Agenda 12-08-15CRA Board Meeting
Tuesday, December 8, 2015 @ 6:30 pm
City Commission Chambers
100 E. Boynton Beach Blvd.
Boynton Beach, FL 33435
AGENDA
L Call to Order
II. Invocation and Pledge to the Flag
III. Roll Call
IV. Legal: None
V. Agenda Approval:
A. Additions, Deletions, Corrections to the Agenda
B. Adoption of Agenda
VI. Informational Items and Disclosures by Board Members and CRA Staff:
A. Disclosure of Conflicts, Contacts and Relationships for Items Presented to the CRA
Board on Agenda Items
B. Informational Announcements
VII. Announcements & Awards:
A. Tree Lighting & Concert
B. Holiday Boat Parade
C. Happy Hour Thursday — Music on the Rocks
D. Movies in the Park
VIII. Consent Agenda:
A. Approval of Minutes — CRA Board Meeting November 10, 2015
B. Approval of Period Ended November 30, 2015 Financial Report
C. Monthly Purchase Orders
D. Approval of Commercial Construction Incentive Grant Funding Adjustment for Hour
Cucina, LLC
IX. Pulled Consent Agenda Items:
X. Information Only:
A. Public Comment Log
B. Marketing and Business Development Campaign
C. 2016 CRA Holiday Schedule
XI. Public Comments: (Note: comments are limited to 3 minutes in duration)
XII. Public Hearing: None
XIII. Old Business:
A. Consideration of Purchase and Development Agreement with Habitat for Humanity
for Two CRA Properties Located in the Model Block Project
B. Consideration of Amendment to Purchase and Development Agreement between the
CRA and RUDG, LLC for the Ocean Breeze Site
C. Consideration of Execution of Local Government Verification of Contribution —
Grant Form for the Ocean Breeze East Project to RUDG, LLC in the Amount of
$493,944
D. Consideration of Amendment to Purchase and Development Agreement between the
CRA and Housing Trust Group for the MLK South Site
E. Consideration of Execution of Loan Commitment Letter to Housing Trust Group for
the MLK South Site in the Amount of $420,000
XIV. New Business:
A. Consideration of Purchase Agreement between the CRA and Mary and Woodrow
Carrington for Property Located at 117 W. Martin Luther King, Jr. Blvd. for the
Model Block Project
B. 2016 CRA Board Meeting Dates
XV. Executive Director's Report:
A. Development Outreach and Contacts
XVI. Future Agenda Items:
XVII. 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 CITY. PLEASE CONTACT THE CRA AT (561) 737-3256 AT LEAST TWENTY-FOUR HOURS PRIOR TO THE MEETING PROGRAM OR
ACTIVITY IN ORDER FOR THE CRA TO REASONABLY ACCOMMODATE YOUR REQUEST.
�G
BOYNTON1
=BEAC ICRA
BOARDCRA MEETING December :,
Consent .,•iii: I I Old Business I I New Business g°l I I Information Only Other
AGENDA ITEM #: VII. A.
SUBJECT:r • Beach Holiday Tree Lighting & Concert
�3 0 74 1113
On Wednesday, December 9a', the Boynton Beach CRA is hosting the 45th Annual Holiday Tree
Lighting & Concert at the Ocean Avenue Amphitheatre.
• The event was postponed from Friday December 4th, due to a forecast of inclement weather.
• The festivities start at 5:30 P.M. and end at 9:00 P.M.
• East Ocean Avenue will be closed from West of the Schoolhouse Children's Museum to East of the
intersection of Ocean and NE 1' Street.
• The tree lighting will take place at 6:30 P.M.
• Immediately following the tree lighting, there will be a FREE concert featuring Solid Brass, performing
until 9:00 P.M.
• Food and beverages will be available for purchase, courtesy of local vendors.
• Retail vendors and children activities will be available along Ocean Avenue.
• Santa and his elves will be visiting with guests in the Gumdrop Garden (Ocean Avenue stage in front of
the Civic Center) for a photo op and a candy cane.
• Marketing images (Exhibit A)
FISCAL : Budgeted in line item 02-58500-480
PROJECT:CRA PLAN, PROGRAM OR Downtown Master Plan
ILWOW Mhj L 1 1► 1 � "IT-Ij V1 !►
Christopher Burdick
Special Events Coordinator
TAAGENDAS, CONSENT AGENDAS, MONTHLY REPORTS1Completed Agenda Item Request Forms by MeetingWY 2015 - 2016 Board
Meetings\December 20151Holiday Tree Lighting & Concert Recap.docx
(Exhibit A) Movies in the Park
T:IAGENDAS, CONSENT AGENDAS, MONTHLY REPORTS1Completed Agenda Item Request Forms by Meeting\FY 2015 - 2016 Board
Meetings\December 20151Holiday Tree Lighting & Concert Exhibit A.docx
(Exhibit A) Movies in the Park
T:IAGENDAS, CONSENT AGENDAS, MONTHLY REPORTS1Completed Agenda Item Request Forms by Meeting\FY 2015 - 2096 Board
Meetings\December 201 MHoliday Tree Lighting & Concert Exhibit A.docx
(Exhibit A) Movies in the Park
T:\AGENDAS, CONSENT AGENDAS, MONTHLY REPORTS\Completed Agenda Item Request Forms by MeetinglFY 2015 - 2016 Board
MeetingsXDecember 20151Holiday Tree Lighting & Concert Exhibit A.doex
BOYNTO
=BEACH�I, RA
CRA BOARD MEETING OF: December 8,2015
I Consent Agenda I I Old Business I I New Business I I Legal I I Information Only IXI Other LI
CUBJECT: 44th Annual Boynton Beach Holiday Boat Parade
* On Friday, December Ilth, the Boynton Beach CRA will present the 40 Annual Boynton Beach
Holiday Boat Parade.
• The Parade starts at 6:30 prn and will travel south from the Lantana Bridge to the George Bush Bridge.
• The City of Delray is continuing the parade through it's districts to the C-15 Canal.
• FREE public viewing areas will be made available to the public at the Boynton Harbor.
• Festivities will take place on the Boynton Harbor Marina property with a visit from Santa Claus, face
painters, and balloon artists.
• Food and drink will be available for purchase, courtesy of Two Georges.
• Holiday music will be provided by the jazz band, Route Bleu.
• Guests are encouraged to bring new, unwrapped toys to donate to the Toys for Tots.
• Parking will be available onsite in the parking garage, on the Northeast comer of North Federal Highway
and East Ocean Avenue as well as through the valet service provided by Two Georges.
• A follow-up Awards Happy Hour will be held at Two Georges in early January 2016 where the winners
will be announced and presented with their checks and plaques.
• Event video will be available for viewing on CRA Events You Tube channel.
• Event pictures will 1...... made available for viewing on the Boynton Beach CRA social media outlets and
website.
�43
Christopher Burdick
Special Events Coordinator
T:kAGENDAS, CONSENT AGENDAS, MONTHLY REPORTSkOompleted Agenda Item Request Forms by MeetingNIFY 2015 - 2016 Board
Meetings0ecember 20151Holiday Boat Parade Exhibit A.docx
(Exhibit A) Holiday Boat Parade
TAAGENDAS, CONSENT AGENDAS, MONTHLY REPORTS\Completed Agenda Item Request Forms by MeeUng\FY 2015 - 2016 Board
Meetings\December 201 5\Holiday Boat Parade Exhibit A.docx
PFS hW
N
BOY TO
=BEAC H'�
CRA BOARD MEETING OF: December 8, 2015
11 U 0A J T: Music on the VsabD
• On Friday, November 20, 2015, the Boynton Beach CRA presented: Music on the Rocks -
concert series featuring the band, Making Faces.
• Approximately 300 guests attended the concert and food truck event.
• After the concert, there was a drawing for Pirate Fest gift bags, and gift certificates provided by
local merchants.
• This FREE event takes place at the Ocean Avenue Amphitheatre from 6 P.M. to 9 P.M.
• Food and drinks are available for purchase. Six food trucks will be onsite, provided by the
Foodtruck Invasion, which guarantees a rotation of the food trucks each month, and markets the
joint event. Cocktails are available, provided by Carefree Catering.
• Free, on-site, parking is available.
• The next Music on Rocks concert is scheduled for Friday, December 18, 2015, featuring The
Intoxicators.
z Additional Happy Hour Thursday concert dates:
0 January 15 th : Pocket Change
o February 19"Funkabilly Playboys
o March 18d: Professor Pennygoode's Mighty Flea Circus
o April 15": TBD
o May 20'h: Grinder Nova
o June 17d': TBD
a Marketing images (Exhibit A)
WE I ff-
774wn"M�77
Christopher d Burdick
Special Events Coordinator
VAGENDAS, CONSENT AGENDAS, MONTHLY REPORTSZompleted Agenda Item Request Forms by MastngkFY 2015 - 2016 Board
MeebngslDecember 20151Music on the Rocks.dorx
(Exhibit A) Music on the Rocks
T:INGENDAS, CONSENT AGENDAS, MONTHLY REPORTSICompleted Agenda Item Request Forms by Meebng\FY 2015 - 2016 Board
Mee5ngs\Deoember 20151Music on the Rocks Exhibit A.docx
(Exhibit A) Music on the Rocks
T:IAGENDAS, CONSENT AGENDAS, MONTHLY REPORTS1Compieted Agenda Item Request Forms by Meeting\FY 2015 - 2016 Board
MeetingslDecember 20151Music on the Rocks Exhibit A.docx
CRA BOARD MEETING OF: December 8,2015
MIX MINE
Al111 ]XIN-1 =1
* On New Year's Day 2016, B Beach CRA is hosting Movies in the Park, at the Ocean
Avenue Amphitheatre.
* The featured movie is Gremlins.
* This free event takes place from 7 P.M. to 9 P.M.
* Guests were encouraged to bring their beach chairs and blankets.
* This year the movie is projected on a larger 20' x I l'screen.
* A trailer of select CRA district businesses will be shown before the film.
• Gift cards donated by the selected CR -A district businesses and Pirate Fest souvenirs will be
given away to guests through a drawing.
• Food, snacks and beverages were available for purchase from vendors.
• The CRA will continue to encourage local business to participate.
• Additional Movie in the Park dates:
• February 56'- Footloose
• March 41— E.T.
• April I` - Ghostbusters
• May 6h - Labyrinth
• June 3d— Bectlejuice!
• Marketing images (Exhibit A)
CRA PLAN, PROGRAM OR PROJECT: Downtown Master Plan
C Burdick
Special Events Coordinator
T:\AGENDAS, CONSENT AGENDAS, MONTHLY REPORTS\Completed Agenda Item Request Forms by Meeting\FY 2015 - 2016 Board
Meeflngs\Deoember 201 5\MoAes in the Park.docx
(Exhibit A) Movies in the Park
T:IAGENDAS, CONSENT AGENDAS, MONTHLY REPORTSICompleted Agenda Item Request Forms by MeetinglFY 2015 - 2016 Board
MeetingslDecem bar 20151Movies in the Park Exhibit A.docx
MINUTES OF THE COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING
HELD ON TUESDAY, NOVEMBER 10, 2015 @ 6:30 PM
IN CITY COMMISSION CHAMBERS, 100 E. BOYNTON BEACH BOULEVARD,
BOYNTON BEACH, FLORIDA
Jerry Taylor, Chair
Joe Casello, Vice Chair
Mike Fitzpatrick
Mack McCray
David Merker
1N7r'5x I "T i I M -71, 19,17
Ken Dodge, Board Counsel
The invocation was given by Mr. McCray followed by Chair Taylor leading the Pledge of
Allegiance to the Flag.
Mr. McCray moved to approve the agenda. Mr. Fitzpatrick seconded the motion that
unanimously passed.
III IIIIIII IIIIII III III 1 11 � � � I �
A. Disclosure of Conflicts, Contacts and Relationships for Items Presented to th:�
CRA Board on Agenda Items
ATM;no
1-1r. Fitzpatrick met with Bonni Miskel regarding the former Bank of America building.
Cjhair Taylor met with the owner of the same property who showed him plans.
B. Informational Announcements
MTRMTITT—M�7
Vivian Brooks, Executive Director, presented former CRA Board members Buchan
.tv
and Hey with awards and thanked them for their service to the communi y and f
helping the citizens of Boynton Beach. They helped the CRA Board make ma
wonderful decisions during their tenure and they fostered the mon of the CRA. S,[J-
h
wanted to express her appreciation to them for their efforts.
ffir. Buchanan advised it was a pleasure to work with Ms. Brooks and her outstandint
staff in serving the citizens of Boynton Beach. Mr. Hay agreed as well and he thanked
Ms. Brooks and her staff for the great work they have done on behalf of the citizens of
Boynton Beach.
Mr. Merker expressed he was confused and did not understand what Messrs. Buchanan
and Hay did wrong to be taken off the Board. He thought it was for political reasons as
their terms had not expired. He thought they did nothing wrong because they received
an award from 'A
'Tice Chair Casello pointed out they did nothing wrong and the Board appreciated thei
hard work. He extended his personal appreciation for their service.
Chair Taylor explained they never said neither one did anything wrong, only Mr. Merker
was raising the issue they did. They served in an outstanding manner, but the Board
decided to change the policy on how the Board was constituted. They served honorably
and deserved credit. He personally thanked them.
4
Meeting Minutes
Community Redevelopment Agency Board
Boynton Beach, Florida November 10, 2015
4 41
MM '-TM ;f.11 To r,
7 UP I I F. I PI Plel i a I i
Mr. Fitzpatrick commented several years ago, Music in the Park showed The
Commitments which was a trilogy and inquired if they would air the other two. Mr.
Burdick agreed to took into it.
On a different matter, Chair Taylor commented on the new ice cream store on Federal
Highway which was getting ready to open. The Grand Opening was Friday at 3 p.m.
The owner did a great job and he encouraged all to visit the business. Ms. Brooks
added they have amazing ice cream.
It was noted Ken Dodge, of Lewis, Longman and Walker, was sifting in for Attorney
Tara Duhy.
7-T
III!!1I JI!!IJ1I
Ei 11711111 i I I I !� � III! I I I •' ll�l I II FIT N - 00 IL
•111 C III'', ii Im=;
=.I a 050111011im I
!!111 11111 1
� 11111111 Jill 111 1 1
El
Meeting Minutes
Community Redevelopment Agency Board
Boynton Beach, Florida November 10, 2015
Tracy Smith -Coffey, Marketing and Business Development Specialist, explained
she was conducting outreach for the upcoming holiday events through neighborhood
news and utility inserts. Street signs and banners will be used and they were creating
postcarI and posters for area businesses. The Pirate Fest banners were removed on
Thursday'and replaced with holiday banners on Boynton Beach Boulevard and Ocean
Avenue.
Mr. McCray inquired if anything would be installed on MILK Boulevard regarding the
holiday. Ms. Smith -Coffey had not assessed the street lights there and could do so this
week. Mr. McCray explained when the citizens do not receive anything, they call him. In
addition to the holiday events, she was working on the MILK event, distributing posters
and postcards, and a digital ad will appear in the Palm Beach Post in January. All was
going well with the MLK event and Ms. Smith -Coffey advised the graphics turned out
well and -were very modem looking. The entire community of Boynton Beach and Palm
Beach County was invited to the event. She noted the event was a three-week series,
including a parade, a celebration of unity, then the GALA, and then a day of service.
Mr. McCray asked to be kept in the loop. Information about the events was included in
the meeting backup.
- I pill IIIII'l y1i 111 1 SIR 1111 11 111!I
y
Meeting Minutes
Community Redevelopment Agency Board
Boynton, Beach, Florida November 10, 2015
should reimburse the taxpayers for the full cost of the investigations and resign. Mr.
Merker asking Ms. Brooks for a ride to Tampa put her in an uncomfortable position and
it lacked good judgment. He commented the City of Boynton Beach does not need Mr.
Merker to be Mayor.
Harry W9odworth 686 NE 15th Place, commented he wanted to speak about an issue
where the CRA did something very good on Federal Highway, but commented he was
so disgusted with the prior comments, he wished all a good night and left.
Chair Taylor explained they attended the FRA conference and the sessions they held
were excellent. He was impressed that other CRA's were doing the same thing the
Boynton CRA had already been doing for a long time and he felt the Boynton CRA was
on the cutting edge. They discussed how they purchased blighted properties and
developers interested in the property were given the land as an incentive. Chair Taylor
was aware some people objected to giving land away, but that was what CRAs do all
over the State. He advised they had some very good discussions.
Susan Oyer, 140 SE 27th Way, thanked Ms. Brooks and the CRA for installing the
gorgeous lighting on Ocean Avenue, and she looked forward to when they are able to
adjust the lighting colors to pink to celebrate October as Breast Cancer Awareness
Month and purple for Lupus Awareness. She hoped the CRA would continue their path
and she thanked Ms. Brooks.
Dr. James Devoursney, 2625 Lake Drive North, commented it was disturbing to sit'
the audience and watch Board members get attacked. He implored the Chair to gai
I
befter control of the meeting. He commented Harry Woodworth was doing his best f
the City as a citizen. They meet several times a week and have phone conversatio
and to just respond good night when Mr. Woodworth was doing his best was deplorab
He thought the Chair of the Planning and Development Board making attacks w
terrible. 'I
Chair Taylor explained this portion of the meeting is for public comment and citizens can
say anything they want. It is supposed to be public input and he does not control wha"
people say. He did not mean to offend anyone. Mr. Woodworth said good night and he
said good night. He agreed Mr. Woodworth does a great job.
No one else coming forward, Chair Taylor closed the Public Comments.
XII. Public Hearing: None
X1111, Old Business:
A.. Presentation of Recap of the 4 th Annual Haunted Pirates and Mermaid Splash
Event
R
Meeting Minutes
Community Redevelopment Agency Board
Boynton Beach, Florida November 10, 2015
Mr. Burdick showed a video of the Haunted Pirates and Mermaid Splash event shot by
Caharlie Crawford, which the members viewed.
Mr. Burdick reviewed last year, the event attracted about 18,000 people. This ye
attendance was estimated to be 60,000 and he explained how they calculated th
estimates. He reviewed the other statistics of the event as follows: I
* 46% of the attendees were aged 35 to 54;
a 67% were first timers and 20% aftended both M.
0 63% of the event goers brought children;
& 86% were from outside Boynton Beach.
0 72% planned to visit a business before or after the event;
a 93% planned to spend more than $50 at those businesses.
a The overall economic impact was $1.4 million.
a 39% of the event goers learned of the event from social media;
a 24% by word of mouth;
0 18% by banner or poster.
* 90% of the event goers rated the entertainment as good or excellent/good; an'
0 92% rated the overall experience as good or excellent.
Mr. Burdick extended appreciation to all who helped make the event a record-breakin I
success. Ms. Brooks gave a shout out to City staff, the clean-up crew and Mike Tayl
from Public Works who was invaluable. Chair Taylor thanked both City and CRA sta
for a great event.
711[l 91NIFF!'111,
ji �9!11
Ms, Brooks advised the East Ocean Avenue project was complete and operation
They would soon change the colors to green and red along the Avenue in celebration
Christmas. The CRA added new street lights, new tree lighting and up -lighting in th
tree grates. They replaced the grates with foam to allow water and fertilizer to trickl
through and they now have irrigation. The project was a multi -layered project and M
I
Brooks thought it may be the most complicated project they had undertaken. Thl
project came in under budget and was helping to make the Town Square a realfty
improving the area.
Vice Chair Casello asked about the lighting along Ocean Avenue and if they could use
pink for breast cancer awareness. Ms. Brooks responded there are many differeni
causes and they would have to pick one for the month. She clarified the City will change
to red and green at every other tree.
Meeting Minutes
Community Redevelopment Agency Board
Boynton Beach, Florida Novernber 10, 2015
D=
Mr. IficCray moved to approve. Mr. Merker seconded the motion that unanimous�y
passed.
F. Consideration of ILA between the City of Boynton and the CRA f&
Maintenance of the North Entry Signage Area
Mr. McCray moved to approve. Vice Chair Casello seconded the motion that
unanimously passed.
Mr. McCray asked how many staff members the CRA had the last time they had a
seven -member advisory board, and learned they were down three positions since then,
plus now there would be two meetings per month.
Mr. Merker left the dais at 7.13 p.m.
Vice Chair Casello inquired if the cost would be the same if this was an independenAj
board and learned it would not.
Mr. Merker retumed 7.14 p.m.
Ms. Brooks explained the independent board was the Cr?'. Board plus two independent
Board members with one meeting per month. Now they have a seven -member
independent advisory Board and two meetings a month. Vice Chair Casello questioned
if the data was the same.
N
Meeting Minutes
Community Redevelopment Agency Board
Boynton Beach, Florida November 10, 2016
Ms. Brooks commented there are four new businesses in the district: a cabinet
.-nanufacturer, a window treatment blinds business, a Wells Fargo Advisors and a UPS
Factory.
Mr. McCray inquired how Yachtsman Plaza was doing and learned they needed a
Business Tax Receipt. He had to clear some liens due to not getting an approved Site
Plan Modification. They had a long meeting With them and the City, and he did not get
approval for the landscaping. He was addressing that item now so businesses could
obtain -their Business Tax Receipt. As this pertained to the drycleaner at the premises,
the contractor doing the build -out indicated he was not getting paid so he stopped work.
The owner contended he was paid and the dry cleaner was stuck in the place and
would be thrown out. There was a breakdown in communication.
Ms. Brooks explained they have had very strong development interest in the Town
Square. She had a two-hour meeting with a developer earlier in the day and they would
put in a proposal. Ms. Brooks reached out to Guy Harvey Resorts and they were
interested in Downtown Boynton. They needed sites so she sent information to him and
would follow up with him on Thursday. Ms. Brooks thought the resort would be great
and a good fit. The company was in Ft. Lauderdale and knows the Boynton area well. It
was just a matter of finding a site.
KINIIIIIIIIII020 =-,13
KV1fl1V_'T,Tr-TM7 =-
There being no further business to come before the Board, Chair Taylor adjourned at
7:26 p.m.
Catherine Cherry
Minutes Specialist
111315 1
if
BOYNTO
=BEACH RA
CRA BOARD MEETING OF: December 8,2015
X I Consent Agenda 1 1 Old Business I I New Business I I Legal I I Information Oidy I I Other
SUBJECT: Monthly Financial Report
SUMMARY: Monthly budget report to the CRA Board representing the revenues and
expenses for the month ending November 30, 2015
I w �1,01 In 0 10 1 `' �411 a -�
RECOMMENDATIONWOPTIONS: Approve monthly financial report.
Susan Harris
T:AGENDAS, CONSENT AGENDAS, MONTHLY REPORTSICompleted Agenda Item Request Forms by Meeting\FY 2015 - 2016 Board
MeeflngMDecember 20151FINANCE - Financial Report.docx
I
El
I
AP
w m 0 w r- t- 14 N Ln
co
Ln
000000r-OW000000 w
OOM ri li Ln 0 0 H
m M Ln
N
0.1 C� li 9 lll� 9 1! 0 0 m
M rq N
cN a% Ln t- tn Ln w in cq
CNI 04 W rl �4 C4 A
co
q c4 in o r. r. oi v r. o m in o o
01
0 m 0 0 %D w 0 co 0 �q 0 0 Ln
v 0 Ln Ln .0 cq Im r- rl -0 M co
m C4 �q m a% r-1 r4 Q> Ln M
H A
o m r- in c Ln o o o o -i o cm w eq
01
rl CO 0 V 0 w 0 0 LA 0 .4 r- 10 0 �Jl ipnl
r, 0 CA 0 0 w 0 0 eq N If C4
N w 0 C4 w N r- 0 Ln 0 1.1 r- _4 10 m 1-1
NNMV4�4.mrq H14 M1,101 -0
I
I
I
I
I
I
0 t- 0 01
co
O
O Lnc 0
w
w
m
III
C) 0A ® w
O II
0 10 ko 0
GD II
111 tt1 N1
C�
0 0 0 0
0
0 C) 0 0
0
000
0
fp
tI
0 co w to
0 fn C4 .0
0
r- Cft
w
c4 r-
in
14
ko 14
in
In
IN
r, N
r4
Ei
cn cm w
�ffi
N li 0
C4
iim
II
Q 0
on a
Ln AA
to d
0
AP
w m 0 w r- t- 14 N Ln
co
Ln
000000r-OW000000 w
OOM ri li Ln 0 0 H
m M Ln
N
0.1 C� li 9 lll� 9 1! 0 0 m
M rq N
cN a% Ln t- tn Ln w in cq
CNI 04 W rl �4 C4 A
co
q c4 in o r. r. oi v r. o m in o o
01
0 m 0 0 %D w 0 co 0 �q 0 0 Ln
v 0 Ln Ln .0 cq Im r- rl -0 M co
m C4 �q m a% r-1 r4 Q> Ln M
H A
o m r- in c Ln o o o o -i o cm w eq
01
rl CO 0 V 0 w 0 0 LA 0 .4 r- 10 0 �Jl ipnl
r, 0 CA 0 0 w 0 0 eq N If C4
N w 0 C4 w N r- 0 Ln 0 1.1 r- _4 10 m 1-1
NNMV4�4.mrq H14 M1,101 -0
I
I
I
I
I
I
00
w r• r-
00
00
0 0
O ON 1-
OO
08
00
ISs o win
r- mw
00
00
00
00
Nnrne
(m
Iato
0 d
a m
N o m
a
h n
a Ch
u1 u1
o 1+1 r- Ln
N N
r- r-
��
riri
r�-�ma
l m
w M
1» a
00
0 0 0 0
0 0
00
od
0od
o0
00
0 0
0000
0 0
00
o®
I
0�m
��r•®
®®
00
N M r• RI
N N
cf �r
N O w 01
r, r•
IR In
011 Nd
NN
hr -
O r1 a 40
ri r1
N In
OO
Ch 0001
00
Nor -0!
nn
N N
00
rd 00 .-1
n L+
N N
N M
N N
w w
NN
11.i
OD CO
O N M
r1 �D r-
cnlcn
oO
O O
O d
w w
0 a
111 61]
1 O 0
at m
0 00
H rl
0 010
:} M
,-I o r1
mlfm .4 1 ri
1 4'
A WN
i�
u
L
I
I
I
ii
I
V
I
I
d Ch
(q 0 a, rl r-
th t- OD
In 0 Ll m r-
m m Ch
dy
O 0 cm 0 cli
co rq m
9 9 L9 V: li
I mm
0 0 w -0 114
Iq w Cm
0 0 fn w 0
-4 w .4
Inel 10
C� In
r- 11 cm
v to (D C�
00000
000
99999
999
00000
000
0 0
0
Ili
E-1
ria cn
0 0 OD 0 00
Nm 14
a o m Ln w
Ln i
E-1
0
(D
N 0 N
x ctrl
001 0! h
C9 9 9
0 a 0 LO In
In o in
0 M en
Iry
o o in o Ln
LO o In
N ai
r- w 0 In
I
I
I
ii
I
V
I
I
C4
mm
wmw MWOOM ma�wwow Pa,p p �q �q �q -,1,4
O km N co vin o o o C%I -I m m 0 (n
'I In "' " 0 OICq 'o 0 'o 01
r" "'�4 q 0 0 0 " 0, " W'O 0 'n 0,
0! C! Ci 99999 1! C� i Ii 9 1 tri
ah at Ch Do H 0 0 cr, ch C4 0 w 0 0 00
in w cm " " In a m w cD w m a in w w
OD r- 0 to M -V r- a, v r- N cq m an m M 01
CC�; 0 %,� r: C� C� 4 C� C11
C4 eq
000 0 0 0 0100000 00
000 00000 000000 00
C; C; C; 0 C; C; C; C; C; C; C; 0 O C� C;
0 ko
z
M I®01 im 0 0 C. Ch q CD W Ln 0 0 In In
91^1® w 9 9 9 0! In 1n w 1! 9 19 w w
CD 0 W r -I V OO In OI, Ch rq 0 a, atm
do N min .v a A 4 ,, q P, MM
It C41 dm CN C4 A cm w 00
vi m
M 14
O
vN
O OD to -V 00000 in QD 0 0 0 M Ln In
0 r- w 00000 r- in o In ON CD CO
P4
000 00000 V r� C; w C; 0; 0: 0;
91 m m Q H CIA co (n m
mCM in 00
E
E4 ami
I., rl
H
IO w Om OM 0 Olin
000000 00
m0® o in in OM . . . M, . 0 00
0 cm (D C4 r- 01 r- c2 In r -i w In
r: LI; Ori m N
CM cm
H
a ta
w ou 8
FAw H
Eq
Eo
H um 0 6
>
1% ca
XR50H P., JMH
0
pq 0.
> to ph
ON
I
14 UBI H 0 H M ri
Ln m
0 p? N H H
0 kn M in w r- (A U 0 Ln 0 Ln 0 a H
pq OH NN NN ri riv m w
to rq " U NN NN MMMMM
In I u I I I w u
00000 BOO
CNI N CI3 CM N eq N CM
H rq .I 14 H .I H �i H 14
in Ln L, Ln
C4 i in
n Ln in Ln in
I I I I P H I P
C, 0 0 0
M
-Z
11
I10
I
I
I
to
C4 0,0 0 0 w000 . . .0
r� Ci oi 9 9 9 1T 99
tow 0 N N 0 w r, n rl w 0 0 0 m 00
ww mmmomr-m r-v000r- 00 .4
r4 " A 1
U) Ln 0 Iffi 40 0 *4 mm (q In 0 0 0 to 00
V! 1ao Ci 9 9 9 C! ao
HH Ln Ord dm r- N 40 o 00 OD 00
04 N r- N o N r- '7m at 0 o eq 0 o
NN 0r- M CD 0� aw m F m 0 Into
M z r� Ln --i
Ln m cLr) 14
rl H
00 0000000 000000 00
9O 9999999 999999 99
00 0000000 000000 00
fn 0 m
m to ch
to In ow000Ntl rl an o 0 0 N 00
L9 In 9 Li r� 9 N o! 9 m C 9 o 9 n 99
Ln tn mmmomoN r- 0 0 o 1-1 00
mm r. r- ot In NN Ma W
rq C14 c4 H cq
ri N
N N
w w 0 w rq o Im cq co H 0 0 0 o H co
99 ON u� 9 N m "! 1! 9 9 9 9 o! 99
In cm (D
OIC OM �q c5 Do 0 In t, N 0000 C4 00
Imr- r -
m H Lo A ra
114
r -r -
Lf) an Ln o o cq o o r- o qv o 0 c� V 00
NN! NO Ln W Ln 00 to 10 rn t- m N Ln In
la to Iz
w
P4 m 6 to
>
0
z H 0
H tura mm HC9 to
FA OHM m
�J.WEI MUDHH
P4 m n IYi Q� La
0; Al
H
H.
a
H m
pq 0
mg
0
0
R rD aS H pq
IM2 .8o i un w r- m o oLn on aPt q H
W00 0 N N C4 N rq
UNNNNNN m m fq cq m
Ln 41 1 C,
I I I
ca In Ln Ln In Ln pq on
N C14 N C4 N (4C4 M m N N N N N
(q
m m m m m m mmmmmVI (q
140 rq 1-4 r -i .4 HH ER H -i H rf H 11 rq
an 0 ammmmoano Ln Lo Ln in In 0 Eq wl
0 El U P I I I I I E4 I I I I I H H I
0 C4
E4
I
-1
I
I
.1
I
I
I
I
I
14
9
ci >
M E-1
P4 u
E4
o z
El
WW
C',
o®
99
00
MM
Do
v v
H
I
0
rr
W CD
00
o
LnLo
FA
CH
®W
N"
I
I
I
I
14
9
ci >
M E-1
P4 u
E4
'Lon
El
I
I
I
I
14
I
I
0
I
I
Tf
I
N
r, Lei cq 14
H
H
co r-
P) cm
N M 0 li
co v 0 (n
at L
fn
coo 0
coo 0
Dove
SON
0
at -0
r,
P!
L- m w Ln
1 L'i C', Ci
Ln 14 Ln
C-4 �i
C4
room
dam
IDD 0 W LO
(014 �q 0v;
IHH
Lf�
z
m 0
0000
0H
0000
� �
r- C� to C',
0 0 H ta
N
I
I
0
I
I
Tf
I
N
r
I'M
AH
aF
L-3 EW
(nice)
Ch m
MIm
N N
mlm
14 .-1
mlm
N N
N Ln
in in
r- I-
11
n I
n r -
N N
ON
`CO 0 a0
N 00111 1�
Cq m 0 c; .0
O N 0.4
N
N
d O 0 010
00000
P
Olp-Mm- f -q
�.EEX-M-3 PIP
0 0 0 0 w w
10 19 9 m+®
®m®4p-w
115 m r- r-
rl N e}
0000.r
to 00001A
m
H
s
I
I
F
ol
E-
I
I
I
-1
I
I$
2
fR
:9
R
4
F3
cocoa
0 Mqr fn`O
0 m min
O N m 0% to
u,m�l�om
ammNm
N m
oar
tow
od
tom`s ,i
�m �a
14
aLnus as
C9 m m to w
10mamN
fn w le
NHCAI N
A
��MKIIIB
w�mmlr
dang
9
pl.
A
1-1
.1
iii
I
I
I
0 Ln 0 a
r-
"1,4
9 L9 19 C! 14
r� r:
M 0!
IC4
"
O"
It-
mch
0 0
0 " 0 0 "
CD CD
CO OD
li V-1 r -I
0 N 0 0 Cl
Cq m
04 (q
1!
O -0 0 O'er
OD OD
CIO N
I:t ri W7 W� r�
1O ll�
NN
M N M M OD
r. Ll
r- r-
ri
0 CO 0 0 CO
00
00
9 W C! 9 19
99
99
r- c 0 r-
00
00
Ln Ln
N C!
Cq
C4
00000
r- r-
CO w
00000
in in
NN
60000
L9 li
ft!
w
N
00
r- L,
Oc000
00
00
00000
w
00
O C� Ui Lf1 1�
1 Ili
Ct C�
W M 01N
(D a)
CN Ch
Cm
go
I
I
I
H
I
9
I
m
IW
Im
mw
I
I
I
I
I
I
I
Nn
010
Eq
00
0\
m
U
\\ 1� \
00
0 0
'D
0 0
0 0
E-1
H
E-0
0
cn
00
9 N
E-4
gn
I
0�
2,k
00
*\
00
mw
I
I
I
I
I
I
I
Nn
I
C9
O§
W
MOhIriOOMri
Ln
u)
tvoWN00vm
li
li
1 CZ I! C� :� ll� I! W
�qlLn
i
vooinv"On
LO
.0
00000000
99
99999999
00
000000ri 00
co
Et
In Ln
I
00000000
OD
W
o o N Ln cno -i co
f
-0
v .4 r-
0
It
C
i
Ci I!
Eq
W
00000000
V!
'i
C! 0 9 9 9 9 9
9
00
o o o Ln o in c3
in
w
to
It
It
'0'4
w
kv
OO In o o o qD
Ln
00
oory000Or-
HW
d
't
1:1 Ci C! -i C� W Ori
Go
cc
w in %9 kn " H in
m
M
In
r -i
10
Zi.
44914mlr
Am.lp"
F.--
000000
0
C% 000 n
w 0 00111 "
a
I
I
LC
I
I
ah
1�
Wm
I
I
I
I
010 oa 0 010 In 0 0 01%0
N 9 19 0s® bb
w cm 0 0 0^ p 0 C)
ww qm (D 00W as
kn to 0000 ai 0 0 0 a% cn
W! W! 1® 9 9 b i 9 9 9 1! 1L ep
rq 11 M 0 0 M 14000 r -I NN
w w al 0 0 Im V Ln 0 Ch m (n
In L'i li 0 O� a C� cq m L- q 14
a> cD Ln -1 P, m a;
mm
00 0000 00000 00
99 9999 99999 99
00 0000 00000 OO
Ln Ln 0000 r4 0 0 0 ri h r-
7 1! 1! C! 9 1! 19 9 9 9 w m
ODM w 0 a %0 M 0 0 0 UD 0-r-
w
-r -
co 00 0 0 Ln Cq n w w
ri ll� 14 .A cm In 0 w
r- t- i rt
00
9 w oc�oo 00000 NN
00 0000 m000ln %DW
C
0
00 0000 00000 00
in Ln 0000 0 N Ln 0 t- 00
m V� '14 w w Ln r� N (n r- 00
w W Ln li r: rf N C� C�
to I E4 >
P4 H
L) B mi 94 m m
go 14g
a 14 V 04 0
E-1 43 L)
V4 H
E-1 ER
PG
P,
Do
A H 'On H 4
04d w H H pq
P4 0 04 cli N
m A U N 14
p ®u 1 I � u 1 l 1 U,
0000 0000
M000 mooc�o 0
LnILn U-0 Ln m in LO Ln 4 vY
Ln 0 Ln In to O a on Ln Ln &nEi to
14
u 0 , , , 2 H p
0 000 0000
I
1.
