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Agenda 06-02-16 BOYNTON BEACH CRA Advisory Board Meeting Thursday,June 2,2016 @ 6:00 pm in Chambers at City Hall—100 E.Boynton Beach Blvd. Boynton Beach,FL 33435 561-737-3256 REVISED ADVISORY BOARD AGENDA I. Call to Order II. Roll Call III. Agenda Approval: A. Additions, Deletions, Corrections to the Agenda B. Adoption of Agenda IV. Assignments: A. Research on Feasibility of a Regular Art Walk Event on Ocean Avenue B. Reports by Advisory Board C. Pending Advisory Board Assignments V. Consent: A. Approval of Advisory Board Minutes 5/5/16 VI. Information Only: A. Financial Report for Period Ended May 31, 2016 B. Music on the Rocks C. Movies in the Park D. Public Comment Log E. Marketing and Business Development Campaign VII. Old Business: A. Consideration of Approval of Purchase Agreement between Amerigas and the CRA for 711 N. Federal Highway in the Amount of$625,000 VIII. New Business: (Recommendations on CRA Board Agenda Items for June 14,2016) A. Commercial Facade Grant to 500 Ocean Properties, LLC (Oyer Building) B. Commercial Facade Grant to Del Sol Bakery, LLC in the Maximum Amount of $4,500 C. Commercial Rent Reimbursement Grant to Del Sol Bakery, LLC in the Maximum Amount of$8,550 D. Consideration of Approval of Transferring Portions of CRA Model Block Properties to the City of Boynton Beach for Rights of Way and Easements E. Request for Proposals/Request for Qualifications for Ocean Breeze East Site F. Special Events Grant for Hurricane Alley IX. Public Comment: (Note: comments are limited to 3 minutes in duration) X. Future Agenda Items: XI. Adjournment NOTICE 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. ADDITIONAL AGENDA ITEMS MAY BE ADDED SUBSEQUENT TO THE PUBLICATION OF THE AGENDA ON THE CRA'S WEB SITE. INFORMATION REGARDING ITEMS ADDED TO THE AGENDA AFTER IT IS PUBLISHED ON THE CRA'S WEB SITE CAN BE OBTAINED FROM THE CRA OFFICE. ADVISORY BOARD AGENDA VII . Old Business : A. . Consideration of Approval of Purchase Agreement between Amerigas and the CRA for 711 N . Federal Highway in the Amount of $625,000 BOYNTON BEACH ‘..A‘A CRA BOARD MEETING OF: June 14, 2016 Consent Agenda I X I Old Business I I New Business I I Legal I I Information Only AGENDA ITEM: XIII,B. SUBJECT: Consideration of Approval of Purchase Agreement between Amerigas and the CRA for 711 N. Federal Highway in the Amount of$625,000 SUMMARY: The property located at 711 N. Federal Highway is owned by the Amerigas Propane, Inc. (See Attached Aerial). The company operated at the site up until 2015, when it was discovered that they had not renewed their business tax receipt with the City since 2011. Since the use is a non- conforming one (a use that is no longer permitted in that particular location but is grandfathered in as long as they maintain their business tax receipt), they were unable to continue business operations. The site is industrial in nature with large propane tanks along with ancillary equipment. There is a small warehouse and office building on site that has fallen into disrepair. The site is surrounded by a chain link fence topped with barbed wire. The site severely detracts from the general appearance of the Federal Highway corridor. Staff requested that the CRA broker approach the owners of the property in Pennsylvania to see if they would be interested in selling. They indicated they were and staff ordered an appraisal of the property (See Attached Appraisal). The appraisal came in at $560,000. Counteroffers were made back and forth with the final purchase price coming in at $625,000 or 11% above the appraised value. The broker's commission of 5% will be $31,250 to be paid upon closing by the CRA. In the Purchase Agreement the seller is required to remove any and all equipment related to propone distribution prior to closing. Additionally, the CRA will have a 90 day feasibility period to perform Phase I and II environmental studies. These studies will be paid for by a grant from EPA funds. The potential future uses for the property are: replacement site for fire station one as part of the Town Square redevelopment project, green space per the Downtown Vision and Master plan or sell the property for a commercial use that is more complimentary to the vision for downtown. FISCAL IMPACT: $663,750 (includes broker's commission) plus customary closing costs CRA PLAN, PROGRAM OR PROJECT: Downtown Vision and Master Plan and Federal Highway Corridor Community Redevelopment Plan STAFF RECOMMENDATION: Approve the attached Purchase Agreement between the CRA and Amerigas Propane Inc. for property located at 711 N. Federal in the amount of$625,000. 1/ , // `IA Vivian L. Brooks Executive Director T:\AGENDAS,CONSENT AGENDAS, MONTHLY REPORTS\Completed Agenda Item Request Forms by Meeting\CRA Board\FY 2015- 2016 Board Meetings\June 2016\Amerigas Purchase.docx • Amerigas-711 N. Federal Highway .„•._�5 q - n ^^ ai r .� . ��q -` . ,,. 4,„,,, .,.... . ....,,,,,t. ..,L, . Trt I`� ' A til. A.... • ei. , .r .,, J�`SytG „,,., : a °�i_,,„. ..--..„,.. ..,.,... . .. . . - •.. . . . 3.. . .. +• l-. • � w j 1 ` ' per• _ .+�`.T•, �. '�'*w`« �...�_. if t�- - ,, „ aft "' ”, z . t � ,�` %�` t ,} a .L+ t_. «p,«H ".r JIf '.-;:-y1x�''11`•ti r f �a ['"it '�. �3. I �}_Y�lt �+w1�� aj� �i 1 s r `der " ��-. d .�• '...."1.1.4-';''..1."1.- w ,k r'! ✓. ♦ *. 7.� R--....."i1^ "41/. /.// ,i i.x,A: AN APPRAISAL OF THE .62-ACRE AMERIGAS PROPERTY LOCATED AT 711 NORTH FEDERAL HIGHWAY IN THE CITY OF BOYNTON BEACH, PALM BEACH COUNTY, FLORIDA FILE NUMBER 16-74403 PREPARED FOR BOYNTON BEACH CRA AS OF MARCH 15, 2016 BY STEPHEN D. SHAW, MAI CALLAWAY & PRICE, INC. „Y Callaway & Price , Inc . Real Estate Appraisers And Consultants www.callawayandprice.com Licensed Real Estate Brokers Please respond to the South Florida office E-Mail: sds@cpwpb.com SOUTH FLORIDA 1410 Park Lane South,Suite 1 March 22, 2016 Jupiter,FL 33458 561.686.0333 1561.686.3705 Fax Michael R.Slade,MAI,SRA,CRE Cert Gen RZ116 mrs@cpwpb.com Theresa Utterback Stephen D.Shaw,MAI Development Services Specialist Cert Gen RZ1192 Boynton Beach CRA sds@cpwpb.com 710 North Federal Highway Robert A.Callaway,MRICS Boynton Beach, FL 33435 Cert Gen RZ2461 rac@cpwpb.com TREASURE COAST Dear Ms. Utterback: 1803 South 25th Street,Suite 1 Fort Pierce,FL 34947 We have made an investigation and analysis of the .62-acre 772.464.8607 I 772.461.0809 Fax Amerigas property located at 711 North Federal Highway in the Stuart: 772.287.3330 City of Boynton Beach, Palm Beach County, Florida. The Subject Stephen G.Neill,Jr.,MAI Property will be further described both narratively and legally Cert Gen RZ2480 s.neill@callawayandprice.com within the following Appraisal Report. The purpose of this investigation and analysis was to provide our opinion of the CENTRAL FLORIDA Market Value of the Fee Simple Estate of the Subject Property as 2816 E.Robinson Street of March 15, 2016. Orlando,FL 32803 Phone (321)726-0970 This report has been prepared for our client and intended user, Fax (321)726-0384 Boynton Beach CRA. The intended use is to assist the client for internal decision making. The scope of work performed is specific Curtis L.Phillips,MAI Cert Gen RZ2085 to the needs of the intended user and the intended use. No other clp@cpmel.com use is intended, and the scope of work may not be appropriate for other uses. SPACE COAST 1146'Avenue Based upon the scope of the assignment, our investigation and Suite 3 analysis of the information contained within this report, as well as In2903 Phone FL32 )726- ourgeneral knowledge of real estate valuation procedures and Phone (321)726-0970 9 Fax (321)726-0384 market conditions, it is our opinion that: Curtis L.Phillips,MAI Cert GenRZ2085 The Market Value of the clp@cpmel.com Fee Simple Estate of the Subject Property as of March 15, 2016 was: $560,000 Theresa Utterback Development Services Specialist Boynton Beach CRA March 22, 2016 Page Two A description of the property appraised, together with an explanation of the valuation procedures utilized, is contained in the body of the attached report. For your convenience, an Executive Summary follows this letter. Your attention is directed to the Limiting Conditions and underlying assumptions upon which the value conclusion is contingent. Respectfully submitted, CALLAWAY & PRICE, INC. - 9 _. e4-,-- Stephen D. Shaw, MAI Cert Gen RZ1192 tC .::::1'etrn .144-34 Joe M. Merritt, Associate Appraiser Cert Gen RZ672 SDS/JMM/15-74403 Attachments Executive Summary PROPERTY TYPE : Vacant Commercial Land. LOCATION : The Subject Property is located on the northwest corner of North Federal Highway and NE 6th Avenue in the City of Boynton Beach, Palm Beach County, Florida. The property address is 711 North Federal Highway, Boynton Beach, FL 33435. DATE OF VALUATION : March 15, 2016. DATE OF REPORT : March 22, 2016. PROPERTY DESCRIPTION: LAND : 26,831 square feet or .62 acres. IMPROVEMENTS : The Subject Property has historically been used as a propane gas distribution facility. The site is mostly asphalt paved with concrete pads supporting two large steel tanks. There is a 59-year old CBS building located in the extreme northeast corner of the site that contains 1,000 square feet of office space and 1,400 square feet of warehouse. The perimeter of the site has 6- foot chain link security fencing. It is our opinion that these light industrial improvements are an under utilization of the site. However, they do have the potential to generate some rental income until redevelopment occurs and this was taken into consideration in the following Land Value Analysis. ZONING : C-4, General Commercial District, by the City of Boynton Beach. LAND USE PLAN : GC, General Commercial, by the City of Boynton Beach. HIGHEST AND BEST USE : Future commercial development. MARKET VALUE OF THE FEE SIMPLE ESTATE OF THE SUBJECT PROPERTY AS OF MARCH 15, 2016 : $560,000 • Table of Contents Page No. CERTIFICATION 1 LIMITING CONDITIONS 3 DEFINITION OF THE APPRAISAL PROBLEM 9 Purpose, Date of Value, and Interest Appraised 9 Intended Use and User of Appraisal 9 Market Value 9 Legal Description 10 Fee Simple Estate 10 Hypothetical Conditions 10 Extraordinary Assumptions 11 Exposure Time 11 Marketing Time 12 SCOPE OF WORK 13 NEIGHBORHOOD DATA 14 PROPERTY DATA 17 Location 17 Zoning 17 Land-Use Plan 17 Site Size, Shape and Access 18 Easements and Deed Restrictions 18 Concurrency 18 Utilities 19 Topography 19 Census Tract 19 Flood Hazard Zone 20 Assessed Value and Taxes 20 Property History 20 Improvements 20 HIGHEST AND BEST USE 21 Conclusion 21 LAND VALUE ANALYSIS 23 Discussion of Vacant Land Sales 24 Conclusion - Land-Value Analysis 39 ADDENDA Engagement Letter Qualifications: Stephen D. Shaw, MAI Joe M. Merritt, Associate Appraiser Certification CERTIFICATION We certify that, to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. We have no present or prospective interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved. 4. We have not performed 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. 5. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 6. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 7. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 8. The analyses, opinions, and conclusion were developed, and this report was prepared, in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP) and The Interagency Appraisal and Evaluation Guidelines, December 10, 2010. 9. Stephen D. Shaw, MAI and Joe M. Merritt have made a personal inspection of the property that is the subject of this report. 10. No one provided significant real property appraisal assistance to the persons signing this certification. 11. The use of this report is subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board. 1 Certifications 12. This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 13. The reported analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. 14. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 15. As of the date of this report, Stephen D. Shaw, MAI has completed the continuing education program for Designated Members of the Appraisal Institute. Stephen D. Shaw, MAI Cert Gen RZ1192 s Joe M. Merritt, Associate Appraiser Cert Gen RZ672 2 Limiting Conditions LIMITING CONDITIONS 1. Unless otherwise stated, the value appearing in this appraisal represents the opinion of the Market Value or the Value Defined AS OF THE DATE SPECIFIED. Market Value of real estate is affected by national and local economic conditions and consequently will vary with future changes in such conditions. 2. The value estimated in this appraisal report is gross, without consideration given to any encumbrance, restriction or question of title, unless specifically defined. 3. This appraisal report covers only the property described and any values or rates utilized are not to be construed as applicable to any other property, however similar the properties might be. 4. It is assumed that the title to the premises is good; that the legal description is correct; that the improvements are entirely and correctly located on the property described and that there are no encroachments on this property, but no investigation or survey has been made. 5. This appraisal expresses our opinion, and employment to make this appraisal was in no way contingent upon the reporting of predetermined value or conclusion. 6. No responsibility is assumed for matters legal in nature, nor is any opinion of title rendered. In the performance of our investigation and analysis leading to the conclusions reached herein, the statements of others were relied on. No liability is assumed for the correctness of these statements. 7. Neither all nor any part of the contents of this report (especially any conclusions, the identity of the appraiser or the firm with which he is connected, or any reference to the Appraisal Institute or any of its designations) shall be disseminated to the public through advertising media, public relations media, news media, sales media or any other public means of communication without our prior written consent and approval. 8. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures which would render it more or less valuable. The appraiser assumes no responsibility for such conditions or the engineering which might be required to discover these factors. 3 Limiting Conditions 9, Unless otherwise stated in this report, the existence of hazardous substances, including without limitation stachybotrys chartarum (mold), asbestos, polychlorinated biphenyls, petroleum leakage, "Chinese drywall", or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, was 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 for 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 proximity thereto that would cause a loss in value. We are unaware of very wet conditions that may have existed for days or weeks which are required to grow mold. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge required to discover them. 10. 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 the 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. 11. Our opinion of value was based on the assumption of competent marketing and management regarding the Subject Property. If there is no competent marketing and management, then the value contained herein may not apply. 4 Subject Photos ..e . • s i y = , t� ' r .. ' or le Oft; I r e ` �� , v ( ` � l + , to r ili 111 A Ars + tr • i ,z -*• to N*„CIM 4.-,,-.4 ' ZtittptwA,jtwYM + .. fst SIP Ars t . NC Silt Aro t• 1t Nf fw Ar. .! , 4ir a fir. +,,;,� ••. r �. •� es •*' Ilf •'i t ti 1 � ��T� ts!* :: x l 4 * � t k A sf` : Ji il?...t. ... 2 , . . , 1. i :4141014 iii; ptil Pit sSA As. ...4s.21 •.. — .. t, ...,„„ ,. P41:'401 Ars ' § $' ' . ..,.-- 1. A. x. :4,.vim . �. ,�,,.�aim • , ,:, . ,. Pr ' `► rT Ai 9411441.144 . X * r tfil • :-.4"4": 4 1.4„p„r4 4' , I 44„: C Sgnlon Dosch lltrd t ef.intnn Aixh tj7rA AERIAL VIEWS OF THE SUBJECT PROPERTY jiliI ,e . . � ht TthA+r• d tt lp ;it f . , . 4 .. i ,.... _ . . ‘11::1 it � �� #. o — —,— 4, .0 A i • it •w7. et . h. i...' 4. III • la lir, - -- i ' '. .3'. IL lillilhMIIIIIIIIIIIh" iii N1:.Nh As* a 4 rrit• ' V •... ,..., • :t f ' asilli? 5 Subject Photos I • -I- . 1 . ..,,,,,,,,,1 „......0 II , , , ,. .. , _ _____,. _ i , . .:: • &Waft. V ' I ' ' - -.09, f 1110...:..... . . _ ,...v. . , it • LOOKING NORTHWEST AT THE SUBJECT PROPERTY FROM NORTH FEDERAL HIGHWAY AND NE 6TH AVENUE • lirX. 1 i • i ga t S 4e` A { ' LOOKING NORTHEAST AT THE SUBJECT PROPERTY FROM NE 6T" AVENUE 6 Subject Photos Ii { i •1 ik :40.10. 