APPLICATION
Harch 31, 2000
David Norris
Cohen, Norris, Scherer, Weinberger & Wolmer
712 U S Highway One
North Palm Beach, Florida 33408
RE "Hanatee Bay" Park Fee
Dear David,
Please find enclosed two checks in the amounts of $148,950 and $40,457 50 made out to the City of
Boynton Beach for Park Fees. As a follow up to the commission meeting regarding this issue, we are
forwarding these two checks to you for transmittal to the City Attorney to satisfy our park requirement
for Hanatee Bay The $148,950 check represents the park fee calculated on the basis of our exact
purchase price of the property The $40,457 50 represents the splitting as suggested by the City
Commission between our calculated park fee and a staff calculated fee.
In an effort to resolve this issue with the City, we would propose to put the $40,457 50 in escrow and
work towards re-establishing the historic natural area that was virtually destroyed by Hurricane Irene this
past October This area was unique enough for the City to speCifically identify this area in the City's
comprehensive land use plan and further encouraged preservation during the site plan review process
Our site plan was developed taking into account the natural features and exotic structures (see enclosed)
leaving the existing trees and understory system in its natural state. We constructed a temporary 6 high
chain link fence around the entire area during construction The Hurricane did extensive damage to this
area (see enclosed pictures) Almost all of the Banyan tress survived but the understory and numerous
large trees were destroyed The exotic structures for the most part, escaped damage. We would
propose to prepare a detailed plan for this area in order to re-establish additional Banyan tress and plan
additional understory to further enhance the natural preserve and retain the designation in the
comprehensive land use plan We would propose to spend up to 50% of the $40,457 50 towards this
natural area rehabilitation which would be released to Olen from escrow upon approval and sign off from
the Planning Department and City Forrestor following installation The initial plan, prepared by Parker
Yannettee Design Group, Inc., would be submitted and approved by the Planning Department and City
Forrester prior to installation
Fifty percent (50%) of the escrow would be released to the City upon approval of the natural area
rehabilitation plan by the City Any remaining funds in escrow would be released from escrow upon final
review of contract expenses for the rehabilitation
The minimum the City would receive as a park fee would be $169,179 which would be greater than the
appraisal fee determined by Callaway & Price, Inc., (see enclosed)
Please review the enclosed and forward on to the City Please call should you have any questions.
:~~Ien
Vice President - Development
cc. Igor Olenicoff
1062 Coral Ridge DrlJe . Coral Springs Florida 33071
(954) 340 4904 . Fax (954) 344 4608
Mark Hansen Vice President Development
Olen ResidentIal Realty Corporation
May 5 1999
Page Two
In addltlor It IS also our opinion that the corresponcmg park fee attrlbu able to the Subject site
whIch IS equal to the Market Value of 1 35 acres of the Subject Property as of Apnl 29 1999
was
ONE HUNDRED FIFTY NINE THOUSAND SIX HUNDRED TWENTY ONE DOLLARS
($159621)
ThiS appraisal assignment IS reportee in a Summary Format as defined by the ,A.opraisal
Institute It!s considered a Summary Report because It CO'lta!ns sumrar'y' dlSC-lSSlons of the
data reasonmg and analyses that were used to develop .he opinion of alue It aiso Includes
summary descnptlons of the Subject Properi:Y the propertv s !ocale the market for the propery
type and the appraIser s opinIon of highest and best use Ary data reasoning and analyses
not discussed In the Summary Appraisal Report are retained In the appraiser s work file (see
Limiting Condition 12) It IS our opinion that the resulting work product and the estImate of
value IS not so limIted In scope and analYSIS than It would tend to mislead or confuse the
restncted user of thIS report
It should be clearly understood that the Market VeJue definition Includes a reasonable exposure
time It IS our opinion that exposure time would have taken up to 12 months Further we
would pOint out thet the abo'!e '!?'!llP P,:t!~:3t~ S 22sej C:-' 2 Sp2r' fie- .~?tF here !' 2 tl- '_..c :::; ~2
market exposure has already occurred To estl~ate a future value at the enc of a marketing
tIme startlro at the appraisal date would be a prospective value as opposed to the current value
estimated herein
!
L
A descriptIon of the property appraised together WIth an explaratlon 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 S Clrectec to the L.lmltlng CondItions
(espec:ally Nos 11) and underlYing assumptions upon which the value conclUSions are
contingent
Respectfully submItted
CALLAWAY & PRICE INC
L
Stephen 0 Shaw MAl
State-Certified General ,A,ppralser RZ0001 i 92
SDS sds/99-43729
Attachments
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rgotten gazebo peaks through gardens, once beautiful, that soon will surround 60 town houses
\
Developer Spares Gardell Paradise '
al phc.IJ she
;2 ~e,;s ce'l e~) behird Bernarc s restaurant
By Rkh Polbe<
51utWr'hr
BOYNTON BEAC:1 Ye;
ago, the bOa .oads ')( toun
would come -J~ ,om Pl
3e:!ch and ~uil UQ .0 he
3lmcst dire~t.v a'c:-oss the
trac:Jast.J) Wate:-~av {rc\~ -)W;lt
the Bovnton [nlet now stands.
The ~ pa5;:~~g ~ '-culd .,1::
dcwn .he :larrDW dock ::)~<3
CIVilizatIon behinG, 'ust !O\'
while, as t..'lev e~t d w03t ..
known as Rainbcw Tropical ("
dens.
Today t:ter~ ]r~ :10 boats .u
ing up to the garde~s. Ir,st,,"
there are surnY0rs and
struction crews preadr:ng
property Cor deveiopment:--
It is development ....hich prob;
wouid be to the liking of
found~r of b'le gardens. a ['1
who ~new 71an and na tUr~
coe.',:ist.
The b<JtanicaI gardens. we
included exotic trees and shr'j
from a variety of places ara
the world, were :he ,ealian
CO :'.{iller a landsc3Qe des ,(
er lor lameu architect .Jnd Qlll!
er. 09~s~~LP1~r -
....llhougn :\Iizner designed
mam house an the property
entire 15 acres }f gaf'Jens ~
owned and constr~cted by :\i
!er
A world traveler :'.lilier cc
leeted plants and shrubs as i
went from cor.tinent t~ contine.
and planted them in his nur.;e
Graduallv he added gazebos J
stone pathways and con'e:
his private nursery mto J tow.;
attraction whICh some f his-
alives sav was on a par 'Nith
Fairchili Gardens in :'.1 JrTli
Ov~r .he ',eJrs Ruinbl;w T
iC31 GJruer.s .Quk on ~e'l; nJ["
and new appeJr3nccs. It to'lk
~he n3me l)f the 'G.]r~lc
Eden bef Jr~ \ii! "!f ec Jr:d
Tur:1'cC~?-'':::'' FJ-
Rainbow TropicaL
Gardens
Pllg~ S. "~~I~OUrn.al. Thandav, ,'t.arcll18,lJ71
,\ once majestic Spar.ish designed building stands
on North Feder:li Eighw.lv in Bovnton Beach. The
faded ~in:< l,I,"alls ;;;e plastered with adve:-tising posters
Where the wall p':lInl has peeied completely the black
words 'Rainbow Room cockl.;;ils and soveniers
can be seen (ainLl Over Lhese the name Litlie
Johns hiid been r..alr.~eq.
De buiiding ar.d he u~rounding l3 acres of land
have rha g~ ov.--ers ;;nd ~dmes several times in il(,
Jppr:)'(lma: jl; ....l'.jrS 01 l "lste~ce.
For,ner nar.le; Incl"de Lhe Garden of Eden the
Gareen of ,\Ila~ and Ra nbow Tropical Garde.~' the
latter being .he or:ginai name oE .he restaurant and
/ lrcplcal garcens w~lch once bloomed there.
The )Wners and landscapers of Rainbow Gardens
1'>:r and :\h. C. 0 :\lillec who bought ,he land ir
appro.imatelv 1919 worKed for years c:eating the
lroplC31 garde~s which at its peaK was called ar
artist s paradise.
Flagslor.e w:iJks led back from the res12urant
throcgh the CaLhec:ral of the Palms the ;\lysterious
Wishing Weil shrines gardens of gardenias lxJugain-
villa azaleas Jnd a grove of orar.ge trees.
Foot bridges arched over clear streams that ran
into the intracoastal.
Sightseers came by boat up the intracoas121 and
docked at Lhe gartieCls. Posts of the old dock remain
still.
Guides led the tourisls Lhrough the garde".s de-
scribing the Sights.
Todav the ani viewers of the Rainbow Gardens are
scurr)iug iwrds ar.d vcc3sior..:!1 a sqt!!rrp) nr ~wo
The building ececled approximately in the late
1930 s once conl.;;med a res:.aurant. refreshment s12nd
and gift shop
Aller Ihe Ililie,s soid tht propertv the numerous
owne s user! onlv ne eSlaurant
When it was C3lled :.he Rainbow Room in the 1950's,
it was adverllsed as sealing 200 people. featuring a
de{:or of the tropics Food and cockl.;;ils were served on I
lflt:' pOi iO iijjucI Ie. va.. 0.. ..._ i ;;;;: hear: of he
gardens.
As proprll'lors came and went, finding the gardens
100 expensive to keep up Rainbow Gardens slowly
rleterloratt',j
The thir:een acres todav are owned bv Mr Peter
Fielcher of Boynwn Beach: who would rather find a
home 'ur Il theln ~t:(' It pO\\"l'ci into thl' ground.
Rainbow Gardens r.as weU sarvived the ravages of
time and weather su{fering most from abuse hy human
hands Although the walls are still sturdy the interior
is marred by faulty WIring and hanging ceiling stuffing
A :arge fireplace overlooks what used to be the
dining area the floor of which is now strewn with
garbage, discarded bed springs and beer cans.
The upS12irs outdoor patio is overgrown with vines.
Most of the windows are lying shattered on the ground.
Patches oC 1I1l' flagslune \\ alK 'I ill wind through lhe
overJ?rown raen and pa:-;I tra ston(' seats which have
bt-t'n rnarr bv ~I affill
The huge B<irrjaO (r"" s roots have grown w em-
br>ce 2 cru.mblin,<( slone W2JI.
1 Not ~ lbe g2r-den J b.2dcground a visitor
rn.4bt think ~ ~ . tumbl erl upon a nc i en t ruins. Coo-
cret~ s1ructnre3 rompleLe with carved pillars and stone
5ea1.3 are round amid the overhanging tree; and shrubs.
Beams of sunlight find their way througb the dense
branches of Lall trees to spotlight blooming scarlet
bouganvillias.
The gartiens lend an air of mystery as one can
almost picture the gaily dr<'-5sed visitors who once
walked the paths.
Unaide<J bv man, this Florida foliage has re12ined
d~ bC.Jlil\ no Sl 'nl~ 1111 l"or.cilllllln 11S ruse next
1001 /
lIere is a pie{:e of nature well worth preserving
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A RESTAURANT gift sbop and refresbment stand were once housed in Ib
building on '1orth Federal Higbway
CONCRETE STRUcrURE Is partiallv bidden bv
overgrown palm IreM and sbrubs -
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nity 01
pec~ \0 our nation s horoscope
(Julv 4 li-5i all through t~e 30s,
Esp~:all dangerous are 982,
935 and 987
. .\L:;rr:age is in he sta:-s for
actor 8 Jrt Revnolds,
. The Lniled Stales IS a Can-
ce!" and Chi:1a :$ a Scorpio r et
dp~~~te lhi~ f()vor~ble ciJmLilla
." ~e ~J;!: ~G:~~:-: ~--
has
!eal of
lere a
'on. and
1~ li~e
Bra~
r
Irl who
n" lhis
stars
our new friendship with Coina
du :g he '30s and '90s,
. .\iLer a triumphant 979
Pope John Paul II faces a
toug er 'ear ;n 1980 The s:..a.rs
nc pianelS warn of a health
prcbler.1 hat eouid send him to
~he ~o~p!tal.
. Divorce is a real ;:>oss biiitv
in I 30 for Liz Tavlor
. Lam Anderson of Y, KP.? in
Cir.c:nnati TV fame will gather
ne'" headlines in I 980 I under
stand she has been sele<:tM to
ponra)' the late Ja 'ne Mansfield
in a film. Her char.. ;:>rorr.ise:s
some adverse publicity
Looking farthe, ahead, Sl<lnLon
believes he world is enter:ng a
supremely difficult pe,iod (rom
now until the end of this century
He expects a world "'ar I
~!ieve L~e US. ",'ill be bom~
br missiles before the vear 2000
- he 5a\"S. and lbe ~l<lrs indi-
cale the rise oC a dangerous new
world leader who will challe-age
our whole ....ar of life
982 is d~ngero~ lor earL~-
quakes and severe tidal ",aves.
when the planpts all lir.e up in
a cv'" to give liS some signs of
the Urnes to corne.
S~an:on 1:f,eiieves in as~rojog..v
However he a ,0 ~c!le\es P"Ople
can ror.lrol their destiny il' en
gu"::an~.
'The ":ar:5 C3n li~h our ......a'.
hE." ~a \"5 l.c:.~nIIVb..Y Sh8wS us
what l:;i 1;'-; nr:$ -;.,-t? will r:1(~t. I
~~IH' (' ~\ (' c.m 11 (~.]..:~ .......
mar
II free
rue.
.'l asked
I sal<'
~rcur\'
I <ne'"
Expect
told
1\' The
.e way
ie!a ved
nother
nd his
tanlon
1St. i9
ent,re
Delray
(~ as-
a fler
,n the
:;1 ed-
DI her
qrolo-
who d
seller
porgle
l1azing
linting
e hid.
teach
\.
I.lm
Gell (L_ JllS
f
t
.".
c~ange the t\.Jurlst altr(lc~jon nlD
a b,lr and g;]mbling c~sino dur
iog World \I'ar II.
Relalives described ,he struc
ture .hen as a min, ws Vegas
complete with an assortment of
~r.otJsLers who wai~ed ~rough
he gardens and adrr.ired the
beauty of t~'e plants and shrubs
bel ore placing heir bets.
Neighbors oC the ~en sma.!
town surrounding ~he garder!s
we:-e up n arms and forced lhe
Closing 01 the casino. The land
sat :dle 'or a few yedrs and ~hen
was trans[or:ned ioto another
bar and restaurant, the Whistle
Stop
The Whisll~ Stop c!osed 'ears
ago and the propert behind the
old rr.ansion began to deterio-
rate. Heavv 'egetalion moved :n
and in sorne rases began choking
L~e beautiful lrees. \ ac,dalism
be<:ame a problem as i'eo;Jle be-
gan digging up some of ~~e tr~....s
and carting them back to use in
their vards. lolded plaques on
the "'a lis of the gazebos were
torn off or sometimes mashed
in half
There once ~ere plans to 9a.....e
the properly sold to the city' for
use as a park, but that lell
through, Eventually the proper
t was bought and a Dortion of it
becarr.e the sile 01 Bernard's
restaurant.
E'en ",itb the resLaurant in
front, the deterioration c~nlin-
ued. The once-beautiful gardens
where the high class would corr.e
to observe nature ~ecame the
home of a hermit.
Not Loo long ago, the property
was bought by a developer who
had the idea 01 putting Lown
~nl!ses 00 tt-e ia(~d.
.~~~
:.!ck fe:!r ...... !:2. ed
Ule hearts 01 environme~talists.
who envisioned the tre<>..s becorr.
ing firewood.
But Tim Greene, develooer 01
the property also recogniz~d the
beautv of he land, Greene. 32,
the pioduct of an environmental-
ly conscious generation, ",anted
to keep the trees and shrubs and
still build town homes.
'It would ha ve been criminal
to come in and treat this like a
normal site, Greene said. 'The
~autv of this place, is the gar
dens.
When the first lamily moves
into Via Lago later this year it
Featunng -
Illl~INE
LOBSTERS
lOIne See Our
-- T ~ '1 r'\ T ~'f'
Fnllll I',,~c 1
will, G,ee~e <aid. have the
chance to Jok out t!le w ndows
and see the g1 ~ebos and the g;:lf
~e~s, the p-i~e and joy of CO
Idler
Beiore ollc:,ing the slte,
Greene rooked up w h
Jr.dsc pe a c~ilect hon Operz;).
dick, who [c vears bat led W Lh
dere:orers 'h(ie he wore his 01
ficial bl a~l he eil" oC D~!rav
BC3ch lanoscJoe archit~ct.
Ope :i:aci K' and G ee e
marked all the valuJble 'ces
and shrt;bs on .he site nd ',.I,'ere
dele~mined to fi"d "'a's cO
preserve thel'Tl.
When bui'docers car.1e in to
cie:1T the lal:d, hey \\"ere forc~d
to work he; ~a\.' around rees
tha Greene said are iri€ciace.
able. .
What ther did puli out. the ce-
ve;oper said, were nonnative
trees and shr'Jbs which had over
run L~e pr Jpertv l r.der the
watchful e\.'e~i oi CD'Jnty e!lVlfOn-
mental biOlogists. the. .....alL:abie
plants ar.d shrubs were
preserved.
Greene said [he land ",ill not
be cleared arr further A fe", of
the royal p,:ims. which ~Iiller
planted in rcws, ",iil ~ moved
to create a OPTimeter around the
property 'li:1etv.iive Dercent of
",hat Miiler ;:Ianted w;:I remain,
he said,
As he "'alkEd Lhrough the prop-
erty Greene pointed to African
tulip and IT1,.hoganv :rees that
wiiI remain .liter the bui;dings
3re completed. He ",aiked nside
gazebos he plans to restore and
past lbe moon gate. whIch
wiil be wrap;:ed in ficus vine to
enhance its beau,
'Haw cou:d i.i(~s ever be cupit
~~ ~,;k;o~
Gr~ne said ~e spent about
$:00000 selectIvely c:ear,ng t~,e
preperlv An ;dditional chunk of
cash will be used to rest~,e
many of Lhe ITia.nmdde slruc
tures,
t et. Greene said, lea 'ing Via
Lago in its natural slate :s
cheaper than t "'ould be to chop
down the tre~', The cost of cut
ling down the royal palms and
other trees, h;Iving them cut up
and haulM to the dUffio he said,
would be greater than the cost 01
transplanting them.
We re saving trees, Greene
said, and we re saving -noney
to
3 Ibs
TI e Ones
} Oil l'e Been
Ir nlllllg For'
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G -V' _T\ pF j.u.:~..H TO DrS E:'FLlli
L:md-
for L~e 16-acI"e 51-te, a hl;h :-ise C(~d()mL:'.Ju:n (:( ~:.
the Inbc'J~5t.J.l l~-3.te!'\;-3.Y E~ti!r:::ited F r:n at
the Foject; S9 oao,ooo
a. -1:\ (:? I.e"'\ -b F....o.e-:l! ge;b",-a" north of
E y- n E> 3('0 W:U ~le('a;:ne 5!re of eotH"'.:nnpn-
t-;7f r-.( lei \1': b a -~tJGnaI ri~nC:" ~e _-!.!SO p..~n~ed
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RAI100\ol GAReE is
ONC~ K'JQWN AS T~E GAROEN OF AL~Ari, THIS MIZ~ER
STYLE STRUCTURE IS NO~ BERNARD'S ~ESTAURANT
THERE WERE 20 YEARS OF DISUSE AND DISREPAIR
BEFORE THE PRESENT OCCUPANTS OP~NED IN 1977
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AN APPRAISAL OF
~...
THE VACANT MULTI-FAMILY SITE
LOCATED ON THE EAST SIDE
OF U S HIGHWAY 1,
APPROXIMATELY 1/3 MILE
SOUTH OF N E 22ND AVENUE,
IN BOYNTON BEACH,
FLORIDA
PREPARED FOR
OLEN RESIDENTIAL REAL TV CORPORATION
AS OF
APRIL 29, 1999
BY
STEPHEN D SHAW, MAl
CALLAWAY & PRICE, INC
RECEIVED
MAY 1 0 1999
~y~---
Callaway & Price, Inc.
Real Estate Appraisers and Consultants
Licensed Real Estate Brokers
f-;'
_WEST PALM BEACH-
Robert J Callaway MAl SRA, CRE
SI. Cert. Gen.REA RZ0000505
Michael R. Slade MAl SRA. CRE
SI.Cert.Gen.REA RZ0000116
Daniel P Hrabko MAl
SI.Cert.Gen.REA RZ0000048
Stephen D Shaw MAl
St.Cert.Gen.REA RZ 0001192
Joe R. Price MAl SRA
St.Cert.Gen.REA RZ0000555
-FORT PIERCE-
Harry D Gray MAl SRA
St.Cert.Gen.REA RZ0000662
-BOCA RATON-
Daniel P Hrabko, MAl
SI.Cert.Gen.REA RZ0000048
-STUART-
Harry D Gray MAl, SRA
SI.Cert.Gen.REA RZ0000662
Please reply to West Palm Beach
E-mail cpi@cpwpb com
May 5, 1999
'r
Mark Hansen, Vice President Development
Olen Residential Realty Corporation
1062 Coral Ridge Drive
Coral Spnngs, FL 33071
Dear Mr Hansen
r
Pursuant to your request, we have made an investigation and analysis of the vacant multi-family
site located on the east side of U S Highway 1, approximately 1/3 mile south of N E 22nd
Avenue, in Boynton Beach, Florida The Subject Property will be further described both
narratively and legally within the following Complete Appraisal in Summary Report format.
The purpose of this investigation and analysis was to estimate the Market Value of the Fee
Simple Estate of the Subject, as of April 29, 1999 In addition we will also estimate the
proposed park fee which, according to the Boynton Beach Department of Engineering, is equal
to the Market Value of 1 35 acres of the Subject site
As a result of our investigation and analysis of the information obtained therefrom, as well as a
general knowledge of real estate valuation procedures, it is our opinion that the Market Value of
the Fee Simple Estate of the Subject Property, as of April 29 1999 was
TWO MILLION TWENTY FIVE THOUSAND DOLLARS
($2,025,000)
L
WEST PALM BEACH
FORT PIERCE
BOCA RATON
STUART
1639 Forum Place Suite 5. West Palm Beach, FL 33401
505 South Second Street, Suite 230 Fort Pierce FL 34950
4400 North Federal Highway Suite 210 Boca Raton, FL 33431
505 South Second Street, Suite 230 Fort Pierce FL 34950
(561 )686-0333/ Fax (561 )686-3705
(561)464-8607/ Fax (561)461-0809
(561 )998-8088/ Fax (561 )686-3705
(561 )287 3330/ Fax (561 )461-0809
>
.
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i"'~3rk Hansen, Vice President Development
Glen Residential Realty Corporation
May 5, 1999
Page Two
In addition, it is also our opinion that the corresponding park fee attributable to the Subject site
which is equal to the Market Value of 1 35 acres of the Subject Property, as of April 29, 1999
was
ONE HUNDRED FIFTY NINE THOUSAND SIX HUNDRED TWENTY ONE DOLLARS
($159,621 )
This appraisal assignment is reported in a Summary Format as defined by the Appraisal
Institute It is considered a Summary Report because it contains summary discussions of the
data, reasoning, and analyses that were used to develop the opinion of value It also includes
sU~rJ1ary descriptions of the Subject Property, the property's locale, the market for the property
type and the appraiser's opinion of highest and best use Any data, reasoning, and analyses
not discussed in the Summary Appraisal Report are retained in the appraiser's work file (see
Limiting Condition 12) It is our opinion that the resulting work product and the estimate of
value IS not so limited in scope and analysis than it would tend to mislead or confuse the
restricted user of this report.
It should be clearly understood that the Market Value definition includes a reasonable exposure
time It is our opinion that exposure time would have taken up to 12 months Further, we
would point out that the above value estimate is based on a specific date, wherein a theoretical
market exposure has already occurred To estimate a future value at the end of a marketing
time starting at the appraisal date would be a prospective value as opposed to the current value
estimated herein
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
(especially Nos 11) and underlying assumptions upon which the value conclusions are
contingent
Respectfully submitted
CALLAWAY & PRICE, INC
~~ -~ ~
,~ ~
Stephen D Shaw, MAl
State-Certified General Appraiser RZ0001192
SDS sds/99-43729
Attachments
Callaway & Price, Inc
III
t.
PROPERTY TYPE
LOCATION
DATE OF VALUATION
PURPOSE OF APPRAISAL
"'r
PROPERTY DESCRIPTION
LAND
t
ZONING
LAND USE PLAN
HIGHEST AND BEST USE
EXECUTIVE SUMMARY
Vacant multi-family land
The Subject is located on the east side of U S
Highway 1, approximately 1/3 mile south of N E
22nd Avenue, in Boynton Beach, Flonda
April 29, 1999
To estimate to estimate the Market Value of the Fee
Simple Estate of the Subject Property, as of April
29, 1999 In addition, we will also estimate the
proposed park fee which, according to the Boynton
Beach Department of Engineering, is equal to the
Market Value of 1 35 acres of the Subject site
17 13 acres, more or less Of the total site 11 10
acres is uplands and 603 acres is submerged
land/mangrove area
R-3, Residential Duplex (108 Density Max), and
C-3, Commercial Community, by the City of
Boynton Beach
HDR, High Density Residential (Max 10 8
DU/Acre), and LRC- Local Retail Commercial by
the City of Boynton Beach
For multi-family development.
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Callaway & Price, Inc
IV
MARKET VALUE OF THE
FEE SIMPLE ESTATE OF
THE SUBJECT PROPERTY
AS OF APRIL 29, 1999
ESTIMATE OF THE PARK
FEE WHICH EQUATES TO
"tHE MARKET VALUE OF
1 35 ACRES OF THE
SUBJECT PROPERTY
AS OF APRIL 29,1999
EXECUTIVE SUMMARY
(Continued)
$2,025,000
$159,621
Callaway & Price, Inc
v
TABLE OF CONTENTS
Paqe No.
Letter of Transmittal
Executive Summary
Table of Contents
III
iv
INTRODUCTION
Certification
Limiting Conditions
Photographs
1
3
5
~~
GENERAL INFORMATION
General Information
Purpose, Date and Function of Appraisal
Market Value
Interest Appraised
Fee Simple Estate
Legal Description
Property Data
Location
Zoning
Land Use Plan
Site Size, Shape and Access
Easements/Rig hts-of -Way
Utilities
Topography
Property History
Census Tract
Flood Hazard Zone
Assessed Value and Taxes - 1998
Concurrency
Highest and Best Use
Conclusion
7
7
7
8
8
8
9
9
9
9
9
9
10
10
10
10
10
10
11
12
12
Callaway & Price, Inc
VI
TABLE OF CONTENTS
(Continued)
;.
Paqe No.
VALUATION
Preface to Value/Scope of Assignment
Data Sources
Sales Comparison Approach
Preface
Discussion of Vacant Land Sales
~ Conclusion
Park Fee Estimate
13
13
15
15
16
17
17
ADDENDA
Legal Description
Land Sales Map
Qualifications
Stephen D Shaw, MAl
Michael R Slade, MAl, SRA, CRE
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INTRODUCTION
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Callaway & Price, Inc
1
CERTIFICA TION
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, 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
Our compensation is not contingent upon the reporting of a predetermined value
or direction in value that favors the cause of the client, the amount of the value
estimate, the attainment of a stipulated result, or the occurrence of a subsequent
event.
5
The analyses, OpiniOnS, and conclusion were developed, and this report has
been prepared in conformity with the Uniform Standards of Professional
Appraisal Practice (USPAP) adopted by the Appraisal Standards Board of the
Appraisal Foundation In addition this report also complies with the appraisal
guidelines of FIRREA.
6
Stephen D Shaw made a personal inspection of the property that is the subject
of this report.
7 No one provided significant professional assistance to Stephen D Shaw, and
only he is signing this report.
8 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
9 I certify that, to the best of my knowledge and belief, the reported analyses,
opinions and conclusions were developed, and this report has been prepared, in
conformity with the requirements of the Code of Professional Ethics and the
Standards of Professional Appraisal Practice of the Appraisal Institute
10 This appraisal assignment was not based on a requested minimum valuation, a
specific valuation, or the approval of a loan
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Callaway & Price, Inc
2
11 I certify that the use of this report is subject to the requirements of the Appraisal
InstItute relating to review by its duly authorized representatives
12 As of the date of this report, Stephen D Shaw MAl, has completed the
requirements under the continuing education program of the Appraisal Institute
- ~ ~~.
Stephen D Shaw, MAl
State-Certified General Appraiser RZ0001192
"'r
Callaway & Price, Inc
3
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, and, in any event, the
appraisers' total liability for this report is limited to the actual fee charged
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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 refer-
ence 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
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4
9
Unless otherwise stated in this report, the existence of hazardous substances
including without limitation asbestos, polychlorinated biphenyls, petroleum
leakage, or agricultural chemicals, which mayor 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 No responsibility is assumed for any such
conditions, nor for any expertise or engineering knowledge required to discover
them
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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 This appraisal assignment is reported in a Summary Format as defined by the
Appraisal Institute It is considered a Summary Report because it contains
summary discussions of the data, reasoning, and analyses that were used to
develop the opinion of value It also includes summary descriptions of the
Subject Property, the property's locale, the market for the property type and the
appraiser's opinion of highest and best use Any data, reasoning, and analyses
not discussed in the Summary Appraisal Report are retained in the appraiser's
work file It is our opinion that the resulting work product and the estimate of
value is not so limited in scope and analysis than it would tend to mislead or
confuse the restricted user of this report.
Callaway & Price, Inc
5
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LOOKING EAST AT SUBJECT
LOOKING EAST AT SUBJECT
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GENERAL INFORMATION
Callaway & Price, Inc
7
GENERAL INFORMATION
l Purpose, Date and Intended Use of Appraisal
I
,
The purpose of this investigation and analysis was to estimate the Market Value of the
Fee Simple Estate of the Subject Property, as of Apnl 29, 1999 In addition, we will also
estimate the proposed park fee which, according to the Boynton Beach Department of
Engineering, is equal to the Market Value of 1 35 acres of the Subject site The
intended use of this appraisal is for internal purposes
Market Value
t
(Section 1110 of Financial Institutions Reform, Recovery, and Enforcement Act's
(FIRREA) instructions to the Office of Thrift Supervision uses the definition of Market
Value below as developed by the Federal National Mortgage Association and the
Federal Home Loan Mortgage Corporation, and adopted by the Appraisal Foundation's
Uniform Standards of Professional Appraisal Practice
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"The most probable price which a property should bring in a competitive and open
market under all conditions requisite to a fair sale, the buyer and seller, each
acting prudently, knowledgeably and assuming the price is not affected by undue
stimulus Implicit in this definition is the consummation of a sale as of a specified
date and the passing of title from seller to buyer under conditions whereby'
a buyer and seller are typically motivated,
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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"
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I nterest Appraised
The interest appraised herein is the Fee Simple Estate of the Subject Property
Fee Simple Estate
The Dictionary of Real Estate Appraisal, Third Edition 1993, by the Appraisal Institute,
defines Fee Simple Estate on page 140 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."
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Leqal Description
Lengthy Legal See Addenda
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PROPERTY DATA
Location
The Subject Property IS located on the east side of U S Highway 1, approximately 1/3
mile south of N E 22nd Avenue, in Boynton Beach, Florida
Zoninq
The Subject is zoned R-3, Residential Duplex (10 8 Density Max), and C-3, Commercial
Community, by the City of Boynton Beach Residential uses which follow the R-3
guidelines are permitted under the C-3 district. The Subject site contains a total of
17 13 acres Of the total site approximately 11 10 acres is considered uplands and
6 03 acres is submerged land/mangroves The City of Boynton Beach Planning and
Zoning Department approved the Subject site for a total of 180 units which indicates a
density of 10 51 units per acre based on the total site size of 17 13 acres Therefore,
for development purposes, the City of Boynton Beach recognized the Subject as a
17 13 acre site and not a 11 10 acre site (uplands only) The Subject as proposed
conforms to the current zoning requirements
Land Use Plan
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The Comprehensive Land Use Plan by the city of Boynton Beach indicates that the
Subject Property is designated HDR, High Density Residential (Max 10 8 Du/acre) and
LRC, Limited Retail Commercial Residential uses are permitted under the commercial
designation Since the Subject site was recognized as a 17 13 acre site by the City of
Boynton Beach, the proposed density of 10 51 units per acre conforms to the Land Use
designation
Site Size, Shape and Access
The Subject Property is irregular in shape and contains a total of 17 13 acres It has
direct frontage along the northerly right-of-way of U S Highway 1 as well as
approximately 840 feet of intracoastal frontage Access to the site is available from
U S Highway 1
Easements/Right-of Way
We are not aware of any easements which negatively affect the Subject.
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Utilities
Water and sewer lines for the Subject Property are provided by the city of Boynton
Beach, Florida Power & Light provides electricity, and telephone services are provided
by Southern Bell
Topoqraphy
~ The Subject site appears level and approximately at street grade with no apparent
drainage problems at the time of inspection
Property History
....
The Subject Property is currently under the ownership of Glen Residential Realty
Corporation The site was purchased in two separate transactions The sellers were
AJ Incorporated and K W Brown Investments There were no other arms-length
transactions involving the Subject as far as we could determine
Census Tract
The Subject Property lies within Census Tract 57 02
Flood Hazard Zone
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The Subject Property lies within Flood Zones "AT' and "e", 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
(H U D) Flood Zone "AT' indicates areas of 1 OO-year flood. base flood elevations and
flood hazard factors determined Flood Zone "C" indicates areas of minimal flooding
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Assessed Value and Taxes - 1998
The total assessed value and taxes for the Subject Property for 1998 were as follows
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SUBJECT TAXES -1998
LAND BUILDING TOTAL
FOLIO NUMBER ASSESSMENT ASSESSMENT ASSESSMENT TAXES
08-43-45-22-04-000-0010 5634,200 $0 $634,200 $15,881.20
08-43-45-22-04-000-0291 5296,000 50 $296,000 57412.23
08-43-45-22-04-000-0390 $76,000 $9614 $85,614 $2,143.87
08-43-45-15-03-000-0171 5152,139 $0 $152,139 $3,809.76
08-43-45-15-03-000-0181 $111,813 $0 $111,813 $2,799.94
08-43-45-15-00-000-7010 51,071 $0 $1 071 526.82
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TOTALS S 1,271,223 $9614 $1,280,837 $32,073.82
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"
Pursuant to Section 163 3177(1 O)(h), F S , "it is the intent of the Legislature that public
facilities and services needed to support development shall be available concurrent with
the impacts of such development." From this statement, the term "concurrency" was
r derived and is commonly used to refer to the above act and its requirements
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The basis of the concurrency concept is Rule 9J-5 0055 of the Florida Administrative
Code, which states that
"To ensure that facilities and services needed to support development are
available concurrent with the impacts of such development, a local government
must adopt a concurrency management system Prior to the issuance of a
development order or development permit, the concurrency management system
must ensure that the adopted level of service standards required for roads,
potable water, sanitary sewer, solid waste, drainage, parks and recreation, and
mass transit, if applicable, will be maintained"
The Subject is currently approved for development of 180 apartment units and is
not negatively affected by concurrency
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HIGHEST AND BEST USE
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The Dictionary of Real Estate Appraisal, Third Edition 1993, by the Appraisal Institute
defines Highest and Best Use on page 171 as follows
"The reasonably probable and legal use of vacant land or an improved property,
which is physically possible, appropriately supported, financially feasible, and that
results in the highest value The four criteria the highest and best use must meet
are legal permissibility, physical possibility, financial feasibility, and maximum
profitability"
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Conclusion
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~ In our opinion, the Highest and Best Use of the Subject Property as of the appraisal
date was for multi-famIly residential development. The reasons for this conclusion are
as follows
1 The site is zoned for multi-family use based on the existing zoning and land
use plan for the City of Boynton Beach The Subject IS approved for; 80
units which indicates a density of 10 51 units per acre
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2 The site is contains 17 13 acres and is physically suited for this type of
development. While the section of this site fronting U S Highway 1 is
zoned for commercial use and would also physically be a good location for
commercial development, the logical choice for development of the entire
site would be with a multi-family project.
3 Of those uses which are both legally permissible and physically possible, it
is our opinion that it could be financially feasible to build a multi-family
development at this time Demand for both apartment rentals and
town home type developments is strong at this time, with new developments
meeting With success
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4 This use maximizes the site given its physical constraints and would be the
most maximally productive use of the site
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VALUATION
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VALUATION
Preface to Value\Scope of the Assignment
In order to estimate the Market Value of the Subject, three conventional approaches to
value were considered These are the Cost, Sales Comparison and Income
Capitalization Approaches
The Cost Approach has as its premise the valuation of the site by direct comparison
with similar sites that have recently sold plus the addition of the depreciated cost to
replace the improvements The Cost Approach requires estimating the reproduction or
replacement cost new of all the improvements including an allowance for
~Atrepreneurial profit. The appraiser must then deduct all forms of depreciation that
have accrued against the property in order to reach a value Indication by this approach
Given the fact that the Subject is vacant land, we have not performed a Cost Approach
The Sales Comparison Approach has as its premise a comparison of the Subject
Property with other similar sites that have sold in the recent past. To indicate a value for
the Subject Property, adjustments are made to the comparables for differences from
the Subject. Typical adjustments are for financing, time, location, corner influence,
zoning and approvals The more similar a comparable sale is to the Subject, the fewer
and smaller the adjustments will be and the more reliable the value conclusion
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The Income Capitalization Approach, as used for investment properties, has as its
premise the estimation of the amount of net income, which when capitalized in a
manner that is commensurate with its risk, will indicate the present value of the income
stream Considering that the site is vacant and not an income producing project, this
approach was not used
Considering that the only applicable approach is the Sales Comparison Approach, our
Market Value estimate will be based on this methodology
Data Sources
In the performance of this appraisal, data was collected from a variety of sources
including, REDI, ISC, the Public Records, and various sources noted throughout this
report. The different publications utilized and persons and titles of persons contacted
are listed along with the information given within this appraisal
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Confirmation of all sales used within this appraisal was made by contacting local
brokers, investors, owners and through physical inspection Confirmations were with
buyers, sellers, property managers, brokers, or attorneys involved with or who had
knowledge of the transaction or leasing information This information is retained in our
files and available if necessary
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SALES COMPARISON APPROACH
Preface
The Dictionary of Real Estate Appraisal, Third Edition 1993, by the Appraisal Institute
defines Sales Comparison Approach on p~ge 318 as follows
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"A set of procedures in which a value indication is derived by comparing the
property being appraised to similar properties that have been sold recently,
applying appropriate units of comparison, and making adjustments to the sale
prices of the comparables based on the elements of comparison The sales
comparison approach may be used to value improved properties, vacant land, or
land being considered as though vacant; it is the most common and preferred
method of land valuation when comparable sales data are available II
In order to estimate the Market Value of the Subject Property utilizing this approach to
value, it was necessary to abstract and analyze sales of vacant sites considered similar
to the Subject. These sales were compared to the Subject on a price per unit basis as
this is the methodology relied upon by buyer's and seller's of multi-family land
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Discussion of Vacant land Sales
In order to estimate the Market Value of the Subject site, a search was made for sales
of similar multi-family land Five comparables, including the recent sale of the Subject,
which were the most comparable, have been summarized in chart form on the facing
page The Subject recently sold for $1,890,000 or $10,500 per unit.
The sales were analyzed on a price per unit basis On an unadjusted basis, the sales
ranged from $10,223 to $11,868 per unit All of the comparables were considered with
regard to property rights appraised, financing, conditions of sale, time or market
conditions, location, size, site quality, density and zoning
~e sales all sold with full property rights and their financing did not impact their sales
prices The sales, were all exposed to market participants for a reasonable period of
time and therefore no adjustments were required for conditions of sale
We then made comparisons between the sales in order to abstract an adjustment for
time Sale 5 sold in November 1996 Since that time market conditions for vacant
multi-family sites have improved Based on this we have adjusted this sale upward for
the inferior market conditions which existed at the time of its sale The remaining sales
were considered to reflect current market conditions
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With respect to location, Sale 2 was considered inferior to the Subject based on the
amount of surrounding development, and it was adjusted upward for this factor The
remaining sales were either located in high growth residential areas or had
waterfrontage and were considered similar to the Subject in terms of location
The comparables ranged in size from 571 acres to 37 60 acres Typically, smaller
sites will sell for more on a per unit basis than similar larger sites, due to economies of
scale and the fact that there is a larger market for smaller parcels Comparable 5 was
smaller than the Subject, and was adjusted upward for this factor The remaining sales
were considered similar with respect to size
The Subject Property has an indicated density of 1051 units per acre based on a total
site of 17 13 units per acre While the uplands portion of the Subject is only 11 10
acres, the City of Boynton Beach recognized the Subject as a 17 13 acre site in its
approval of the number of units and the corresponding density is therefore calculated
by this method The comparables densities ranged from 848 to 1542 units per acre
While sites with lower densities will often sell for more on a unit basis than similar sites
with higher densities, we could find no evidence to support a density adjustment and
therefore none was made
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The sales were considered similar to the Subject in terms of site quality and all other
factors and no further adjustments were made
Conclusion
After adjustments, the sales ranged from $10,500 to $11,868 per unit, with an average
indication of $11,246 per acre Therefore, considering the above analysis and taking
into consideration the physical characteristics the Subject site, it is our opinion that the
Subject has an indicated value of $11,250 per unit. This would indicate a Market Value
of the Fee Simple Estate of the Subject Property as of April 29, 1999 of $2,025,000
calculated as follows
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180 units @ $11 ,250/unit =
$2 025,000
Park Fee Estimate
As discussed, we will also estimate the proposed park fee for the Subject. According
to the Boynton Beach Department of Engineering, the park fee is equal to the Market
Value of 1 35 acres of the Subject site The Subject site contains a total of 17 13 acres
Of the total site approximately 11 10 acres is considered uplands and 6 03 acres is
submerged land/mangroves The City of Boynton Beach Planning and Zoning
Department approved the Subject site for a total of 180 units which indicates a density
of 10 51 units per acre based on the total site size of 17 13 acres Therefore, for
i development purposes, the City of Boynton Beach recognized the Subject as a 17 13
! acre site and not a 11 10 acre site (uplands only) Had the site been analyzed by the
City as a 11 10 acre site (uplands only), the corresponding density for the 180 units
would have been 1622 units per acre This far exceeds the maximum allowable
density (108 units per acre) according to the Zoning and Land Use ordinances of the
City Therefore, for our analysis we a density of 10 51 units per acre is logical since the
project has been approved at this density Therefore, the total number of units
allocated to a 1 35 acre portion of the Subject site would be 14 19 units (1 35 acres x
1051 units per acre = 14 19 units) In our opinion, the estimated park fee for the
Subject should be $159,621 calculated as follows
14 19 units @ $11 ,250/unit =
$159,621
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ADDENDA
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LEGAL DESCRIPTION
The South 157.37' of the North 314 74' ofGovemment Lot 2, lymg East ofFlonda East Coast nght-
of-way and U S Highway No.1 right-of-way. and LESS the North 137.3T of the West 300' of the
above described property in Section 22, Township 45 South, Range 43 East, LAKE Vll.LAGE, City
of Boynton Beac~ according to the Plat thereof as recorded in Plat Book 21. Page 18, Palm Beach
County Public Recorda; AND a ~ of land in~e Worth in Section 22. TownshIp 4S South, Range
43 East, Palm Beach County. Flonda, more partIcularly described 88 follows: BEGINNING at the
IntersectIon of the South line of Lake Village and the easterly right-of-way line of State Road No 5
(U S Highway No. .1) according to the Plat thereofas recorded in Plat Book 21, Page 18, Palm
Beach County PublIc Records; Thence South 89~5'OO" East, along the South line of Said Lake
Village, a distance of 997' to a point in the hIgh water line on the westerly shore of Lake W onh,
Thence continue easterly along the same course. a distance of 352.82' to a pomt In the City of
Boynton Beach Bulkhead Line. established by Ordinance No. 289. November 19. 1956, said point
being m the arc ofa curve concave to the East haVIng a radius of 1732.07', and a central angle of
S031'07M; Thence northwesterly and northerly along the arc of said curve and said City of Boynton
Beach Bulkhead Line, a distance of 15776' to a point in a line 15737' North of and parallel to the
.... ~outh line of said Lake Village; Thence NOM 89025'00" West. along said paraJlelline a distance of
, 325 61' to a point in the aforewd high water line on the westerly shore of Lake Worth; Thence South
7005'00'1 West, along sasd lugh water line, a distance of 157 75' to the point of Beginning.
AND
That certa!..'1 part cfthe South balf(S ~) of the Norah 314 74 feet of Government Lot Two (2) in
Sectlon 22, TO'WIlShip 4S South, Range 43 East. lying and being East of the F.E.C. Railway right-of-
way and more particularly described as follows:
Beginrung at a monument on the East line of the U.S. Highway No. 1 as ongmally located and at the
intersection tbereofwith the North line of said Section 22, which monument is 472.84 feet East of
the Northwest comer of said SectIon 22, Thence running Southerly along th~ East boundary line of
said U S Highway No.1, a distance of158. 77 feet to a point, which is the point ofbegmnmg; Thence
runnIng Southerly along the East boundary Iin,e oru.s. Highway No.1. as originally located, a
distance of 138.59 f~ to a point; Thence running East on a line parallel to the North boundary Ime
of said Section 22, a distance of300 feet to a point; Thence running Northerly on a line parallel to
the East line of said U S Highway No.1. a distance of 138.59 feet to a point; Thence running
Westerly on a line parallel to the North boundary line of s81d Section 22, to the Pomt ofBegmmng.
The foregoing described premises bemg the West 300 feet. lying East ofU S Highway No 1, as
originally located, of the Nortb 137.37 feet of the South 157.37 feet to the North 314 74 feet of
Government Lot 2, in Section 22, Township 4S South of Range 43 .East. lying East of the F.E.C.
Railway right-of-way; LESS the additional right-of-way for (U S. Highway No.1) (S.R No 5). as
shown on Road Plat Book 3, on Page 12, Public Records of Palm Beach County. Florida.
Also described as all or a portion of: Lots 39 to 41, Inclusive and the East 28.59 feet of Lots 42 and
43 and Lots 44 to 46, mcluslve. less the South 20 feet of Lake Village, Plat Book 21, Page 18
LESS That portion conveyed to State of Florida in Special Warranty Deed filed of record luly 21,
1961 in Official Records Book 657, page 524, PubUc Records of Palm IJeB.ch County, Florida.
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08/20/98 THG 15 ~J FAX
ExhibIt "A"
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TOGETHER WITH an Easement for Ingress and Egress as contamed 1n that
certam Ingress and Egress and Cost Shanng Agreement by and between Via Lago
COndOtnm.1UID Association, Inc. and Sun-OP, Inc., dated June 29, 1988 and
recorded September 2, 1988 in OffiCIal Record Book 5795, Page 1136, of the
PublIc Records of Palm Beach County, Flonda.
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EXHIB::T "A"
NOR7~t:~N PAPCE:L
Tr"lot conlon of tl'ie tellcwlnq porcelly'n~ West of !fle meon /'1'9" .oter /'!"Iork 01 tl'le .oter s of
lake Worth
A porce1of land 'line; In Seclton 15 TownSP'llp 45 South RonQe 4,3 Eost 80ynt.,,., Seoc" ?clm
Beoch County F"lorldO and bell"9 0 portIon of lots 17 end 18 of SAM BROWN JR'S
SU80lVISION os recorded In ~IQt 800k I at Poge 81. of ttlc Pvbllc. Re~oras 01 Palm Seoer,
County Florida sou:! porce/belng more partlcularly described os (ollows
CommenCing at the Southwest ~orner of sciO Section 1S thence due Eost lossum~d) alone; l/'le
South line of sOld Section I5 C <,.stonce of 821.92 (eelll'lence North 7 oe9rus .3700" Eost olcn9
o kne of .30000 feet East of ond poroJlelw,th the Eost rllght-ot-woy line of US Highway No 1
<Slote Road No S>, 0 dlstonce ot '12.9 feet to the POint of Beqtnnln9 of the ~orcel to be herein
d~s~ribed thence cont."""e Nor tr'l 7 degrees 3700 East 0101'19 sOld porollellit'le 0 distat'\ca of
209 99 feet thence South 82 de<;rees 23'00 East 0 dl$lon~e of 35 0 teet thence Nortra 68
de9"~e!> 3700" East 0 distance of 795) feet then~~ due Eost 0 dlstonce of 7651 feet thence due
~h, (I distance of 4098 feet thence South <45.deqrees 00'00 (ost 0 dislOflce of 270 feet
thVice oue (ost (I distOl'lce of 14 6' feet th~n~e North 60 de9ree-s 0000 East 0 distonce o( '90
feet: thence South 0=4 de9rees 0000 Eo:;t 0 distance of 500 feet thence South 45 degrees 0000
Eost 0 distonce of 44 0 feet thence due East (l dislof'lce of 129 14 feet. thence Soulh 76 c:legrees
.1'01 Eost Cl distance of .350 feet thence North ,.J deqrees IS 59" East 0 distonce o( 100.8
feet thence South 76 degrees 41'0'" Eost (I dlstonce of 1250 feet tnence South 13 degrees
1859" We!.l 0 OISIOt'lce of 172 SO (eel thence North 16 eegfee, .,'or' West 0 c:llstonce of 125.0
feet thence South 1.3 oe9rees 1859" West. 0 distClt'lce 01 J5"92 feet to tl'l~ ~oinl of curvature of 0
curve conCOve to tP'l~ Northwest thence SOloltf'lwcsterly olong the ore: of SOld Cuf'f'e how.n9 0 radIUS
of .00 (eel and 0 centrolonqle of 76 de9rees 41'0'" 0 distonce of 53 54 feet thence due West Cl
dl$lonce of 77 37 feet to the POint of curvature of 0 curve concove to the NortheQ$t. t~nce
JoiO'thweSlerly alort9 the arc of SOld curve t'lav,n9 0 rodius of'185 28 feet ond 0 centrol angle 01 16
C1~9r~~s 0000" a di$lOl"ce of 51 71. fee\ to the point of reverSe curvoture 0' 0 curve concave llj t/'le
~out"we$t thence Northweslerly 0101"19 the orc of SOld cur...e l'Ia....tnc; a radius of 15028 feet Ol'\~ 0
centrOlonqle of 16 de9rees 00'00 0 distonce of 41.97 feel thence due West. 0 dlstonce of 51.)9
feet to the po.."ll of cur'llolure of 0 curve concove to the Southeast thence South_eslerly olong the
ore: of $010 Cl.Jrve haVIng 0 radius of 256 70 ond 0 centrolonqte of 12 deqrees 3000 0 distonce of
5600 feet to the POll"lt of reverse cl.lrvoture of 0 curve concove to the Nortt'l-est tl'lenc:e
Southwesterly 0101'19 the ore of so~ curve hov'"9 a rOdius of 29\. 70 feet and 0 central on~te or 12
-:Se9rees 30'00 oJ distance of 63 64 feel thence due West 0 distonce of 124 75 feel 10 the Pont
of Se9lnn.ng oforedescr'ibed
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.. parcelof lend 1)"n9 In Section 15 TO\lrnsl'hp .3 South, Renge .3 East Boynton Sea,'" PQlm
Seoch County F"londe and belnq 0 portion of Lot 18 Sem arown Jr S 'Subdivi$iof'o os l'ecor~ed
,1'1 ~Iat Soole I PQge 81 PubliC RecordS of PQlm BeaCh County F'lor,do sau:! per,e' bell'lg n"\ore
portu:u1orly described os (ollow$ .<:
Commencing ot tP'le Southwest corner of SQld Section 15 thel'lee due Eost <assumed) alenq the
Sout'" line of SOld Section 15 0 distance of 821 $2 feet to the POINT OF' BECINNINC of t,.,~
pareel to be h~rell'\ desc:nbed thence contInue due East. Q distance of 61.3 33 feel thence North
13-1859 EO$t a distance of 152 55 feel thence Norttl 76.41'01" West Q distonce of \250 feel
lhe"ce South 13- 18 59 We:st. 0 distance of .3592 feet to t~ poant of Cl.lrlfatl.lre of Q curve
concave to the Northwest lhenc~ Soulh.~sle"')' 0\C1'l9 tNl or, of sOld curve hovnq Cl rodil.ls 01
400 fut ond Q cenlrolol'\91e of 76- 41'0\", a dlstonce of ~3 54 feet lhet'lce due Wnl, a distance
ot 7'.37 f..t to the pOint of curvature of a ClJfvf concave to ll'le Northeost. thence Northwest.rly
Qlon9 the or, of SOld c:ur....e he....1t'IQ 0 rodius of 18528 feet and 0 centrol O"'91~ of 16- 00'00" 0
disto,.,ce of 51 74 feet to the pOint of reverse curvature of Q curve concave to the Southwest
th~t'lce Northwester'y along the orc of SOld 'u""'e hovln9 0 radIUS of 150 28 feet Q centrol angle o(
16.00'00" 0 distonce of "197 feet thence due West,o dlstonce of 51..39 feet to tt'le pOInt of
Curyoture of Cl curve concave to the Southeast thence Southwesterly olon9 the ore of said curve
hoYtn9 0 radius of 256 70 feet and 0 centrolonqle of 12- .30'00 0 distance of 56 0 feet to ltle
pOlnl of reverse cur"olure of 0 cur....e conCO'f'e to the Northwest thence Southwesterly Qlan9 the
Qrc of 5al\1 curve hovln9 C rod;;,;s of 291 7G feet Qn~ a cenlral Qn91~ af 12- 30'00 0 distonce or
636. leet thence due Wesl 0 dlstonce of 124 75 feel thence South 7.)700 West 0 distcnc! of
112.9 feet to the POINT OF' SECINNINC oforedesc;;rlbed
Page 1 of 3 pages
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EXHIB:;:! /J A"
SUBMERGED LAND PARCEL
A porcetof submerged lend lYing ,n Ihe welers of Lake Worth 1n Section 15 TownshIp 45
South Ronqe 4.:l Eosl Palm Seach County FlorIda ond lYing Easterly of LoIs 16 17 ond 18
Sam Brown Jr s Hypoh,JsO SubdivISIon acc~rdln<; to lhe plot thereof od recorded In Plot 8001..
1 Page e1 of the Pt.rblic Records of Palm 8eacl'l County F'IOrloe So.o parcelo' submerged lond
tieing specdjcOlly d"l!scrroed QS fol/o.s
F'rom lhe Southwest corner 01 so.d SectlQn 15 1'1.1('1 due East 010n9 l"e South line of sOld SectIon
15 CJ dlSIQnCe of 519 25 feet to the Eost fl9ht Qf-,*oy hne of uS. Hlghwoy No 1 thence
continue dve Eost 010n9 sOld Section line and the South line of so.d lot 18 Q dIstance of 91600
feet to the Meon HIgn Water Lu"le' of Loke Worth ond the POInt of BegInnIng lhence continue
due tast. olong 'Cld SectIon line Q dis1Ql'Ice of 339 34 'eet to the 8ull.l'leod line of the City Of
Boynton Beoch os no. eXlstlnq ond shown 01'1 0 mop entitled Sulkheod L,ne CIty of Boynton
Beech F'lorldo September 1956 Idenbfled by the Inscription of R-S6-006 lh~nce North
,- 07'36 Eost olone; SOld 8ull.:h~Od Lrne 0 distence of 526 38 feel to the IntersectIon thereof
w,tl'l tne Eosterly e..te"slon of the North line of SOld Lot 18 thence North 69- 5800 West 0
dl'Stonce of 252 92 feet to tMe "'eon Hi<;h Water Line If\enc:e South 13- 18 59 West along SOld
~eon Hi.;h woter Lme 0 dIstance of 53968 feet to the Faint of Seqll1ning. LESS ol1l0n~s
contained w,th,n the Plot of V!A. LACO os fecorded In Plat Boolr. 39 }:loge 135 Public RecordS
of"PClm Beech County F'IOfldo
SOUTHe:~N PARCEL
The Nl/2 of t!'lat port of the North 314 74 feet of Government lot 2 In Sectron 22. TownshIp 45
South Range 43 Eost ly,n9 Eost of the F'IOl"ldO East Coost Roif",oy R.ght of ,#(Jy EXCEPTING
ttlerefrom the Ri~hl of 'Noy of U S Hlg".oy No 1, togettler wI11'I 011 riparian nqhts appurtenant
ther e to
.AJso Oes,r.bed os
Lots 1 throu9h 26 inclUSive end the N1/2 of Lot 29 of LAKE VILLACe: accordin9 to the Pl<Jt
lr'lereof recorded In Plot Sook 21. Poge 18 Pu01ic RecordS ot Palm Beach County FlorIda
AND
T0gether .,th Q C)orcelof submerged lend .n lake Worth in Section 22 Townsl'hP 45 So~lh
Rot'lge 43 East Pot", Seach County Florida mere portlculQrly described os follews
6e9'Mln9 ot the pOInt of .ntersectlon of tl'le Nortl'l !lne of LAKE VILLACE with tne "\lgh water
line on the westerly shore of loke Worth occordin9 to the Plat ef said L.AJ<( VIlLACE.
recorded In Plot 800" 21. PQ9~ 18 Public Records of Polm Beech Count}' F'londo SOld point
~etn9 South S9 degrees 25 mInutes 00 seconds Eost 0 distenl:c of 1 125 feet from the eosterl)'
rl9M of wa)' lint of Stote Roed 1><10 5 fU S. Hiqhwo)' No 1) according to SOld Plot of I.AKE
VllLACE thence South 07 de9rees OS mInutes. 00 seconds West 010(\9 SOld hi9h water line (2
distance of 157 75 feet to a pOint ,n 0 hn~ 157.37 feet south of ond parollello the North line of
SOld LAKE: VII.LAGE thence South 89 degrees 25 minutes 00 seconds Eest along said parollel
line a distance of 325 6 feet. more or less to 0 pOint rn the City of Boynton 64!OCh 8ul"''''eod
Line estQbli$h~d by Ordino"ce No 289 November 19 1956 SQld pOInt bemg rn the orc of 0
(\.Il'"ve concave to the East !'laving Q radius of 1.732 07 feet and Q centrolon91e of 05 de9ree-s 12
mmutes 3.3 seconds thence Northerly ond Norttleosterly alol'l~ the orc of SOld curve 0 distance of
15747 feet to a pOll'll In the Easterly prOjection of th~ North line of SOld LAKE VILLAGE
thence North 89 de9rees. 25 minutes 00 se'l:onds West along SOld EO$terly prOjection of tr"le
North line of SOld LAkE VILLAGE a distance of 3" 7 feel, more or less to the Point of
8e91('\nln9
Page 2 of 3 pages
Callaway & Price, Inc
QUALIFICATIONS - STEPHEN D. SHAW. MAl
Profess Ion a I Deslq n atio ns \Llcenses \Ce rtlficatlon s
Member, Appraisal Institute, MAl Designation #10461
Florida State-Certified General Appraiser RZ0001192
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
--.f\ppraiser/Researcher, Callaway & Price, Inc., September 1987 - March 1992
Special Master, Tax Appeal Hearings, 1996
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
[
Appraislnq\Consulting Expertise
Acreage
ACLFs
Apartment Complexes
Automotive Service Facilities
Bowling Alleys
Commercial BUildings
Condominium Projects
Eminent Domain
Golf Courses
Hotels
Marinas
Mini-Warehouses
Office Buildings
OfficelWarehouses
Retail Buildings
Restaurants
Special Purpose Properties
Shopping Centers
Vacant Commercial Land
Vacant Industrial Land
Vacant Multifamily Pods
Vacant Residential Land
Vacant Single-Family Subdivisions
Warehouses
Organizations and Affiliations
Appraisal Institute
Experience Review Committee
Ethics & Counseling Committee
Can away & Price, Inc
gUALlFICA TIONS - MICHAEL R. SLADE, MAl. SRA, eRE
P rofessiona I Desianations\Licenses\Certificatlons
Member, Appraisal Institute, MAl Designation #6864, and SRA Designation
Member, Amencan Society of Real Estate Counselors, CRE Designation
Florida State-Certified General Real Estate Appraiser RZOOOO116
Real Estate Broker BK0128222, State of Florida
AppralsallnstJtute Approved Instructor (1986-1993) for
Course 201 - Principles of Income Property Appraisal
Course 310 - Basic Income Capitalization
Professional Experience
...
Principal, Callaway & Price, Inc. since 1981
Staff Appraiser, Callaway & Pnce, Inc., 1975 to 1981
Special Master, Tax Appeal Hearings, Palm Beach County, 1984-1995 & 1998
Qualified As An Expert Witness
Broward County, Florida
Palm Beach County, Florida
Martin County, Florida
Federal District Court of Southern District of Florida
United States Bankruptcy Court Southern Florida
Geooraphic Experience
Throughout Florida
Educatton
Masters of Business Administration, Florida Atlantic University
Bachelor of Science, Accounting, Florida Atlantic University
Society of Real Estate Appraisers:
Course 101 - Introduction to Appraising Real Estate
Course 201 - Principles of Income Property Appraising
Course 202 - Advanced Applications
American Institute of Real Estate Appraisers:
Course II - Urban Properties
Course IV - Condemnation
Standards of Professional Practice
Numerous seminars sponsored by the Appraisal Institute and other organizations
Callaway & Price, Inc
QUALIFICATIONS - MICHAEL R SLADE - Continued
Oraanizations and Affiliations
Appraisal Institute.
National Chainnan of Ethics Administration, 1999
National Vice Chainnan of Ethics & Counseling, 1999
Review & Counseling DiVision, Past National Chainnan
South Florida-Caribbean Chapter, Past President
American Society of Real Estate Counselors:
Southern Florida Chapter, past Treasurer
Urban Land Institute, Member
Palm Beach County Housing Authority
_~oard Member (Gubernatorial Appointment)
Cflamber of Commerce of the Palm Beaches:
Board of Directors
Economic Development Committee, Member
Society of Real Estate Appraisers (now Appraisal Institute):
Young Advisory Council, Past Chainnan
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