I
.1
I
.r.
I
I
I
i
I
I
I
N
�k
I
Ln oomcnuti ioatoo
ww(Ao MODO)MOCO Dal
dp
11 -1 a
1
c4noNOOODOOM
li Ci I:i inli M C� V C�
m CD MM W No In w
cwn N r- a m Ch
z
W000000000ON
1O P� 9 9 1fl 9 i m O 9 9 1!
EM-
r-WOOWMNNOMO�
C4 1� 1* In N
r� C
0.-
�
v vi r) r:
I
vi H
N
0
0000000000ow
WWO00000000V
,
0 C4
� C; C; 0 C; O C0; C; 8 ri
0 R
Ln m
EA
Pry
yy
Eq
E F9
mlN
o
OVOODOOMEO N
94
�i
Hlloovwm N
m E
Ch
r-otmmwm NO Inn
i
I
I
I
N
�k
I
64
00
0
Do
a
oo
co
�a
�4
00
0
CD
wU3
m
5
adcm
N N
[V
❑
00
0
00
E
in
N
Q Fi
P+
r1 7
U OY
Q
O o
0
00
H H
N i
E�
�I N
H
H O❑
Q
Q
�aE
U E
O
M
Da
00
0 6
O
O
to H
E
H
i
m m
OD
d
LL7 Ill
Y7
ri rl
ri
C N
N
64
Do
co
Qpq
m
5
E Z
in
N
Q Fi
P+
r1 7
U OY
Ln
.q
N i
E�
�I N
H
H O❑
Q
Q
a
9
0
0
w 0
MI,
O9
0
in C!
93
04
to
H
EA
I
D4 01
9 kn p
E.
P
0
cm
N
.I
cm
N
Lon coo,
ca N
cq m
m
on 0
Ct 1:1
C�
ll�
Ln Ln
Ln
a%
00
0
to w
99
C!
w 1�
00
0
kt ff,
00
0
II
Ln
F
199
0
an II a
m
00
�II
LII
E-4
C4
H
0
EA
CD 0
ri
I
Ch
0
P3
0
00
Po
0 0
H
OD
N C4
cn
Eq
rl ri
'A
In
La
"!n�
cn
'01�
11
5
C
ll�
I
�
f)
t4n
ri
9
MI,
93
04
to
H
EA
I
D4 01
9 kn p
E.
P
0
1�1
-1
I
I
it
I
I
I
I
I
I
I
kt
f
00
00
00
000
N
00
o O
00
000
1� 1}
00
00
1
dd
004
as i;
000
.4 ri ri
A
O O
a s
n°Y M
000
M O
1fF N
M1 N
*-P a -I
O O O
b
00
lel Rf
11 14
O N N
W
rl ei
t0 N W
v
m m
ri rl
Ori r-1
N
W a N
ri
ri ri
l® fry e -d
01
�l O ap
IYI
N Yi t�
N
O O
00
00
000
O II
99
O O
o o
O O O
O
00
O O
00
000
IIII
O II
00
cq (n
000
[� t
000
ri 1-1
ri
m Oh
rl rl
O 3
8=
OO
tow
MM
000
01
q
II
®00
OM
00
ei r-1
�r�i
Pn Ln
Ln L
OO
00
00
0
10 II
N ui C°
r- II
A
I
,I -
YL
I
DOL
I
I
ii
.1
li
04M Ci W
P
0 C40 al (n
o
dP I
000
oorr
00
C� I! C� lls C�
0 t- H m cli
rrim
ar 140
0 0 C5 0
000ao
00000
0 0
of ch
0,0
Ci r�
9
0 Go ,-4
0 Ln V
H
w w cq
ra
E-4
0m
M
0 o o
00000
00000
0
Ln in
E-4
Eq
0a00
�4 0 1 00
014. '�l c
0 r- A CD OD
to It in C11
t-. 14 0
I
,I -
YL
I
DOL
I
I
ii
.1
li
I
I
A
I
I
I
2tz
I
si
I
ovco"40
HE
C9 1�
H
9 9
89
O W 0 LO OD
H
m 0 (A m
a.
0000 L9
In r- cm 0 in a,
w CA 0 en LO
H 0 CM (n
CF
MtffiO0 li m
OD ct.1 r- r�
C4 m
000000
000000
0 d C� C;
0 00
OO
0 C, C!
pq
0111 m o Ln cq
V
N (n H
0
C4 vq
CC",
0
00111 0 0 in
M
00th 0 0 r.
O C; C4 O C; C4
E-�
z
InC', Ln ID 0 N
co - - - - -
C! . . . .
La
i7
h V; C:� C �
im
O
cm Ln
C) W F r�
N Im
I
I
A
I
I
I
2tz
I
si
I
I
:1
LC
.1
.1
li
.1
a.
w
GeFs
•
ease
o o Ln Lo
-0-0
Ili
0 N (n in
10 Ln If 0
C� w -4 C�
0000
aoo
0000
0000
'Ell
C!
0
H
mea
0
V
C4 co w
1Ta
I
C4 N
C,
ri 14
ron
0 L
0000
(n (n
fti 1�
m 04
H
I
F
ri r -I
8 R
H Z
I
119
00 0 0
M
000 0
0000OON
tit
V Ln " m
c! w -i C�
N
I
:1
LC
.1
.1
li
.1
a.
•
I
:1
LC
.1
.1
li
.1
a.
I
11
I
I
I
w Co LO
O
9)
a] U)
0 ON Ln
H
li L99
CN 0%
OtlmAl
a .q m un
o Ln at v
Ln
N rl 14 on
0000
0
0000
N
0
lm
4A
P,
O;
N N C-4
0 00
o 0 'n In
at -7
a'qp
Elrl
lD 'n
00
U El
M
OO in Ln
kn Ln
-0
O ID DE+
o00O�
O O; a c;
Ln 14 to
I Vltl
I
11
I
I
I
9)
a] U)
H H
H
H L)
Ln
0
N
0
lm
4A
P,
LO Ln LA
N N C-4
0 00
I
11
I
I
I
M
it
q
q
fllli
N ii
II
I
a
n
n
I
q
C,
i
o
H
rf
ri
i
P
II
N
+a 1
n
os
RI
q
E
0
II
W
mC4
ODl
m
H
N
w
M
H z
A
d
O
H
SII
riu
H
H
Ln
N
S
4i
�E
Ln
E.
U
li
acms
��
�N
BOYNTO,
=BEAC
CRA BOARD MEETING OF: December 8,2015
X I Consent Agenda � I Old Business I I New Business I I Legn Only Other
AGENDA ITEM #: VIII. C.
SUBJECT: Purchase Orders
I I Ir 11111�1:��r;11111111:1111 111 r lig 0
,73i M,
13K� ' �-Wfflw
C
Susan Harris
Finance Director
T:)AGENDAS, CONSENT AGENDAS, MONTHLY REPORTS\Completed Agenda Item Request Forms by MeetingWY 2015 - 2016 Board
Meefings\December 20151FINANCE - Purchase Order Report.docx
Boynton Beach CRA
OrderPurchase • •
Month:• •-
*
T:IAGENDAS, CONSENT AGENDAS, MONTHLY REPO RTS1Completed Agenda Item Request Forms by
MeetinglFY 2015 - 2016 Board Meetings\December 20151FINANCE - Monthly Purchase Order Report
Description
rr
.. Program
Collage Design
Additional landscaping north Federal
Welcome
i
VFZ��tCommerclal
Interior Build Out Program
T:IAGENDAS, CONSENT AGENDAS, MONTHLY REPO RTS1Completed Agenda Item Request Forms by
MeetinglFY 2015 - 2016 Board Meetings\December 20151FINANCE - Monthly Purchase Order Report
I X I_Consent Agenda I I Old Business I I New Business I I Legal I I Information Only
F--TvL=l[ J1 sLIlk t -4L AW111"s
SUBJECT: Approval of the revised grant funding amount of $2,378.66 for the Commercial
Construction Project Incentive Grant to Hour Cucina, LLC for the project located in Flamingo Plaza
located at 411 S. Federal Highway, Boynton Beach, FL 33435.
SUMMARY: The Commercial Construction Project Incentive Program is designed to assist businesses
with permit costs associated with the renovation and/or new construction projects. Approved
applicants are eligible for the reimbursement of City of Boynton Beach building permit fees in the
Auly
the project's permitted valuation if their project cost is over $250,000 with a maximum grant of $66,000.
On November 10, 2015 the CRA Board approved a Commercial Construction Project Incentive Grant
for Hour Cucina, LLC in the amount of $2,085.55 (see Attachment 1). The grant amount was
understated by $293.11 due to a permit credit.
The revised total value of the project is $103,420 and the corresponding 2.3% of permit fees for this
revised total project cost is $2,378.66.
FISCAL IMPACT: Revised grant amount: $2,378.66 - Project Fund line item: 02-58400-444
CRA PLAN, PROGRAM OR PROJECT: CRA Economic Development Plan
RECOMMENDATIONS: Approve the revised grant funding amount of $2,378.66 for the Commercial
Construction Project Incentive Grant to Hour Cucina, LLC for the project located in Flamingo Plaza
located at 411 S. Federal Highway, Boynton Beach, FL 33435.
Michael Simon "
Assistant Director
SUBJECT: Approval of Commercial .i: MConstruction P ! : V< incentive .I 1 !.Hour I I 11 U %*
Property Located Fluningo Plaza located ef. +i Highway, Boynton i 1 FL 33435.
I 1
The CommercialiConstruction P ► eincenfive PotJ :rU :' deuped Gassist businesses
permit costs associated w 11 0'renovation and/ornow construction projects. Approved appliconts a eligible
for the reimbursem of City 1 Boynton i'. = ► building permit 11 the of 1 1: ► !
permitted vduation their proj ad cost is undert11 i and the o permitted i = if their
! r"eat cost is over 1 111 with t1; 111 u grant of $66,000.
111..
Hour Cucina, LLC is a tenant of the propm-ty located in Flamingo Plaze at 411 S. Federal Highway, Boynton
Beack FL 33435. August 1 2015, HourCocina, LLC submitted application 1building ! ti Uh to Aii..„.
City of Boynton +i T. 1 their proposed 1; rri ! build -out project.
!'-. !I = a : 1 ! riH 1 i � 1 =i A l i # 4 %�i! 1 R 1: ► ! ! 1 fir I.a.
.+-11 .1 ! :1 1 i f &N 1 ! -1;5 i I i7m1 ;f ' Al i 1 ,:ir l.;1 : ;1 1,..D1 1 k 1 11'.. ++ 1►. '..
! '1 ! M:'`J :e!► '.. ! 1 l al if '� f Ei S ! 1 ` ► ! 4 r k! I `1 ! 1 �J - I '-1
1 t 1 't= k {` 11- 1
by the 1 i! 111 1 Bea&
FISCAL
�
�- i Maximum amount 1! of ! ; ! er Fund line item:02-58400444
1=
CRA PLAN, PROGRAM OR PROJECT: CRA Economic Development Plan
! O[ME D ' . Approve the Commercial Construction Project 5.cw! ”.
! tJ :111applicationsubmitted by Hour h f for relmibursement of building pmmit fees in the
maximumamountof $2,085.55 !) project ! Tl Flamingo Plaza located FedaulHighway,
Boynton Beach, FL 33435.
Nficliad'Ino .,
--
-Assistant 7 1
Funding is disbursed on a reimbursement basis only. Reimbursement is provided after
completion / 1 Le CRA Board /';r E ESR o/ ::a applicantsubmits !• ♦'
listeYunder Section P, a iia il; & Reimbuilgment1this application.
11, ElialkillIM Regulrem2all
PnDjects, must be located within the CRA R attached CRA District
Map).
Application for: Commercial Construction Permitincentive,Program maybe madewithin
threemonths ofinalpennit approval bythe of Boynton Beach.fli. ;„! Gas
Firearm sales
Convenience
Religiousf:
* Churches
Profft
cashing* Tattoo Shops/Body Pieraing/Body Art Shops
Check stores
Take-OutFoods
Aduft Entertainment
Liquor Stoma
ArcadesAdult
Vapor Cigarette, Electronic CWrette, E. Cigarette stores
Kave Too Bars
Pawn
Research* Alcohol and/or Drug Rehabilitatlon Centers/Housing
* Medical Centers/Housing
* Fitness Centers
Florists
Any other use that the CRA stffff or CRA Board determines does not support the redevelopment
of the a;.
All applicants E :all /meet with CRA stffff in orderR determine R`E •.:R
re
submitting anapplication. E a-: requestsnot be a f a':
until all required
documentation Is submitted tD the CRA office. Application packets must include the
u,
documentation:
k Color digitalphotos 1' the project. Applicants shall!
rights and use of photos and project application materials.
applicant and/orowner, occupying the space its place ! busin
a copy of City Business Tax Receipt and County Business License is required.
11
By ! r for applicantFrthat allbills- ! to project
paid in full Including, but not limited to, all contractors, subcontracts, labor, materials, related
fees f permits.
The Boynton Beach CRA is a public agency and is governed by the "Florida Public Records
Lave under Florida State Statules, ChqAer 119. Any documents provided by the Applicant(s)
may be subject to production by the CRA upon reoelpt of a public records request. subjed to
any exemptions
,s !4.nprovided l Florida Law.
t
Program's RuWdRequkements and Application.
Pop d of 8
710 NNM Feftml Highmy. BOYAkn Bndl, FL 3MW Phcm 561-737,vm1- 7
AN. M
l
2. Propertym ,, .
Email'i
10046
9 63
ai
Phone:—ffA
Website: &w
+ - r
existence:-
r i''TimeatCurrent Location:
Do you have an executed lease agmement for the building?: Yes-/— No
If you are applying as the owner of the property, do you have a tenant?: Yew No
Ki�ft
Page s of a
710 Nowth Fedwal Mghmy. Bwyr4Dn Bwch, FL 3M36 Phofte 561-737-SMFax 1- 7
MM"PIUMMMIUM
Are you receiving grant assistance from any other governmental agencies: Yes
No
If yes, list any additional grant sources and amounts:
1. ilia undersigned, R# a•-: cartify that all Informationpresented In this application,
and aof
the Information e♦ In supportof the application,given fbr the purpose of obtaining
fundingunderBoynton BeachCommunity Agency !
mmercial
Construction Program, 1'' it is ] and complete • { { F the
applicant(s) knowledge and belief.
- � a k r: - I � ' «.: Y _ _ _ • '• r _ -.: ice: a>: r _ a ►:..
In the Boynton Beach Corrununity Redevelopment Agency Commercial Constructon Permft
Incentive Program Applicaflon and Guidelines.
I understand that this application is not a guarantee of funding. Should my application be
approved, I undersUnd that the CRA may, at Its sole diswetion, discontinue payment at any
time If, In its sole and absolute determination, it fools such assistance no longer meets the
program criteria or W no longer benefiting the furtherance of the CRA mission.
I hereby waive my rights under ft privacy and conMentlailty provision ac;L and give my
consent to the Boynton Beach Community Redevelopment Agency, Its agents and contractors
to examine any confidential Information given herein. I further grant permission, and authorbe
W complete this application.
I give permission to the CRA or its agents to take photos of myself and business to be used to
promote the program.
understand 1 ,1.. r • Ma • and the Information fumished In supportof the application
are found to be incomplete, it will not be processed.
.: f
Gmnt • ts andApplk*Wn.
un lbr addfflanW sox6ms.
m
i.: . • =y e1. •.,. tM torns or • ,n1 ,r.€:4 :: kkntMcaWn, and
acknoMedged helshe executed the lbroong Agreement fbr the use and purposes mentioned in it and
that the Instrument Is hWher act - X 17.A
•
Pap 7 of 6
t . w
. �
: NOV.
«
... .
y w2
0
0
:3
a
Eli
'POEM
11! 1
.'-'ii
v
t
Ire rA
, N411 Ilis)1� ,�, is 11
<p�a: �� , t� (� ,�i4�'���SSbtfi��'��1 i;• j4�r7{�s���i}"{� ��vg.\`���� } 1�,�—
�8fir[ rl r33;'1, � � ti �l�l iii#�i RSR ^vlwr T+V3�1H Fete
hot, ��uR PRc3rcCKrY _ 0 �w
CeAHIJ cidrR[s
#3Ni�{�R t#{ 1RRlT i�+0l PC1IUEri if oU I+�FY j,0 gC)'
NAN�'Ilw c"t7
1 ftsta T vvgr t YOUR UNDER OR R!�i ' =7004$
�i'�#�"� wiir i1s�lTit`@ or G 3f.WRIhiT r
w�a
_ _ � s v ?.: ,F^�„a V ,x.x.,ax` ra ;a ss�! eme b. a •. ,�.� �.°ri , Yr,�ed, r,�_ d r • E. r
�` �r ?wa►+x tt�
ecov4OLLP Grp,, � --Viol
M "ftA!sti E ARD poet pt1M+6�Li pSo �wA�.►►
k, u
v'a� .a0 It jot
,
Mil Ir •` y �{IiO
tee �,
w♦
7N17r-'�lil?:f4ia f4':'0'iRihKli"414i[A p. t.
. i1#Xa w„ �6n RZ �'dt6AN � lilMF►� 4117
5701%; &W y ll toll t?ii ” e.
T'
e
Al
w fw s t` 're x
;; a ie
F ',. G,
�f ;f R�'r• i` �
I pp'
„r' k 1 Ion top 'iti u5�'E'. WN
100. =001 S.0 1►w ram 6464ml 1"I MIRK WIT
w s h'. it
f
1
k NOTICE OF COMMENUMt-ml MA
IN YOUR PAYING TWICE FOR sUILDING DIVISION
IENTS TO YOUR PROPERTY.
FIRSTOF COMIIAENCIEMENT MUST BE RECORDED AND POSTED ON THE
BEFORE THE IF YOU INTEND To OBTAIN
ft YOUR LENDER OR AN ATTORNEY BEFORE
1 CONSULT WITH 1f
COMMENCEMENT.IG YOUR NOTICE OF 9/04/15
HOME ...- 5YB2vFB
PROPOW tIS FOU"10 N THE PUBLICpKrAwx To Tin•
Y . 10107/15
MAI I Sam= M
P]!+' 1 611 B a^ #t . 1500003839
.
ff -Alf
78 b I Lot
" 45 - 07 �41 _ ssao x
r
vrp
IERAL
m
u*m
Addreer
JP[NCESF SE18 Nei 1 L'i 4 11
is
a 4)f P0l yINTE:NNATJON[4+iC I
lih r i n 11LACN fu 3344P
(.PiCJ4259f4] IfC!�l 70.39..
MEtNAN1CA4.)
s Nnr i '�"u�4tAB1 E"
r� ou
y 74
i0 41G uTURE ADVANCE [SEfik L 4.0 P . J
69 ,-1r�ua• M1rr
Hour Cucina 411 S. FedemlBoynton
Page 2
Code— Qua" Rem Desc!jpf�gn
KSF-12 Make -Up Air ret HP) • d F uA' to ''!'0 CFM
t"
tt�P
t1�
Exhaust O. 1
■ a w r . - ' ■ r ri
r
Exhaust CFAQ-0, M.U.A6 CF"
Dealer N(A 315482
1771 ff W:!, =21111111 fmud=
t
cif ytt
1 ...... }°�l �`
a
R. .1 . r- t - - ■ - _ i s r i- -
r
,■ rr
u� r
■ a w r . - ' ■ r ri
r
Exhaust CFAQ-0, M.U.A6 CF"
Dealer N(A 315482
1771 ff W:!, =21111111 fmud=
BOYNTON
CRA BOARD MEETING OF: December 8,2015
1 con—sen t A--g-e n -da I I 6-1d Business I I New Business I I Legal I X I information Onlyj I oth er
AGENDA ITEM # XB:
�g1810 105 F. -I
Boynton Forum- As part of the ongoing marketing efforts to showcase Boynton Beach events in
an advertising campaign, the CRA staff allocated funds in the budget for a monthly double page
spread in the Boynton Forum. Every month the double page spread has a different theme to
support the overall mission to promote downtown Boynton Beach as a destination. (Exhibit A)
A Holiday ad was also placed in the Boynton Forum "Best of Boynton" section featuring the
holiday events. (Exhibit B)
Neighborhood News- Working with Neighborhood News to reach out to the western Boynton
communities, this marketing strategy will continue to promote downtown Boynton Beach. The
November ad featured the Holiday events.
(Exhibit C)
Boynton Harbor Marina Marketing Campaign — This campaign continues with a 6 month
advertising campaign in the Coastal Angler Magazine featuring the marina as a place to create
family memories. Coastal Angler Magazine is a resource for anglers, boaters and
conservationists and is the second largest free outdoor publication in the nation. This campaign
"Catch a Memory Your Family Will Always Remember" will be the theme campaign to market
the marina as "family friendly." This campaign will welcome and encourage the local families
and visitors to visit the marina.
(Exhibit D)
Billboards -The Billboard locations are Gateway & 1-95 and 10'h Ave & 1-95 and will be up the
month of November for the Holiday events.
(Exhibit E)
Pineapple Newspaper- This month the CRA ran a full page ad in The Pineapple
Newspaper to showcase the Holiday events. This full page color ad (Exhibit F) reached
over 15,000 direct online readers and a circulation of 20,000 papers distributed to 250
locations in Palm Beach County.
Banners- As part of the mission to promote the holiday events to the community, holiday
banners were installed on Seacrest Blvd. (Exhibit G)
Palm Beach Post Digital Things to Do- This campaign hit the internet on the Palm Beach Post
website under Things to Do featuring the holiday events. (Exhibit H)
� I � I I�� I ��� I � i
101 - - 1!111111 1 1 � 11 iiii � IF•i ,I I =",#
Exhibit B (Best of Boynton)
Exhibit C (Neighborhood News)
Wiff 117M
Exhibit E (BiRboards)
Exhibit F (Pineapple Newspaper)
f 1' it 1 l M i 1� 1 1 11 r
M1�� a ! I1. R' ': i
\7§2»r? « MEM
¥±?»? #»?
#»?
\+?f=f<?7<»\§v?\?#?(2# #v?
k
SUBJECT: Consideration of Purchase and Development Agreement with Habitatfor Humanity for Two
CRA Properties Located in the Model Block Project
w
The Purchase and Development Agreement requires Habitat to design the homes to the Model Block
schematics attached to - • Additionally, Agreement • _
homes.completion of the two homes within 13 months of execution of the Purchase and Development
Agreement. The Agreement also contains a reverter clause in the event that Habitat cannot construct
the
CRA staff has published the 30 day notice to dispose of real property as required by FSS 163.3 and the
30 days has expired with no other development interest coming forward.
FISCAL IMPACT: Currently, there is no ad valorem revenue from the two properties. Prior to the
a IN ME
home annually.
CRA
PROGRAM
w..w' a w .; w
OJECTu
Update
RECOMMENDATIONS:
and Habitat for Humanity of South Palm Beach for the development of two single-family homes.
Vivian L. Brooks
Executiver •
T:IAGENDAS, CONSENT AGENDAS, MONTHLY REPORTS1Completed Agenda Item Request Fors by Meeting\FY 2015 - 2016 Board
Meetings\Deoember 20151Model Block Habitat.docx
R54
R
A ii -M- a _ai INA
Ev
EJ
t
MODEL BLOCK AREA: EXISTING CONDITIONS
MODEL BLOCK: CONCEPT DRAWINGS
111 Aa 418 h i m N % I i I � . 0 M i 4. _ 1, H 11 1 A %,
m
9■
Ullip-M Ulm
htltt
1` r �S �� ill
I
l�«
1
� uri 1i est S+
}
� lf�tl'1��`' rri 1S r It
{Als
r�s1�lp,
Jig
1 t 0,
t
lllr
l 4(
'tI r`U� R8, 4, sI
� trS�
u it) t°<, 17
it r1`i IK J,
INIR
i■
A1
l ifs 4th "uJ,jl�ul _�y.
� ��l� ��
i",`��
££�
�h Al
i
i
�'
k
4
N
i
jt'
Zly
tjJ ( ,iy �j �f 4
�; �
`� � �
�� o� r ��' rtrr.• i�ltu'>k
� � {
�y �y �� � is
(4ikk�fsyl,
k,r{, t
3 r
? (j
ik 4 k a
III
S 1
F"MlT t
W,
=-
` `
, IN
tAtfi�tq�,
i``� yl St q 1
1
�
1
r
,J ��' �
� '.k t
�t5t
fit{ s
,Ih l j*—
l 1,
Y1, Rt,
2� tq`k£
i
k s y) s I
ib k?`
f
h
"
9
i
't Y
♦'
�w� y l
1,
an
•
�
a
a
*r
0 ift 1 MkTA 11;j MAN ;VLOW1111i LIN WWI
In consideration of the mutual covenants and agreements herein set forth, the Parties
fiereto agree as follows:
0M.—M. Is ► 4 1
'14 1 4 1
Mff'M 1=1 I I I on 071 "�
2. PURCHASE PRICE AND PAYMENT. The Purchase Price to be paid for th%
Property shall be Ten Dollars ($10.00), receipt of which is hereby acknowledged. The parties
agree that SELLER is conveying the Property to PURCHASER for the construction of two
single-family for sale homes. SELLER has complied with Section 163.380, Florida Statutes, in
proceeding with the sale of the Property to PURCHASER.
3. DEPOSIT. Not applicable.
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 the Agreement.
However, PURCHASER agrees to executive the Agreement within seven (7) days of the
approval to enter into the Agreement by the SELLER.
5. CLOSING. The purchase and sale transaction contemplated herein shall close no
sooner than the issuance of the construction permit for the Family Dollar store and no later than
the thirtieth (30'h) day following the Effective Date (the "Closing"), unless extended by other
provisions of this Agreement or by written agreement, signed by both parties, extending the
Closing.
R,. TITLE TO BE CONVEYED. At Closmg, 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, casements, assessments,
restrictions and other conditions except only the following (collectively, the "Pennitted
Exceptions"): (a) general real estate Wes 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
00299076-1
Page 3 of 13
unable to cure and remove, or cause to be cared and removed, the PURCHASER'S Titti,
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 to the
Property as of the time of Closing or (iii) canceling and 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 tthe Tita
Company to issue an updated Title Commitment C'Title Update") covering the Property. If anj
Title Update contains any conditions which did not appear in the Title Cornmitment, and suoll
items render title unmarketable, PURHCASER shall have the right to object to such new
different conditions in writing prior to Closing. All rights and objections of the Parties wi I
respect to objections arising from the Title Update shall be the same as objections to itenj
appearing in the Title Commitment, subject to the provisions of this Section.
7.3 SLr�ve Review. PURCHASER, at PURCHASER'S expense, may obt
't
a current boundary survey (the "Survey") of the Property, indicating the number of acr
comprising the Property to the nearest 1/100th of an acre. If the Survey discloses encroac1humnen
on the Property or that improvements located thereon encroach on setback lines, easement
lands of others or violate any restrictions, covenants of this Agreement, or applicabi
governmental regulations, the same shall constitute a title dcfect and shall be goveammed by
provisions of Section 7.2 concerning title objections.
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:
• 1 01 710111141 1"flu-JIMM-11MIT, - (W- 7me
V M1111 . lk "4 F,
8.2 Condition of PMpgqy. The Property shall be cleared of all structures an4-
Ceravement prior to closing.
8.3 Pendipig 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 CMliance with Laws and Replations. The Property shall be in
c#;Pliance with all atmlicable federal state and local laws, ordinances,.
9. CLOSING DOCUMENTS. The SELLER shall prepare, or cause to be prepared,
the Closing Documents set forth in this Section, except for documents prepared by the Title
Company. At Closing, SELLER shall execute and deliver, or cause to be executed and delivered
vallH F 11�
Page 4 of 13
9.1 Deed. A Warranty Deed (the "Deed7) conveying to PURCHASER valid,
good, marketable and insurable fee simple title to the Property free and clear of all liens,
.uicumbrances and other conditions of title other than the Permitted Exceptions.
9.2 Seller's Affidavits. SELLER shall furnish to PURCHASER an owner's
ffi fil s V1,*Wl1;kdg
. . . . . . . . . . . . .......... ...
9.3 Closing Statement. A closing statement setting forth the Purchase Price,
all credits, adjustments and prorations between PURCHASER and SELLER, all costs and
expenses to be paid at Closin& and the net proceeds due SELLER, which SELLER shall also
execute and deliver at Closing.
9.5 Additional Documents. Such other documents as PURCHASER or thii
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.
10.1 Prorations. Taxes for the Property shall be prorated through the day
before Closing. Cash at Closing shall be increased or decreased as may be required by
prorations to be made through the day prior to Closing. Taxes shall be prorated based upon the
current year's tax with due allowance made for maximum allowable discount. If Closing occurs
at a date when the current vear's millil�.lz�,ot fly-p-Amill cu -rent veat's assesswe-Ft-is-7m9i]
10.2 Closing Costs. SELLER shall pay for documentary stamps on the deed,
recording the deed and all general closing expenses (settlement fee, courier fees, overnight
F1. a4_
10.3 Closing Procedure. PURCHASER shall fimd the Purchase Price subject
to the credits, offsets and prorations set forth herein. SELLER and PURCHASER (as applicable)
shall execute and deliver to the Title Company, the Closing Documents. The Closing Agent
shall, at Closing: (i) disburse the sale proceeds to SELLER; (ii) deliver the Closing Documents
?nd a "marked -up" Title Commitment to PURCHASER, and promptly thereafter, record the
To
Page 5 of 13
10.4 lige'tgages and Other Liens. At Closing, SELLER shall obtai
61
or cause to be obtained, satisfaction or release of record of all mortgages, liens and judgmen
applicable to and encumbering the Property.
i F111 1 11 Off—M, U111M
Bowl MAN A.."M
F4, Rig W, as or ul U -Mus -Fig IF ate, as
follows:
11.2 Authodty. The execution and delivery of this Agreement by SELLER
the consummation by SELLER of the transaction contemplated by this Agreement aarewd
SELLER'S capacity and all requisite action has been taken to make this Agreement valid
binding on SELLER in accordance with its terms. The person executing this Agreement
behalf of SELLER has been autto on duly horized act behalf of and to binSELLERand
d ,
Agreement represents a valid and binding obligation of SELLER. I
11.3 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
if record which will be discharged at Closing).
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, neither PURCHASER nor SELLER shall have any ftuther obligation or
liabilities
";.a- I!'&Ia
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.
12.2 Seller's Default. In the event that SELLER shall fail to fully and timel
erform y of its obli atiojX���tslj ?
LMLLL1=M1 LEI'
tic -MC;) I I neo
.5hA, may ternnnate'lus Agreement and -iI ler-
70
F"arty shall have any filrther rights hereunder, or (2) specifically enforce SELLER's obligatio%
hereunder.
1 02. 1 1 6 M I M M I M
long$ M MOM, MMMIT1111 MOM
-0 VIVIWOW117ni PO S
PO S
determine the action necessary to cure the default. The defaulting Party shall have fifteen (l
III III III 1111111111 11111 11111111111 11ir
E11!111III
��i q 111 .,
Page 6 of 13
io—o= kj) iYESTIVIss -r;ujs IF0111 Ulu uclivery 01 non
'I
Both parties agree that if an extension is requested, such extension shall not be unreasonab
withheld. If the default has not been cured within the aforesaid period, the non -defaulting P
may exercise the remedies described above. I
12.4 Survival. The provisions of this Section 12 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:
If to Seller: Boynton Beach Community Redevelopment Agency
Executive Director, Vivian L. Brooks
710 N. Federal Highway
Boynton Beach, Florida 33435
With a copy to: Tara W. Duhy, Esq.
Lewis, Longman & Walker, P.A.
1700 Palm Beach Lakes Boulevard, Suite 1000
West Palm Beach, Florida 33401
If to Buyer: Habitat for Humanity of South Palm Beach County
Executive Director, Michael Campbell
181 SE 5th Avenue
Delray Beach, FL 33483
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
foiermitted 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 may not assign this Agreement to any other party without the prior written
approval of SELLER.
15. RISK OF LOSS. In the event the condition of the Property, or any part thereof, is
materially altered by an act of God or other natural force beyond the control of SELLER,
PURCHASER may elect, as its sole option, to tenninate this Agreement and the parties shall
have no finther obligations under this agreement, or PURHCASER may accept the Property
without any reduction in the value of the Property.
16. BROKER FEES. The Parties hereby confirm that neither of them has dealt with
any broker in connection with the transaction contemplated by this Agreement. Each Party shall
indemnify, defend and hold harmless the other Party 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
Page 7 of 13
to have been made by either Party or on its behalf with any broker or finder in connection with
this Agreement. However, SELLER'S indemnification obligations shall not exceed the statutory
limits provided within Section 768.28, Florida Statutes, and CPA does not otherwise waive its
sovereign immunity rights. The provisions of this Section shall survive Closing or termination of
this Agreement.
17. ENVIRONMENTAL CONDITIONS. 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.
18. 1 Design. The PURCHASER agrees to design and build the two
homes in accordance with the attached Model Block Schematic Design Proposal attached as
Exhibit "B" as a condition of this PURCHASE AND SALE AGREEMENT.
18.3 Development Timeline. Subject to the provisions of this Section
permits and approvals for the development of the Property in accordance with this Agreement,
this Section 18.3 below, and PURCHASER shall document each such occurrence in writing
provided to the SELLER upon completion of each.
a. Completion of construction documents within eight (8) weeks
following execution of the Agreement.
b. Construction permit to be issued six (6) weeks following
PURCHASER'S completion of construction documents (Copy of
permits to be provided to SELLER).
C. Commencement of construction within six (6) weeks of
PURCHASER'S receipt of construction permit.
Certificate of Completion to be provided within six (6) monflic
from commencement of construction.
SELLER shall cooperate in all reasonable respects with PURCHASER's efforts to obtain the
governmental permits and approvals for the development of the Property in accordance with this
Agreement, which shall include without limitation, the prompt processing of such applications,
authorizations and similar instruments as may be reasonably required from the governmental
authorities from which such permits and approvals must be obtained. SELLER acknowledges
that its cooperation with PURCHASER's efforts to obtain such governmental pen -nits and
approvals will be integral to PURCHASER'S ability to successfully comply with such timeline
and time periods. In the event that, despite PURCHASER'S commercially reasonable efforts to
TADEVELOPMENIRHOBWodel BlockTabitat Model BlockTurchase Development Habitat Model Block.doc
Page 8 of 13
comply with the timeline and periods set forth in this Section 18.3 above, PURCHASER
unable to comply with same, such timeline and time periods shall be extended for a reasonaba
period not to exceed six (6) months. I
18.4 Reverter/Termination of this Agreement. If the timeline outlined in
Section 18.4 above is not strictly met, and PURCHASER has not provided SELLER with a
written notification as to the reason explaining that circumstances not under the control of
PURCHASER have prevented PURCHASER from meeting the timeline, and SELLER has not
a: eed in writing to the same. then the PrgiartVA shall automaticallp revert back to =S-90XOW'=
this Agreement shall be terminated, and SELLER shall be released ftom any and all obligations
under this Agreement. SELLER agrees to work reasonably with PURCHASER in working
within the timeframes set forth above, but PURCHASER and SELLER agree that time is of the
essence.
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 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 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 gation brought arising
out of this Agreement shall be in the Fifteenth Judicial Circuit in and for Palm Beach County,
Floridl or, should any cause of action be limited to federal Jurisdiction only. in the United Stges
19.2 Computation of Time. Any reference herein to time periods which are n
n
measured in Business Days and which are less than six (6) days, shall exclude Saturday
Sundays and legal holidays in the computation thereof Any time period provided for in
Agreement which ends on a Saturday, Sunday or legal holiday shall extend to 5:00 p.m. on
next full Business Day. Time is of the essence in the performance of all obligations under
Agreement. Time periods commencing with the Effective Date shall not include the Effecti
Date in the calculation thereof. hi
19.3 11'aiver. 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
ierformance of their resbective obliaaVo-r-,'�ereu-Tder- eewiw? a
F-VALVI-Mus Uldt "I e or a waiver or any subsequent oreaen or aelault in any ol sue
terms, provisions, covenants, agreements or conditions. This paragraph shall survive termination
of this Agreement and the Closing.
Page 9 of 13
19.4 Construction of Agreement. The Parties to this Agrreement, ou
u
nti At,
counsel, have participated freely in the negotiation and preparation hereof Neitherr
ALTeement nor anxA amendment hereto shall be mor WWAWR;WW,
As used in this Agreement, or any amendment hereto, the masculine shall include the fernininj-
the singular shall include the plural, and the plural shall include the singular, as the context mni
require. Provisions of this Agreement that expressly provide that they survive the Closing sh
not merge into the Deed.