4,4 ., • 14 `a / J .J ' r. .sit 4.,;ap .yam • '"�A��.4Yw i I L . - LOOKING NORTH AT THE SUBJECT PROPERTY FROM NE 6Tr, AVENUE arm- ,•, --- . it. , • LOOKING .- LOOKING NORTH AT THE SUBJECT BUILDING 7 Subject Photos ',. 4je-i, , , ' ,.; ',' F, f.:: ,`',:.- ; y, V d, ili'maw' I 1 a t 0. v , LOOKING SOUTHWEST AT THE FRONT OF THE SUBJECT BUILDING \ — , ..--,41441111 M ,n! t 4, JMiii.i 1}1 s- .. .:t., .. • yy INTERIOR VIEW OF SUBJECT BUILDING 8 Definition of the Appraisal Problem DEFINITION OF THE APPRAISAL PROBLEM Purpose, Date of Value, and Interest Appraised The purpose of this investigation and analysis was to provide our opinion of the Market Value of the Fee Simple Estate of the Subject Property as of March 15, 2016. Intended Use and User of Appraisal This report has been prepared for our client and intended user, Boynton Beach CRA. The intended use is to assist the client for internal decision making. The scope of work performed is specific to the needs of the intended user and the intended use. No other use is intended, and the scope of work may not be appropriate for other uses. Market Value "As defined in the Agencies' appraisal regulations, 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: a. Buyer and seller are typically motivated; b. Both parties are well informed or well advised, and acting in what they consider their own best interests; c. A reasonable time is allowed for exposure in the open market; d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and e. 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: The Interagency Appraisal and Evaluation Guidelines, Federal Register, Volume 75, No. 237, December 10, 2010, Pgs. 61-62. 9 Definition of the Appraisal Problem Legal Description • Situate, lying and being in the county of Pals Beach, S ,-- of Florida, and described as follows: Lots 19 to a2 inclusive, LESS 25 feet on test , PENCE z KING IS ADDXTION to the TOvn o a ynton, according to the Plat thereof on file in sri •oopeffice of the ClerK of the Circuit court in and Palm Beach County, Florida, recorded in Plat - • 1, Pegs 50. Folio Number 08-43-45-21-31-000-0192. Source: Deed dated April 19, 1995 as recorded in Palm Beach County Official Records Book 8761 Page 451 Fee Simple Estate The Dictionary of Real Estate Appraisal, Sixth Edition 2015, by the Appraisal Institute, defines Fee Simple Estate on page 90 as follows: "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." Hypothetical Conditions The Dictionary of Real Estate Appraisal, Sixth Edition 2015, by the Appraisal Institute, defines Hypothetical Conditions on page 113 as follows: 1. "A condition that is presumed to be true when it is known to be false." 2. "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." "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." There were no Hypothetical Conditions in the valuation of the Subject Property. 10 Definition of the Appraisal Problem Extraordinary Assumptions The Dictionary of Real Estate Appraisal, Sixth Edition 2015, by the Appraisal Institute, defines Extraordinary Assumptions on page 83 as follows: "An assumption, directly related to a specific assignment, as of the effective date of the assignment results, 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." There were no Extraordinary Assumptions in the valuation of the Subject Property. Exposure Time The Dictionary of Real Estate Appraisal, Sixth Edition 2015, by the Appraisal Institute, defines Exposure Time on page 83 as follows: 1. "The time a property remains on the market." 2. "The estimated length of time that 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. Exposure time is a retrospective opinion based on an analysis of past events assuming a competitive and open market." There is a requirement under Standard Two to report exposure time according to the latest USPAP publication. "Exposure Time" is different for various types of property under different market conditions. We have reviewed the exposure time on the sales contained in the Sales Comparison Approach in this appraisal, as well as other sales and current listings in the market. Based on that data and the current market, it is our opinion that the Subject Property would have had an exposure time of approximately 12 months or less. 11 • Definition of the Appraisal Problem Marketing Time The Dictionary of Real Estate Appraisal, Sixth Edition 2015, by the Appraisal Institute, defines Marketing Time on page 140 as follows: "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." As in most markets, properties that are priced competitively and marketed professionally will sell before others which are not. We have reviewed the marketing time on the sales used the Sales Comparison Approach of this appraisal, as well as other sales within our database and current listings in the market, Based on these indications, it is our opinion that the Subject should have a marketing time of up to 12 months. 12 Scope of Work SCOPE OF WORK According to the 14th Edition of The Appraisal of Real Estate, page 38, "Scope of work encompasses all aspects of the valuation process, including which approaches to value will be used; how much data is to be gathered, from what sources, from which geographic area, and over what time period; the extent of the data verification process; and the extent of property inspection, if any. The scope of work decision is appropriate when it allows the appraiser to arrive at credible assignment results and is consistent with the expectations of similar clients and the work that would be performed by the appraiser's peers in a similar situation." The first step in the appraisal process involved defining the appraisal problem which included the purpose and date of value, determining the interest being appraised, intended use and user of the appraisal, and identifying the real estate (legal description). This step also determined if the appraisal were subject to any extraordinary assumptions or hypothetical conditions. The next step involved inspections of the Subject Property in March 2016 by Stephen D. Shaw, MAI and Joe M. Merritt. The inspections allowed us to understand the physical components of the Subject Property. In addition to the inspections of the Subject Property, we also began the data-collection process and, subsequently, an analysis of the factors that affect the market value of the Subject Property, including a market area analysis, neighborhood analysis, and property data analysis. We gathered and reviewed information from the Palm Beach County Property Appraiser's Office, the City of Boynton Beach Planning and Zoning Departments, our Client, and interviews with brokers and other market participants to understand and describe the Subject Property and its surroundings. The third step in the process was to determine the Highest and Best Use of the Subject Property. Through the Highest and Best Use analysis, we determined the issues that have an effect on the final opinion of value. To determine the Highest and Best Use, we relied on information obtained from the data-collection process. The fourth step was the application of the appropriate approaches for the valuation. No approaches were specifically omitted from this appraisal either by the client or the appraiser. The Subject Property consists of a .62-acre parcel zoned for commercial development. It is our opinion that the current light industrial improvements located on the site are an under utilization and do not contribute to the underlying land value. Therefore we have valued the Subject Property as vacant land based on a Highest and Best Use of future commercial development. The most reliable way to estimate land value is by the Sales Comparison Approach. Since only one approach to value was used, no reconciliation is needed. 13 Neighborhood Data NEIGHBORHOOD DATA Preface The relationship of the Subject Property with surrounding properties forms the basis of neighborhood analysis. The Appraisal of Real Estate, 14th Edition on page 165 states: "The boundaries of market areas, neighborhoods, and districts identify the areas that influence a subject property's value. These boundaries may coincide with observable changes in land use or demographic characteristics. Physical features such as structure types, street patterns, terrain, vegetation, and lot sizes help to identify land use districts. Transportation arteries (highways, major streets, and railroads), bodies of water (rivers, lakes, and streams), and changing elevation (hills, mountains, cliffs, and valleys) can also be significant boundaries." Neighborhood Map- - r , .. :3 - . i t : t,,.,«..1 t . t w..r.I t t t ti r. o' —/• ti 1 s.V.1 w:ss., y ..F 4 ''*, 1 S I t +...... t t I ; . � ; f.a...�..0,.Jr..aw.aV S.aa� p •M P.. N :Z. w90/ en The Subject neighborhood is considered to include the eastern portion of the City of Boynton Beach bounded on the north by the Boynton Canal (C-16), on the south by Woolbright Road (SW 15th Avenue), the east by the Intracoastal Waterway and on the west by Interstate 95. The primary north/south traffic arteries through the neighborhood include Federal Highway (U.S. Highway 1), Seacrest Boulevard and Interstate 95. Interstate 95, located approximately one mile west of the Subject Property, is the principal north/south commuter route along the east coast of Florida. U.S. Highway 1, commonly known as Federal Highway in southern Palm Beach County, also spans the length of Florida's East Coast. Seacrest Boulevard, which extends through the center of the neighborhood, is a 4-laned intercity connector joining Boynton Beach with Hypoluxo to the north and Delray Beach to the south. 14 Neighborhood Data The major east/west traffic arteries in the neighborhood are Boynton Beach Boulevard (State Road 804) and Woolbright Road. Both of these thoroughfares have interchanges with Interstate 95. Boynton Beach Boulevard extends westerly to U.S. Highway 441 (State Road 7) and provides access to Florida's Turnpike. Boynton Beach Boulevard effectively ends at North Federal Highway. Ocean Avenue, which is located two blocks south of Boynton Beach Boulevard, is Boynton's Main Street. The Ocean Avenue Intracoastal Waterway Bridge was recently renovated and provides convenient access to the Town of Ocean Ridge and State Road A-1-A. Woolbright Road also has a modern bridge that also provides access to State Road A-1-A and area beaches. Boynton Beach has historically been considered a retirement oriented community. However, the city has grown rapidly over the past several years and the average age of the population has decreased. The Subject neighborhood is nearly 100% built out and has a mixed housing composition, consisting of older single family (some built as early as the 1920's) and multifamily. Commercial development is concentrated along the major thoroughfares previously discussed and consists of a mixture of commercial, retail, restaurant and office buildings. The majority of the commercial type properties within the Subject's immediate area are retail in nature. Like its sister cities of Delray Beach, West Palm Beach and Lake Worth, officials of Boynton Beach have realized that downtown Boynton Beach could be a major asset to the city in general and a redevelopment effort is underway. All of the above cities have had government led redevelopment of their respective downtowns. As a result, property values increased in these areas. Boynton Beach seeks to mirror this success in their city. The City of Boynton Beach started its redevelopment plan of the downtown area with the Promenade Parke and the Marina Village mixed use project. These projects include a marina with boat slips, condominium apartments, street-level commercial and retail shops, a parking garage and boardwalks through the mangroves to the Intracoastal Waterway. Marina Village was completed in 2006 during the peak of the rising real estate market. The project sold out quickly with many units being purchased by investors. However, the real estate market collapsed shortly thereafter resulting in numerous foreclosures and a large inventory of units with no demand. Another large-scale mixed use project called Casa Costa was completed in 2008 at the northeast corner of East Boynton Beach Boulevard and North Federal Highway. This project added an additional 393 condominium apartment units and street-level retail space to the area at the collapse of the real estate market. 15 Neighborhood Data Construction recently began on a new mixed use project called 500 Ocean located on the southwest corner of Federal Highway and Ocean Avenue. This project will include 341 luxury rental apartments, 13,300 square feet of retail, 6,600 square feet of office space and a 664-space integrated parking garage. Completion is anticipated to be Fall of 2016. The City of Boynton Beach redevelopment agency's board agreed to fund $4.4 million over a 10-year period after the project is completed, using taxes created by the project. The City of Boynton Beach and the surrounding area enjoy good community services. Bethesda Memorial Hospital is located on Seacrest Boulevard. Other medical facilities and nursing homes are within a short distance. There are currently 18 churches representing all major denominations within the city limits. The Subject neighborhood has excellent access to public elementary, junior high, and high schools in Boynton Beach, as well as a variety of private and church supported schools in the area. All municipal services, including police and fire protection, public library facilities, garbage and trash collection, are available to most properties within the Subject neighborhood from either the City of Boynton Beach or Palm Beach County. Conclusion Overall the Subject Neighborhood should see extensive redevelopment in the future. Two large mixed-use projects were completed at the peak and/or after the collapse of the real estate market. As a result, there was a significant oversupply of available residential units and retail space. The real estate market has improved and the market activity for redevelopment properties in the neighborhood is increasing. We expect this trend to continue and that redevelopment will resume as the real estate market improves and the supply of available residential units and retail space diminishes. 16 Property Data PROPERTY DATA Location The Subject Property is located on the northwest corner of North Federal Highway (U.S. Highway 1) and NE 6th Avenue in the City of Boynton Beach, Palm Beach County, Florida. The property address is 711 North Federal Highway, Boynton Beach, FL 33435. Location Map t 3 �~ • t _. • • 4 1 ` . rti.. ,r•.. 1+ r .. ,. • • t t x k ... ...._«_..� ._ ._.._s ... • 4..1M Zoning The Subject Property is zoned C-4, General Commercial District, by the City of Boynton Beach. The purpose of the C-4 zoning district is to implement the general commercial (GC) future land use map (FLUM) classification of the Comprehensive Plan. The intent of this conventional district is to accommodate service and intensive commercial establishments and limited light industrial uses, and to serve as a transitional area between lighter commercial areas and general industrial uses or operations. Land-Use Plan The Subject Property is designated GC, General Commercial, by the City of Boynton Beach, which is consistent with the current zoning. 17 Property Data Site Size, Shape and Access The Subject Property has an irregular shape and contains 26,831 square feet or .62 acres. The site has frontage on and access to North Federal Highway and N.E. 6th Avenue. The measurements of the site are shown below. iiimmir(13693 tki i •- �LJU • V"" (125 Q) i '6.1.- � s ' Y 1 ctS AO ' , 0192 fir` : 1111 - 1" ..2. 17:4 • Ik' �' �, s ,.� Easements and Deed Restrictions We have not been provided with a survey or a title search for the Subject Property. Based upon our on-site inspection and review of the public records, the Subject Property has no obvious adverse easements or deed restrictions. Concurrency In 1985, the Florida Legislature enacted the Local Government Comprehensive Planning and Land Development Regional Act (Chapter 163, Part II, Florida Statutes), commonly referred to as "The Growth Management Act". In 2011 the state legislature rescinded this law, and now each county can address almost all of these factors as they wish. Sanitary sewer, solid waste, drainage, and potable water are the only public facilities and services subject to the concurrency requirement on a statewide basis. If concurrency is applied to other public facilities, the local government comprehensive plan must provide the principles, guidelines, standards, and strategies, including adopted levels of service, to guide its application. In order for a local government to rescind any optional concurrency 18 Property Data provisions, a comprehensive plan amendment is required. An amendment rescinding optional concurrency issues is not subject to state review. To the best of our knowledge, we are not aware of any concurrency issues with the Subject Property. Utilities FPL and AT&T provide electrical and telephone services to the area. Public water and sewer service is provided by the City of Boynton Beach. Topography The Subject site is level and slightly above the grade of the adjacent roads. Our on-site inspection revealed no obvious signs of drainage problems. Census Tract The Subject Property lies within Census Tract 0061.00. 2015 FFIEC Geocode Census Report Address: 711 N FEDERAL HWY,BOYNTON BEACH,FL,33435 MSA:48424-WEST PALM BEACH-BOCA RATON-DELRAY BEACH, FL State: 12-FLORIDA County:099-PALM BEACH COUNTY Tract Code:0061.00 Summary Census Demographic Information Tract Income Level Low Underserved or Distressed Tract No 2015 FFIEC Estimated MSA/MD/non-MSA/MD Median Family Income $64,900 2015 Estimated Tract Median Family Income $29,348 2010 Tract Median Family Income $29,145 Tract Median Family Income% 45.22 Tract Population 3726 Tract Minority% 76.06 Tract Minority Population 2834 Owner-Occupied Units 910 1-to 4-Family Units 1459 19 • Property Data Flood Hazard Zone The Subject Property lies within Flood Zone "B", according to the Flood Insurance Rate Map (Panel Number 120196 0004 C) prepared for the National Flood Insurance Program of the U.S. Department of Housing and Urban Development (HUD.). Flood Zone "B" includes "areas between limits of the 100-year flood and 500-year flood; or certain areas subject to 100-year flooding with average depths less than one (1) foot or where the contributing drainage area is less than one square mile; or areas protected by levees from the base flood". Assessed Value and Taxes The 2015 assessed value for the Subject Property is as follows: 2015 Assessed Value 2015 Folio Number Land Improvements Total Taxes 08-43-45-21-31-000-0192 $375,325 $70,284 $445,609 $10,593.36 According to the Palm Beach County Tax Collector web site, the 2015 taxes were paid on November 30, 2015 in the amount of $10,160.62, which included a 4% early payment discount. There are no delinquent taxes indicated from previous years. Property History It should be noted that this office has not performed a title search, nor has a title search been provided. According to the Palm Beach County Public Records, the Subject Property has been under the ownership of Amerigas Propane, L.P. for more than five years. The property is currently vacant and not being used. To our knowledge, the Subject Property was not listed for sale, for lease or under contract as of the appraisal date. Improvements The Subject Property has historically been used as a propane gas distribution facility. The site is mostly asphalt paved with concrete pads supporting two large steel tanks. There is a 59-year old CBS building located in the extreme northeast corner of the site that contains 1,000 square feet of office space and 1,400 square feet of warehouse (2,400 square feet total). The perimeter of the site has 6-foot chain link security fencing. It is our opinion that these light industrial improvements are an under utilization of the site and do not contribute to the land value. Therefore, they have not been described in detail. They do have the potential to generate some rental income until redevelopment occurs and this was taken into consideration in the following Land Value Analysis. 20 Highest and Best Use HIGHEST AND BEST USE The Dictionary of Real Estate Appraisal, Sixth Edition 2015, by the Appraisal Institute defines Highest and Best Use on page 109 as follows: 1. "The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity." 2. "The use of an asset that maximizes its potential and that is possible, legally permissible, and financially feasible. The highest and best use may be for continuation of an asset's existing use or for some alternative use. This is determined by the use that a market participant would have in mind for the asset when formulating the price that it would be willing to bid. (IVS)" 3. "The highest and most profitable use for which the property is adaptable and needed or likely to be needed in the reasonably near future. (Uniform Appraisal Standards for Federal Land Acquisitions)." To estimate the Highest and Best Use of the Subject, we have considered those uses which are legally permissible, physically possible, financially feasible, and maximally productive. Consideration was given to individual features of the land such as size, shape, location, access to roadways, and the availability of utilities. Consideration was also given to the surrounding land uses and the demand for property in the current real estate market. Conclusion It is our opinion that the Highest and Best Use of the Subject Property is for future commercial development. The reasons for this conclusion are as follows: Legally Permissible The Subject Property is zoned for commercial development by the City of Boynton Beach. It lies within an area designated for commercial by the City of Boynton Beach Future Land Use Plan. Physically Possible The Subject Property consists of .62 acres located on high-traffic North Federal Highway. It is situated on the corner of NE 6th Avenue, which provides additional road frontage and asphalt paved access. and Boynton Beach Boulevard. The Subject Property has historically been used as a propane gas distribution facility. The site is mostly asphalt paved with concrete pads supporting large tanks. There is a 59-year old CBS building located in the extreme northeast corner of the site that contains 1,000 21 Highest and Best Use square feet of office space and 1,400 square feet of warehouse. The perimeter of the site has 6-foot chain link security fencing. It is our opinion that these light industrial improvements are an under utilization of the site and do not contribute to the land value. They do have the potential to generate some rental income until redevelopment occurs and this was taken into consideration in the following Land Value Analysis. Financially Feasible During the residential housing boom, numerous properties were purchased along the Federal Highway corridor for mixed use redevelopment. However, the real estate market collapsed along with the national economy and the demand for redevelopment properties ceased. Vacant land prices declined drastically between 2006 and 2008. The rate of decline decreased during 2009 and began to stabilize in 2010. The market activity for redevelopment properties has increased during the past two years and land values appear to be stable at this time. We expect this trend to continue as the real estate market improves and redevelopment becomes feasible again. In our opinion, development of this site could be considered at this time as the market continues to improve. Maximally Productive It is our opinion that the maximum productivity of the Subject could be realized with future commercial development. An owner-user or a developer would be the most likely purchaser. 22 Land Value Analysis LAND VALUE ANALYSIS According to the 14th Edition of The Appraisal of Real Estate on page 44, the valuation of land begins by identifying the real estate and property rights valued, any encumbrances, use restrictions, and the land's physical characteristics. An appraiser can use several techniques to obtain an indication of land value: • Sales Comparison • Extraction • Allocation • Subdivision Development • Land Residual • Ground Rent Capitalization Usually the most reliable way to estimate land value is by sales comparison. When few sales are available, however, or when the value indications produced through sales comparison need additional support, procedures like extraction or allocation may be applied. In the case of the Subject Property the only approach used was the sales comparison approach. Sales Comparison Approach In order to estimate the value of the Subject Property, a search was made for recent sales of vacant land within the Subject's market area. Our search was concentrated on small vacant commercial properties located in the eastern portion of the City of Boynton Beach close proximity to the Federal Highway corridor. We analyzed the Subject Property and the comparables on a price per square foot of land area basis, which is the most common unit of comparison used by participants in the market for this property type. All of the comparables were considered with regard to property rights appraised, financing, conditions of sale, time or market conditions, location, size, site quality and main road exposure. 23 Land Value Analysis Discussion of Vacant Land Sales Our search revealed six sales of properties purchased for redevelopment that were considered to be suitable for direct comparison to the Subject. As shown below, the comparable sales indicated non-adjusted values ranging from $14.88 to $25.37 per square foot. Vacant Land Sales Calaway&Price,Inc.#16-74403 Sale Number Subject 1 2 3 4 5 6 Record ID Number 9056 9158 9055 8499 8500 8501 ORBK/PG 27636/849 27577/1923 27562/1854 26638/879 26546/1 26486/1926 Effective Sale Price $130,000 $387,500 $4,710,000 $345,000 $550,000 $700,000 Size-Acres 0.62 0.20 0.35 4.52 0.33 0.74 1.06 Size-Sq.Ft. 26,831 8,736 15,275 196,766 14,337 32,069 46,337 Price Per Sq.Ft. $14.88 $25.37 $23.94 $24.06 $17.15 $15.11 Northwest North side of West side of Southwest Northwest Northwest East side of cornercorner of East Ocean North Federal corner of of corner of East North Federal South Federal Highway Location North Federal Avenue,60 Highway,50 Highway and North Federal Ocean Avenue between NE Highway and feet east of feet north of East Ocean Highway and and the FEC 4th and 6th NE 6th Avenue NE 3rd Street NE 8th Avenue Avenue NE 1st Avenue Railroad Avenues City Boynton Boynton Boynton Boynton Boynton Boynton Boynton Beach Beach Beach Beach Beach Beach Beach Date of Sale Jun-15 May-15 May-15 Feb-14 Dec-13 Dec-13 Date of Value Mar-16 Zoning C-4 C2 C-4 MU-H CBD C2 CBD Conditions of Sale 0% 0% -10% 0% 0% 0% Market Condition Adj. 0% 0% 10% 5% 10% 10% Adjusted Price Per Sq.Ft. $14.88 $25.37 $23.94 $25.27 $18.87 $16.62 Physical Adjustments Location 0% 0% 0% 0% 0% 0% Size 0% 0% 0% 0% 0% 0% Site Quality 10% 0% 0% 0% 10% 10% Main Road Exposure 25% 0% 0% 0% 25% 0% Total Physical Adjustment 35% 0% 0% 0% 35% 10% Adjusted Price Per Sq.Ft. $20.09 $25.37 $23.94 $25.27 $25.47 $18.28 Low $18.28 High $25.47 Average $23.07 24 J . Land Value Analysis Vacant Land Sales Map i !i.: 14th A . . NE 14t►, An Z F2h(lre (rt an IL L • r e W e r l tire 13th as i M`t''t rj 4 NE 13tF Arg with Rd R+,feller, aMat-niers V.a, t'1E 12th Ave N *rta. NE ttth Ave 4 M tom' Itxrocs Ride: Rd Z Martin Who King Jr Sled :` a SPareetif NE 9th Ave q .._____._.___._____1 t3 A z ; 9sh Are g NE am Aye^ vNE81hAre ti NE 7th •f) 'th Are Si L NE 7th Ave ii inlet rat Err 7. 6 NE 6th A NE Sth Ave .r. •e NE 5th Ars !a .i A I? is w htiv 4th Ave NE 4th Ave 5 NE 4th 4r? N N NE 3rd Ave X Illesiter W Ekinttrn baa=h itik,s Delt V in e/ Coconut Ln MW 1st Ave NE 1 A•e . \, 4-C 1Oman Must Wocten A.e E °Lean Awe st um A sw 1st i4,SE 1st Ave r I 1 fiudson Ave SW 2nd Ave w SW 3rd AveSE 3rd Awe tlodmns ig eceatisi i SE Ott; Ave a E ta0r�er ar 1 Si SW 5th A e SE 5th Are a MA Sw 6th Are SE 6th Axe= el i Sw 7th Aft SE 7th Ave su i-gptwr (n z tri 0 ydi 100 4v0 NV +1R 25 Land Value Analysis Land Sale No. 1 „. E Bovrel,nn Be.20i Blvd , I.Boyd tad Beach Blvd _ r �+. , y (441.T. .: o ,..rillif f I': � , J r • J •..I 1 NE 1st Ave i' kR 1, . tisJt JAI A,:....— xi1 r y * 1 S/ ';%;:!'14 rIIII: R r ` b ` ,r ,• t FYs }t 'li . a a•"<a ►i � Fif , " R . .y{ .. �. Ft^ • '0 I s�san.ve. ;r ,lir ,a., , f rr1;....,...,, 1 I..i. luit, i! ,,a � 1.:11 , ;I . .. .. ,,,, . , -..t_7,....,. - . ;.; 9 Property Identification Record ID 9056 Property Type Commercial, Vacant Land Address 405 East Ocean Avenue, Boynton Beach, Palm Beach County, Florida 33435 Location North side of East Ocean Avenue, 60 feet east of NE 3rd Street Tax ID 08-43-45-28-03-005-0080 Legal Description Lots 8 & 9, less E 30', Block 5, Town of Boynton Sale Data Grantor Robert F. Katz, III, PR & Arthur B. D'Almeida, PR Grantee East Ocean Avenue, LLC Sale Date June 24, 2015 Deed Book/Page 27636/849 Recorded Plat PB 1, Pg 23 Property Rights Fee Simple 26 • Land Value Analysis Land Sale No. 1 (Cont.) Conditions of Sale Arm's length Financing Cash to seller Sale Price $130,000 Land Data Zoning C2, Neighborhood Commercial Topography All upland with mature trees Utilities All available Land Use Plan Local Retail Commercial Land Size Information Gross Land Size 0.201 Acres or 8,736 SF Front Footage East Ocean Avenue Indicators Sale Price/Gross Acre $648,214 Sale Price/Gross SF $14.88 Remarks This property was purchased for investment purposes and future redevelopment in conjunction with adjacent properties. 27 i Land Value Analysis Land Sale No. 2 r e,t a rr 1 ' if. 2, irr.4201.0r, Clwil ' 111 • ........ . ?k r aXlit � V I _ Z .. tit l'ST4;VI i 4 . niti, k_ s Property Identification Record ID 9158 Property Type Commercial, Vacant Land Address 907 North Federal Highway, Boynton Beach, Palm Beach County, Florida 33435 Location West side of North Federal Highway, 50 feet north of NE 8th Avenue Tax ID 08-43-45-21-32-001-0090 Legal Description Lots 9, 10 & 11, Block 1 (Less E 17'), Lake Addition to Boynton Sale Data Grantor 907 N Federal Hwy, LLC Grantee Anthony Rogers Sale Date May 26, 2015 Deed Book/Page 27577/1923 Recorded Plat PB 11, Pg 71 Property Rights Fee Simple Conditions of Sale Arm's length Financing Cash to seller Sale Price $387,500 28 Land Value Analysis Land Sale No. 2 (Cont.) Land Data Zoning C-4, General Commercial Topography All upland and useable Utilities All available Shape Rectangle Land Use Plan General Commercial Land Size Information Gross Land Size 0.351 Acres or 15,275 SF Front Footage North Federal Highway Indicators Sale Price/Gross Acre $1,105,041 Sale Price/Gross SF $25.37 Remarks This property was improved with a 67-year old two-story building at time of sale. The building had been partially renovated and gutted several years ago. The property was purchased for future redevelopment and the building contributes minimal value to the site. It does have the potential to generate rental income until redevelopment occurs. 29 Land Value Analysis Land Sale No. 3 E Boynton Beach BIac1 r E Boynton Sem*Blvd _._ .a..ri. Tr,,, ,,, 4.. i ...Li .�f U .'a ..1,it , r ` E'tsl Ay. le: ��asa L'ema Blvd .iu 0 :-„, 4,e. -, L . ,z ..., fia ' :: t a E Cit e3n Aya ,,..,.-. , a ....E Ocean Ave l'I' i . I tip.. , i - ,.... •No• .,.. if 10 „„0,,,, r, - .,,,,„ . . , Ill•Pf.z. i ~SW _ ; 4 4, : ____....... ...-7.' ir; i 'Ilil g yr' ! SE 1st Ave • ;Ifo g I' , s0li i za 5F ?tart Give - SE Tad Ave -. --- i aA ' t. Fidtilanz N al Property Identification Record ID 9055 Property Type Mixed use, Vacant Land Property Name 500 Ocean Address 500 East Ocean Avenue, Boynton Beach, Palm Beach County, Florida 33435 Location Southwest corner of East Ocean Avenue and South Federal Highway Tax ID 08-43-45-28-03-007-0010 Legal Description Lengthy Sale Data Grantor Capstone Resdev, LLC Grantee Skye At Boynton Beach, LLC Sale Date May 26, 2015 Deed Book/Page 27562/1854 Property Rights Fee Simple 30 • Land Value Analysis Land Sale No. 3 (Cont.) Conditions of Sale Arm's length Financing Cash to seller Sale Price $4,710,000 Land Data Zoning MU-H, Mixed Use-High Density Topography Cleared, all upland and useable Utilities All available Shape Rectangle Land Use Plan Mixed Use Core Land Size Information Gross Land Size 4.517 Acres or 196,766 SF Front Footage South Federal Highway; Ocean Avenue Indicators Sale Price/Gross Acre $1,042,698 Sale Price/Gross SF $23.94 Remarks This property was under contract for approximately 2 years while approvals were being obtained. The site is being developed with a mixed use project called 500 Ocean. It will include 341 luxury rental apartment units, 13,300 square feet of retail, 6,600 square feet of office space and a 664-space integrated parking garage. Construction has begun and the anticipated completion date is Fall 2016. The City of Boynton Beach will participate funding $4.4 million over a 10-year period after the project is completed, using taxes created by the project. 31 Land Value Analysis Land Sale No. 4 1.,,,..:.4t;1."A S' st f, --k"le NE 3:ci A # x y aI._ pia -Wil a 4 it:. / ,,. ter 1 . . 4,.1 4 1; t . '� `1 `e ,rrr ,1Iii ' ` ,,,,.,33 .L tboyntoai Beach Blvdvit4 a E Boyn on'BeaCh Blvd eh; 6t::: 4.' Li: ' A-1r* fr F-4 N..... ....„„...- *-- - : (-- ---- -, - . --- 4 row..„... ,, ,.. 1:r , 1� :� , ..-s •NE ;t,t A�eo. .:.4•— � LTJ ,;, ,�'r,- 'mgt. mo,,„ ori i.,lew. f i , s . kt, 1. r.r -, ., _its I. 49 :: al IL., • " IL' 4 ....17. 1.. 'L • Icy aa a, - �...a-_ • +r Asa, ,c,..„,.. , .w✓ 6 , .1a..„ Ave. . • ,• t d,s E ice: 4 „ i 6 1 ? r -t 41 r - r VI r s` ` _ Property Identification Record ID 8499 Property Type Commercial, Vacant Land Address 209 North Federal Highway, Boynton Beach, Palm Beach County, Florida 33435 Location Northwest corner of North Federal Highway and NE 1st Avenue Tax ID 08-43-45-28-03-001-0121 Legal Description E1/2 of Lot 12, Lot 13 & 14 less 10 feet, Block 1, Original Town of Boynton Sale Data Grantor Kalbro Properties, Inc. Grantee 209 N. Federal, LLC Sale Date February 19, 2014 Deed Book/Page 26638/879 Recorded Plat PB 1, Pg 23 Property Rights Fee Simple 32 Land Value Analysis Land Sale No. 4 (Cont.) Conditions of Sale Arm's length Financing Cash to seller Sale Price $345,000 Land Data Zoning CBD, Central Business District Topography Previously improved Utilities All available Land Use Plan Local Retail Commercial Land Size Information Gross Land Size 0.329 Acres or 14,337 SF Front Footage North Federal Highway; NE 1st Avenue Indicators Sale Price/Gross Acre $1,048,211 Sale Price/Gross SF $24.06 Remarks This property was purchased for investment purposes and future redevelopment. It was improved with a 59-year old office building containing 1,035 square feet at time of sale. The buyer is renting the building until redevelopment occurs. It is currently used for an ice cream parlor called The Boardwalk Italian Ice & Creamery. 33 , Land Value Analysis Land Sale No. 5 a x ' I ; i I itr:7 - .1 $- trwil liti ., i.: A4A it. Ai ec. t_ Boyr+L.n Roach EiIvc1 ,L Bo isk 111111116 - 1 i �": ♦ -1...r, '-# 3jfwI -. . .4. 4p,b,',.., .,. ! \,• . 17_4,- r -,m7-A-„, 4 "lir , 4,4,,z,„ i ilmoi:"*'17- ' r v441 ',‘5,1— " a" '% <VL,?st Av.. •'' _ i 'T N9' S *wn ' - k-, 7: }t } . ',' • k. . "' '. 14 r , 1 ( :",i ; I ''' '.1:t‘' :41/,4 ft1L. -;''''-.:% 4. rsem kiss*+� i. i; '1 .' c4 r ., .4.,i - t ti+90.` F t{ W t ... ;� i. ai#1.aAYk ,ws lk, 1 1 ' - e-ii, i •_.4er t « • • ,tr- 1 . 1 . F�. � Vii.�j �F N. �� IV*" —• V.k Ziirlitilleill A r tk. ' ih, . .: otie 4., g7", SI i. s Aet Property Identification Record ID 8500 Property Type Commercial, Vacant Land Address 413 East Ocean Avenue, Boynton Beach, Palm Beach County, Florida 33435 Location Northwest corner of East Ocean Avenue and the Florida East Coast Railroad Tax ID 08-43-45-28-03-005-0040, 0091 & 0100 Legal Description Lots 4-6 & 9-11, Block 5, Town of Boynton Sale Data, Grantor 417 East Ocean Avenue LLC Grantee 206 Boynton LLC Sale Date December 27, 2013 Deed Book/Page 26546/1 Recorded Plat PB 1, Pg 23 Property Rights Fee Simple Conditions of Sale Arm's length 34 Land Value Analysis Land Sale No. 5 (Cont.) Financing Cash to seller Sale Price $550,000 Land Data Zoning C2, Neighborhood Commercial Topography Previously improved Utilities All available Land Use Plan Local Retail Commercial Land Size Information Gross Land Size 0.736 Acres or 32,069 SF Front Footage East Ocean Avenue; NE 3rd Street Indicators Sale Price/Gross Acre $747,077 Sale Price/Gross SF $17.15 Remarks This property was purchased for investment purposes and future redevelopment in conjunction with adjacent properties. It consists of two parcels, one fronting East Ocean Avenue and one fronting NE 3rd Street. 35 Land Value Analysis Land Sale No. 6 i',%';,' 'i . iy,idip it, ��r *; NF;Mth.Ct - r , 6 frie—•—• „r„,,,,,,,_ �"�'— '`� NE Bth Av• - 4, } .. ...------- a .I. i t `1'� a .2 i f >1 I , 1z ..% ,rte //33.r��►�y�� 1, air • ''''':: • ..7_01E, .5 ti41 Airl..z.,...v..,_. ,cr,,,, ;.0 icv ff 1...t. i ..:14,,,,. ..._...' i 06 na , c.ti - tui ' i . ..}) +gib r' '40---'' - 'iir::ir:h _.,1*,,! It: It ,.-1 4.1 fr-4 , t-4.1 . it. ..t ....1 . r :6, ,.. - '.4 .. al. .NF`4th Ave- ` E. MF Ott Ave rOr �a lnt`anrCa, is , 9. r• 4 : +" �g. '` 2 �� tJE ar.f1 •Aero, t " x -4,. f LI 30444114"1 ,tet 4, x„Y •. E3 i ton'Bach Blvd t Boynton Beach hove# �"" F Property Identification Record ID 8501 Property Type Commercial, Vacant Land Address 512-600 North Federal Highway, Boynton Beach, Palm Beach County, Florida 33435 Location East side of North Federal Highway between NE 4th and 6th Avenues Tax ID 08-43-45-22-05-000-0010 & 002-0010 Legal Description Lots 1-3, Block 2, Civic Center & Lots 1-6, R.S. Merritt's Sale Data Grantor Boynton Beach Property Partners, LLC Grantee St. Mark's Square, LLC Sale Date December 03, 2013 Deed Book/Page 26486/1926 Property Rights Fee Simple Conditions of Sale Arm's length 36 • Land Value Analysis Land Sale No. 6 (Cont.) Financing Cash to seller Sale Price $700,000 Land Data Zoning CBD, Central Business District Topography Previously improved Utilities All available Land Use Plan Mixed Use Land Size Information Gross Land Size 1.064 Acres or 46,337 SF Front Footage North Federal Highway; NE 4th Avenue; NE 6th Avenue Indicators Sale Price/Gross Acre $658,049 Sale Price/Gross SF $15.11 Remarks This property was purchased for investment purposes and future commercial development. 37 Land Value Analysis Property Rights Transferred and Terms of Financing All the comparables in this analysis involved the transfer of a Fee Simple Estate basis, with the buyers receiving full property rights ownership. We are also unaware of any adverse deed restrictions or any other property rights limitations which would have affected the sales. Therefore, no adjustment was considered necessary for property rights conveyed. The transaction price of one property may differ from that of a similar property due to atypical financing arrangements. In a case where favorable financing is established, a cash equivalency adjustment is often necessary. However, all of the sales analyzed herein involved either market terms or cash to Grantor. Therefore, no adjustments were made, nor any cash equivalency performed. Conditions of Sale Adjustments for conditions of sale usually reflect the motivations of the buyer and seller at the time of conveyance. Within the confirmation process, detailed attention was made to ensure the conditions of each sale. The majority of the sales required no adjustments for conditions of sale. Sale 3 was purchased for a new project that is being partially funded by the City of Boynton Beach and this appears to have had an effect on the price paid for the land. Therefore, we have made a downward conditions of sale adjustment to Sale 3 for this factor. Time or Changes in Market Conditions Market conditions generally change over time and may be caused by inflation, deflation, fluctuations in supply and demand, or other factors. The sales occurred from December 2013 to June 2015. Overall, market conditions have improved since the earliest sale date and we have adjusted Sales 4, 5 and 6 upward for this factor. We have also adjusted Sale 3 upward as it was originally contracted 2 years prior to its closing, while approvals were being obtained. Sales 1 and 2 were considered to be representative of the current market. Location The Subject Property is considered to have a good location for future commercial development at the corner of North Federal Highway and NE 6th Avenue. All of the Sales are similar to the Subject being located in the City of Boynton Beach Core redevelopment area and no location adjustments were necessary. 38 Land Value Analysis Size The Subject Property contains .62 acres. The sales range in size from .20 acres to 4.52 acres. It is typical in real estate for a small site to sell at a higher price per square foot than a large site, when all other characteristics are equal. However, for this property type, the adjustment is off-set due to the fact that the development flexibility increases as the size increases. This is evidenced by this data set in that the smallest property (Sale 1) sold for the lowest price per square foot and the largest property (Sale 3) sold for the highest price per square foot. Therefore, no size adjustments were applied to the sales. Site Quality The Subject Property is considered to have a good site quality for future commercial development being all upland and useable. In addition, there is a small building located on the site that has the potential to be rented until redevelopment occurs. The majority of the comparables were considered to be generally similar to the Subject at to overall site quality. Sales 2, 3 and 4 are similar to the Subject being improved with small buildings at time of sale. Sales 1, 5 and 6 were vacant at time of sale and upward adjustments were applied for this factor. Main Road Exposure The Subject Property is located on North Federal Highway which is a high-traffic main road. The majority of the Sales are similar to the Subject as to main road exposure being situated on Federal Highway. Sales 1 and 5 are located on East Ocean Avenue west of Federal Highway, which is a secondary road, and upward adjustments were applied for this factor. Conclusion - Land-Value Analysis As can be seen on the chart displayed earlier, the comparable sales indicated an adjusted range from $18.28 to $25.47 per square foot of land area with an average of $23.07 per square foot. All of the comparables sales were considered to provide reasonable value indications for the Subject Property. Therefore, it is our opinion that the Subject Property had a Market Value of approximately $20.00 to $22.00 per square foot as of March 15, 2016 or $560,000 as calculated below. 26,831 Sq.Ft. X $20.00 Per Sq.Ft. = $536,620 26,831 Sq.Ft. X $22.00 Per Sq.Ft. = $590,282 Say $560,000 39 ADDENDA i ENGAGEMENT LETTER ^^t Callaway & Price, Inc. Real Estate Appraisers And Consultants www.callawayandprice.com "a Licensed Real Estate Brokers Please respond to the South Florida offce E-Mall: sds fgcpwpb,com SOUTH FLORIDA March 8, 2016 1410 Park Lane South,Suite 1 Jupiter,FL 33458 581.688.0333 1 561.688.3705 Fax Michael R.Slade,MAI,SRA,CRE Theresa Utterback Cert Gen RZ116 Development Services Specialist mra®cpwpb.com Boynton Beach CRA Stephen D.Shaw,MAI 710 North Federal Highway Cart Gen RZ1192 9 y sds( cpwpb.com Boynton Beach, FL 33435 RobortA.Calaway,MRICS Geri Gen R7_2461 Dear Ms. Utterback: racrgcpwpb.corn We would be pleased to prepare an appraisal report on the TREASURE COAST Amerigas site located at 711 North Federal Highway In Boynton 1803 South 25th Street,Suite 1 Beach, Florida. It is our understanding that the purpose of the 77 .484.88,FL1 34972.47 appraisal is to estimate the Market Value of the Fee Simple Estate. 772.484.8807 1772.461.0809 Fax Stuart: 772287.3330 Stephen G.Nell,Jr.,MAI This report will be prepared for our client and Intended user, Cert GenR22480 Boynton Beach CRA. The Intended use is to assist the client for s.net I©cal lawayendprice.com internal decision making. The scope of work performed is specific CENTRAL FLORIDA to the needs of the intended user and the Intended use. No other 2818 E.Robinson Street use is intended, and the scope of work may not be appropriate for Orlando,FL 32803 other uses. Phone (321)726-0970 Fax (321)726-0384 The fee would be $2,200. The fee is due and payable upon Curtis L.Phillips,MAI delivery of the report. We will provide a PDF of the final report Cert Gen Rz2085 and a hard copy upon request. clpakcpmel.com We will have the report completed In approximately 2 weeks from SPACE COAST the day we receive your authorization. 114 8 Avenue Suite 3 Indlatantic,FL 32903 Phone (321)728.0970 Fax (321)726-0384 Curtis L.Phillips,MAI Cart Gen RZ2085 clp(cpmel.corn 1 Theresa Utterback Development Services Specialist Boynton Beach CRA March 8, 2016 Page Two Public Records The Boynton Beach Community Redevelopment Agency is public agency subject to Chapter 119, Florida Statutes. The Contractor shall comply with Florida's Public Records Law. Specifically, the Contractor shall: 1. Keep and maintain public records that ordinarily and necessarily would be required by the CRA in order to perform the service; 2. Provide the public with access to such public records on the same terms and conditions that the CRA 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; 3. 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 4. Meet all requirements for retaining public records and transfer to the CRA, at no cost, all public records in possession of the contractor 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 the City in a format that is compatible with the information technology systems of the agency. The failure of Contractor to comply with the provisions set forth in this agreement/contract shall constitute a Default and Breach of this Agreement. If Contractor falls to cure the default within seven (7) days' notice from the CRA, the CRA may terminate the Agreement. Theresa Utterback Development Services Specialist Boynton Beach CRA March 8, 2016 Page Three If the above is agreeable to you, please sign below as our authorization and return it so that we may begin work immediately. This agreement is subject to the Agreements and Conditions listed on the attached pages, a copy of which should also be signed and returned to us. Our work will be done In accordance with the Appraisal Institute Code of Ethics and Standards of Professional Practice. Thank you for the opportunity to be of service. Respectfully submitted, CALLAWAY& PRICE, INC. Stephen D. Shaw, MAI Cert.Gen. RZ1192 SDS/js Attachments Client: Boynton Beach CRA Accepted By\Date: s --'x/a4� _ Signature Date Name and Title (Printed or Typed): )//11-7--1 ki/G.3/6 Client Fed ID# or SS#: J -1973///O Conditions of Agreement CONDITIONS OF AGREEMENT 1. Premise: The completed report shall comply with the professional and ethical standards of the Appraisal Institute. The report will be addressed to the Client, or, as directed by the Client. 2. Compensation: The fee is due and payable as designated in the contract letter; the retainer is to be sent to the Appraiser along with the signed contract letter, which constitutes authorization to commence the assignment. The Appraiser's/Consultant's compensation is in no event contingent upon a predetermined value or conclusion. 3. Completion Date: Every effort will be made to deliver the report as per the specified date in the contract letter. If delays occur for reasons beyond the control of the Appraiser/Consultant, such as not receiving necessary data requested from the Client in a timely manner, changes in the scope of services of the assignment, acts of God, et cetera, the due date shall be extended. 4. Chances: The Appraiser/Consultant shall, to the best of his ability, complete the assignment in compliance with professional and ethical standards of the appraisal industry. Changes which are not in keeping with these standards will necessitate a new contract letter and renegotiation of the original fee; or billed on a time basis plus the original fee. 5. Cancellation: This agreement may be cancelled by the Client by written notice, or telephone followed by written notice. Appraiser/Consultant shall submit a statement based on professional time and expenses accrued, if applicable, for all services expended to the date of cancellation. 6. Additional Report Copies: Additional copies will be furnished upon request, and prepayment of $1 per page per report. 7. Collection: All fees and expenses are due upon delivery of the final report. A late charge of 1.5% per month shall be imposed on balances unpaid 30 days after the statement date. If collection efforts become necessary, all costs for same, including court costs and attorney's fees will be added to the balance due. We are currently operating under an agreement with a collection agency which charges us 53.8%. IF THEIR COLLECTION SERVICES ARE REQUIRED, CLIENT'S TOTAL BALANCE DUE WILL BE INCREASED BY 53.8%. 8. Limiting Conditions: This agreement and the completed report shall be subject to the attached Limiting Conditions (also included In said report). .r. Conditions of Agreement 9. Confidential Data: Data assembled for the assignment will remain the property of the Appraiser/Consultant. Data provided by the Client will be held in file, unless otherwise instructed by the Client, and considered confidential. Appraiser/Consultant is authorized by the Client to disclose the report to appropriate representative of the Appraisal Institute to comply with the Bylaws and regulations of this professional organization. I hereby agree to the Conditions of Agreement outlined above. ..� S CI' is Name Date of Acceptance Limiting Conditions LIMITING CONDITIONS 1. Unless otherwise stated, the value appearing in this appraisal represents the opinion of the Market Value or the Value Defined AS OF THE DATE SPECIFIED. Market Value of real estate is affected by national and local economic conditions and consequently will vary with future changes in such conditions. 2. The value estimated in this appraisal report is gross, without consideration given to any encumbrance, restriction or question of title, unless specifically defined. 3. This appraisal report covers only the property described and any values or rates utilized are not to be construed as applicable to any other property, however similar the properties might be. 4. It is assumed that the title to the premises is good; that the legal description is correct; that the improvements are entirely and correctly located on the property described and that there are no encroachments on this property, but no Investigation or survey has been made. S. This appraisal expresses our opinion, and employment to make this appraisal was in no way contingent upon the reporting of predetermined value or conclusion. 6. No responsibility is assumed for matters legal In nature, nor is any opinion of title rendered. In the performance of our investigation and analysis leading to the conclusions reached herein, the statements of others were relied on. No liability is assumed for the correctness of these statements; and, in any event, the appraiser's total liability for this report is limited to the actual fee charged. 7. Neither all nor any part of the contents of this report (especially any conclusions, the Identity of the appraiser or the firm with which he Is connected, or any reference to the Appraisal Institute or any of its designations) shall be disseminated to the public through advertising media, public relations media, news media, sales media or any other public means of communication without our prior written consent and approval. 8. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures which would render it more or less valuable. The appraiser assumes no responsibility for such conditions or the engineering which might be required to discover these factors. Limiting Conditions 9. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation stachybotrys chartarum (mold), asbestos, polychlorinated biphenyls, petroleum leakage, "Chinese drywall" 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 for 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 proximity thereto that would cause a loss in value. We are unaware of very wet conditions that may have existed for days or weeks which are required to grow mold. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge required to discover them. 10. The Americans with Disabilities Act ("ADA") became effective January 26, 1992. The appraiser has not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since the appraiser has no direct evidence relating to this issue, possible noncompliance with the requirements of ADA in estimating the value of the property has not been considered, Qualifications Stephen D. Shaw,MAI Professional Designations\Licenses\Certifications Member, Appraisal Institute, MAI Designation #10461 Florida State-Certified General Appraiser RZ1192 Florida State Licensed Real Estate Salesman 0495422 Professional Experience Principal, Callaway & Price, Inc., since January 1999 Senior Appraisal Consultant, Callaway & Price, Inc., since July 1997 - December 1998 Appraisal Consultant, Callaway & Price, Inc., since April 1994 Associate Appraiser, Pinel & Carpenter, Inc., Orlando, April 1992 - March 1994 Appraiser/Researcher, Callaway & Price, Inc., September 1987 - March 1992 Special Magistrate Palm Beach County since 1996 Special Magistrate, Martin County, 2009 Qualified as an Expert Witness Palm Beach County, Florida Martin County, Florida Broward County, Florida Sarasota County, Florida Education Bachelor of Science Degree, Business Administration, Major in Real Estate and Finance, University of Florida Appraisal Institute: Course 101 - An Introduction to Appraising Real Property, 1992 Course 201 - Principles of Income Producing Properties, 1991 Course 2-1 - Case Studies in Real Estate Valuation, 1992 Course 540 - Report Writing and Valuation Analysis, 1993 Course 2-3 - Standards of Professional Practice Parts A & B, 1991 Numerous seminars sponsored by the Appraisal Institute Appraising\Consulting Expertise Acreage Office Buildings ACLFs Office/Warehouses Apartment Complexes Retail Buildings Automotive Service Facilities Restaurants Bowling Alleys Special Purpose Properties Commercial Buildings Shopping Centers Condominium Projects Vacant Commercial Land Eminent Domain Vacant Industrial Land Golf Courses Vacant Multifamily Pods Hotels Vacant Residential Land Marinas Vacant Single-Family Subdivisions Mini-Warehouses Warehouses _ Qualifications-Stephen D. Shaw,MAI Organizations and Affiliations Appraisal Institute: Experience Review Committee Ethics & Counseling Committee South Florida Chapter Board of Directors Business Development Board Palm Beach County, Member -,•>i '°rz� STATE OF FLORIDA < • DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION " `` y�r" t. FLORIDA REAL ESTATE APPRAISAL BD 850-487-1395 •'— 1940 N. MONROE ST. TALLAHASSEE FL 32399-0783 I SHAW,STEPHEN DAY 733 SE MICHAELS COURT STUART FL 34996 Congratulations! With this license you become one of the nearly one million Floridians licensed by the Department of Business and Professional Regulation. Our professionals and businesses range STATE OF FLORIDA •.f from architects to yacht brokers,from boxers to barbeque restaurants, • j.s�`x DEPARTMENT OF BUSINESS AND ,: and they keep Florida's economy strong. ..r,. PROFESSIOt1Ah.REGULATION .i Every day we work to improve the way we do business in order to RZ1192 . -' ::�l, IS$UED ,10116/2014 , i l serveyou better For information about our services,please logonto : `� \"` ,; is . i>3 www.myfioridalicense.com. There you can find more information \`¢' • about our divisions and the regulations that Impact you,subscribe CERTIFIED G.... RAL-, P • to department newsletters and learn more about the Department's •SHA1N'81EP -.. R1gY'3>j"' ': 4..., p p :: *:"I� r+s .; .. . initiatives. :�` iti, • .. Our mission at the Department is:License Efficiently,Regulate Fairly. -.rh ._`+`;, . We constantly strive to serve you better so that you can serve your customers. Thank you for doing business in Florida, IS CERTIFIED under the provi5lons of Ch.475 FS. and congratulations on your new Iicensel Expkaamml.:Novs0.2016 1410160002381 DETACH HERE RICK SCOTT,GOVERNOR KEN LAWSON,SECRETARY - STATE OF:FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION • • i'ti - . FLORIDA REAL L ESTATE APPRAISAL BD ' LICENSE NUfdaER : ' i . C iz, The CERTIFIED GENERAL APPRAISER - ' '. Named below IS CERTIFIED ° • - •• �., ` Under the provisions of Chapter 475 F$. .• � i Expiration date: NOV 30,2016 • . �_. a.,�ow T:i o :SHAW,STEPHEN DAY - .,,;: = <• ,..... , i• ::�r • I ' 1639 FORUM PLACE \ ...:;:;':,•'.479,;:,:::-;,..,:\ ` ,a •'tr''� SUITE 5 ., . .. .. WEST PALM,BEACH FL 33401. ,;t,.•' •; �~ '",`E : ';`''4F. .,3 4,• .' .�. r '..-. M(,,fly 5u1 y',4 ., ..x • -•t.. ISSUED: 10/16/2014 DISPLAY AS REQUIRED BY LAW 8E00 L1410160002381 ' 11 Qualifications — Joe M. Merritt Professional Designations\Licenses\Certifications Florida State-Certified General Real Estate Appraiser, RZ672 Professional Experience Staff Appraiser, First Federal Savings & Loan Association of Delray Beach, 1977-1982 Associate Appraiser, Callaway & Price, Inc., since September 1982 Qualified As An Expert Witness Circuit Court of Palm Beach County, Florida Education Florida Real Estate Commission, Course 1, 1977 Appraisal Institute: Course 101 - An Introduction to Appraising Real Property, 1978 Course 201 - Principles of Income Property Appraising, 1978 Narrative Report Writing Seminar & R-2 Examination, 1978 Course 1A-1 - Real Estate Appraisal Principles, 1987 Course 1A-2 - Basic Valuation Procedures, 1987 USPAP Core Law for Appraisers, 1994 Appraisal Review, 1994 Numerous Continuing Education Courses and Seminars by: Appraisal Institute Gold Coast Professional Schools Bert Rodgers Schools McKissock Appraisal School South Florida Water Management District Appraising\Consulting Expertise Agricultural Land Marinas Automobile Dealerships Office Buildings Civic Sites Regional Malls Commercial Buildings Retail Buildings Condominium Projects Self Storage Facilities Eminent Domain Shopping Centers Environmentally Sensitive Lands Sovereignty Submerged Land Gas Stations/Convenience Stores Special Purpose Properties Golf Courses Commercial Land Market/Feasibility Studies Industrial Land Warehouses Residential Land ,� ;`; Y , STATE OF FLORIDA r` ;44f DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD 850-487-1395 1940 N. MONROE ST. TALLAHASSEE FL 32399-0783 MERRITT, JOE M 509 CHAPEL HILL BOULEVARD BOYNTON BEACH FL 33435 Congratulations! With this license you become one of the nearly one million Floridians licensed by the Department of Business and Professional Regulation. Our professionals and businesses range rs..` t STATE OF FLORIDA from architects to yacht brokers,from boxers to barbeque restaurants, ,4 ; DEPARTMENT OF BUSINESS AND and they keep Florida's economy strong. l`br.�r ` PROFE�S,A¢ONA-,REGULATlQN Every day we work to improve the way we do business in order to RZ672ISSUED 09/15/2014 serve you better, For Information about our services,please log onto www.myflorldalicense,com• There you can find more information CERTIFIED GPN RALApPRAta : . about our divisions and the regulations that impact you,subscribe MERRITT,JOE ly to department newsletters and learn more about the Department's • initiatives. Our mission at the Department is:License Efficiently,Regulate Fairly. •- • • We constantly strive to serve you better so that you can serve your customers. Thank you for doing business in Florida, IS CERTIFIED under the provisions or Ch.475 FS. and congratulations on your new licensel 5Xphetion date:NOV 30,2016 114091600033G6 DETACH HERE RICK SCOTT,GOVERNOR KEN LAWSON,SECRETARY STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION # _�n se F FLORIDA REAL ESTATE APPRAISAL BD t d LICENSE NUMBER RZ672 The CERTIFIED GENERAL APPRAISER ;. .:.;,2:6;,'• ' Named below IS CERTIFIED `` Under the provisions of Chapter 475 FS. • Expiration date: NOV 30,2016 • El MERRITT,JOE M 509 CHAPEL HILL BLVD ,.•• • , �r _ er , BOYNTON BEACH FL 33435 : . • <°.:,.. ti__. .. .r 0110 • I. r-tit • y .a •r ISSUED: 09/15/2014 DISPLAY AS REQUIRED BY LAW SEQ# L1409150003368 PURCHASE AGREEMENT This Purchase Agreement (hereinafter "Agreement") is made and entered into as of the Effective Date (hereinafter defined), by and between BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY, a public agency created pursuant to Chapter 163, Part III, of the Florida Statutes (hereinafter "CRA" or "PURCHASER") and AMERIGAS PROPANE, L.P., a Delaware limited partnership (hereinafter"SELLER"). In consideration of the mutual covenants and agreements herein set forth, the Parties hereto agree as follows: 1. PURCHASE AND SALE of PROPERTIES. SELLER agrees to sell and convey to CRA and CRA agrees to purchase and acquire from SELLER, on the terms and conditions hereinafter set forth, the Properties located in Palm Beach County, Florida (the "Properties") and more particularly described as follows: Lots 19 to 22 inclusive, LESS 25 feet on the East End, PENCE & KING'S ADDITION to the Town of Boynton, according to the Plat thereof on file in the office of the Clerk of the Circuit Court in and for Palm Beach County, Florida, recorded in Plat Book 1, Page 50. PCN#08-43-45-21-31-000-0192 Specifically excluded from the term "Properties" and the scope of this Agreement, however, is the following personal property of SELLER; to wit: all other liquefied petroleum gas ("LP Gas") tanks, including any above or below ground propane heating tanks cylinders, parts and fittings and related equipment, presently or as of the Closing located on the Properties, all of which shall be removed from the Properties prior to Closing. SELLER may leave on the Properties any concrete piers (or piers made of other materials) that support the large propane storage tanks located on the Properties and CRA shall accept the Properties with such piers remaining. 2. PURCHASE PRICE AND PAYMENT. The Purchase Price to be paid for the Properties shall be Six Hundred Twenty Five Thousand Dollars ($625,000.00), payable in cash, by wire transfer of United States Dollars at the Closing. 3. DEPOSIT. 3.1 Earnest Money Deposit. Within five(5) Business Days after the execution of the Purchase Agreement by both Purchaser and Seller, CRA shall deliver to Lewis, Longman & Walker, PA ("Escrow Agent") a deposit in the amount of Twenty-Five Thousand Dollars ($25,000) (the "Deposit"). 3.2 Application/Disbursement of Deposit. The Deposit shall be applied and disbursed as follows: 00649102-1 The Deposit shall be delivered to SELLER at Closing and the CRA shall receive credit for such amount against the Purchase Price. If this Agreement is terminated during the Feasibility Period (hereinafter defined) for any reason, the Deposit shall be immediately refunded to the CRA. If this Agreement is terminated due to a default, pursuant to Section 12, the Deposit shall be delivered to (or retained by, as applicable) the non-defaulting Party, and the non-defaulting Party shall have such additional rights, if any, as are provided in Section 12. 3.3 Escrow Agent. CRA and SELLER authorize Escrow Agent to receive, deposit and hold funds in escrow and, subject to clearance, disburse them upon proper authorization and in accordance with Florida law and the terms of this Agreement. The parties agree that Escrow Agent will not be liable to any person for misdelivery of escrowed items to CRA and SELLER, unless the misdelivery is due to Escrow Agent's willful breach of this Agreement or gross negligence. If Escrow Agent interpleads the subject matter of the escrow, Escrow Agent will pay the filing fees and costs from the deposit and will recover reasonable attorney's fees and costs to be paid from the escrowed funds which are charged and awarded as court costs in favor of the prevailing party. All claims against Escrow Agent will be arbitrated, so long as Escrow Agent consents to arbitrate. 4. EFFECTIVE DATE. The effective date of the Purchase Agreement is the date that the Escrow Agent receives the Escrow Deposit and Escrow Agent executes the Agreement. 5. CLOSING. The purchase and sale transaction contemplated herein shall close no later than 30 days after the expiration of the Feasibility Period (the "Closing"), unless extended by other provisions of this Agreement or by written agreement, signed by both parties, extending the Closing. 6. TITLE TO BE CONVEYED. At Closing, SELLER shall convey to CRA, by Special Warranty Deed (the "Deed") complying with the requirements of the Title Commitment (hereinafter defined), valid, good, marketable and insurable title in fee simple to the Properties, free and clear of any and all liens, encumbrances, conditions, easements, assessments, restrictions and other conditions except only the following (collectively, the "Permitted Exceptions"): (a) general real estate taxes and special assessments for the year of Closing and subsequent years not yet due and payable; (b) covenants, conditions, easements, dedications, rights-of-way and matters of record included on the Title Commitment or shown on the Survey (defined in Section 7), to which CRA fails to object, or which CRA agrees to accept, pursuant to Section 7.1 and Section 7.2 hereof. 7. FEASIBILITY PERIOD. The CRA, and its designees shall have (ninety) 90 days from the Effective Date of this Agreement ("Feasibility Period"), at CRA's expense, to make inquiries to determine if the Properties is suitable for its intended use and to enter upon the Properties, at any time and from time to time with advance, reasonable notice to SELLER and so long as said investigations do not result in a business interruption, to perform any and all physical tests, inspections, valuation appraisals and investigations of the Properties, including but not limited to Phase I and Phase II investigations, which CRA may deem necessary (collectively defined herein as the "Work"). During this Feasibility Period, CRA may elect, in CRA's sole 00649102-1 Page 2 of 19 and absolute discretion, to terminate this contract by written notice to the Seller prior to the expiration of the Feasibility Period and receive back all Deposits hereunder as CRA's sole remedy and, in that event, neither CRA nor the SELLER shall have any continuing obligations under this Agreement except as provided for herein with regard to restoration of the Properties and any other obligations that specifically survive termination of this Agreement. SELLER shall not be obligated for purposes of this transaction to cure or remediate any unacceptable condition in, on or about the Properties. If CRA elects to terminate this Agreement in accordance with this Section, CRA shall: (i) leave the Properties in substantially the same condition existing on the Effective Date; (ii) CRA shall repair and restore any damage caused to the Properties by CRA's testing and investigation; and (iii) release to SELLER, at no cost, all reports and other work generated as a result of the CRA's testing and investigation. In connection with the Work to be conducted by CRA pursuant to this Section, CRA shall submit a plan of work for such Work, particularly the Phase II environmental assessment ("Plan of Work") for SELLER'S approval, such approval not to be unreasonably withheld, conditioned or delayed. The Plan of Work shall include the requirements as listed on Exhibit A attached hereto and the work conducted under such Plan of Work shall be included in the "Work" as defined in this section. SELLER shall have the right, in its discretion, to accompany CRA or CRA's Agents during any entry upon the Properties and, at its request, may receive split samples of material collected on the Properties. Further in connection with the Work to be conducted by CRA pursuant to this Section, SELLER and CRA shall enter into and CRA shall conduct investigations pursuant to the "Brownfields Site Access Agreement" in the form attached hereto as Exhibit B. It being understood that said investigations shall involve access and inspection only, with no physical intrusion of the Properties authorized. The terms of this provision shall control and take precedence over the terms of the Brownfields Site Access Agreement. Prior to entering the Properties to conduct any inspections or tests, CRA shall obtain and maintain, at CRA's sole cost and expense, and shall deliver to SELLER evidence of, commercial general liability insurance from an insurer reasonably acceptable to SELLER, in the amount of One Million and No/100 Dollars ($1,000,000.00) combined single limit for personal injury and property damage per occurrence, such policy to name SELLER as an additional insured party, which insurance shall provide coverage against any claim for personal liability or property damage caused by CRA or CRA's Agents in connection with such inspections and tests. CRA and CRA's Agents will abide by all applicable safety rules and will ensure that any Work conducted at the Properties will be done in strict compliance will any plans approved by SELLER and in a manner that minimizes any disruption to SELLER's business activities. CRA represents and warrants that CRA and CRA's Agents shall perform all Work in accordance with any and all applicable federal, state and local laws and regulations. All Work shall be performed by personnel qualified to perform the Work and in accordance with accepted practices. CRA shall promptly pay when due the costs of all Work done with regard to the Properties and not permit any liens to attach to the Properties by reason of the Work. 00649102-1 Page 3 of 19 CRA shall repair any damage caused by the Work and restore the Properties to its pre- Work condition. CRA shall provide SELLER with a copy of any and all surveys, appraisals and reports produced by CRA or CRA's Agents, including but not limited to CRA's environmental consultant, that relate to the Work. In the event the Deposit is to be returned to CRA, the Escrow Holder shall not return the Deposit until CRA has delivered to SELLER all such materials relating to the Work. CRA hereby agrees to indemnify, defend and hold SELLER harmless from and against all claims, suits, obligations, payments, damages, penalties, losses, costs, expenses, demands and liabilities, including, but not limited to, reasonable attorney's fees, (the "Claims") relating to nonpayment for services rendered to CRA (including, without limitation, any construction liens resulting therefrom) and for death or injury to persons or for damage to Properties arising out of CRA's or CRA's Agents' investigation of the Properties and any actions taken, in, on or about the Properties, excluding any Claims arising solely from actions taken in, on or about the Properties by SELLER or SELLER's Agents. However, CRA's indemnification obligations shall not exceed its statutory limits as provided within Section 768.28, Florida Statutes, and CRA does not waive its sovereign immunity rights. CRA's obligations under this Section shall survive the termination, expiration or Closing of this Agreement. SELLER hereby agrees to indemnify, defend and hold CRA harmless from and against all claims, suits, obligations, payments, damages, penalties, liabilities, costs, losses, expenses, demands and liabilities, including, but not limited to, reasonable attorney's fees, relating to nonpayment for services rendered to SELLER and for death or injury to any persons or for damage to Properties arising out of actions taken, in, on or about the Properties by SELLER or SELLER's Agents. SELLERS' obligations under this Section shall survive the termination, expiration or Closing of this Agreement. 7.1 Title Review. Within fifteen (15) days of the Effective Date, CRA shall obtain, at the CRA's expense, from a Title Company chosen by CRA (hereinafter "Title Company"), a Title Commitment covering the Properties and proposing to insure CRA in the amount of the Purchase Price subject only to the Permitted Exceptions, together with complete and legible copies of all instruments identified as conditions or exceptions in Schedule B of the Title Commitment. Any and all assessments, outstanding utility charges, liens and other matters not constituting Permitted Exceptions shall be paid by Seller prior to or at closing from Seller's proceeds. CRA shall examine the Title Commitment and deliver written notice to SELLER no later than thirty (30) days after the Effective Date notifying SELLER of any objections CRA has to the condition of title (hereinafter "CRA Title Objections"). If CRA fails to deliver the CRA Title Objections to SELLER within the aforesaid review period, title shall be deemed accepted subject to the conditions set forth in the Title Commitment. If CRA timely delivers the CRA Title Objections, then SELLER shall have thirty (30) days to diligently and in good faith undertake all necessary activities to cure and remove the CRA Title Objections (hereinafter "Cure Period"). Provided however, that SELLER shall not be required to take any actions or incur any unreasonable costs, as determined by SELLER in its sole discretion, to cure such CRA 00649102-1 Page 4 of 19 Title Objections. In the event that SELLER is unable or unwilling to cure and remove, or cause to be cured and removed, the CRA Title Objections within the Cure Period, to the satisfaction of CRA, then CRA, in CRA's sole and absolute discretion, shall have the option of(i) extending the Cure Period and the Closing for one additional thirty (30) day period, or (ii) accepting the title as it then is but using such portion of the Purchase Price as may be necessary to pay and satisfy any mortgages, outstanding utility charges, delinquent Properties taxes and/or code enforcement and contractors' liens or other recorded claims of lien upon the Properties, or (iii) canceling and terminating this Agreement, in which case, the Deposit shall be returned to CRA 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, CRA shall have the right to cause the Title Company to issue an updated Title Commitment ("Title Update") covering the Properties. If any Title Update contains any conditions which did not appear in the Title Commitment, and such items render title unmarketable, CRA shall have the right to object to such new or different conditions in writing prior to Closing. All rights and objections of the Parties with respect to objections arising from the Title Update shall be the same as objections to items appearing in the Title Commitment, subject to the provisions of this Section. 7.2. Survey Review. CRA, at CRA's expense, shall obtain a current boundary survey (the "Survey") of the Properties, indicating the number of acres comprising the Properties to the nearest 1/100th of an acre. If the Survey discloses encroachments on the Properties or that improvements located thereon encroach on setback lines, easements, lands of others or violate any restrictions, covenants of this Agreement, or applicable governmental regulations, the same shall constitute a title defect and shall be governed by the provisions of Section 7.1 concerning title objections. 7.3 SELLER Deliveries. SELLER shall deliver to CRA the following documents and instruments within ten (10) days of the Effective Date of this Agreement, except as specifically indicated: 7.3.1 Copies of any reports or studies (including engineering, environmental, soil borings, and other physical inspection reports), in SELLER' possession or control with respect to the physical condition or operation of the Properties, if any. 7.3.2 Copies of all licenses, variances, waivers, permits (including but not limited to all surface water management permits, wetland resource permits, consumptive use permits and environmental resource permits), authorizations, and approvals required by law or by any governmental or private authority having jurisdiction over the Properties, or any portion thereof (the "Governmental Approvals"), which are material to the use or operation of the Properties, if any, which are in SELLER's possession. 7.3.3 Prior to the Closing Date, SELLER shall execute and deliver to CRA any and all documents and instruments required by CRA, in CRA's sole and absolute discretion, which: (i) effectuate the transfer to CRA of those Governmental Approvals, or portions thereof which are applicable to the Properties, that CRA desires to have assigned to it, and/or (ii) cause 00649102-1 Page 5 of 19 the Properties to be withdrawn from any Governmental Approvals. No later than thirty(30) days prior to the Closing Date, SELLER shall remedy, restore, and rectify any and all violations of the Governmental Approvals (including but not limited to any and all portions of the surface water management system, mitigation areas or other items which do not comply with the Governmental Approvals or applicable rules), if any. Provided however, that SELLER shall not be obligated to remedy, restore, and rectify any violations of the Governmental Approvals issued after the Effective Date of this Agreement. SELLER warrants that there will not be, at the time of Closing, any unrecorded instruments affecting the title to the Properties, including, but not limited to any conveyances, easements, licenses or leases. 8. CONDITIONS TO CLOSING. CRA shall not be obligated to close on the purchase of the Properties unless each of the following conditions (collectively, the "Conditions to Closing") are either fulfilled or waived by CRA in writing: 8.1. Representations and Warranties. All of the representations and warranties of SELLER contained in this Agreement shall be true and correct as of Closing. 8.2. Condition of Properties. The SELLER shall remove any and all equipment related to the propane business that was previously installed or located on, over or under the Properties. This includes but is not limited to any tanks, pipes, valves and related propane materials. The CRA reserves the right to have a third party inspect the Properties to ensure that all of SELLER's equipment has been removed. 8.3. Pending Proceedings. At Closing, there shall be no litigation or administrative agency or other governmental proceeding of any kind whatsoever, pending or threatened, which has not been disclosed, prior to closing, and accepted by CRA. 8.4. Compliance with Laws and Regulations. The Properties shall be in compliance with all applicable federal, state and local laws, ordinances, rules, regulations, codes, requirements, licenses, permits and authorizations as of the date of Closing. 8.5. Occupancy. The Properties shall be conveyed to the CRA at time of closing unoccupied. 9. CLOSING DOCUMENTS. The CRA shall prepare, or cause to be prepared, the Closing Documents set forth in this Section, except for documents prepared by the SELLER'S counsel. At Closing, SELLER shall execute and deliver, or cause to be executed and delivered to CRA the following documents and instruments: 9.1. Deed. A Special Warranty Deed (the "Deed") conveying to CRA valid, good, marketable and insurable fee simple title to the Properties free and clear of all liens, encumbrances and other conditions of title other than the Permitted Exceptions. 9.2 Seller's Affidavits. SELLER shall furnish to CRA an owner's affidavit attesting that, to the best of its knowledge, no individual or entity has any claim against the 00649102-1 Page 6 of 19 Properties under the applicable construction lien law; and that there are no parties in possession of the Properties other than SELLER. SELLER shall also furnish to CRA a non-foreign affidavit with respect to the Properties. In the event SELLER is unable to deliver its affidavits referenced above, the same shall be deemed an uncured title objection. 9.3. Closing Statement. A closing statement setting forth the Purchase Price, the Deposit, all credits, adjustments and prorations between CRA and SELLER, all costs and expenses to be paid at Closing, and the net proceeds due SELLER, which CRA shall also execute and deliver at Closing. 9.4. Corrective Documents. Documentation required to clear title to the Properties of all liens, encumbrances and exceptions, if any, other than Permitted Exceptions. 9.5. Additional Documents. Such other documents as CRA or the Title Company may reasonably request that SELLER execute and deliver, and any other documents required by this Agreement or reasonably necessary in order to close this transaction and effectuate the terms of this Agreement. 9.6 Purchaser Closing Documents. CRA shall obtain or execute and deliver at Closing to the Escrow Agent or Title Company, or the party conducting the Closing the following, all of which, if documents, shall be duly executed, acknowledged and notarized where required: (i) The balance of the Purchase Price; (ii) A settlement statement setting forth the amounts paid by or on behalf of and/or credited to each of CRA and SELLER pursuant to this Agreement. (iii) Such documentation as may reasonably be required by the SELLER or Title Company to establish that this Agreement, the transactions contemplated herein, and the execution and delivery of the documents required hereunder, are duly authorized, executed and delivered by CRA. 10. PRORATIONS, CLOSING COSTS AND CLOSING PROCEDURES. 10.1. Prorations. Assessments, rents, interest, insurance and other expenses of the Properties shall be prorated through the day of Closing. CRA shall have the option of taking over existing policies of insurance, if assumable, in which event premiums shall be prorated. Cash at Closing shall be increased or decreased as may be required by prorations to be made through the day of Closing. Advance rent and security deposits, if any, will be credited to CRA. Taxes shall be prorated based upon the current year's tax with due allowance made for maximum allowable discount. 10.2 Ad Valorem Taxes. CRA and SELLER shall comply with Section 196.295, Florida Statutes, with respect to the payment of prorated ad valorem taxes for the year of closing into escrow with the Palm Beach County Tax Collector's Office. In the event that, following the Closing, the actual amount of assessed real Properties tax on the Properties for the current year is 00649102-1 Page 7 of 19 higher than any estimate of such tax used for purposes of the Closing, the parties shall re-prorate any amounts paid or credited based on such estimate as if paid in November. This provision shall survive the Closing. 10.3. Special Assessment Liens. Certified, confirmed and ratified special assessment liens imposed by public bodies as of Closing are to be paid by SELLER. Pending liens as of Closing shall be assumed by CRA. If the improvement has been substantially completed as of the Effective Date, any pending lien shall be considered certified, confirmed or ratified and SELLER shall, at Closing, be charged an amount equal to the last estimate or assessment for the improvement by the public body. 10.4. Closing Costs and CRA Credit. CRA shall be responsible for all documentary stamps on the deed, recording the deed and half of all general closing expenses (settlement fee, courier fees, overnight package, etc.). SELLER is responsible for their own legal fees and any costs incurred to clear title to the Properties. All other costs of closing shall be borne by CRA. 10.5 Closing Procedure. CRA shall fund the Purchase Price subject to the credits, offsets and prorations set forth herein. SELLER and CRA (as applicable) shall execute and deliver to Closing Agent the Closing Documents. The Closing Agent shall, at Closing: (i) disburse the sale proceeds to SELLER; (ii) deliver the Closing Documents and a "marked-up" Title Commitment to CRA, and promptly thereafter, record the Deed and other recordable Closing Documents in the appropriate public records. 10.6 Existing Mortgages and Other Liens. Following the Closing, SELLER shall obtain, or cause to be obtained, satisfaction or release of record of all mortgages, liens and judgments applicable to and encumbering the Properties. 11. REPRESENTATIONS, COVENANTS AND WARRANTIES. Seller's Representations and Warranties. To induce CRA to enter into this Agreement, SELLER makes the following representations, all of which, to the best of its knowledge, in all material respects and except as otherwise provided in this Agreement (i) are now true, and (ii) shall be true as of the date of the Closing unless SELLER receives information to the contrary, and (iii) shall survive the Closing. In that event, CRA shall be provided immediate notice as to the change to the following representations: 11.1 At all times from the Effective Date until prior to Closing, SELLER shall keep the Properties (whether before or after the date of Closing) free and clear of any mechanic's or materialmen's liens for work or materials furnished to or contracted for,by or on behalf of SELLER prior to the Closing, and SELLER shall indemnify, defend and hold CRA harmless from and against all expense and liability in connection therewith (including, without limitation, court costs and reasonable attorney's fees). 11.2 SELLER has no actual knowledge nor has SELLER received any notice of any litigation, claim, action or proceeding, actual or threatened, against SELLER or the Properties by any organization, person, individual or governmental agency which would affect (as to any 00649102-I Page 8 of 19 threatened litigation, claim, action or proceeding, in a materially adverse fashion) the use, occupancy or value of the Properties or any part thereof or which would otherwise relate to the Land not otherwise disclosed in this Agreement. 11.3 SELLER has full power and authority to enter into this Agreement and to assume and perform its obligations hereunder in this Agreement. SELLER does not and will not conflict with or result in the breach of any condition or provision, or constitute a default under, or result in the creation or imposition of any lien, charge, or encumbrance upon any of the Properties or assets of the SELLER by reason of the terms of any contract, mortgage, lien, lease, agreement, indenture, instrument or judgment to which the SELLER is a party of which is or purports to be binding upon the SELLER or which affects the SELLER; no action by any federal, state or municipal or other governmental department, commission, board, bureau or instrumentality is necessary to make this Agreement a valid instrument binding upon the SELLER in accordance with its terms. 11.4 SELLER represents that SELLER will not, between the date of this Agreement and the Closing, without CRA'S prior written consent, which consent shall not be unreasonably withheld or delayed, except in the ordinary course of business, create any encumbrances on the Properties. For purposes of this provision the term "encumbrances" shall mean any liens, claims, options, or other encumbrances, encroachments, rights-of-way, leases, easements, covenants, conditions or restrictions. Additionally, SELLER represents that SELLER will not, between the date of this Agreement, and the Closing take any action to terminate or materially, amend or alter any existing leases presently in existence, without the prior consent of CRA, which consent shall not be unreasonably withheld or delayed. 11.5 SELLER represents that there are no parties other than SELLER in possession of the Properties or any portion of the Properties as a lessee. 11.6 SELLER shall not list or offer the Properties for sale or solicit or negotiate offers to purchase the Properties while this Agreement is in effect. SELLER shall use its best efforts to maintain the Properties in its present condition so as to ensure that it shall remain substantially in the same condition from the conclusion of the Feasibility Period to the Closing Date. 11.7 SELLER has no actual knowledge nor has SELLER received any notice of any litigation, claim, action or proceeding, actual or threatened, against SELLER or the Land by any organization, person, individual or governmental agency which would affect (as to any threatened litigation, claim, action or proceeding, in a materially adverse fashion) the use, occupancy or value of the Land or any part thereof or which would otherwise relate to the Land. 11.8 SELLER represents that it has no actual knowledge nor has it received any notice that the Land has been, is presently or is contemplated to be utilized as a reservoir of hazardous material. As used herein, the term "Hazardous Material" shall mean any substance, water or material which has been determined by any state, federal or local government authority to be capable of posing a risk of injury to health, safety and Properties, including, but not limited to, all of those materials, wastes and substances designated as hazardous or toxic by the U.S. Environmental Protection Agency, the U.S. Department of Labor, the U.S. Department of Transportation, and/or any other state or local governmental agency now or hereafter authorized 00649102-I Page 9 of 19 to regulate materials and substances in the environment (collectively "Governmental Authority(ies)"). Notwithstanding the foregoing, the following is excluded from the term "Hazardous Material": liquefied petroleum gas, also known as propane, and related materials used in the storage and distribution of propane, including but not limited to methanol. 11.9 SELLER represents to CRA that the Land is not subject to any deed restrictions or declaration of restrictions running with the Land which would affect the use of the Land except those constituting Permitted Exceptions as defined above. 11.10 Between the date of this Agreement and the date of closing, SELLER will not file any application for a change of the present zoning classification of the Land. 11.11 Authority. The execution and delivery of this Agreement by SELLER and the consummation by SELLER of the transaction contemplated by this Agreement are within SELLER'S capacity and all requisite action has been taken to make this Agreement valid and binding on SELLER in accordance with its terms. The person executing this Agreement on behalf of SELLER has been duly authorized to act on behalf of and to bind SELLER, and this Agreement represents a valid and binding obligation of SELLER. 11.12 Title. SELLER is and will be on the Closing Date, the owner of valid, good, marketable and insurable fee simple title to the Properties, free and clear of all liens, encumbrances and restrictions of any kind, except the Permitted Exceptions (and encumbrances of record which will be discharged at Closing). 11.13 Additional Warranties and Representations of SELLER. As a material inducement to CRA entering into this Agreement, SELLER, to the best of SELLER'S information and belief,hereby represents and warrants the following: 11.13.1 There are no pending applications, permits, petitions, contracts, approvals, or other proceedings with any governmental or quasi-governmental authority, including but not limited to, CRA,municipalities, counties, districts, utilities, and/or federal or state agencies, concerning the use or operation of, or title to the Properties or any portion thereof and SELLER has not granted or is not obligated to grant any interest in the Properties to any of the foregoing entities. 11.13.2 There are no facts believed by SELLER to be material to the use, condition and operation of the Properties in the manner that it has been used or operated, which it has not disclosed to CRA herein, including but not limited to unrecorded instruments or defects in the condition of the Properties which will impair the use or operation of the Properties in any manner. 11.13.3 To the best of SELLER'S knowledge, the Properties 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. 12. DEFAULT. 00649102-1 Page 10 of 19 12.1. CRA's Default. In the event that this transaction fails to close due to a wrongful refusal to close or default on the part of CRA, subject to the provisions of Paragraph 12.3 below, the Deposit actually then being held by the Escrow Agent shall be paid by Escrow Agent to SELLER as agreed liquidated damages and, thereafter, neither CRA nor SELLER shall have any further obligation or liabilities under this Agreement, except for those expressly provided to survive the termination of this Agreement; provided, however, that CRA shall also be responsible for the removal of any liens asserted against the Properties by persons claiming by, through or under CRA, but not otherwise. CRA and SELLER acknowledge that if CRA defaults, SELLER will suffer damages in an amount which cannot be ascertained with reasonable certainty on the Effective Date and that the amount of the Deposit being held by Escrow Agent most closely approximates the amount necessary to compensate SELLER. CRA and SELLER agree that this is a bona fide liquidated damages provision and not a penalty or forfeiture provision. 12.2. Seller's Default. In the event that SELLER shall fail to fully and timely perform any of its obligations or covenants hereunder or if any of SELLER'S representations are untrue or inaccurate, then, notwithstanding anything to the contrary contained in this Agreement, CRA may, at its option: (1) declare SELLER in default under this Agreement by notice delivered to SELLER, in which event CRA may terminate this Agreement and demand that the Deposit be returned, including all interest thereon if any, in accordance with Section 3 and neither Party shall have any further rights hereunder, and (2) be reimbursed by SELLER for any reasonable costs and fees that CRA has expended in its due diligence under this Agreement. 12.3. Notice of Default. Prior to declaring a default and exercising the remedies described herein, the non-defaulting Party shall issue a notice of default to the defaulting Party describing the event or condition of default in sufficient detail to enable a reasonable person to determine the action necessary to cure the default. The defaulting Party shall have fifteen (15) days from delivery of the notice during which to cure the default, provided, however, that as to a failure to close, the cure period shall only be three (3) Business Days from the delivery of notice. Both parties agree that if an extension is requested, such extension shall not be unreasonably withheld. If the default has not been cured within the aforesaid period, the non-defaulting Party may exercise the remedies described above. 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: Jonathan King Amerigas Propane, Inc. 460 N. Gulph Road Valley Forge, PA 19482 If to Buyer: Vivian Brooks, Executive Director 00649102-1 Page 11 of 19 Boynton Beach Community Redevelopment Agency 710 N. Federal Highway Boynton Beach, FL 33435 With a copy to: Kenneth W. Dodge Lewis, Longman & Walker, PA CRA Attorney 515 North Flagler Drive Suite 1500 West Palm Beach, FL 33401 14. BINDING OBLIGATION/ASSIGNMENT. The terms and conditions of this Agreement are hereby made binding on, and shall inure to the benefit of, the successors and permitted assigns of the Parties hereto. SELLER may assign or transfer this Agreement to any parent, subsidiary or affiliate, or to any person or entity acquiring all or substantially all of its stock, partnership units or assets without the prior written consent of CRA. SELLER may not assign its interest in this Agreement to any third party without the prior written consent of CRA, which shall not be unreasonably withheld. CRA shall have the right to assign this Agreement to the City of Boynton Beach (the "City") without the prior consent of SELLER and the CRA shall be released from any further obligations and liabilities under this Agreement. The CRA may not assign this Agreement to any other party without the prior written approval of SELLER, which shall not unreasonably withheld. If CRA has been dissolved as an entity while this Agreement is effect, the provisions of section 163.357(1), Florida Statutes, (as it may be amended from time to time), shall apply. 15. BROKER FEES. The CRA hereby states that it has retained the services of Anderson & Can, Inc. real estate broker in connection with the transaction contemplated by this Agreement and are liable for a sales commission on the purchase. 16. ENVIRONMENTAL CONDITIONS. 16.1. For purposes of this Agreement, pollutant ("Pollutant") shall mean any hazardous or toxic substance, material, or waste of any kind or any contaminant, pollutant, petroleum, petroleum product or petroleum by-product as defined or regulated by environmental laws. Disposal ("Disposal") shall mean the release, storage, use, handling, discharge, or disposal of such Pollutants. Environmental laws ("Environmental Laws") shall mean any applicable federal, state, or local laws, statutes, ordinances,rules,regulations or other governmental restrictions. 16.1.1 As a material inducement to CRA entering into this Agreement, SELLER hereby warrants and represents the following, as applicable: (1) That SELLER and occupants of the Properties have obtained and are in full compliance with any and all permits regarding the Disposal of Pollutants on the Properties or contiguous Properties owned by SELLER,to the best of SELLER'S knowledge. 00649102-1 Page 12 of 19 • (2) SELLER is not aware nor does it have any notice of any past, present or future events, conditions, activities or practices which may give rise to any liability or form a basis for any claim, demand, cost or action relating to the Disposal of any Pollutant on the Properties. SELLER is not aware nor does it have any notice of any past, present or future events, conditions, activities or practices on contiguous Properties that are owned by SELLER which may give rise to any liability or form a basis for any claim, demand, cost or action relating to the Disposal of any Pollutant affecting the SELLER'S Properties. (3) There is no civil, criminal or administrative action, suit, claim, demand, investigation or notice of violation pending or, to the best of that entity's knowledge, threatened against SELLER or the Properties relating in any way to the Disposal of Pollutants on the Properties, any portion thereof, or on any contiguous Properties owned by SELLER. (4) The terms of this provision shall not apply to liquefied petroleum gas, also known as propane, and related materials used in the storage and distribution of propane, including but not limited to methanol. 16.1.2 Condition of Property. It is understood and agreed that the Properties are offered, and at Closing will be transferred and conveyed by SELLER, and accepted by CRA, in "AS IS, WHERE IS, WITH ALL FAULTS" condition. It is expressly agreed that SELLER has not made and makes no representations or warranties, nor is any agent or broker authorized to make any representations or warranties, regarding the condition of the Properties, fitness for a particular use, or that the Properties comply with federal, state or local governmental laws or regulations, including, but not limited to environmental laws and regulations applicable to the Properties or its uses. CRA hereby acknowledges that CRA has agreed to inspect the Properties and has agreed to purchase it in its present condition as a result of such inspection and not because of or in reliance upon any statements made by SELLER, or any other officer, partner, employee or agent of SELLER. CRA, by closing on the Properties shall be deemed to have accepted the Properties in its "AS IS, WHERE IS, WITH ALL FAULTS" condition. As of the Closing Date, CRA on behalf of itself and its successors and assigns waives its right to recover from, and forever releases and discharges, SELLER, SELLER's affiliates, SELLER's property manager, the beneficiaries of the trust of which SELLER is trustee, and SELLER's employees, attorneys and agents, of each of them, and their respective heirs, successors, personal representatives and assigns, from any and all demands, claims, legal or administrative proceedings, losses, liabilities, damages, penalties, fines, liens, judgments, costs or expenses known or unknown, foreseen or unforeseen, that may arise on account of or in any way be connected with (i) the physical condition of the Properties, (ii) the condition of title to the Properties, (iii) the presence on, under or about the Properties of any hazardous substances, toxic wastes, or undesirable substances, (iv)the Properties' compliance with any applicable federal, state or local law, rule or regulation, or (v) any other aspect of the Properties. This Section shall survive Closing or termination of this Agreement. 17. PUBLIC RECORDS. CRA is a public agency subject to Chapter 119, Florida Statutes. The SELLER is hereby notified that the CRA is required by law, pursuant to Chapter 119, to maintain and disclose upon request all records deemed public under the statute including this Agreement and some or all of the documents necessary to consummate the transaction set forth herein. To the extent that any litigation should be instituted by SELLER, either directly or as a third party, to prevent or prohibit CRA from disclosing or providing documents involving this 00649102-1 Page 13 of 19 Agreement or the transaction set forth in the Agreement pursuant to a public records request submitted under Chapter 119, SELLER agrees that CRA may either: 1) defend the claim up to and including final judgment, or 2) interplead the challenged documents into the court. In either event, SELLER agrees to pay CRA's reasonable attorneys' fees and costs,both trial and appellate. 18. MISCELLANEOUS. 18.1. General. This Agreement, and any amendment hereto, may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which shall, together, constitute one and the same instrument. The section and paragraph headings herein contained are for the purposes of identification only and shall not be considered in construing this Agreement. Reference to a Section shall be deemed to be a reference to the entire Section, unless otherwise specified. No modification or amendment of this Agreement shall be of any force or effect unless in writing executed by the Parties. This Agreement sets forth the entire agreement between the Parties relating to the Properties and all subject matter herein and supersedes all prior and contemporaneous negotiations, understandings and agreements, written or oral, between the Parties. This Agreement shall be interpreted in accordance with the laws of the State of Florida. The Parties hereby agree that jurisdiction of any litigation brought arising out of this Agreement shall be in the Fifteenth Judicial Circuit, in and for Palm Beach County, Florida, or, should any cause of action be limited to federal jurisdiction only, in the United States District Court for the Southern District of Florida. 18.2. Computation of Time. Any reference herein to time periods which are not measured in Business Days and which are less than six (6) days, shall exclude Saturdays, Sundays and legal holidays in the computation thereof. Any time period provided for in this Agreement which ends on a Saturday, Sunday or legal holiday shall extend to 5:00 p.m. on the next full Business Day. Time is of the essence in the performance of all obligations under this Agreement. Time periods commencing with the Effective Date shall not include the Effective Date in the calculation thereof. 18.3. Waiver. Neither the failure of a party to insist upon a strict performance of any of the terms, provisions, covenants, agreements and conditions hereof, nor the acceptance of any item by a party with knowledge of a breach of this Agreement by the other party in the performance of their respective obligations hereunder, shall be deemed a waiver of any rights or remedies that a party may have or a waiver of any subsequent breach or default in any of such terms, provisions, covenants, agreements or conditions. This paragraph shall survive termination of this Agreement and the Closing. 18.4. Construction of Agreement. The Parties to this Agreement, through counsel, have participated freely in the negotiation and preparation hereof. Neither this Agreement nor any amendment hereto shall be more strictly construed against any of the Parties. As used in this Agreement, or any amendment hereto, the masculine shall include the feminine, the singular shall include the plural, and the plural shall include the singular, as the context may require. Provisions of this Agreement that expressly provide that they survive the Closing shall not merge into the Deed. 18.5. Severability. If any provision of this Agreement or the application thereof 00649102-1 Page 14 of 19 shall, for any reason and to any extent, be invalid or unenforceable, neither the remainder of this Agreement nor the application of the provision to other persons, entities or circumstances shall be affected thereby, but instead shall be enforced to the maximum extent permitted by law. The provisions of this Section shall apply to any amendment of this Agreement. 18.6 Handwritten Provisions. Handwritten provisions inserted in this Agreement and initialed by CRA and SELLER shall control all printed provisions in conflict therewith. 18.7 Waiver of Jury Trial. As an inducement to CRA agreeing to enter into this Agreement, CRA and SELLER hereby waive trial by jury in any action or proceeding brought by either party against the other party pertaining to any matter whatsoever arising out of or in any way connected with this Agreement. 18.8. Attorneys' Fees and Costs. Should it be necessary to bring an action to enforce any of the provisions of this Agreement, reasonable attorneys' fees and costs, including those at the appellate level, shall be awarded to the prevailing party. 18.9 Binding Authority. Each party hereby represents and warrants to the other that each person executing this Agreement on behalf of the 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. 18.10 Recording. This Agreement may be recorded, by mutual agreement of the SELLER and CRA in the Public Records of Palm Beach County, Florida at the time of the Closing and simultaneous with the recording of the Deed. 18.11 Survival. The covenants, warranties, representations, indemnities and undertakings of SELLER set forth in this Agreement, shall survive the Closing, the delivery and recording of the SELLER'S Properties Deed and CRA's possession of the Properties. 18.12 SELLER Attorneys' Fees and Costs. SELLER acknowledges and agrees that SELLER shall be responsible for its own attorneys' fees and all costs, if any, incurred by SELLER in connection with the transaction contemplated by this Agreement. 18.13 Agreement Deemed to be Drafted Jointly. This Agreement shall be deemed to be drafted jointly and shall not be construed more or less favorably towards any of the Parties by virtue of the fact that one Party or its attorney drafted all or any part thereof. Any ambiguity found to exist shall be resolved by construing the terms of this Agreement fairly and reasonably in accordance with the purpose of this Agreement. 18.14 Independent Advice. The Parties declare that the terms of this Agreement have been read and are fully understood. The Parties understand that this is a binding legal document, and each Party is advised to seek independent legal advice in connection with the matters represented herein. 00649102-I Page 15 of 19 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective date. PURCHASER: SELLER: BOYNTON BEACH COMMUNITY AMERIGAS PROPANE, L.P. REDEVELOPMENT AGENCY By: AmeriGas Propane, Inc., its General Partner Printed Name: Steven B. Grant Printed Name: Title: Chair Title: Date: Date: WITNESS: WITNESS: Printed Name: Printed Name: WITNESS: WITNESS: Printed Name: Printed Name: ESCROW AGENT Lewis, Longman& Walker, P.A. Printed Name: Date: 00649102-1 Page 17 of 19 Exhibit A REQUIREMENTS FOR ENVIRONMENTAL PLAN OF WORK In the event that CRA or CRA's environmental consultant conducts a Phase II environmental site assessment ("Phase II Assessment") during the Feasibility Period, it shall be subject to the condition that prior to CRA or CRA's environmental consultant conducting a Phase II Assessment, CRA or CRA's environmental consultant shall submit to SELLER for SELLER's approval, an environmental plan of work (the "Plan of Work") in connection with CRA's Phase II Assessment. The said Plan of Work shall include the following requirements: (i) The starting and ending date of the work to be completed; (ii) The substances that the Phase II Assessment will be testing for; (iii) Whether soil samples will be collected and if so, the number of samples; (iv) Whether water samples will be collected and if so, the number of samples; (v) The parameters that the soil and water samples will be analyzed for; (vi) A map of the proposed sample locations; (vii) A limitation of no more than eight (8)boring locations; (viii) CRA or CRA's consultant shall have public and private underground utilities located prior to commencing and subsurface exploration activities. Costs to perform underground utility locating shall be the responsibility of CRA or CRA's consultant. (ix) The requirement that the SELLER and/or its environmental consultant shall have the right to be present during all proposed field activities and that split samples will be provided to the SELLER and/or its environmental consultant; (x) The requirement that the SELLER shall be added as an additional insured, to a minimum of$1,000,000.00, on CRA's or CRA's consultant's insurance policy and proof of this requirement to be provided to the SELLER prior to the commencement of any work under the Plan of Work; (xi) CRA shall provide SELLER with a copy of any and all draft and final versions of any written reports prepared by CRA or CRA's consultant relating to the Phase II Assessment and Plan of Work; (xii) CRA or CRA's consultant shall restore the property to its original condition upon completion of the work under the Plan of Work. 00649102-1 Page 18 of 19 Exhibit B Brownfields Site Access Agreement (see attached) 00649102-1 Page 19 of 19 BROWNFIELDS SITE ACCESS AGREEMENT Execution of this form is a requirement for assistance through the Brownfields Site Assessment, Cleanup and Remediation program. hi consideration of the mutual covenants, promises and representations herein, the undersigned agree as follows: 1) _ ("Owner"), hereby give permission to the Treasure Coast Regional Planning Council ("TCRPC") and its employees, agents, representatives and its contractors (and their subcontractors) to enter the Owner's property ("the property") located at . The Owner represents and warrants that the Owner owns 100% of the fee simple title to the property. It is agreed that one of TCRPC's contractors is an engineering firm. 2) This permission is contemplated to be used for the TCRPC's Brownfields site assessment, cleanup and/or remediation and to include the following activities, which may be performed by the TCRPC, its employees, agents, representatives and its contractors (and their subcontractors) to evaluate, cleanup and/or remediate environmental conditions that may be present at the property and including, but not limited to, the following: a. To access all areas of the property including areas where environmental contamination may exist; b. To conduct interviews,photographs, site sketches and air monitoring; c. To collect, remove,modify any waste, contaminants, soil, surface water, sediment, groundwater and any other materials or substances for the purpose of sampling, cleanup and/or remediation of the property, as deemed necessary, including,but not limited to,the installation of groundwater monitoring wells; d. To use on the property such equipment, including but not limited to vehicles, backhoes and drill rigs, as is deemed necessary to perform any of the above activities; and e. To take such other actions as to the property as are in furtherance of the Interlocal Subgrant Agreement between Owner and TCRPC. 3)The granting of this permission by the Owner is not intended, nor should it be construed, as an admission of liability on the part of the Owner or the Owner's successors and assigns for any possible groundwater, sediment, air or soil contamination detected in the samples. 4)TCRPC, its employees, agents, representatives and its contractors (and their subcontractors) may enter the property during normal business hours and may also make special arrangements to enter the property at other times after Owner has given written consent to do so. 5) This permission shall remain effective and shall continue until such time as the Owner delivers to TCRPC written notice of revocation, which revocation shall become effective 10 days after delivery to TCRPC. Notwithstanding the foregoing, this Agreement shall in any event terminate 2 years from the date it has been executed by TCRPC. 6)This instrument shall be construed and enforced in accordance with the laws of the State of Florida and shall be binding upon and inure to the benefit of the parties hereto, their successors and assigns. If any term or provision of this instrument shall be deemed by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions shall remain in full force and effect. This instrument contains the entire agreement between the parties and supersedes all prior and contemporaneous agreements. This instrument may be modified only by an instrument in writing signed by the party to be charged with the modification. Nothing contained in this instrument shall be deemed to make the parties partners or engaged in a joint venture with one another. This instrument may be signed in more than one counterpart, in which case each counterpart shall constitute an original of this instrument. An executed facsimile or emailed copy of this Agreement shall be considered for all purposes an original. Witness Owner Date: Witness Owner Date: Accepted by the Treasure Coast Regional Planning Council: Witness Executive Director Date: NOTARIZATION FOR COUNTY STATE OF FLORIDA COUNTY OF The foregoing instrument was acknowledged before me this day of , 2016 by who is (insert position) of (county) and who [ ] is personally known to me or [ ] who has produced a Florida driver's license, as identification. (place check mark or"x" in appropriate box) NOTARY PUBLIC STATE OF FLORIDA Printed Name: Commission Number: Commission Expiration Date: