binding on SELLER in accordance with its terms. The person executing this Agreement on behalf of SELLER has been duly authorized to act on behalf of and to bind SELLER, and thi s Agreement represents a valid and binding obligation of SELLER. 11.12 Title. SELLER is and will be on the Closing Date, the owner of valid, good, marketable and insurable fee simple title to the Property, free and clear of all liens, encumbrances and restrictions of any kind, except the Permitted Exceptions (and encumbrances of record which will be discharged at Closing). 11.13 Additional Warranties and Representations of SELLER. As a material inducement to PURCHASER entering into this Agreement, SELLER, to the best of SELLER’S information and belief, hereby represents and warrants the following: 11.13.1 There are no pending applications, permits, petitions, contracts, approvals, or other proceedings with any governmental or quasi-governmental authority, including but not limited to, PURCHASER, municipalities, counties, districts, utilities, and/or federal or state agencies, concerning the use or operation of, or title to the Property or any portion thereof and SELLER has not granted or is not obligated to grant any interest in the Property to any of the foregoing entities. 11.13.2 There are no facts believed by SELLER to be material to the use, condition and operation of the Property in the manner that it has been used or operated, which it has not disclosed to PURCHASER herein, including but not limited to unrecorded instruments or defects in the condition of the Property which will impair the use or operation of the Property in any manner. 11.13.3 To the best of SELLER’S knowledge, the Property and the use and operation thereof are in compliance with all applicable county and governmental laws, ordinances, regulations, licenses, permits and authorizations, including, without limitation, applicable zoning and environmental laws and regulations. PR Electronically Signed using eSignOnline™ [ Session ID : 8fa3f6ac-7e72-4699-a1a2-1efea4345ea1 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ] 1267 Purchase and Sale Agreement Page 10 of 15 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 12. DEFAULT. 12.1. PURCHASER’s Default. In the event that this transaction fails to close due to a wrongful refusal to close or default on the part of PURCHASER, subject to the provisions of Paragraph 12.3 below, the Deposit actually then being held by the Escrow Agent shall be paid by Escrow Agent to SELLER as agreed liquidated damages and, thereafter, neither PURCHASER nor SELLER shall have any further obligation or liabilities under this Agreement, except for those expressly provided to survive the termination of this Agreement; provided, however, that PURCHASER shall also be responsible for the removal of any liens asserted against the Property by persons claiming by, through or under PURCHASER, but not otherwise. PURCHASER and SELLER acknowledge that if PURCHASER defaults, SELLER will suffer damages in an amount which cannot be ascertained with reasonable certainty on the Effective Date and that the amount of the Deposit being held by Escrow Agent most closely approximates the amount necessary to compensate SELLER. PURCHASER and SELLER agree that this is a bona fide liquidated damages provision and not a penalty or forfeiture provision. 12.2. Seller’s Default. In the event that SELLER shall fail to fully and timely perform any of its obligations or covenants hereunder or if any of SELLER’S representations are untrue or inaccurate, then, notwithstanding anything to the contrary contained in this Agreement, PURCHASER may, at its option: (1) declare SELLER in default under this Agreement by notice delivered to SELLER, in which event PURCHASER may terminate this Agreement and demand that the Deposit be returned, including all interest thereon if any, in accordance with Section 3 and neither Party shall have any further rights hereunder, or (2) seek specific performance of this Agreement, without waiving any action for damages. 12.3. Notice of Default. Prior to declaring a default and exercising the remedies described herein, the non-defaulting Party shall issue a notice of default to the defaulting Party describing the event or condition of default in sufficient detail to enable a reasonable person to determine the action necessary to cure the default. The defaulting Party shall have fifteen (15) days from delivery of the notice during wh ich to cure the default, provided, however, that as to a failure to close, the cure period shall only be three (3) business days from the delivery of notice. Both parties agree that if an extension is requested, such extension shall not be unreasonably withheld. If the default has not been cured within the aforesaid period, the non-defaulting Party may exercise the remedies described above. 12.4. Survival. The provisions of this section shall survive the termination of this Agreement. 13. NOTICES. All notices required in this Agreement must be in writing and shall be considered delivered when received by certified mail, return receipt requested, or personal delivery to the following addresses: PR Electronically Signed using eSignOnline™ [ Session ID : 8fa3f6ac-7e72-4699-a1a2-1efea4345ea1 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ] 1268 Purchase and Sale Agreement Page 11 of 15 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 If to Seller: Prakash Ramsay, Authorized Member Elite Ramsay Group, LLC 15361 Whispering Willow Drive Wellington, FL 33414 (754)256-7806 If to Purchaser: Timothy Tack, Acting Executive Director Boynton Beach Community Redevelopment Agency 100 E. Ocean Avenue, 4th Floor Boynton Beach, FL 33435 With a copy to: Kenneth Dodge Lewis, Longman & Walker, PA 360 South Rosemary Avenue Suite 1100 West Palm Beach, FL 33401 14. BINDING OBLIGATION/ASSIGNMENT. The terms and conditions of this Agreement are hereby made binding on, and shall inure to the benefit of the successors and permitted assigns of the Parties hereto. SELLER may not assign its interest in this Agreement without the prior written consent of PURCHASER, which shall not be unreasonably withheld. PURCHASER shall have the right to assign this Agreement to the City of Boynton Beach (the “City”) without the prior consent of SELLER and the PURCHASER shall be released from any further obligations and liabilities under this Agreement. The PURCHASER may not assign this Agreement to any other party without the prior written approval of SELLER, which shall not unreasonably withheld. If PURCHASER has been dissolved as an entity while this Agreement and/or the attached Lease Agreement are in effect, the provisions of section 163.357(1), Florida Statutes, (as it may be amended from time to time), shall apply. 15. BROKER FEES. The SELLER and PURCHASER hereby state that they have not dealt with a real estate broker in connection with the transaction contemplated by this Agreement and are not liable for a sales commission. SELLER shall indemnify, defend and hold harmless the PURCHASER from and against any and all claims, losses, damages, costs or expenses (including, without limitation, attorney’s fees) of any kind or character arising out of or resulting from any agreement, arrangement or understanding alleged to have been made by SELLER on its behalf with any broker or finder in connection with this Agreement. The provisions of this Section shall survive Closing or termination of this Agreement. PR Electronically Signed using eSignOnline™ [ Session ID : 8fa3f6ac-7e72-4699-a1a2-1efea4345ea1 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ] 1269 Purchase and Sale Agreement Page 12 of 15 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 16. ENVIRONMENTAL CONDITIONS. 16.1. For purposes of this Agreement, pollutant ("Pollutant") shall mean any hazardous or toxic substance, material, or waste of any kind or any contaminant, pollutant, petroleum, petroleum product or petroleum by-product as defined or regulated by environmental laws. Disposal ("Disposal") shall mean the release, storage, use, handling, discharge, or disposal of such Pollutants. Environmental laws ("Environmental Laws") shall mean any applicable federal, state, or local laws, statutes, ordinances, rules, regulations or other governmental restrictions. 16.1.1 As a material inducement to PURCHASER entering into this Agreement, SELLER hereby warrants and represents the following, as applicable: (1) That SELLER and occupants of the Property have obtained and are in full compliance with any and all permits regarding the Disposal of Pollutants on the Property or contiguous property owned by SELLER, to the best of SELLER’S knowledge. (2) SELLER is not aware nor does it have any notice of any past, present or future events, conditions, activities or practices which may give rise to any liability or form a basis for any claim, demand, cost or action relating to the Disposal of any Pollutant on the Property. SELLER is not aware nor does it have any notice of any past, present or future events, conditions, activities or practices on contiguous property that is owned by SELLER which may give rise to any liability or form a basis for any claim, demand, cost or action relating to the Disposal of any Pollutant affecting the SELLER’S property. (3) There is no civil, criminal or administrative action, suit, claim, demand, investigation or notice of violation pending or, to the best of that entity’s knowledge, threatened against SELLER or the Property relating in any way to the Disposal of Pollutants on the Property, any portion thereof, or on any contiguous property owned by SELLER. 17. PUBLIC RECORDS. PURCHASER is a public agency subject to Chapter 119, Florida Statutes. The SELLER is hereby notified that the PURCHASER is required by law, pursuant to Chapter 119, to maintain and disclose upon request all records deemed public under the statute including this Agreement and some or all of the documents necessary to consummate the transaction set forth herein. To the extent that any litigation should be instituted by SELLER, either directly or as a third party, to prevent or prohibit PURCHASER from disclosing or providing documents involving this Agreement or the transaction set forth in the Agreement pursuant to a public records request submitted under Chapter 119, SELLER agrees that PURCHASER may either: 1) defend the claim up to and including final judgment, or 2) interplead the challenged documents into the court. In either event, SELLER agrees to pay PURCHASER’s reasonable attorneys’ fees and costs, both trial and appellate. PR Electronically Signed using eSignOnline™ [ Session ID : 8fa3f6ac-7e72-4699-a1a2-1efea4345ea1 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ] 1270 Purchase and Sale Agreement Page 13 of 15 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 18. MISCELLANEOUS. 18.1. General. This Agreement, and any amendment hereto, may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which shall, together, constitute one and the same instrument. The section and paragraph headings herein contained are for the purposes of identification only and shall not be considered in construing this Agreement. Reference to a Section shall be deemed to be a reference to the entire Section, unless otherwise specified. No modification or amendment of this Agreement shall be of any force or effect unless in writing executed by the Parties. This Agreement sets forth the entire agreement between the Parties relating to the Property and all subject matter herein and supersedes all prior and contemporaneous negotiations, understandings and agreements, written or oral, between the Parties. This Agreement shall be interpreted in accordance with the laws of the State of Florida. The Parties hereby agree that jurisdiction of any litigation brought arising out of this Agreement shall be in the Fifteenth Judicial Circuit , in and for Palm Beach County, Florida, or, should any cause of action be limited to federal jurisdiction only, in the United States District Court for the Southern District of Florida. 18.2. Computation of Time. Any reference herein to time periods which are not measured in business days and which are less than six (6) days, shall exclude Saturdays, Sundays and legal holidays in the computation thereof. Any time period provided for in this Agreement which ends on a Saturday, Sunday or legal holiday shall extend to 5:00 p.m. on the next full business day. Time is of the essence in the performance of all obligations under this Agreement. Time periods commencing with the Effective Date shall not include the Effective Date in the calculation thereof. 18.3. Waiver. Neither the failure of a party to insist upon a strict performance of any of the terms, provisions, covenants, agreements and conditions hereof, nor the acceptance of any item by a party with knowledge of a breach of this Agreement by the other party in the performance of their respective obligations hereunder, shall be deemed a waiver of any rights or remedies that a party may have or a waiver of any subsequent breach or default in any of such terms, provisions, covenants, agreements or conditions. This paragraph shall survive termination of this Agreement and the Closing. 18.4. Construction of Agreement. The Parties to this Agreement, through counsel, have participated freely in the negotiation and preparation hereof. Neither this Agreement nor any amendment hereto shall be more strictly construed against any of the Parties. As used in this Agreement, or any amendment hereto, the masculine shall include the feminine, the singular shall include the plural, and the plural shall include the singular, as the context may require. Provisions of this Agreement that expressly provide that they survive the Closing shall not merge into the Deed. PR Electronically Signed using eSignOnline™ [ Session ID : 8fa3f6ac-7e72-4699-a1a2-1efea4345ea1 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ] 1271 Purchase and Sale Agreement Page 14 of 15 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 18.5. Severability. If any provision of this Agreement or the application thereof shall, for any reason and to any extent, be invalid or unenforceable, neither the remainder of this Agreement nor the application of the provision to other persons, entities or circumstances shall be affected thereby, but instead shall be enforced to the maximum extent permitted by law. The provisions of this Section shall apply to any amendment of this Agreement. 18.6 Handwritten Provisions. Handwritten provisions inserted in this Agreement and initialed by PURCHASER and SELLER shall control all printed provisions in conflict therewith. 18.7 Waiver of Jury Trial. As an inducement to PURCHASER agreeing to enter into this Agreement, PURCHASER and SELLER hereby waive trial by jury in any action or proceeding brought by either party against the other party pertaining to any matter whatsoever arising out of or in any way connected with this Agreement. 18.8. Attorneys Fees and Costs. Should it be necessary to bring an action to enforce any of the provisions of this Agreement, reasonable attorneys’ fees and costs, including those at the appellate level, shall be awarded to the prevailing party. 18.9 Binding Authority. Each party hereby represents and warrants to the other that each person executing this Agreement on behalf of the PURCHASER and SELLER has full right and lawful authority to execute this Agreement and to bind and obligate the party for whom or on whose behalf he or she is signing with respect to all provisions contained in this Agreement. 18.10 Recording. This Agreement may not be recorded in the Public Records of Palm Beach County, Florida without the prior approval of both parties. 18.11 Survival. The covenants, warranties, representations, indemnities and undertakings of SELLER set forth in this Agreement, shall survive the Closing, the delivery and recording of the SELLER’S Property Deed and PURCHASER’s possession of the Property. 18.12 SELLER Attorneys’ Fees and Costs. SELLER acknowledges and agrees that SELLER shall be responsible for its own attorneys’ fees and all costs, if any, incurred by SELLER in connection with the transaction contemplated by this Agreement. IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective date. PR Electronically Signed using eSignOnline™ [ Session ID : 8fa3f6ac-7e72-4699-a1a2-1efea4345ea1 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ]Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ] 1272 Purchase and Sale Agreement Page 15 of 15 PURCHASER’s Initials: ______ SELLER’s Initials: ______ 00704498-1 PURCHASER: BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY SELLER: ___________________________________ _____________________________________ Printed Name: Ty Penserga Printed Name: _________________________ Title: Chair Title: ________________________________ Date: ______________________________ Date: ________________________________ WITNESS: ___________________________________ Printed Name: _______________________ WITNESS: _____________________________________ Printed Name: _________________________ ESCROW AGENT ___________________________________ Lewis, Longman & Walker, P.A. Printed Name: _______________________ Date: ______________________________ Prakash Ramsay Prakash Ramsay 03/06/2024 05:26 PM PR Electronically Signed using eSignOnline™ [ Session ID : 8fa3f6ac-7e72-4699-a1a2-1efea4345ea1 ] Authorized Member / President Joshua Ramsay Joshua Ramsay Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ] Joshua Ramsay Electronically Signed using eSignOnline™ [ Session ID : dcd1ef23-68c0-47fb-bbd4-e6eea532d0f0 ] 1273 Street #Property Address Structure or Lot?Date Acquired Purchase Price Lot Size Square Feet Price per Sq. Ft. Status xxx MLK Blvd.Vacant Lot October-14 $130,000.00 0.1607 7000.092 $18.57 MLK Corridor redevelopment 308 NE 10th Avenue Vacant Lot - Structure demo'd April-05 $225,000.00 0.178 7753.68 $29.02 MLK Corridor redevelopment xxx NE 10th Avenue Vacant Lot October-16 $19,000.00 0.1779 7749.324 $2.45 MLK Corridor 211 NE 9th Avenue Vacant Lot May-18 $53,000.00 0.1738 7570.728 $7.00 To be added to the properties aka MLK South for Mixed Use Development 231 NE 9th Avenue Vacant Lot - Structure demo'd April-14 0.1726 MLK Corridor redevelopment xxx NE 10th Avenue-MLK Vacant Lot-Purchased w/ 231 NE 9th Ave April-14 0.1779 MLK Corridor redevelopment xxx NE 10th Avenue-MLK Vacant Lot-Purchased w/ 231 NE 9th Ave April-14 0.1779 MLK Corridor redevelopment 235 NE 9th Avenue Vacant January-06 $249,000.00 0.1725 7514.1 $33.14 MLK Corridor redevelopment xxx NE 4th Avenue Vacant Lots November-09 $300,000.00 0.8619 37544.364 $7.99 Cottage District xxx NE 4th Ave Vacant January-07 $475,000.00 0.7404 32251.824 $14.73 Cottage District 508 N. Seacrest Blvd.Vacant Lot - Structure demo'd October-07 $545,000.00 0.1117 $24.34 Cottage District 103 NE 4th Avenue Vacant Lot - Structure demo'd-Purchased w/ 508 N. Seacrest October-07 0.1657 Cottage District 105 NE 4th Avenue Vacant Lot - Structure demo'd-Purchased w/ 508 N. Seacrest October-07 0.2367 Cottage District 121 NE 4th Avenue Vacant Lot - Structure demo'd August-14 $155,000.00 0.2757 12009.492 $12.91 Cottage District 127 NE 4th Avenue Vacant Lot - Structure demo'd June-07 $200,000.00 0.2757 12009.492 $16.65 Cottage District 145 NE 4th Avenue Vacant Lot-Structure demo'd January-20 $205,000.00 0.1723 7505.388 $27.31 Cottage District CCC merged w/ Feed So. FL and moved out of bldg 3/30/20; house was boarded up and No Trespass Agreement signed; getting ready for demo - also $45,000 was given to CCC for relocation fees 118 NE 5th Avenue Vacant Lot - Structure demo'd April-07 0.159 Cottage District 122 NE 5th Avenue-Purchased w/ 118 NE 5th Avenue Vacant Lot - Structure demo'd April-07 0.1586 Cottage District 136 NE 5th Avenue-Purchased w/ 118 NE 5th Avenue Vacant Lot - Structure demo'd April-07 0.1583 Cottage District 140 NE 5th Avenue-Purchased w/ 118 NE 5th Avenue Vacant Lot - Structure demo'd April-07 0.158 Cottage District 144 NE 5th Avenue-Purchased w/ 118 NE 5th Avenue Vacant Lot - Structure demo'd April-07 0.1547 Cottage District 511 NE 1st Street Vacant Lot - Structure demo'd October-07 $210,000.00 0.1494 6507.864 $32.27 Cottage District 114 NE 5th Avenue Vacant Lot - Structure demo'd June-08 $187,500.00 0.1137 4952.772 $37.86 Cottage District 517 NE 1st Street Vacant Lot - Structure demo'd October-14 $74,000.00 0.2299 10014.444 $7.39 Cottage District 515 NE 1st Street Vacant Lot - Structure demo'd May-15 $130,000.00 0.1379 6006.924 $21.64 Cottage District 407 NE 1st Avenue Vacant Lot - Structure demo'd November-20 $268,000.00 0.1742 7588.152 $35.32 Misc. XXX E. MLK Blvd.Vacant Lots May-21 $175,000.00 0.4821 21000.276 $8.33 115 NE 4th Avenue Vacant Lot - Structure demo'd July-21 $275,000.00 0.1148 5000.688 $54.99 Cottage District 133 NE 4th Avenue Vacant Lot - Structure demo'd July-21 $300,000.00 0.1723 7505.388 $39.97 Cottage District TOTALS 5,057,500$ 6.5943 287,247.71 $17.61 Street # Property Address Structure or Lot? Appraised Value Contract Price Lot Size Acres Square Feet Price per Sq. Ft. James Property Lots 348-350 NW 11th Avenue Vacant Lot $165,000.00 $165,000.00 0.1753 7636.068 $21.61 Listed @ $174,900-Contract Price is appraised value PROPERTY UNDER CONTRACT $57,000.00 23017.104 $2.48 22394.196 BOYNTON BEACH CRA PROPERTY INVENTORY Mar-24 $825,000.00 34351.416 $24.02 1274 Street # Property Address Structure or Lot? Asking Price Appraised Value Lot Size Acres Square Feet Price per Sq. Ft. Elite Ramsay Group, LLC 524 NW 3rd Street Vacant Lot $199,999.00 $195,000.00 0.1946 8476.776 $23.00 Street # Property Address Structure or Lot/Appraisal Date Acquired Sale Price Lot Size Acres Square Feet Price per Sq. Ft. 321 E. MLK Blvd.Structure (Single Family Home)N/A $315,000.00 0.1607 7000.092 $45.00 334 NE 11th Avenue Structure (Rental)N/A $305,000.00 0.1722 7501.032 $40.66 507 & 513 NE 2nd Street Structures (Rental)N/A $3,000,000.00 0.6073 26453.988 $113.40 PREVIOUS PROPERTY OFFERINGS TO BOYNTON BEACH CRA SUBJECT PROPERTY FOR BOYNTON BEACH CRA PURCHASE 1275 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: April 9, 2024 CRA PROJECTS IN PROGRESS AGENDA ITEM 16.A SUBJECT: Coastal Cruiser Powered by Circuit Transit Inc. Project Update SUMMARY: On M arch 23, 2024, the BBCRA and City celebrated the launch of the new Coastal Cruiser rideshare service, powered by Circuit Transit Inc. The eagerly awaited unveiling of the all- electric fleet and ribbon cutting ceremony took place during the Boynton Beach Spring Market, which was held at the Centennial Park & Amphitheater. The showcase of the innovative Kia Niro and custom wrapped GEM vehicle, provided community members and visitors with an up-close look at the EV cars. Additionally, throughout the event, Circuit team members engaged with attendees, distributing flyers and encouraging them to download the #RideCircuit app to take advantage of the introductory offer to receive two free rides. At the information booth, staff and volunteers distributed Coastal Cruiser swag – promotional fans and stickers – to attendees in an effort to further enhance the launch and promote the branding of the new service. At 6:00 PM, the BBCRA Board Members took to the stage to officially introduce the affordable rideshare service to the community. After the ribbon cutting, the BBCRA Board Members took the inaugural first ride around the block to celebrate the significant milestone (see Attachment I). The Coastal Cruiser launch set the stage for a new era of transportation in eastern Boynton Beach. Residents and visitors can look forward to convenient, affordable, and eco-friendly rideshare options, which will certainly transform the way individuals travel within our vibrant and developing city. Moving forward, Circuit will begin collecting data which Staff will report back to the BBCRA Board for their review at their August Board Meeting. Press Coverage (see Attachment II): March 22, 2024: WPTV News Segment March 22, 2024: Palm Beach Post News Article March 23, 2024: Fox 29 News Article 1276 •Attachment I - Ribbon Cutting Photos •Attachment II - News Articles •Attachment III - Program Marketing Program Marketing (see Attachment III): BBCRA Website BBCRA/City of Boynton Beach Press Release BBCRA E-Newsletter Blast BBCRA Social Media Posts Street Signage City Hall Kiosks City of Boynton Beach Utility Bill insert City of Boynton Beach E-Newsletter Blast Neighborhood News Coastal Star Promotional Fans Promotional Poster Ribbon Cutting Poster FISCAL IMPACT: FY 2023-2024 Budget, Project Fund, Line Item 02-58500-470, $400,000 FY 2023-2024 Budget, Project Fund, Line Item 02-58500-480, $17,500 for Program Marketing CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRA BOARD OPTIONS: No action is required from the CRA Board at this time. ATTACHMENTS: Description 1277 1278 1279 1280 1281 1282 1283 1284 1285 1286 1287 1288 1289 1290 1291 3/25/24, 9:24 AM New Boynton Beach Coastal Cruiser on-demand rideshare program debuts Saturday https://www.wptv.com/news/region-s-palm-beach-county/boynton-beach/new-coastal-cruiser-on-demand-rideshare-program-coming-to-boynton-beach 1/8 ⚡9 weather alerts ADVERTISEMENT Watch Now Quick links... By: Todd Wilson , Allen Cone N E W S ›PA L M B E AC H C O U N T Y ›R E G I O N S PA L M B E AC H C O U N T Y ›B OY N TO N B E AC H New Boynton Beach Coastal Cruiser on-demand rideshare program debuts Saturday Service available 7 days a week starting at $1 ✉ A new on-demand rideshare program is launching in Boynton Beach this weekend to help alleviate parking and traffic problems in the city's busiest areas. ADVERTISEMENT ⚡9 weather alerts Watch Now ADVERTISEMENT Book Now Find Your Next Adventure in Florida Warm up in Florida on a winter getaway. From surfing to seafood, experience the best Florida has to offer and book your stay at over 30 hotel brands. Sponsored by: Marriott Bonvoy® CLOSE Menu 1292 3/25/24, 9:24 AM New Boynton Beach Coastal Cruiser on-demand rideshare program debuts Saturday https://www.wptv.com/news/region-s-palm-beach-county/boynton-beach/new-coastal-cruiser-on-demand-rideshare-program-coming-to-boynton-beach 2/8 Posted at 4:55 PM, Mar 22, 2024 and last updated 8:46 AM, Mar 23, 2024 BOYNTON BEACH, Fla. — Boynton Beach is the third largest city in Palm Beach County and it's growing. "As the development happens in most cities, it becomes harder and harder to find parking to drive around," Marcia Levine said. She said the growth is good and bad. "As exciting as that is, I'm all for the development of areas, but the transportation gets harder," Levine said. WPTV Marcia Levine talks about how the new rideshare program will benefit her. However, help is on the way to reduce traffic in Boynton Beach. Mayor Ty Penserga came up with the idea for the rideshare program called Coastal Cruiser, which debuts Saturday. The service is Sunday through Thursday from 10 a.m. to 8 p.m. and Friday and Saturday from 10 a.m. to 10 p.m. All rides are available on-demand, and need to be booked via the Ride Circuit app. The Coastal Cruiser fleet will feature all EV vehicles – two Kia Niro sedans and two GEMs, including one ADA accessible vehicle. ADVERTISEMENT ADVERTISEMENT ⚡9 weather alerts Watch Now ADVERTISEMENT CLOSE 1293 3/25/24, 9:24 AM New Boynton Beach Coastal Cruiser on-demand rideshare program debuts Saturday https://www.wptv.com/news/region-s-palm-beach-county/boynton-beach/new-coastal-cruiser-on-demand-rideshare-program-coming-to-boynton-beach 3/8 Recent Stories from wptv.com A ribbon-cutting ceremony will take place at p.m. Saturday at the Centennial Park & Amphitheaterat 120 East Ocean Avenue. The ceremony will coincide with the Boynton Beach Spring Market. "We've got a parking problem; we've got a traffic problem," he said. "Let's find a solution, let's get people moving and so this is that solution." ADVERTISEMENT READ MORE Palm Beach Pride kicks off day after events washed out Top Stories ⚡9 weather alerts Watch Now ADVERTISEMENT CLOSE 1294 3/25/24, 9:24 AM New Boynton Beach Coastal Cruiser on-demand rideshare program debuts Saturday https://www.wptv.com/news/region-s-palm-beach-county/boynton-beach/new-coastal-cruiser-on-demand-rideshare-program-coming-to-boynton-beach 4/8 WPTV Boynton Beach Mayor Ty Penserga shares how Coastal Cruiser will alleviate parking and traffic issues in the city. The Coastal Cruiser by Circuit will be available for residents and visitors. The environmentally friendly, all electric vehicles will cover areas from East Ocean Avenue, Seacrest Boulevard to Federal Highway. It will also drop you off and pick you up at the beach. Zone 1 will encompass a portion of the CRA area, including city hall and municipal building, Boynton Harbor Marina, and businesses and restaurants. Zone 2 will be designated to transport passengers to Oceanfront Park for access to beaches. Part of the city's big motivation with starting the program is helping those who live in the northeastern portion of the city, which is considered a food desert. ADVERTISEMENT ⚡9 weather alerts Watch Now ADVERTISEMENT CLOSE 1295 3/25/24, 9:24 AM New Boynton Beach Coastal Cruiser on-demand rideshare program debuts Saturday https://www.wptv.com/news/region-s-palm-beach-county/boynton-beach/new-coastal-cruiser-on-demand-rideshare-program-coming-to-boynton-beach 5/8 WPTV Coastal Cruiser by Circuit will also drop you off and pick you up at the beach. "Right now, they have no access to healthy food," Penserga said. "But with this one dollar ride we can get them access to all of the grocery stores and retailers all around the area." ADVERTISEMENT The city is able to charge only a dollar because local businesses like The Butcher and The Bar can pay for advertising opportunities on the vehicles to offset the cost of running the program. "This four-block strip here from the Intracoastal to just past the railroad tracks there's about 30+ small independent businesses that would love to have a little bit more noise made about them," owner Eric Anderson said. "I think this is one of many ways this can happen." ADVERTISEMENT ⚡9 weather alerts Watch Now ADVERTISEMENT CLOSE 1296 3/25/24, 9:24 AM New Boynton Beach Coastal Cruiser on-demand rideshare program debuts Saturday https://www.wptv.com/news/region-s-palm-beach-county/boynton-beach/new-coastal-cruiser-on-demand-rideshare-program-coming-to-boynton-beach 6/8 WPTV The Butcher and The Bar owner Eric Anderson explains small independent businesses can benefit from advertising. Levine said with Coastal Cruising she won't have to drive much. "We can now get around town, because it's not always easy to get a ride and we need transportation," Levine said. Fares start at just $1 per rider for Zone 1, with rides in Zone 2 $2 for the first rider and $1 for each additional rider. To celebrate the launch, community members who download the Circuit app will receive their first two rides for free during the first 30 days. Copyright 2024 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Sign up for the South Florida Sports Headlines Newsletter and receive up to date information. E-mail Submit CURATION BY Recommended by 2 memorials vandalized in St. Lucie County in less than a week WPTV News Channel 5 West Palm 'Ghostbusters: Frozen Empire' packs more drama than comedy WPTV News Channel 5 West Palm Could federal government help solve Florida's insurance woes? WPTV News Channel 5 West Palm ADVERTISEMENT ⚡9 weather alerts Watch Now ADVERTISEMENT CLOSE 1297 3/25/24, 9:59 AM Electric shuttle now in Lake Worth and Boynton Beach https://www.palmbeachpost.com/story/news/local/lakeworth/2024/03/22/electric-shuttle-services-debuts-in-lake-worth-beach-and-boynton-beach/7301…1/4 LAKE WORTH Low cost electric shuttle services debuts in Lake Worth Beach and Boynton Beach Bill DiPaolo Special to The Post Published 12:51 p.m. ET March 22, 2024 Updated 1:00 p.m. ET March 22, 2024 For a buck, riders can board a quiet green and white electric shuttle to and from the beach and other municipal locations in Lake Worth Beach and Boynton Beach. “These vehicles are a low-cost, safe, environmentally positive alternative to driving. We have one of the highest riderships to Tri-Rail, so this should provide the 'last mile' to our residents,” said Lake Worth Beach Commissioner Reinaldo Diaz at Tuesday’s ribbon cutting to introduce the vehicles provided by Fort Lauderdale-based Circuit Transit. In Boynton Beach, the service debuts Saturday with two zones for the community. The zones were strategically chosen to cover key areas and popular destinations along East Ocean Avenue, Seacrest Boulevard, Federal Highway and the surrounding areas, according to the Boynton Beach Community Redevelopment Agency. Zone 1 will encompass a portion of the CRA area, providing seamless transportation within the district to points of interests, like the City Hall and Library building, Boynton Harbor Marina along with a number of businesses and restaurants. Zone 2 will be designated to transport passengers to Oceanfront Park, offering easy access to the beach and alleviating the need to search and pay for parking. In Lake Worth Beach, residents and visitors have been riding the five-passenger Circuit vehicle with three doors on each side for about a week. A smaller three-passenger Circuit vehicle is expected to begin operating in the next few days, said Gabriella Gaidot, Circuit Market Supervisor. LAKE WORTH BEACH:Mayor's race headed to runoff between Betty Resch, Andy Amoroso BOYNTON BEACH:New Italian restaurant offers scratch-made, fine-dining quality fare 1298 3/25/24, 9:59 AM Electric shuttle now in Lake Worth and Boynton Beach https://www.palmbeachpost.com/story/news/local/lakeworth/2024/03/22/electric-shuttle-services-debuts-in-lake-worth-beach-and-boynton-beach/7301…2/4 The vehicles bring riders to and from any destination between the beach on the east to Tri- Rail to the west between 7th Avenue North and 6th Avenue South. While most destinations are predictable — the beach, golf course, Tri-Rail station — there have been a few surprises, said Dave Escobedo, who drives the five-passenger vehicle. “I drive lots of working people to and from their jobs. Many passengers bring their laundry. Some do their food shopping,” said Escobedo, a Lake Worth Beach resident. Escobedo’s shuttle has comfortable seats and large handcrank windows. He shows off how the seats can be pushed back to create room for riders to load their groceries, beach equipment, golf bags and other stuff. “People really enjoy not having to drive. I tell them about good places to eat and have fun around town. They love going over the (Intracoastal) bridge. Passengers are starting to recognize me. They wave when I drive by. It’s fun,” Escobedo said. The electric shuttles come just in time for local pedestrians and motorists already coping with roadwork planned for Lucerne and Lake avenues. Scheduled for completion in early 2025, the $5.4 million Florida Department of Transportation project is planned on two miles of the city’s main downtown roads from east of A Street to east of Golfview Road. Resurfacing roads, upgrading signs, improving sidewalks and enhancing curb ramps to meet the Americans with Disabilities Act standards are planned. Electric shuttles are now used in most major Palm Beach County municipalities The colorful, humming Circuit vehicles that locals are seeing are not new in Palm Beach County. Circuit cruisers are available in downtown Boca Raton and at the Gardens Mall in Palm Beach Gardens. West Palm Beach started partnering with Circuit three years ago to provide rides between the city’s downtown and the town of Palm Beach. 1299 3/25/24, 9:59 AM Electric shuttle now in Lake Worth and Boynton Beach https://www.palmbeachpost.com/story/news/local/lakeworth/2024/03/22/electric-shuttle-services-debuts-in-lake-worth-beach-and-boynton-beach/7301…3/4 The Square on Okeechobee Boulevard and the Brightline Station off Fern Street and Quadrille Boulevard are the top pick up/drop off spots in West Palm Beach. The Breakers is the most popular spot in the town of Palm Beach, according to the Circuit officials. Miami, Hollywood, Pompano Beach, Wilton Manors and Lauderdale-by-the Sea are other Florida Circuit locations. Promoting less traffic and reduced emissions, Circuit started in 2011. The company is now in about 40 locations including Florida, California, Texas and Massachusetts. The cruiser service in Lake Worth Beach may be expanded depending on city and Community Redevelopment Agency budgets and possible grants, according to city officials. The service is being paid for by the city and the city’s CRA. The Circuit vehicles will play a significant role in the future of downtown, said commissioner Diaz. “Many riders will be visitors to the Gulfstream Hotel,” he said, referring to the long-closed 1925-built hotel on the Intracoastal Waterway at Lake Avenue that is being considered for a $50 million restoration. How to use the cruiser vehicles Passengers can download the app (ridecircuit.com) or flag down a Circuit vehicle. App requests take priority. Rides are $1 per person. Riders using the app get three free rides. As an on-demand service, Circuit vehicles do not accept rides scheduled in advance. Tips are appreciated by drivers but not required. Hours: Noon - 9 p.m., Sunday through Thursday; Noon - 11 p.m., Friday and Saturday. Friendly pets are allowed. 1300 3/25/24, 9:25 AM New Boynton Beach Coastal Cruiser on-demand rideshare program debuts Saturday https://www.wflx.com/2024/03/23/new-boynton-beach-coastal-cruiser-on-demand-rideshare-program-debuts-saturday/1/10 76° West Palm Beach, FL 2 Weather Alerts In Effect × ADVERTISEMENT Boynton Beach is the third largest city in Palm Beach County and it's growing. "As the development happens in most cities, it becomes harder and harder to find parking to drive around," Marcia Levine said. She said the growth is good and bad. "As exciting as that is, I'm all for the development of areas, but the transportation gets harder," Levine said. New Boynton Beach Coastal Cruiser on-demand rideshare program debuts Saturday By WPTV - Staff Published: Mar. 23, 2024 at 8:51 AM EDT ADVERTISEMENT News Weather Hurricane Guide  1301 3/25/24, 9:25 AM New Boynton Beach Coastal Cruiser on-demand rideshare program debuts Saturday https://www.wflx.com/2024/03/23/new-boynton-beach-coastal-cruiser-on-demand-rideshare-program-debuts-saturday/2/10 with tempered glass and premium trim S H O P N O W Marcia Levine talks about how the new rideshare program will benefit her. Marcia Levine talks about how the new rideshare program will benefit her. However, help is on the way to reduce traffic in Boynton Beach. Mayor Ty Penserga came up with the idea for the rideshare program called Coastal Cruiser, which debuts Saturday. The service is Sunday through Thursday from 10 a.m. to 8 p.m. and Friday and Saturday from 10 a.m. to 10 p.m. All rides are available on-demand, and need to be booked via the Ride Circuit app. The Coastal Cruiser fleet will feature all EV vehicles – two Kia Niro sedans and two GEMs, including one ADA accessible vehicle. -25% $89$89 -20% $1 28$1 28 -15% $1 0 2$1 0 2 -10% $1 0 8$1 0 8 -20% $1 28$1 28 -20% $96$96 A ribbon-cutting ceremony will take place at p.m. Saturday at the Centennial Park & Amphitheaterat 120 East Ocean Avenue. The ceremony will coincide with the Boynton Beach Spring Market. "We've got a parking problem; we've got a traffic problem," he said. "Let's find a solution, let's get people moving and so this is that solution." ADVERTISEMENT News Weather Hurricane Guide  1302 3/25/24, 9:25 AM New Boynton Beach Coastal Cruiser on-demand rideshare program debuts Saturday https://www.wflx.com/2024/03/23/new-boynton-beach-coastal-cruiser-on-demand-rideshare-program-debuts-saturday/3/10 Boynton Beach Mayor Ty Penserga shares how Coastal Cruiser will alleviate parking and traffic... Boynton Beach Mayor Ty Penserga shares how Coastal Cruiser will alleviate parking and traffic issues in the city. The Coastal Cruiser by Circuit will be available for residents and visitors. The environmentally friendly, all electric vehicles will cover areas from East Ocean Avenue, Seacrest Boulevard to Federal Highway. It will also drop you off and pick you up at the beach. Zone 1 will encompass a portion of the CRA area, including city hall and municipal building, Boynton Harbor Marina, and businesses and restaurants. Zone 2 will be designated to transport passengers to Oceanfront Park for access to beaches. Part of the city's big motivation with starting the program is helping those who live in the northeastern portion of the city, which is considered a food desert. ADVERTISEMENT News Weather Hurricane Guide  1303 3/25/24, 9:25 AM New Boynton Beach Coastal Cruiser on-demand rideshare program debuts Saturday https://www.wflx.com/2024/03/23/new-boynton-beach-coastal-cruiser-on-demand-rideshare-program-debuts-saturday/4/10 Coastal Cruiser by Circuit will also drop you off and pick you up at the beach. Coastal Cruiser by Circuit will also drop you off and pick you up at the beach. "Right now, they have no access to healthy food," Penserga said. "But with this one dollar ride we can get them access to all of the grocery stores and retailers all around the area." The city is able to charge only a dollar because local businesses like The Butcher and The Bar can pay for advertising opportunities on the vehicles to offset the cost of running the program. "This four-block strip here from the Intracoastal to just past the railroad tracks there's about 30+ small independent businesses that would love to have a little bit more noise made about them," owner Eric Anderson said. "I think this is one of many ways this can happen." ADVERTISEMENT News Weather Hurricane Guide  1304 3/25/24, 9:25 AM New Boynton Beach Coastal Cruiser on-demand rideshare program debuts Saturday https://www.wflx.com/2024/03/23/new-boynton-beach-coastal-cruiser-on-demand-rideshare-program-debuts-saturday/5/10 The Butcher and The Bar owner Eric Anderson explains small independent businesses can benefit... The Butcher and The Bar owner Eric Anderson explains small independent businesses can benefit from advertising. Levine said with Coastal Cruising she won't have to drive much. "We can now get around town, because it's not always easy to get a ride and we need transportation," Levine said. Fares start at just $1 per rider for Zone 1, with rides in Zone 2 $2 for the first rider and $1 for each additional rider. To celebrate the launch, community members who download the Circuit app will receive their first two rides for free during the first 30 days. Scripps Only Content 2024 ADVERTISEMENT News Weather Hurricane Guide  1305 BBCRA Website https://www.boyntonbeachcra.com/bbcra-projects/circuit- rideshare 1306 BBCRA/City of Boynton Beach Press Release 1307 BBCRA E-Newsletter Blast 1308 BBCRA Social Media Posts 1309 BBCRA Social Media Posts 1310 Street Signage 1311 City of Boynton Beach Utility Bill insert 1312 City of Boynton Beach E-Newsletter Blast 1313 Neighborhood News/Coastal Star/Promotional Poster/ City Hall Kiosks 1314 Promotional Fans 1315 Promotional Posters - Ribbon Cutting 1316 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: April 9, 2024 CRA PROJECTS IN PROGRESS AGENDA ITEM 16.B SUBJECT: Boynton Beach Spring Market Recap SUMMARY: EVENT RECAP On Saturday, March 23, 2024, the BBCRA hosted the Boynton Beach Spring Market in Downtown Boynton Beach at the Centennial Park & Amphitheater. The free business promotional event featured a variety of food, retail, artisan, and professional service providers who exhibited their goods and services. Event attendees were encouraged to enjoy the festivities, stroll the avenue and green space, and to shop with the participating vendors. In addition to the vendors, this family-friendly event also featured fun games and activities and live music from the bands The Flyers and Rogue Theory. In total, sixty (60) vendors participated at the event, including the following thirteen (13) BBCRA area businesses: Coastal Palms Realty Café Frankie’s JKEN Boutique Café Prelude Picnics in Paradise Tiki Taxi and Cruises ArtSea Living Studio Alchemy Simple’ WHOA! Nutrition The Boardwalk Italian Ice & Creamery A Taste of Africa Catering Services Bond Street Ale & Coffee Agape Health & Wellness Attendees were encouraged to participate in the scavenger hunt, which placed them in direct contact with BBCRA businesses for a chance to win a prize pack of gift certificates to the participating businesses. Three winners were selected following the market. Following the event, a survey was sent to the participating businesses to determine their feedback regarding how participating at the event impacted their business. Results TBA. 1317 In an effort to engage the community and obtain demographic information, during the event, patrons were encouraged to complete a short feedback survey to spin the wheel of luck, which provided opportunities to win gift certificates to the participating businesses or BBCRA branded promotional items. There were 167 survey responses (see Attachment I). MARKETING RECAP The Atlantic Current – A full-page ad was published in the Atlantic Current to promote the event. This publication has a younger demographic, with 70% of their readers being between the ages of 21 and 44, and 42% between the ages of 21 and 34. The Atlantic Current is a bi- monthly publication that is distributed to over 100 locations throughout Palm Beach and Broward county (see Exhibit A). Cost: $800 Coastal Star – A quarter-page ad was published in the Coastal Star to promote the event. The Coastal Star newspaper serves the eastern community of Hypoluxo Island, South Palm Beach, Manalapan, Ocean Ridge, Briny Breezes, Gulf Stream and coastal Delray which reaches out to that specific demographic (see Exhibit B). Cost: $525 Gateway Gazette – A full-page ad was published in the Gateway Gazette to promote the event. The Gateway Gazette is a community publication that shares comprehensive neighborhood news, related to city government, business and real estate, sports, and events (see Exhibit C). Cost: $452 Neighborhood News – A full-page ad was featured in the Neighborhood News to promote the event. The Neighborhood News publication is a great way to reach out to the western Boynton Beach communities. The publication is mailed to 17,500 homes/clubhouses, with over 10,000 additional subscribers that read the digital edition online and on Facebook (see Exhibit D). Cost: $450 Posters – A promotional poster for the event was created and distributed to various locations throughout Boynton Beach, including City of Boynton Beach facilities and local businesses (see Exhibit E). Cost: $166 Social Media – The Boynton Beach CRA social media platforms were utilized to promote a variety of paid and organic social media marketing initiatives (see Exhibit F). Cost: $1,500 Street Signs – Eight (8) custom street signs were designed and installed at various locations throughout Boynton Beach to promote the event (see Exhibit G). Cost: $1,310 Billboard – The event was promoted on the billboard located on I-95 and Gateway Boulevard (Exhibit H). Cost: $0 Blog – A blog to promote the various aspects of the event was published to the BBCRA’s Boynton Beach (Exhibit I). Cost $0 E-Blast – A promotional email was sent to the BBCRA subscriber list and to all City staff to promote the market (Exhibit J). Cost: $0 FISCAL IMPACT: 1318 •Attachment I - Attendee Survey Results •Exhibits A - J FY 2023-2024 Budget, Project Fund, Line Item 02-58500-480 $50,000 and $5,203 for marketing. CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRA BOARD OPTIONS: No action is required from the CRA Board at this time. ATTACHMENTS: Description 1319 Boynton Beach Spring Market Question 1 has 165 answers (Checkboxes) “Please select which best applies to you” I live in Boynton Beach 122 (73.1%) I live in Palm Beach County 34 (20.4%) I live in Florida, but outside of Palm Beach County 9 (5.4%) I am visiting from out-of-state 9 (5.4%) Question 2 has 162 answers (Open Text) “What is your zip code? ” Unknown contact said: "33436" Unknown contact said: "33483" Unknown contact said: "33435" Unknown contact said: "33435" All Responses Question 1: Please select which best applies to youQuestion 2: What is your zip code?Question 3: How did you hear about the Boynton Beach Spring Market event?Question 4: Have you previously utilized Boynton BeQuestion 5 Feedback1320 Unknown contact said: "33460" Unknown contact said: "33436" Unknown contact said: "33445" Unknown contact said: "33435" Unknown contact said: "33435" Unknown contact said: "34103" Unknown contact said: "33435" Unknown contact said: "33426" Unknown 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"33435"Feedback1328 Unknown contact said: "33463" Unknown contact said: "33435" Unknown contact said: "33462" Unknown contact said: "33467" Unknown contact said: "33426" Unknown contact said: "33484" Unknown contact said: "33426" Unknown contact said: "33435" Unknown contact said: "33435"Feedback1329 Unknown contact said: "33435" Unknown contact said: "33435" Unknown contact said: "33435" Unknown contact said: "48197" Unknown contact said: "33435" Unknown contact said: "33426" Unknown contact said: "33437" Unknown contact said: "J5a2w3" Unknown contact said: "J5a1w2"Feedback1330 Unknown contact said: "J5a1w2" Unknown contact said: "33435" Unknown contact said: "33435" Unknown contact said: "33426" Unknown contact said: "3435" Unknown contact said: "33426" Unknown contact said: "33436" Unknown contact said: "33435" Unknown contact said: "33435"Feedback1331 Unknown contact said: "33436" Unknown contact said: "33435" Unknown contact said: "33462" Unknown contact said: "33435" Unknown contact said: "33462" Unknown contact said: "33437" Unknown contact said: "33436" Unknown contact said: "33435" Unknown contact said: "33436"Feedback1332 Unknown contact said: "33426" Unknown contact said: "33426" Unknown contact said: "33435" Unknown contact said: "33435" Unknown contact said: "18972" Unknown contact said: "33487" Unknown contact said: "33436" Unknown contact said: "33435" Unknown contact said: "18972"Feedback1333 Unknown contact said: "33437" Unknown contact said: "33437" Unknown contact said: "33405" Unknown contact said: "33426" Unknown contact said: "33426" Unknown contact said: "33436" Unknown contact said: "33483" Unknown contact said: "33484" Unknown contact said: "33473"Feedback1334 Unknown contact said: "33436" Unknown contact said: "33444" Unknown contact said: "33435" Unknown contact said: "33461" Unknown contact said: "33436" Unknown contact said: "33472" Unknown contact said: "33472" Unknown contact said: "33472" Unknown contact said: "33437"Feedback1335 Unknown contact said: "33436" Unknown contact said: "33437" Unknown contact said: "33426" Unknown contact said: "33472" Unknown contact said: "33435" Unknown contact said: "33431" Unknown contact said: "33426" Unknown contact said: "33426" Unknown contact said: "33432"Feedback1336 Unknown contact said: "33436" Unknown contact said: "33435" Unknown contact said: "33435" Unknown contact said: "33460" Unknown contact said: "33437" Unknown contact said: "33436" Unknown contact said: "33426" Unknown contact said: "33435" Unknown contact said: "33437"Feedback1337 Unknown contact said: "33437" Unknown contact said: "33435" Unknown contact said: "33436" Unknown contact said: "33436" Unknown contact said: "33436" Question 3 has 164 answers (Checkboxes) “How did you hear about the Boynton Beach Spring Market event?” Facebook 71 (42.5%) Instagram 5 (3.0%) Email 9 (5.4%) Poster 15 (9.0%) Street Sign 36 (21.6%) Billboard 4 (2.4%) Newspaper/Magazine Feedback1338 8 (4.8%) Television News 0 (0.0%) From a Friend/Family Member 38 (22.8%) Question 4 has 164 answers (Radio Buttons) “Have you previously utilized Boynton Beach Bucks?” Yes 23 (14.0%) No 141 (86.0%) Question 5 has 26 answers (Open Text) “If yes, which businesses have you visited to redeem Boynton Beach Bucks?” Unknown contact said: "N/a" Unknown contact said: "Tiki boat" Unknown contact said: "Cafe Frankie" Unknown contact said: "Art sea"Feedback1339 Unknown contact said: "Idk what they are just moved here" Unknown contact said: "Restaurants" Unknown contact said: "Tiki" Unknown contact said: "tiki" Unknown contact said: "I don’t remember" Unknown contact said: "Alchemy" Unknown contact said: "Jewelry " Question 6 has 161 answers (Radio Buttons) “Have you already downloaded the RideCircuit App?” Yes 19 (11.8%) No 142 (88.2%) Question 7 has 152 answers (Checkboxes)Feedback1340 “What destinations do you think you will utilize the Circuit rideshare for? ” Oceanfront Park (the beach) 86 (51.5%) Boynton Harbor Marina 33 (19.8%) City Hall/City Library 35 (21.0%) One Boynton Plaza 17 (10.2%) Sunshine Square Plaza 19 (11.4%) Ocean Palm Plaza 10 (6.0%) Riverwalk Plaza 14 (8.4%) 500 Ocean Plaza 17 (10.2%) Sara Sims Park 4 (2.4%) Heart of Boynton Village Apartments & Shops 8 (4.8%) Ocean Breeze East Apartments 5 (3.0%) Marina Village 14 (8.4%) Other 19 (11.4%) I do not plan on using Circuit 26 (15.6%) Question 8 has 161 answers (Radio Buttons) “Prior to this event were you aware of the Historic Renovation & Adaptive Reuse Project?” Yes Feedback1341 45 (28.0%) No 116 (72.0%) Question 9 has 162 answers (Radio Buttons) “Prior to this event were you aware of the 500 Ocean Mixed-Use Development Project?” Yes 51 (31.5%) No 111 (68.5%) Question 10 has 160 answers (Radio Buttons) “Prior to this event were you aware of the The Pierce - Infill Mixed-Use Redevelopment Project?” Yes 25 (15.6%) No 135 (84.4%) Question 11 has 159 answers (Radio Buttons) “Prior to this event were you aware of the Cottage District Affordable Workforce Housing Project?” Yes 28 (17.6%) No 131 (82.4%) Question 12 has 160 answers (Radio Buttons)Feedback1342 “Prior to this event were you aware of the Heart of Boynton Village Apartments and Shops Project?” Yes 42 (26.3%) No 118 (73.8%) Question 13 has 55 answers (Open Text) “If you would like to subscribe to the BBCRA email list for future Boynton Beach Bucks deals please enter your email below. By providing your email address, you agree to receive promotional messages from the Boynton Beach CRA. Please be advised that under Florida records law, email addresses are public record. Therefore, your email address may be subject to public disclosure.” Unknown contact said: "Jadeivy22021@gmail.com" Unknown contact said: "No" Unknown contact said: "Mathewblass@gmail.com" Unknown contact said: "Shelby.barley@gmail.com"Feedback1343 Unknown contact said: "Jnkovach1429@att.net" Unknown contact said: "Candy@sweetrealdeals.com" Unknown contact said: "Meridaonemom@aol.com " Unknown contact said: "n/a" Unknown contact said: "Robinhoryon06131959@gmail.com@gmail.com" Unknown contact said: "Omans.alexis@gmail.com" Unknown contact said: "mirzakti_3@hotmail.com" Unknown contact said: "Chavez2351@gmail.com" Unknown contact said: "Vangelakos23@gmail.com"Feedback1344 Unknown contact said: "contrinofamily@hotmail.com" Unknown contact said: "bplowe1534@bellsouth.net" Unknown contact said: "Jaceybiery@gmail.com" Unknown contact said: "Yuh " Unknown contact said: "amaliamorrissey@gmail.com" Unknown contact said: "l" Unknown contact said: "Umran999@hotmail.com" Unknown contact said: "RSOrrells86@gmail.com" Unknown contact said: "Jbl9x@yahoo.com"Feedback1345 Unknown contact said: "Moviesean@gmail.com" Unknown contact said: "Janet.munce@lpl.com" Unknown contact said: "Sierranicoleh@gmail.com" Unknown contact said: "michelelborberg@gmail.com" Unknown contact said: "Debrod51@comcast.net" Unknown contact said: "Jarandich@sbcglobal.net" Unknown contact said: "enjoyablessing@gmail.com" Unknown contact said: "Already do" Unknown contact said: "Sarahegan@icloud.com"Feedback1346 Unknown contact said: "No" Unknown contact said: "bobduhl@ yahoo.com" Unknown contact said: "dherlihy19@yahoo.com" Unknown contact said: "Ginsberg235@aol.com" Unknown contact said: "X" Unknown contact said: "Jackkarlienmiasmom@icloud.com I am in a wheelchair and I have some thought on how to make events more accessible also I have pictures for refrence" Unknown contact said: "Marsoc81@gmail.com" Unknown contact said: "Fantasia916@gmail.com"Feedback1347 Unknown contact said: "jobstest@gmail.com" Unknown contact said: "Nicoleg265@aol.com" Unknown contact said: "Cayla.mcconnell@colorado.edu" Unknown contact said: "No" Unknown contact said: "Amandaemeyer192@gmail.com" Unknown contact said: "Katrinaf415@gmail.com" Unknown contact said: "Nconsaga@hotmail.com" Unknown contact said: "Tyrellwaring02@gmail.com" Unknown contact said: "Srogers610@aol.com "Feedback1348 Unknown contact said: "ddipino@ gmail.com" Unknown contact said: "Srogers610@aol.com" Unknown contact said: "Onea_ancasilvia@yahoo.com" Unknown contact said: "Onea_ancasilvia@yahoo.com" Unknown contact said: "Anthonyprtt@gmail.com" Unknown contact said: "Hayw@bbl.us" Unknown contact said: "nytap10@gmail.com" Question 14 has 91 answers (Checkboxes) “If you provided your email please select what types of email material you would like to receive. ” Redevelopment 13 (7.8%) Business Outreach 11 (6.6%) Business Promotions 19 (11.4%)Feedback1349 Events 58 (34.7%) All of the above 35 (21.0%)Feedback1350 EXHIBIT A 1351 EXHIBIT B 1352 EXHIBIT C 1353 EXHIBIT D 1354 EXHIBIT E 1355 EXHIBIT F 1356 1357 1358 1359 EXHIBIT G 1360 EXHIBIT H 1361 EXHIBIT I 1362 EXHIBIT J 1363 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: April 9, 2024 CRA PROJECTS IN PROGRESS AGENDA ITEM 16.C SUBJECT: Social Media & Print Marketing Update SUMMARY: Throughout the month of March, a variety of social media posts were made to promote various BBCRA initiatives and projects, as well as, a variety of local businesses that operate within the BBCRA area. Social Media BBCRA Project Posts : Promoted the Jaycee Park and Coastal Cruiser by Circuit rideshare program. BBCRA Event Posts: Promoted the Boynton Beach Spring Market. Business Promotional Posts : Utilized Facebook and Instagram feed and stories to promote a variety of businesses, such as: Boynton Harbor Marina, Common Grounds Roastery, Tiki Taxi and Cruises, and Tropical Island Restaurant. Print Marketing Coastal Angler : A full page ad was published in the Coastal Angler magazine to promote the Marina. Florida Sport Fishing : A 1/4 page ad was published in Florida Sport Fishing magazine to promote the transient dockage availability at the Marina. Marinalife: A 1/2 page ad was published in the Marinalife magazine to promote the Marina. City of Boynton Beach Utility Bill : A full page, double-sided flyer was inserted within the utility bill to promote the Spring Market and Circuit rideshare program. See Attachment I for an overview of the social media and print marketing that were published in March and Attachment II for a full listing of the Facebook and Instagram posts that were shared. FISCAL IMPACT: FY 2023-2024 Budget, Project Fund Line Item 01-57400-216 - $2,620 FY 2023-2024 Budget, Project Fund Line Item 02-58500-480 - $2,206.64 CRA PLAN/PROJECT/PROGRAM: 1364 •Attachment I - March Marketing & Social Media Overview •Attachment II - Facebook & Instagram Posts 2016 Boynton Beach Community Redevelopment Plan CRA BOARD OPTIONS: No action is required at this time unless otherwise determined by the CRA Board. ATTACHMENTS: Description 1365 SOCIAL MEDIA & PRINT MARKETING OVERVIEW 1366 SOCIAL MEDIA –PROJECT POSTS 1367 SOCIAL MEDIA –PROJECT POSTS 1368 SOCIAL MEDIA –EVENT POSTS 1369 SOCIAL MEDIA –EVENT POSTS 1370 SOCIAL MEDIA -BUSINESS POSTS 1371 SOCIAL MEDIA -BUSINESS POSTS 1372 COASTAL ANGLER 1373 FLORIDA SPORT FISHING 1374 MARINALIFE 1375 CITY OF BOYNTON BEACH UTILITY INSERT 1376 Facebook & Instagram Posts 1377 Facebook & Instagram Posts 1378 Facebook & Instagram Posts 1379 Facebook & Instagram Posts 1380 Facebook & Instagram Posts 1381 Facebook & Instagram Posts 1382 Facebook & Instagram Posts 1383 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: April 9, 2024 CRA PROJECTS IN PROGRESS AGENDA ITEM 16.D SUBJECT: Social Media Outreach Program 2nd Quarterly Report for FY 2023-2024 (January 2024 - March 2024) SUMMARY: The following is a list of the Social Media Outreach Program (SMOP) business development activities from January 1, 2024 to March 31, 2024 (see Attachment I): 85 Businesses are currently registered in the Social Media Outreach Program (119 have registered since program inception) 1 New businesses added during the 2nd quarter 26 Businesses were contacted this quarter (contacts are done in-person, email, via phone, and via virtual platforms) Social Media Outreach Program Elements One-on-one social media assistance with businesses has helped businesses to promote themselves and grow their following or connect employers with local talents (see Attachment II for examples of assistance for ManCave for Men, Scheurer's Chocolate, Angel's Secret, J'Ken Boutique, and Dimensional Healthcare) with various social media platforms such as Google, Facebook, and Instagram. The Boynton Beach Insider Blog is ongoing to aid local businesses and the BBCRA with web search engine optimization (SEO) and to build awareness to the Boynton Beach community about local businesses and CRA projects and programs. The BBCRA has published the following (see Attachment III): March 4, 2024 Words cannot espresso how much you knead-to-know about the newest coffee shop in town! March 4, 2024 Attention, Boynton Beach! If you are waiting for a sign to get a new hairdo, this is it! March 5, 2024 It’s been quite the PAW-ty over at Jaycee Park! March 6, 2024 Get ready for the Boynton Beach Spring Market – A Showcase of Local Businesses March 15, 2024 Discover the Vibrant Local Businesses of the Boynton Beach CRA Area This quarter, the Boynton Beach CRA’s Social Media has consistently reached Boynton Beach community members, enabling businesses to reach potential clients if a connection is made with the CRA's platforms. Attachment IV contains examples of the top performing posts and all posting activities during this quarter. The results from this quarter indicate the BBCRA's social 1384 •Attachment I - SMOP Businesses Visited •Attachment II - SMOP Assistance •Attachment III - Blog •Attachment IV - Social Media Posts •Attachment V - Comparison media platforms are still a useful marketing and promotional tool (see Attachment V). Facebook has reached 148,000 users this quarter Instagram reached 5,200 users this quarter Upcoming Activities Include: Develop new social media strategies to assist local businesses via the BBCRA social media channels Launch the 2024 Business Development Video Campaign and develop new strategies to reach a larger audience Continue the Boynton Beach Bucks campaign in conjunction with the BBCRA Special Events Continue with one-on-one business assistance Continue updates of the CRA's business listing Coordinate with BBCRA Grants and Project Manager to promote the SMOP Program to prospective grant recipients Continue in-person business visits to spread awareness to businesses on BBCRA Resources, including upcoming construction activities associated with CRA projects such as Heart of Boynton Village Apartments, Cottage District Infill Housing, and 115 N. Federal Highway Infill Mixed Use Redevelopment Projects. FISCAL IMPACT: FY 2022-2023 Budget, General Fund, Line Item 01-57400-100, $146,167 CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRA BOARD OPTIONS: No action is required at this time unless otherwise determined by the CRA Board. ATTACHMENTS: Description 1385 Attachment I BBCRA Area Businesses and SMOP Businesses Quarterly Contact Log Business Address Last Contact Registered in SMOP 1 Dimensional Healthcare Casa Costa - not yet open 3/28/2024 x 2 Sweetwater 1507 S Federal Hwy Boynton Beach FL 33435 3/26/2024 x 3 ManCave 1503 S Federal Hwy, Boynton Beach, FL 33435 3/26/2024 x 4 Boynton Harbor Marina 735 Casa Loma Blvd, Boynton Beach FL 33435 3/26/2024 x 5 Art Sea Living 112, #7, S Federal Hwy, Boynton Beach, FL 33435 3/23/2024 x 6 Simple Whoa Nutrition 1550 N. Federal Hwy, Boynton Beach, FL 33435 3/23/2024 x 7 Café Frankies 640 E Ocean Ave, Boynton Beach, FL 33435 3/23/2024 x 8 Café Prelude 312 N. Federal Hwy, Boynton Beach, FL 33435 3/23/2024 x 9 Alchemy Salon 640 E Ocean Ave #5, Boynton Beach, FL 33435 3/23/2024 x 10 Boardwalk Italian Ice & Creamery 209 N Federal Hwy, Boynton Beach, FL 33435 3/23/2024 x 11 Ace Hardware 510 E Boynton Beach Blvd, Boynton Beach FL, 33435 3/23/2024 x 12 Scheurer's Chocolate 640 E Ocean Ave Unit 10, Boynton Beach, FL 33435 3/20/2024 x 13 Bond Street Market 308 N. Federal Hwy, Boynton Beach, FL 33435 3/20/2024 x 14 Clear Copy 1304 N Federal Hwy, Boynton Beach FL, 33435 3/10/2024 x 15 Tiki Taxi 735 Casa Loma Blvd, Boynton Beach FL 33435 3/2/2024 x 16 NYPD Pizza 308 N. Federal Hwy, Boynton Beach, FL 33435 3/2/2024 x 17 Florida Tackle Company 1550 N Federal Hwy, Boynton Beach, FL 33435 2/18/2024 x 18 The Beauty and the Brow 501 SE 18th Ave, Boynton Beach, FL 33435 2/16/2024 x 19 Angel's Secret Inc.640 E Ocean Ave #9, Boynton Beach, FL 33425 2/13/2024 x 20 Marina Café 100 NE 6th St #108, Boynton Beach, FL 33435 2/10/2024 x 21 The Butcher & The Bar 510 E Ocean Ave, Unit 101, Boynton Beach FL 33435 2/10/2024 x 22 Tropical Island Restaurant 400 E Boynton Beach Blvd, Boynton Beach, FL 33435 2/10/2024 x 23 East Ocean Café 412 E Ocean Ave, Boynton Beach, FL 33435 1/25/2024 x 24 The Beauty Within 100 NE 6th Street #104, Boynton Beach, FL 33435 1/24/2024 x 25 The Joint 520 E Woolbright Rd, Boynton Beach FL 33435 1/19/2024 26 Tropical Smoothie 1025 Gateway Blvd, Boynton Beach FL, 33435 1/4/2024 x 27 Hip Hip Furray 1403 S Federal Hwy, Boynton Beach, FL 33435 12/26/2023 x 28 Front Door Detailing 422 W Industrial Ave, Boynton Beach, FL 33435 12/15/2023 x 29 ROK Prime Korean BBQ 1727 S Federal Hwy, Boynton Beach, FL 33435 12/10/2023 x 30 By Cycle 640 E Ocean Ave #21, Boynton Beach, FL 33435 12/9/2023 x 31 Fly, Flow Fitness 640 E Ocean Ave Boynton Beach FL 33435 12/8/2023 x 32 Hurricane Alley 529 E Ocean Ave, Boynton Beach, FL 33435 12/7/2023 x 33 Salon South Flow 1815 Federal Hwy. Boynton Beach, FL 33435 12/5/2023 x 1386 Attachment I BBCRA Area Businesses and SMOP Businesses Quarterly Contact Log Business Address Last Contact Registered in SMOP 34 Sol Search Charters 735 Casa Loma Blvd, Boynton Beach FL 33435 11/12/2023 x 35 Boynton Beach Boat Rental Marina,Boynton Beach FL 33435 11/12/2023 36 Miller Time Charter Marina, Boynton Beach, FL 33435 11/12/2023 37 The Seed 1600 N Federal Hwy, Boynton Beach FL 33435 9/10/2023 x 38 Bailey's Blendz 640 E Ocean Ave Suite 16, Boynton Beach, FL 33435 9/7/2023 x 39 Sir Cutz Barbershop 558 E Woolbright Rd, Boynton Beach, FL 33435 9/7/2023 x 40 Jackie's Grooming 640 E Ocean Ave Unit 18, Boynton Beach, FL 33435 9/7/2023 x 41 Lighthouse Vapes 640 E Ocean Ave Unit 8, Boynton Beach, FL 33435 9/7/2023 42 Link Jewelry Inc. 640 E Ocean Ave, Boynton Beach, FL 33435 9/7/2023 43 Organic Kitchen & Mercantile 640 E Ocean Ave Suite 6, Boynton Beach, FL, 33435 9/7/2023 x 44 Penn Nails and Spa 640 E Ocean Ave Suite 17, Boynton Beach FL 33435 9/7/2023 x 45 Endless Ups 639 E. Ocean Avenue 7/13/2023 46 Genesis Community Health 639 E. Ocean Ave Suite 409 7/13/2023 47 Steven E. Myott 639 E. Ocean Ave suite 403 7/13/2023 48 Strategic Legal Web 639 E. Ocean Ave. Suite 201 7/13/2023 49 Veritas Legal Plan 639 E Ocean Ave #205 7/13/2023 50 Saturn Street Music 639 e ocean ave #109 7/13/2023 51 Mark Januschewski 639 e ocean ave #402 7/13/2023 52 Moloney Securities Co.639 e ocean ave 7/13/2023 x 53 USA Collision Center of Boynton Beach 905 N. Railroad Avenue 5/18/2023 54 Pioneer Auto Care 401 N. Railroad Avenue 5/18/2023 55 Pugh Pools, LLC 313 N. Railroad Avenue 5/18/2023 56 Mario Ferazzoli & Son 419 NE 4th Ave 5/18/2023 57 Taylor pneumatic Tool Company 505 n railroad ave 5/18/2023 58 Boynton Auto Repair & Transmission 409 n railroad ave 5/18/2023 59 Hercules Roofing 421 NE 7th Ave 5/18/2023 60 Leroy Affordable Paint and Body 817 b north railroad ave 5/18/2023 61 Zuccala's Wrecker Service 905 n railroad ave 5/18/2023 62 Lutheran Services Florida Head Start 909 NE 3rd St 5/18/2023 63 Meineke 319 E. Boynton Beach Blvd 5/18/2023 x 64 Seal Tile Plumbing 406 ne 3rd ave 5/18/2023 65 One Stop Auto 502 NE 3rd Street 5/18/2023 66 Ocean Architectural 800 NE 3rd street 5/18/2023 1387 Attachment I BBCRA Area Businesses and SMOP Businesses Quarterly Contact Log Business Address Last Contact Registered in SMOP 67 Jireh Motorsport 403 NE 6TH AVE 5/18/2023 68 AIRCOMO 800 NE 3rd street 5/18/2023 69 Welch Plastering 716 NE 3rd street 5/18/2023 70 Shiny Touch 1550 N Federal Hwy # 15, Boynton Beach, FL 33435 2/7/2023 x 71 Amar Bakery & Market 1600 N Federal Hwy #15, Boynton Beach, FL 33435 2/5/2023 x 72 Detail's Design 640 E Ocean Ave Unit 1, Boynton Beach, FL 33435 1/28/2023 73 Great Day Charter Marina, Boynton Beach, FL 33435 12/20/2022 74 Gulfstream Boat Rental Marina, Boynton Beach, FL 33435 12/20/2022 75 Hamr Time Marina, Boynton Beach, FL 33435 12/20/2022 76 Boynton Beach Parasailing Marina, Boynton Beach FL 33435 12/10/2022 x 77 Fish Envy Marina, Boynton Beach FL 33435 12/10/2022 78 Intracoastal Jet Ski Rental 106 NE 6th St, Boynton Beach, FL 33435 12/10/2022 x 79 Truist 1725 S Federal Hwy, Boynton Beach, FL 33435 12/1/2022 x 80 500 Ocean Café 510 E Ocean Ave #107, Boynton Beach, FL 33435 9/7/2022 x 81 E&C's Beauty Salon 500 Suite 102 E Ocean Ave, Boynton Beach FL 33435 9/7/2022 x 82 Nicholson Muir Meats 480 E Ocean Ave, Boynton Beach, FL 33435 7/27/2022 x 83 The Blossom Shoppe 402 E Ocean Ave Boynton Beach FL 33435 7/27/2022 x 84 Benchmark Painting 432 W Boynton Beach Blvd, Boynton Beach, FL 33435 6/17/2022 x 85 AT&T 538 E Woolbright Rd #205, Boynton Beach, FL 33435 6/14/2022 86 Eye & Ear 514 E Woolbright Rd, Boynton Beach, FL 33435 6/14/2022 87 The Zoo Fitness 538 E Woolbright Rd #200, Boynton Beach, FL 33435 6/14/2022 x 88 South Florida Diving Headquarters 735 Casa Loma Blvd, Boynton Beach FL 33435 6/11/2022 x 89 Billable Hours Charter Marina, Boynton Beach FL 33435 6/6/2022 90 Baciami 1415 S Federal Hwy Boynton Beach FL 33435 4/22/2022 x 91 Common Grounds Brew & Roastery 101 S Federal Hwy, Boynton Beach, FL 33435 4/22/2022 x 92 Slouvaki Fast 305 E Woolbright Rd, Boynton Beach, FL 33435 4/22/2022 93 Tipsy Nail Salon 1515 S Federal Hwy, Boynton Beach Fl 33435 4/22/2022 94 Tokio Ramen 1351 S Federal Hwy, Boynton Beach, FL 33435 4/22/2022 x 95 Tsunami Subs 309 E Woolbright Rd, Boynton Beach, FL 33435 4/22/2022 96 Driftwood 2005 S Federal Hwy, Boynton Beach, FL 33435 4/7/2022 x 97 JMM Services 640 E Ocean Ave #15, Boynton Beach FL, 33435 3/25/2022 x 98 Property Damage Consultants 125 E Boynton Beach Blvd. Boynton Beach FL, 33435 3/15/2022 99 Shearology 100 NE 6th St #103, Boynton Beach, FL 33435 3/15/2022 1388 Attachment I BBCRA Area Businesses and SMOP Businesses Quarterly Contact Log Business Address Last Contact Registered in SMOP 100 Pro Day Fitness 1550 N Federal Hwy, Boynton Beach, FL 33435 2/21/2022 101 Your CBD Store 1600 N Federal Hwy #9, Boynton Beach, FL 33435 2/21/2022 x 102 Allstate Insurance Company 1260 S. Federal Highway, #102 1/20/2022 103 Aubrey K. Ewing, PH.D. & Associates, P.A.1230 S. Federal Highway 1/20/2022 104 Bravo Security School, LLC 400 S. Federal Highway, Ste. 412 1/20/2022 105 Complete Home Care Registry, Inc. 1210 S. Federal Highway, Ste. 202 1/20/2022 106 Crystal Grams 400 S. Federal Highway, Ste. 389 1/20/2022 107 Exit Realty Partners 639 E. Ocean Avenue, Ste 109 1/20/2022 108 Funding Unlimited Group, LLC.1260 S. Federal Highway, #202 1/20/2022 109 Hospital Without Walls 1200 S. Federal Highway, Unit 301 1/20/2022 110 Joseph C. Gretzula D.O., F.A.A.D.100 N.E. 6th Street, Ste. 104 1/20/2022 111 Mark Januschewski P.A. 639 E. Ocean Avenue, Unit 402 1/20/2022 112 Morris Wealth Advisory Group 1260 S. Federal Highway, Unit. 201 1/20/2022 113 Pathways To Prosperity 639 E. Ocean Avenue, Unit 101 1/20/2022 114 Taylor, Gratton & Beaumont, LLC 1260 S. Federal Highway, #101 1/20/2022 115 The Hair Garden, Inc. 1100 S. Federal Highway, Ste. 8 1/20/2022 116 Thomas Corwell, LMHC, LMFT, Cht 1200 S. Federal Highway, Unit 301 1/20/2022 117 Town Square Dentistry 1250 S. Federal Highway, Ste. 101 1/20/2022 118 Tuttle Isdith Architecture 1100 S. Federal Highway, Ste. 2 1/20/2022 119 Veraco 639 E. Ocean Avenue, Ste 305 1/20/2022 120 Wiiliam Manikas 639 E. Ocean Avenue, Ste 307 1/20/2022 121 Banana Boat 739 E Ocean Ave, Boynton Beach, FL 33435 12/10/2021 122 Studio Glo Salon & Spa 413 S Federal Hwy, Boynton Beach, FL 33435 11/30/2021 x 123 Crown Wine & Spirits 532 E Woolbright Rd, Boynton Beach FL 33435 10/22/2021 124 Sol Oasis 408 East Ocean Ave Unit 2, Boynton Beach, FL 33435 10/22/2021 125 South Florida Marine 725 N Federal Hwy, Boynton Beach, FL 33435 9/30/2021 x 126 The Mortgage Firm 319 E Woolbright Rd, Boynton Beach FL 33435 9/30/2021 x 127 Deck & Drive 605 NE 3rd St, Boynton Beach, FL 33435 6/30/2021 x 128 Le Petit Pain 410 E Boynton Beach Blvd, Boynton Beach, FL 33435 6/30/2021 x 129 Boca Babes 100 NE 6th St, Boynton Beach, FL 33435 6/17/2021 x 130 Boynton Diner 500 E Woolbright Rd, Boynton Beach, FL 33435 6/17/2021 131 One Boynton 1351 S Federal Hwy, Boynton Beach, FL 33435 6/17/2021 x 132 Splashdown Divers 640 E Ocean Ave #2, Boynton Beach FL 33435 6/17/2021 x 1389 Attachment I BBCRA Area Businesses and SMOP Businesses Quarterly Contact Log Business Address Last Contact Registered in SMOP 133 Starfish Scuba 640 E Ocean Ave #2, Boynton Beach, FL 33435 6/17/2021 x 134 The Qure Barber 454 N Federal Hwy, Boynton Beach, FL 33435 6/17/2021 x 135 Two Georges 728 Casa Loma Blvd, Boynton Beach, FL 33435 6/17/2021 136 Boulevard Paints 618 E Ocean Ave, Boynton Beach, FL 33435 6/14/2021 137 Original Barber 404 E Ocean Ave, Boynton Beach, FL 33435 6/14/2021 138 Posh Properties 100 S Federal Hwy, Boynton Beach, FL 33435 6/14/2021 x 139 DIY 524 E Woolbright Rd, Boynton Beach, FL 33435 6/2/2021 140 Fancy Nails 564 E Woolbright Rd, Boynton Beach, FL 33435 6/2/2021 141 Pet Supermarket 570 E Woolbright Rd, Boynton Beach FL 33435 6/2/2021 142 Pure Barre 522 E Woolbright Rd, Boynton Beach, FL 33435 6/2/2021 143 Sage Dental 556 E Woolbright Rd, Boynton Beach, FL 33435 6/2/2021 144 Benvenuto Restaurant & Banquet 1730 N Federal Hwy Boynton Beach FL, 33435 3/18/2021 145 Colonial Vet 2235 N Federal Hwy, Boynton Beach, FL 33435 3/18/2021 x 146 Inlet Inn Motel 1900 N Federal Hwy. Boynton Beach FL, 33435 3/18/2021 147 New Inspiration Beauty Salon Inc.1896 N Federal Hwy. Boynton Beach FL, 33435 3/18/2021 148 Powerhouse Financial, LLC 200 Knuth Rd., Ste 236, Boynton Beach FL, 33435 3/18/2021 149 Shell Gateway 2360 N Federal Hwy. Boynton Beach FL, 33435 3/18/2021 150 The Source 561 Multimedia 1848 N Federal Hwy. Boynton Beach FL, 33435 3/18/2021 151 Caribbean Meat Market 530 Gateway Blvd. Boynton Beach FL, 33435 3/11/2021 152 Chez Elda 544-4 E Gateway Blvd. Boynton Beach FL, 33435 3/11/2021 153 E&M Fashion Sultry, Inc.2420 NE 2nd Ct Boynton Beach FL, 33435 3/11/2021 154 Fortune Hair & Accessories E Gateway Blvd. Boynton Beach FL, 33435 3/11/2021 155 KWIK Stop 524 E Gateway Blvd. Boynton Beach FL, 33435 3/11/2021 156 Planet the Barber 544-6 East Gateway Blvd. Boynton Beach FL, 33435 3/11/2021 157 S&S Stop & Shop 566 E Gateway Blvd. Boynton Beach FL, 33435 3/11/2021 158 Guaca Go 500 Unit 106 E Ocean Avenue Boynton Beach FL 33435 3/9/2021 x 159 Pio Pio 510 E Ocean Ave, Unit 106 Boynton Beach FL 33435 2/26/2021 x 160 Mak Lash & Beauty 618 E Ocean Ave, Boynton Beach, FL 33435 2/9/2021 161 4 Reel Services 332 W Boynton Beach Blvd Suite 1, Boynton Beach, FL 33435 2/5/2021 x 162 A1A Discount Beverage 109 E Boynton Beach Blvd. Boynton Beach FL, 33435 2/5/2021 163 Capt. Frank's Seafood 435 W Boynton Beach Blvd. Boynton Beach FL, 33435 2/5/2021 164 Catholic Charities/State of Florida Department of Health212 E Boynton Beach Blvd Boynton Beach FL, 33435 2/5/2021 1390 Attachment I BBCRA Area Businesses and SMOP Businesses Quarterly Contact Log Business Address Last Contact Registered in SMOP 165 Chevron 217 N Federal Hwy, Boynton Beach, Fl 33435 2/5/2021 166 CVS 301 N Federal Hwy, Boynton Beach, Fl 33435 2/5/2021 167 DJ's Grill 301 E Boynton Beach Blvd, Boynton Beach, FL 33435 2/5/2021 168 DM Traffic School 409 E Boynton Beach Blvd, Boynton Beach, FL 33435 2/5/2021 169 Express Food Beverage 103 Boynton Beach Blvd. Boynton Beach FL, 33435 2/5/2021 170 First Baptist Boynton 301 N Seacrest Blvd. Boynton Beach FL, 33435 2/5/2021 171 Insurance World 407 W Boynton Beach Blvd. Boynton Beach FL, 33435 2/5/2021 172 Main Street Car Wash 201 E Boynton Beach Blvd, Boynton Beach, FL 33435 2/5/2021 173 Manbo Vivi/St. Jacques Botanica 109 E Boynton Beach Blvd. Ste. K Boynton Beach FL, 33435 2/5/2021 174 Meineke 319 E Boynton Beach Blvd. Boynton Beach FL, 33435 2/5/2021 175 My Future, Inc.213 W Boynton Beach Blvd. Boynton Beach FL, 33435 2/5/2021 176 One Plant 202 E Boynton Beach Blvd, Boynton Beavh, FL 33435 2/5/2021 177 Oriental Asclepius, Inc. 209 W Boynton Beach Blvd. Boynton Beach FL, 33435 2/5/2021 178 Randall L. Ebling, D.C, P.A.209 W Boynton Beach Blvd. Boynton Beach FL, 33435 2/5/2021 179 Superb Signs & Stamps 301 NW 1st Street Boynton Beach FL, 33435 2/5/2021 180 Ti Manmi's Kitchen 306 E Boynton Beach Blvd. Boynton Beach FL, 33435 2/5/2021 181 Vapor Rocket 416 E Boynton Beavh Blvd, Boynton Beach, FL 33435 2/5/2021 182 Sea Mist 700 Casa Loma Blvd, Boynton Beach, FL 33435 2/1/2021 x 183 AAA Mobile Auto Repair 302 W Boynton Beach Blvd, Boynton Beach, FL 33435 1/29/2021 184 Canna Wellness Center 432 W Boynton Beach Blvd, Boynton Beach, FL 33435 1/29/2021 185 Gator Agent 444 W Boynton Beach Blvd, Boynton Beach, FL 33435 1/29/2021 186 Imperial Insurance 322 W Boynton Beach Blvd, Boynton Beach, FL 33435 1/29/2021 187 LCS Master Construction 322 W Boynton Beach Blvd, Boynton Beach, FL 33435 1/29/2021 188 Lighthouse Academy & Child Center 202 W Boynton Beach Blvd, Boynton Beach, FL 33435 1/29/2021 189 Local Services 140 W Boynton Beach Blvd, Boynton Beach, FL 33435 1/29/2021 190 Premier Medical Center 326 W Boynton Beach Blvd, Boynton Beach, FL 33435 1/29/2021 191 The Inn 480 W Boynton Beach Blvd, Boynton Beach, FL 33435 1/29/2021 192 The Club at Boynton Beach 623 S Federal Hwy, Boynton Beach FL, 33435 12/8/2020 193 Air-tight LLC 1300 W Industial Ave #103, Boynton Beach, FL, 33435 11/6/2020 194 Alenac Aluminum & Glass 1300 W Industrial Ave #104, Boynton Beach FL, 33435 11/6/2020 195 All Makes Motorcycle Shop 1370 W Industrial Ave #119, Boynton Beach FL, 33435 11/6/2020 196 Aluminum Glass & Door Inc 1300 W Industrial Ave #102, Boynton Beach FL, 33435 11/6/2020 197 Anzo Headquarters 1300 W Industrial Ave #105, Boynton Beach FL, 33435 11/6/2020 1391 Attachment I BBCRA Area Businesses and SMOP Businesses Quarterly Contact Log Business Address Last Contact Registered in SMOP 198 Blue Stone Marble & Granite 1370 W Industrial Ave #114, Boynton Beach FL, 33435 11/6/2020 199 Bob Irsay Irrigation Design 1370 W Industial Ave #106, Boynton Beach FL, 33435 11/6/2020 200 Home Racer 1300 W Industrial Ave #108, Boynton Beach FL, 33435 11/6/2020 201 HW Studio 1370 W Industrial Ave #108, Boynton Beach FL, 33435 11/6/2020 202 MOVE Fitness 1330 W Industrial Ave #102, Boynton Beach FL, 33435 11/6/2020 203 Palm Beach Dyno 1330 W Industrial Ave #101, Boynton Beach FL, 33435 11/6/2020 204 RareFab 1330 W Industrial Ave #105, Boynton Beach FL, 33435 11/6/2020 205 The Furniture Farm 1370 W Industrial Ave #114, Boynton Beach FL, 33435 11/6/2020 206 The Owen Group 1300 W Industrial Ave #101, Boynton Beach FL, 33435 11/6/2020 207 Total Power Electric 1330 W Industrial Ave #107, Boynotn Beach FL, 33435 11/6/2020 208 Watson Upholstery 1370 W Industial Ave #104, Boynton Beach, FL 33435 11/6/2020 209 Starbucks Coffee 1620 S Federal Hwy Suite A, Boynton Beach FL, 33435 11/5/2020 210 Orci Counseling Center 1080 S Federal Hwy, Boynton Beach FL, 33435 11/4/2020 x 211 AA Alpine Storage 860 W Industrial Ave, Boynton Beach, FL 33435 11/2/2020 212 Clean Air Experts 1040 W Industrial Ave #1, Boynton Beach, FL 33435 11/2/2020 213 Cosmos Muffler House 1240 W Industrial Ave #1, Boynton Beach, FL 33435 11/2/2020 214 Euro Auto Service 1220 W Industrial Ave, Boynton Beach, FL 33435 11/2/2020 215 Ocean Architechtural Sheet Metal 870 W Industrial Ave, Boynton Beach, FL 33435 11/2/2020 216 Ocean Outboards Inc. 1240 W Industrial Ave #7, Boynton Beach, FL 33435 11/2/2020 217 Southern Pine Lumber 1100 W Industrial Ave, Boynton Beach, FL 33435 11/2/2020 218 The Paving Lady 1000 W Industrial Ave, Boynton Beach, FL 33435 11/2/2020 219 Vermeer Southeast 1060 W Industrial Ave, Boynton Beach, FL 33435 11/2/2020 220 Vincent & Sons Landscaping 1040 W Industrial Ave #3, Boynton Beach, FL 33435 11/2/2020 221 Xtreme Performance Marine 1040 W Industrial Ave #8, Boynton Beach, FL 33435 11/2/2020 222 Apex Network Therapy 906 S Federal Hwy Suite B, Boynton Beach FL, 33435 10/19/2020 x 223 CK Locksmith 301 SE 4th St, Boynton Beach, FL 33435 10/5/2020 x 224 Expert Closet & Door 632 E Ocean Ave, Boynton Beach FL 33435 9/20/2020 225 Chinatown Chinese 534 E Woolbright Rd, Boynton Beach, FL 33435 9/16/2020 226 Oyer, Macovik, and Associates 511 E Ocean Ave, Boynton Beach, FL 33435 9/10/2020 227 Reed, Griffith & Moran 630 E Ocean Ave, Boynton Beach, FL 33435 9/10/2020 228 Shack by the Tracks 1017 N Federal Hwy, Boynton Beach, FL 33435 8/28/2020 229 Chiropractor 112 S Federal Hwy, Boynton Beach, FL 33435 8/16/2020 230 Tropical Troy's 640 E Ocean Ave Unit 6, Boynton Beach, FL 33435 8/15/2020 1392 Attachment I BBCRA Area Businesses and SMOP Businesses Quarterly Contact Log Business Address Last Contact Registered in SMOP 231 Underwater Explorers 728 Casa Loma Blvd, Boynton Beach, FL 33435 8/7/2020 x 232 Bond & Smolder Bakery 1622 S Federal Hwy, Boynton Beach, FL 33435 7/24/2020 233 Flora Beauty Supply 1600 N Federal Hwy, Boynton Beach FL 33435 7/2/2020 x 234 Prime Catch 700 E Woolbright Rd, Boynton Beach, FL 33435 7/2/2020 235 Stretch Zone 311 E Woolbright Rd, Boynton Beach, FL 33435 7/2/2020 236 Inlet Inn Motel 1900 N Federal Hwy, Boynton Beach, FL 33435 6/1/2020 x 237 Bon Zouti 1550 N Federal Hwy, Boynton Beach, FL 33435 1/15/2020 238 Ridgeway Plumbing 640 Industrial Ave. Boynton Beach FL 33435 10/19/2019 x 239 Terre Noire Properties 100 NE 6th St, Boynton Beach, FL 33435 9/5/2019 x 240 Sushi Simon 1614 S Federal Hwy, Boynton Beach, FL 33435 6/2/2019 241 Florida Native Bait & Tackle 1824 Federal Hwy, Boynton Beach FL 33435 5/28/2019 242 JCS Realty Corperation 802 N Federal Hwy Boynton Beach FL 33435 5/28/2019 x 243 The Kings Learning Center 101 NE 5th Ave, Boynton Beach, FL 33435 4/28/2019 x 244 Boynton Beach Stretch 311 E Woolbright Rd, Boynton Beach, FL 33435 1/10/2019 245 Boynton Beach Art District W Industrial Ave, Boynton Beach FL 33435 12/10/2018 246 Bank of America 574 E Woolbright Rd, Boynton Beach FL 33435 11/27/2018 247 Easy Pedestal 817 N Railroad Ave Boynton Beach FL 33435 10/1/2018 248 Tropical Island Restaurant 400 E Boynton Beach Blvd, Boynton Beach, FL 33435 8/23/2018 249 Crystal Garden 2610 N Federal Hwy, Boynton Beach, FL 33435 8/13/2018 250 Podiatry 112 S Federal Hwy, Boynton Beach, FL 33435 8/6/2018 251 Travel Agent 112 S Federal Hwy, Boynton Beach, FL 33435 8/6/2018 252 Cooperative Real Estate 420 W Boynton Beach Blvd, Suite 15 Boynton Beach FL 33435 7/24/2018 x 253 Healing Hearts 222 W Boynton Beach Blvd, Boynton Beach, FL 33435 7/23/2018 x 254 Miller Land Planning 508 E Boynton Beach Blvd, Boynton Beach FL 33435 7/20/2018 x 255 Allstate 622 N Federal Hwy, Boynton Beach, FL 33435 5/4/2018 256 Hour Cucina 411 S Federal Hwy, Boynton Beach Fl 33435 2/2/2018 x 257 Woolbright Petroleum LLC Liberty 1601 S Federal Hwy, Boynton Beach, FL 33435 1/15/2018 x 1393 Attachment II One-on-one Social Media Assistance The BBCRA SMOP program continued one-on-one Holiday promotions for our local businesses for Valentine’s Day. This campaign proved to be high-performing with reach and engagement. This shows our audience desires to know local shopping and dining opportunities surrounding holidays. The BBCRA plans to complete similar campaigns surrounding upcoming holidays this year. 1394 In alignment with the Boynton Beach Community Redevelopment Agency's (BBCRA) mission to support local businesses and promote economic growth, this campaign encouraged new and existing customers to visit the local storefronts. 1395 The Boynton Beach Community Redevelopment Agency's (BBCRA) SMOP Program continued its one-on-one assistance by visiting J’Ken Boutique and announcing their opening in Ocean Palm Plaza. SMOP also assisted in taking updated photos of their products to share on both J’Ken’s social media pages, as well as the BBCRA. 1396 The SMOP Program has been working with Dimensional Health Care, a wellness med spa that is a grant recipient and preparing to open in the Casa Costa shopping plaza. Assistance has included Facebook and Instagram set-up, and initial ads to attract a following in preparation for their grand opening. 1397 1398 Attachment III Boynton Beach Insider Blog Posts January 2024 through March 2024 July 22, 2022 March 4, 2024 Words cannot espresso how much you knead-to-know about the newest coffee shop in town! Located at 1600 N. Federal Highway, The Seed is a third wave coffee shop and juice bar that also servers delectable baked goods. This small-town neighborhood feels yet trendy coffee shop is the newest place in town to enjoy an impeccable iced latte, cold pressed juice or pastry unlike any other. From the farm to the cup, The Seed ethically sources the very finest ingredients. Their Boynton Beach location is home to the commissary kitchen where they now get to make all of their food in house. Last summer, The Seed was planted in our small business community, and quickly became a favorite among residents. The BBCRA is proud to support them with a Commercial Rent Reimbursement Grant in the amount of $24,000. This grant acts as a 50% matching reimbursement grant to help offset the first year of rent for a new business. Be sure to check out the delicious indulgencies waiting for you! Order now for a taste that will leave you wanting more. 1399 March 4, 2024 Attention, Boynton Beach! If you are waiting for a sign to get a new hairdo, this is it! Salon South Flow, located at 1815 Federal Highway #3, offers a relaxing and luxurious experience for your everyday routine. Their hair salon space is replete with inspiring art, music, and style. At Salon South Flow they believe that beautiful hair is the ultimate accessory and their secret to beautiful locks lies in their unique app roach with holistic scalp therapy. With over 13 years of experience, their blend of expert techniques and vegan hair products are guaranteed to leave you with hair that is not only stunning, but also healthy and manageable for South Florida weather. We are thrilled to have Salon South Flow in Boynton Beach! The BBCRA Commercial Property Improvement Grant provided matching reimbursable funding in the amount of $25,000 for items including new plumbing, electric, flooring, HVAC, and signage. They also qualified for the BBCRA Commercial Rent Reimbursement Grant Program, which will provide $15,000 in rental assistance throughout their first year of business. We look forward to watching this business grow in our community! Schedule your appointment today! 1400 March 5, 2024 It’s been quite the PAW -ty over at Jaycee Park! In November 2023, the community celebrated the addition of the new dog park at Jaycee Park located 2600 S. Federal Highway. As part of the FY2022 -2023 Budget, the Board approved funding for the design and construction of the new dog park. The improvements totaled $234,250 for a play area for both small dogs and large dogs equipped with multiple water and washing stations. The funding also provided for new fencing, landscaping, walking paths, pavilions and benches. The 5.3 acre park features other amenities including bocce courts, playground, rental shelters, fitness trail and a nature reserve with a walkway on the Intracoastal. Be sure to check out the new improvements with your furry friends while enjoying that beautiful Florida sunshine! 1401 March 6, 2024 Get ready for the Boynton Beach Spring Market – A Showcase of Local Businesses Are you ready for a fun-filled afternoon of live music, delicious food, and unique shopping opportunities? Look no further than the upcoming Boynton Beach Spring Market, presented by the Boynton Beach Community Redevelopment Agency (BBCRA). The Spring Market is more than just a regular market – it’s a unique family-friendly experience that will feature live music, as well as a variety of fun and engaging activities for visitors of all ages. The market will feature over 50 unique vendors, comprised of local restaurants and bakers, retailers, artisans, and professional service providers that will be exhibiting their goods and services during the one-day business promotional event. 1402 Spring Market Highlights & Need to Knows Date & Time: Saturday, March 23rd from 4:00 PM to 9:00 PM Location: Centennial Park & Amphitheater, 120 E. Ocean Avenue in Downtown Boynton Beach Entry Fee: This is a FREE, family-friendly event Parking: Free Parking will be available at: The City Hall Parking lots; 129 E. Ocean Avenue and the SE corner of Boynton Beach Boulevard and Seacrest Boulevard. First Baptist Church of Boynton Beach; 301 N. Seacrest Boulevard The public parking lots located at 115 N. Federal Highway and the surrounding area on NE 1st Avenue and NE 4th Street. Limited on-street parking will be available along East Ocean Avenue Entertainment: Live music by The Flyers and Rogue Theory; family-friendly games and activities, including inflatable attractions, lawn games, craft activities, face painting, selfie stations, business scavenger hunt, and much more. Shopping: Support over 50 local businesses that will be exhibiting at the market. There will be a variety of food, retail, artisan, and professional service merchants. Support Local Businesses with the Scavenger Hunt The primary highlight of the Spring Market is the opportunity to support the local business community. From unique gifts to tasty treats, and helpful services, you’ll find a diverse array of offerings from local vendors. Businesses located within the BBCRA area will be featured in colorful tents. Be sure to stop by the information booth to pick-up your scavenger hunt clues for your opportunity to win a prize pack that will include gift certificates to the participating businesses and a $100 VISA gift card. Additionally, spin the wheel of luck for your chance to win gift certificates to some of the participating BBCRA area businesses, which will include: The Boardwalk Italian Ice & 1403 Creamery, Scheurer’s Chocolate, Picnics In Paradise, ManCave for Men, Jken Boutique, Agape Health & Wellness, and Coastal Palm Realty. Live Music and Entertainment Get ready to be entertained by two of the hottest bands in South Florida: The Flyers and Rogue Theory. Their electrifying performances are sure to set the stage for an evening of fun and excitement for attendees. In addition to live music, the Spring Market will feature a variety of fun games, actives, and entertainment for the entire family to enjoy. There will be face painting, craft activities, an inflatable slide, bounce house, costumed characters, selfie stations, and much more. Vendor Showcase 1404 We are very excited to feature a variety of local vendors and businesses during the event. Don’t miss this opportunity to #supportlocal in Boynton Beach! Check out all of the exhibiting vendors below. Artisan/Retailers The Spiritual Tree 111 Kelsey PS Art Mary Elgin Deb Yager Art Handmade by Heidi The Jellyfish Vibe Fandom Garden Let’s Play Dress Up Cadenas 3D Prints Born to Hula Posh Society Moss & Palm Akhaya House Simplee Bee Sacred 4 Arrows Creations Woofin Good Dog Accessories Touchdown Youth Football Academy Nostrings Viva Cupidity OmniPotent Horticulture 242 Authentically Bahamas JKEN Boutique Jaelle Candle Co. Bohovibes 1405 ArtSea Living Studio Food That’s My Dog Foodtruck TMI Food Truck Sobol Boynton Beach The Peanut Plug &More William Earl Tacos Scarlett’s Florida Style BBQ Carnahan East Coast Events Uptown Deli Cafe Café Frankies Palm Beach Cider Donuts Café Prelude Hibachi 84 Bond Street Ale and Coffee A Kitchen DB The Boardwalk Italian Ice and Creamery Rusty’s Carib Cuisine Classic Macarons Simple’ WHOA! Nutrition Scandic Products The Sunshine Pickle Co. Twisted Homemade Bakery Keisha Cakes Alfies Professional Service/Recreation Agape Health & Wellness Hive Happenings Alchemy Macaroni Kid Tiki Taxi and Cruises Palm Beach Thrive JayGo Painting Coastal Palms Realty Korea Tae Kwon Do Little Princess Spa Mobile Fairy Picnics In Paradise Florida Panthers Stay Connected Visit our Facebook event page for the latest event details. Be sure to follow @BoyntonBeachCRA on Facebook, Instagram, and Twitter to receive the latest updates about the event and use #BBSpringMarket when posting to your favorite socials. 1406 Don’t forget to share the event info with your friends and family! See you in Downtown Boynton Beach Join us for an unforgettable day of community interaction, live music, and support of local businesses during the Boynton Beach Spring Market. We can’t wait to see you there! March 15, 2024 Discover the Vibrant Local Businesses of the Boynton Beach CRA Area Get ready to experience the best of Boynton Beach at the upcoming Spring Market, proudly presented by the Boynton Beach Community Redevelopment Agency (BBCRA). The market will take place on Saturday, March 23rd from 4 PM t o 9 PM at the Centennial Park & Amphitheater, located at 120 East Ocean Avenue. This isn’t just any market – it’s a vibrant showcase of the city’s thriving local businesses, offering a day of live music, delectable food, and unique shopping opportunities that you won’t find anywhere else. 1407 Here’s a sneak peek at some of the incredible local businesses you’ll have the chance to support during the Boynton Beach Spring Market: BBCRA AREA BUSINESSES WILL BE EXHIBITING IN COLORFUL TENTS Agape Health & Wellness: Dive into a world of holistic health and therapy with Agape’s experienced programming designed to nourish your body and mind. Alchemy Salon: Treat yourself to a pampering session at Alchemy Salon, where skilled stylists will help you look and feel your best with their expert hair and beauty services. Bond Street Ale and Coffee: Savor the flavors of local pastries and artisanal coffee blends at Bond Street, a cozy spot where caffeine enthusiasts, foodies, and beer aficionados unite. Cafe Frankie’s: Experience the charm of Cafe Frankie’s as you indulge in delicious pizza and Italian cuisine. Coastal Palms Realty: Whether you’re in the market for a new home or seeking expert real estate advice, Coastal Palms Realty is here to help you f ind your perfect slice of paradise. JKEN Boutique: Discover trendy fashion finds and unique accessories at JKEN Boutique, your go-to destination for chic and stylish apparel. Mancave for Men: Gentlemen, elevate your grooming routine with premium grooming products and services from Mancave for Men, where sophistication meets masculinity. 1408 Picnics in Paradise: Elevate your outdoor dining experience with Picnics in Paradise’s beautifully curated picnic setups, perfect for romantic dates or family gatherings. Scheurer’s Chocolate: Indulge your sweet tooth with handmade chocolates and confections from Scheurers Chocolate, where every bite is a taste of pure bliss. Simple’ WHOA! Nutrition: Fuel your body with wholesome nutrition from Simple’ WHOA!, offering a range of nutritious snacks and supplements to support your active lifestyle. The Boardwalk Italian Ice and Creamery: Cool off with a refreshing treat from The Boardwalk, where you’ll find a tempting selection of Italian ice ArtSea Living Studio: Let your creativity soar at ArtSea Living Studio, where you can explore your artistic talents through a variety of workshops and classes. Tiki Taxi and Cruises: Embark on a nautical adventure with Tiki Taxi and Cruises, offering scenic cruises and transportation services with a tropical twist. SCAVENGER HUNT FUN But the excitement doesn’t end there! Be sure to stop by the BBCRA information booth to pick up your scavenger hunt brochure. You’ll have an opportunity to embark on an exciting adventure through the market to hunt for the word clues at the businesses featured in colorful tents. 1409 Visit all the listed businesses and return your brochure to the information booth to receive a prize, and to be entered into a drawing to win a prize pack of gift certificates, including a $100 Visa gift card. SUPPORT LOCAL FOR YOUR CHANCE TO WIN Plus, every purchase you make at one of the featured businesses, you’ll earn additional entries into the drawing for the prize pack. The more you support local, the more chances you have to win – it’s that simple! 1410 BOYNTON BEACH BUCKS OFFERS Don’t forget to ask about Boynton Beach Bucks at the information booth, where you can score exclusive deals and discounts for some of the participating businesses. The vouchers function like cash and can be redeemed at participating vendors during the outlined promotional period. From discounts to special deals, these offers are your ticket to saving some green while supporting local businesses. It’s a win-win for both you and the local community. Mark your calendars and join us for a celebration of Boynton Beach’s small business community at the Spring Market. See you there! 1411 Attachment IV BBCRA Social Media Top Business Promotional Posts (1/1/23 - 3/28/24) 1412 1413 1414 Overall Facebook and Instagram reach trended downward this quarter with an overall uptick in reach surrounding the Boynton Beach Spring Market and the launch of the Coastal Cruiser. The BBCRA Instagram gained 223 new followers in the past quarter 1415 BBCRA Social Media Posts (1/1/24 - 3/28/24) The following is a list of all BBCRA social media posts for the 2nd Quarter. The BBCRA social media posts consist of a variety of BBCRA events and projects and programs, original content with information about BBCRA businesses, and shared posts from BBCRA businesses. In general, additional paid boosts or advertisement are used to highlight a special campaign or event in order to reach a broader audience. As a result, these promotions brings a higher number engagement. An alternative to paying for the paid advertisement is to vary the content of the post by using videos, trivia, contests, etc. in addition to the still photos or images. This quarter's social media data indicates: • Posts about events and activations surrounding the Boynton Beach Spring Market and Coastal Cruiser launch performed best. • BBCRA development projects & district programs continue to perform extremely well without paid advertising. • The BBCRA Audience engaged the most this quarter with business posts highlighting Marina- based businesses 1416 Post Content Date Reach Engagement 1417 Post Content Date Reach Engagement 1418 Post Content Date Reach Engagement 1419 Post Content Date Reach Engagement 1420 Post Content Date Reach Engagement 1421 Post Content Date Reach Engagement 1422 Post Content Date Reach Engagement 1423 The BBCRA’s reach and engagement on Facebook has decreased compared to the previous quarter. Attachment V BBCRA Facebook 2023 1st Quarter Compared to 2024 2nd Quarter The graph below shows a decrease in reach over the past 90 days. This decrease is due to the lack of business promotional events in January and February, which typically spike audience interest. The BBCRA also ran less page ads during this time. This quarter posts with images performed the best. Reach is defined as a metric that measures the number of unique people that saw a piece of media content. The graph below shows a decrease in engagement over the past 90 days, following the same trend as seen in the post reach. Engagement is defined as a measure of all interactions with your social media content. Popular types of engagement include likes, comments, and shares. 1424 In a seven day comparison of March 22-28, 2023 and March 22-28, 2024 posting frequency is similar, as are audience reach and engagement showing consistency in follower retention and engagement from year-to-year. 2024 2023 1425 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: April 9, 2024 CRA PROJECTS IN PROGRESS AGENDA ITEM 16.E SUBJECT: CRA Economic & Business Development Grant Program Update SUMMARY: The CRA's reimbursable Economic Development Grants provide 50% of the project costs in matching funding for rent and commercial property improvements. The grant programs continue to further the CRA's mission to activate vacant commercial space, assist businesses, create jobs and develop a vibrant downtown. Grant guidelines and applications can be downloaded from the CRA website www.boyntonbeachcra.com. Below is a status report of the CRA's Economic Development Grant Programs and Business Development activities for FY 2023-2024: FY 2023-2024 Budget $600,000 Mid-year Budget Adjustment $250,000 Grants Awarded Since October 10, 2023 ($568,579) Remaining Fund Balance as of 4/9/24: $281,421 List of CRA Board approved Economic Development Program Grantees since October 10, 2023: FY2023-2024 CRA Economic Development Grant Recipients Business Name Business Address Business Type Grant Funds Approved Total Funds Disbursed Year-to- Date 1426 Squeeze and Drip Boynton Beach LLC d/b/a The Seed 1600 N. Federal Highway, Unit 14-15 Bakery and Coffee Shop Rent Reimbursement $24,000 $12,000 Trilogy Fitness & MMA LLC 1550 N. Federal Highway, Unit 4-10 Fitness Center Rent Reimbursement $21,000 $12,500 Nate & Maddie LLC d/b/a ROK Prime Korean BBQ 1729 S. Federal Highway Restaurant Rent Reimbursement Property Improvement $74,000 $0 Stoic Financial LLC 1200 S. Federal Highway, Suite 201 Professional Office Rent Reimbursement $18,000 $6,000 Bi-Square Inc. 1080 S. Federal Highway Commercial Building Property Improvement $22,185 $0 Dimensional Health Care LLC 458 N. Federal Highway, Unit 5 Medical Office Rent Reimbursement Property Improvement $44,176 $0 Gillion & Co. Inc. 137 NE 10th Avenue, Unit 107 Professional Office Rent Reimbursement Property Improvement $40,561 $3,525 Jken Boutique 1600 N. Federal Highway, Unit 9 Retail Rent Reimbursement $17,550.54 $2,925.10 Casa Costa Cafe LLC d/b/a Cafe Prelude 400 N. Federal Highway, Unit 8 Bakery Cafe Rent Reimbursement $9,150 $762.50 Agape Health & Wellness LLC 137 NE 10th Avenue, Unit 102 Professional Office Rent Reimbursement Property Improvement $41,774 $2,625 Forward Leaders Group LLC d/b/a Eat Dope Vegan 137 NE 10th Avenue, Unit 105 Restaurant Rent Reimbursement Property Improvement $65,950 $0 NYPD Pizza at Casa Costa LLC 400 N. Federal Highway, Unit 9 Restaurant Rent Reimbursement $17,500 $0 1427 Dalo Restaurant LLC 1017 N. Federal Highway Take-out Restaurant Rent Reimbursement $19,200 $0 Gandhi Health & Wellness LLC 630 E. Woolbright Road, Suite B-C Medical Office Rent Reimbursement Property Improvement $56,000 $0 Safai LLC d/b/a Safai 470 N. Federal Highway, Unit 3 Restaurant Rent Reimbursement Property Improvement $57,232 $0 Pending April 9, 2024 PolitiCALM LLC 137 NE 10th Avenue, Unit 106 Professional Office Rent Reimbursement Property Improvement $37,750 $0 Nate & Maddie LLC d/b/a ROK Prime Korean BBQ 1729 S. Federal Highway Restaurant Property Improvement $2,550 $0 No New Business Tax Receipts issued in March 2024 within the CRA boundaries. FISCAL IMPACT: FY 2023-2024 Budget, Project Fund, Line Item 02-58400-444, $600,000 plus $250,000 mid- year reallocation CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRA BOARD OPTIONS: No action is required at this time unless otherwise determined by the CRA Board. 1428 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: April 9, 2024 CRA PROJECTS IN PROGRESS AGENDA ITEM 16.F SUBJECT: MLK Jr. Boulevard Corridor Mixed Use Project (d/b/a Heart of Boynton Village Apartments) Update - April 2024 SUMMARY: The MLK Jr. Boulevard Corridor Commercial Redevelopment and Affordable Multi-Family Rental Apartment Project will provide 124 affordable multi-family rental units, as well as, 8,250 square feet of leasable commercial space (Attachments I-III). Since the last CRA Board meeting, the following progress has been made (see Attachment IV): East Building Centennial Management Corp. (CMC) is working on the metal roof, landscaping and hardscaping. Drywall, dishwashers, refrigerators, ovens, microwaves, electrical, plumbing fixtures, molding, hot water heater, tile, windows, doors, elevator, balcony railings and cabinets have been installed on the rental units. North Building CMC is working on punchlist items. Drywall, dishwashers, refrigerators, ovens, microwaves, electrical, plumbing fixtures, molding, hot water heater, tile, windows, doors, elevator, balcony railings and cabinets have been installed on the rental units. CMC has obtained a residential temporary certificate of occupancy and the units are fully leased. West Building CMC is working on the metal roof, landscaping, hardscaping, elevator, appliances in the units and tile in the lobby. Drywall, dishwashers, electrical, plumbing fixtures, molding, hot water heater, tile, windows, doors, balcony railings and cabinets have been installed on the rental units. The CRA staff is continuing to coordinate with CMC on leasing the commercial spaces. The construction timeline estimates the Project will be completed in the Spring of 2024. Until completion, monthly project construction updates will be provided to the CRA Board. FISCAL IMPACT: Fiscal Year 2021-2022 Budget; Project Fund Line Item 02-58200-406 - Local Government Match Contribution $625,750 and Commercial/Retail Component $2,025,815 (commercial component); TIRFA $1,630,280 and $433,008.45 Second Development Agreement for the Residential Component. 1429 •Attachment I - MLK Jr Blvd Project Site Plan - North •Attachment II - MLK Jr Blvd Project Site Plan - South •Attachment III - MLK Jr. Blvd. Mixed Use Development Project Renderings •Attachment IV - MLK Jr. Blvd Progress Photos CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach CRA Community Redevelopment Plan CRA BOARD OPTIONS: No action is required at this time unless otherwise determined by the CRA Board. ATTACHMENTS: Description 1430 74-2018 "IT IS A VIOLATION OF THE LAW FOR ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT TO ALTER THESE PLANS AND SPECIFICATIONS." THIS DOCUMENT CONTAINS PROPERTY INFORMATION AND SHALL NOT BE USED OR REPRODUCED, OR ITS CONTENTS DISCLOSED, IN WHOLE OR IN PART, WITHOUT THE PRIOR WRITTEN CONSENT OF GALLO HERBERT ARCHITECTSCONTRACTOR(S) SHALL VERIFY EXISTING CONDITIONS AND CORRELATE DIMENSIONS PRIOR TO PROVIDING THE WORK DETAILED IN THESE DRAWINGS, AND SHALL PROMPTLY NOTIFY THE DESIGNER OF ANY DISCREPANCIES.SCALE DATE DRAWN BY CHECKED BY No.Description Date1311 W NEWPORT CENTER DRIVE DEERFIELD BEACH, FLORIDA 33442PH. 954.794.0300 FX. 954.794.0301DRAWING TITLE DRAWING NUMBER OWNER PROJECT REVISIONS PROJECT NUMBER SEAL PROJECT STATUS AA26001731COPYRIGHT 2018 GALLO HERBERTARCHITECTS1 2 3 4 5 6 E D C B A 1 2 3 4 5 6 E D C B A AS SHOWN BPHCMR 2020-06-09 DESIGN DEVELOPMENT □ WILLIAM J. GALLO FL AR0008440 □ BRIAN P. HERBERT FL AR0015474 WELLS LANDING BOYNTON BEACH, FL 33435 1' = 20'-0"0 10'20'40'A-1 ARCHITECTURAL SITE PLAN ARCHITECTURAL SITE PLAN AS-101 NOT TO SCALEA-3 KEY PLAN AS-101 1 NORTH PARCEL SOUTH PARCEL CL CL 1/16" = 1'-0"0 8'16'32'A-2 TURNING RADIUS DETAIL EAST MARTIN LUTHER KING JR. BLVD. NE 11th AVENUE 7 8 11 COMMERCIAL 4,294 SF 6 COMMERCIAL 4,236 SF 9 8 10 10 COVERED BIKES RACKS SEE DETAIL D4/AS-102 3 3 FH 5 5 6'-0" PRECAST CONCRETE WALL SEE DETAIL D1/AS-101 E.V.CHARGING STATIONS (5) FFE 16.5 FFE 16.5 15.04 14.75 14.33 14.19 BENCHS NOT TO SCALED1PRE-CAST SITE WALL DETAIL PRE CAST CONCRETE CAP PRE CAST CONCRETE CAP PRE CAST CONCRETE CAP PRE CAST CONCRETE CAP PRE CAST CONCRETE WALL COLUMN FOOTING COLUMN FOOTING BOLARD SEE DETAIL A1/AS-102 1 DART COMMENTS 09-10-2020 1 1 2 1 1 2 1 1 2 1 1- SITE PLAN SHALL MEET CPTD DESIGN STANDARDS 2- BUILDING TO BE FULLY SPRINKLERED NOTES: 3- ALL PORTION OF BLDG AREA WITH 450 OF F.D. ACCESS PER NFPA 1-18.2.3.2.2 STREET SPACE SHALL BE PROVIDED PER SECTION 18.2(a) THROUGH (c) OFF THE REQUIRED PROJECT IMPROVEMENTS AND SHALL BE DETAILED AS SUCH IN PERMIT PLAN 1 OUTDOOR SEATING AREA 846 SF OUTDOOR SEATING AREA 846 SF PUBLIC EVENT PLAZA 2,090 SF TRASH AREA2 2 2 2 2 2 2 DART COMMENTS 09-21-2020 NORTH 2 2 6'-0" PRECAST CONCRETE WALL SEE DETAIL D1/AS-101 6'-0" PRECAST CONCRETE WALL SEE DETAIL D1/AS-101 2 EAST MARTIN LUTHER KING JR. BLVD.WELLS LANDINGNORTHBUILDING2% SLOPE FFE 16.5 FFE 15.0 1/8" = 1'-0"0 4'8'16'D2 STREET - PLAZA SECTION A A A 1 3 DART COMMENTS 10-08-2020 3 3 3 3 1431 0-0" TOP SLAB 16-3" SECOND FLOOR 27-6" THIRD FLOOR 38-9" ROOF TOP 44-10" 0-0" TOP SLAB 16-3" SECOND FLOOR 27-6" THIRD FLOOR 44-10" 38-9" ROOF TOP 0-0" TOP SLAB 16-3" SECOND FLOOR 27-6" THIRD FLOOR 44-10" 0-0" TOP SLAB 16-3" SECOND FLOOR 27-6" THIRD FLOOR 44-10" 0-0" TOP SLAB 16-3" SECOND FLOOR 27-6" THIRD FLOOR 44-10" 38-9" ROOF TOP 38-9" ROOF TOP 38-9" ROOF TOP 74-2018 "IT IS A VIOLATION OF THE LAW FOR ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT TO ALTER THESE PLANS AND SPECIFICATIONS." THIS DOCUMENT CONTAINS PROPERTY INFORMATION AND SHALL NOT BE USED OR REPRODUCED, OR ITS CONTENTS DISCLOSED, IN WHOLE OR IN PART, WITHOUT THE PRIOR WRITTEN CONSENT OF GALLO HERBERT ARCHITECTSCONTRACTOR(S) SHALL VERIFY EXISTING CONDITIONS AND CORRELATE DIMENSIONS PRIOR TO PROVIDING THE WORK DETAILED IN THESE DRAWINGS, AND SHALL PROMPTLY NOTIFY THE DESIGNER OF ANY DISCREPANCIES.SCALE DATE DRAWN BY CHECKED BY No.Description Date1311 W NEWPORT CENTER DRIVE DEERFIELD BEACH, FLORIDA 33442PH. 954.794.0300 FX. 954.794.0301DRAWING TITLE DRAWING NUMBER OWNER PROJECT REVISIONS PROJECT NUMBER SEAL PROJECT STATUS AA26001731COPYRIGHT 2018 GALLO HERBERTARCHITECTS1 2 3 4 5 6 E D C B A 1 2 3 4 5 6 E D C B A AS SHOWN BPHCMR 2020-06-09 DESIGN DEVELOPMENT □ WILLIAM J. GALLO FL AR0008440 □ BRIAN P. HERBERT FL AR0015474 WELLS LANDING BOYNTON BEACH, FL 33435 ELEVATION PLAN A-201 3/32" = 1'-0"0 8'16'24'A-1 SOUTH ELEVATION 3/32" = 1'-0"0 8'16'24'A-2 NORTH ELEVATION 3/32" = 1'-0"0 8'16'24'A-3 WEST ELEVATION 3/32" = 1'-0"0 8'16'24'A-4 EAST ELEVATION 3/32" = 1'-0"0 8'16'24'A-5 CENTRAL - PLAZA WEST ELEVATION 3/32" = 1'-0"0 8'16'24'A-6 CENTRAL - PLAZA EAST ELEVATION ROOF TOP EQUIPMENT ROOF TOP EQUIPMENT ROOF TOP EQUIPMENT ROOF TOP EQUIPMENT ROOF TOP EQUIPMENT ROOF TOP EQUIPMENT 1 DART COMMENTS 09-10-2020 1 1 1 1 11 1111 2 DART COMMENTS 09-21-2020 NORTH 2 3 DART COMMENTS 10-08-2020 3 3 3 3 1432 74-2018 "IT IS A VIOLATION OF THE LAW FOR ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT TO ALTER THESE PLANS AND SPECIFICATIONS." THIS DOCUMENT CONTAINS PROPERTY INFORMATION AND SHALL NOT BE USED OR REPRODUCED, OR ITS CONTENTS DISCLOSED, IN WHOLE OR IN PART, WITHOUT THE PRIOR WRITTEN CONSENT OF GALLO HERBERT ARCHITECTSCONTRACTOR(S) SHALL VERIFY EXISTING CONDITIONS AND CORRELATE DIMENSIONS PRIOR TO PROVIDING THE WORK DETAILED IN THESE DRAWINGS, AND SHALL PROMPTLY NOTIFY THE DESIGNER OF ANY DISCREPANCIES.SCALE DATE DRAWN BY CHECKED BY No.Description Date1311 W NEWPORT CENTER DRIVE DEERFIELD BEACH, FLORIDA 33442PH. 954.794.0300 FX. 954.794.0301DRAWING TITLE DRAWING NUMBER OWNER PROJECT REVISIONS PROJECT NUMBER SEAL PROJECT STATUS AA26001731COPYRIGHT 2018 GALLO HERBERTARCHITECTS1 2 3 4 5 6 E D C B A 1 2 3 4 5 6 E D C B A AS SHOWN BPHCMR 2020-06-09 DESIGN DEVELOPMENT □ WILLIAM J. GALLO FL AR0008440 □ BRIAN P. HERBERT FL AR0015474 WELLS LANDING BOYNTON BEACH, FL 33435 COLOR ELEVATION PLANS A-202 NOT TO SCALEA-1 SOUTH ELEVATION NOT TO SCALEA-2 NORTH ELEVATION NOT TO SCALEA-3 WEST ELEVATION NOT TO SCALEA-4 EAST ELEVATION 1 DART COMMENTS 09-10-2020 1 01 02 03 04 05 06 07 A-5 MATERIAL & COLOR LEGENDS A-6 MATERIAL NOTES STANDING SEAM METAL ROOF. ON THE ROCKS (SW7671) BY SHERWIN WILLIAMS OR SIMILAR 1.ALL ROOF DRAINS: ALL INTERNAL AND DOWNSPOUTS OR RAIN WATER LEADERS WILL BE CONCEALED IN ARCHITECTURAL ELEMENTS. 2.ALL EQUIPMENT OTHER THAN FIRE APARATUS SHALL BE PAINTED TO MATCH BUILDING COLORS CONCRETE PANEL SCORED STUCCO & STUCCO: SPARE WHITE (SW6203) BY SHERWIN WILLIAMS OR SIMILAR PAINT ON STUCCO: TOPIARY TINT (SW6449) BY SHERWIN WILLIAMS OR SIMILAR PAINT ON STUCCO: BLUEBELL (SW6793) BY SHERWIN WILLIAMS OR SIMILAR PAINT ON STUCCO: PINEAPPLE CREAM (SW1668) BY SHERWIN WILLIAMS OR SIMILAR PAINT: GREEK VILLA (SW7551) BY SHERWIN WILLIAMS OR SIMILAR 2 DART COMMENTS 09-21-2020 NORTH 2 01 01 01 01 01 01 01 01 01 01 01 01 01 0202 02 02 02 02 0202 03 03 03 03 03 03 03 03 0303 03 0303 03 03 03 03 04040404 04 04 04 04 04 0404 04 0505 05 05 0505 05 05 0606 06 06 0606 06 07 0707 07 07 07 07 07 07 07 0707 2 2 2 03 03 1433 74-2018 "IT IS A VIOLATION OF THE LAW FOR ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT TO ALTER THESE PLANS AND SPECIFICATIONS." THIS DOCUMENT CONTAINS PROPERTY INFORMATION AND SHALL NOT BE USED OR REPRODUCED, OR ITS CONTENTS DISCLOSED, IN WHOLE OR IN PART, WITHOUT THE PRIOR WRITTEN CONSENT OF GALLO HERBERT ARCHITECTSCONTRACTOR(S) SHALL VERIFY EXISTING CONDITIONS AND CORRELATE DIMENSIONS PRIOR TO PROVIDING THE WORK DETAILED IN THESE DRAWINGS, AND SHALL PROMPTLY NOTIFY THE DESIGNER OF ANY DISCREPANCIES.SCALE DATE DRAWN BY CHECKED BY No.Description Date1311 W NEWPORT CENTER DRIVE DEERFIELD BEACH, FLORIDA 33442PH. 954.794.0300 FX. 954.794.0301DRAWING TITLE DRAWING NUMBER OWNER PROJECT REVISIONS PROJECT NUMBER SEAL PROJECT STATUS AA26001731COPYRIGHT 2018 GALLO HERBERTARCHITECTS1 2 3 4 5 6 E D C B A 1 2 3 4 5 6 E D C B A AS SHOWN BPHCMR 2020-06-09 DESIGN DEVELOPMENT □ WILLIAM J. GALLO FL AR0008440 □ BRIAN P. HERBERT FL AR0015474 WELLS LANDING BOYNTON BEACH, FL 33435 FIRST AND SECOND FLOOR PLAN A-101 1/8" = 1'-0"0 4'8'16'A-1 FIRST FLOOR PLAN 1/8" = 1'-0"0 4'8'16'A-2 SECOND FLOOR PLAN 1 BEDROOM UNIT TYPE "A" 1 BEDROOM UNIT TYPE "A" 1 BEDROOM UNIT TYPE "A" 1 BEDROOM UNIT TYPE "A" 1 BEDROOM UNIT TYPE "C" 2 BEDROOMs UNIT TYPE "A" 1 BEDROOM UNIT TYPE "B" 1 BEDROOM UNIT TYPE "B" 1 BEDROOM UNIT TYPE "B" 1 BEDROOM UNIT TYPE "B" OPEN COVERED PLAZA COMMERCIAL #1 COMMERCIAL #2 COMMERCIAL #3 COMMERCIAL #4 COMMERCIAL #5 COMMERCIAL #6 COMMERCIAL #7 COMMERCIAL #8 LOBBY COMMON TRASH ROOM 1 BEDROOM UNIT TYPE "C" 2 BEDROOMs UNIT TYPE "A" 2 DART COMMENTS 09-21-2020 NORTH 2 333 3 3 3 3 DART COMMENTS 10-08-2020 1434 74-2018 "IT IS A VIOLATION OF THE LAW FOR ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT TO ALTER THESE PLANS AND SPECIFICATIONS." THIS DOCUMENT CONTAINS PROPERTY INFORMATION AND SHALL NOT BE USED OR REPRODUCED, OR ITS CONTENTS DISCLOSED, IN WHOLE OR IN PART, WITHOUT THE PRIOR WRITTEN CONSENT OF GALLO HERBERT ARCHITECTSCONTRACTOR(S) SHALL VERIFY EXISTING CONDITIONS AND CORRELATE DIMENSIONS PRIOR TO PROVIDING THE WORK DETAILED IN THESE DRAWINGS, AND SHALL PROMPTLY NOTIFY THE DESIGNER OF ANY DISCREPANCIES.SCALE DATE DRAWN BY CHECKED BY No.Description Date1311 W NEWPORT CENTER DRIVE DEERFIELD BEACH, FLORIDA 33442PH. 954.794.0300 FX. 954.794.0301DRAWING TITLE DRAWING NUMBER OWNER PROJECT REVISIONS PROJECT NUMBER SEAL PROJECT STATUS AA26001731COPYRIGHT 2018 GALLO HERBERTARCHITECTS1 2 3 4 5 6 E D C B A 1 2 3 4 5 6 E D C B A AS SHOWN BPHCMR 2020-06-09 DESIGN DEVELOPMENT □ WILLIAM J. GALLO FL AR0008440 □ BRIAN P. HERBERT FL AR0015474 WELLS LANDING BOYNTON BEACH, FL 33435 THIRD FLOOR PLAN A-102 1/8" = 1'-0"0 4'8'16'A-1 THIRD FLOOR PLAN 1 BEDROOM UNIT TYPE "A" 1 BEDROOM UNIT TYPE "A" 1 BEDROOM UNIT TYPE "A" 1 BEDROOM UNIT TYPE "A" 1 BEDROOM UNIT TYPE "B" 1 BEDROOM UNIT TYPE "B" 1 BEDROOM UNIT TYPE "B" 1 BEDROOM UNIT TYPE "B" 1 BEDROOM UNIT TYPE "C" 2 BEDROOMs UNIT TYPE "A" 1 BEDROOM UNIT TYPE "C" 2 BEDROOMs UNIT TYPE "A" 2 DART COMMENTS 09-21-2020 NORTH 2 1435 EAST MARTIN LUTHER KING JR. BLVD. NE 9th AVENUE NE 11th AVENUE 14 13 ZONE DISTRICT: C-2 Gross Land: 55,183 (s.f.) Net Land: 1.27 acres Water Bodies: 0 LANDSCAPE LEGEND - COMMERCIAL (NORTH) REQ.PROV. TOTAL NUMBER OF TREES (ALL PALMS IN 3:1 RATIO) 292 Note: All pervious areas must be landscaped with lawn, groundcover, and/or shrubbery. STREET TREES (South - East MLK Blvd.): 300 l.f. (1 tree / 20 l.f.)15 TOTAL NUMBER OF SHRUBS, GROUNDCOVERS 60 1,363 63 15 PERIMETER BUFFER Requirements: North (Single Family) (1) 14' ht. tree for every 20 l.f. (1) 36" ht. shrub for every 3 l.f. PERIMETER BUFFER Requirements: West (Single Family) (1) 14' ht. tree for every 20 l.f. (1) 36" ht. shrub for every 3 l.f. PERIMETER BUFFER Requirements: East (Single Family) (1) 14' ht. tree for every 20 l.f. (1) 36" ht. shrub for every 3 l.f. 15 98 (295 L.F.) 15 (295 L.F.) 15 96 (287 L.F.) 15 (287 L.F.) * IRRIGATION SHALL BE PROVIDED AT TIME OF PERMIT * ALL PARKING ISLANDS SHALL BE LANDSCAPED WITH GROUNDCOVER MATERIAL 103 117 15 98 (295 L.F.) 15 (295 L.F.) 133 155% OF SHRUBS SHALL BE BUTTERFLY-ATTRACTIVE 219 DESCRIPTIONQUAN.SYMBOL PROPOSED MATERIAL SHRUBS AND GROUNDCOVERS DESCRIPTIONQUAN.SYMBOL PROPOSED MATERIAL TREES LANDSCAPE LIST - NORTH PARCEL ST. AUGUSTINE GRASS Stenotaphrum secundatum 'Floratam'SOLID EVEN SODLAWNAs Required 12 14' HT. X 6' SPR. 4" DBH. F.G. 10 31 3 F.G., "CHARACTER" SPECIMENGUMBO LIMBO *Bursera simaruba 14' HT. X 6' SPR. 4" DBH. 14' HT. X 6' SPR. 4" DBH.*Coccoloba diversiflora PIGEON PLUM F.G. Tabebuia heterophylla PINK TRUMPET TREE 10' HT. X 5 SPR., 2" DBH. F.G. 27CV 172DE 635FM 347IT 154JV 167MC 435PM Codieaum variegatum 'Mammey' RED - YELLOW CROTON 3 GAL. 18" HT. X 18" SPR. / 18" O.C. 3 GAL. 18" HT. X 18" SPR. / 18" O.C. Duranta erecta 'Gold Mound' GOLD MOUND DURANTA Ficus microcarpa 'Green Island' GREEN ISLAND FICUS 3 GAL. 15" HT. X 15" SPR. / 18" O.C. DWARF IXORA Ixora taiwanese 'Dwarf'18" HT. X 18" SPR. / 18" O.C. 3 GAL. * DENOTES NATIVE SPECIES 24" HT. X 24" SPR. / 24" O.C.Jasmine volubile WAX JASMINE 3 GAL. 3 GAL. 24" HT. X 24" SPR. / 30" O.C. *Muhlenbergia capillaris PINK MUHLY GRASS 7 GAL. 36" HT. X 24" SPR. / 24" O.C. Podocarpus macrophyllus PODOCARPUS [BUTTERFLY ATTRACTIVE] LIVE OAK "HIGH RISE" *Quercus virginiana 'High Rise' 6 5 F.G., TOPIARY 12'-14' O.A. HT.Elaeocarpus decipiens JAPANESE BLUEBERRY 32AC 15HP Asclepias curassavica MILKWEED 3 GAL. 24" HT. X 24" SPR. / 24" O.C. [BUTTERFLY ATTRACTIVE] [BUTTERFLY ATTRACTIVE] 24" HT. X 24" SPR. / 24" O.C.Hamelia patens 'compact' DWARF FIREBUSH 3 GAL. Ptychosperma elegans 'single'20' O.A. HT., SINGLE F.G.SINGLE ALEXANDER PALMS 14CG2 *Clusia guttifera SMALL LEAF CLUSIA 7 GAL. 36" HT. X 24" SPR. / 24" O.C. NORTHSHEET INDEX: L-1 INDEX L-2 LANDSCAPE PLAN L-3 LANDSCAPE DETAILS Scale: 1" = 40'-0" KEY PLAN Drawing: Index Date: 06/17/2020 Scale: See Left Drawn by: LDC Sheet No.: L-1 Cad Id.: 2020-021WELLS LANDING - NORTHBOYNTON BEACH, FLINDEX09.24.20201) DART Comments / Site Plan LDC Seal: Lic. # LA0000889 Member: A.S.L.A.Project:Revisions:By:Date:307 south 21st avenue hollywood, floridaphone: 954.923.9681 facsimile: 954.923.9689www.witkindesign.com©2020 WITKIN HULTS + PARTNERS THE DESIGN AND DRAWINGS HEREIN ARE THE INTELLECTUAL PROPERTY OF THIS LANDSCAPE ARCHITECT AND ARE PROTECTED UNDER THE COPYRIGHT PROTECTION ACTL-2 SEE SOUTH PARCEL LANDSCAPE PLANS FOR LANDSCAPE IN THIS AREA IRRIGATION NOTE: 100% IRRIGATION COVERAGE WILL BE PROVIDED AT TIME OF PERMITTING SABAL PALMS (IF APPLICABLE) ARE TO BE INSTALLED WITH FRONDS CUT AT 10-2, NOT HURRICANE CUT ALL PALMS OVER 12' C.T. SHALL HAVE SQUARE ROOTBALLS AND 4"x4" BRACES ALL PALMS OVER 12' C.T. SHALL HAVE SQUARE ROOTBALLS AND 4"x4" BRACES ALL TREES AND PALMS SHALL BE FLORIDA GRADE 1 AT TIME OF PLANTING. ANY PRUNING SHALL BE DETERMINED BY THE LANDSCAPE ARCHITECT AND/OR AN ARBORIST FIRE DEPARTMENT ACCESS ROADS SHALL HAVE AN UNOBSTRUCTED VERTICAL CLEARANCE OF NOT LESS THAN 14' NFPA IF APPLICABLE, SAFETY CAPS SHALL BE INSTALLED ON ALL #5 REBAR USED FOR TREE BRACING 1 1 1 1436 EAST MARTIN LUTHER KING JR. BLVD.20'-0" O.C.,TYP.LAWN NE 11th AVENUE LAWNLAWNDOUBLE ROW DOUBLE ROW DOUBLE ROW DOUBLE ROW DOUBLE ROW DOUBLE ROW COMMERCIAL COMMERCIAL 13 LAWNLAWNDOUBLE ROW DOUBLE ROW LAWN2'-0" PARKING OVERHANG, TYP. 20'-0" O.C., TYP.20'-0" O.C.,TYP.2'-0" PARKING OVERHANG, TYP.20'-0" O.C.,TYP.LAWN FM 53 IT 32 CV 3 FM 55 FM 53 IT 75 CV 3 MC 10 HP 15 FM 55 CG2 14 FM 50 IT 50 CV 3 MC 10 FM 30 IT 8 CV 3 MC 5 IT 62 CV 3 MC 12 FM 72 FM 40 IT 60 CV 3 MC 20 FM 50 IT 20 CV 3 MC 7 20'-0" O.C., TYP. DE 27 FM 25 EXISTING TREE TO REMAIN, TYP. (SEE NORTH PARCEL DISPOSITION PLANS FOR DETAILS)15'-0"15'-0"15'-0"15'-0" SIGHT-TRIANGLE, TYP. (ANY LANDSCAPE WITHIN SHALL BE MAINTAINED AT 18" HT. MAX.)15'-0"15'-0"15'-0"15'-0" MC 8 IT 40 PM 24 SEE "LARGE TREE PLANTING DETAIL" ON SHEET L-3 FOR BRACING DETAILS LAWN FM 67 CV 3 DE 80 MC 20 JV 62 PM 252 FM 60 CV 3 DE 65 MC 15 JV 92 PM 159 DOUBLE ROWDOUBLE ROW FM 25 MC 60 5 BEDS 5 BEDS AC 32 SEE "LARGE TREE PLANTING LAWN NORTH Scale: 1" = 20'-0" LANDSCAPE PLAN Drawing: Landscape Plan Date: 06/17/2020 Scale: See Left Drawn by: LDC Sheet No.: L-2 Cad Id.: 2020-021WELLS LANDING - NORTHBOYNTON BEACH, FLLANDSCAPE PLANSeal: Lic. # LA0000889 Member: A.S.L.A.Project:Revisions:By:Date:307 south 21st avenue hollywood, floridaphone: 954.923.9681 facsimile: 954.923.9689www.witkindesign.com©2020 WITKIN HULTS + PARTNERS THE DESIGN AND DRAWINGS HEREIN ARE THE INTELLECTUAL PROPERTY OF THIS LANDSCAPE ARCHITECT AND ARE PROTECTED UNDER THE COPYRIGHT PROTECTION ACT SEE SOUTH PARCEL LANDSCAPE PLANS 09.24.20201) DART Comments / Site Plan LDC 1 1437 Know what'sR1438 74-2018No.DescriptionDateAA26001731123456EDCBA123456EDCBAAS SHOWNBPHCMR2020-06-09DESIGN DEVELOPMENTƑ WILLIAM J. GALLO FL AR0008440Ƒ BRIAN P. HERBERT FL AR0015474MARTIN LUTHERKINGCOMMUNITYNORTHBOYNTON BEACH, FL 33435PRIOR TO SUBMITTING THE BID, THE CONTRACTOR SHALL FIELD VERIFY ALL EXISTING CONDITIONS AND INFORM THE ARCHITECT ANDTHE ENGINEER OF ANY DISCREPANCY BETWEEN THESE DOCUMENTS AND THE EXISTING CONDITIONS AND SHALL INCLUDE IN THE BID TOCORRECT THE SAME AS DIRECTED. THE ENGINEERS ARE NOT RESPONSIBLE FOR ANY ADDITIONAL COSTS RESULTING FROM VERIFIABLEEXISTING CONDITIONS DISCOVERED AFTER CONTRACT HAS BEEN AWARDED. NO CHANGES SHALL BE MADE TO THESE PLANS WITHOUTPRIOR APPROVAL FROM THE ENGINEER OF RECORD. ALL CHANGES SHALL BE SUBMITTED FOR REVIEW PRIOR TO INSTALLATION. NOT FOR BID UNTIL PERMIT HAS BEEN ISSUED.3601 NW 2ND AVEBOCA RATON, FL 33431CERTIFICATION OFAUTHORIZATIONNO. 31989elec dept.TEL:954-644-9612mech dept.TEL:561-716-7120PM:SK1DART COMMENTS2020-09-09SITE PHOTOMETRICSPLANNORTHEPH-101N1' = 20'-0"010'20'40'Luminaire ScheduleSymbolQtyLabelArrangementLLFDescription4WSINGLE0.900Cree Lighting OSQ-A-XX-4ME-B-30K-UL-XX / OSQ-BLSMF / Wall Mount10SASINGLE0.900Cree Lighting OSQ-A-XX-4ME-B-30K-UL-XX / OSQ-BLSMFCalculation SummaryLabelCalcTypeUnitsAvgMaxMinAvg/MinMax/MinParking LotIlluminanceFc2.555.01.02.555.00SpillIlluminanceFc0.040.30.0N.A.N.A.1439 74-2018NTRACTOR(S) SHALL VERIFY EXISTING CONDITIONS AND CORRELATE DIMENSIONS PRIOR TO PROVIDING THE WORK DETAILED IN THESE DRAWINGS, AND SHALL PROMPTLY NOTIFY THE DESIGNER OF ANY DISCREPANCIES.No.Description Date 1311 W NEWPORT CENTER DRIVE DEERFIELD BEACH, FLORIDA 33442 PH. 954.794.0300 FX. 954.794.0301AA26001731 COPYRIGHT 2018 GALLO HERBERTARCHITECTS1 23456EDCBAEDCBAAS SHOWNBPHCMR2020-06-09DESIGN DEVELOPMENT□ WILLIAM J. GALLO FL AR0008440□ BRIAN P. HERBERT FL AR0015474WELLS LANDINGBOYNTON BEACH, FL 334351' = 20'-0"010' 20'40'ARCHITECTURALSITE PLANSOUTH PARCELAS-101NE 9th AVENUEENENOT TO SCALESOUTH WESTUTESWWBUILDINGBINNNLOADINGTRASH CHUTEAS-101 1SOUTH PARCELSSSOUTH EASTSOH ESSBUILDINGILDGA-101 1A-103 1LOADINGTRASH CHUTE6910393668810TRASHASASROOMMMMOMOMOOMRMOMMROOMOMMROOROOOOOOOOMROOMROOMTRASHHHSHSHSHHHSSHSHSHSSSSSSSROOMROOOROOROOOOASINGLEAFITNEESS710710998888810COMMONCCCCCCCCCCCCCCCCCCCCCCCCCNNNNNNNNNNNOO1091- SITE PLAN SHALL MEET CPTDDESIGN STANDARDS2- BUILDING TO BE FULLY SPRINKLERED3- DEVELOPER TO EXPLORE CROSSACCES EASEMENT W/ CVS SITENOTES:Note # 3FHFHFHFH1/16" = 1'-0"0 8' 16' 32'E.V..VCHARGINGCHGINSTATIONS (5)TATNS BENCHSNCNOT TO SCALE11116'-0" PRECAST'-0RECTCONCRETE WALLCOCRWTECAS6'-0" PRE6'PRTSALLTEWACONCRETCCE WLS-101A3/ASEE DETAIL ADEAL AS-ASCLCCCLCCPRE CASTCONCRETE CAPPRE CASTCONCRETECAPPRE CASTCONCRETE CAPPRE CASTCONCRETEWALLCOLUMNFOOTINGCOLUMNFOOTING15.0414.7514.3314.19114.12FFE 16.5FFE 16.5FFE 16.5E 16.5FFEFFE 16.50ECHARGINGCRGGGGSTATIONSSIO1BOLARDOOOSEE DETAIL A1/AS-102SEE DETAIL A1/AS 102SEE DETAIL A1/AS 102BOLARDSEE DETAIL A1/AS-10210DDCOVEREDDDDDKKSBIKES RACKKK02AAS-10SEE DETAIL D4/AAA2AACOVEREDOEDBIKES RACKSBIKRASEE DETAIL D4/AS-102E DAIL/A024- ALL PORTION OF BLDG AREA WITH 450OF F.D. ACCESS PER NFPA 1-18.2.3.2.2LESS THAN 150'-0"IRRIGATION TO BEIRRIGATION TO BEPROVIDED TO PLANTERSIRRIGATION TO BEPROVIDED TO PLANTERSSTREET SPACE SHALL BE PROVIDED PER SECTION 18.2(a) THROUGH (c)OFF THE REQUIRED PROJECT IMPROVEMENTS AND SHALL BE DETAILEDAS SUCH IN PERMIT PLAN101000SHADED SEATING548 S.F.LINEAR PLAZALNEAARPLAAZAAAAZLAPRAENLAZAALPAREANLIAAZLAPRAENLAZAALPAREANLI2,021 S.F.,01,2101022 021 S F20221SF21022SFSF S.FSF S.F.F02,2,2,02021 S1 S.F.FOPEN PLAY AREA3,500 S.F.MOUNTABLE CURBPUBLIC PLAZA443 S.F.1DART COMMENTS 09-10-20202DART COMMENTS 09-21-202032322222220'-0" FIRE LINE SOUTH2FFFFFFFFFFFFFFFFFFFF222223NEIGHBORHOOD COMMERCIAL (1)IGORODOMRCL (1OONEIGHBORHHOOD COMMERCIAL (2)NGHBHHOD CMMCIA2)RRRESIDENTIALIDIADUPLEX R-2DUX 3DART COMMENTS 10-08-202033333331440 11-3"SECOND FLOOR22-6"THIRD FLOOR51-1"45-4"ROOF TOP33-11"FOURTH FLOOR0'-00"TOP SLAB11-3"SECOND FLOOR22-6"THIRD FLOOR51-1"45-4"ROOF TOP33-11"FOURTH FLOOR0'-00"TOP SLAB11-3"SECOND FLOOR22-6"THIRD FLOOR51-1"45-4"ROOF TOP33-11"FOURTH FLOOR0'-00"TOP SLAB11-3"SECOND FLOOR22-6"THIRD FLOOR51-1"45-4"ROOF TOP33-11"FOURTH FLOOR0'-00"TOP SLAB74-2018NTRACTOR(S) SHALL VERIFY EXISTING CONDITIONS AND CORRELATE DIMENSIONS PRIOR TO PROVIDING THE WORK DETAILED IN THESE DRAWINGS, AND SHALL PROMPTLY NOTIFY THE DESIGNER OF ANY DISCREPANCIES.No.Description Date 1311 W NEWPORT CENTER DRIVE DEERFIELD BEACH, FLORIDA 33442 PH. 954.794.0300 FX. 954.794.0301AA26001731 COPYRIGHT 2018 GALLO HERBERTARCHITECTS1 23456EDCBAEDCBAAS SHOWNBPHCMR2020-06-09DESIGN DEVELOPMENT□ WILLIAM J. GALLO FL AR0008440□ BRIAN P. HERBERT FL AR0015474WELLS LANDINGBOYNTON BEACH, FL 33435ELEVATION PLANSOUTH WEST BLDG.A-2033/32" = 1'-0"0 8' 16' 24'3/32" = 1'-0"0 8' 16' 24'3/32" = 1'-0"08' 16'24'3/32" = 1'-0"08'16'24'ROOF TOP EQUIPMENTROOF TOP EQUIPMENTROOF TOP EQUIPMENTROOF TOP EQUIPMENTROOF TOP EQUIPMENTROOF TOP EQUIPMENT2DART COMMENTS 09-21-2020SOUTH2221441 74-2018NTRACTOR(S) SHALL VERIFY EXISTING CONDITIONS AND CORRELATE DIMENSIONS PRIOR TO PROVIDING THE WORK DETAILED IN THESE DRAWINGS, AND SHALL PROMPTLY NOTIFY THE DESIGNER OF ANY DISCREPANCIES.No.Description Date 1311 W NEWPORT CENTER DRIVE DEERFIELD BEACH, FLORIDA 33442 PH. 954.794.0300 FX. 954.794.0301AA26001731 COPYRIGHT 2018 GALLO HERBERTARCHITECTS1 23456EDCBAEDCBAAS SHOWNBPHCMR2020-06-09DESIGN DEVELOPMENT□ WILLIAM J. GALLO FL AR0008440□ BRIAN P. HERBERT FL AR0015474WELLS LANDINGBOYNTON BEACH, FL 33435COLOR ELEVATIONPLANSSOUTH WEST BLDG.A-2041DART COMMENTS 09-10-202011. ALL ROOF DRAINS: ALL INTERNAL AND DOWNSPOUTS ORRAIN WATER LEADERS WILL BE CONCEALED INARCHITECTURAL ELEMENTS.2. ALL EQUIPMENT OTHER THAN FIRE APARATUS SHALL BEPAINTED TO MATCH BUILDING COLORS3/32" = 1'-0"0 8' 16' 24'3/32" = 1'-0"0 8' 16' 24'3/32" = 1'-0"08' 16'24'3/32" = 1'-0"08'16'24'2DART COMMENTS 09-21-2020SOUTH201020304050607STANDING SEAM METAL ROOF. ON THE ROCKS(SW7671) BY SHERWIN WILLIAMS OR SIMILARCONCRETE PANELSCORED STUCCO & STUCCO: SPARE WHITE(SW6203) BY SHERWIN WILLIAMS OR SIMILARPAINT ON STUCCO: TOPIARY TINT(SW6449) BY SHERWIN WILLIAMS OR SIMILARPAINT ON STUCCO: BLUEBELL(SW6793) BY SHERWIN WILLIAMS OR SIMILARPAINT ON STUCCO: PINEAPPLE CREAM(SW1668) BY SHERWIN WILLIAMS OR SIMILARPAINT: GREEK VILLA(SW7551) BY SHERWIN WILLIAMS OR SIMILAR222010101010101010101010101010101010101010101010101010102030303030303030303030303030303030303030303030303030303030303030404040404040404040405050505050505050505050506060606060606060707070707070707071442 12-6"SECOND FLOOR23-9"THIRD FLOOR51-1"46-7"ROOF TOP35-2"FOURTH FLOOR1'-3"TOP SLAB12-6"SECOND FLOOR23-9"THIRD FLOOR51-1"46-7"ROOF TOP35-2"FOURTH FLOOR1'-3"TOP SLAB12-6"SECOND FLOOR23-9"THIRD FLOOR51-1"46-7"ROOF TOP35-2"FOURTH FLOOR1'-3"TOP SLAB12-6"SECOND FLOOR23-9"THIRD FLOOR51-1"46-7"ROOF TOP35-2"FOURTH FLOOR1'-3"TOP SLAB74-2018NTRACTOR(S) SHALL VERIFY EXISTING CONDITIONS AND CORRELATE DIMENSIONS PRIOR TO PROVIDING THE WORK DETAILED IN THESE DRAWINGS, AND SHALL PROMPTLY NOTIFY THE DESIGNER OF ANY DISCREPANCIES.No.Description Date 1311 W NEWPORT CENTER DRIVE DEERFIELD BEACH, FLORIDA 33442 PH. 954.794.0300 FX. 954.794.0301AA26001731 COPYRIGHT 2018 GALLO HERBERTARCHITECTS1 23456EDCBAEDCBAAS SHOWNBPHCMR2020-06-09DESIGN DEVELOPMENT□ WILLIAM J. GALLO FL AR0008440□ BRIAN P. HERBERT FL AR0015474WELLS LANDINGBOYNTON BEACH, FL 33435ELEVATION PLANSOUTH EAST BLDG.A-2013/32" = 1'-0"08'16'24'3/32" = 1'-0"08' 16'24'3/32" = 1'-0"0 8' 16' 24'3/32" = 1'-0"0 8' 16' 24'ROOF TOP EQUIPMENTROOF TOP EQUIPMENTROOF TOP EQUIPMENTROOF TOP EQUIPMENTROOF TOP EQUIPMENTROOF TOP EQUIPMENT2DART COMMENTS 09-21-2020SOUTH21443 74-2018NTRACTOR(S) SHALL VERIFY EXISTING CONDITIONS AND CORRELATE DIMENSIONS PRIOR TO PROVIDING THE WORK DETAILED IN THESE DRAWINGS, AND SHALL PROMPTLY NOTIFY THE DESIGNER OF ANY DISCREPANCIES.No.Description Date 1311 W NEWPORT CENTER DRIVE DEERFIELD BEACH, FLORIDA 33442 PH. 954.794.0300 FX. 954.794.0301AA26001731 COPYRIGHT 2018 GALLO HERBERTARCHITECTS1 23456EDCBAEDCBAAS SHOWNBPHCMR2020-06-09DESIGN DEVELOPMENT□ WILLIAM J. GALLO FL AR0008440□ BRIAN P. HERBERT FL AR0015474WELLS LANDINGBOYNTON BEACH, FL 33435COLOR ELEVATIONPLANSSOUTH EAST BLDG.A-2021DART COMMENTS 09-10-202011. ALL ROOF DRAINS: ALL INTERNAL AND DOWNSPOUTS ORRAIN WATER LEADERS WILL BE CONCEALED INARCHITECTURAL ELEMENTS.2. ALL EQUIPMENT OTHER THAN FIRE APARATUS SHALL BEPAINTED TO MATCH BUILDING COLORSNOT TO SCALENOT TO SCALENOT TO SCALENOT TO SCALE2DART COMMENTS 09-21-2020SOUTH2010304050607STANDING SEAM METAL ROOF. ON THE ROCKS(SW7671) BY SHERWIN WILLIAMS OR SIMILARSCORED STUCCO & STUCCO: SPARE WHITE(SW6203) BY SHERWIN WILLIAMS OR SIMILARPAINT ON STUCCO: TOPIARY TINT(SW6449) BY SHERWIN WILLIAMS OR SIMILARPAINT ON STUCCO: BLUEBELL(SW6793) BY SHERWIN WILLIAMS OR SIMILARPAINT ON STUCCO: PINEAPPLE CREAM(SW1668) BY SHERWIN WILLIAMS OR SIMILARPAINT: GREEK VILLA(SW7551) BY SHERWIN WILLIAMS OR SIMILAR22201010101010101010101010101010101010101010101010101010101010101030303030303030303030303030303030303030303030303030303030303040404040404040404040404050505050505050505050506060606060606060606060607070707070707070707070707070707071444 74-2018NTRACTOR(S) SHALL VERIFY EXISTING CONDITIONS AND CORRELATE DIMENSIONS PRIOR TO PROVIDING THE WORK DETAILED IN THESE DRAWINGS, AND SHALL PROMPTLY NOTIFY THE DESIGNER OF ANY DISCREPANCIES.No.Description Date 1311 W NEWPORT CENTER DRIVE DEERFIELD BEACH, FLORIDA 33442 PH. 954.794.0300 FX. 954.794.0301AA26001731 COPYRIGHT 2018 GALLO HERBERTARCHITECTS1 23456EDCBAEDCBAAS SHOWNBPHCMR2020-06-09DESIGN DEVELOPMENT□ WILLIAM J. GALLO FL AR0008440□ BRIAN P. HERBERT FL AR0015474WELLS LANDINGBOYNTON BEACH, FL 33435FIRST AND SECONDFLOOR PLANSOUTH EAST BLDG.A-1013/32" = 1'-0"0 8' 16' 24'3/32" = 1'-0"08' 16'24'2 BEDROOMS UNIT2BTYPE "B"2 BEDROOMS UNIT2TYPE "C"2 BEDROOMS UNIT222TYPE "C"1 BEDROOM UNITTYPE "D"2 BEDROOMS UNITTTTYPE "C"2 BEDROOMS UNITTTTTTYPE "C"COMMONNNNTRASHROOM2 BEDROOMS UNITSUNITTYPE "B"2 BEDROOMS UNIT2 BEDTYPE "B"2 BEDROOMS UNITSUNITTYPE "B"2 BEDROOMS UNIT2BEDTYPE "B"2 BEDROOMS UNIT22TYPE "B"2 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTTTYPE "D"2 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "B"2 BEDROOMS UNIT2BTYPE "B"2 BEDROOMS UNIT2TYPE "C"2 BEDROOMS UNIT22TYPE "C"1 BEDROOM UNITTYPE "D"2 BEDROOMS UNITTTYPE "C"2 BEDROOMS UNITTTTYPE "C"2 BEDROOMS UNITSUNITTYPE "B"2 BEDROOMS UNIT2 BEDTYPE "B"2 BEDROOMS UNITSUNITTYPE "B"2 BEDROOMS UNIT2BEDTYPE "B"2 BEDROOMS UNIT22TYPE "B"2 BEDROOMS UNITNTYPE "B"2 BEDROOMS UNITTTTTYPE "D"2 BEDROOMS UNITNTYPE "B"2 BEDROOMS UNITBBTYPE "B"2 BEDROOMS UNITTTTTTTYPE "E"2DART COMMENTS 09-21-2020SOUTH2PORCHPORCHPORCHPORCHPORCH222221445 74-2018NTRACTOR(S) SHALL VERIFY EXISTING CONDITIONS AND CORRELATE DIMENSIONS PRIOR TO PROVIDING THE WORK DETAILED IN THESE DRAWINGS, AND SHALL PROMPTLY NOTIFY THE DESIGNER OF ANY DISCREPANCIES.No.Description Date 1311 W NEWPORT CENTER DRIVE DEERFIELD BEACH, FLORIDA 33442 PH. 954.794.0300 FX. 954.794.0301AA26001731 COPYRIGHT 2018 GALLO HERBERTARCHITECTS1 23456EDCBAEDCBAAS SHOWNBPHCMR2020-06-09DESIGN DEVELOPMENT□ WILLIAM J. GALLO FL AR0008440□ BRIAN P. HERBERT FL AR0015474WELLS LANDINGBOYNTON BEACH, FL 33435THIRD & FOURTHFLOOR PLANSOUTH EAST BLDG.A-1023/32" = 1'-0"0 8' 16' 24'3 BEDROOMS UNITTYPE "A"3 BEDROOMS UNITTYPE "A"2 BEDROOMS UNITTYPE "C"3/32" = 1'-0"08' 16'24'2 BEDROOMS UNITTYPE "B"1 BEDROOM UNITTYPE "D"2 BEDROOMS UNITTYPE "C"2 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "D"2 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "E"3 BEDROOMS UNITTYPE "A"3 BEDROOMS UNITTYPE "A"2 BEDROOMS UNITTYPE "C"2 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "C"2 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "D"2 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "E"3 BEDROOMS UNITTYPE "A"2 BEDROOMS UNITTYPE "C"2 BEDROOMS UNITTYPE "E"2DART COMMENTS 09-21-2020SOUTH21446 74-2018NTRACTOR(S) SHALL VERIFY EXISTING CONDITIONS AND CORRELATE DIMENSIONS PRIOR TO PROVIDING THE WORK DETAILED IN THESE DRAWINGS, AND SHALL PROMPTLY NOTIFY THE DESIGNER OF ANY DISCREPANCIES.No.Description Date 1311 W NEWPORT CENTER DRIVE DEERFIELD BEACH, FLORIDA 33442 PH. 954.794.0300 FX. 954.794.0301AA26001731 COPYRIGHT 2018 GALLO HERBERTARCHITECTS1 23456EDCBAEDCBAAS SHOWNBPHCMR2020-06-09DESIGN DEVELOPMENT□ WILLIAM J. GALLO FL AR0008440□ BRIAN P. HERBERT FL AR0015474WELLS LANDINGBOYNTON BEACH, FL 33435FIRST & SECONDFLOOR PLANSOUTH WEST BLDG.A-1033/32" = 1'-0"0 8' 16' 24'3/32" = 1'-0"08' 16'24'2 BEDROOMS UNITTYPE "C"2 BEDROOMS UNITTYPE "C"COMMONTRASHROOMCOMMON1 BEDROOM UNITTYPE "F"2 BEDROOMS UNITTYPE "C"2 BEDROOMS UNITTYPE "C"3 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "D"2 BEDROOMS UNITTYPE "D"3 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "D"2 BEDROOMS UNITTYPE "D"3 BEDROOMS UNITTYPE "A"3 BEDROOMS UNITTYPE "A"3 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "D"3 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "D"2 BEDROOMS UNITTYPE "D"2DART COMMENTS 09-21-2020SOUTH2221447 74-2018NTRACTOR(S) SHALL VERIFY EXISTING CONDITIONS AND CORRELATE DIMENSIONS PRIOR TO PROVIDING THE WORK DETAILED IN THESE DRAWINGS, AND SHALL PROMPTLY NOTIFY THE DESIGNER OF ANY DISCREPANCIES.No.Description Date 1311 W NEWPORT CENTER DRIVE DEERFIELD BEACH, FLORIDA 33442 PH. 954.794.0300 FX. 954.794.0301AA26001731 COPYRIGHT 2018 GALLO HERBERTARCHITECTS1 23456EDCBAEDCBAAS SHOWNBPHCMR2020-06-09DESIGN DEVELOPMENT□ WILLIAM J. GALLO FL AR0008440□ BRIAN P. HERBERT FL AR0015474WELLS LANDINGBOYNTON BEACH, FL 33435THIRD & FOURTHFLOOR PLANSOUTH WEST BLDG.A-1043/32" = 1'-0"0 8' 16' 24'3 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "D"2 BEDROOMS UNITTYPE "D"3 BEDROOMS UNITTYPE "B"2 BEDROOMS UNITTYPE "D"2 BEDROOMS UNITTYPE "D"3 BEDROOMS UNITTYPE "A"3 BEDROOMS UNITTYPE "A"3 BEDROOMS UNITTYPE "A"3 BEDROOMS UNITTYPE "A"2DART COMMENTS 09-21-2020SOUTH221448 EAST MARTIN LUTHER KING JR. BLVD.NE 9th AVENUENE 11th AVENUE1413ZONE DISTRICT: C-2Gross Land: 117,428 (s.f.) Net Land: 2.70 acres Water Bodies: 0LANDSCAPE LEGEND - RESIDENTIAL (SOUTH)REQ.PROV.TOTAL NUMBER OF TREES (SMALL PALMS IN 3:1 RATIO)180 Note: All pervious areas must be landscaped with lawn, groundcover, and/or shrubbery.21TOTAL NUMBER OF SHRUBS, GROUNDCOVERS752,32310621PERIMETER BUFFER Requirements: West (Commercial)(1) 14' ht. tree for every 20 l.f.(1) 36" ht. shrub for every 3 l.f.PERIMETER BUFFER Requirements: East (Commercial)(1) 14' ht. tree for every 20 l.f.(1) 36" ht. shrub for every 3 l.f.1278(235 L.F.)12(235 L.F.)* IRRIGATION SHALL BE PROVIDED AT TIME OF PERMIT* ALL PARKING ISLANDS SHALL BE LANDSCAPED WITH GROUNDCOVER MATERIAL10015102(305 L.F.)15(305 L.F.)108STREET TREES (North - East MLK Blvd.): 418 l.f. (1 tree / 20 l.f.)2727STREET TREES (South - NE 9th Ave.): 542 l.f. (1 tree / 20 l.f.)95% OF SHRUBS SHALL BE BUTTERFLY-ATTRACTIVE485DESCRIPTIONQUAN.SYMBOLPROPOSED MATERIALSHRUBS AND GROUNDCOVERSDESCRIPTIONQUAN.SYMBOLPROPOSED MATERIALTREESLANDSCAPE LIST - SOUTH PARCELST. AUGUSTINE GRASSStenotaphrum secundatum 'Floratam'SOLID EVEN SODLAWNAsRequired3014' HT. X 6' SPR. 4" DBH.F.G. 11194F.G., "CHARACTER" SPECIMENGUMBO LIMBO*Bursera simaruba14' HT. X 6' SPR. 4" DBH.14' HT. X 6' SPR. 4" DBH.*Coccoloba diversifloraPIGEON PLUMF.G. Tabebuia heterophylla PINK TRUMPET TREE 10' HT. X 5 SPR., 2" DBH.F.G.20Aechmea blanchettiana36" HT. X 24" SPR. ABBRIGHT YELLOW BROMELIAD10" POT 9CV73DE1200FM210IT72JV153MC112PV155SVCodieaum variegatum 'Mammey' RED - YELLOW CROTON3 GAL.18" HT. X 18" SPR. / 18" O.C.3 GAL.18" HT. X 18" SPR. / 18" O.C. Duranta erecta 'Gold Mound'GOLD MOUND DURANTAFicus microcarpa 'Green Island'GREEN ISLAND FICUS3 GAL.15" HT. X 15" SPR. / 18" O.C. DWARF IXORAIxora taiwanese 'Dwarf'18" HT. X 18" SPR. / 18" O.C.3 GAL.* DENOTES NATIVE SPECIES24" HT. X 24" SPR. / 24" O.C.Jasmine volubileWAX JASMINE3 GAL.3 GAL.24" HT. X 24" SPR. / 30" O.C. *Muhlenbergia capillarisPINK MUHLY GRASSSchefflera arboricola 'Trinette'VARIEGATED SCHEFFLERA3 GAL.18" HT. X 18" SPR. / 18" O.C. 64113113610' HT. X 4' SPR. 2" DBH.*Conocarpus erectus 'sericeus'SILVER BUTTONWOODF.G. 8' HT. X 8' SPR., MULTI TRUNKLigustrum japonicumJAPANESE PRIVETF.G.F.G., MATCHED HTS.ROYAL PALM*Roystonea elata24' O.A. HT. MIN.10' HT. X 5' SPR. 2" DBH.F.G.2CA427CG174CG2207CI9HA455PM7 GAL.36" HT. X 24" SPR. / 24" O.C. Podocarpus macrophyllusPODOCARPUS173SA[BUTTERFLY ATTRACTIVE]7 GAL.3' O.A. HT.PURPLE CRINUM LILYCrinum augustum 'Queen Emma'*Clusia guttiferaSMALL LEAF CLUSIA3 GAL.24" HT. X 24" SPR. / 24" O.C. *Clusia guttiferaSMALL LEAF CLUSIA7 GAL.36" HT. X 24" SPR. / 24" O.C. *Chrysobalanus icaco 'Red Tip'RED TIP COCOPLUM3 GAL.18" HT. X 18" SPR. / 18" O.C. Hibiscus 'Anderson Crepe'ANDERSON CREPE HIBISCUS15 GAL.6' HT. O.A., STANDARD PITTOSPORUM VARIEGATAPittosporum tobira 'Variegata'3 GAL.18" HT. X 18" SPR. / 18" O.C. GREEN SCHEFFLERASchefflera arboricola24" HT. X 24" SPR. / 24" O.C.3 GAL.Ptychosperma elegans 'single'20' O.A. HT., SINGLEF.G.SINGLE ALEXANDER PALMS5LIVE OAK "HIGH RISE"*Quercus virginiana 'High Rise'*Eugenia foetidaSPANISH STOPPER12' HT. X 4' SPR., MULTI TRUNKF.G.Jacaranda mimosifoliaJACARANDA TREE14' HT. X 6' SPR. 4" DBH.F.G. Fillicium decipiens JAPANESE FERN TREE 47AC25HP404PLAsclepias curassavicaMILKWEED3 GAL.24" HT. X 24" SPR. / 24" O.C.[BUTTERFLY ATTRACTIVE][BUTTERFLY ATTRACTIVE]24" HT. X 24" SPR. / 24" O.C.Hamelia patens 'compact'DWARF FIREBUSH3 GAL.[BUTTERFLY ATTRACTIVE]DWARF PENTASPentas lanceolata "New Look White"1 GAL.12" HT. X 12" SPR. / 12" O.C. 2F.G., STAGGERED.DOUBLE MONTGOMERY PALMVeitchia montgomeryana 'double'20' O.A. HT. MIN., DOUBLENORTHSHEET INDEX:L-1 INDEXL-2 LANDSCAPE PLANL-3 LANDSCAPE DETAILSScale: 1" = 40'-0"KEY PLANDrawing: IndexDate: 06/17/2020Scale: See LeftDrawn by: LDCSheet No.:Cad Id.: 2020-021WELLS LANDING - SOUTH BOYNTON BEACH, FL INDEX 307 south 21st avenue hollywood, florida phone: 954.923.9681 facsimile: 954.923.9689 www.witkindesign.com©2020 WITKIN HULTS + PARTNERSTHE DESIGN AND DRAWINGS HEREIN ARE THEINTELLECTUAL PROPERTY OF THISLANDSCAPE ARCHITECT AND ARE PROTECTEDUNDER THE COPYRIGHT PROTECTION ACTL-2SEE NORTH PARCELLANDSCAPE PLANSFOR LANDSCAPE INTHIS AREAIRRIGATION NOTE: 100% IRRIGATIONCOVERAGE WILL BE PROVIDED ATTIME OF PERMITTINGSABAL PALMS (IF APPLICABLE) ARETO BE INSTALLED WITH FRONDSCUT AT 10-2, NOT HURRICANE CUTALL PALMS OVER 12' C.T. SHALLHAVE SQUARE ROOTBALLS AND4"x4" BRACESALL PALMS OVER 12' C.T. SHALLHAVE SQUARE ROOTBALLS AND4"x4" BRACESALL TREES AND PALMS SHALL BEFLORIDA GRADE 1 AT TIME OFPLANTING. ANY PRUNING SHALL BEDETERMINED BY THE LANDSCAPEARCHITECT AND/OR AN ARBORISTFIRE DEPARTMENT ACCESS ROADSSHALL HAVE AN UNOBSTRUCTEDVERTICAL CLEARANCE OF NOTLESS THAN 14' NFPAIF APPLICABLE, SAFETY CAPS SHALLBE INSTALLED ON ALL #5 REBAR USEDFOR TREE BRACING11  1449 EAST MARTIN LUTHER KING JR. BLVD.NE 9th AVENUELAWNLAWNLAWN 4-STORYBUILDINGLAWN 20'-0" O.C.,TYP.5 BEDS14LAWN LAWN LAWN LAWNLAWNLAWNLAWN20'-0" O.C., TYP.2'-0" PARKINGOVERHANG, TYP.2'-0" PARKINGOVERHANG, TYP.2'-0" PARKINGOVERHANG, TYP.FM25CG18HA2JV15PM136DE43DE30JV15HA2CG18FM15CG12PV12PV12FM50SV25CA1MC8CV3IT20FM47FM47IT20MC8CV3AC22PL90PL37PL75PM60PM93PL75SA82FM60IT55MC10CV3IT20FM45SA45AC25PL110PL17HP20CI40SV100CI68EXISTING TREE TO REMAIN, TYP.(SEE SOUTH PARCEL DISPOSITIONPLANS FOR DETAILS)20'-0" O.C.,TYP.15'-0"15'-0"15'-0"15'-0"SIGHT-TRIANGLE, TYP. (ANYLANDSCAPE WITHIN SHALL BEMAINTAINED AT 18" HT. MAX.)15'-0"15'-0"15'-0"15'-0"SIGHT-TRIANGLE, TYP. (ANYLANDSCAPE WITHIN SHALL BEMAINTAINED AT 18" HT. MAX.)LANDSCAPE WITHIN SHALL BEMAINTAINED AT 18" HT. MAX.)2'-0" PARKINGOVERHANG, TYP.MC70FM25SV17AB2PM1662'-0" PARKINGOVERHANG, TYP.2'-0" PARKINGOVERHANG, TYP.2'-0" PARKINGOVERHANG, TYP.2'-0" PARKINGOVERHANG, TYP.20'-0" O.C.,TYP.SA20FM125HA3IT95SA26FLEXIPAVE,TYP.PASSIVERECREATIONAREALAWN20'-0"EMERGENCYFIRE ACCESS4-STORYBUILDING15 BEDS LAWNBENCH, TYP.LAWNBENCH, TYP.LAWN, TYP.FM75CG19FM25FM18CG7FM42PV12CG30CG210FM65FM25CG19CI22PV12CI52FM83CG30CG7FM6PV20FM12CI10CG12FM6CG24MC7AB2PV20FM6PV12CI5CG5FM6CG24MC7AB2FM6CG6CG21FM6AB2MC10FM6CG21FM6AB2MC10FM6FM12CI10CG6CG5FM81'-0"4'-0"4'-0"SEE "LARGE TREE PLANTINGDETAIL" ON SHEET L-3 FORBRACING DETAILSFM408 BEDSCG2164FM53FM85AB2JV15HA2FM38CG27PV4CG39JV7CA1LAWN MC23JV20AB4CG33HP5FM22FM13SV13FM5CG12PV4CG5FM6PV4CG27FM25AB2AB2FM25FM30NORTHScale: 1" = 20'-0"LANDSCAPE PLANDrawing: Landscape PlanDate: 06/17/2020Scale: See LeftDrawn by: LDCSheet No.:Cad Id.: 2020-021WELLS LANDING - SOUTH BOYNTON BEACH, FL LANDSCAPE PLAN 307 south 21st avenue hollywood, florida phone: 954.923.9681 facsimile: 954.923.9689 www.witkindesign.com©2020 WITKIN HULTS + PARTNERSTHE DESIGN AND DRAWINGS HEREIN ARE THEINTELLECTUAL PROPERTY OF THISLANDSCAPE ARCHITECT AND ARE PROTECTEDUNDER THE COPYRIGHT PROTECTION ACTSEE NORTH PARCEL LANDSCAPE PLANS 11450 74-2018No. Description DateAA26001731123456EDCBA123456EDCBAAS SHOWNBPHCMR2020-06-09DESIGN DEVELOPMENT□ WILLIAM J. GALLOFL AR0008440□ BRIAN P. HERBERTFL AR0015474MARTIN LUTHERKINGCOMMUNITYSOUTHBOYNTON BEACH, FL 33435PRIOR TO SUBMITTING THE BID, THE CONTRACTOR SHALL FIELD VERIFY ALL EXISTING CONDITIONS AND INFORM THE ARCHITECT ANDTHE ENGINEER OF ANY DISCREPANCY BETWEEN THESE DOCUMENTS AND THE EXISTING CONDITIONS AND SHALL INCLUDE IN THE BID TOCORRECT THE SAME AS DIRECTED. THE ENGINEERS ARE NOT RESPONSIBLE FOR ANY ADDITIONAL COSTS RESULTING FROM VERIFIABLEEXISTING CONDITIONS DISCOVERED AFTER CONTRACT HAS BEEN AWARDED. NO CHANGES SHALL BE MADE TO THESE PLANS WITHOUTPRIOR APPROVAL FROM THE ENGINEER OF RECORD. ALL CHANGES SHALL BE SUBMITTED FOR REVIEW PRIOR TO INSTALLATION. NOT FOR BID UNTIL PERMIT HAS BEEN ISSUED.3601 NW 2ND AVEBOCA RATON, FL 33431CERTIFICATION OFAUTHORIZATIONNO. 31989elec dept.TEL:954-644-9612mech dept.TEL:561-716-7120PM:SK1DART COMMENTS2020-09-09SITE PHOTOMETRICSPLANSOUTHEPH-101S1' = 30'-0"0 10' 20' 40'Luminaire ScheduleSymbolQtyLabelArrangementLLFDescription8WSINGLE0.900Cree Lighting OSQ-A-XX-4ME-B-30K-UL-XX / OSQ-BLSMF / Wall Mount5SBD1800.900Cree Lighting OSQ-A-NM-5ME-B-30K-UL-XX, 2@180°9SASINGLE0.900Cree Lighting OSQ-A-XX-4ME-B-30K-UL-XX / OSQ-BLSMFCalculation SummaryLabelCalcTypeUnitsAvgMaxMinAvg/MinMax/MinParking LotIlluminanceFc2.966.11.02.966.10SpillIlluminanceFc0.060.30.0N.A.N.A.1451 Know what'sR1452 1453 1454 1455 East Building Looking South from MLK Jr. Blvd1456 East Building Looking South from MLK Jr. Blvd1457 East Building Looking North to MLK Jr. Blvd1458 East Building Looking North to MLK Jr. Blvd1459 East Building Mailroom1460 East Building Kitchen1461 North Building Looking North from MLK Jr. Blvd1462 North Building Looking North from MLK Jr. Blvd1463 North Building Looking South to MLK Jr. Blvd1464 North Building Looking South to MLK Jr. Blvd1465 North Building Looking North from MLK Jr. Blvd1466 North Building Looking North from MLK Jr. Blvd1467 West Building Looking South from MLK Jr. Blvd1468 1469 West Building Looking West to Seacrest Blvd1470 West Building Looking West to Seacrest Blvd1471 West Building Interior Kitchen1472 West Building Interior 1473 West Building Lobby1474