19.5 Severability., If any provision of this Agreement or the applicati
thereof shall, for any reason and to any extent, be invalid or unenforceable, neither the remaind
of s Aereement nor lication of th r L
RM, IMF. 11 1
lililiP U!M IMINTA KIM WROJEN 11 M, M
FITTIMi 111 0 4 1
FiTral =0 I W-40M.z.-I. MI &MINNOW, M11rq=40 FIRPROAMPON VA1111111
19.7 Waiver of Lur. Trial. As an inducement to PURCHASER agreeing to enter
Y
into this Agreement, PURCHASER and SELLER hereby waive trial by jury in any action or
loroceeding brought by either party against the it party pertaining to any matter whatsoever
arising out of or in any way connected with this Agreement.
19.8 AttornM 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 CRA 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 be recorded in the Public Records of
Pahn Beach County, Florida.
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 Property Deed and PURCHASER'S possession of the Property.
19.12 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.
19.13 Public Records. SELLER is public agency subject to Chapter 119,
Florida Statutes. SELLER and PURCHASER shall comply with Florida's Public Records Law.
1119 9FIM177TU71
Page 10 of 13
Specifically, to the extent required by applicable law, SELLER and PURCHASER, as applicable,
shall:
a. Keep and maintain public records that ordinarily and necessarily
would be required by the SELLER in order to perform the
service;
!.I T "I Y
terms and conditions that the SELLER would provide the records
and at a cost that does not exceed that provided in Chapter 119,
Fla. Stat., or as otherwise provided by law;
c. Ensure that public records that are exempt or that are confidential
and exempt from public record requirements are not disclosed
except as authorized by law; and
A', . Meet all requirements for retaining public records and transfer to
the SELLER, at no cost, all public records in possession of the
PURCHASER upon termination of the contract and destroy any
duplicate public records that are exempt or confidential and
exempt. All records stored electronically must be provided to th%
SELLER in a format that is compatible with the information
technology systems of the SELLER.
T
Ty'W"M MIT—Ty =35 -V -10 If M717 Teprolisions sef YortTin=Ts
Agreement shall constitute a Default and Breach of this
Agreement. If a party fails to cure the default within seven (7)
days' notice from the other party, the other party may terminate
naamm=
RM
11:1110114:t
Im
rolm
3=jrm man
Z
ZI M In P M 9
I OWiII1111111 fl-WiTAW-9110TAMOVIO"
REDEVELOMENT AGENCY
By: — -------------- - — - ------- 1 _ . ..... !-
Print Name: Jerry Taylor
M
I I
I i I! I � I I! I I I I I I I ; I I I I 1 1! 1 1 1111 111! 1 s1 aTO a, T R T11
tRg
Page I I of 13
R
Exhibit
L
-t ' &MUXM&6' "'Or
Lot 22, Block 1, The Frank Webber Add. to Boynton, according to the map or plat thereof
recorded in Plat Book 9, Page 3 of the Public Records of Palm Beach County, Florida
PCN - 08-43-45-21-25-001-0220
M = M
Lot 23, Block 1,The Frank Webber Add. to Boynton, according to the map or plat thereof
as recorded in Plat Book 9, Page 3 of the Public Records of Palm Beach County, Florida
PCN - 08-43-45-21-25-001-0230
AgendaBusiness
F-ITC14 'N i. 11111114 iT,
SUBJECT: Consideration of Amendment to Purchase and Development Agreement between the
CRA and RUDG, LLC for the Ocean Breeze Site
SUMMARY: The Related Urban Development Group was not successful in obtaining a 9% tax
credit allocation from Florida Housing Finance Corporation during the last competitive process.
However, Florida Housing Finance has issued another Request for Applications for 9% Housing Credits
and SAIL Loan Financing to Provide Affordable Multifamily Rental Housing that is part of Local
Revitalization Initiatives.
Related Urban would like to apply for this funding for the Ocean Breeze East project. The application is
due by December 17, 2015. This pool of funding is not based on a lottery number system but rather a
scoring system based on the redevelopment plan, local assets and a financial match from a local
government.
The attached amendment to the Purchase and Development Agreement approved at the September 8,
2015 CRA Board meeting (Attachment 1) makes changes to certain dates within the original Agreement
to enable Related to apply for the new pool of funding.
Related will require a local match from the CRA to make their application score competitively. Staff is
recommending a TIF agreement that will serve as the local match. The TIF agreement would be for
100% of the revenue for 10 years. The approximate total revenue to the project would be $493,944
(Attachment 2).
FISCAL IMPACT: If Related Urban is successful in their bid for funding from Florida Housing
Finance Corporation, the CRA will be paid $2,000,000 for its property at closing of the deal. The
property is appraised at $1,530,000 (Attachment 3).
Mon CUMIFFIRT-.- .+
Update
T:\AGENDAS, CONSENT AGENDAS, MONTHLY REPORTS\Completed Agenda Item Request Forms by MeetinglFY 2015 - 2016 Board
Meetings\December 2015\Related OBE.docx
FIRST AMENDMENT TO
PURCHASE AND DEVELOPMENT AGREEMENT
This First Amendment to Purchase and Development Agreement (hereinafter
"Amendment") is made and entered into as of December _, 2015, by and between BOYNTON
BEACH COMMUNITY REDEVELOPMENT AGENCY, a public agency created pursuant to
Chapter 163, Part III, of the Florida Statutes (hereinafter "Seller") and OCEAN BREEZE EAST,
LLC, a Florida limited liability company or its affiliated assignee (hereinafter "Purchaser", and
together with the Seller, the "Parties").
la"Jam,
A. R11IDG, LLC (the "Original Purchaser") and Seller entered into that certaJ&
Purchase and Development Agreement dated October 5, 2105 (the "Contract") pertag to rel
p• •,r located in Palm Beach County, Florida, as more particularly described therein.
B. Original Purchaser assigned its right, title and interest in and to the Contract tt
Vurchaser pursuant to Assignment of Contract dated as of October 14, 2015.
C. Purchaser and Seller desire to amend certain terms and conditions of the Contract,
q -,s more particularly described below.
.......................................
1. Section 5(b) of the Contract is hereby modified to include State Apartment Inc
oandtil
Ln ("SAIL") fus in addoo
itin t•the LIHTC being appoo
lied fr by Purchaser, s•that S 2ti
5(b) of the Contract is hereby modified in its entirety to read as follows:
b) Prior to the expiration of the Nine Percent (9%) Tax Credit Allocation
Period (as hereinafter defined), PURCHASER receiving an invitation to
underwriting for an award of low-income housing tax credits
md State Apartment Incentive Loan ("SAIL") funds from the Florida
Housing Finance Corporation ("Florida Housing"); and
2. Section 6 of the Contract is hereby modified to include the SAIL fimds in the descripti
f the applicable apod• ha • 6 oob
plication peri, so tt Section f the Cntract is herey modd
o ad o
ifie•in
entirety treas fllows: I
of
6. NINE PERCENT (9%) TAX CREDIT AND SAIL
APPLICATION PERIOD. Prior to the last date of the applicable Florida
0
Agreement , which is estimated to be not later than December 17, 2015
(tLe "Tax Credit Application Period"), the PURCHASER shall apply for
an allocation of LIHTC's and SAIL funds from Florida Housing (the
"Allocatio
3. Section 8 of the Contract is hereby modified in its entirety, to read as follows:
8. CLOSING DATE. The Closing shall take place on the sooner to
occur of (i) August 31, 2016, if Purchaser obtains an Allocation or (ii) if
Purchaser fails to obtain an Allocation but nonetheless waives all
conditions precedent regarding the Allocation and desires to proceed to
Closing, then on the date which is ninety (90) days following the
expiration of the Tax Credit Allocation Period.
Section 8.1 of the Contract remains and is unmodified.
4. Terms which are capitalized but not defined herein shall have the meanings given to such
terms in the Contract. Except as expressly set forth in this Amendment, the Contract is
unmodified and remains in fall force and effect, and is hereby ratified and confirmed by
Purchaser and Seller. This 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.
PA
IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date
rirst set forth above.
�3 31 N 11 of
44" 0
By:
Print Name: Jerry ,-
Approved
Approved as to form and legal sufficiency:
OCEAN BREEZE EAST, LLC,
a Florida limited liability company
By: Ocean Breeze East Manager, LLC,
a Florida limited liability company, as its Manager
M
PURCHASE AGRIMMUNTIM
Pop 2 of 1
M)ROIM
WW 9BOY'-NMMBE
PURCHMAGREEMMMBBOYNTONIOBE
Pbp 4 of 16
PURCHASE AGREENOMME BOYMMBE
PAP 5 o�f 16
PURMASE MBOYNMMBE
pop 6 Of 16
12.5 i
Title Company may remnably vMmt tbid SELLER =cute and dchver, and any otha
docummb required by this Agrememt or l
14.2 Tift SELLER i
FUR -CHASM ACRS AMM/M.BOYNTONMBE
Pop 7 of 16
15. DEFAULT.
PURCHASE BOr.-TrOMBE
PW8 of 16
15.4 SurAvaL The provisions of this Smdon 15 "Immvivo the tmudnafim
16. NOTICES, All ncdces required in this
delivwy to to following addrom:
Vivian
710 W
Federal Boynton BevA m 435
Wi; w Esquire
515 North FWSW Dd*e, Suite 1500
Waht, Palm Beacb, Florida 1
Purchaser:If to
RUDG, LLC
Albaft Milo, J, Vice Prmident
3 15 S. Bbcwjm W 31W Flem
Idiumd, FL 1
PURCHASE AGREEbMWM BOYNTOXWOBE
Pop 10 of 116
pap 11 of id
m
lime is af the essme.
a
PURCHASE AGREEMENTMH BOYNMNAM
Par 12 of 16
PURCHASE AORSEMMM
TOMBE
I
Pap 13 of 16
C. Enwm thd pubUc rwords OW ais exempt or tba wa confi&mW
wd exaNt fim public mord requh=anta are not diselowd except as ffaffio6wd by law; and
d. MM C requitmeat for rdaining and pwvidWg public records
RM �, .
f l to
SIGNATURES APPEAR ON FOLLOWENCY PAGES
jg'ii 111 NI. i !!:
dim
N
t:
VI
Page 15 of 15
IMMI-q-9119.1%
IINDICY41121)
Lots 3 through 12 inclusive, in Block 1, Lots I and 2, in Block 1, LESS all that portion of Lots I
and 2 lying West of the East right-of-way line for "Seacrest Boulevard" as shown on Road Plat
Book 5, at Page 182 and less a 20 foot return curve area for road right-of-way, PALM BEACH
COUNTRY CLUB ESTATES, according to the Plat thereof, as recorded in Plat Book 11, at
Page 43, of the Public Records of Palm Beach County, Florida.
n To.
U-6 RM h I
It t "MPMKM�M
the Southeast Quarter (SEI/4) of Section 21, Township 45 South. Range 43 East, LESS the
Book 852, Page 642 and LESS the right-of-way for "Seacrest Boulevard" as shown on Road Plat
Book 5, at Page 182, according to the Plat thereof, as recorded in Plat Book 1, at Page 4, Public
Records of Palm Beach County, Florida.
#4461755 v5
30364-1035
00544"7-1
Name of DeNre1qpYnant: Mean Breeze East
Development Location: 700 N, Seacrest Blvd., Boynton Beach, Florida
intersection and either the
city (if located within a city) or county (if located in The unincorporated area of the county). If the Development consists of Scattered Sites, the
Development Location stated above must reflect the Scattered Site where the Development Location Point is located.)
On or before the Application Deadline, the City/County of Qfty of Boynton Bea-gh committed
(Name of City or County)
s 493,&%4.43 as a grant to the Applicant for its use soluly for assisting the proposed Development
referenced above. The City/County does not expect to be repaid or reimbursed by the Applicant, or any other entity,
provided the funds are expended solely for the Development referenced above. No consideration or promise of
consideration has been given with respect to the grant. For purposes of the foregoing, the promise of providing
affordable housing does not constitute consideration. The commitment for this grant is effective as of the
Application Deadline referenced above, and is provided specifically with respect to the proposed Development
The source of the grant is: Boynton Beach Community Redevelopment Agency Funds
(e.g., SHIP, HOME, CDBG)
date required in the applicable RFA.
W=
—U
ISJONIVVIO JyMMUZI
Jpf Taylor
Print or Type Name
Mayor cifB ton each
Print or Type Title
11111.114,11 TM V-77 =P- o ff U 1 M, F
certified ommunity Housing Development Organization (CHDO). Other signatories are not acceptable. The Applicant will not
receive credit for this contribution if the certification is improperly signed- To be considered for points, the amount of the
not to exiceed, etc.
If the Application is not eligible for automatic points, this contribution will not be considered if the certification contains
corrections or 'white-out' or if the certification is altered or retyped. The certification may be photocopied.
MMMLM=EX
RFA 2015-113
t 1111:1,111,17 1,11:41
EN ""W1,315,11115f,11
alae of the Project prier to Redevelopm
t re to ' lue of all Droverties within
Value of the Project after Redevelopment (102 units $40,000 each) 4,100,000
($85,00{1 based on Las Ventanas assessed value)
proieet Increment 4,100,000
TIF Revenue = (95% of Proiect Increment X (itv Milla e +
ille to
TIF Contribution = % of Project ere e 1
Millage .Rate*
,ty Contribution = 95% of Project Increment XC
i 11!1!1 F1111 1171 1!11
Annual IF Revenue created by Project
pi
0
APPRAISAL REPORT
.... 1 '.
WN
IMI
I
11
• • o ' " 4
wo
APRIL 30, 2015
•
May 7, 2015
Ms. Vivian Brooks
RE: Appraisal of Real Property
Multifamily Residential Land
Ocean Breeze East
700 N. Seacrest Blvd.
Boynton Beach, Florida 33435
(Appraiser File 15-0589.MCW)
Dear Ms. Brooks:
As you requested, we made the necessary investigation and analysis to form an opinion of
value for the above referenced real property. This report is an appraisal of the property.
To assist Boynton Beach CRA in making business decisions regarding this property, this
appraisal provides an estimate of market value for the fee simple interest in the subject real
property in its "as is" condition, This report is written in APPRAISAL REPORT format, and
supporting documentation concerning the data, reasoning, and analyses is retained in the
appraisal file.
This appraisal assignment and report have been prepared in accordance with requirements of
the Uniform Standards of Professional Appraisal Practice (USPAP) developed by the Appraisal
Standards Board of the Appraisal Foundation, with the appraisal requirements of Title XI of the
Federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), with
the Interagency Appraisal and Evaluation Guidelines of 2010, with the Appraisal Institute's Code
of Professional Ethics and Standards of Professional Appraisal Practice, and with requirements
of the State of Florida for state -certified general real estate appraisers.
The subject consists of two contiguous parcels located at the southeast corner of N. Seacrest
Boulevard and NE 7th Avenue, north of Boynton Beach Boulevard within the City Limits of
Boynton Beach, Palm Beach County, Florida. The subject parcels are rectangular -shaped
vacant parcels with a total of 191,382 square feet (SF) or 4.39 acres.
The northern portion of the site is subdivided into 12 lots and the southern portion of the site has
not been subdivided. The owner has plans to file a request to have the current zoned density of
10.8 unit per acre increased to 40.0 units per acre, after which the owner plans to sell the
property to a developer. The site is zoned for single- and multiple -family development.
561-998-9326, 561-241-4759
Ms. Vivian Brooks
May 7, 2015
The subject's zoning district currently permits the development of 10.8 dwelling units (DU) per
acre, or 47 units. The client requested we provide an estimate of market value as if the subject's
zoning permitted 40.0 DU per acre. We have appraised the subject property under the
hypothetical condition that the subject can be developed with 40.0 DU per acre, or a total of 176
units.
ril =1CM 0=1 PT111111-04--�Ilnnll - -P =M 116�1
conditions, as explained in this report, as of April 30, 2015, is:
($1,530,000)
Aucarnp Dellenback & Whitney has performed services concerning this property during the past
three years. We appraised this property in April 2014. Thank you for this opportunity to assist in
meeting your appraisal needs.
Respectfully submitted,
ON go I V NO %
•—itn-evy�, MA `
•
AUCAMP, DELLENBACK & WHITNEY 3
File #15-0589
1 Title Page
2 Letter of Transmittal
4 Table of Contents
5 Description of Important Facts and Conclusions
7 Location Map
8 Subject Photographs
10 Scope of Work
13 Neighborhood
16 Market
18 Subject Property
22 Highest and Best Use
22 Valuation Process
23 Sales Comparison Approach
42 Reconciliation and Final Value Conclusion
42 Normal Marketing Period and Reasonable Exposure Time
`, `
43 Certification
45 Contingent and Limiting Conditions
48 Hypothetical Conditions and Extraordinary Assumptions
49 Definitions
52 Engagement Letter
54 Appraiser Qualifications and Licenses
DELLENBACK & WHITNEY 4
pare 1 ®css
REPORT TYPE
Appraisal report
PROPERTYTYPE
Multifamily residential land
LOCATION700
N. Seacrest Boulevard, Boynton Beach, Palm Beach County, Florida
REPORT DATE
May 7, 2015
VALUATION DATE
April 30, 2015, for "as is" condition
PROPERTY RIGHTS
Fee simple interest
USER AND USE
To assist Boynton Beach CRA in making business decisions
SITE
191,382 SF or 4.39 acres
IMPROVEMENTS
None
OCCUPANCY
Vacant
ZONING
Multifamily District (R-3) by the City of Boynton Beach
CENSUS TRACT
61.00
FLOOD ZONE
C, flood insurance is typically not required in this zone
HIGHEST AND BEST USE:
As Vacant:
Immediate development of workforce/affordable housing or hold for future
development of a multifamily project consistent with market demand and
financial feasibility
As Improved:
Not applicable
VALUES
Market Value
Cost Approach
Not applicable
Sales Comparison Approach $1,530,000
Income Capitalization Approach Not applicable
Conclusion
$1,530,000
DELLEN-BACKITNE5
File ` -ss
NORMAL MARKETING PERIOD 18 months or less
REASONABLE EXPOSURE TIME 18months orless
OVERVIEW
The subject is an attractive property for a local investor and/or developer. The sales comparison
approach provides the only indication of market value.
AUC AMP, DELLENBACK & WHITNEY 6
File #15-0589
rl- Laka Placid
Afead'aa
a
(7a Okeechobee
Macre Haven
Po1
1
'1t Lucie
Stuart.
{s
Sf LuGe CPYW1 _ FlatiB
Indiantawn
! Flo �Pa
s k
LaBelle Q Cla"Aw,
lrea
North Fad MXers AW
bulb Glade Royal Palm Beach
ss r Fort Myers
Wellington
Lahgh Ages
�`
Cape Coral l
San G7rlof pdtk
mmOkalae
-fIMA .
®®��..
9Yaldd
Spnr�s
�s'Re I.
Cnra,Sp"
R
'rarnaraac P
Na,des ;.
[aa�_
n
l:tj, Paatq
p
Big rbv 4
Fo .
€ oper Ci
t ~m Coty b
a�
.cam
Marco F
ae 1 iar„ Tag c
I
f '
I� lilalea3�
;Coral Gabs
g ndall
Fly 1 0689
Bird's eye view of subject (outlined)
Facing south along N. Seacrest Boulevard with subject on the left
Im"UMIM101
Facing southeast from northwest corner of the site
Facing west from east side of the site
6IM4,11*11*1
Appraised: Fee si. - - ,
Client: Boynton Beach CRA
Intended User: Boynton Beach CRA
Intended Use: To assist in making business decisions
Report Format: Appraisal .• ,
Inspection Date: April 30, 2015
Effective Date: April 30, 2015, for "as is" condition
Report Date: May 7, 2015
Competency Rule: We had the knowledge and experience necessary to complete this
assignment competently at the time of its acceptance
Definitions: Shown in the addendum of this report
Hypothetical Conditions: The subject can be developed with 40.0 DU per acre, or a total of
176 units
Extraordinary Assumptions: The water and sewer capacity are adequate to support the
development of 40.0 DU per acre
Valuation Approaches: The sales comparison approach provides an estimate of market
value based on an analysis of comparable property sales
Other: Mark Worch made a visual inspection of the readily accessible site.
Mark Worch spent 16 hours working on this assignment, performed
the research and analysis as well as wrote this appraisal report
under the direct supervision of Douglas Whitney who reviewed this
report and also inspected the property
Subject
Name:
A - : .
I,•• 00 N. Seacrest. Boulevard,Boynton Beach, -County,. ..
Location: At the southeast comer of N. Seacrest Boulevard and NE 7'�' Avenue, north
of Boynton Beach Boulevard within the City Limits of Boynton Beach, Palm
Beach County,
WHITNEY
aFile
SCOPE (continued)
Legal Description: Shown on the following page (source: Survey)
Current Owner: Boynton Beach Community Redevelopment Agency (source: Warranty
Deed, Book 21761, Page 0638, and Palm Beach County Property
Appraiser's records)
Ownership History: No arm's-length transactions have been recorded involving the subject
property in the previous three years. The property was last purchased in
May 2007 for $6,500,000 (Warranty Deed and Palm Beach County
Property Appraiser's records)
Items Received: The owner provided a Boundary Survey dated October 20, 2005, by
O'Brien, Suiter & O'Brien, Inc., during a previous assignment in April 2014
Data Sources: CoStar Realty (subscription service), LoopNet.com (subscription service),
Multiple Listing Service (subscription service), PwC Real Estate Investor
Survey (subscription service), published reports from national brokerage
firms, RealQuest (subscription service), Site -To -Do -Business (subscription
service), Floodmaps.com (subscription service), RealtyRates.com
(subscription service), Marshall Valuation Service (subscription service),
local county property appraiser's records (public records), Circuit Court
recordings (public records), and appraisal files in this office
Types of Data: Multifamily residential land sales and listings as well'as apartment rental
rates and prices
Geographic Area: Primary: Boynton Beach. Secondary: Palm Beach County and Broward
County. Tertiary: South Florida
Verification: Sales were verified by a party to each transaction, unless otherwise noted
AUCAMP, DELLENBACK11
File 1-0589
Lots 1 through 12, inclusive, Block 1, Palm Beach Country Club Estates, according to the Plat thereof, as
recorded in Plat Book 11, Page 43, Public records of Palm Beach County, Florida, and the South half
(S.1/2) of the East half (E.112) of Lot 2, Subdivision of the West half (W.112) of the Southeast quadrant
(S.E.114) of Section 21, Township 45 South, Range 43 East, according to the plat thereof as recorded in
Plat Book 1, Page 4, Public Records of Palm Beach County, Florida less the South 125 feet, thereof and
less the right of way for Seacrest Boulevard as shown on the road Plat Book 5, Page 182, Public Records
of Palm Beach County, Florida.
ELLS BACK & WHITNEY12
F! le #15-0589
The subject neighborhood is the area bounded by the Boynton Beach Canal to the north,
Woolbright Road to the south, Interstate-95 (1-95) to the west, and the FEC Railroad to the east.
The neighborhood is currently about 70% built-out and in a stability phase of a typical
neighborhood life cycle.
The subject neighborhood has good transportation links. Boynton Beach Boulevard is an east-
west arterial road with linkage to 1-95 and the Florida Turnpike. Woolbright Road is an east-west
arterial road in Boynton Beach. N. Seacrest Boulevard is a north-south collector road in Boynton
Beach. Martin Luther King Jr. Boulevard is an east-west collector road.
Uses within subject neighborhood include religious facilities, a child care facility, single-unit
homes, and several undeveloped parcels. Development within the neighborhood was generally
built between the 1940s through the 1950s, and some single-unit homes have been developed
within the past 10 years. Properties are generally maintained in fair to average condition.
Habitat for Humanity has been active in building homes in the neighborhood, especially in a few
blocks called Ocean Breeze West. Habitat for Humanity is a nonprofit organization that builds
houses in lower income areas throughout the country. This concentration of homes is a new
project located west of the subject, across N. Seacrest Boulevard.
Several properties in the neighborhood are improved with buildings that are nearing the end of
their economic lives, or are under-utilized by existing buildings; they are candidates for
redevelopment once local market conditions improve. The neighborhood also has many lots
where older improvements have been razed, but redevelopment of these sites has not been
occurring, except for some Habitat for Humanity homes.
Most of the residential uses in the immediate area consist of single-unit homes and duplex
properties with recent sale prices generally ranging from $60,000 to $175,000, per MLS. A
search for condominium and townhome units constructed during the past 10 years resulted in
recent sale prices generally ranging from $65,000 to $200,000. Real estate prices for residential
properties appear to have been increasing in the subject neighborhood during the past year.
A representative of the subject's owner indicated potential monthly rental rates for a future
multifamily project on the subject site would generally range from $1.50 to $1.601SF, or about
$1.55ISF. Based on an average unit size of 900 SF, 5.0% for vacancy and collection loss, a
45.0% operating expense ratio, and a capitalization rate of 7.5%, end unit values within a future
rental project would be about $117,000.
Demographic data within a 1-mile, 3-mile, and 5-mile radius of the subject property, as well as
the city, county, and state are summarized in the chart on the following page. The data suggest
that median home value, median household income and percentage of owner occupied units
are lower within a 1-mile radius of the subject property than in the outer lying areas. As shown
from the chart, the area surrounding the subject appears to be a low income family area.
A- DELLENBACK & WIIITNEY - 13
He #15-0589
I (continued)
Population
Projected Ann. Rate ('14-'19)
Median HH Income
Households (HH)
Average HH SLze
Median Age
Owner Occupied Units
Median Home Value
Source: SSRI, 2014 figures
I:F,% LA
S
�+ PENINSULP
Mile
3 Mile
5 Milet
ut
Florida
15,323
84,321
184,367
71,456
1,352,818
19,383,475
1.73%
1.18%
0.96%
1.34%
1.01%
1.06%
$35,653
$42,031
$45,098
$41,523
$51,489
$45,645
5,655
36,182
79,124
30,493
555,031
7,636,053
2.69
2.30
2.31
2.31
2.40
2.48
39.2
43.4
45.9
43.1
44.7
41.7
43.8%
48.0%
53.4%
50.2%
55.2%
52.4%
$115,375
$136,812
$159,119
$138,625
$198,627
$162,471
Ji $:LE. FI
I:F,% LA
S
�+ PENINSULP
1
La'NREWU LAkE
r
9mWfam RIDGE.
P 119
TT' RIDGE
� - --.
SANDPI E
ay®..,,t.'
'T3'fTON T IO
'
E AT EbiktGN 8-,"
.I
"TEE r4'.
!
Are DrCOMMOm I!
°�iEe3AVS:xfiCG[E
'��
S-41, EW P We
(� WEef 'df rl'ATi&Aa
Or
MAJ�BLERS WAI jg,5S1iE
li N 4
C TRY CLUB
T.ATES 3i _- if C=94,
j
CXXMNS # J !
SuNN7 DE ESTATES` aJ
j
SANTA CA UZ
VEL -IRE
LAum H&LS '.j.,.
�
5orNroN r .. I ' 'g
`tw Boynton Beach ¢9
C 5
CENTRE
I!
EK { <
CEN f }
•PAM
f HTS
I +1�n
r
j T'C:'=m 9aA! IEPT
ocean DP,
I
'
F ik PAS
t
!? , :?. PELICAN C
pp3__.
3
SAARA
SSS
F A RIDGE
r
}t
TwN LA%ES
k HAT14A AvrPA
° '.
"+ �-°kT4 RTIT CC- t y
I6 i
RI
II f • RIDGE.'inR R EaTA7
LAS VENT SNC E
i
EiTATES
T*
....
' I
GhpnlE RIDY.E LAIt€s cTF TAeer ;7Qi
16Yi Rd � W WOC�S719� R'� 9DYN7®AI ' I -
�_ �. _
'rRc'T�IL'.AL SY.CIn€•
_
OFFICE PARK
t
TADPel41L PARK
MAR. RIS.;
WSW .._.- g —.—
i
S 23rd Ave IMEWOOD
: �.� �,/ESTATES
,
... �.. H. PSHSPE..pk BN,.&
.. _. _-.
,
vx 3as Sac ,ar Am".
Cd.�ST
PAR CLUE
CIRCLE tv.mfgtdu im
GOLFWEW
: HkRSGuR
+n 1�3®QST FifiLS
Lgs:.ASiTAi '.
A
-ESTATES
�F
fo
YY��
'. ,#5tbRRL'i
I
IpI
EMAIIA AT
q
®
EsTAwc1A AT L,DTN n1d 6EiKPt I,
VIS..H� OFGmf-
NS51om HILA
I _:. '
�iATERSIT3E
VeJRSI
6asN
¢
� 7 4'dlee� a`
File#15-0589
NEIGHBORHOOD (continued)
NEIGHBORHOOD
AUCAMP, DEL ACID & WHITNEY15
it #1 0589
The South Florida real estate market, consisting of the industrial, commercial and residential
markets in Palm Beach County, Broward County and Miami -Dade County, has been quite
volatile during the past decade. After a period of substantial year -over -year increases in sales
volume, prices and rents in the early and middle 2000s, decline pervaded all sectors of the real
estate market. Starting in 2010, signs of stabilization began to become evident in some
submarkets. Recovery in the real estate market is expected to take several years and even
much of the next decade. Recovery will likely become evident in high end properties, but
properties in second and third tiers will likely be slow to exhibit price and volume improvement.
In order to quantify the recent behavior of the residential land market, we utilized CoStar Camps
to search for recent transactions during the past eight years as well as listings within South
Florida. The following chart shows the quantity (#) of sales, sales volume, mean prices, median
prices, and median days -on -market (DOM) for residential land transactions.
Primarily due to the wide assortment of properties, including physical and financial
characteristics, incorporated within the data, the median levels are more indicative of the overall
market trends. The downturn in retail prices of residential units sent demand for residential land
into a sharp decline during 2006 through 2009. Median prices during 2011 and 2012 show
significant increases. The quantity and volume have also shown resurgence during the past
several years. Mean and median prices during 2013 declined since 2012 as a spate of low-
priced land sales occurred, but overall, prices have increased during the past few years; total
number of sales and sales volume increased in 2013 and 2014. The market currently has an
excessive quantity of listed product.
The sales comparison approach in this appraisal report shows recent and current sales of
residential properties ranging in size from 34,848 to 380,237 SF with unadjusted prices ranging
from $2.79 to $7.60/SF and $11,036 to $21,324/unit.; these prices are at the low end of the
overall market.
AUCAMP, DELLENBACK & WHITNE, Y 16
File 15-0589
RESIDENTIALSOUTH FLORIDA
Source: CoStar Realty
Sales
Mean Lever
Median Levels
Year
$/Bele Acres
Acres s
2006
200
$1,130,430,902
$5,652,155 -
$9.02 -
- $43.78 1
120
15
2007
43
$298,892,752
$6,950,994 -
$10.70 19%
- $17.22 -61%
215
6
2008
59
$300,073,153
$5,085,986 -
$2.83 -74%
- $8.03 ti53%
276
8
2009
56
$149,267,200
$2,665,486 -
$3.43 21%
- $6.88 -14%
308
8
2010
87
$286,443,967
$3,292,459 -
$3.82 11%
- $6.06 -12%
169
9
2011
133
$352,924,113
$2,653,565 -
$4.35 14%
- $6.63 9%
224
25
2012
136
$487,235,504
$3,582,614 -
$9.22112%
- $9.22 39%
386
37
2013
174
$718,511,741
$4,129,378 33.76
$2.81 -70%
3.74 $7.56 -18%
293
65
2014
191
$870,663,376
$4,558,447 7.32
$14.31 409%
1.30 $13.45 78%
418
66
Listings
226
$579,909,048
$2,565,969 8.11
$7.27 -
1.42 $14.33 -
554
225
* DOM = days -on -market and DOM# =number of DOM sales.
Primarily due to the wide assortment of properties, including physical and financial
characteristics, incorporated within the data, the median levels are more indicative of the overall
market trends. The downturn in retail prices of residential units sent demand for residential land
into a sharp decline during 2006 through 2009. Median prices during 2011 and 2012 show
significant increases. The quantity and volume have also shown resurgence during the past
several years. Mean and median prices during 2013 declined since 2012 as a spate of low-
priced land sales occurred, but overall, prices have increased during the past few years; total
number of sales and sales volume increased in 2013 and 2014. The market currently has an
excessive quantity of listed product.
The sales comparison approach in this appraisal report shows recent and current sales of
residential properties ranging in size from 34,848 to 380,237 SF with unadjusted prices ranging
from $2.79 to $7.60/SF and $11,036 to $21,324/unit.; these prices are at the low end of the
overall market.
AUCAMP, DELLENBACK & WHITNE, Y 16
File 15-0589
MARKET (continued)
After several years with minimal development, multiple residential projects are currently
proposed or under construction. These projects are typically limited to primary and select
secondary locations with favorable economic demographics. Additionally, several tertiary sites
are proposed or under construction with subsidized affordable housing projects; furthermore,
the application process for affordable housing subsidies typically requires an extended amount
of time and the likelihood of approval is speculative.
The subject's neighborhood has new construction limited to Habitat for Humanity homes. The
neighborhood has not attracted other new development. Residential land sales within the
subject's local market, east of 1-95, are limited to a few lot sales. Overall, prices are low and
demand by developers/builders has been weak.
Overall, the residential land market had experienced sharp declines during the mid -2000s;
however, demand for residential land has shown resurgence during the past couple of years.
Market participants indicate increased interest from prospective buyers for primary as well as
select secondary locations. However, demand for properties within tertiary areas, such as the
subject, has not exhibited a similar increase, except for projects with government subsidies.
Furthermore, while prices for properties within primary as well as select secondary locations
have shown substantial appreciation, prices for tertiary locations have displayed modest to no
appreciation.
1
IFke 1 -0589
Adjacent Uses: North: Vacant residential land and religious facility across NE 7t" Avenue
South: Multiple -unit buildings
East: Single -unit homes across NE 1st Street
West: Vacant residential land across N. Seacrest Boulevard
Size: 191,382 SF or 4.39 acres (source: survey)
Shape: Rectangular
Dimensions: 592' average frontage by 249' average depth
Frontage: Along paved, public, four -lane, curbed median -divided N. Seacrest Boulevard
(ADT: 11,566), along paved, public, two-lane NE 7t' Avenue, and along paved,
public, two-lane NE 1 st Street; subject benefits from median break along N.
Seacrest Boulevard
Topography: Generally flat and slightly above street grade
Vegetation: Some trees and grass
Soils: No soils analysis report available; soils appear to be sandy soils typical of the
area; we assume the site has no adverse conditions
Hazards: No environmental site assessment report available; we assume the site has no
adverse environmental conditions
Utilities: Public water and sewer service, and electricity and communication services
Easements: The survey did not list any adverse easements; no adverse easements appear
to unusually restrict development. The northern portion of the site has an east -
west FP&L easement which can likely be relocated
Encroachments: The survey did not list any encroachments; we assume the site has no
encroachments
Census: 61.00 (source: floodmaps.com)
Flood Zone: C, Community 120196, Panel 0004-C, dated 0912911982; flood insurance is
typically not required in this zone (source: floodmaps.com)
Zoning: Multifamily District (R-3) by the City of Boynton Beach; this use permits
development of single- and multiple -family uses at 10.8 units per acre allowing
47 units on this site. The subject site and use appear to conform to current
zoning requirements. We have appraised the subject property under the
hypothetical condition that the subject can be developed with 40.0 DU per
acre, or a total of 176 units.
AUCAMP, DELLENRACK & WHITNEY18
File 1 -0589
Zoning According to the City of ♦ • Beach Department, water
capacity(continued): sewer capacity appear to be adequate for 40.0 DU per acre but the adequacy
would depend on the type of development to be determined by a potential
developer. We make the extraordinary assumr)tion the water and sewer
are adequate • support the development 411 DU per acreTaxes: The 2014 millage rate is 22.6546. The subject is exempt from taxes; this
assessment is less than .
conclusion.
r rt r: 2014 Year: 2013
Parcel ID onent Assessment Taxes Assessment
08-43-45-21-00-000-0021 Land $139,000 $152,900
Improvements $0 1-0
Total $139,000 0 $152,900 0
08-43-45-21-10-001-0010 Land $77,020 $84,722
Improvements LO LO
Total $77,020 $0 $84,722 $0
Grand Total: $216,020 $0 $237,622
Analysis:
The site is well suited for a multifamily use.
AERIAL
Subject is outlined in red
1
File #15-0589
ELLS NBACK & WHITNEY 20
File 415-0589
Access:
Vehicular access via drives along N. Seacrest Boulevard, NE 7I" Avenue,
and NE 1 st Street
Paving:
None
Walkways
None
Drainage:
None
Landscaping:
Some trees
Enclosures:
None
Other:
Some concrete pole lights throughout the site
Street Right -of -Way:
Asphalt paving, concrete sidewalks, concrete curbing, overhead lighting,
and landscaped median
Analysis and Conclusions:
The site has a minimal amount of site improvements which do not significantly contribute to
value.
din -q Immovements
AUCAMP, DELLENBACK & WHUNEY 21
File #15-0589
The concept of highest and best use has the following definition.
The reasonably probable and legal use of vacant land or an improved property that is
physically possible, appropriately supported, financially feasible, and that results in the
highest value.
Appraisal Institute, The Dictionary of Real Estate Appraisal, Fifth Edition (2010), p. 93.
Based on its physical attributes, the subject site is well suited for a variety of uses. Concerning
legally permissible uses, the subject site is zoned primarily for residential uses. For financial
feasibility, while several prime locations are currently being developed with multifamily uses,
these projects are in locations that are much superior to the subject or have been awarded
government subsidies for affordable housing. The highest and best use as vacant is immediate
development of workforce/affordable housing or hold for future development of a multifamily
project consistent with market demand and financial feasibility. The most probable purchaser is
an investor and/or developer.
Estimating market value for property under its highest and best use typically involves analysis of
three separate approaches: cost approach, sales comparison approach, and income
capitalization approach. The cost approach is based on the principle of substitution that states
an informed purchaser will not pay more for a property than the cost of reproducing a property
with identical improvements having the same utility. The sales comparison approach is also
based upon the principle of substitution whereby similar properties within competitive markets
will realize similar prices. The income capitalization approach is based on the principle of
anticipation whereby an investor expects benefits to be derived in the future.
The subject is not improved and, therefore, the cost approach is not relevant. The income
capitalization approach is not applicable because similar properties are not typically leased
within the subject's market. Market data are readily available for estimating value in the sales
comparison approach.
The final step is reconciliation of the value indication into a final value by analyzing the
appropriateness, accuracy and quantity of evidence in each approach.
WHITNEY 22
File 1 -0589
The sales comparison approach is a method for estimating the subject's value by analyzing
sales of similar properties. The underlying theory is that a prudent buyer would not buy one
property at a price any higher than the cost to acquire a comparable, competitive property. This
approach provides a reliable indication of market value when properties are bought and sold
regularly.
A search of Palm Beach and Broward County for recent sales (comparables) of similar
properties provided a significant number of useful comparables. These comparables are
summarized in the following chart, shown in a following map, and explained in the subsequent
detailed descriptions. Additionally, these comparables are evaluated on the basis of the most
relevant unit of comparison which, in this case, is price per land SF as well as price per unit.
The unadjusted prices range from $2.79 to $7.60/SF and $11,036 to $21,324/unit.
SUMMARY OF LAND COMPARABLES
Ocean Breeze Fast, 700 N. Sescrest Blvd, Boynton Beach, Florida (15-0589)
SUBJECT
COMP 1
COMP 2
COMP 3
COMP 4
COMPS
COMPS
COMP 7
ADW Property ID
2059
2108
226
2107
831
832
634
637
Property Name
Ocean Breeze
Shenker Property
Waterville
Vilageof
MelaleucaSke
Patio Site
Key Village
Village at
East
Vabr
Crystal Lakes
Address
700 N.
1321 Alpha Street
1100-1130
2559 2nd Ave
3900
3800 Block of
475 SW 27th Ave
3800 Crystal
Seacrest Blvd
Boutw ell Rd
N.
Wlaleuca Ln
Patio Ct
Lake Drive
City
Boynton
West Palm Beach
Lake Worth
Lake Worth
Lake Worth
Lake Worth
Fart Lauderdale
Deerfield
Beach
Beach
Sale:
Sale Price
WA
$245,000
$1,450,000
$2,450,000
$460,000
$135,000
$600,000
$1,400,000
Sale Status
NIA
Closed
closer!
Closed
Closed
Closed
Closed
Closed
Market Period
WA
35 months
19 months
13 months
38 months
8 months
4 months
11 months
Date of Sale
WA
Apr -15
Mar -15
Nou14
Aug -14
Jun -14
Apr -14
Feb -14
Price/SF of Land
NIA
$7.03
$3.81
$7.60
$2.95
$3.37
$6.82
$6.42
Price/Unit
NIA
$15,313
$21,324
$11,036
$16,429
$19,206
$13,953
$11,200
Site:
Property Type
Res. Land
Res. Land
Res. Land
Res. Land
Res. Land
Res. Land
Res. Land
Res. Land
Site Size Acres
4.39
0.80
8.73
7.40
3.58
0.92
2.02
5.00
Site Size SF
191,382
34,848
380,237
322,344
155,945
40,075
87,918
217,988
MHP (RMM-
Zoning
R-3
MF -20
GC+RS
MU -W
RM
RM
25)
RM 25
Land Use Plan
High Res
Res. Land
HR -8
Res. Land
HR -8
UI
MH -25
Res High
Surface
Cleared
Cleared
Vegetation
Old Bldg
Vegetation
Vegetation
Cleared
Old Bldg
Development.
Planned Use
Multifamily
Multifamily
Multifamily
Multifamily
Multifamily
Multifamily
Multifamily
Multifamily
Planned Units
176
16
68
222
28
7
43
125
Approvals
None
None
SPA
None
None
None
None
None
Density
40.0
20.0
7.8
30.0
7.8
7.6
21.3
25.0
3
File 15-0589
MAP OF COMPARABLE PROPERTIES
AUCAMP, IIS ACID & WHITNEY 24
File #16-0589
Hefei Data
Property Name: Shankar Property
Property Type: Residential Land
Address: 1321 Alpha Street, West Palm Beach, Florida 33401
County: Palm Beach
Parcel ID: 74-43-43-28-12002-0072
Legal Description: GROVEDALE PARK PLAN 1 SLY 167 FT OF LT 7 BLK 2
DeedDevelopment
Number of Units: 16
Proposed Use: Multifamily
Density: 20.0
Site Size:
Zoning:
Land Use Plan:
Surface:
Site Plan Approval:
Approvals:
Utilities:
Site Comments:
File 15-0589
0.80 acres or 34,848 SF
MF -20
Residential
Cleared
No
None
To site
Zoning permits 201du per acre
Sale Data
SaleStatus:
Price:
Price/SF of Land:
Price/Unit:
Sale Date:
O.R. Book -Page:
Grantor:
Grantee:
Property Rights:
Financing:
Marketing Period:
Prior Transactions:
Verification Source:
Sale Remarks:
Closed
$245,000
$7.03
$15,312
April 2015
Not available
Swink Boyce
Shankar Business Corp
Fee simple
Cash
35 months
None in the previous three years
Jon Schmid, listing broker, 561-832-3212, Mark Worch, May 2015 (15-
0589a)
Buyer planned to construct a multifamily project
ELLE E S
File #15-0589
J
Property Name: Waterville
Property Type: Resdiential Land
Address: 1100 -1130 Boutwell Rd, Lake Worth, Florida 33461
County: Palm Beach
Parcel ID: 38-43-44-20-01-003-0010 etc.
Legal Description: Lengthy: 20-4443, MODEL LAND CO SUB TR 3 LYG S OF CUTOFF
CNLtLESS NLY 193 FT OF WLY 218, etc.
ro ose
Development ata
Number of Units: 68
Proposed Use: Multifamily
Density: 7.8
Site
Site Size:
Zoning:
Land Use Plan:
Surface:
Site Plan Approval:
Approvals:
Utilities:
Site Improvements:
8.73 acres or 380,237 SF
GC+RS
HR -8
Vegetation
Yes
SPA
To site
None
7
File 1-0589
�" ...., 1� I s � t � Y, aR ra � r • - •
Site Comments: Site is set -back from 10th Avenue North. Property is zoned for 8
dulacre.
Save Data
Sale Status:
Price:
Price/SF of Land:
Price/Unit:
Sale Date:
O.R. Book -Page:
Grantor:
Grantee:
Property Rights:
Financing:
Marketing Period:
Prior Transactions:
Verification Source:
Sale Remarks:
Closed
$1,450,000
$3.81
$21,324
March 2015
27396-1398
Royal Building Group, LLC
D.R. Horton, LLC
Fee simple
None recorded
19 months
Sold in June 2013 for $700,000 and the property did not have site plan
approval at that time
Kirk Nelson, listing broker, 561-227-1803, Mark Worch, April 2015 (13-
1250)
Seller obtained site plan approval for 68 multifamily units
LTA S
File: #15-0589
e .,',• .ii1 11 ,1 1 ill, -.
Property Name: Village of Valor
Property Type: Residential Land
Address: 2659 2nd Ave N., Lake Worth, Florida 33461
County: Palm Beach
Parcel ID: 38-43-44-20-01-097-0020 at al.
Legal Description: MODEL LAND CO TR 97 (LESS E 117.68 FT & S 25 FT 2ND AVE N
RIW) & S 112 OF 30 FT ABND PT OF 4TH AVE N LYG N OF & ADJ TO
r • Development Data
Number of Units: 222
Proposed Use: Multifamily
Density: 30.0
ISite Data
Site Size:
Zoning:
Land Use Plan:
Surface:
Site Plan Approval:
Approvals:
Utilities:
File 15-0589
7.40 acres or 322,344 SIF
MU -W
Residential
Old bldg and trees
No
None
To site
SALES COMPARISON (continued)
Site Comments: Site consists of three contiguous parcels. Zoning permits 30/du per
acre. Site improved with two cell phone towers
low
Sale Status:
Closed
Price:
$2,450,000
Price/SF of Land:
$7.60
Price/Unit:
$11,036
Sale Date:
November 2014
O.R. Book -Page:
27450-0413
Grantor:
2C Investments, LLC
Grantee:
Village of Valor, Ltd.
Property Rights:
Fee simple
Financing:
$3,800,000 (155% LTV) acquisition and construction loan
Marketing Period:
13 months
Prior Transactions:
No prior arm's length sales in prior three years
Verification Source:
Allen Marcovitch, listing broker, 561-369-5993, Mark Worch, May 2015
(15-0589)
Sale Remarks:
Broker indicated the buyer planned to construct an affordable housing
rental project. Broker did not know how many units the buyer planned to
constructed. Broker indicated cell phone towers contributed $450,000 to
the sale price
WHIINEY 0
File #1M589
Property Name: Melaleuca Site
Property Type: Resdiential Land
Address: 3900 Melaleuca Ln, Lake Worth, Florida 33461
County: Palm Beach
Parcel ID: 00-43-44-30-01-111-0010
Legal Description: LT A (LESS N 49 FT OF W 85.42 FT, N 40 FT OF W 222.11 FT OF E
232.11 FT & TRGLR PAR MELALEUCA LN RNV & E 10 FT MAT
Number of Units: 28
Proposed Use Change: No
Proposed Use: Multifamily
Density: 7.8
Site
Site is
3.58 acres or 155,945 S
Zoning:
RM
Land Use Plan:
HR -8
Surface:
Vegetation
Site Plan Approval:
No
Approvals:
None
Utilities:
To site
Site Comments:
Zoning permitted 8 dulacre, or 28 units.
1
File 915-0589
Sale Status:
Closed
Price:
$460,000
PricelSF of Land:
$2.95
Price/Unit:
$16,429
Sale Date:
August 2014
O.R.Book-Page:
26992-1734
Grantor:
SAVANNAH LAKE NEW, LLC
Grantee:
OAK LEAF II, LLC
Property Rights:
Fee simple
Financing:
None recorded
Marketing Period:
38 months
Prior Transactions:
Seller purchased the property for $50,000 the day before it went to
auction; this prior transaction closed in one day with no contingencies
and was a distressed sale.
Verification Source:
Reese Stigliano, listing agent, 954-596-5511, James Graber, July 2014
(14-0946)
Sale Remarks:
Property received a significant amount of interest from prospective
buyers prior to closing and the seller raised the listing price from
$425,000 to $500,000. Buyer intended to construct a multifamily project.
AA
File #15-0589
Property Name: Patio Site
Property Type: Residential Land
Address: 3800 Block of Patio Ct, Lake Worth, Florida 33461
County: Palm Beach
Parcel ID: 004244-24-00-000-6070
Legal Description: 24-44-42, S 120.06 FT OF W 1120F NE 114 OF SW 114 OF SE 114
proposed R D . .
Number of Units: 7
Proposed Use: Multifamily
Density: 7.6
Esite Data
Site Size:
Zoning:
Land Use Plan:
Surface:
Site Plan Approval:
Approvals:
Utilities:
0.92 acres or 40,075 S
RM
UI
Vegetation
No
None
To site
3
File 15-0589
SALES I (continued)
Sale Status:
Price:
Price/SF of Land-
Price/Unit:
Sale Date:
O.R. Book -Page:
Grantor:
Grantee:
Property Rights:
Financing:
Marketing Period:
Prior Transactions:
Verification Source:
Closed
$135,000
$3.37
$19,286
June 2014
26836-699
GRACIELA RODRIGUEZetc.
FIFTEENV, LLC
Fee simple
None recorded
8 months
None in the prior three years
Chris Wood, listing agent, 954-462-5655, James Graber, July 2014 (14-
0960)
Buyer intended to develop a multifamily use with the maximum number
of permitted units
IIF .NBACK & WHI'YNEY 3
He #15-0589
Kyqwliiilii� ill, �� i 11 ;;l ill 11i ;� i ai 1 91 '
Mr, M MR_ I
Property Name: Key Village
Property Type: Residential Land
Address: 475 SW 27th Ave, Fort Lauderdale, Florida 33312
County: Broward
Parcel ID: 5042-08-01-0390
Legal Description: WESTWOOD HEIGHTS 6-34 B LOT 6 THRU 19,20 LESS E14 & LESS
THEREFROM EXT AREA OF 25 RAD ARC LYING IN SE COR BILK 38
IP posed Development Data
Number of Units: 43
Proposed Use Change: No
Proposed Use: Townhomes
Density: 21.3
Site Size:
2.02 acres or 87,918 SIF
Zoning:
MHP (RMM-25)
Land Use Plan:
MH -25
Surface:
Cleared
Approvals:
None
Utilities:
To site
, DELLENBACK & WHITN-EY 3a
916M'i
Sale Data
Sale Status:
Price:
Price/SF of Land:
Price/Unit:
Sale Date:
O.R. Book -Page:
Grantor:
Grantee:
Properly Rights:
Financing:
Marketing Period:
Prior Transactions:
Verification Source:
Closed
$600,000
$6.82
$13,953
April 2014
50709-605
CITY NATIONAL BANK OF FLORIDA
MINI LOFT'S, LLC.
Fee simple
Cash transaction
4 months
No arm's-length sales in prior three years
Brenda Yates, listing agent, 786-258-0500, James Graber, May 2014
(14-0174s)
Property was purchased by a local developer intending to build 43
townhomes
DELLENBACK &WHITNEY 36
File 15-0559
Property Name:
Village at Crystal Lakes
Property Type:
Residential Land
Address:
3800 Crystal Lake Drive, Deerfield Beach, Florida 33064
County:
Broward
Parcel ID:
4842-15-01-0522
Legal Description:
CRYSTAL LAKE 1 ST SEC 58-39 B A POR OF PAR B & C,DESC AS
37
PAR 5 IN OR 439981464,BEG NE COR PAR B,S 178.10,W 352.06,AN
ARC DIST 329.52 TO PIT,NW 100,AN ARC DIST 62.97 TO PIT,NE
161.82,NE 100,SE 310,NE 100,SE 163.35,AN ARC DIST 82.14,AN
ARC DIST 53.32 TO POB
..p► ed Development��
Number of Units: 125
Proposed Use Change: No
Proposed Use: Multifamily
Density: 25.0
i
Site Size:
5.00 acres or 217,988 SF
Zoning:
RM -25
Land Use Plan:
Res High
Surface:
Old Bldg
Approvals:
None
Utilities:
To site
37
File #15-0589
Site Comments: Improved with a dated, 59,000 SF clubhouse building; broker estimated
the cost to raze structure was $280,000.
Sale Data
Sale Status:
Price:
Price/SF of Land:
Price/Unit:
Sale Date:
O.R. Book -Page:
Grantor:
Grantee:
Property Rights:
Financing:
Marketing Period:
Prior Transactions:
Verification Source:
Sale Remarks:
Closed
$1,400,000
$6.42
$11,200
February 2014
50584-802
CRYSTAL LAKE GOLF CLUB, LLC.
VILLAGE AT CRYSTAL LAKES, LLC.
Fee simple
None recorded
11 months
None in the prior three years
Richard Tarquinio, listing agent, 954-331-1764, James Graber, May
2013 (14-0603)
Buyer obtained site plan approval for 125 multiple -family units
AUCAMP, DEQ 38
File; 1-0589
i � R k � .. � i ■ to * � y ,• . •:
Adjustments are appropriate and necessary based on differences in elements of comparison.
The following elements of comparison are characteristics of properties and sale transactions
causing variations in prices. The first five elements of comparison are considered transactional
adjustments; each of the transactional adjustments is made prior to making further adjustments.
The remaining five elements of comparison are referred to as property adjustments and their
total net adjustment is applied at the end.
1. Real property rights conveyed
2. Financing terms
3. Conditions of sale
4. Expenditures immediately after purchase
5. Market conditions
6. Location
7. Physical characteristics
8. Economic characteristics
9. Use
10. Non -realty components of sale
The comparables are adjusted quantitatively. The percentage adjustment indicates the degree
of the appropriate adjustment based on our knowledge of the local market, discussion with
market participants and reviewing data. A chart on a following page shows comparison of the
oomparables with the subject, and contains adjustments as explained in the following items and
summarized on a following chart.
1. Real Property Rights Conveyed. No differences are noted.
2. Financinci Terms. No differences are noted.
3. Conditions of Sale. No differences are noted.
4. Expenditures Immediately After Purchase. No differences are noted.
5. Market Conditions. No differences are noted.
6. Location. Sale prices vary for differences in municipality, local economic demographic
are adjusted an estimated to '
7. Physical Characteristics. Differences in prices are evident for several considerations.
0 A typical buyer will pay a premium for a site with a cleared surface; five
comparables are adjusted upward 3% to 20%. Comparable 7 was improved with
a 55,000 SF club house which the buyer planed to raze at an estimated cost of
$280,000, or 1'; Comparable 7 is adjusted upward 1'Comparables
through 6 have wooded sites and one of the sites was improved with an old
building which did not contribute to property value; these comparables are
adjusted upward an estimated 3% to account for the cost to clear the sites.
AUCAMP,
DELLFNBACK & WHITNEY 39
File #15-0589
o Based on economies of scale, buyers typically pay less on price per square foot
basis for larger properties; three comparables are adjusted -5% to -15%.
d Buyers typically pay premiums for a site with site plan approvals; Comparable 2
is adjusted an estimated -20% for existing site plan approvals.
o Comparable 3 was improved with two cell phone towers and the broker indicated
the value contribution to these towers was $450,000, or 18%; Comparable 3 is
adjusted -18% to account for the value of the cell phone towers.
- - - - I@ -.
10. Non -realty Components of Sale. No differences are noted.
The comparable sales have an adjusted price range of $2.80 to $6.74/SF and $8,829 to
$16,663/unit. This range is relatively broad due to the variety of average unit sizes between the
projects. Therefore, we have included the following ranking analysis chart which sorts each sale
by average unit size.
The subject's zoning district currently permits development of 10.8 DU per acre, or 47 units. We
have appraised the subject property under the hypothetical condition that the subject can be
developed with 40.0 DU per acre, or a total of 176 units. The subject's density of 40.0 units per
acre and is shown on the chart.
The data show the price per unit generally decreases as the density increases while prices per
SF increases.
RANKINGDENSITY
Sale Denisty!SF Unit
5
7.6
$2.8016,007
7.8
$2.97
$16,633
4
7.8
$2.89
$16,100
1
20.0
$5.98
$13,016
6
21.3
$6.48
$13,255
7
25.0
$6.74
$11,760
3
30.0
$6.08
$8,829
Subject
40.0
--
-
When recognizing density increases for increments of 5.0 and 10.0 DU per acre, price per unit
decreases by about $1,000 and $2,000/unit; Comparable 3 has an unusually low price and is
given less weight. This analysis indicates a value range of $8,500 to $9,000/unit, or $1,490,000
to $1,580,000, and this value range represents $7.79 to $8.261SF, which is consistent with the
density ranking analysis.
40
File 15-0539
We conclude the value of the subject via the sales comparison approach is $1,530,000.
As a check of reasonableness, builders within the subject's market are typically willing to pay
around 8% to 12% of the finished home price for residential land. Thus, for the subject's value of
$8,700/unit, the end unit prices would be around $73,000 to $109,000, which is generally
consistent with end unit value as described in the Neighborhood section. Based on a review of
nearby housing prices and values, these end unit prices appear reasonable.
ADJUSTMENTS TO LAND COMP LES
Ocean Breeze East, 700 N. Sawreat Blvd, Boynton Beach, Florida (15-0589)
SUBJECT
COMP 1
COMP 2
COMP 3
1COMP 4
COMP 5
COMP 6
COMP 7
Surface
Cleared
Cleared
Vegetation
Old Bldg
Vegetation
Vegetation
Cleared
Old Bldg
Site Size Acres
4.39
0.80
8.73
7.40
3.58
0.92
2.02
5.00
Site Size SF
191,382
34,848
380,237
322,344
155,945
40,075
87,918
217,988
Approvals
None
None
SPA
None
None
None
None
None
Sale Status
NIA
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Sale Date
NIA
Apr -15
Mar -15
Nov,14
Aug -14
Jun -14
Apr -14
Feb -14
Unadjusted Price/SF
WA
$7.03
$3.81
$7.60
$2.95
$3.37
$6.82
$6.42
Unadjusted Price/Unit
WA
$15,313
$21,324
$11,036
$16,429
$19,286
$13,953
$11,200
Transacdonal r
di
Location
SIMILAR
SUPERIOR
SUPERIOR
SUPERIOR
SUPERIOR
SIMILAR
SUPERIOR
Adjustment
0%
-5%
-5%
-5%
-5%
0%
-15%
Surface
SIMILAR
INFERIOR
INFERIOR
INFERIOR
INFERIOR
SIMILAR
INFERIOR
Adjustment
0%
3%
3%
3%
3%
0%
20%
Site Size
SMALLER
SIMILAR
SIMILAR
SIMILAR
SMALLER
SMALLER
SIMILAR
Adjustment
-15%
0%
0%
0%
-15%
-50,6
0%
Approva Is (SPA)
SIMILAR
SUPERIOR
SIMILAR
SIMILAR
SIMILAR
SIMILAR
SIMILAR
Adjustment
0%
-20%
0%
0%
0%
0%
0%
Cell Tower
SIMILAR
SIMILAR
SUPERIOR
SIMILAR
SIMILAR
SIMILAR
SIMILAR
Adjustment
0%
0%
-18%
0%
0%
0%
0%
Net Adjustment
-150/0
_22%
-20%
-2%
-17%
-5%
5%
Adjusted Price/SF
NIA
$5.98
$2.97
$6.08
$2.89
$2.BO
$6.48
$6.74
Adjusted Price/Unit
NIA
$13,016
$16,633
$8,829
$16,100
$16,007
$13,255
$11,760
Gross Adjustment
0%
15%
28%
26%
8%
23%
5%
35%
Density
40.0
20.0
7.8
30.0
7.8
7.6
21.3
25.0
1
File 915-0589
The sales comparison approach provided the following value estimation for the subject property:
COST APPROACH: Not applicable
SALES COMPARISON APPROACH $1,530,000
INCOME CAPITALIZATION APPROACH Not applicable
The quality of market data in the sales comparison approach is good, and the methods of
analysis are appropriate and reasonable.
We conclude market value of the fee simple interest in the subject real property in its "as is"
condition, subject to assumptions and contingent and limiting conditions as well as any
extraordinary assumptions and hypothetical conditions, as explained in this report, as of April
30, 2015, is:
..*
0
[91ll� ,! 1 11,i !. i R 1. i.. R 0 1 �IIF
Normal marketing period is the most probable amount of time necessary to expose a property,
in its entirety, to the open market in order to achieve a sale. Median days -on -market for similar
properties sold throughout South Florida, as shown in the Market section, have been less than
14 months during the past several years. Several sales analyzed in this report had marketing
periods and they were 35 months, 19 months, 38 months, 8 months, 4 months, and 11 months.
We conclude a reasonable marketing time for sale of the subject property at a price consistent
with its market value is less 18 months.
Exposure time is the amount of time likely to have been experienced for sale of the subject
property on the valuation date. We estimate a reasonable exposure time is less than 18 months
based on this same market data.
AUCAMP', DELLENBACK 4
File#15-0589
certify that, to the best of my knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions and conclusions are limited only by the reported
assumptions and limiting conditions and are my personal, impartial, and unbiased professional
analyses, opinions, and conclusions.
3. 1 have no present or prospective interest in the property that is the subject of this report, and
have no personal interest with respect to the parties involved.
4. 1 have no bias with respect to any property that is the subject of this report or to the parties
involved with this assignment.
5. My engagement in this assignment was not contingent upon developing or reporting
predetermined results, a specific valuation, or the approval of a loan.
6. 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.
7. The reported analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Code of Professional Ethics and Standards
of Professional Appraisal Practice of the Appraisal Institute.
8. The reported analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.
9. The reported analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the State of Florida.
10. The use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives.
11. Mark Worch and Douglas Whitney made a personal, visual inspection of the readily
accessible areas of the property that is the subject of this appraisal.
12. No one provided significant real property appraisal or appraisal consulting assistance to the
person signing this certification. I, the supervisory appraiser of a registered appraiser trainee
who contributed to the development or communication of this appraisal, hereby accept full and
complete responsibility for any work performed by the registered appraiser trainee named in this
report as if it were my own work.
AITCAMP, DELLENRACK & WH11WHY3
File #1 5-0
CERTIFICATION (continued)
13. As of the date of this report, Douglas Whitney and Mark Worch have completed the
continuing education program of the State of Florida.
14. As of the date of this report, Douglas Whitney has completed the continuing education
program of the Appraisal Institute.
15. Aucamp, Dellenback & Whitney has provided services, as an appraiser or in any other
capacity, regarding the property that is the subject of this report within the three-year period
preceding acceptance of this assignment.
7.201
a orc »»� ate
State -registered Trainee Appraiser RI 23599
oc't��_A. May 7, 2015
Douglas Date
-. - �.
4
File#15-0589
This appraisal is subject to the following contingent and limiting conditions:
1. The legal description and maps are assumed to be correct.
2. No responsibility is assumed for matters which are legal in character, nor is any opinion
rendered as to title, which is assumed to be good and marketable. Any existing liens or
encumbrances have been disregarded, and the property is appraised as free and clear. This
appraisal is made, assuming that all public improvements of any kind affecting the property
appraised are fully paid for, unless otherwise specifically set forth in the property description.
3. No survey has been made of the property on behalf of the appraisers and no responsibility is
assumed in connection with such matters. The sketches contained in this report are for
illustrative purposes only and are included to assist the reader to better visualize the property.
The information furnished by others is believed to be reliable and no responsibility is assumed
for its accuracy.
4. In this report, the distribution of the total valuation between land and improvements applies
only under the existing program of utilization. The separate valuations for land and
improvements must not be used in conjunction with any other appraisal and are invalid if so
used.
5. Possession of this report, or a copy thereof, does not carry with it the right of publication, nor
may it be used for any purpose by any but the recipient without written consent of the appraiser.
6. The contract for appraisal, consultation, or analytical service is fulfilled and total fee is
payable upon completion of the report. The appraisers will not be required to give testimony in
court or hearing because of having made the appraisal in full or in part, nor engage in post -
appraisal consultation with the client or third parties, except under separate and special
arrangement and at additional fee.
7. The appraisers may not divulge material contents of the report, analytical findings or
conclusions or give a copy of the report to anyone other than the client or his designee as
specified in writing, except as may be required by the Appraisal Institute as it may request in
confidence for ethics enforcement or by a court of law of body with the power of subpoena.
8. Liability of Aucamp, Dellenback & Whitney is restricted to the client. Aucamp, Dellenback &
Whitney has no accountability or liability to any third party.
9. It is assumed there are no hidden or unapparent conditions of the property, subsoil or
structures which make it more or less valuable. The appraiser assumes no responsibility for
such conditions or engineering which might be required to cover these facts. No topographical
survey was provided.
10. No environmental impact study, special market study or analysis, highest and best use
analysis or feasibility study has been requested or made unless otherwise specified in an
agreement for services or in the report. The appraiser reserves the unlimited right to alter,
amend, revise or rescind any of the statements, findings, opinions, values, estimates or
conclusions upon any subsequent such study or analysis or previous study or analysis
subsequently becoming known to him.
45
File #1 &0589
+wT7C►��i�1�i�7lAI��i1��ICsII�7►�l�fl�Clt,t:
11. The market value estimated and the cost used are as of the date of the estimate of value.
All dollar amounts are based on the purchasing power and price of the dollar as of the date of
the value estimate.
12. This appraisal expresses our opinion and employment to make this appraisal was in no way
contingent upon reporting a predetermined value or conclusion. The fee for this appraisal or
study is for the service rendered and not for time spent on the physical report.
13. The value estimated in this appraisal report is gross without consideration given to any
encumbrance, restriction, or question of title unless specifically defined_ The estimate of value in
the appraisal report is not based in whole or in part upon race, color or national origin of the
present owners or occupants of properties in the vicinity of the property appraised.
14. Responsible ownership and competent property management are assumed.
15. It is assumed that there is full compliance with all applicable federal, state and local
environmental regulations and laws, unless noncompliance is stated, defined and considered in
the appraisal report.
16. it is assumed that all applicable zoning and use regulations and restrictions have been
complied with, unless a non -conformity has been stated, defined and considered in the
appraisal report.
17. It is assumed that all required licenses, certificates of occupancy and consents or other
legislative or administrative authority from any local, state or national government or private
entity or organization have been or can be obtained or renewed for any use on which the value
estimate contained in this report is based.
18. It is assumed that the utilization of the land and improvements is within the boundaries of
the property lines, that the property described in that there is no encroachment or trespass
unless noted in the report.
19. Authentic copies of this report are signed in ink.
20. Unless otherwise stated in this report, the existence of hazardous substances, including
without limitation asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural
chemicals, which may or may not be present on the property, or other environmental conditions,
were not called to the attention of nor did the appraiser become aware of such during the
appraiser's inspection. The appraiser has no knowledge of the existence of such materials on or
in the property unless otherwise stated. The appraiser, however, is not qualified to test such
substances or conditions. If the presence of such substances, such as asbestos, urea
formaldehyde foam insulation, or other hazardous substances or environmental conditions may
affect the value of the property, the value estimated is predicated on the assumption that there
is no such condition on or in the property or in such proximity thereto that it would cause a loss
in value. No responsibility is assumed for any such conditions, nor for any expertise or
engineering knowledge required to discover them.
AUCAMP,
DELLEN-BACK&WHYINEY 46
Fii 1 -0589
21. The Americans with Disabilities Act (ADA) became effective January 26, 1992. The
appraisers have not made a specific compliance survey and analysis of this property to
determine whether or not it is in conformity with the various detailed requirements of the ADA. It
is possible that a compliance survey of the property, together with a detailed analysis of the
requirements of the ADA, could reveal that the property is not in compliance with one or more of
the requirements of the Act. If so, this fact could have a negative effect upon value of the
property. Since the appraisers have no direct evidence relating to this issue, possible
noncompliance with the requirements of ADA in estimating the value of the property has not
been considered.
22. The report may contain estimates of prospective value for the subject property. Forecasts
and prospective values are based upon current market conditions and trends. Aucamp,
Dellenback & Whitney cannot be held responsible for unforeseeable events that alter market
conditions prior to the prospective dates.
23. Acceptance and/or use of this appraisal report constitutes acceptance of the preceding
conditions.
Fite 1 s
This appraisal is subject to the following hypothetical conditions:
The subject can be developed with 40.0 DU per acre, or a total of 176 units.
10 .♦
This appraisal is subject to the following extraordinary assumptions:
The water and sewer capacity are adequate to support the development of 40.0 DU per acre.
,`
48
File 1-0589
Market Value
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 whereby.
buyer and seller are typically motivated;
both parties are well informed or well advised, and acting in what they consider their own
best interests,
a reasonable time is allowed for exposure in the open market,
payment is made in terms of cash in U. S. dollars or in terms of financial arrangements
comparable thereto; and
the price represents the normal consideration for the property sold unaffected by special
or creative financing or sales concessions granted by anyone associated with the sale.
(Source: Department of the Treasury, Office of Comptroller of the Currency, Board of Governors
of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of Thrift
Supervision and National Credit Union Administration under 12 CFR Part 34, Real Estate
Appraisal and Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of
1989 ("FIRREA"); and the Interagency Appraisal and Evaluation Guidelines, Federal Register,
Volume 75, No. 237, December 10, 2010)
Prospective Opinion of Value
A value opinion effective as of a specified future date. The term does not define a type of value.
instead, it identifies a value opinion as being effective at some specific future date. An opinion of
value as of a prospective date is frequently sought in connection with projects that are
proposed, under construction, or under conversion to a new use, or those that have not yet
achieved sellout or a stabilized level of long-term occupancy. (Source: Appraisal Institute, The
Dictionary of Real Estate Appraisal, Filth Edition, Chicago, 2010, page 153)
Retrospective Value Opinion
A value opinion effective as of a specified historical date. The term does not define a type of
value. Instead, it identifies a value opinion as being effective at some specific prior date. Value
as of a historical date is frequently sought in connection with property fax appeals, damage
models, lease renegotiation, deficiency judgments, estate tax, and condemnation. (Source:
Appraisal Institute, The Dictionary of Real Estate Appraisal, Fifth Edition, Chicago, 2010, page
171)
Investment Value
The value of a property interest to a particular investor or class of investors based on the
investor's specific requirements. Investment value may be different from market value because
it depends on a set of investment criteria that are not necessarily typical of the market. (Source:
Appraisal institute, The Dictionary of Real Estate Appraisal, Fifth Edition, Chicago, 2010, page
105)
File #15-0589
DEFINITIONS (continued)
LLiouidation Value
The most probable price that a specked interest in real property should bring under the
following conditions:
1. Consummation of a sale within a short time period.
2. The property is subjected to market conditions prevailing as of the date of valuation.
3. Both the buyer and seller are acting prudently and knowledgeably.
4. The seller is under extreme compulsion to sell.
5. The buyer is typically motivated.
6. Both parties are acting in what they consider to be their best interests.
7. A normal marketing effort is not possible due to the brief exposure time.
8. Payment will be made in cash in U.S. dollars or in terms of financial arrangements
comparable thereto.
9. The price represents the normal consideration for the property sold, unaffected by
special or creative financing or sales concessions granted by anyone associated with the
sale.
(Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, Fifth Edition, Chicago,
2010, page 116)
Use Value
In real estate appraisal, the value a specific property has for a specific us6, may be the highest
and best use of the property or some other use specified as a condition of the appraisal.
(Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, Fifth Edition, Chicago,
2010, page 204)
Insurable Value
A type of value for insurance purposes. (Source: Appraisal Institute, The Dictionary of Real
Estate Appraisal, Fifth Edition, Chicago, 2010, page 102)
Limited -Market Property
A property or property right that has relatively few potential buyers. (Source: Appraisal Institute,
The Dictionary of Real Estate Appraisal, Fifth Edition, Chicago, 2010, page 114)
Special -Purpose Property
A property with a unique physical design, special construction materials, or a layout that
particularly adapts its utility to the use for which it was built; also called a special -design
property. (Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, Fifth Edition,
Chicago, 2010, page 184)
Fee Sim le Estate
Absolute ownership unencumbered by any other interest or estate, subject only to the limitations
imposed by the governmental powers of taxation, eminent domain, police power, and escheat.
(Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, Fifth Edition, Chicago,
2010, page 78)
Leased Fee Interest
A freehold (ownership interest) where the possessory interest has been granted to another party
by creation of a contractual landlord -tenant relationship (i.e., a lease). (Source: Appraisal
Institute, The Dictionary of Real Estate Appraisal, Fifth Edition, Chicago, 2010, page 111)
50
Fl ##15-0589
DEFINITIONS (continued)
Leasehold Interest
The tenant's possessory interest created by a lease. (Source: Appraisal Institute, The Dictionary
of Real Estate Appraisal, Fifth Edition, Chicago, 2010, page 111)
Real Property
The interests, benefits, and rights inherent in the ownership of real estate. (Source: Appraisal
Institute, The Dictionary of Real Estate Appraisal, Fifth Edition, Chicago, 2010, page 161)
Personal Property
1.) Identifiable tangible objects that are considered by the general public as being personal"—
for example, furnishings, artwork, antiques, gems and jewelry, collectibles, machinery and
equipment; all tangible property that is not classited as real estate. 2.) Consists of every kind of
property that is not real property; movable without damage to itself of the real estate, subdivided
into tangible and intangible. (Source: Appraisal Institute, The Dictionary of Real Estate
Appraisal, Fifth Edition, Chicago, 2010, pages 145-146)
Intended Use
The manner in which the intended users expect to employ the information contained in a report.
(Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, Fifth Edition, Chicago,
2010, page 102)
intended User
9.) The client and any other party as identified, by name or type, as users of the appraisal,
appraisal review, or appraisal consulting report by the appraiser on the basis of communication
with the client at the time of the assignment. 2.) A party who the appraiser intends will employ
the information contained in a report (Source: Appraisal Institute, The Dictionary of Real Estate
Appraisal, Fifth Edition, Chicago, 2010, pages 102-103)
Hyl2othetical Condition
That which is contrary to what exists but is supposed for the purpose of analysis. Hypothetical
conditions assume conditions contrary to known facts about physical, legal, or economic
characteristics of the subject property, or about conditions external to the property, such as
market conditions or trends, or about the integrity of data used in an analysis. (Source:
Appraisal Institute, The Dictionary of Real Estate Appraisal, Fifth Edition, Chicago, 2010, page
97)
Extraordinary Assumption
An assumption, directly related to a specific assignment, which, if found to be false, could alter
the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise
uncertain information about physical, legal, or economic characteristics of the subject property;
or about conditions external to the property such as market conditions or trends, or about the
integrity of data used in an analysis. (Source: Appraisal Institute, The Dictionary of Real Estate
Appraisal, Fifth Edition, Chicago, 2010, page 73)
Competence
The state of haying the requisite or adequate ability or qualities to perform the specific
assignment and produce credible assignment results. (Source: Appraisal Institute, The
Dictionary of Real Estate Appraisal, Fifth Edition, Chicago, 2010, page 39)
f 51
File #15-0589
ENGAGEMENT LETTER
Cbl
AUC"PI DELLENRACK
LT
At r MMM, I FM pbesed lo VAWFM Dis ba
Mwds I swwkm cwVMFQt
i A ,i on and ft KwAswg bo
Pftftnled Ina Y, &Xbofto
wfth In NO MIS Wil mpoWn sppkawh, Mk Vils f
em 04'a m
a 1 F
ofd, P r Pr
I Rwrdb N a rL a IIS,° Ivs , I I kWdh6=
iR s i(R i wW
Un' °II Ct9 Fagn w r
fthakoul AWskni Arsdk& anduftd
t, Mw b sk6paiokN
° T1s � "s s C .'r
R . I WK be iDors ' m,r
" , � " ,
carol
All ants, lrtkjftg mm cwfta M
g %40 to pow �ar
We kwktmvArigwM pu an #. , Hymi d s.
asom"W9 Wth ow above tMM aw Murkns lei`
1900 ;VCM 'M'W, D, 0117T, 2trX, ZOCAX?y"'M"� Rum
II 15-0589
ENGAGELIFN
L(LQk E N:
L_LjL 7-
NUCAMID , DELLENBACK & NAMMI EY
AMMISF-Ra & CCINSWrANT4
4. Meet ON ffiQukwmr& kv mOAking Pablo mcards WW twWwto to CPA at no cad, A
pubt mmvda In powmwkm dft mntww Wm tjoyakwom of the car"d and dmUW mny
sk,dmrJmly mug be mvided to the My In 9 bmt ftt Is wmpWjbb wM% dw InImmlon
twindow eyawm
oft Gwncy�
Tin Mum of Cw**dw b c*q*wM the p-.makm set ronh in this pqmwmrjbw"jrAd shrg
mmm (7) dap'nogw Nom ft CRA, ghm CRA mffy lanymm4a to Agmwmd.
------------
s
AUCAMP, DELLENBACK & WHITNEY 53
File 15-0589
DOUGLAS
'i.' &62,�'7 j.
Professional Affiliations And Activities
Member of Appraisal Institute (MAI)
Florida State -certified General Real Estate Appraiser RZ 1062
Board of Directors, South Florida Chapter of the Appraisal Institute, 2005 to 2008
Special Master, Palm Beach County Value Adj. Board, 1994 to 2010
Member of Admissions Committee for S. Fl./Caribbean Chapter of the Appraisal Institute, 1993
to 1998
National instructor for Robert Morris & Associates, 1996 to 1997
S. Florida/Caribbean Ch. Rep. to Appraisal Institute Region X, 1994
Chairman of the Financial Institution Employed Appraisers Committee of S. FL/Caribbean
Chapter of the Appraisal Institute, 1993
Work Experience
1994 -Present Principal, Aucamp Dellenback & Whitney, Boca Raton, FL (COMMERCIAL FEE
APPRAISER).
1991-1994 Staff Appraiser, Barnett Banks, Inc., Miami, Delray Beach & West Palm Beach, FL
(COMMERCIAL REVIEW APPRAISER).
1989-1991 V. P., Commercial R. E. Lending Dept., Barnett Bank of S. FL, Miami, FL.
1987-1989 Staff Appraiser, M.R. Ford & Associates, Palm Beach Gardens (COMMERCIAL FEE
APPRAISER), and AppraisalFirst, Inc., West Palm Beach, FL (COMMERCIAL AND
RESIDENTIAL FEE APPRAISER).
1979-1987 V.P. and A.V.P. in Commercial Real Estate Lending at three South Florida financial
institutions: Southeast Bank, AmeriFirst Federal, and First National Bank of Palm Beach.
1973-1979 City Planner in Boca Raton and St. Petersburg, FL, Lexington, MA, and Burlington, VT.
Types Of Appraisal Assignments
Real estate appraisal assignments have involved a wide variety of property types such as
industrial properties, warehouses, mini -warehouses, office buildings, retail centers, restaurants,
ACLFs, chi ld-carelpreschools, hotels/motels, apartments, condominiums, single-family homes,
subdivisions, and vacant land. Other assignments have been feasibility studies, market studies,
commercial appraisal reviews, and courtroom testimony.
AUCAMP, DELLENBACK & WHITNEY 54
File # -0589
1j:jZT.,1 l0mgLei►E•'��1�ir7�[��►E•��:i[+'I'TiiiliiR�01]
Education
Master in City Planning, Harvard University, 1974
Bachelor of Science, University of Massachusetts, 1971
Appraisal Institute Courses during the past five years:
That's Logistics — The Valuation of Warehouses, 2014
Behind the Headlines — the New Real Estate Economy, 2014
National USPAP Update Course, 2014
Florida Appraisal Law, 2014
Liability Issues for Appraisers, 2014
Critical Thinking in Appraisals, 2013
Business Practices & Ethics, 2012
Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets, 2012
National USPAP Update Course, 2012
Florida Appraisal Law, 2012
Lessons from the Old Economy, 2012
Agreement for Services -Instructions for Use, 2011
Appraisal Curriculum Overview, 2011
Understanding and Using Investor Surveys Effectively, 2011
Common Errors, Issues & Workfiiles, 2010
National USPAP Update, 2010
Florida Appraisal Law, 2010
Supervisor trainee Roles and Rules, 2010
Clients
Appraisal assignments are performed for institutional
lenders, particularly financial institutions,
as well as for estates, government entities, private companies and individuals.
Financial
institution clients include:
Banesco Bank of America
BankUnited
BB&T
CenterState Bank City National Bank
CNL Bank
Ever Bank
Fifth Third Bank First Citizens Bank
FirstCity Bank
Florida Community Bank
Floridian Community Bank Gibraltar Private Bank
HSBC
IberiaBank
JP Morgan Chase Bank Landmark Bank
Legacy Bank
Paradise Bank
PNC Regent Bank
Regions Bank
Seacoast National Bank
Stonegate Bank SunTrust Bank
TD Bank
Valley National Bank
WelisFargo Bank
FLORIDASTATE OF
(
The CERTIFIED GENERALAPPRAISER
Named below IS CERTIFIED
Under the provisions of ChaptLr 476 FS.
xpiratlon 3, 2016
ITEY, DOUG S
3996 F A U BOULEVARD, SUrrE 300
BOCA RATON FL 33431
ISSUED. 10rzW014 DISPLAYAS REQUIRED BY LAW
N LAWSON, SECRETARY
AUCAMP, DELLENBACK & WHRNEY 55
File 15-0589
pull 11-111101011-10
WORK EXPERIENCE
June 2011 -Present Staff Appraiser, Aucamp Dellenback & Whitney
Boca •'
Commercial !'
EDUCATION
Florida Atlantic University - FL
Bachelor of Business Administration, Accounting & Business Management
Appraisal Courses:
Basic Appraisal Principles, 2011
Basic Appraisal Procedures, 2011
Residential Report Writing, 2011
State of Florida Law and Appraisers, 2011
The Uniform Standards of Professional Appraisal Practice (USPAP), 2011
The Uniform Standards of Professional Appraisal Practice (USPAP), 2012
State of Florida Law and Appraisers, 2012
Real Estate Financial Statistics and Valuation Modeling, 2013
Critical Thinking in Appraisals, 2013
General Appraiser Site Valuation and Cost Approach, 2013
General Appraiser Report Writing and Case Studies, 2014
General Appraiser Sales Comparison Approach, 2014
General Appraiser Income Approach Part I, 2014
General Appraiser Income Approach Part II, 2014
General Appraiser Market Analysis and Highest & Best Use, 2014
Advance Market Analysis and Highest & Best Use, 2015
RMVERIED
Ck 0476 F&
16
* r
INORCK MARK
39M FAD BLVD SUFM 0[ii;'
BOCA -��
me". DISPLAY AS RE=Rr:O BYLAW 114ou
DELLENBACK
Y;
9+
BOYNIUN
=BEACH,111,�CRA
I I Consent Agenda I X I Old Business I I New Business I I Legal I I Information Only
SUBJECT: Consideration of Execution of Local Government Verification of Contribution — Grant
Form for the Ocean Breeze East Project to RUDG, LLC in the Amount of $493,944
SUMMARY: The Florida Housing Finance Corporation has made an additional pool of funding
available for multifamily housing in the form of 9% tax credits. Applications are due December 17,
2015. RUDG, LLC desires to apply for this funding for the Ocean Breeze East project.
Funding approval relies on a match from a third party source. The Florida Housing Finance Corporation
Request for Applications section on funding match reads as follows:
2) Qualifying Financial Assistance Funding Preference_ The total amount of permanent funding
resources, in the form of cash loans, cash grants and/or cash on hand, from local, state or federal
government sources will, for purposes of this provision, be considered to be "Qualifying Financial
Assistance. " In-kind donations or any other donation of property or assets or waiver of any fees, as
well as any funding from the Corporation, will not be considered Qualifying Financial Assistance.
The Corporation will compare the total amount of such funding per set-aside unit relative to the
other Applicants to this RFA. The Application that has the higher total amount of such funding per
set-aside unit relative to the other Applications will be eligible for the funding preference, as
outlined in Section Four B of the RFA. The financing proposal documentation provided in
accordance with Item d. below will be reviewed for financing terms and must meet the
requirements to be counted as a permanent funding source in order to be considered Qualifying
Financial Assistance. Any Qualifying Financial Assistance included in the Development Cost Pro
Forma must be utilized for permanent funding as presented in the RFA if the Applicant is awarded
funding under this RFA.
RUDG, LLC is requesting a $493,944 local contribution from the CRA in the form of a ten year 100%
TIF agreement. If funded by Florida Housing Finance, the annual payment to RUDG would be
approximately $49,394.
FISCAL IMPACT: If RUDG is successful in obtaining funding for the Ocean Breeze project, the
CRA will be paid $2,000,000 for its land. Once the project is completed and on the tax rolls, the CRA
will be liable for annual payments to RUDG of approximately $49,394 for 10 years.
PROJECT:CRA PLAN, PROGRAM OR Heart of Boynton Community Redevelopment Plan
Update
RECOMMENDATIONS: Approve execution of the Local Govemment Verification of Contribution
Grant Fotyhby CRA chair toRUDG, LLC for
Vivian i
L.'Arooks
Executive Director
T:IAGENDAS, CONSENT AGENDAS, MONTHLY REPORTSICompleted Agenda Item Request Forms by Meeting\FY 2015 - 2016 Board
Meetings\Deaember 20151RUDG OBE Local Contdbution.docx
Name of Development Ocean Breeze East
Development f! N. Seacrest Blvd.,Boynton Beach, Florida
xmini
nineo rated area o velo ment consisis of Scattered Sites. the
On or before the Application Deadline, the City/County of City of Boynton Beach committed
(Name of City or County)
S 493,944.43 as a grant to the Applicant for its use solely fori ■rig Development
referenced above. The City/County does not expect to be repaid or reimbursed by the Applicant, or other entity,
provided y d solely forDevelopment referenced above. o consideration or promise of
grantconsideration has been given with respect to the grant. For purposes ofthe foregoing, the promise ofproviding
affordable housing does not constitute consideration. The commitment for this
Application Deadline referenced above, and is provided specifically with respect'o the proposed Development.
The source of the grant is: Boynton Beach Community Redevelopment Agency Funds
LIN M Z4 11 # ;
I certify that the foregoing information is true and correct and that this commitment is effective at least through the
date required in the applicable RFA.
Jerry Taylor�
Print or Type Name
Me or of Boynton Beach
Print or Type Title
This certification must be signed by the chief appointed official (staff) responsible for such approvals, Mayor, City Manager,
County Manager/Administrator/Coordinator, Chairperson of the City Council/Commission or Chairperson of the Board of
County Commissioners. If the contribution is from a Land Authority organized pursuant to Chapter 380.0663, Florida Statutes,
this certification must be signed by the Chair of the Land Authority. One of the authorized persons named above may sign this
form for certification of state, federal or Local Government funds initially obtained by or derived from a Local Government that
is directly administered by an intermediary such as a housing finance authority, a community reinvestment corporation, or a state -
certified Community Housing Development Organization (CHDO). Other signatories are not acceptable. The Applicant will not
receive credit for this contribution if the certification is improperly signed. To be considered for points, the amount of the
contribution stated on this form must be a precise dollar amount and cannot include words such as estimated, up to, maximum of,
not to exceed, etc.
If the Application is not eligible for automatic points, this contribution will not be considered if the certification contains
corrections or 'white-out' or if the certification is altered or retyped. The certification may be photocopied.
(Form Rev. 01-14)
A 2015-113
ESTBIATED PLEDGED PROJE CT INCREMENT REVENUE
CALCULATION ■
Value of the Project prior to Redevelopment (BASE YEAR)
(Aggregate Value of all properties within Project Bounkry
awn
($85,000 based on Las Venta as assessed value)
I' Project Increment
TIF Revenue = (95% of Project Increment X (City Millage + County Millage)
City "Millage Rate*
1 1 i1pill iii
County Miliage Rate*
*Millage Rates are set annually by the City and County as part of their respective budget
processes.
Annual TIF Revenue created by Prqject
lIncentive Award = Award Factor X TIF Revenue created by Project—,
Award Factor
Total Remaining with CRA
Years of Pledged Revenue
Estimated Total Pledged Project Increment Revenue Over Term
NOTES:
The developer incentive award calculations are based on City and County millage
rates that are adjusted annually and finalized by December 31st of each year.
r(Y
4e }i RBOYN=B 'CRA
I I Consent Agenda I X I Old - Business
SUBJECT: Consideration of Amendment to Purchase and Development Agreement between the
CRA and Housing Trust Group for the MLK South Site
SUMMARY: The Housing Trust Group was not successful in obtaining a 9% tax credit allocation
from Florida Housing Finance Corporation during the competitive process for the MLK South site.
However, Florida Housing Finance has issued a Request for Applications for Housing Credit and SAIL
Financing to Provide Affordable Multifamily Rental Housing that is part of Local Revitalization Initiatives.
Housing Trust Group would like to apply for this funding for the MLK site. The application is due by
December 17, 2015. The funding is not based on a lottery number but rather a scoring system based
on the redevelopment plan, local assets and a financial match for each unit.
Housing Trust Group is requesting an amendment to the Purchase and Development Agreement
(Attachment 1) approved at the October 13, 2015 CRA Board meeting. The amendment will change
the purchase price for the entire development parcel from $2,000,000 to $2,420,000. The difference
between the purchase price of the non -CRA owned land and CRA -owned land will be paid to the CRA
at closing. At the time of closing, the CRA shall make a non-interest bearing forgivable loan to Housing
Trust Group or its subsidiary in the amount of $420,000. This loan shall serve as the required local
government contribution.
FISCAL IM PACT: If the amendment to the Purchase and Development Agreement is approved,
the new purchase price would be $2,420,000. The contracts for the non -CRA owned properties are
valued at a total of $1,861,000. Therefore, the CRA would net approximately $139,000 from the closing
after the $420,000 loan is made to Housing Trust Group. The annual TIF revenue generated to the
CRA from the project will be approximately $49,394. The CRA property is appraised at $575,000
(Attachment 2).
Aeart of Boynton 4 Redevelopment Plan
Update
RECOMMENDATIONS: Approve the Amendment to the Purchase and Development Agreement
between the CRA and Housing Trust Group for the MLK South project.
Vivvian L. Broo
Executive Director
T:IAGENDAS, CONSENT AGENDAS, MONTHLY REPORTSICompleted Agenda Item Request Forms by MeetinglFY 2015 - 2016 Board
Meetings\December 20151HTG MLK South.doox
This First Amendment to Agreement ("Amendment") is made as of December
2015, by and between HTG KING'S COVE, LLC, a Florida limited liability comp
Y,
("PURCHASER!') and, BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENC
fi,ublic agency created pursuant to Chapter 163, Part III, of the Florida Statutes ("SELLER").
WHEREAS, Housing Trust Group, LLC ("I-ITG") and SELLER, entered into that cert
Purchase and Development Agreement effective October 19, 2015 (the
og "Agreemenj
cncernin■ the purchase and do
evelpment of land in Palm Beach County, Florida
"Property"), as more particularly described in the Agreement;
NOW THEREFORE, for good and sufficient mutual consideration, the receipt and
gufficiency of which is hereby acknowledged by both inarti es- it i s-9
1.9 rig I•ME
The Agreement remains in full force and effect, and remains unmodified except
as expressly amended hereby.
2. Section 2, "Purchase Price, ' shall be amended toreplace the amount of "Two
Million Dollars ($2,000,000.00)" to the amount "Two Million Four Hundred Fifty
Thousand Dollars ($2,450,000.00)", every time it appears in this Section.
3. Section 4, "Effective Date,' shall be amended to replace the phrase "this
Agreement" with the phrase "this Amendment".
4. Section 6, "Nine Percent Tax Credit Applicant Period," shall be amended to
replace the date "November 5, 2015" with the date "December 17, 2015".
5. Section 7, "Allocation,' shall be amended to replace the date "May 31, 2016"
with the date "June 30, 2016".
6. Section 10.2, "Title Review," shall be amended to replace the phrase "fifteen (15)
days after receipt of the Title Commitment" with the phrase "fifteen (15) days
after receipt of Allocation",
-1'211 1111 1111 111111111111 i! 11111
By: _
Print Name:
Title:
Date:
Witnesses:
Approved as to form and legal sufficiency:
I in IR no 11.4
ire =Ij I j AM
By:
Print Name: Jerry Taylor
mm"
Date:
0
PURCHASE AND DEVELOFWNT AGREEMENT
PM(CHASH AbM DEVELOMWENTAOMMINT
PIMCHASE AND DEVEWROM' AGMEM&W
PAp 3 of 17
ummmo
MRAWMANNOMOopeaMM
IMMCKM AND DEVELOPIMT
PURCTIASI-3 AIR)
PN49 5 of 17
K=HA 99 AND DRVjLopW,-hTAGREEbfENT
M. u AND DEVBLOPbMNT AGRIMAWr
PRSO 7 of 17
Date, as MoTm
142 owim of vaH4,
-bbi , .
adl
wIII be $. r .. t
pd at
14.5
P=dmg or Ibroaftma WAWA Sam 'a "°
14.4 Them, aa w pubes ota duo SELLER
:k` h
its obligglicmy
CHAITM nzy, at its DOEM M dwJ=u SIMM m defitult . ,
Agccamaut W Which p ,CILUIRER mpy urmIndo tWS p , i
ts Dqwgh
p anyfiu*er A. , rcqp"fig ,,
WOMOD4
XMLmW YMA -
i ,�:1111 ''! I I �11, I I I � ll� I I
SWAM$
FM&wdAWWMfwvrMWA)
MCHASH AND DRYmOPMwf AeRmww
PURMAU D D"
KWMASE AND ;
PW 1 of 17
MAL Bd M Cott i sj
PqV 12 of 17
1 include g l ."
PMvigow of w ,.
ogug
into ,
23-5 LOEIMWW- ,my alwd� j
maximumaff=W
" _to wq amendmwt of OA -4 .
23.6 HwWwdthm PMVMDB h . � in
AM dms ind
23im .7 CHR bgreby wain
m
a) Keep old mWntain public =or& aw mamay wd mmmuny
"W"3
PUNJUMASE AND DEVELOPMENT AGRgMAM'qT
Pqw, 13 of 17
SIS NA'nMES APPEAR ON FOLLOWMG PAGES
WOU31
mm, jw mylsom r"ot Imil*
zw�+a
r
M 10, ? r ,� �
� 1
�Mk
O_ A
rbi f"wik
.,
'M� k Sk f`. i f r A �� �i Yi1 ��ilr •k�
t
X ._
}
<
mlandmWomemommm
APPRAISAL4;
TEN INDIVIDUAL i
AS PART OF AN ASSEMBLAGE
LOCATED ON
FOR
VIVIAN BROOKS, EXECUTIVE DIRECTOR
BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY
BY
ROBERT B. G, MAI, SRA
CERT GEN
AND
GARY K. ORR
CERT GEN RZ2335
WITH
ANDERSON & CARR, INC.
521 SOUTH OLIVE AVENUE
WESTP EAC , FLORIDA 33401
INSPECTION:DATE OF ,
DATE OF REPORT. FEBRUARY 27,2015
DATE OF V 1
FTLE .: 2150066.000
CLIENTE NCE: MARTIN LUTHER KING JR. BLVD.CELS 3,6,7,8, 12,13,15,16,17, & 2
• i�TWO 11 'M
K<(K((a((K((19 q 0 0 <<<c««««K«KK«<(K«v<<<<((((((<<ocK<m Appraisers 0 Realtors))»HN»N))N»» o)> >> HN N N NN N»NNN»N NNN))»»N»»NNN
521 South olive Avenue
West Palm Beach, Florida 33441-5907
www.andersonearr.com
Telephone (561) 833-1661
Fax (561) 833-0234
February 27, 2015
Vivian Brooks, Executive Director
Boynton Beach Community Redevelopment Agency
710 North Federal Highway
Boynton Beach, FL 33435
Pursuant to your request, we have personally appraised the real property being 10 individual lots as part of an
assemblage for redevelopment. The subject property is located along East Martin Luther King Jr. Boulevard and
Northeast 9th Avenue, Boynton Beach, FL, 33435.
The purpose of this narrative appraisal is to estimate the market value of the fee simple estate of the subject
property, as if part of a larger assemblage, as of February 16, 2015. The intended use of the report is to assist the
client and intended user in establishing a selling price. This report has been prepared for no other purpose and for
use by no other person or entity than for use by the client for the purpose stated herein. Any other use of this
appraisal is considered a misuse and thus the appraisers will not be held responsible for any outcome associated
with use by another entity or for another purpose.
The subject property consists of 10 individual vacant lots. Three of the lots are adjoining and seven are adjoining
but these two larger tracts are non-contiguous. At the clients request we are assuming the lots are part of an
assemblage with several adjoining parcels forming a larger tract for redevelopment.
The subject property is located in a key area of the CRA's Heart of Boynton redevelopment plan. Over the past 10
years or so the general area has experienced significant strides in neighborhood revitalization. The subject
immediate area of North Seacrest Boulevard and Martin Luther King Jr. Boulevard is planned for near future
mixed-use redevelopment. Just west of the subject a new Family Dollar is planned and the subject along with
adjoining properties is planned for residential development.
We have utilized the sales comparison approach to value, the most common method used for valuing properties
such as the subject property.
. 1 - I IN
Vivian Brooks
Page 2
FebruM 27,2015
As a result of our analysis, we have developed an opinion that the market value of the fee simple estate (as
defined in the report), as if assembled with adjoining properties, subject to the definitions, certifications,
and limiting conditions set forth in the attached report, as of February 16, 2015 was:
IfI
The following presents our analysis and conclusions in a narrative appraisal report. This letter must remain
attached to the report, which contains 59 pages plus related exhibits, in order for the value opinion set forth
to be considered valid. Your attention is directed to the Assumptions and Limiting Conditions contained
within this report.
Respectfully submitted,
Robert B. Banting, MAI, SRA
Cert Gen RZ4
Gary K Orr
e�
Cert Gen RZ2335
�•M
Summary of Important Facts and Conclusions......................................................................................................1
Certification..............................................................................................................................................................3
Assumptions and Limiting Conditions...................................................................................................................4
Subject Property Photos (February 16, 2015) .......................................................................................................7
Area/Location Maps...............................................................................................................................................14
ParcelMap..............................................................................................................................................................15
AerialPhotographs.................................................................................................................................................16
Purposeand Date of Value...................................................................................................................................18
PropertyAppraised................................................................................................................................................18
LegalDescription...................................................................................................................................................18
Disclosureof Competency.....................................................................................................................................18
IntendedUse and User..........................................................................................................................................18
Client........................................................................................................................................................................18
Definitions...............................................................................................................................................................19
PropertyRights Appraised....................................................................................................................................19
TypicalBuyer Profile..............................................................................................................................................19
Scopeof Assignment..............................................................................................................................................19
PalmBeach County Summary ...............................................................................................................................21
NeighborhoodSummary ........................................................................................................................................28
PropertyData..........................................................................................................................................................30
TaxpayerOf Record...........................................................................................................................................30
Palm Beach County Property Control Numbers..............................................................................................30
AssessedValue And Taxes For 2014................................................................................................................30
CensusTract........................................................................................................................................................31
FloodZone Designation....................................................................................................................................31
Zoningand Future Land Use............................................................................................................................32
Concurrency........................................................................................................................................................35
Utilities................................................................................................................................................................35
SubjectProperty Sales History ..........................................................................................................................35
SiteAnalysis........................................................................................................................................................35
HighestAnd Best Use............................................................................................................................................38
ExposureAnd Marketing Time.............................................................................................................................39
SalesComparison Approach.................................................................................................................................40
SalesSummary and Discussion..........................................................................................................................56
Conclusion...........................................................................................................................................................59
a Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15,16,17, & 20 A&C Job No.: 2150066.000
Client: Boynton Beach Community Redevelopment Agency
Intended User: Boynton Beach Community Redevelopment Agency
Taxpayer of Record: Boynton each CRA
Property Rights Appraised: Fee Simple Estate
Special Assumptions Reference: Subject lots are part of a larger assemblage of la
for redevelopment i
Unusual Market Externality. None
Location: East Martin Luther King Jr. Boulevard and
Northeast 9th Avenue just east of North Seacrest
Boulevard, Boynton Beach, Florida
Site/land Area: 80,776 square feet / 1.85 acres
Improvements: Vacant land
Zoning: C2 (Neighborhood Commercial) and R2 (Single &
Two Family Residential) by City of Boynton Beach
Land Use Plan: LRC (Local Retail Commercial) and MEDR
(Medium Density Residential) by City of Boynton
Beach
Flood Zone & Map Reference Zone C, Community Panel Number 120196-0004-C,
effective date of September 30, 1982
Current Use: Vacant
Highest and Best Use: Mixed Use
Exposure Time: 6 to 12 months
Marketing Time: 6 to 12 months
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8,12, 13, 15,16,17, & 20 A&C Job No.: 2150066.000
1
Estimated Property Values:
Value via Cost Approach: N/A
Value via Income Capitalization Approach: N/A
Value via Sales Comparison Approach: $575,000
MARKET VALUE:
1jMMUffM1"7�P1
Date of Report:
Date of Value:
$575,000
February 16, 2015
February 27, 2015
February 16, 2015
Cert Gen RZ4
LOA i I W47 I WA
U
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15, 16, 17, & 20 A&C Job No.: 2150066.000
2
CERTIFICATION
I certify that, to the best of my knowledge and belief.
The statements of fact 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, impartial, and unbiased professional analyses, opinions, conclusions, and recommendations.
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.
I have no present or prospective interest in the property that is the subject of this report, and I have no personal
interest with respect to the parties involved.
I have no bias with respect to any 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. This
appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan.
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.
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 & Standards of Professional Appraisal Practice of the
Appraisal Institute, which include the Uniform Standards of Professional Appraisal Practice.
The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized
representatives.
Gary K Off and Robert B. Banting, MAI, SRA have made a personal inspection of the property that is the subject of
this report.
As of the date of this report, Robert B. Banting, MAI, SRA has completed the continuing education program of the
Appraisal Institute.
No one provided significant real property appraisal or appraisal consulting assistance to the person signing this
certification.
Robert B. Banting, MAL SRA Gary K Orr
Cert Gen RZ4 Cert Gen RZ2335
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15, 16, 17, & 20 A&C Job No.: 2150066.000
3
1. Unless otherwise stated, the value appearing in this appraisal represents our opinion of the market
value or the value defined as of the date specified. Values of real estate are affected by national and local
economic conditions and consequently will vary with future changes in such conditions.
2. Possession of this report or any copy thereof does not carry with it the right of publication nor may
it be used for other than its intended use. The physical report(s) remains the property of the appraiser for
the use of the client. The fee being for the analytical services only. The report may not be copied or used
for any purpose by any person or corporation other than the client or the party to whom it is addressed,
without the written consent of an officer of the appraisal firm of Anderson & Carr, Inc. and then only in its
entirety.
3. Neither all nor any part of the contents of this report shall be conveyed to the public through
advertising, public relations efforts, news, sales or other media without written consent and approval of an
officer of Anderson & Carr, Inc. nor may any reference be made in such public communication to the
Appraisal Institute or the MAI, SRA or SRPA designations.
4. The appraiser may not divulge the material contents of the report, analytical findings or
conclusions, or give a copy of the report to anyone other than the client or his designee, as specified in
writing except as may be required by the Appraisal Institute, as they may request in confidence for ethics
enforcement or by a court of law or body with the power of subpoena.
5. Liability of Anderson & Carr, Inc. and its employees is limited to the fee collected for the appraisal.
There is no accountability or liability to any third party.
6. It is assumed that there are no hidden or unapparent conditions of the property, sub -soil, or
structures which make it more or less valuable. The appraiser assumes no responsibility for such conditions
or the engineering which might be required to discover these facts.
7. This appraisal is to be used only in its entirety. All conclusions and opinions concerning the analysis
which are set forth in the report were prepared by the appraisers whose signatures appear on the appraisal
report. No change of any item in the report shall be made by anyone other than the appraiser and the
appraiser and firm shall have no responsibility if any such unauthorized change is made.
8. No responsibility is assumed for the legal description provided or other matters legal in character or
nature, or matters of survey, nor of any architectural, structural, mechanical, or engineering in nature. No
opinion is rendered as to the title which is presumed to be good and merchantable. The property is valued
as if free and clear of any and all liens and encumbrances and under responsible ownership and competent
property management unless otherwise stated in particular parts of the report.
9. No responsibility is assumed for accuracy of information furnished by or from others, the clients,
their designee, or public records. We are not liable for such information or the work of subcontractors. The
comparable data relied upon in this report has been confirmed with one or more parties familiar with the
transaction or from affidavit when possible. All are considered appropriate for inclusion to the best of our
knowledge and belief.
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15,16,17, & 20 A&C Job No.: 2150066.000
4
s
14. The contract for appraisal, consultation or analytical service is fulfilled and the total fee payable
upon completion of the report. The appraiser or those assisting the preparation of the report will not be
asked or required to give testimony in court or hearing because of having made the appraisal in full or in
part; nor engaged in post -appraisal consultation with client or third parties, except under separate and
special arrangement and at an additional fee.
11. The sketches and maps in this report are included to assist the reader and are not necessarily to
scale. Various photos, if any, are included for the same purpose and are not intended to represent the
property in other than actual status as of the date of the photos.
12. Unless otherwise stated in this report, the appraisers have no reason to believe that there may be
hazardous materials stored and used at the property. The appraiser, however, is not qualified to detect such
substances. The presence of substances such as asbestos, urea -formaldehyde foam insulation or other
potentially hazardous materials may affect the value of the property. The value estimate is predicated on
the assumption that there is no such material on or in the property that would cause a loss in value. No
responsibility is assumed for any such conditions or for any expertise or engineering knowledge required to
discover them. The client is urged to retain an expert in this field, if desired.
13. If applicable, the distribution of the total valuation of this report between land and improvements
applies only under the existing program of utilization. The separate valuations for land and building must
not be used in conjunction with any other appraisal, no matter how similar and are invalid if so used.
14. No environmental or impact studies, special market studies or analysis, highest and best use analysis
study or feasibility study has been requested or made unless otherwise specified in an agreement for
services or in the report. Anderson & Carr, Inc. reserves the unlimited right to alter, amend, revise or
rescind any of the statements, findings, opinions, values, estimates or conclusions upon any previous or
subsequent study or analysis becoming known to the appraiser.
15. It is assumed that the property is in full compliance with all applicable federal, state, and local
environmental regulations and laws unless the lack of compliance is stated, described, and considered in
this appraisal report.
15. The value estimated in this appraisal report is gross without consideration given to any
encumbrance, lien, restriction, or question of title, unless specifically defined. The estimate of value in the
appraisal report is not based in whole or in part upon the race, color, or national origin of the present
owners or occupants of the properties in the vicinity of the property appraised.
17. It is assumed that the property conforms to all applicable zoning, use regulations, and restrictions
unless a nonconformity has been identified, described, and considered in this appraisal report.
18. It is assumed that all required licenses, certificates of occupancy, consents, and other legislative or
administrative authority from any local, state, or national government or private entity or organization have
been or can be obtained or renewed for any use on which the opinion of value contained in this report is
based.
Martin Luther King Jr. Blvd. Lwid Parcels 3,6,7,8,12,13,15,16,17, & 20 A&C Job No.: 2150066.000
5
Ky"111111t:4
19. It is assumed that the use of the land and improvements is confined within the boundaries or
property lines of the property described and that there is no encroachment or trespass unless noted in the
report.
20. This appraisal report has been prepared for the exclusive benefit of the client and intended users,
Boynton Beach Community Redevelopment Agency. This report has been prepared for no other purpose
and for use by no other person or entity than for use by the client for the purpose stated herein. Any other
use of this appraisal is considered a misuse and thus the appraisers will not be held responsible for any
outcome associated with use by another entity or for another purpose.
21. The subject property consists of 10 individual vacant lots. Three of the lots are adjoining and seven
are adjoining but these two tracts are non-contiguous. At the clients request we are assuming the lots are
part of an assemblage with several adjoining parcels forming a larger tract for redevelopment.
22. ACCEPTANCE OF, AND/OR USE OF THIS APPRAISAL REPORT CONSTITUTES
ACCEPTANCE OF THE PRECEDING CONDITIONS.
Martin Luther in Jr. Blvd. Land Parcels 3, 6, 7, 8, 12,13, 15,16,17, &20 ASC Job No.: 2150066.000
6
WO-1ZLE 0.011 10 1 0 0 m
RITrIl 1111 111514www"14101! g
m I JWJAJIII 111,111,R1101 13y 1,11WO
Front of Parcel 3 on Martin Luther King Jr. Boulevard
Front of Parcel 6 on Martin Luther King Jr. Boulevard
WITIM
IIq �R-ILVII ?) PA I i
Front of Parce 17 on M.artm Luther King Jr. Boulevard
Front of Parcel 8 on Martin Luther King Jr. Boulevard
. WLIZI MO&TOJOlull
Front, of Parccl 12 on Northeast 9"' event
W1,11 X a ?1,10"
.1WX
Front of Parcel 15 on Northeast 9h Avenue
Front of Parcel 16 on Northeast 9' Avenue
Martin Luther King Jr. Blvd. Land Parcels 3,6,7,8,12,13,15,16,17, & 20 A&C Job No.: 2150066.000
10
WAVLE 0 PITOGIZIMI ?I
Front of Parcel 17 on Northeast 9' Aveime
Front of Parcel 20 on Northeast 9" Avenue
Martin Luther King Jr. Blvd. Land Parcels 3, 8, 12, 13, 15, 16, 17, & 20 A&C Job No.: 2150066.000
11
, wallb,71
View looking east on Martin Luther King Jr. Boulevard willi ParcOs 3, 6,7 and 8 on thy; righl
View looking west on Martin Luther King Jr. Boulevard with Parcels 3, 6, 7, and 8 on the left
Martin Luther I(ing Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15, 16, 17, & 20 A&C Job No.. 2150066.000
12
View looldng east on Northwest 9th Avenue with Parcels 12,13, l . 16, 1.7, and 20 on ( be Ilett
I I I I - - - - - -- -- - - -a---
is
D---
n Luthcr King Jr. Blvd. Land Parccls 8, 12, 13, 15, 16, 17, & 20 A&C Job No.: 2150066.000
13
W—EXIN 10 0 PITIO WIWI= I, -,L= m
mw pAh AW
wg AO & 7,
r.Ad sw,,,fw� Rd
b
w Wt*A Death &0 r4w 19 Aa
vu Wm A.
*1 S
2
sw sc.
sw6th Av.
MFtcN+.4sp '7" 6rAva Cm
hw 131h A- ME !Nib &T
NWIXsAwe im,
m
Web Ave
46(h A,*
Rr tee 4ff?, A"
N%V Ob As*
KF4*m�
kh--
V,0VW,,
&t.dA A*
1711 Subject
t,q
DO 44h Av
IfAtNAW
rw,4. tv,
Sw eth Aea 'A
sw wh Ave
SWV 7th Me SE 78h Ax!
ad bqrpz�, Rd
x
6%bO
Such Blvd 'il
T
Booth Red
P,
mw pAh AW
wg AO & 7,
r.Ad sw,,,fw� Rd
b
w Wt*A Death &0 r4w 19 Aa
vu Wm A.
*1 S
2
sw sc.
sw6th Av.
MFtcN+.4sp '7" 6rAva Cm
hw 131h A- ME !Nib &T
NWIXsAwe im,
m
Subject
C KMA W
E Ckem An
'A"'.1mon eve
I
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15, 16, 17, & 20 A&C Job No.: 2150066.000
14
Web Ave
46(h A,*
Rr tee 4ff?, A"
N%V Ob As*
KF4*m�
kh--
V,0VW,,
&t.dA A*
t,q
DO 44h Av
IfAtNAW
Sw eth Aea 'A
sw wh Ave
SWV 7th Me SE 78h Ax!
Subject
C KMA W
E Ckem An
'A"'.1mon eve
I
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15, 16, 17, & 20 A&C Job No.: 2150066.000
14
IFI -IR► .' r
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15,16,17, & 20 A&C Job No.: 2150066.000
15
PALM MON. h'L
t
•
-
1
5 �
t
1
6
Subject
. y
a
5 E
F
9
A
� F
vt
4 a
a
� R.
�
t
it
S ypN
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15,16,17, & 20 A&C Job No.: 2150066.000
15
,MaRmfism,
.�.
"A" O W a WIT,:
00 A A &I � a
The purpose of this appraisal is to estimate the market value, fee simple estate, of the subject property,
assuming the lots are part of an assemblage with several adjoining parcels forming a larger tract for
redevelopment, as of February 16, 2015.
The subject property consists of ten individual vacant lots totaling 1.85 acres located along the south side of
East Martin Luther King Jr. Boulevard and the north side of Northeast 9th Avenue. The parcels fronting
Martin Luther King Jr. Boulevard are zoning for neighborhood commercial use and total 1.08 acres. The
lots along Northeast 9' Avenue are zoned for multiple family residential use and total 0.77 acres.
11 N Ili IA ; 1
The legal description for the subject property was Lots 5, 6, 8, 9, 10, and 13, Bock 4, and Lots 5, 9, and 10,
Block 5, Palm Beach County Club Estates, Plat Book 11, Page 43, and the South 100 feet of the West 5 feet
of Lot 20 and Lots 21 and 22, Less the North 10 foot road right-of-way, Robert Wells Subdivision, Plat
Book 11, Page 66, Palm Beach County, Florida (county property appraiser records).
I � '' 1' 1 li•
Per the Competency Rule contained within the Uniform Standards of Professional Appraisal Practice, the
appraisers hereby affirm that they are competent to complete the appraisal assignment for which they have
been engaged by the client.
INTENDED USE AND USER
The intended use of this report is to assist the client and intended user in establishing a selling price. The
intended user of the report is Boynton Beach Community Redevelopment Agency
This report has been prepared utilizing generally accepted appraisal guidelines, techniques, and
methodologies as contained within the Uniform Standard of Professional Practice (USPAP), as
promulgated by the Appraisal Foundation.
Vivian Brooks, w:
I North FederalHighway
Boynton Beach,
Martin Luther IGng Jr. Blvd. Land Parcels 3,6,7,8,12,13,15,16,17, & 20 A&C Job No.: 2150066.000
18
1
kr�m
The most probable price which a property should bring in a competitive and open market under all
conditions requisite to a fair sale, the buyer and seller each acting prudently, knowledgeably, and assuming
the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a
specified date and the passing of title from seller to buyer under conditions whereby: (1) Buyer and seller
are typically motivated; (2) Both parties are well informed or well advised, and acting in what they consider
their own best interests; (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 normal consideration for the property sold unaffected by special or creative financing
or sales concessions granted by anyone associated with the sale. (Title XI of the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989 (FIRREA) and the Interagency Appraisal and
Evaluation Guidelines, Federal Register, Volume 75, No. 237, December 10, 2010).
Hypothetical Condition
A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to
exist on the effective date of the assignment results, but is used for the purpose of analysis. Comment:
Hypothetical conditions are contrary to known facts about physical, legal, or economic characteristics of the
subject property; or about conditions external to the property, such as market conditions or trends; or
about the integrity of data used in an analysis (USPAP, 2012-2013 ed.).
I4itIM N M,W .M : I F.
The property rights appraised are those of the fee simple estate.
Fee simple estate is defined as absolute ownership unencumbered by any other interest or estate, subject
only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and
escheat (The Dictionary of Real Estate Appraisal, 5th ed., Chicago: Appraisal Institute, 2010).
We found that buyers of similar properties in this market are primarily investors who are purchasing
property in this urban infill area for development or assemblage for potential redevelop. The sales
comparison approach reflects the actions of typical buyers.
1 15
The traditional appraisal approaches include the cost approach, the sales comparison approach, and the
income capitalization approach. We have considered all three approaches in this assignment, and
determined only the sales comparison approach to be applicable in this assignment as the subject property
is vacant land.
tir Luther King Jr. Blvd. Land Parcels 3,6,7,8,12,13,15,16,17, & 20 A&C Job o.: 2150066.000
19
In the process of gathering data for the sales comparison approach to value, we conducted a search of our
appraisal files and public information sources such as the Palm Beach County Property Appraiser's public
access system and the Palm Beach County Clerk's Office, as well as subscription based information services
such as CoStar.com and RealQuest.com for comparable sales in the relevant market area. We searched for
the most similar sales to the subject property.
The sales ultimately selected for further analysis were the best comparable sales we were able to find in this
market. We obtained and verified additional information on the comparable properties with a party to the
transaction, or a broker or agent of the parties when possible.
We inspected the exterior of the subject property and the comparables. Physical data pertaining to the
subject property was obtained from an inspection of the premises and public information sources such as
the Paha Beach County Property Appraiser's records. Other data pertaining to the subject property was
obtained from the Palm Beach County Clerk's and Tax Collector's offices and local planning and zoning
departments.
The product of our research and analysis is formulated within this report for analysis of and direct
comparison with the subject property being appraised. Additionally, we have used original research
performed in preparation of other appraisals by this office, which is considered appropriate for the subject
property.
We make no warranty as to the authenticity and reliability of representations made by those with whom we
verified sales, rental, and other information. We have taken due care in attempting to verify the data
utilized in this analysis. We based our analysis and conclusions on overall patterns rather than on specific
representations.
The analysis and conclusions of this appraisal assignment are presented in a narrative appraisal report.
IV.1M6a11D/:[y:�il1
G L A C E$
GP �
Cgi.`I pfAj•
�,
,g
� y
I:
li
emu
1 .00
Aj
FL it R10 A
'.ALM 8E A CH
ArGWILMWOW
Lomisrmaleabe lidh.r
ummm-wup (L
rf E N.0 € I
caner
w
C O I E RWinn
laticpg- c
207=11
M A RFfN
6E Lc Cmmf Hft&uw
TOO
Palm Beach County is located along Florida's Southeast coast. It is bordered by Martin County to the
north, Hendry and Glades Counties to the west, Broward County to the south and the Atlantic Ocean to
the cast. The northwestern portion of the county is made up of Labe Okeechobee, the largest freshwater
lake in Florida. The county is located approximately 80 miles north of Miami and 260 miles south of
Jacksonville.
Palm Beach County encompasses approximately 2,203 square miles with roughly 1,974 square miles of land
area, 229 square miles of water, and 47 miles of coastline. The local weather features an average high
temperature of 83 degrees and an average low temperature of 67 degrees. The average annual rainfall is 61
inches.
According to the U.S. Census Bureau's 2013 estimate, Palm Beach County has a population of 1,372,171;
an increase of 3.9 percent from the 2010 census statistics of 1,320,134. The vast majority of the county's
growth has been a result of in -migration from the northern states as well as from Miami -Dade and Broward
Counties to the south. Palm Beach County ranks as the third most populous county in Florida behind
Miami -Dade and Broward Counties.
The county includes 38 incorporated municipalities; the largest of which is West Palm Beach, the county
seat. Boca Raton, located at the south end of the county, is the second largest city and one of the highest
income retail trade areas in the United States. The coastal towns of Palm Beach, Gulf Stream, and
Manalapan are some of the wealthiest communities in the United States.
Martin Luther King Jr. Blvd. Land Parcels 3, ► 7, ►20� A&C Job No.: 111.1 11,`
GP �
Cgi.`I pfAj•
�,
,g
� y
I:
li
ter
1 .00
Aj
FL it R10 A
'.ALM 8E A CH
ArGWILMWOW
Lomisrmaleabe lidh.r
ummm-wup (L
caner
guy,Mn�•��������_�'���ti���r���m. .,.
a�
effm 10
ruFdeoYlM�hrAE111sIte�,eelrt Arw �_k ft"
�{�,�,,, �Rww�� u
B.k 0 A RU
Palm Beach County is located along Florida's Southeast coast. It is bordered by Martin County to the
north, Hendry and Glades Counties to the west, Broward County to the south and the Atlantic Ocean to
the cast. The northwestern portion of the county is made up of Labe Okeechobee, the largest freshwater
lake in Florida. The county is located approximately 80 miles north of Miami and 260 miles south of
Jacksonville.
Palm Beach County encompasses approximately 2,203 square miles with roughly 1,974 square miles of land
area, 229 square miles of water, and 47 miles of coastline. The local weather features an average high
temperature of 83 degrees and an average low temperature of 67 degrees. The average annual rainfall is 61
inches.
According to the U.S. Census Bureau's 2013 estimate, Palm Beach County has a population of 1,372,171;
an increase of 3.9 percent from the 2010 census statistics of 1,320,134. The vast majority of the county's
growth has been a result of in -migration from the northern states as well as from Miami -Dade and Broward
Counties to the south. Palm Beach County ranks as the third most populous county in Florida behind
Miami -Dade and Broward Counties.
The county includes 38 incorporated municipalities; the largest of which is West Palm Beach, the county
seat. Boca Raton, located at the south end of the county, is the second largest city and one of the highest
income retail trade areas in the United States. The coastal towns of Palm Beach, Gulf Stream, and
Manalapan are some of the wealthiest communities in the United States.
Martin Luther King Jr. Blvd. Land Parcels 3, ► 7, ►20� A&C Job No.: 111.1 11,`
Transportation
Interstate 95 is a major north/south thoroughfare that connects Palm Beach County to the southeastern
and northeastern portions of the state, then continues along the Eastern Seaboard to Maine. Florida's
Turnpike also passes through the county and provides connections to the north central area of the state and
Miami to the south. Other north/south highways include AlA, U.S. Highway 1, Congress Avenue, Military
Trail and U.S. 441. There are numerous local east/west roadways with Southern Boulevard providing access
to the western portions of the county, as well as Florida's West Coast.
The expanded Palm Beach International Airport is conveniently located to provide air service to and from
Pahn Beach County. The airport's growth necessitated a direct access overpass interchange with I-95 which
significantly improved ingress and egress for PBIA. Other transportation services in Pahn Beach County
include the Florida East Coast Railway for rail service and The Port of Palm Beach for the shipping and
cruise industries. Tri -Rail provides commuter service through Miami -Dade, Broward, and Pahn Beach
Counties. Palm Beach County provides a bus service for transportation throughout the county and several
of the local municipalities have various forms of local downtown transportation including trolley service
and electric cars.
Economy
The unemployment rate in Paha Beach County reached a peak of 12 percent in July 2010. As of November
2014, the unemployment rate was 5.2 percent according to the U.S. Bureau of Labor Statistics. This is down
-1.3 percent from the November 2013 unemployment rate of 6.5 percent. Tourism is the county's leading
industry, employing over 70,000 people and generating about two billion dollars annually. The other multi-
billion dollar industries are construction and agriculture. All three industries experienced some decline due
to economic conditions from 2007 until the middle of 2011. The economy began to stabilize in mid -2011
and these industries continued to experience signs of recovery through year end 2014.
The largest employer in Palm Beach County is the Palm Beach County School Board, the fifth largest
school district in Florida and the eleventh largest in the continental United States, with 21,449 employees
and a $2.37 billion dollar budget for the 2014-2015 school year. The five largest private sector service
producing employers according to the Business Development Board of Palm Beach County's PROFILE
2014 Business Annual are shown in the following table.
Pahn Beach County's favorable economic profile is partially defined by its biotech sector; however, a
growing educational sector has emerged to enhance the economic base. Colleges and universities in the
county include Palm Beach State College, two Florida Atlantic University campuses, Palm Beach Atlantic
University, and Lynn University.
Martin Blvd. Parcels „i
A&C Job 0
Residential Real Estate
4
law
34%
ImEw 42%
Un.317 swmz lsf%
9&Z% 96-
j7
.
U94 IBM
?
SS
..........
I.-I,.11.1�'..",��.,�'ll",�""�"-",�"711,111,11111I ........... ..........
N1,11131,
"ho I I "en
0
—'a fdW 1" t' ".'d'
11; Lao] I
I
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15, 16, 17, & 20 A&C Job No.: 2150066.000
23
Uel 011 PITC17F,' r
Commercial Real Estate
According to the Marcus and Millichap 2014 Report, "The market is making steady progress in its recovery,
as vacancy has declined more than 300 basis points from the high point, but some obstacles remain."
Despite positive economic trends, the occupancy rate has not reached prerecessionary levels. Local
investors, however, have remained active and there has been an increase in the number of sales of assets
selling for less than $10 million. The construction forecast for 2014 calls for significant increases in building,
from 50,000 square feet in 2013 to 120,000 square feet in 2014. Unemployment figures are expected to
continue the trend of decreasing, while rental rates are forecast to increase. Vacancy rates are also on the
decline. In all, the forecast for 2014 is positive. According to CoStar'S Year End 2014 data, the Palm Beach
County commercial real estate market has experienced little change with specifics of each property class as
follows.
W
The total vacancy rate for the Paha Beach County office market fourth quarter 2U14 decreased to 14.5
percent. Rental rates averaged $26.29per square foot, a slight decrease from the third quarter. Net
absorption for the fourth quarter 2014 was positive 398,620 square feet. Vacant sublease space increased in
the quarter ending at 94,684 square feet. Five buildings totaling 147,691 square feet were delivered in the
quarter, with 55,590 square feet still under construction.
Total Office Market Statistics
Ynar_Rnrl WI t d
I.'w�ii f m; ,, 7SA7.o-'. -
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12,13, 15,16,17, & 20 A&C Job o.: 2150066.000
24
NOR
F,q•,n ; i t• - - '-
. decrease ,i th previous quarter. Net absorption83,002 square feet in the fourth quarter
2014. Vacant sublease space decreased ending
remaining745,634 square feet d -r construction at theof
YeRr•-F nd 2014
sccrime props
Retail
The Palm Beach County retail market experienced a slight improvement in market conditions in the fourth
quarter 2014, with the vacancy rate going from 6.3 percent to 6.1 percent. Average quoted rental rates
increased from the previous quarter to $18.42 per square foot. Vacant sublease space increased by 30,040
square feet. The fourth quarter 2014 net absorption rate was a positive 476,660 square feet. A total of three
retail buildings with 312,790 square feet were delivered with 170,083 square feet still under construction at
the end of the year.
.,ITOM, MW
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15, 16, 17, & 20 A&C Job No.: 2150066.00
25
I -F 1G :.
I® !lF OH
q-,;j,6e]+i
H.4A0,4J3+, ®, •n
9FU
�S1$
%q
1.822 r
743 141' 851
4.742 4
�! 8 .J3' 63312
306
13
5i3.6S3
t3
4fi8.8T3
2014 211423W
76.346,101
4.703.25e4
.:........ .
4143.557 6.27
62.3.866
5
-- _..
504,407
i6
.
.5111171(
578.42
2101410
4812°
7586179
43436
®19L33,016 6,5
m? i,s
7
45.148
21
11:....,195
518.35
2013 3
4<8{35
75$1664.
4.724.777
4.797,323 62%,
2414 1
4
37.5,66
1"a
857.332
$37.33
?RA; 39,
4 1
77382.266
9,553,5.517
6=4,468 ii.�ila
98,9±5
1
26,066
13
518,71&
'S1a.67
2401.3 2 �1
u
-1.4313'7 ,;
77356 =
r r
5.,336 5615
r �
5.588J36 7
�} _ � � a
,d
0.� 1435
8
5!1!3 782
.
.517.137
2013 1
4,g1 4934
m
7731396E
5437.722.
5495,2243 71�e
519611,
17
30' 5117
8
9x130451
4 ,45
31765
,9
2 lz 4q
4 767 k
7T 040 961
�...
a 5
5,501,354
_
r
1„71 �, 3e 7.3"� '
m _...�.
Z .329
6
.._ _:a
130.13. ....
2
319.439`1
317.43
2P12 341
i 5,81
741810132=
55811Q
579202.6 7,5,%
i2i,66
3
15.!433
25Y
1`2155
§1T86
24)121.778”
®6865585'
5.8012
•1,1357: 7.8"�
487949;
2 !
16.15x
12
211,8(3£
517.4'7
20121
�.,
4TT46L
76,87851
a
3963765'
_ ., ..
6176.661 80 .
.....
��d._...
I �k
3,039
�.
a
13I3tF
SIM
211
4.775
76876.472
5.848.252
6.173.4.04 .03v
_
626236 'x
13
348,•114:
2
m.-
10.039
(7.61
10
4.76576,537.75!
6.397A78
6.460.923_ A%
m -
314:61'
20 '
336,033
9
222.27[
._
518.50
2009
4,748 ',
76 240,21
6.334.365
6.477.670 8.5%
0;14 1.012741,
40
$83.987
14266.601
S2072
75.5 .2zj
4.715.14®
4.992.956 6,6%
701.121=
77 'i
1.862,47E
32
827.842
524,73
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15, 16, 17, & 20 A&C Job No.: 2150066.00
25
K1119-oly-&T
The most recent addition of PwC Real Estate Investor Survey, Southeast Regional Apartment Market
indicated that select apartment markets in Tampa, Orlando, and Miami have experienced a slight increase
in market rents. The publication stated that "a lack of new supply, positive demographic trends, and an
unwillingness to purchase homes due to economic uncertainty resulted in increased demand and falling
vacancy rates for many apartment areas".
According to Marcus & Millichap's 2014 Apartment Research Market Report for Palm Beach County,
"The Palm Beach County apartment market proceeds through the middle of a construction cycle that thus
far has not adversely affected countywide vacancy and rents. The steady improvement in property
operations and solid prospects for further growth indicate that the powerful economic forces at work will
continue to generate strong rental housing demand in the county over the near term."
2-9% Emli a ymcnn 11 .1,m &-ar-lr. r- a un -,y Lz�yx%- I, grw 2.9 percent this year, o7 by i 5-700psl-
riNa=hc = hired near'ir s 1AM7k.'- rwz- the past NA) years, inclu4big 3 0.20 ern-
-nlf&w=ar p I c yon )R'M') 3.
L9 �j
2"M I k dear: ma ki g a
.111X* (AmsTivaina, Developers wi�, place 2,000 uniu in service in the counq r n
minor reduzdan from tL- 2,052 renals byought re market in 2013. MuItAmAy pErmt issu-
qQ ance is an crank to dip.524AY. t-: 2,1'3; Units.
sa 9-74CMICY, Following a 1,30 baari-pajnr dedinz last year, rat=q 1P. Polm Ruji County v4fl sLp
an addNanal 30 bisis post in 2014 to 4.",7 percenr as dam=nd ourlmas additions ra rental
zamaneT saick, No zbso-ption will i= -.c -d 2,!00 snits.
Rents-'Ibc avenw renE in the county mill adinjnLe 4.0 percent this ymT tu S1,270 P21 Mon
A gain of 6.5 perctnt was recorded in -10 13. 1
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15, 16, 17, & 20 A&C Job No.: 2150066.000
26
411Z11L1#T,*CT is1AIIIN
A
Some of the factors that fed Palm Beach County's past growth diminished in 2007 with a decline in the
national economy which included reduced home prices and high unemployment. This trend continued until
the middle of 2011 when signs of stabilization began to emerge. In the fourth quarter 2011, sales activity
began to show signs of recovery. Since 2012 there has been a very slow but steady rebound in the economy.
This trend of recovery has continued through 2014 and looks to continue as 2015 begins.
Despite the highest rate of foreclosures in the nation, unemployment rates have decreased and home prices
are trending slightly upward in some markets. The market is experiencing a steady climb from the depths
of the recession which has spurred investors into action. The long-term outlook for Palm Beach County is
considered positive due to the broad employment base and desirability as a winter tourist destination. As
population grows, more supporting commercial, industrial, and service development will be required. These
factors, combined with a finite quantity of developable land, create a positive real estate outlook for the
future.
. Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 159 16, 17, & 20 A&C Job No.: 2150066.000
27
The subject property is located in a primary residential locale just west and north of downtown Boynton
Beach. This area was targeted for enhancement by the CRA about 10 years ago and the 380 acre Heart of
Boynton Community Redevelopment Plan was developed.
Historically, this area has been a downtrodden location with numerous vacant lots and old dilapidated
homes and multi -family properties with dated infrastructure. More recently, through private and
community efforts, a noticeable revitalization has been taking place. Older properties have either been
demolished or renovated and many new homes have been built. Additionally, roads, sidewalks, and street
lighting have been upgraded. There are stiIl many vacant lots and much to be done but obvious changes
have been taking place.
Revitalization of the subject neighborhood is evident from a casual drive through the area. A total of 21
new homes have been built in the Ocean Breeze West project and a 200 unit multi -family development in
Ocean Breeze East is planned. Galaxy Elementary School has a newly rebuilt campus, the Carolyn Sims
Center was redeveloped in 2009, and the Poinciana Elementary School was completed in 2009. Seacrest
Boulevard's streetscape project was completed in 2011. The area also includes a large Head Start center.
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15, 16, 17, & 20 A&C Job No.: 2150066.000
28
In 2014 the CRA revised and updated their Heart of Boynton Community Redevelopment Plan. The plan
calls for further redevelopment of several specific areas with the western and northeastern area remaining
primarily single family residential in nature and the southeastern portion being a multi -family, light
industrial and mixed use area. Along the east edge of the area is an existing light industrial strip. The plan
calls for expansion of the CBD district into the southeast quadrant of the area also. The updated plan calls
for increases in residential density and commercial intensity in some specific areas and cases.
Revitalization of a low income locale can be problematic. But when accompanied by nearby, upscale, high-
end projects there is generally has a higher probability of success. Redevelopment of the downtown
Boynton Beach waterfront has finally become a reality and this area is just blocks from the Heart of
Boynton area.
The main east -west through street in the Heart of Boynton is Martin Luther King Jr. Boulevard. This area
in the center of the eastern part of the area is intended for multi -family use with a commercial nodes at
each end of Martin Luther King Jr. Boulevard. In this mix at Northeast 8' Avenue and North Seacrest
Boulevard is a large Baptist church with school and the city's public works department. The church intends
to eventually build a life center on a vacant quarter block they own and the Heart of Boynton plans calls for
the redevelop of its public works facilities into a multi -family project.
A new Family Dollar is planned for the southeast corner of Martin Luther King Jr. and North Seacrest
Boulevard and the CRA has been acquiring land at the northeast corner of the intersection with the hopes
of attracting a small grocery store. The subject property is being assembled with adjoining properties by a
private developer for multi -family residential redevelopment.
In order to enhance the CRA efforts the Heart of Boynton plan calls for increased residential density and
more intense commercial uses through land use and zoning changes and mixed use designations in the
central and southern areas of the eastern part of the area. The Martin Luther King Jr. area is intended for a
multi -family density of up to 20 dwelling units per acre.
The redevelopment efforts by both public and private entities have greatly enhanced the area but the area
still needs noticeable improvement. Over the past several years real estate values have increased and
unemployment rates decreased although this area remains well below county norms in both aspects.
Predictions are for continued improvement and additional redevelopment the locale.
ParcelsMartin Luther King Jr. Blvd. Land , , tt
1R plummg.1 R
Taxpayer of Record
Boynton Beach CRA
Palm each County Property Control Numbers
08-43-45-21-10-005-0050, 08-43-45-21-10-005-0090, 08-43-45-21-10-005-0100, 08-43-45-21-04-000-0202, 08-
43-45-21-10-004-0050, 08-43-45-21-10-004-0060, 08-43-45-21-10-004-0080, 08-43-45-21-10-004-0090, 08-43-
45-21-10-004-0100, and 08-43-45-21-10-004-0130
Assessed Value and Taxes for 2014
The following information was taken from the Patin Beach County Property Appraiser's and Tax
Collector's web sites.
A typical informed buyer would recognize the probability of a reassessment following a sale of the property
and the possibility that taxes could change as a result, if the assessed value is substantially different than the
true market value.
The overall assessment reflects a value of $1.89 per square foot of land area. The subject commercial lots
(parcels 3, 6, 7, and 8) total 47,308 square feet have an assessed value of $2.47 per square foot while the
residential lots (parcels 12, 13, 15, 16, 17, and 20) total 33,598 square feet reflecting an assessed value of
$1.07 per square foot.
Our value conclusion does not discount for any taxes owed on the property, current or delinquent. The
value assumes the property is free and clear and not subject to any prior year's delinquencies or outstanding
tax certificates. The appraisers strongly suggest any potential buyer, mortgagee, or other investor in the
property fully investigate the tax status of the subject property with the County's Tax Collectors office.
Martin Luther King Jr. Blvd. d Pt1 No.: 00176
.0000
011: 1 "WK101pal"t
The subject property is located in census tract 0061.00.
Census TragLMaR
Census Income Population Housing
L
— , W -f lwA tON I St ,,a
Sll& 3 rld A
� Th�"
Flood Zone Designation
'A
,,—"J Subject
Roar hd
NT2i&A
A
7j
kr Vill
HE 13ThA1V
NE NthA.e
ev
w V
HhA,,
FS1
Oaksl
4-VUT�Jft-
la
W 11thAe.
RN 161h 0
NE 161D 'A D.
WA 1.)FhA i
Ff
NLVT,�=A,e
mtt
6t
Al 141W,.
Nw. L0,
'A
,,—"J Subject
Roar hd
V
N1 WnA"
HE 13ThA1V
ev
w V
ME 12Th
N,V It TA Ava
W 11thAe.
WA 1.)FhA i
Ff
NLVT,�=A,e
6t
'w
1v
WV 154 A., C'
'N'V 1 9 A, e
VP 15i A,*
%It' WAO
MW 2W&,�
pp
m
snl A�p )kdAq
W, 41h
& a 4ThAm
'A
,,—"J Subject
Roar hd
V
N1 WnA"
NE OTPA,
ev
w V
wt eThA—
Ff
yk -,'a,Ah c CvLqAv@
The subject property is located on the National Flood Insurance Program Map on Community Panel
Number 120196-0004-C, effective date of September 30, 1982. The subject appears to lie in an area
designated as zone C.
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8,12,13,15,16,17, & 20 A&C Job No.: 2150066.000
31
PiTEN.-Tirn C M
Zoning and Future Land Use
The subject property's use is dictated by the City of Boynton Beach Zoning Code and Comprehensive Plan.
The City of Boynton Beach zoning and future land use maps indicate the subject property has a zoning
designation of C2 (Neighborhood Commercial) and R2 (Single & Two Family Residential) with an
underlying land use designation of LRC (Local Retail Commercial) and MEDR (Medium Density
Residential).
The subject lots along Northeast 9`° Avenue are zoned for single and two family residential use with a
permitted density of up to 9.58 dwelling units per acre in the form of single family and duplex buildings.
The zoning states a max density of not more than 10 du/ac while the land use maps shows a maximum
density of 9.58 du/ac. Additional uses (group homes, social service agency, church, day care, governmental
office, school, and community garden) are allowed under a special exception or additional conditions. The
updated Heart of Boynton plan increases this density up to 20 dwelling units per acre and more flexible
building types.
Martin Luther IGng Jr. Blvd. Land Parcels 3, 6, 7, 8, 12,13, 15,16,17, & 20 AC Job o.: 2150066.000
32
The subject Iots along Martin Luther King Jr. Boulevard are zoned for low -intensity neighborhood
commercial use. This zoning allows numerous commercial uses as well as single and multi -family uses. The
zoning permits such uses as convenience stores, many retail stores, restaurants, and many office type uses.
Additional uses such as cemetery, gasoline station, car wash, minor auto repair, and funeral home are
permitted under a special exception or additional conditions. Most of these lots are intended for residential
use of up to 20 dwelling units per acre under the updated Heart of Boynton plan.
It is our understanding that the Heart of Boynton plan would allow a mixed use development on the subject
property with up to 20 du/ac and a maximum building height of 45 feet. The plan also calls for increased
intensity of commercial uses. If the property were part of a commercial 1 residential mixed use node at
Martin Luther King Jr. Boulevard and North Seacrest Boulevard a residential density of up to 30 du/ac
would be permitted.
The appraisers have not independently verified that the subject complies with current site development
regulations (setbacks, site coverage, etc.). It has been assumed that by virtue of the subject's on-going use,
should there be any areas of non-compliance, a variance has been issued or some other form of special
exception has been made.
Zgning MaR
Martin Luther Fing Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15, 16, 17, & 20 A&C Job No.: 2150066.000
33
WOO N—BUIR11-010711% I a
I r R
Land Use Description
LOW DENSITY RESIDENTIAL (LDR) Max 4.84 D.U./Acre
MODERATE DENSITY RESIDENTIAL (MODR) Max. 7.26 D.M-
MEDIUM DENSITY RESIDENTIAL (MEDR) Max. 9.58 D.U./Acre
HIGH DENSITY RESIDENTIAL (HDR)10.6 D-U./Acre
SPECIAL HIGH DENSITY RESIDENTIAL (SHDR)
OFFICE COMMERCIAL (OC)
LOCAL RETAIL COMMERCIAL (LRC)
GENERAL COMMERCIAL (GC)
M INDUSTRIAL (1)
as RECREATIONAL (R)
MIXED USE (MX)
MIXED USE CORE (MXQ
MIXED USE SUBURBAN (MXS)
DEVELOPMENT OF REGIONAL IMPACT R.
CONSERVATION (CON)
CONSERVATION OVERLAY (C/O)
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15, 16, 17, & 20 A&C Job No.: 2150066.000
34
==A
The strongest growth control measure ever imposed was passed by the Florida Legislature and became
effective on February 1, 1990. This was mandated by Chapter 163, Florida Statutes, otherwise known as the
Growth Management Law. One provision of this law is referred to as Concurrency which dramatically
limits the ability to develop real property. It is basically the requirement that adequate infrastructure be
available to serve new development. Eight types of infrastructure are affected including traffic, potable
water, sewer, drainage, solid waste, recreation and open space, mass transit, and fire rescue.
In May of 2011, House Bill 7172 amended the Growth Management act in an effort to spur economic
growth through streamlining and lessening growth management controls. Transportation concurrency
requirements were exempted in dense urban land areas with populations of at least 1,000 people per square
mile. Also, within dense urban land areas, the DRI process has been exempted. State review of local
comprehensive plans was streamlined and zoning changes are now allowed to be considered concurrently
with land use plan amendments.
It is the appraisers' understanding that the subject is not subject to any concurrency restrictions. Should the
property be altered or redeveloped, the matter of concurrency would need to be revisited at that time.
Utilities
The following utilities are available to the subject property: Water, electricity, municipal sewer.
Subject Property Sales History
The appraisers have not been provided with a title abstract on the property appraised nor have they
conducted a title search of their own. The Palm Beach County Property Appraiser's records indicate that
the subject lots were acquired between 1982 and 2006 by the CRA for 826,100 in various deeds.
It is our understanding that CRA has approved a purchase and development agreement with Gardner
Capital with a price of $600,000 for the subject 10 lots. This equates to $7.43 per square foot of land area.
Gardner Capital intends to develop the lots with multi -family units after assemblage with adjoining lots.
Site Analysis
The following analysis is based upon a personal inspection of the site and Palm Beach County Public
Records.
Location
The subject property 10 lots are located along East Martin Luther King Jr. Boulevard and Northeast 9th
Avenue just east of North Seacrest Boulevard in Boynton Beach. Florida 33435.
MartinLuther ' g Jra Blvd. Land Parcels 3, 6, 7, 8,12,13, 15,16,17, & til A&C Job No.: 215006.0
35
We have relied on the site size for the subject from the county appraisers records. County records show the
size of the commercial lots on Martin Luther King Jr. Boulevard in terms of square feet while the size of
the residential lots on Northeast 9th Avenue are shown in acres. Frontage and depth of each lot is derived
from the county ownership map from RealQuest. From this data we have developed the following
approximate lot dimensions and size chart.
The subject property totals 80,776 square feet or 1.85 acres. The lots from two contiguous parcels of 17,544
square feet (Parcels 3, 12, and 13) and 63,232 square feet (Parcels 6, 7, 8, 15, 16, 17, and 20).
Martin Luther Ving Jr. Blvd. Land Parcels 3, 6, 7, 8,12,13, 15,16,17, & 20 A&C Job No.: 2150066.000
36
The site is level and near road grade. On-site drainage will be determined by eventual development. Off-
site drainage is by a public drainage system.
Access
Access is via Martin Luther King Jr. Boulevard and Northeast 9`s Avenue. Both are two lane, public roads
with nearby connections to major roadways including Seacrest Boulevard, Federal Highway, Boynton
Beach Boulevard and an I-95 interchange.
Easements or Encroachments
Typical utility easements are believed to exist, although a survey that would delineate the boundaries of
such was not made available to the appraisers. The appraisers did not note any such conditions during our
on-site inspection. We have no reason to believe that there are any easements or encroachments on the
property that would affect its use in such a way as to have a negative impact on value.
SoilMnvironLnental Conditions
We have not been provided with nor have we commissioned a soil or sub -soil condition report. The
subject's land appears to be composed of typical loose South Florida sand.
The appraisers have no reason to believe that there may be hazardous materials stored and used at the
property. The appraiser, however, is not qualified to detect such substances. The presence of potentially
hazardous materials may affect the value of the property. The value estimate is predicated on the
assumption that there is no such material on or in the property that would cause a loss in value. No
responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to
discover them. The client is urged to retain an expert in this field, if desired.
Martin Luther Fing Jr. Blvd. Land Parcels 3, 6, 7, 8,12,13, 15,16,17, & 20 A&C Job No.: 215 66.000
37
The Appraisal Institute defines highest and best use as follows:
The reasonably probable and legal use of vacant land or an improved property that is physically possible,
appropriately supported, financially feasible, and that results in the highest value. The four criteria the
highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and
maximum productivity. Alternatively, the probable use of land or improved property—specific with respect
to the user and timing of the use—that is adequately supported and results in the highest present value.
(Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed., Chicago: Appraisal
Institute, 2010).
The analysis of highest and best use normally applies these considerations in a three step process, involving
the analysis of the highest and best use of the site as if vacant, determination of the ideal improvement, and
a comparison of the existing improvement with the ideal improvement, in order to estimate the highest and
best use as improved. The subject is vacant land, therefore only the first two steps apply.
The subject site contains roughly 1.85 acres in two tracts and could physically support a number of uses. We
have assumed the subject is part of a larger assemblage. It is our understanding that this assemblage is still
in progress. It appears from the surrounding ownership interest and uses the final assemblage will be
around two to three acres. The physically possible uses must be legal, reasonable, probable, and a logical
continuation of surrounding uses within the subject property's neighborhood. The current zoning is
commercial and residential but the Heart of Boynton plan indicates the property could be improved under
a commercial 1 residential mixed use designation with up to 20 dwelling units per acre.
The highest and best use of the subject property is for assemblage with nearby surrounding properties and
development with a residential or mixed use redevelopment.
Luther King Jr. Blvd. Land Parcels 3,6,'7,8,12,13,15,16,17, & 20 A C Job No.: 2150066.000
38
Exposure time is: 1) The time a property remains on the market; 2) The estimated length of time the
property interest being appraised would have been offered on the market prior to the hypothetical
consummation of a sale at market value on the effective date of the appraisal; 3) A retrospective estimate
based on an analysis of past events assuming a competitive and open market.
Marketing time is an opinion of the amount of time it might take to sell a real or personal property interest
at the concluded market value level during the period immediately after the effective date of an appraisal.
Marketing time differs from exposure time, which is always presumed to precede the effective date of an
appraisal. Advisory Opinion 7 of the Appraisal Standards Board of The Appraisal Foundation and
Statement on Appraisal Standards No. 6, Reasonable Exposure Time in Real Property and Personal
Property Market Value Opinions address the determination of reasonable exposure and marketing time.
(Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed., Chicago: Appraisal
Institute, 2010).
Credit markets have constricted over the past couple of years but are now showing signs of easing and
financing for commercial properties appears to be more readily available at this time. Most properties
offered for sale have been exposed on the market for six to twelve months or longer.
The CoStar Group reported the sale of 35 residential land sales in Palm Beach County from January 2013
through February 2015 where they reported marketing times. The marketing times ranged from 47 to 2,535
days with a mean of 652 days. There were 6, however, with unusually long marketing periods of over 3
years. The reaming 29 sales reflect a mean marketing time of 431 days. They reported the sale of 100
commercial land sales where they reported marketing times during this same time frame. The marketing
times ranged from 9 to 2,298 days with a mean of 749 days. There were 24, however, with unusually long
marketing periods of over 3 years. The reaming 76 sales reflect a mean marketing time of 429 days.
The local Multiple Listing Service reported the sale of 4 commercial land parcels in the greater Boynton
Beach area from January 2013 through February 2015. Marketing times ranged from 26 to 949 days with a
mean marketing time of 280 days. The MLS also reported the sale of 28 residential parcels during this time
frame with marketing times from 21 to 1,217 days and a mean marketing time of 305 days.
Considering the preceding, as well as improving market conditions, and assuming a prudent pricing
strategy, we estimate an exposure time of 6 to 12 months. Looking forward, we feel this would be a
reasonable estimate for marketing time as well.
art'i Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15, 16, 17, & 20 A Job No.. 2150066.000
39
WV1 94 w N -16
The sales comparison approach is the process of deriving a value indication for the subject property by
comparing market information for similar properties with the property being appraised, identifying
appropriate units of comparison, and making qualitative comparisons with or quantitative adjustments to
the sale prices (or unit prices, as appropriate) of the comparable properties based on relevant, market -
derived elements of comparison. (Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed.,
Chicago: Appraisal Institute, 2010.)
The sales comparison approach requires that the appraiser locate recent sales of similar properties and
through an adjustment process arrive at an indication of what these properties would have sold for if they
possessed all of the salient characteristics of the subject property. These adjusted sales prices are then
correlated into an estimate of the market value of the property via the sales comparison approach to value.
A search of the Palm Beach County official records, local multiple listing service records, discussions with
local brokers and appraisers and a personal inspection of the subject area produced several sales of similar
type properties. The sales used in the analysis were the best comparables that we were able to verify with
public records and/or a party to the transaction.
Based on the newly updated Heart of Boynton neighborhood redevelopment plan the subject property /
assemblage has potential for multi -family residential use or mixed commercial / residential use. As a result
we are using a mix of commercial and residential sales in our analysis. Additionally, we are including the
current sale of the subject for informational purposes only.
The following pages feature a detailed write up of each comparable used in the analysis, a location map and
summary of the selected comparable sales data, which is followed by a discussion of the pertinent
adjustments and conclusion of value.
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8,12,13, 15,16,17, & 20 A&C Sate No.. 2150066.000
40
SALE NO. 1 - 101 Northeast 8th Avenue, Boynton Beach, FL 33435
AC File No.: 2150066 IM --A-472-1111
UK book[Fage: 2572UMUM Type: Land
Sale Status: Sale Sub -Type: Multi -Family (> 1 Unit)
Date: August 3, 2012
Grantor: Mary Lee Upshaw
Grantee: Saint John Missionary Baptist Church
Legal: Lot 3, Block 2, Palm Beach Country Club Estates, Plat Book 11, Page 43, Palm
Beach County, Florida
Folio No.: 08-43-45-21-10-002-0030
Location: South side of Northeast 8th Avenue just east of North Seacrest Boulevard about 1/3
of a mile north of Boynton Beach Boulevard
Zoning: R2 - Single and Two Family Residential by Boynton Beach
Land Use: Medium Density Residential
Utilities: Water, electricity, municipal sewer
Martin Luther Mng Jr. Blvd. Land Parcels 3,6,7,8,12,13,15,16,17, & 20 A&C Job No.: 2150066.000
41
1 9410111
Site Size: Square Feet: 5,700 Acres: 0.13
ShWe: +: Street Frontage (Ftj� 50
Topogrg,phyffievation: Level, near road grade
Wensity: Total No. of Units: 2 (Per Zo
UnitslAcre: 15.27
Use: Current Use: Vacant
Intended Use: Redevelopment
Highest and Best Use: Residential / Redevelopment
Verification: Source- Thelma
Rejajjmship: Buyer's Receptionist
Conditions of Sale: Arm's-length
Verified B Gary Orr
Date: February 19, 2015
Sales History: No transactions in the previous five years
Sales Price: $75,000
Price/SF Land: $13.16
Price/Acre: $572,519
Price/Unit: $37,500
Financing: Cash
Comments:
This is the sale of a duplex lot particularly wanted by the buyer. The property had contained an old home
that was damaged by hurricanes with only the slab remaining at the time of purchase. The buyer is the
church / school across the street to the north who also owns lots on the east and west sides of this sale
parcel. The church plans on evidentially developing the land with a Life Center.
Martin Luther King Jr. Blvd. Land Parcels 3,6,7,8,12,13,15,16,17, & 20 A&C Job No.- 2150066.000
42
WMI-01 I NITIZIFILKI K cc 0 E
S,.13LE NO. 2 - 413 East Ocean Avenue, Boynton Beach, FL 33435
AC File No.: 2150066 ID: 907820
OR Book/Page: 26484/0125 Type: Land
Sale Status: Sale Sub -Type: Commercial
Date: December 4, 2013
Grantor: BobKatz Properties, Inc. and 417 East Ocean Ave, LLC
Grantee: First Avenue Boynton, LLC and 206 Boynton, LLC
Legal: Lots 2 through 6, the East 30 feet of Lot 9, and lots 10 and 11, Block 5, Town of
Boynton, Plat Book 1, Page 23, Palm Beach County, Florida
Folio No.: 08-43-45-28-03-005-0020, 08-43-45-28-03-005-0091, 08-43-45-28-03-005-0100, and
08-43-45-28-03-005-0040
Location: East side of East Ocean Avenue and east side of Northeast 3rd Street on the west
side of the FEC railroad tracks, just north of Ocean Avenue in Boynton Beach
F -and Use: Local Retail Commercial
Utilities: Water, electricity, municipal sewer
Martin Luther Ying Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15, 16, 17, & 20 A Job No.: 2150066.000
43
Fl !
SquareSite Size: ..l r Acres: 1.03
Shape: Irregular Street Frontage (Ft.): 98
! it io • . ! .1 L ;. Level, near roadgrade
".
Itse: Current Use: Vacant Land
Intended i ! Development
Hiahest and iest Use: Commercial Developme
Verification: Source: Robert Banting, Anderson & Caff, Inc.
Relationship: Broker}
Conditions of Sale: Arm's-length
Verified By: Gary Orr
Date: February 17, 2014
Sales History: No transactions in previous five years
Sales Price: $650,000
Price/SF Land: $14.56
Price/Acre: $634,146
Financing: $300,000, Seller PMM with 5 year balloon
This is a two part sale of an on-going assemblage for future development. The sale took place under two
deeds dated in November and December of 2013. The later deed is found in OR 26546/0001. The property
is divided by an older road right of way that will most likely be abandoned and assembled into the property
in the future. The 12,564 square foot east half of the north part of the property sold at $100,000 or $7.96
per square foot and the remainder of the property, 32,070 square feet, sold for $550,000 or $17.15 per
square foot. As of February 2015 another adjoining vacant tract along with improved properties
(commercial and industrial) to the south of East Ocean Avenue is to be purchased in the near future.
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13,15,16,17, & 20 A&C Job No.: 2150066.000
44
SALE NO. 3 - 505 • 21st Avenue, Boynton Beach, Fl, 33435
AC File No.: 2150066 ID: 90782A
OR Book/Page: 26810/1138 Type: Land
Sale Status: Sale Sub -Type: Multi -Family (> 1 Unit)
Date: May 5, 2014
Grantor: Wells Fargo Bank, N.A.
Grantee: Ralph Giunta
Legal: Long legal in the East 1/2 of the Northeast 1/4 of Section 33, Township 45 South,
Range 43 East, Palm Beach County, Florida
Folio No.: 08-43-45-33-00-000-1240
Location: North side of Southeast 21st Avenue just west of South Federal Highway one-third
of a mile south of Woolbright Road, Boynton Beach
Land Use: High Density Residential
Utilities: Water, electricity, municipal sewer
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15, 16, 17, & 20 A&C Job No.: 2150066.000
45
Site Size: Square Feet: 6,500 Acres: 0.15
Shgpe: Rectangular Street Frontne (Ft.y 65
Top2ggphyLElevation: Level, near road grade
Density: Total No. of Units: 2 (Per Zonin,,T
UnitglAxre: 13.42 1
Itse: Current Use: Vacant
Intended Use: Multi -Family Residential
ffighest and Best Use: Multi -Family Residentil
Verification- Source: Bryan Taksey, The Keyes Company
RelationshiR: Listing Broker
Conditions of Sale: Arm's-length
Verified L3y: Gary Orr
Date: February 19, 2015
Sales Price:
Price/SF Land:
Price/Acre:
Price/Unit:
Financing:
Comments:
$225,000, July 2005, OR 18962/0872; $62,300, September 2013, OR 26356/1742,
Foreclosure
$25,000
$3.85
$167,785
$12,500
Cash
This is the sale of a vacant multi -family lot. It had been improved with an older single family home which
was torn down prior to the sale. The property was an REO sale. It had been listed for $24,900 and sold
after 25 days on the market. The lot is sub -standard in width but it appears it would be suitable for
development with a residential duplex.
Martin Luther King Jr. Blvd. Land Parcels 3,6,7,8,12,13,15,16,17, & 20 A Job No.: 2150066.000
46
. WAII'.'11101 11111111 1
SALE NO. 4 - 513 Southeast 4th Street, Boynton Beach, FL 33435
AC File No.: 2150066 ID- 907828
OR Book/Page: 27145/0466 Type: Land
Sale Status: Sale Sub -Type: Commercial
Date: October 30, 2014
Grantor: Burton Metsch Revocable Living Trust
Grantee: Shamsad Islam
Legal: Long legal in Lots 9 and 10, Pence Subdivision No. 1, Plat Book 1, Page 33, and a
portion of Railroad Avenue, Palm Beach County, Florida
Folio No.: 08-43-45-28-07-002-0091
Location- West side of Southeast 4th Avenue one block west of South Federal Highway and
one-half mile south of East Boynton Beach Boulevard, Boynton Beach
Zoning: C3 - Community Commercial by Boynton Beach
I FTITS a 0 6 . '. - .iii
Utilities: Water, electricity, municipal sewer
Site Size: Sguare Feet: 44,451 Acres: 1.02
Shave: Irregular Street Frontage
ToaphyXievatin: e
Lvel, near road grade
pogro
g
Use: Current Use: Vacant
Intended Use: Unknown
Highest and Best Use: Commercial / Residential
Verification: Source: All Stall, Hudson Real
Relationship: Listing Broker
Conditions of Sale: Arm's-leng
Verified ft: Gary Orr
Date: February 19,2015
Sales Price: $200,000
Price/SF Land: $4.50
Price/Acre: $196,078
Financing: Short term $170,000 PMM
This is the sale of a lightly wooded tract of land. The property is located on a secondary roadway with no
commercial exposure. The listing broker was unsure of the buyers intended use of the property. It was
listed for $250,000 and sold after about 14 months on the market.
Martin Luther King Jr. lvd® Land Parcels 3,6,7,8,12,13,15,16,17, &20 A&C Job No.: 2150066.000
48
wilb"'I OKI
SALENO.5 - Martin Luther King Jr. Boulevard, Boynton each, FL 33435
AC File No.: 21.30066 ID: 907827
OR Book/Page: 27152/0198 Type: Land
Sale Status: Sale Sub- e: Commercial
Date: October 31, 2014
Grantor: Blanche Girtman
Grantee: Boynton Beach CRA
Legal: Long legal in Lots 11 and 12, Block 1, Frank Weber Addition to Boynton Beach,
Plat Book 9, Page 3, Palm Beach County, Florida
Folio No.: 08-43-45-21-25-001-0110
Location: North side of Martin Luther King Jr. Boulevard one lot east of North Seacrest
Avenue about one -mile north of Boynton Beach Boulevard
Land Use: Local Retail Commercial
Utilities: Water, electricity, municipal sewer
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15, 16, 17, & 20 A&C Job No.: 2150066.000
49
W. MIK V I I Z
Site Size: Square Feet: 7,930 Acres: 0. 18
Shgpe: Rectangular Street Frontage, W-1
ToRogrgaphy/Elevation: Level, near road grade I
O'se: Current Use: Vacant
Intended Use: Commercial
Highest and Best Use: Commercial
Verification: Source: Vivian Brooks, CRA Executive Director
Relationship: Buyer
Condons of Sale: Arm's-length
Verified By: Gary Orr
Date: February 19, 2015
Sales History: No transactions in the previous five years
Sales Price: $130,000
Price/SF Land: $16.39
Price/Acre: $714,286
Financing: Cash to seller
This is the purchase of a small commercial lot acquired for future development.
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, g,1 , 13, 15, 16, 17, & 20 A&C Job No.: 2150066.000
50
SALE NO.6 - Southwest lst Avenue, Boynton Beach, FL 33435
AC File No_: 2150066 ID: 907825
OR Book/Page: 27203/0856 Type: Land
Sale Status: Sale Sub -ape: Multi -Family (> 1 Unit)
Date: December 4, 2014
Grantor: HH Community Investment Fund III, LLC
Grantee: D.R. Horton, Inc.
Legal: Lots 1 through 14 and Lots 3U through 39, Block 16, Boynton Heights, Plat Book 10,
Page 62; Lot 9, Block 2 and Lot 12, Block 3, Sunnydale, Plat Book 24, Page 34; and
Lots 14 and 15, Block 2, Bowers Park, Plat Book 11, Page 57; Palm Beach County,
Florida
Folio No.: 08-43-45-28-10-016-0010, -0030, -0130, -0300; 08-43-45-28-21-002-0090, -0120; and
08-43-45-28-12-002-0140
Location: Southwest 1st Avenue just west of South Seacrest Boulevard, Southeast 3rd Avenue
just east of South Seacrest Boulevard, Southwest 3rd Avenue just west of Southwest
3rd Street, and the Southwest corner of Southwest 4th Avenue and Southwest 3rd
Street, Boynton Beach
Zoning; RIA & R2 - Single and Two Family Residential by Boynton Beach
Martin Luther Ving Jr. Blvd. Land Parcels 3, ..1 16 ,17, 20 A&C1 215006651
.000
Land Use: Low and Medium Density Residential
Utilities: Water, electricity, municipal sewer
Feet:Site Size: Square .0 Acres: 2.58
,■- Rectangular Streeto11
rrs• . pb... grade
Density: Total No. of Units: 21 (Per Zoning)
Units/ e: 8.13
Use: Current Use: Vacant
Intended Use: SingleResidential
Highest and Best Use: Single / Multi -Family Residential
Verification: Source: Jennifer Grugan
Relationship, Sellers assistant
Conditions of Sale: 's -length
Verified y: Gary Orr
Date: February 19, 2015
Sales History: Assemblage - See comments
Sales Price: $1,120,000
Price/SF Land: $9.95
Price/Acre: $433,437
Price/Unit: $53,333
Financing: Cash to seller
Comments:
This is the purchase of a 1.86 acre multiple family tract and four individual single family lots with only two
of the single family lots contiguous. The property was acquired by the seller in four transactions in June
2013, October 2013, and February 2014. Two of the single family lots were acquired for $19,000 each, two
single family lots for $40,000, and the multi -family tract for $400,000. The total acquisition price was
$478,000. The real estate package was then sold to a prominent home builder as shown above. The multi-
family tract will accommodate 18 units with each single family lot suitable for development with a house.
SALE NO.6 (Subject) - 118 East Martin Luther King Jr. Boulevard, Boynton Beach, FL 33435
AC File No.: 2150066 1D: 907836
Sale Status: Approved by City Type: Land
Sub -Type: Multi -Family (> 1 Unit)
Grantor: Boynton Beach CRA
Grantee: Gardner Capital
Legal: Long legal in Blocks 4 and 5, Pahn Beach County Club Estates, Plat Book 11, Page
43, and in Lots 20, 21, and 22, Robert Wells Subdivision, Plat Book 11, Page 66,
Palm Beach County, Florida
Folio No.: 08-43-45-21-10-005-0050, 08-43-45-21-10-005-0090, 08-43-45-21-10-005-0100, 08-43-
45-21-04-000-0202, 08-43-45-21-10-004-0050, 08-43-45-21-10-004-0060, 08-43-45-21-
10-004-0080, 08-43-45-21-10-004-0090, 08-43-45-21-10-004-0100, and 08-43-45-21-
10-004-0130
Location: South side of Martin Luther King Jr. Boulevard and north side of Northeast 9th
Avenue just east of North Seacrest Boulevard, Boynton Beach
Zoning: ' Neighborhood Commercialand Single and Two Family Residential
City of Boynton Beach
Land Use: Local Retail Commercial and Medium Density Residential
02 W-1 ""A 0110
Utilities: Water, electricity, municipal sewer
Site Size: Square Feet: 80,776 Acres: 1.85
ShaRe� Irregular Street Frontage (FQ: 367
ToRog[aphy(Elevation: 1,evel, near road grade
Mensity: Total No. of Units: 37 (Per Zoning)
Units/Acre: 19.96
Use: Current Use: Vacant
Intended Use: Residential
Highest and Best Use: Residentil
Verification: Source: Vivian Brooks, Boynton Beach CRA
Relationship: Seller
Conditions of Sale: Arm's-length
Verified By: Gary Orr
at February 23, 2015
Sales History:
Sales Price:
Price/SF Land:
Price/Acre:
Price/Unit:
Financing:
Comments:
$600,000
$7.43
$323,625
$16,216
Cash to seller
This is the sale of 10 individual lots forming two non-contiguous tracts of land. The buyer is assembling this
parcel with others for residential development. The current zoning / land use plan reflects a lower density
of up to 9.58 du/ac but the recently updated CRA Heart of Boynton neighborhood redevelopment plan
calls for either mixed use or residential use up to 20 du/ac. The sale was confirmed with the seller with
additional information from a recent article in the Palm. Beach Post.
idarti i Luther King Jr. Blvd. Land Parecls 3, 6, 7, 8, 12, 13, 15, 16, 17, & 20 A&C Job No.: 2150066.000
54
oft Ave
Pwk 0 d9f 80
Sale 2
NAM"
a
Plkh Av*
Sale 5
7-
23rd Aw 23rd Awr
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15, 16, 17, & 20 A&C Job No.: 2150066.000
55
Proten Bmh Nv&
xj-,
W woolb"ht
ars yok
k �a PAO*
Ow;
ii ;-,44W
G Rd
a
Plkh Av*
Sale 5
7-
23rd Aw 23rd Awr
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15, 16, 17, & 20 A&C Job No.: 2150066.000
55
In this analysis, we considered differences between the sales and the subject in terms of property rights
sold, conditions of sale, financing, market conditions (trend or time adjustment), location, land size, and
quality and condition of any existing improvements.
The appraisers based the comparisons on a standardized unit of measure, the sale price per square foot of
land. The sale price per square foot of land correlates well among the comparable sales and is commonly
used by buyers in this type of analysis.
Property i
The property rights transferred were believed to be those of the fee simple estate. No differences between
the sales and the subject are reflected.
All sales were reportedly market oriented. However, two sales were particularly needed for assemblage by
the buyer. Accordingly, sales 1 and 5 have been adjusted downward for this aspect.
anc° a
We considered any indication of favorable financing. All sales were either on a cash basis or had market
oriented financing, therefore, no differences were noted nor were adjustments made.
Market Conditions
The sales occurred over the period from August 2012 to December 2014. The date of value is February 16,
2015. The market has shown improving market conditions over this time period but the data set does not
indicate an adjustment for market conditions is warranted.
Location
The subject property is located on Martin Luther King Jr. Boulevard just east of North Seacrest Boulevard.
Sales 1 and 5 are located in the immediate area of the subject. The data set indicates that sales 3 and 4 have
similar locations. Sales 2 and 6 are situated in superior areas and have been adjusted downward for
location.
Generally, larger properties will sell for a somewhat lower price per square foot of land than smaller ones,
and vice versa, when all else is equal. The subject property is being appraised as if the lots were part of a
larger assemblage for redevelopment. As we do not have details on larger parcel regarding final assembly
size we are applying this analysis segment as if it were only marginally larger than the subject itself. Sales 1,
2, and 5 are significantly smaller with sales 3 and 4 being moderately smaller than the subject. These sales
are being adjusted downward for size. Sale 6 is more similar in size and warrants no adjustment.
Martin Luther King Jr. Blvd. Land Parcels 3, 6, , , 12,13,15,16,17, & 20 A&C Job No.. 21 0066.000
56
'100 NIT"I"
Properties of all ditterent shapes can typically be developed. Some properties, however, allow for a more
efficient development of the site providing for the maximum development intensity. Neither the subject (as
part of a larger assemblage suitable for development) nor the comparables appear be impacted by their
shape in such a manner as to limit their development. Another factor considered here is the existence of
any physically detrimental site conditions such as contamination or muck. Neither the subject nor any of the
comparables were known to suffer from any detrimental site conditions.
Zoninga,grid Use
The subject property has a zoning designations of commercial and residential with potential for mixed use
commercial / residential or multi -family residential development. Sales 1, 3, 4, and 6 have similar overall
potential. Sale 2 has superior potential, partly due to location and sale 5 has superior potential having been
purchased for assemblage directly on North Seacrest Boulevard. Accordingly, sales 2 and 5 have been
adjusted downward for this aspect.
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15, 16, 17, & 20 A&C Job No.: 2150066.000
57
W,
..
I.
I
►3
v
m
K
m
n
r-
m
0
I
qa
a
o
CD's
s
In
i
S_
CD
N
®
®
o
cv
'F5
0e'
o
M
o
kn
v44
v w3.
V
�
!
fiMl
en
G*
M®
Cho
v
�
M
a
al;
NPb
ti
Nt
ti
a
43
d
y
a
a
pq
't�
°
kn
en
wa
oD
d
N
M
S,
of
o
lea
uU°
+4
❑
`"
p
w
0
O
I.
I
►3
Considering all of these differences, we developed the preceding quantitative comparison chart listing the
sales as they compare to the subject property, based on a price per square foot of land. Not all categories
considered are depicted. Those omitted reflect no differences between the sales and the subject property.
The unadjusted range of value indicated by the sales is $3.85 to $16.39 per square foot of land area. The
preceding quantitative comparison chart shows the value range for the subject property after adjustment
based on a price per square foot of land area to be from $3.46 to $9.47 with a mean of $7.10. The sale of the
subject is being given consideration but has not been included in the comparison 1 adjustment process.
Considering all of the salient factors discussed previously and prevailing market conditions, the appraisers
feel a conclusion in the middle portion of the indicated range is most appropriate. Given the preceding data
and discussions, it is concluded that the market reflects a value per square foot of land area for the subject
property, as if the subject lots are part of a larger assemblage of land for redevelopment, of $7.10 as of
February 16, 2015. Total value is calculated as follows:
80,776 Square Feet @ $7.10 per Square Foot = $573,509
Rounded To:
VALUE VIA SALES COMPARISON APPROACH: $575,000
Martin Luther King Jr. Blvd. Land Parcels 3, 6, 7, 8, 12, 13, 15, 16, 17, & 20 A&C Jab o.: 2150066.000
59
I I , I I , P I
NUCIMM. I.A.1010101 k
PROFESSIONAL DESIGNATIONS - YEAR RECEIVED
MAI - Member Appraisal Institute - 1984
SRA - Senior Residential Appraiser, Appraisal Institute -1977
SRPA - Senior Real Property Appraiser, Appraisal Institute - 1980
Statc-Certified General Real Estate Appraiser, State of Florida, License No. RZ4 - 1991
EDUCATION AND SPECIAL TRAINING
Licensed Real Estate Broker - #3748 - State of Florida
Graduate, University of Florida, College of Business Administration, BSBA (Major - Real Estate & Urban Land Studies) 1973
Successfully completed and passed the following Society of Real Estate Appraisers (SREA) and American Institute of Real
Estate Appraisers (AIREA) courses and/or exams: Note: the SREA & AIREA merged in 1991 to form the Appraisal Institute..
SREA R2:
Case Study of Single Family Residence
SREA 201:
Principles of Income Property Appraising
SREA--
Single Family Residence Demonstration Report
SREA.
Income Property Demonstration Report
AIREA IB:
Capitalization Theory and Techniques
SREA 101:
Introduction to Appraising Real Property
AIREA:
Case Studies in Real Estate Valuation
AIREA:
Standards of Professional Practice
AIREA:
Introduction to Real Estate Investment Analysis
AIREA 2-2:
Valuation Analysis and Report Writing
AIREA:
Comprehensive Examination
AIREA:
Litigation Valuation
AIREA:
Standards of Professional Practice Part C
The Internet and Appraising
Golf Course Valuation
Discounting Condominiums & Subdivisions
Narrative Report Writing
Appraising for Condemnation
Condemnation: Legal Rules & Appraisal Practices
Condominium Appraisal
Reviewing Appraisals
Analyzing Commercial Lease Clauses
Eminent Domain Trials
Tax Considerations in Real Estate
Testing Reasonableness/Discounted Cash Flow
Mortgage Equity Analysis
Partnerships & Syndications
Hotel and Motel Valuation
Advanced Appraisal Techniques
Federal Appraisal Requirements
Analytic Uses of Computer in the Appraisal Shop
Valuation of Leases and Leaseholds
Valuation litigation Mock Trial
Residential Construction From The Inside Out
Rates, Ratios, and Reasonableness
Analyzing Income Producing Properties
Development of Major/Large Residential Projects
Standards of Professional Practice
Regression Analysis In Appraisal Practice
Federal Appraisal Requirements
Engaged in appraising and consulting assignments including market research, rental studies, feasibility analysis, expert witness
testimony, cash flow analysis, settlement conferences, and brokerage covering all types of real estate since 1972.
President of Anderson & Carr, Inc., Realtors and Appraisers, established 1947
Past President Palm Beach County Chapter, Society of Real Estate Appraisers (SREA)
Realtor Member of Central Palm Beach County Association of Realtors
Special Master for Palm Beach County Property Appraisal Adjustment Board
Qualified as an Expert Witness providing testimony in matters of condemnation, property disputes, bankruptcy court,
foreclosures, and other issues of real property valuation.
Member of Admissions Committee, Appraisal Institute - South Florida Chapter
Member of Review and Counseling Committee, Appraisal Institute - South Florida Chapter
Approved appraiser for State of Florida, Department of Transportation and Department Natural Resources.
Instructor of seminars, sponsored by the West Palm Beach Board of Realtors.
Authored articles for The Palm Beach Post and Realtor newsletter.
Real Estate Advisory Board Member, University of Florida.
MAJUN11IM-k RFP, F
Air Rights Medical Buildings
Amusement Parks
Condominiums
Mobile Home Parks
Auto Dealerships
Shopping Centers
Department Stores
Industrial Buildings
Service Stations
Vacant Lots - Acreage
Leasehold Interests
-Apartment Buildings
Hotels - Motels
Office Buildings
Special Purpose Buildings
Residential Projects
Financial Institutions
am currently certified under the continuing education program of the Appraisal Institute. "
Churches
Marinas
Residences - All Types
Restaurants
Golf Courses
Basements
State -Certified General Real Estate Appraiser RZ2335
Licensed Real Estate Salesman - State of Florida -1978/1991
Realtor Associate Member - Florida Association of Realtors - 1978/1991
Realtor Associate Member - National Association of Realtors -1978/1991
Realtor Associate Member - West Palm Beach Multiple Listing Service -1978/1991
Graduate of Forest Hill High School - West Palm Beach
Graduate of Palm Beach Junior College; AA Degree Business Administration
Attended University of Florida at Gainesville; College of Business Administration (1976 and 1977)
Successfully completed and passed the following courses and/or seminars:
SREA 101: Introduction to Appraising Real Property
SREA 201: Principles of Income Property Appraising
SREA: Principles of Cash Equivalency
SREA: Adjusting for Financing Differences in Residential Property
SREA: Market Interpretations of Extraction
SREA: R41b Seminar - John Underwood, MAI, SREA
SREA: R41c Seminar - Dr. William Kinnard, MAI, SREA
AI: Standards of Professional Practice - Part A
AL Exam Prep, for Commercial Appraiser Certification/Licensing
Engaged in appraising real estate in the State of Florida since 1978.
Residential and Commercial appraiser for Anderson & Carr, Inc. 1978-1992.
Residential and Commercial appraiser for Sayles & Sayles, Inc. 1992- August, 1995.
Presently working as appraiser for Anderson & Carr, Inc., Realtors/Appraisers.
Charitable R.E. Donations
Estate Settlements
General Law Suits
Partnership Buyouts
Equestrian/Polo Estates
Funeral Homes
Lumber Yards
Motels
Peat & Soil Plants
Restaurants
Special Purpose Properties
Vacant Commercial Tracts
Divorce Settlements
Executive Relocations
Mortgage Financing
PBC R.E. Assessment Appeals
Apartment Buildings
Citrus Groves
Farms
Industrial Buildings
Medical Offices
Multi -Family Projects
Post Office Buildings
Service Stations
Synagogues
Warehouse Buildings
Eminent Domain
Fractional Interests
REO Properties
Automobile Showrooms
Convenience Stores
Foliage Nurseries
Industrial Complexes
Mini -Warehouse Complexes
Office Buildings
Residences/Estates-All Types
Shopping Centers
Vacant Residential Lots
Wetlands Properties
Appraiser Licenses
ISSUED: 1012712014
DISPLAY AS REQUIRED BY LAW
RICK SCOTT, GOVERNOR KEN LAWSON, SECRETARY
STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL BD
LICENSE NUMBER
The CERTIFIED GENERAL;k-PPRAISER
Named below IS CERTIFIED
Under the provisions of Chapter 475 FS,
Expiraton date- NOV 30, 2016
ORR, GARY K
521 S OLIVE AVE
W PALM BEACH FL 33401
ISSUED: I119/2014 DISPLAY AS REQUIRED BY LAW SEQ # L1411190001389
LICENSE NUMBER
gg
I GM014A d I ti I =1 IXL9 A i'!
ISSUED: 1012712014
DISPLAY AS REQUIRED BY LAW
RICK SCOTT, GOVERNOR KEN LAWSON, SECRETARY
STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL BD
LICENSE NUMBER
The CERTIFIED GENERAL;k-PPRAISER
Named below IS CERTIFIED
Under the provisions of Chapter 475 FS,
Expiraton date- NOV 30, 2016
ORR, GARY K
521 S OLIVE AVE
W PALM BEACH FL 33401
ISSUED: I119/2014 DISPLAY AS REQUIRED BY LAW SEQ # L1411190001389
r
s ;. •
AGENDA ITEM: XIII.E.
consideration of Execution of Lon Commitment Letter to Housing Trust Group for the
MLK South Project in the Amount of $420,000
SUMMARY: The Florida Housing Finance Corporation has made an additional pool of funding
available for multifamily housing in the form of 9% tax credits. Applications are due December 17,
2015. Housing Trust Group desires to apply for this funding for the MLK South project.
Funding approval relies on a match from a third party source. The Florida Housing Finance Corporation
Request for Applications section on funding match reads as follows:
2) Qualifying Financial Assistance Funding Preference: The total amount of permanent funding
resources, in the form of cash loans, cash grants and/or cash on hand, from local, state or federal
government sources will, for purposes of this provision, be considered to be "Qualifying Financial
Assistance.' In-kind donations or any other donation of property or assets or waiver of any fees, as
well as any funding from the Corporation, will not be considered Qualifying Financial Assistance.
The Corporation will compare the total amount of such funding per set-aside unit relative to the
other Applicants to this RFA. The Application that has the higher total amount of such funding per
set-aside unit relative to the other Applications will be eligible for the funding preference, as
outlined in Section Four B of the RFA. The financing proposal documentation provided in
accordance with Item d. below will be reviewed for financing terms and must meet the
requirements to be counted as a permanent funding source in order to be considered Qualifying
Financial Assistance. Any Qualifying Financial Assistance included in the Development Cost Pro
Forma must be utilized for permanent funding as presented in the RFA if the Applicant is awarded
funding under this RFA.
Housing Trust is requesting a $420,000 local contribution from the CRA in the form of a zero percent
forgivable loan to be paid at closing of the project. If Housing Trust is approved for funding, the CRA
loan would come from the proceeds of the CRA land closing.
FISCAL IMPACT: If the loan commitment letter is approved, the CRA would net approximately
$139,000 from the closing after the $420,000 loan is made to Housing Trust Group. The annual TIF
revenue generated to the CRA from the project will be approximately $49,394. The CRA property is
appraised at $575,000
C,714 PLAOr,-��7141:11 OR PROJECT: Heart of Boynton Community Redevelopment Plan
Update
RE7CMIND�
Approve execution of the loan commitment letter by the CRA chair.
Vivian'-CBr6oks
Executive Director
T:IAGENDAS, CONSENT AGENDAS, MONTHLY REPORTSICompleted Agenda Item Request Forms by MeetingWY 2015 - 2016 Board
Meetings\Deoember 20151HTG MLK S Loan Comm ittm ent.doex
RE.- Commitment for a $420,000 Loan to Finance the Developmentof King's- in Boynton
Dear Mr. Rieger:
The Boynton Beach Community Redevelopment Agency, a public agency created pursuant to
Chapter 163, Part III, of the Florida Statutes (the "Lender") offers to make a construction and
permanent loan ("Loan") to Housing Trust Group, LLC, a Florida Limited Liability Company (the
"Borrower"). This loan commitment is made upon the following terms and conditions:
1. Purpose: The purpose of the Loan is to finance King's Cove, an affordable housing
development with a mixed-use commercial/retail component (the "Project"), generally
located on the intersection of E MLK Jr. Boulevard and Seacrest Boulevard, Boynton
Beach.
2. LonAmount: Four Hundred and Twenty Thousand Dollars ($420,000)
3. Interest Rate: Zero percent (0%) interest rate, throughout the term of the loan
4. Loan Term: The Loan shall close within seventeen (17) months after the award of Low
Income Housing Tax Credit ("LIHTC") and State Apartment Incentive Loan ("SAIL")
under RFA 2015-113 by the Florida Housing Finance Corporation ("FHFC"). The Loan is
a non-recourse and non -amortizing with a 17 -year term (2 -year construction and lease -
up period and 15 year permanent loan term). The closing date may be extended by the
lender in its sole discretion.
5. Repayment and Forgiveness: Upon maturity, the Borrower shall repay the loan balance
in full. The indebtedness shall be forgiven at maturity by compliance of affordability
restrictions during a 17 -year period.
6. General Conditions: The Borrower must demonstrate to the satisfaction of Lender prior
to closing that it has secured other sources of financing for the Project, including but not
limited to the tax credit equity being contributed to the Borrower by its investor member.
Failure to provide these commitments before December 31, 2016 shall result in
cancellation of the Loan. The Loan will close simultaneously with all other sources of
debt and equity to finance the Project.
7. Special Conditions: The Borrower shall enter into a loan agreement, mortgage and
related documents with the Lender at closing.
1 101.143 . - , ...-rt .; . .-
-
. FHFC. The Loan will be secured by a mortgage on Borrower's leasehold interest in the
property.
10. Conditions: This Loan shall be subject to an appraisal of the land and buildings and such
other typical due diligence which may be required by Lender. This Loan is conditioned
upon an award of Low Income Housing Tax Credits and SAIL Loan from FHFC under
RFA 2015-113. The Lender (upon satisfaction) will remove and release all existing
documents of record pertaining an existing Boynton Beach Community Redevelopment
Agency loan to XXXXXXXXXX. (with an estimated outstanding balance of XXXXX).
This commitment is valid and in full force and effect through DATE. If you accept these
terms, please execute a copy hereof and deliver the same to the Lender's office.
Very truly yours,
By.-
Name:
y:Name: Jerry Taylor
Title: Chair
I WWK1g•
HTG KING'S COVE, LLC
By:
Name:
Title:
I--
BOYNTON+
=BEACKCRA
I I Consent Agenda I I Old Business IX I New Business I I Legal I I Information Only I
SUBJECT: Consideration of Purchase Agreement between the CRA and Mary and Woodrow
Canrington for Property Located at 117 W. Martin Luther King, Jr. Blvd. for the Model Block Project
SUMMARY: The Model Block project is a partnership between the City and the CRA to revitalize an
entire block west of Seacrest along W. Martin Luther King, Jr. Blvd. and N.W. 1 1th Avenue per the Hear
of Boynton Community Redevelopment Plan Update (See Attachment "A"). The scope of work
includes building for -sale single-family homes, constructing streetscape, installing new utilities along
`hAvenue and extending N.W. 1 11h Avenue from Seacrest to N.W. 1" Street. At this time, two
homes have been constructed and sold. Two more homes will be started soon.
City and CRA staff has been working to acquire the necessary land for the streetscape and utility
easement. Some property owners are interested in selling their entire parcel of land rather than just the
amount needed for the public improvements.
The owners of 117 W. Martin Luther King, Jr. Blvd., Mary and Woodrow Carrington are willing sellers of
their property (Attachment "B"). The structure is currently a rental property and is in poor to fair
condition. The property will be utilized to build a new single-family home.
The Carrington's had the property listed on FMLS for $113,900 (See Attachment "C") when CRA staff
approached them about purchasing the entire parcel. The appraised value is $100,000 (See
Attachment "101").
FISCAL IMPACT: $109,000 plus standard closing costs. The purchase price is 9% above
appraised value.
CRA PLAN, PROGRAM OR PROJECT: Heart of Boynton Community Redevelopment Plan
Update/Model Block
RECOMMENDATIONS: Approve the Purchase Agreement between the CRA and Mary and
Woodrow Carrington for property located at 117 W. Martin Luther King, Jr. Blvd. in the amount of
$109,000, plus legal fees and closing costs.
Vivian L. Brooks
Executive Director
T:IAGENDAS, CONSENT AGENDAS, MONTHLY REPORTSkComplated Agenda Item Request Forms by MeefingTY 2015 - 2016 Board
Meetings\Decernber 201 5\Carrington Purchase Model Block.docx
�
�
�
k
I
__mnm n 6" A "
I
I
W
�
:
I
a
MODEL BLOCK AREA> EXISTING CONDITIONS
MODEL BLOCX� CONCEPT DRAWINGS
Ili �,y fla 15446%1w, -o w " k. , t w 4, p % V,
m
Real estate listings
U 04' F M TIM
117 Martin Luther tkhi
Boynton Beach, FL 33435
$113,900
'gral-WILTi
3 Bed 1 Full Bath 1,070 Sq Ft 7,661 Sq Ft %.
Listing Agent
Chandra Lewis
Office: (954)7528007
M,
ZT.-Um
M
E
E
- I 1 .1 T - A- -
Great home for 1stfime buyers or investor, property also zoned fbr duplex. The property has an extra lot in the back
where buyer can build an additional home or make existing home bigger.
http://www.realtor.com/print/brochure/I 17-Martin-Luther-King-Jr-Blvd—Boynton-Beach—... 10/6/2015
F -I I; Fn
Valbridge I Boyd, Schmidt & Brannum
Veftidge I Boyd, Schmidi & Bwnum
Vallarldge I 6oycBrannum
Residential Appraisal Report FlIeNo. R151537
Scope of Work, Assumptions and Limiting Conditions
Scope orwork is defined in the Uniform standards orProfassional Appraisal Practiceas " the type and extentofnitsearch and anslWas in an
assignment." In short scope ollwork is simply what the appraiser did and did not do during thecourare of the assignment. Itfincludes.butisnot
limitedbo: the extent to which the property is Jdandilled and Inspected, the type and extent Ofdatfi researched, the type and applied
to arrive at opinions or conclusions.
The scope of this appra hat I and ensuing discussion in this report are Spetift to the Made. or the client, other Ideryctel Intended users and to the
intended use ofthe report. This reportaras, prepared for the sole and exclusive use of the cifientancl other Identified intended usarsfor the identifled
Intended use and its use by any other parties is Prohibited. The appraiser Is not responsible for unauthorized Lime of the report.
The apprallser's ewUflcation appearing In this appraisal report is subjectto the refloating conditions and to such otherspacilic conditions as are
set forth byths appraiser in tho raparlL All extraordinary assumptions and hypothetical conditions am stated in the report and might have affected file
assignment results.
1, The appraiser assumes no responsibility for matters of a legal nouse affechrV the property appraised of We therein, for does the appraiser fender any opinion as to the file, Otto is
assumed to be god and marketable. The property is appraised as though under responsible ownershlir
2. Any sketch in this repon may show approximate dimensions and is included a* to assist the reader in visualizing the property. The appraiser has made no survey of the prop".
3. The appraiser is not required logive testimony or appear in court because offraving made the appraisal with reference tothe property in question, unless arrangements hatebeas
previously made thereto.
4. Nefther all, now any Part of the coolant ofthis report copy ra other media thered Oncluding conclusions as to the prop" value, the ideniq ofthe appraiser, professional designations,
or the firm with which the appraiser Is cormacurl), shell be used for any purposes by anyone but the dent and odher intended users as Wardiffed in this report, nor shall it be comeyed by
anyone to the public through advemsing, public relations, news, sales, or other media, without the written Consent of the appraiser.
& The appraiser will not disclose the contents of this appraisal report unless required by -p •n bw or as specified in the Uniform Slandards of Professional Appraisal Mclice.
6. Information, antuates, and oplons furnished to the appraiser, and contained in the repK were obtained kmm sources considered reliable and believed to be true and carrect.
However, no responsibility for accuracy of such term furnishod to the appraiser is assumed by the appraiser.
7. The appraiser assumas thatthere we no hidden or unapporent conditions of flow property. suirmil, or structures, which would render it more or less valuable. The appraiser assumes
loll= R*— � WIT
119—A, WN, 01RAW i
WN:01 lip,
o Air,
-q��IVWW* WWII,
radon gas, lead based poin maid or environmental issues. Unless otherwise indicated, mechanical systems were nor activated or tested.
This appraisal report shouldnot to used to disclose the condition of the prop" ask tables to the presencelabsence or defects. The client is inviled and Encouraged to ernploy qualified
Worts to inspect and address areas or concern. If negative conditions are discovered, the opinion or value my be affected.
Unless otherwise noted. the oppral set assumes the components that constitute the subject property improvement(s) are kindamentally sound and in
workingurder.
Any viewing artha property by the appraiser was limited to readily observable mea& Unless otherwise toted, allies and crawl space areas were not accossed. The appraiser did net move
fumble, fiber coverings or other hems that may restrict the viewing of the property,
9. Appraisals involving hypothedes I conditions Mated to completion of be* carnstrecdon, repturs or attention are based on the assumption that such completion, a Iteration or repairs vall
be competently perhooned.
10. Unless the intended use of this appraisal specifically includes issues of property Insurance coverage, this appraisal should not be used for such purposes. Reproductionter
Replacement cog figures used in the cost approach me for valuation pufxses ardy, given the handed use of the assignment. The Definition of Value used in this assignment is unlikely
to be consistent with the definition of Insurable Value lor properly insurance coveragIduse,
11. The AC I General Purpose Appraisal Report (G PAR—) is rHYL intended W use I n transactions that require a Fannie Mae I O"Freddia Mac 70 fonrrk
also known as the Uniform Residential Appraise I Report (U PAR) -
Vaknicippe I Boyd, Schaddl: & Efrannurn
Residential Appraisal Report file No. 8151537
Appraiser's Certification
The arderalserieDcarlififts that to the best oFthe appralSoes, knowledge and belimrK
1, Tre, sludernerars of red cardained in this ropon be true and comact.
Z The reported analyses, opinions, and corclu3ions are limbo anitt by the reported assumptions and 1Wfing condhinns and Me Me appraise(s personal, impartial, and unbiased
prefiessforal aneirm% opinions, and conriumars,
3. Unless offireoviso stated, me appraiser has no present or prospecgve thered in ft poperro, than is the subject of this report and has an personal imerest with respect tothe parties
Involved.
4, The appeaser has no Was with respect to son properla that is the Subject of bk report or to Me, parties invoked with Mrs assignment,
S. The appeaser's engagement infails assignment was net couringran oped developing or reporting predeerrokind result
6. The apprmser's corapensation far completing this assignment Is hot condingent upon the development or rop0ding of a ffadmannined value or direction. in taken that ram inc cause of
the clrunG thea unt of the value oiddion, the athfiriment of a stipulated result ex the occurrence ora subseqLent event dimmly related to the tratanded use of this appfalmiL
7. The appraisers analyses, anthers, and corKlusions were doonloped, and this report has head prepared, in conforrafty with the Uniform Standards of Professional Appraisal Practice.
& Urgers otherwise hand, the approder has we& a personal inspeoron of ria prWy Men is flue sudect of this raped.
9. Unless noted below, no me provided significant real properir appraisal assistance to the appraiser signing this certilibefion. Signiricardmol ffvP"appraisal assistance pmMedhy:
The reported analyses, opinions and conclusions were developed, and this report has been prepared, In conformity with the
requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.
The use of this report is subject to the requirements of the Appraisal Institute relating to the review by Its duly authorized
representatives.
Additional Cortificatlionon
Definition of V.Sue: Mitiladoetvalue 010therValures
Source of Definition: The Dictionary of Real Estate Appraisal �-Fm Edition, AppRisral Institute. 2010
Definition of market value: The most probable price which a property should bring in a competitive and open market under all
conditions requisite to a fair sale, the buyer and seller each acting prudently, knowledgeably and assuming the price Is not affected
by undue stimulus. Implicit In this definition is the consummation of a sale as of a specified date and the passing of title from seller to
buyer under conditions whereby (1)buyer and seller are typically motivated; (2) both parties are well info or wall advised, and
each acting in what he considers his 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 prop" sold unaffected by special or creative financing or sales concessione granted by
anyone associated with the sale.
* Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily
Identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made
to the comparable property by comparisons to financing terms offered by a third party Institutional lender that is not already involved
in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or
concession but the dollar amount of any adjustment should approximate the markers reaction to the financing or concessions based
on the appraisers judgment
ADDRESS OF THE PROPERTY APPRAISED:
1117 W Martin Luther
S BLach FL 33436
EFFECTIVE DATE OF THE APPRAISAL- 101126 15
APPRAISED VALUEOF THE SUDIECT PROPERTY S 100,000
1�0,'� iP',PMOSER
SUPERVISORY APPRAISER
Nnature:
A Name: Sloehen M. Schmidt SRA
Name:
State Cerfificaflarif Cert.Res.RD380
State Certification
DrUcarisei
orL!mnse#
,qR or OW (describe),
state Stare:
5tam! FL
Expiration Date of Cordication or License!
ExPimlion Date ofCortflurflon or Licenso! lV3012016 Date of Signature:
DustsofSignaturearm Report; 1013112015
Date of Property Vlevvlrrg�
DiaeolProperyViaMag; 10126=15
Degree of propeftyvering!
Degree of pmpoq viewing:
OluteriorandExterior 0 Exterior Ony
[)Drd not personally 0.
mesher and Exterior 0 Exterior Only
0 Did nas personally vew
Vallaridge I Boyd. Schmidt & Brannum
Market Condftions Addendum to the Appraistill Report File No. R161637
The prepare mans addendum into prostrates landerfirfient rado a dom and accurate undismanding afthe dreakerivereds, and operations ranvalmitin the subject nesighbodrood. This is a required
finritrmctksnr. The dispenser mard Los the Inflarmation required an also fears as tie basis fix husiliker condamena, and must around support for three canduslorls, regarding tioushifitrarda and
overall normal condiams as reported in the Nato eurrhood Reenact at the appraisal recent famr. The appressef mesa N In all bar, information to the extent it is avallable and winner sad must provide
analysis as ruthenium below. If any required data is unavarlabda or is considered unreliable, the optimism musk provide an explanation. It of recognized Owl not all bear sources gill be arae to
provide data her this shaded areas below; if k: is racallable, however, the operation, must include the dribla in des volp.dr. It data cement Fireman the reached informadvin w an aolis insmad drink.,
marfism the apprivarsir should open the available fkkae and Weally it as an average Sales and Beattie must be likeparres, that cominfle with the subject Rap", denernined by appy ng the as traria
Chat muld lip usia9da rook;
.X—�
Overall Trend
Median Com ato late From
ftnature
2
110000
110000
norsam � it
slable
Baden
Median Comparable Sales D sortma as
37
�9
16
Docita
asked
dmatfld
Median Cont cardList l5ficisc
0'
154,450
N Marks,
Median D u::: foLubs"! col Markel
'M
' tiond-reA
71
Par_
S ' kan Sare pace as A of Lfat Pass
!.�d. of L
�!Wlddr �..
97Q0%
110Mon"
�71 0%
Inn nnw_
100.0 �
Itakeeks
Insureast
Stable
Dacron
es.
ar am', ��kndat ficestras rrvasdd�
11 -1
Salle-(
dara Yes
fre,
W
, as
as
Dedinin
Saltie
Irtaaasin
Explain, in detail Via collar cancessionstrovuh; for the pica llf rescmins (e.g., debar
conalibimorn increased train 3% to 5%, increasine can, of nethermost, closing Costs, cando fivel, DOVE, etc.),
Am larecturoure soon REO others) a broacrin the market? I. Yes LJ No If yes, console (including the trends in iohmjs and sales or foreclosed marames).
Bank owned sales were noted. however. then constitute a minkerha, ocknodonent of the roadarail market and are not a p
Che data sources Fix above• information.
Summarize himahove Information as support for your conclusions in the Neighborhood section W Via appraisal sector door. 0 you used any additional terminator, such as an analysis of
pending sales andkir espired and apartment relings, to accordant Vom ruirdwdons, proved both an explanation and suppod for your Conclusions,
Thos md;a of nhs�rrrdirin tuan oorrudiad hinhar over the cast vpmr- The number of achnse likagrass; has increased which has resulted In an
overall market consiftichn Is consideredtoL"be I
_Lrnp�-Yln
Ifthe mookorths a mrsit trom condominium corestorreasative FW--.
R Sublect Prophs: Daita Prior 7-12
her
TosiltafCcrar
�J� a)
Ads 'on note (Totel Saloseirlorend
Total 0 d Active C amble Lerfin s
as
Morelatorivi (fuel I -win auto Fcd.n)
red did as at no #. issaired? Yes Ak,e.lbrembsuresstas(REOmFes)ofo ormOnsprefed? Yes
MM.
No If M, Indicate the number of REO Fraings and traders the trends in listings and sakis of fouccesed properties.
Summarise the above Owed a and address has kronor mitre sunfacr red and pr*CL
SUPE RWSORY APPRANSER (ONLY lF REQUIRED)
SignatureW or I 614r /
.�!EA .
ftnature
hen . Schardidt. S 'R A
Name Ste M
Name
Company Name Valbridr e C Scum t S Brannon
Company Name
Corninsiony Address X71 t dnaettia nLme
Company Address
West Palm Beach FL 33407
State LlcenWCertifilrairtiran #Cert. Res,RD380 State FL
State LicensesseCertifirokilon # state
Email Address sachkorldt0onalleficirse,shorno
Email Address
PURCHASE
AGREEMENT
(hereinafterTins Pmhase Agreement "Agre=ent") is made and entered into as of th—e
derfined), by and between BOYNTON BEACH COWAUNITY
REDEVELOPMENT AGENCY,
the Florida SWites (heremafter "CRA") and 35LO—odrow and Mary F._L21toon (hereinafter
r
1
2. PURCHASE PRICE AND PAv7-mxTT The Pmvhm Price to be paid for the
Property all be 00 payablein by
wire fie° of Unitedt the Cly
3@ Dl-;,POSrr.
3.2 Applicatio-.i/.]Oiebui-,sf,-,ment.gf The Dq)osit shall
be pt` < i and
disbursed as follows:
� 1 y
It: t r F j I' , �I ,!
the nearest 1/100th of an acre. If the Survey discloses encroachments on the Ptoperty or that
improvemcaits located thereon encroach on setback firm easements, lands of others or violate
any restrictions, covenants of this Agre=ent or applicable govermnental regWations, the same
shaR constitute a title defect and snail be governed by the provisions of Section 7.1 concerning
title objecdons.
®3 SELLER Deliveries.
8.5. 122Lugauc5L The ptroperty shall be conveyed to the CRA at time of
closing unoccupied The SELLER hereby warrants that ffie cum=t tMants are on a month-to-
month basis, wwe given proper notice to vacate and there ary no Imses on the property.
9. CLOSING DOCIMENTS. The CRA shall prepae, or cauw to be prepared, the
Clos4 Documents set forth in this Section, except for documents prepared by the SELLER's
Title Company. At Closm& SELLER shall execute and deliver, or cause to be executed and
delivered to CRA the Mowing documents and inshwnwts:
Warranty Deed (the "Dw&') conveying to CRA valid, good,
stM?
290��I �M�I - MM; M7,174300F.7011,1011M
�
9.5. Additional Documents. Such other documents as CRA or the Title
Company may reawnably request that SELLER execute and deliver, and any other documents
required by this Agweinent or reasonably necessary in onler to close this trawaction and
effectuate the terms. of this Agreemea
10. MQR--A—jjQjj�,Q,0S'ING COSTS AND CLO ING PROCEDURES,
S
made for maximum allowable discoinit.
11. R L
_,1TRESENTATIDN'S COVEq�4ANTS.,�NDWA,.RR�AIL�l-�ivs,
11.1 At 0 times from the Effocfive Date until prior to Closin& SELLER shall
keep the Property (whether before or afkff the date of Closing) fi-ee and clew of any madmuies or
MOM
Ego=
12. DEEFXTJL"r
12.4. Survival. The provisions of this Section 12 shall survive the ternination
of this Agreement.
13. 1LOnCES. All notices required in this Agreement must be in writing a -ad shall be
considered delivered when received by certified mail, raturn receipt requested, or personal
delivery to the following addresses:
If to Seller: WoWmw and Mw7 F. Carrington
201 NW 4* Avmue
Boynton Beach, FL 33435 4063
If to Buyer: an Brooks, Executive Director
Boynton Beach Community Redevelopment Agency
710 N. FedaW Highway
Boynton Beach, FL 33435
16. ENVIRONMENrAL CONDITIONS.
161.1 As a matexial inducement to CRA entffing hito this Agrmnent SELLER
hereby wanants and mpresents the following as applicable:
memmed 1 Business Days and which are less !
Sundays and legal holidays m the computation themot Any time period provided for in this
Agreement which ends on a Saturday, Sunday or legal holiday shaU extend to 5-00 p.m. on the
next Ul Ehminess Day. Time is of the essence in the perfonn, nce of all obligations under this
Agreement. Time periods commencmg with the Effeedve Date shall not include the Effectve
Date in the calculation thereof
18.11 Survival. The covenants, warranties, reprmentations, indemnities and
undertaUn2s of S;IW
set forth in thiq
shall surVve the Cla, i V
18.13 Aawment Deemegi W be Drafted Lointly. This Agreement Rhall be
- - - - - - - - - - I'll i 11614111611
18. 14 Indevendent Advice. The Pwies declare ffiat the terms of this Agremej
have been read and are fully understood, The Parties understand flwt this is a binding I I
'01
document, and each Party is advised to seek independent legal advice in connection 2th
matters represented, herein. 0
M
WMESS: WITNESS:
Vie.
Printed Name: Printed N
ESCROW AGENT
Lewis, Longman & Walker, P,A�
BOYNT01
BEAC
Consent Agenda I I Old Business I X1 New Business I I Public Hearing I I Other
41411-141
StJMMARY: CRA Board Meetings are held on the second Tuesday of every month. The following
is a list of the 2016 CRA Board Meeting dates:
July 12
Aug. 9
Sept. 13
*Oct. 11 - Beginning of Yom Kippur.
Wednesday - Nov. 9 - Our meeting date falls on Nov. 8th which is Election Day.
Dec. 13
.. - ri I L I #=FT I I
CRA Board meeting since it falls on the beginning of Yom Kippur. Yom Kippur ends on the evening of
Wednesday, October 12, 2016.
RECOMMENDATIONS: Provide an alternate meeting date for October 11, 2016 and approve
2016 CRA Board Meeting dates.
ViviZ Brooks
Executive Director
AGENDA ITEM: XV.A.
�411*1111=10ill
SUMMARY: The following actions have been undertaken by CRA staff to spur and assist with -
redevelopment of the CRA District:
= VA LZI HIC V 1119111 1'1Ke)&VJ IN 111-00,01ZMA.4A 1003ILD 0 ' 1 9 1 1 0 1 * IL�A*1(411119111911
2. Town Square — Several site meetings and calls with a new developer interested in the project.
Research and multiple e-mails regarding the Town Square project. Meetings with Rick
Gonzalez, Mayor and Commissioners regarding OHS site. Ordered appraisal for possible Fire
Station 1. Meeting with Kimley-Horn regarding design improvements for Boynton Beach Blvd.
and Seacrest Blvd.
3. Ocean One (114 R. Federal Hwy.)— Meeting with B. Miskel, Bill Morris and City staff regardi
site plan. Discussion of adjacent CRA property w/B. Miskel. I
4. Hotel — Several calls with developer. Contact with Discover the Palm Beaches re: potenti
hotel. i
5. D'Almaida Site — Meeting with developer planner and architect at City Hall re: site plan. Calls
with planner re: site plan and proposed density.
1. Ocean Breeze East — Discussions with The Related Urban Group regarding applying for Sta
funding for the site. Research on community resources for Related. i
2. MLK South Site — Discussions with the Housing Trust Group regarding applying for State
funding for the site.
3. Model Block — Discussions with various property owners regarding selling their property for the
project. Appraisal ordered and one contract underway. Creation of Purchase and Development
Agreement between the CRA and Habitat to sell two CRA properties for the construction of two
new single-family homes.
l&M
1. CRA Plan Consolidation — Public meeting on November 70. Meetings with Treasure Coa
Regional Planning Council and City staff. Public notices and mailers created and posted. i
Meefings0ecember 2015\Development Outreach.dou
FISCAL IMPACT: information Only.
pitt I 11� � 1"I i , , � � � W 1931 *4
N ;[of*] jj I k1l
Vivian L. Brooks
Executive Director
MeefingsDecember 2015\Development Outreach.doex
Brooks, Vivian
From
Ken Dodge <kdodge@llw-law.com>
Sent
Monday, December 07, 2015 2:19 PM
To:
'Jake Zunamon'; Rodrigo Paredes
Cc
Brooks, Vivian
Subject:
RE: BB CRA Amendment and Loan Doc
Hi Jake/Rodrigo — we think the changes made to par. 6 of the loan commitment (which provide for termination should
there be insufficient funds to finance the project, including these additional funds) address our concerns. We will get
these on the agenda — thank you.
Kenneth W. Dodge
Shareholder .
Board Certified Real Estate Attorney
Lewis, Longman & Walker, P.A.
515 North Flagler Drive, Suite 1600
West Palm Beach, Florida 33401
kdodae@llw-law.com
(t) 561.840.0820
(f) 561.640.8202
vCard I Website ( Bio
Lewia, Longman A Walker, P.A. is proud to be an ABA•UPA Lew Office Climate Challenge Partner, 'think before you print!
The infomratlon contained In this transmission may be legally privileged and confidential. It is intended only for the use of the reciplent(s) named above, It the
reader of this message is not the Intended recipient, you are hereby notified that you received this communication in error, and that any dissemination, distribution,
or copying of this communication is strictly prohibited. If you have received this communication in error, please notify the sender immediately by reply email and
delete the message and all copies of it.
From: Jake Zunamon [mailto:jakez@htgf.com]
Sent: Friday, December 04, 2015 5:44 PM
To: Ken Dodge <kdodge@llw-law.com>; Brooks, Vivian <BrooksVi@bbfl.us>
Cc: Rodrigo Paredes <rodrigop@htgf.com>
Subject: RE: BB CRA Amendment and Loan Doc
Ken and Vivian,
Sorry this has taken so long to get back, but after review from our principal and counsel .this should be final. I have
attached the two clean final documents, along with blacklines so you can see the minor changes we made. Additionally,
we have Included an executed amendment to make it a quicker process for the board to sign. We have not executed the
loan document yet as we have to be offered it first in order to accept. Please let us know if you have any questions and
enjoy the weekend. Let's touch base on Monday to go over everything. Thanks again for all your help.
Thanks and regards,
Jake Zunamon
Development Coordinator
Housing Trust Group LLC
3225 Aviation Ave., Suite 602
Coconut Grove, FL 33133
iakez@htgf.com
Direct: (786)347-4549
Cell: (847)868-6221
From: Ken Dodge [mailto:kdodge@llw-law.coml
Sent: Thursday, December 03, 201512:50 PM
To: Jake Zunamon <jakez@htgf.com>; Brooks, Vivian <BrooksVi@bbfl.us>
Cc: Rodrigo Paredes <rodrieop@htef.com>
Subject: RE: BB CRA Amendment and loan Doc
Jake — have not finished reviewing but will get back to you shortly.
Kenneth W. Dodge
Shareholder
Board Certified Real Estate Attorney
Lewis, Longman & Walker, P.A.
516 North Flagler Drive, Suite 1500
West Palm Beach, Florida 33401
kdod-ae@llw-law.com
(t) 561.640.0520
(f) 561,640.11202
vCard I Website I Bio
k
Lewis, Longmen & Walker, P.A, is proud to be an ABA -EPA Law Office Climate Challenge Partner, Think before you piing
The informei an contained in this transmission may be legally privileged and confidential. It Is intended only for the use of the recipterdle) named above. if the
reader of this message is not the Intended reciplent, you are hereby notified that you received this communication in error, and that any dissemination, distribution,
or copying of this communication Is strictly prohibited. If you have recehred this communication in error, please notify the sender immediately by reply email and
delete the message and all copies of It.
From: Jake Zunamon [mailto:iakez@htef.coml
Sent: Thursday, December 03, 201512:03 PM
To: Brooks, Vivian <BrooksVi@bbfl.us>; Ken Dodge <kdodge@Ilw-law.com>
Cc: Rodrigo Paredes <rodrifroD@htef.com>
Subject: RE: BB CRA Amendment and Loan Doc
We are not changing it, but wanted to discuss it before you send It out. Are you guys ok with what we are proposing?
'thanks and'regards,
Jake Zunamon .
Development Coordinator
Housing Trust Group LLC
3225 Aviation Ave, Suite 602
Coconut Grove, FL 33133
'iakez@htlif.com
Direct: (786)347-4549
Cell: (847)868-6221
F--
From: Brooks, Vivian [maiito:BrooksVi@bbfI.usl
Sent: Thursday, December 03, 201512:02 PM
To: Jake Zunamon <iakez@htef.com>; Ken Dodge <kdodee@ilw-iaw.com>
Cc: Rodrigo Paredes <rodrieoa@htef.com>
Subject: RE: BB CRA Amendment and Loan Doc
I'm available 3:30 until 4:30. Please tell me you aren't changing thisl I The agenda is going out.
Vivian Brooks, Executive Director
Boynton Beach Community Redevelopment Agency
710 N. Federal Hwy. I Boynton Beach, Florida 33435
o: 561-600-9090 1 f: 561-737-3258
BmoksVi@bbft.us I www.catchbovnton.com
America's Gateway to the Gulfstream
The information contained in this transmission may be legally privileged and confidential. It is intended only
for the use of the recipient(s) named above. If the reader of this message is not the intended recipient, you are
hereby notified that you received this communication in error, and that any dissemination, distribution, or
copying of this communication is strictly prohibited If you have received this communication in error, please
notify the sender immediately by reply email and delete the message and all copies of it.
From: Jake Zunamon [mailtojakez@higf.coml
Sent: Thursday, December 03, 2015 11:59 AM
To; Brooks, Vivian; Ken Dodge
Cc: Rodrigo Paredes
Subject: FW: BB CRA Amendment and Doan Doc
Vivian and Ken,
Would there be a good time to have a conference call this afternoon to discuss what we are proposing? Would 2 PM
work? Let us know, as we would be happy to discuss in order to get in on the board agenda. Thanks.
Thanks and regards,
Jake Zunamon
Development Coordinator
Housing Trust Group LLC
3225 Aviation Ave., Suite 602
Coconut Grove, FL 33133
!akezdRhtgf,corn
Direct: (786)347-4549
Cell: (847)868-6221
From: Jake Zunamon
Sent: Wednesday, December 02, 2015 8:24 PM
To:'Brooks, Vivian' <BrooksVi@bbfi.us>;'Ken Dodge' <kdodee�llw-law.com>
Cc: Rodrigo Paredes <roddgop@htef.com>
Subject: BB CRA Amendment and Loan Doc
Vivian and Ken,
Thanks for taking the time to speak with us today about the King's Cove development. Basically what we have done is
cleaned up some of the language in the initial contract to be in line with the current RFA and to increase the purchase
price to $2,450,000. Additionally we have drafted a loan letter from the CRA to HTG for $420,000. The "loan amount"
will be $420,000 because at $5,000 a door, we hope we will be very competitive. However, we Increased the purchase
price, by more than the loan amount so the CRA doesn't net zero, but in fact makes more money than our initial deal,
from $139,000 to $169,000 (see chart below). Let's discuss tomorrow when you have had time to review.
Attached please find the following proposals:
1) Amendment to the initial PDA
2) Loan letter in the amount of $420,000
Chart below showing the various land costs
Sellers
Bell
Larry
CRA
Total
Loan amount
CRA Net Gain
Purchase price
1,261,000.00
600,000.00
589,000.00
2,450,000.00
Thanks and regards,
.fake Zunamon
Development Coordinator
Housing Trust Group LLC
420,000.00
169,000.00
4
3225 Avlation Ave., Suite 602
Coconut Grove, FL 33133
iaW(a)htef.com
Direct: (786)347-4549
Cell: (847)868-6221
FIRST AMENDMENT TO RURCHASE AND DEVELOPMENT AGREEMENT
This First Amendment to Purchase and Development Agreement ("Amendment") is made
as of December , 2015, by and between HTO ICING'S COVE, LLC, a Florida limited
liability company ("PURCHASER") and . BOYNTON BEACH COMMUNITY
REDEVELOPMENT AGENCY, a public agency created pursuant to Chapter 163, Part III, of the
Florida Statutes ("SELLER"j.
WHEREAS, Housing Frust Group, LLC ("HTG") and $ELLER, entered into that certain
Purchase and Development Agreement effective October 19, 2015 (the "Agreement") concerning
the purchase and development of certain land in Palm Beach County, Florida. (the "Property"), as
more particularly described in the Agreement; and
i
WHEREAS, HTG assigned its rights to PURCHASER on October 30, 2015.
NOW THEREFORE, for good and sufficient mutual consideration, the receipt and
sufficiency of which is hereby acknowledged by both patties, it is agreed to by Seller and Purchaser
as follows:
1. The Agreement remains in full force and effect, and remains unmodified except as
expressly amended hereby.
2. Section 2, "Purchase Price and Payment " shall be amended to replace the amount
of "Two Million Dollars ($2,000,000.00)" with the amount "Two Million Four
Hundred Fifty Thousand Dollars ($2,450,000.00)", in the 2nd and 7" line in such
Section.
3. Section 4, "Effective Date,' shall be deleted in its entirety and replaced with the
phrase "The effective date of this Agreement shall be December 8, 2015 (the
'Effective Date„)". .
4. Section 6, "Nine Percent [D-) Tax Credit Applicant Period: ' shall be amended to
replace the date "November 5, 2015" in the 41' line with the date "December 17,
2015".
5. Section 7, "Allocation,' shall be amended'to replace the date "May 31, 2016" in
the 1" line with the date "June 30,2016".
6. Section 10.2, "Title Review;' shall be amended to replace the words "Title
Commitment" in the 81' and 911 line with the word "Allocation".
7. In the event of any conflict between the terms and provisions of this Amendment
and the terms and provisions of the Agreement, the terms and provisions of this
Amendment shall control. Any capitalized terms not defined in this Amendment
shall have the meaning as set forth in the Agreement.
8. This Amendment may be executed in counterparts, each of which shell be deemed
an original document, but all of which will constitute one single document. A.
facsimile or email copy of this Amendment and any signatures thereof shall be
considered for all purposes as originals.
IN WPTNESS WHEREOF, the parties have executed this Amendment as of the date first written
above.
PURCHASER
HTG JUNG'S COVE, LLC
By: — I j
Print : 4atthew Rieger
i
Title: Manager
Date: I-ZI %4 1 S
I I , I I , . 012
Approved as to form and legal sufficiency:
SELLER
BOYNTON BEACH COMMUNITY
REDEVELOPMENT AGENCY
By:
Print Name: Jerry Taylor
Title: Chair
Date:
Witnesses:
CRA Attorney
710 N Federal Highway
BOYN
� Boynton Beach, FL 33435
Ph: 561-737-3256
MBEACFax: 561-737-3258
THCRA www.boyntonibeachcra.com
Dec 8, 2015
Mr. Matthew Rieger
HTG King's Cove, LLC
3225 Aviation Av., Suite 602
Coconut Grove, FL 33133
RE: Commitment for a $420,000 Loan to Finance the Development of King's Cove in Boynton
Beach, FL
Dear Mr. Rieger:
The Boynton Beach Community Redevelopment Agency, a public agency created pursuant to
Chapter 163, Part III, of the Florida Statutes (the "Lender") commits to make a construction and
permanent loan ("Loan°) to HTG King's Cove, LLC, a Florida limited liability company (the
"Borrower'). This loan commitment is made upon the following terms and conditions:
1. Purpose: The purpose of the Loan is to finance King's Cove, an affordable housing
development with a mixed-use commercial/retail component (the "Project"), generally
located on the intersection of E MLK Jr. Boulevard and Seacrest Boulevard, Boynton
Beach.
2. Loan Amount: Four Hundred and Twenty Thousand Dollars ($420,000)
3. Interest Rate: Zero percent (0%®) or such other amount as determined by the parties.
4. Loan Term: The Loan shall close within eighteen (18) months after the award of Low
Income Housing Tax Credits ("LIHTC") and State Apartment Incentive Loan ("SAIL")
under RFA 2015-113 by Florida Housing Finance Corporation ("FHFC°). The Loan is a
non-recourse and non -amortizing loan with a 17 -year term (2 -year construction and
lease -up period and 15 -year permanent loan term). The closing date may be extended
by the Lender in its sole discretion.
5. Repayment and Forgiveness: Upon maturity, the Borrower shall repay the loan balance
in full; nevertheless, the indebtedness may be forgiven at maturity by compliance of
affordability restrictions during a 17 -year period.
6. General Conditions: The Borrower must demonstrate to the reasonable satisfaction of
Lender prior to closing that it has secured sufficient other sources of financing for the
Project, including but not limited to the tax credit equity being contributed to the Borrower
by its investor member. Failure to provide these commitments before December 31,
2016 shall result in termination of this loan commitment. The Loan will close
simultaneously with all other sources of debt and equity to finance the Project. The Loan
will close simultaneously with the closing of the land owned by the Lender according to
o-
710 N Federal Highway
Boynton Beach, FL 33435
Ph: 561-737-3256
Fax: 561-737-3258
www.boyntonbeachcra.com
that certain Purchase and Development Agreement currently in effect between the
Lender and the Borrower.
7. Special Conditions: The Borrower shall enter into a loan agreement, mortgage and
related documents with the Lender at closing.
8. Subordination: Lender will consent to the subordination of the mortgage securing the
Loan and any payments on the Loan to the first mortgage loan and SAIL Loan.
9. Conditions: This Loan shall be subject to an appraisal of the land and such other typical
due diligence which may be required by FHFC or Lender. This Loan is conditioned upon
an award of Low Income Housing Tax Credits and SAIL Loan from FHFC under RFA
2015-113.
This commitment is valid and In full force and effect through June 8, 2017. If you accept
these terms, please execute a copy hereof and deliver the same to the Lender's office.
Very truly yours,
By:
Name: Jerry Taylor
Title: Chair
Date: 12/8/2015
ACCEPTED:
HTG KING'S COVE, LLC
By:
Name: Matthew Rieger
Title: Manager
Date: