Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Agenda 12-09-25
1.Call to Order 2.Invocation 3.Pledge of Allegiance 4.Roll Call 5.Agenda Approval 6.Legal 7.Informational Items and Disclosures by Board Members and CRA Staff: 8.Information Only A.MLK Entry Feature Project Update B.Social Media & Print Marketing Update C.CRA Economic & Business Development Grant Program Update 9.Announcements and Awards A.2025 Holiday Boat Parade Announcement 10.Public Comments Community Redevelopment Agency Board Meeting Tuesday, December 9, 2025 - 6:00 PM City Hall Chambers, 100 E. Ocean Avenue and Online Meeting 561-737-3256 AGENDA A. Additions, Deletions, Corrections to the Agenda B. Adoption of Agenda A. Disclosure of Conflicts, Contacts, and Relationships for Items Presented to the CRA Board on Agenda The public comment section of the meeting is for public comment on ALL items on the agenda or items that are not on the agenda. Each speaker will be given a total of three (3) 1 11.Consent Agenda A.CRA Financial Report Period Ending November 30, 2025 B.Approval of the Joint CRA Board/City Commission Workshop Minutes for November 8, 2025 C.Approval of the CRA Board Meeting Minutes for November 10, 2025 D.Approval of the Commercial Property Improvement Grant Program in the Amount of $60,000 to Rusty's Restaurant and Lounge LLC d/b/a Rusty's Carib Cuisine located in 500 Ocean at 510 E. Ocean Avenue, Unit 107 E.Approval of the Commercial Rent Reimbursement Grant Program in the Amount of $22,786.26 to Rusty's Restaurant and Lounge LLC d/b/a Rusty's Carib Cuisine located in 500 Ocean at 510 E. Ocean Avenue, Unit 107 F.Approval of the Commercial Business Marketing Grant Program in the amount of $2,500 to Scheurer's Chocolate located at 640 E. Ocean Avenue #10, Boynton Beach, FL 33435 12.Pulled Consent Agenda Items 13.CRA Advisory Board A.Pending Assignments - Assignments from the CRA Board Assigned at the February 13, 2024 and the January 14, 2025 CRA Monthly Board Meetings B.Reports on Pending Assignments 14.Old Business A.Heart of Boynton Shops Project Update B.Discussion and Consideration of an Invitation to Negotiate for the Development of Affordable/Workforce Infill Housing C.Discussion of Project Status for the Boynton Beach Office Condominium, LLC Project Located at 1102-1110 N. Federal Highway D.Discussion and Consideration of Additional Funding for the Tax Increment Revenue Funding (TIRFA) for the Ocean One Project Located at 114-222 N. Federal Highway E.Continued Discussion and Consideration of the 2026 CRA Board Meeting Dates minutes to comment on all items on the agenda; however, the Board retains the right to increase or decrease the three-minute limit prior to the start of public comment. Each public speaker shall be given the same number of minutes unless it becomes necessary to terminate a speaker ’s comments in order to maintain orderly conduct and proper decorum in the public meeting. Persons making public comment may not assign or donate their public comment time to another individual to allow that other individual additional time to comment; however, any persons requiring assistance will be accommodated as required by the Americans with Disabilities Act. Prior to addressing the Board, speakers present at the meeting will go to the podium to make their comments and speakers participating virtually will unmute their device at the time requested. Speakers may be asked to state their name address for the record. Any person may provide written comment(s) to the Board prior to the Board meeting. 2 15.New Business A.Discussion and Consideration of Audited Financial Statements - Fiscal Year 2024- 2025 B.Discussion and Consideration of Discussion Topics for January 8, 2026 Joint CRA Board/City of Boynton Beach Commission Meeting 16.Future Agenda Items A.Presentation Regarding the CRA Owned Property Located at 211 E. Ocean Avenue - TABLED 07/08/2025, TABLED ON 09/09/2025 TO A DATE CERTAIN ON 11/10/2025, TABLED ON 11/10/2025 TO A DATE CERTAIN ON 01/08/2026 B.Discussion and Consideration of Approval of Memorandum of Understanding for Ocean Breeze West C.Continued Discussion and Consideration of the Purchase of the 13 Parcel Assemblage located at 444 W. Boynton Beach Boulevard 17.Adjournment NOTICE IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE CRA BOARD WITH RESPECT TO ANY MATTER CONSIDERED AT THIS MEETING, HE/SHE WILL NEED A RECORD OF THE PROCEEDINGS AND, FOR SUCH PURPOSE, HE/SHE MAY NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE, WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. (F.S. 286.0105) THE CRA SHALL FURNISH APPROPRIATE AUXILIARY AIDS AND SERVICES WHERE NECESSARY TO AFFORD AN INDIVIDUAL WITH A DISABILITY AN EQUAL OPPORTUNITY TO PARTICIPATE IN AND ENJOY THE BENEFITS OF A SERVICE, PROGRAM, OR ACTIVITY CONDUCTED BY THE CRA. PLEASE CONTACT THE CRA, (561) 737-3256, AT LEAST 48 HOURS PRIOR TO THE PROGRAM OR ACTIVITY IN ORDER FOR THE CRA TO REASONABLY ACCOMMODATE YOUR REQUEST. ADDITIONAL AGENDA ITEMS MAY BE ADDED SUBSEQUENT TO THE PUBLICATION OF THE AGENDA ON THE CRA'S WEB SITE. INFORMATION REGARDING ITEMS ADDED TO THE AGENDA AFTER IT IS PUBLISHED ON THE CRA'S WEB SITE CAN BE OBTAINED FROM THE CRA OFFICE. 3 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: December 9, 2025 INFORMATION ONLY AGENDA ITEM 8.A SUBJECT: MLK Entry Feature Project Update SUMMARY: ENTRY FEATURE DESIGN UPDATE The property at 1101 N. Federal Highway, Boynton Beach, FL is located at the NW corner of E. Martin Luther King, Jr. Boulevard and N. Federal Highway (see Attachment I). The property is within the Federal Highway District and serves as the eastern entry to the Heart of Boynton District on the Martin Luther King Jr. Boulevard Corridor. At the February 11, 2025 meeting, the Board supported the community's overwhelming support of Version 1: "I Dream" for an entry feature and directed staff to work with the consultant towards a preliminary design with the additional elements included: public art installations, doggie waste bags stations, low maintenance landscaping, decorative signage, inclusion of power for holiday lighting installations, and larger native shade trees. Attachment II is the final preliminary design. On April 17, 2025, CRA staff and the design consultant met with the City for an official pre- application meeting to review the design for the project. Since the pre-application meeting, the design team and staff have met with Florida Power & Light regarding light pole options for the site, and with the electrical engineer regarding electrical needs onsite. Additionally, the City recently completed the resurfacing/sidewalk project for E. MLK Jr. Blvd and as part of the project, the old sidewalk and driveway apron on 1101 N. Federal Highway was demolished and replaced with a new sidewalk at back of curb to accommodate the current site plan. The design team has finalized plans and is preparing to submit the formal site plan application to the City. 1101 N. FEDERAL HIGHWAY PROPERTY CLEAN-UP UPDATE On October 17, 2023, the CRA acquired this parcel of land from the City upon completion of 4 •Attachment I - Location Map •Attachment II - Final Design •Attachment III - R23-153-Approval to Quit Claim Deed the property to CRA •Attachment IV - 1101 North Federal Highway - Analysis of Brownfields Cleanup Alternatives (ABCA)_10-30-25 •Attachment V - 11.13.25 Email 1101 N. Fed. Hwy. Remediation the City's foreclosure process (Attachment III). In order to redevelop the property the CRA conducted testing through the Palm Beach County (PBC) EPA Site Assessment Grant. A Phase I and Phase II assessment (Phase II Addendum, Attachment IV) was performed concluding the presence of arsenic contamination on the western portion of the property. CRA staff, PBC staff and SCS Engineering have agreed that soil removal and replacement is the best remediative method based on the future use of the property. CRA staff, PBC staff and SCS Engineers are working together to confirm the cost of remediation and if remediation costs (partially or in full) will be eligible for PBC grant funding (see Attachment V). Remediation efforts will be conducted while the project is in site plan review. Based on the relatively small amount of contamination CRA staff does not expect the remediation to delay construction of the project. FISCAL IMPACT: FY 2023-2024 Project Fund 02-58100-203 Professional Services/Architectural Design Assistance; $48,800 FY 2025-2026 Project Fund 02-58100-200-406 Infrastructure & Streetscape, $350,000 for construction CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan - Heart of Boynton District CRA BOARD OPTIONS: No a ction is required at this time unless otherwise determined by the CRA Board. ATTACHMENTS: Description 5 6 BLOCK A LOT 1 BLOCK A LOT 2 (OCCUPIED) ONE STORY CBS BLDG. 8 2 ° 2 2 ' 3 0 " '97°37'30"8 2 ° 2 2 ' 3 0 "N FEDERAL HWY/ DIXIE HWYU.S. HIGHWAY N0. 1 (A/K/A STATE ROAD 5)100' R/W(ROAD PLAT BOOK 2, PAGE 235 AND ROAD PLATBOOK 3, PAGE 11)NE 10TH AVE (ASPHALT PAVEMENT) (MARTIN LUTHER KING JR BLVD.) 66' R/W (ASPHALT PAVEMENT)E LINE LOT 1(IMPROVEMENTS NOT SHOWN SOUTH OF THE EDGE OF PAVEMENT) 102.86' (M&P)44.39' (M&P)92.36' (M&P)33.89' (M&P)44.39' (M&P)33.15'R-O-W 25' 25' 50'F.E.C. R.R. R-0- W ROAD PLAT BOOK 2 , P A G E 2 , A N D R O A D P L A T B O O K 3 , P A G E 11 25' 17' 17' 17'ELECTRIC ENERGY CONCRETE LIGHT POLE (TYP.) RAILROAD CROSSING ARM. NO TRESPASSING SIGN. CONC SLAB UNMARKED METAL POLE TYPE "F" CURB AND GUTTER TYPE "F" CURB AND GUTTER EPUNKNOW MANHOLE ROBERT E WELLS MEMORIAL AVE. SIGN BARRIED FIBER OPTIC CABLE WARNING POST FIBER OPTIC CABLE HAND HOLE GUY WIRE ELECTRIC ENERGY WOOD POLE (TYP.) NO TRAIN HORN SIGN OHW H/C DETECTABLE WARNING H/C DETECTABLE WARNING OHW (TYP.) PBC TRAFFIC HANDHOLES PBC TRAFFIC HAND HOLES CROSSWALK SIGNAL LIGHT AND CONTROL FIRE HYDRANT GUY WIRE WATER METER STORM MANHOLE WF CBL=17.25', R=12.00, D=082°22'30" (M&P) EP EP H/C DETECTABLE WARNING WEST LINE OF LAKE ADDITION TO BOYNTON PLAT (P.B. 11, PG. 71)TRAIN TRACKSTRAIN TRACKSEP RECORD EAST 1/4 CORNER OF SECTION 21, TOWNSHIP 45, RANGE 43 (NOT FOUND) EAST LINE OF SECTION 21, TOWNSHIPT 45, RANGE 43 FD N/D LB 995325 ON CONCRETE S/W (ENTIRE S/W LENGTH NOT SHOWN) (SITE B.M.)(LOT 1REMAINDER NOT INCLUDED)BLDG. WALL LINE BRIKCS PAVERS (TYP.)2021 AW ARCHITECTS, INCORPORATED ALL RIGHTS RESERVED. NO PART OF THESE IDEAS, PLANS OR DESIGNS MAY BE REPRODUCED, COPIED OR UTILIZED GRAPHICALLY IN ANY FORM WHATSOVER WITHOUT THE EXPRESSED WRITTEN CONSENT OF AW ARCHITECTS INCORPORATED AND ITS BOARD OF DIRECTORS.PROJECT NO: DESIGNED BY: DRAWN BY: CHECKED BY:©REVISIONS: SUBMITTALS: FLORIDA LICENSURE: AA26002219 JAMES R. WILLIAMS - AR0017581 DB 24118 DB DB / JW SD SET:08/04/2024 3/18/2025 1:11:38 PMS:\AWProjects\24000\24118\24118_Revit\24118_Model\24118_Current\24118_ProjectContent\24118_Duane\24118_1101N. Federal Hwy1.rvtSD1 PROPOSED SITE PLAN. DD SET 02.14.2024MLK GATEWAY ENTRANCE1101 N. FEDERAL HWY.BOYNTON BEACH, FL 33472SCALE: 1/8" = 1'-0"1 PROPOSED ARCHITECTURAL SITE PLAN NORTH 7 BLOCK A LOT 1 BLOCK A LOT 2 (OCCUPIED) ONE STORY CBS BLDG. 8 2 ° 2 2 ' 3 0 " '97°37'30"8 2 ° 2 2 ' 3 0 "N FEDERAL HWY/ DIXIE HWYU.S. HIGHWAY N0. 1 (A/K/A STATE ROAD 5)100' R/W(ROAD PLAT BOOK 2, PAGE 235 AND ROAD PLATBOOK 3, PAGE 11)NE 10TH AVE (ASPHALT PAVEMENT) (MARTIN LUTHER KING JR BLVD.) 66' R/W (ASPHALT PAVEMENT)E LINE LOT 1(IMPROVEMENTS NOT SHOWN SOUTH OF THE EDGE OF PAVEMENT) 102.86' (M&P)44.39' (M&P)92.36' (M&P)33.89' (M&P)44.39' (M&P)33.15'R-O-W 25' 25' 50'F.E.C. R.R. R-0- W ROAD PLAT BOOK 2 , P A G E 2 , A N D R O A D P L A T B O O K 3 , P A G E 1 1 25' 17' 17' 17'ELECTRIC ENERGY CONCRETE LIGHT POLE (TYP.) RAILROAD CROSSING ARM. NO TRESPASSING SIGN. CONC SLAB UNMARKED METAL POLE TYPE "F" CURB AND GUTTER TYPE "F" CURB AND GUTTER EPUNKNOW MANHOLE ROBERT E WELLS MEMORIAL AVE. SIGN BARRIED FIBER OPTIC CABLE WARNING POST FIBER OPTIC CABLE HAND HOLE GUY WIRE ELECTRIC ENERGY WOOD POLE (TYP.) NO TRAIN HORN SIGN OHW H/C DETECTABLE WARNING H/C DETECTABLE WARNING OHW (TYP.) PBC TRAFFIC HANDHOLES PBC TRAFFIC HAND HOLES CROSSWALK SIGNAL LIGHT AND CONTROL FIRE HYDRANT GUY WIRE WATER METER STORM MANHOLE WF CBL=17.25', R=12.00, D=082°22'30" (M&P) EP EP H/C DETECTABLE WARNING WEST LINE OF LAKE ADDITION TO BOYNTON PLAT (P.B. 11, PG. 71)TRAIN TRACKSTRAIN TRACKSEP RECORD EAST 1/4 CORNER OF SECTION 21, TOWNSHIP 45, RANGE 43 (NOT FOUND) EAST LINE OF SECTION 21, TOWNSHIPT 45, RANGE 43 FD N/D LB 995325 ON CONCRETE S/W (ENTIRE S/W LENGTH NOT SHOWN) (SITE B.M.)(LOT 1REMAINDER NOT INCLUDED)BLDG. WALL LINE BRIKCS PAVERS (TYP.) BLOCK A LOT 1 BLOCK A LOT 2 (OCCUPIED) ONE STORY CBS BLDG. 8 2 ° 2 2 ' 3 0 " '97°37'30"8 2 ° 2 2 ' 3 0 "N FEDERAL HWY/ DIXIE HWYU.S. HIGHWAY N0. 1 (A/K/A STATE ROAD 5)100' R/W(ROAD PLAT BOOK 2, PAGE 235 AND ROAD PLATBOOK 3, PAGE 11)NE 10TH AVE (ASPHALT PAVEMENT) (MARTIN LUTHER KING JR BLVD.) 66' R/W (ASPHALT PAVEMENT)E LINE LOT 1(IMPROVEMENTS NOT SHOWN SOUTH OF THE EDGE OF PAVEMENT) 102.86' (M&P)44.39' (M&P)92.36' (M&P)33.89' (M&P)44.39' (M&P)33.15'R-O-W 25' 25' 50'F.E.C. R.R. R-0- W ROAD PLAT BOOK 2 , P A G E 2 , A N D R O A D P L A T B O O K 3 , P A G E 1 1 25' 17' 17' 17'ELECTRIC ENERGY CONCRETE LIGHT POLE (TYP.) RAILROAD CROSSING ARM. NO TRESPASSING SIGN. CONC SLAB UNMARKED METAL POLE TYPE "F" CURB AND GUTTER TYPE "F" CURB AND GUTTER EPUNKNOW MANHOLE ROBERT E WELLS MEMORIAL AVE. SIGN BARRIED FIBER OPTIC CABLE WARNING POST FIBER OPTIC CABLE HAND HOLE GUY WIRE ELECTRIC ENERGY WOOD POLE (TYP.) NO TRAIN HORN SIGN OHW H/C DETECTABLE WARNING H/C DETECTABLE WARNING OHW (TYP.) PBC TRAFFIC HANDHOLES PBC TRAFFIC HAND HOLES CROSSWALK SIGNAL LIGHT AND CONTROL FIRE HYDRANT GUY WIRE WATER METER STORM MANHOLE WF CBL=17.25', R=12.00, D=082°22'30" (M&P) EP EP H/C DETECTABLE WARNING WEST LINE OF LAKE ADDITION TO BOYNTON PLAT (P.B. 11, PG. 71)TRAIN TRACKSTRAIN TRACKSEP RECORD EAST 1/4 CORNER OF SECTION 21, TOWNSHIP 45, RANGE 43 (NOT FOUND) EAST LINE OF SECTION 21, TOWNSHIPT 45, RANGE 43 FD N/D LB 995325 ON CONCRETE S/W (ENTIRE S/W LENGTH NOT SHOWN) (SITE B.M.)(LOT 1REMAINDER NOT INCLUDED)BLDG. WALL LINE BRIKCS PAVERS (TYP.) NORTH SEATING AREA SEATING AREA DOGIPOT STATION LIGHT LIGHT LIGHT LIGHT LIGHT LIGHT LIGHT DOGIPOT STATION TRASH CAN TRASH CAN LIGHT LIGHT LIGHT LIGHT LIGHT LIGHT LIGHT NEW DISPLAY WALL MEMORIAL DISPLAY WALL EMERG. COMM. BOX BUFFER ZONELIGHT LIGHT NORTH STONE PAVERS STONE PAVERS DREAM CIRCLE MEMORIAL STONE PAVERS STAGE STONE PAVERS NEW DISPLAY WALL CONC. CONC.ENTRABCE32' - 5 5/8"MONUMENT BUTTERFLY GARDEN GARDEN GARDEN GARDEN GARDEN 8' - 0 3/4"1 0 ' - 0 " . 7 ' - 5 "44' - 7 1/8"8" +/- 102' - 10 1/4" LARGER TREE LARGER TREE RETENSION ZONE RETENSION ZONE EMERG. COMM. BOX 35' - 4 3/4"34' - 8 3/4"SD2 3 BUFFER ZONE12' - 0".ENTRANCE 13' - 7 1/8"1' - 0"2' - 0"10 1/2"1' - 10 1/2"2021 AW ARCHITECTS, INCORPORATED ALL RIGHTS RESERVED. NO PART OF THESE IDEAS, PLANS OR DESIGNS MAY BE REPRODUCED, COPIED OR UTILIZED GRAPHICALLY IN ANY FORM WHATSOVER WITHOUT THE EXPRESSED WRITTEN CONSENT OF AW ARCHITECTS INCORPORATED AND ITS BOARD OF DIRECTORS.PROJECT NO: DESIGNED BY: DRAWN BY: CHECKED BY:©REVISIONS: SUBMITTALS: FLORIDA LICENSURE: AA26002219 JAMES R. WILLIAMS - AR0017581 DB 24118 DB DB / JW SD SET:08/04/2024 3/18/2025 1:11:39 PMS:\AWProjects\24000\24118\24118_Revit\24118_Model\24118_Current\24118_ProjectContent\24118_Duane\24118_1101N. Federal Hwy1.rvtSD2 PROPOSED PLAN DD SET 02.14.2024MLK GATEWAY ENTRANCE1101 N. FEDERAL HWY.BOYNTON BEACH, FL 33472SCALE: 3/16" = 1'-0"1 PROPOSED PLAN SCALE: 3/16" = 1'-0"2 PROPOSED LAYOUT PLAQUES TO BE SECURED INTO CONCRETE CURB AT MEMORIAL STAGE. SCALE:5DOGIPOT PET STATION N.T.S. SCALE:6MEMORIAL PLAQUE N.T.S. SCALE:4FP&L SITE LIGHTING N.T.S. SCALE:3PEBBLE SEATING - GALET I N.T.S. MSA MESA LED MSA-SA4A-740-U-T3-GM (#1003-L) - FOREST GREEN (1003-BLK-L) - BLACK SCALE:0PERMEABLE CONCRETE 8 2021 AW ARCHITECTS, INCORPORATED ALL RIGHTS RESERVED. NO PART OF THESE IDEAS, PLANS OR DESIGNS MAY BE REPRODUCED, COPIED OR UTILIZED GRAPHICALLY IN ANY FORM WHATSOVER WITHOUT THE EXPRESSED WRITTEN CONSENT OF AW ARCHITECTS INCORPORATED AND ITS BOARD OF DIRECTORS.PROJECT NO: DESIGNED BY: DRAWN BY: CHECKED BY:©REVISIONS: SUBMITTALS: FLORIDA LICENSURE: AA26002219 JAMES R. WILLIAMS - AR0017581 DB 24118 DB DB / JW SD SET:08/04/2024 3/18/2025 1:11:40 PMS:\AWProjects\24000\24118\24118_Revit\24118_Model\24118_Current\24118_ProjectContent\24118_Duane\24118_1101N. Federal Hwy1.rvtSD3 SITE DETAILS DD SET 02.14.2024MLK GATEWAY ENTRANCE1101 N. FEDERAL HWY.BOYNTON BEACH, FL 33472SCALE: 12" = 1'-0"1NIGHT VISION IMAGE SCALE:12RED TIP COCOPLUM N.T.S. SCALE:13HAMELIA PATENS - FIREBUSH N.T.S.SCALE:9ILEX CASSINE WINTER N.T.S. SCALE:8HORIZONTAL COCOPLUM N.T.S. SCALE:14GLOSSY SHOWER TREE N.T.S.SCALE:10SABAL PALMETTO - CABBAGE PALM N.T.S.SCALE:6SHORTLEAF WILD COFFEE SCALE:4 ASCLEPIAS INCARNATA - MILKWEED N.T.S.SCALE:2 'RUBY RED' RED PENTAS N.T.S. SCALE:7CLAUSIA GUTTIFERANANA - DWAFT CLUSIA N.T.S.SCALE:5 DIANELLA TASMANICA-BLUEBERRY FLAX LILY N.T.S.SCALE:3 FAKAHATCHEE GRASS N.T.S.SCALE:15CONOCARPUS ERECTUS SERICEUS N.T.S.SCALE:11QUERCUS VIRGINIANA - LIVE OAK N.T.S. 9 1 RESOLUTION NO. R23-153 2 3 A RESOLUTION OF THE CITY OF BOYNTON BEACH, 4 FLORIDA,APPROVING AND AUTHORIZING THE MAYOR TO 5 SIGN A QUIT CLAIM DEED TRANSFERRING THE CITY OF 6 BOYNTON BEACH PROPERTY LOCATED AT 1101 NORTH 7 FEDERAL HIGHWAY, BOYNTON BEACH, FL TO THE 8 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY 9 CRA);AND PROVIDING AN EFFECTIVE DATE. 10 11 WHEREAS, on October 1, 2019, the City Commission authorized the City Attorney to 12 file a foreclosure lawsuit for the Property located at 1101 N. Federal Highway, Boynton Beach, 13 FL 33435,a non-homesteaded and vacant commercial property,which had accrued more than 14 $600,000.00 worth of code and lot mowing liens at the time; and 15 WHEREAS, on March 17, 2022, the Clerk of the Circuit Court certified, executed and 16 filed the Certificate of Title,which was ultimately recorded in the Public Records of Palm Beach 17 County; and 18 WHEREAS, this Property is located within the Community Redevelopment Agency 19 (CRA), immediately adjacent to another CRA-owned property and the transfer of this property 20 to the CRA will further promote the goals and objectives of the City; and 21 WHEREAS, the City Commission, upon recommendation of staff, deems it in the best 22 interest of the Citizens and residents of the City of Boynton Beach to approve and authorize 23 the Mayor to sign a Quit-Claim Deed transferring the City-owned property located at 1101 24 North Federal Highway to the Boynton Beach Community Redevelopment Agency. 25 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF 26 BOYNTON BEACH, FLORIDA,THAT: 27 Section 1. The foregoing "WHEREAS" clauses are true and correct and hereby 28 ratified and confirmed by the City Commission. S:\CA\RESO\Real Estate\Transferring 1101 N Federal Hwy To CRA-Reso.Docx 10 1 Section 2. The City Commission of the City of Boynton Beach hereby approves and 2 authorizes the Mayor to sign a Quit-Claim Deed transferring the City-owned property at 1101 3 North Federal Highway to the Boynton Beach Community Redevelopment Agency. A copy of 4 the Quit-Claim Deed is attached hereto as Exhibit "A". 5 ' Section 3. That this Resolution will become effective immediately upon passage. 6 PASSED AND ADOPTED this 17th day of October, 2023. 7 CITY OF BOYNTON BEACH, FLORIDA 8 9 YES NO 10 11 Mayor—Ty Penserga 12 13 Vice Mayor—Thomas Turkin 14 15 Commissioner—Angela Cruz 16 17 Commissioner—Woodrow L. Hay 18 19 Commissioner—Aimee Kelley 20 21 VOTE C) 22 23 24 25 AT 26 27 L IL 0' 28 Maylee ie ,-.us, MPA, C Ty Pens-, • 29 City Clerk May. 30 r p,DYNTCtiN 311 ORPCRgT.j++ APPROVED S TO FORM: 32 (Corporate Seal) 6 : SEAL \C)=91033 INCORPORATED: 34 ffi1920 David N.Tolces 35 I ••• Interim City Attorney 36 PC0RID P 37 S:\CA\RESO\Real Estate\Transferring 1101 N Federal Hwy To CRA-Reso.Docx 11 This Instrument was Prepared by: David N.Tolces,Esquire WEISS SEROTA HELFMAN COLE&BIERMAN 2255 Glades Road,Ste,200-E Boca Raton,FL 33431 PIN: 08-43-45-21-32-008-0010 QUIT CLAIM DEED THIS QUIT CLAIM DEED made this Iday of October,2023 between the City of Boynton Beach, a Florida municipal corporation,whose post office address 100 E. Ocean Avenue, Boynton Beach, Florida 33435, (hereinafter referred to as "Grantor") and Boynton Beach Community Redevelopment Agency, a Florida public body corporate and politic created pursuant to Section 163.356 F.S whose post office address is 100 E Ocean Ave 4th floor, Boynton Beach, FL 33435 (hereinafter referred to as "Grantee"). "Grantor" and Grantee" are used for singular or plural,as context requires. WITNES SETH: That Grantor,for and in consideration of the sum of Ten Dollars ($10.00)in hand paid by Grantee,receipt whereof is hereby acknowledged,has granted,bargained and quit-claimed to said Grantee and Grantee's successors and/or assigns forever the following described real property situate,lying and being in PALM BEACH County,Florida,to wit: Lot 1, Block A, LAKE ADDITION TO BOYNTON, FLORIDA, a subdivision of the City of Boynton Beach, Florida, according to the Plat thereof as recorded in Plat Book 11, Page 71, of the Public Records of Palm Beach County, Florida, less and except the east 17 feet of Lot 1 (when measured at right angles to the east line of said lot)Block A and that part of Lot 1, Block A, which is included in the external area formed by a 12 foot radius are tangent to the south line of said Lot 1 and tangent to a line 17feet westerly of and parallel to the east line of said Lot 1, Block A,Lake Addition to Boynton,Florida,according to the plat thereof as recorded in Plat Book 11, Page 71. To Have and to Hold the same together with all and singular the appurtenances thereunto belonging or in anywise appertaining, and all the estate, right, title interest, lien, equity and claim whatsoever of Grantor, either in law or equity, for the use,benefit and profit of said Grantee forever. IN WITNESS WHEREOF, Grantor hereunto sets Grantor's hand and seal the day and 12 year first above written. Signed,sealed, and delivered CITY OF BOYNTON BEACH,a Florida in the presence of: municipal corporation 1[:=1)Dkfrks....,mow W1 l v ( L-- Title:, o ga Print Name) Witnes j ke (a,l f Print N&Ine) STATE OF FLORIDA COUNTY OF PALM BEACH The foregoing instrument was acknowledged before me by means of online notarization or V physical presence this I`?day of October, 20;3-by Ty Penserga, as Mayor of the City of Boynton Beach, on behalf of the City, who ,/is personally known to me or has produced a Florida Driver's License as identificatio,. 1'111.— ARY PUBLI g0Y N roAN 1GORPOT ,1 1EAL :=s NCORPO 1RATEb. 2 of 2 13 q'. 14 Analysis of Brownfields Cleanup Alternatives 1101 North Federal Highway Boynton Beach, Florida Mr. Alan Chin Lee Economic Sustainability Special Projects Manager Special Projects Section Department of Housing and Economic Development Palm Beach County Board of County Commissioners 100 Australian Avenue, 5th Floor West Palm Beach, Florida 33406 440 Columbia Drive, Suite 101 West Palm Beach, FL 33409 954-571-9200 09224137.00 | October 30, 2025 15 1101 North Federal Highway ABCA www.scsengineers.com i Table of Contents Section Page Introduction and Background ....................................................................................................... 2 Site Location ............................................................................................................................. 2 Forecasted Climate Conditions................................................................................... 2 Previous Site Uses .................................................................................................................... 3 Previous Environmental Reports ............................................................................................. 3 Applicable Regulations and Cleanup Standards ........................................................................... 4 Cleanup Oversight Responsibility ............................................................................................ 4 Cleanup Standards for Major Contaminants .......................................................................... 4 Laws and Regulations Applicable to the Cleanup .................................................................. 4 Cleanup Alternatives ..................................................................................................................... 5 Cleanup Alternatives Considered ............................................................................................ 5 Evaluation of Cleanup Alternatives ......................................................................................... 5 Alternative #1 – No Action .......................................................................................... 5 Alternative #2 – Regional Background Study ............................................................ 5 Alternative #3 – Risk Assessment to Develop Alternative Soil Cleanup Target Levels ........................................................................................................................... 6 Alternative #4 – Engineering and Institutional Controls ........................................... 6 Alternative #5 – Soil Source Removal and Institutional Controls Restricting Groundwater Use ......................................................................................................... 7 Recommendations ................................................................................................................... 7 Figures Figure 1 – Site Location Map Figure 2 – Alternative #4 Engineering Control Figure 3 – Alternative #5 Source Removal 16 1101 North Federal Highway ABCA www.scsengineers.com 2 INTRODUCTION AND BACKGROUND SCS Engineers (SCS) has prepared this Analysis of Brownfield Cleanup Alternatives (ABCA) on behalf of the Palm Beach County Board of County Commissioners, Department of Housing and Economic Development (County) and its assign, the Boynton Beach Community Revitalization Agency (CRA), as part of the US Environmental Protection Agency (EPA) Brownfields Community-Wide Assessment Grant Cooperative Agreement No. 02D60823. The focus of this ABCA is the Palm Beach County Property Appraiser Parcel Control Number 08-43- 45-21-32-008-0010 (Site), which is currently owned by the Boynton Beach CRA and is situated at the entrance to a historical neighborhood known as the “Heart of Boynton.” As part of a City of Boynton Beach-wide revitalization project, the CRA plans to redevelop the Site as a passive entryway feature onto Martin Luther King Jr. Boulevard. The purpose of this ABCA is to evaluate existing Site conditions, provide possible remedial alternatives, and provide a recommendation based on the anticipated effectiveness, the ease of implementation, and the assumed costs of the recommended remedial action. SITE LOCATION The 0.11-acre Site is addressed as 1101 North Federal Highway, in Boynton Beach, Palm Beach County, Florida. The vacant, undeveloped Site is located immediately northwest of the intersection of North Federal Highway and Martin Luther King Jr. Boulevard, approximately 1,500 feet west of the Intracoastal Waterway and 4,200 feet west of the Atlantic Ocean. The Site location is depicted on Figure 1. The Site is bounded to the north by a commercial building, to the east by North Federal Highway followed by a vacant lot, to the west by the Florida East Coast (FEC) Railway followed by a religious facility, and to the south by Martin Luther King Jr. Boulevard followed by a restaurant. Forecasted Climate Conditions The climate in the Palm Beach County region of Florida is characterized as a tropical rainforest climate, characterized by hot, wet summers and a generally comfortable winter. Over the course of the year, the temperature in southeastern Florida typically varies from 59°F to 89°F and is rarely below 46°F or above 92°F. Based on readily available data from established climate models, long term climate projections for the Palm Beach County region include as much as a +7 to + 11°F increase in mean annual temperature along the southeastern U.S. coast by 2125. Rainfall patterns may shift with more intense wet-season storms and drier dry seasons. NOAA median projections suggest a three to six foot rise in the sea level by 2100. Similarly, Atlantic hurricane intensity is expected to increase over the next 50 years, with higher hazard-category storms striking South Florida more frequently. Considering the proximately of the Site and the adjoining Federal Highway corridor to the shoreline, storm surge and tidal flooding risks will likely be increased. 17 1101 North Federal Highway ABCA www.scsengineers.com 3 SCS understands that the planned reuse of the Site will incorporate sustainable land use practices which would generally contribute to the local climate resilience efforts. Specifically, the majority of the Site was improved with impervious surfaces for more than 80 years, and the recent building demolition and planned reuse of the Site will result in a majority of pervious, landscaped surfaces. This generally passive design and associated grading should generally facilitate Site-wide stormwater drainage, lowering common stormwater runoff issues. PREVIOUS SITE USES The Site was developed from prior to 1940 for various commercial operations, including a dry- cleaning facility (Schamback’s Cleaners) appears to have operated on the Subject Property from at least 1957 to 1981. Other commercial businesses that operated at the Site included Artcraft Home Décor Inc. Vertical Blinds, A&A Budget Glass, and Rose Grocery Market. The former Site building was unoccupied by at least 2012. The City of Boynton Beach obtained the Site through a Certificate of Title due to the existing structure being deemed unsafe. The structure was demolished in September 2023, and then the Site was transferred to the BBCRA for future redevelopment. Since this time, the Site has remained a grassy, vacant lot. PREVIOUS ENVIRONMENTAL REPORTS The Site has been subject to prior environmental investigations and assessments, all of which were conducted by SCS in 2024 and 2025. These Site-specific assessments included a Phase I Environmental Site Assessment (ESA) and limited Phase II ESAs. Specifically, SCS prepared a Phase I ESA for the Site, which was dated August, 7 2024. This report noted that a dry cleaning facility operated on the Site from at least 1957 until at least 1981. Given the nature of dry-cleaning operations, SCS considered the former site use to be a recognized environmental condition (REC). The ASTM defines a REC in its E1527-21 standard as “(1) the presence of hazardous substances or petroleum products in, on, or at the subject property due to a release to the environment; (2) the likely presence of hazardous substances or petroleum products in, on, or at the subject property due to a release or likely release to the environment; or (3) the presence of hazardous substances or petroleum products in, on, or at the subject property under conditions that pose a material threat of a future release to the environment.” Based on these findings, SCS recommended conducting a Limited Phase II ESA at the Site. While the presence of the adjacent railway does not meet the ASTM- E1527-21 definition of a REC, railway corridors are often associated with potential soil impacts and related constituents targeting the same were included in the Limited Phase II ESA. SCS prepared a report of findings from the Limited Phase II ESA activities, which was dated April 29, 2025. The referenced SCS report noted limited benzo(a)pyrene equivalent (BaPE) and arsenic soil impacts, with reported concentrations above the Florida Department of Environmental Protection (FDEP) Direct Exposure Residential Soil Cleanup Target Levels (R-SCTLs) in soil samples collected from soil boring locations SB-1 and SB-2. Additionally, concentrations of per- and polyfluoroalkyl substances (PFAS) compounds, perfluorooctanesulfonic acid (PFOS) and perfluorooctanoic acid (PFOA), were reported above the FDEP Provisional Groundwater Cleanup Target Levels (GCTLs) from a groundwater sample. Additional assessment was documented in the Limited Phase II ESA Addendum, which was dated August 20, 2025. Based on the findings of this investigation, concentrations of arsenic and polycyclic aromatic hydrocarbons (PAHs) exceeding the R-SCTLs or Leachability Based on 18 1101 North Federal Highway ABCA www.scsengineers.com 4 Groundwater Criteria (L-SCTLs) in the soil appear to be limited to the western portion of the Site. Additionally, the combined PFOS and PFOA concentration reported in the sample collected from IW-1 (70.4 nanograms per liter [ng/L]) did not exceed the FDEP provisional GCTL of 70 ng/L. However, as the combined PFOS and PFOA concentration reported in the duplicate (DUP-4) (77 ng/L) exceeded the referenced provisional GCTL, SCS considers the PFOS and PFOA concentrations to be confirmed above the provisional GCTL at IW-1. While dry cleaning operations may be a potential source of PFAS releases, the groundwater analytical results did not report any constituents typically associated with the process such as trichloroethene and/or tetrachloroethylene or the daughter products of those compounds such as dichloroethane or vinyl chloride. Considering the absence of these targeted constituents, coupled with the ubiquitous nature of PFAS, it is unlikely that the PFAS in groundwater is related to an on-site release. SCS noted that the reported soil and groundwater impacts appear to be neither significant nor widespread and are generally consistent with properties associated with a complex history of urban development. APPLICABLE REGULATIONS AND CLEANUP STANDARDS CLEANUP OVERSIGHT RESPONSIBILITY In accordance with the Florida Administrative Code (FAC) Chapter 62-780, FDEP has the authority to regulate any necessary cleanup activities in the state of Florida. Arsenic and BaPE appear to be the primary constituents of concern (COCs) in soil, and PFAS compounds PFOS and PFOA as the COCs in groundwater. CLEANUP STANDARDS FOR MAJOR CONTAMINANTS The planned future redevelopment of the Site is expected to include access to the public as a walk- through park with green spaces. While the planned Site redevelopment does not include enclosed or residential structures, there will be unrestricted access and children may visit the Site; therefore, analytical data was compared to the most conservative FDEP GCTLs and R-SCTLs as stated in Chapter 62-777 FAC. LAWS AND REGULATIONS APPLICABLE TO THE CLEANUP Laws and regulations that are applicable to this cleanup include the Federal Small Business Liability Relief and Brownfields Revitalization Act, the Federal Davis-Bacon Act, the previously referenced State of Florida laws previously noted, and City of Boynton Beach ordinances, if and as applicable. Federal, state, and local laws regarding procurement of contractors to conduct the cleanup will be followed. All appropriate permits (i.e., 811 Sunshine One Call prior to any Site excavation) will be obtained prior to the commencement of work. 19 1101 North Federal Highway ABCA www.scsengineers.com 5 CLEANUP ALTERNATIVES CLEANUP ALTERNATIVES CONSIDERED To address the known impacts at the Site, five different alternatives were considered, including: 1. Alternative #1: No action. 2. Alternative #2: The completion of a Regional Background Study. 3. Alternative #3: Risk Assessment and Site-specific Alternative Soil Cleanup Target Level (ASCTL) Calculation. 4. Alternative #4: Two-foot soil cap as an engineering control and an institutional control to restrict the use of groundwater. 5. Alternative #5: Excavation of soil to the horizontal and vertical delineation points, backfill with clean fill, and an institutional control to restrict the use of groundwater. EVALUATION OF CLEANUP ALTERNATIVES The effectiveness, practicality, and estimated cost of each alternative must be considered prior to selecting a recommended cleanup alternative. Each of these are presented below. Please note that statements made by SCS concerning probable and/or estimated costs represent the SCS judgment with respect thereto. It is recognized, however, that SCS has no control over actual Site conditions, the cost of labor, materials, or equipment, a contractor’s methods of determining bid prices, and/or over competitive bidding or market conditions. Accordingly, SCS cannot and does not represent or guarantee that bids or ultimate project costs will not vary from any statement of probable cost and/or estimate provided by SCS. Alternative #1 – No Action The no action alternative would leave soil and groundwater on-Site in its current condition. As the reported soil and groundwater impacts appear to be neither significant nor widespread and are generally consistent with properties associated with a complex history of urban development. This alternative would be easily implemented and would be associated with no additional cost to the development budget. Considering the planned use of the Site (as a “walk-through,” passive public space improved with landscaping and pavers), additional assessment or remediation may not be necessary. However, this alternative does not account for potential future Site development activities when additional assessment or remediation may be prudent. Alternative #2 – Regional Background Study This action would include conducting a Regional Background Study in accordance with FDEP’s Guidance for Comparing Background and Site Chemical Concentrations in Soil and in Groundwater. The purpose of conducting a background study would be to gather and review readily available public data of nearby properties with similar contaminants. Oftentimes, such investigations illustrate anthropogenic influences are associated with certain contaminants, especially in dense, urban environments. In the case of the Site, such an investigation may illustrate that the reported arsenic, BaPE, and PFAS concentrations are consistent with those which have been reported in the surrounding area, and that the Site does not present an additional risk than people would already be exposed to in the surrounding area. If the investigation indicates that the reported contaminants at the Site are not consistent with those in the region, off-Site soil and groundwater sampling may be 20 1101 North Federal Highway ABCA www.scsengineers.com 6 required to complete this alternative and additional assessment may be required. Estimated costs for Alternative #2 are detailed as follows: • Background Study Report, which includes a historical and regulatory file review of surrounding properties and an in-depth analysis of the Site history and existing analytical data compared to the surrounding region. This report may also include statistical analysis, if and as applicable. o $20,000 to $30,000 • Offsite sampling to support the Background Study. This may include offsite sampling for arsenic and BaPE in soils and for PFAS compounds in groundwater at select, readily- accessible public areas. o $20,000 to $40,000 Alternative #3 – Risk Assessment to Develop Alternative Soil Cleanup Target Levels Due to the reported presence of arsenic and BaPE in soils a Site-specific ASCTL can be calculated. This alternative could demonstrate that the exposure point concentrations are suitably protective of presumed and potential human receptors. An exposure and toxicity assessment as well as a risk characterization would be included as part of the ASCTL calculation. To address the reported groundwater PFAS concentrations, this Alternative would include an Institutional Control (i.e., deed restriction) which would restrict the use of on-Site groundwater. Estimated costs for Alternative #3 are detailed below as follows: • ASCTL Calculation and associated risk evaluation o $15,000 to $20,000 • Risk Assessment/ASCTL Calculation Report o $10,000 to $15,000 Alternative #4 – Engineering and Institutional Controls This Alternative would include soil excavation from the impacted area in the western portion of the Site (Figure 2) to a depth of two feet below land surface (bls). Excavated soil would be loaded into trucks, transported to a Class I Landfill, and properly disposed of. A two-foot thick cap of imported quarry fill material and topsoil would be used to backfill the excavation to create an in situ engineering control. One of the soil boring locations discussed in the Phase II ESA Addendum (SB-2S10), is located in the immediate vicinity of the southern boundary line and is reportedly separated from the remaining borings by an existing subterranean communication utility line. Considering this existing utility conflict, and the adjoining urban infrastructure (sidewalk, roadway) at this location, SCS would not propose any excavation and/or backfilling activities in the area surrounding this boring. To address the reported groundwater PFAS concentrations, Alternative #4 would include an Institutional Control (i.e., deed restriction) to restrict the use of on-Site groundwater. Alternative #4 would be effective in protecting the health of visitors to the Site; however, additional reporting, administrative tasks, and maintenance activities would be required to maintain the integrity of the engineering control. Estimated costs for this Alternative are detailed below: 21 1101 North Federal Highway ABCA www.scsengineers.com 7 • Ground Penetrating Radar Survey to locate and identify potential utility conflicts, soil excavation (approximately 25 cubic yards [CY]), disposal, backfilling with imported quarry fill with a bottom-of-cap and top-of-cap survey to certify the engineering control thickness, and daily Soil Management inspections during earthwork activities: o $35,000 to $65,000 • Reporting requirements including Quarterly Operating Reports, an Engineering Control Implementation Report, an Engineering Control Maintenance Plan, and a No Further Actions with Conditions (NFAC) proposal to the applicable regulatory agency: o $30,000 to $50,000 Alternative #5 – Soil Source Removal and Institutional Controls Restricting Groundwater Use Alternative #5 would include soil excavation within the western portion of the Site to the horizontal and vertical delineation points discussed in the Limited Phase II ESA Addendum. Source removal areas SR-1 through SR-4 (Figure 3) vary in depth from six inches to six feet, and total approximately 49.14 CY of soil. Excavated soil would be loaded into trucks, transported to a Class I Landfill, and properly disposed of. Imported quarry fill and topsoil would be used to backfill the excavation to the original grade of the Site. Similar to Alternative #4, this Alternative would include an Institutional Control (i.e., deed restriction) to address the groundwater PFAS concentrations and restrict the use of groundwater on-Site. Alternative #5 would be effective in protecting the health of visitors to the Site, would not require additional maintenance, and would have fewer reporting requirements than Alternatives #3 and #4. Estimated costs for this Alternative are detailed below: • Ground Penetrating Radar Survey to locate and identify potential utility conflicts, soil excavation to the delineation points (approximately 50 CY), disposal, and backfilling with imported quarry fill with sheet piling and/or steel shoring (engineered trench boxes): o $35,000 - $50,000 • Reporting requirements including a Source Removal Report and NFAC proposal: o $15,000 to $20,000 RECOMMENDATIONS Recommendations discussed below are contingent on FDEP concurrence of past assessment activities and proposed remedial actions. Additional reporting and/or assessment may be required by FDEP upon its receipt and review of the referenced environmental assessment reports conducted to date. Additionally, SCS assumes that the excavation area(s) are not considered to be within the adjoining railway right-of-way or influence zone. Additional surveys, permits, and/or engineering drawings may be required by the FEC Railway, and may require modification of the proposed excavations. • Alternative #1 – No Action o No additional costs and would be easily implemented. o Considering the planned use of the Site (as a “walk-through,” passive public space improved with landscaping and pavers), additional assessment or remediation may 22 1101 North Federal Highway ABCA www.scsengineers.com 8 not be necessary. However, this alternative does not account for potential future Site development activities when additional assessment or remediation may be prudent. o Alternative #1 is not recommended. • Alternative #2 – Regional Background Study o Estimated cost would be on the order of $40,000 to 70,000. o This alternative would generally include a historical and regulatory file review of surrounding properties and an in-depth analysis of the Site history and existing analytical data compared to the surrounding region. This effort may also include off- Site sampling and statistical analysis, if and as applicable and is designed to evaluate if reported levels of contaminants at the Site are consistent with the surrounding region. o Alternative #2 is not recommended. • Alternative #3 – Risk Assessment and ASCTL Calculation o Estimated cost would be on the order of $25,000 to $35,000 o This alternative is protective of human health for the visitors and workers to the Site. However, given that groundwater use would be restricted, oversight or regulatory approval may be required prior to certain development activities if the water table is exposed. o Alternative #3 is not recommended. • Alternative #4 – Two Foot Soil Cap (Engineering Control) with Institutional Controls o Estimated cost would be on the order of $65,000 to $115,000 o This Alternative is protective of human health for the visitors and workers on the Site. However, it would require routine monitoring and maintenance, as well as additional oversight if future landscaping or development plans involve excavating within the area of the engineering control. Additionally, given that groundwater use would be restricted, oversight or regulatory approval may be required prior to certain development activities (i.e., if the water table is exposed). o Alternative #4 is not recommended. • Alternative #5 – Soil Source Removal with Institutional Controls o Estimated cost would be on the order of $50,000 to $70,000 o This alternative is protective of human health for the visitors and workers to the Site and it does not require additional monitoring, maintenance, or oversight of the soil for future landscaping or development plans. However, given that groundwater use would be restricted, oversight or regulatory approval may be required prior to certain development activities (i.e., if the water table is exposed). o Alternative #5 is the recommended remedial strategy for the Site. 23 1101 North Federal Highway ABCA www.scsengineers.com 9 Figures 24 Esri, HERE, Garmin, INCREMENT P, USGS, EPA, USDAC:\Users\jborden\OneDrive - SCS Engineers\Documents\ArcGIS\Projects_Juanita\PBC North Federal Highway\GIS\PBC North Federal Highway\PBC North Federal Highway.aprx Layout: Ph1 Fig 1 SITE LOCATION BY jbordenSCS ENGINEERS October 2025Figure 1 1101 North Federal Highway Boynton Beach, Florida Site Location Map 0 100 200 Feet ²Approximate Site Boundary Legend SITE LOCATION 25 C:\Users\jborden\OneDrive - SCS Engineers\Documents\ArcGIS\Projects_Juanita\PBC North Federal Highway\GIS\PBC North Federal Highway\PBC North Federal Highway.aprx BY jbordenSCS ENGINEERS October 2025Figure 2 1101 North Federal Highway Boynton Beach, Florida Alternative #4 Engineering Control 0 5 10 15 Feet ²Engineering Control Communications Utility Line No-dig area (Two feet buffer from utilitiy line) Approximate Site Boundary Legend Notes: • Engineering control to be excavated to 2 feet, soil to be disposed of and a cap to be installed.Florida East Coast RailwayArea: 326.29 SF Volume: 24.17 CY 26 C:\Users\jborden\OneDrive - SCS Engineers\Documents\ArcGIS\Projects_Juanita\PBC North Federal Highway\GIS\PBC North Federal Highway\PBC North Federal Highway.aprx BY jbordenSCS ENGINEERS October 2025Figure 3 1101 North Federal Highway Boynton Beach, Florida Alternative #5 Source Removal 0 5 10 15 Feet ²Source Removal Areas 0.5 ft bls 2 ft bls 6 ft bls Communications Utility Line No-dig area (Two feet buffer from utilitiy line) Approximate Site Boundary Legend Notes: • Source removal areas to be excavated to depth displayed and backfilled with clean fill.Florida East Coast RailwaySR-4 SR-1 SR-2 SR-3 NAME Depth (F)Area (SF)Volume (CY) SR-1 6 93.4 20.76 SR-2 0.5 75.01 1.39 SR-3 2 54.66 4.05 SR-4 6 103.22 22.94 27 1 Utterback, Theresa From:Williamson, Megan <MWilliamson@scsengineers.com> Sent:Thursday, November 13, 2025 5:02 PM To:Tack, Timothy; Utterback, Theresa; Nicklien, Bonnie Cc:Schick, Melissa; Brown, Karinne; Mesk, Tom; Horty, Maggie; Alan Chin Lee; Scott Cirino Subject:1101 North Federal Highway Next Steps Follow Up Flag:Follow up Flag Status:Flagged This Message Is From an External Sender This message came from outside your organization. Hi Timothy and CRA team, As discussed today, please see the general outline below of the next steps (the who/what/when) for SCS and Palm Beach County. Once the EPA Project Officer, Alyssa, is back from furlough and is available, Alan (Palm Beach County) will confirm when funding for this process will switch from the Assessment Grant to the Revolving Loan Fund. So far Alan has not heard back. If the regulatory correspondence is covered by the Assessment Grant, SCS will submit a change order and submit the assessment data and remediation recommendation for FDEP review o Expect 30 days for FDEP review of documented exceedances/impacts of select contaminants and proposed remedial approach If the regulatory correspondence is not covered by the Assessment Grant, we will need EPA approval for utilizing the Revolving Loan Fund for regulatory correspondence o Approximately 10 business days for EPA review and approval for Revolving Loan Fund subgrant funding o 6-8 weeks for the County’s Contract/Board of County Commissioners approval process o 30 days for FDEP review of documented exceedances/impacts of select contaminants and proposed remedial approach If FDEP has comments, or requests additional assessment, we will provide an updated timeframe for conducting the assessment and responding to FDEP. If FDEP approves of the prior assessments and remedial approach, the CRA and EPA procurement processes begin. Respectfully, Megan Williamson SCS Engineers 6115 Lyons Road Coconut Creek, FL 33073 561-970-3814 (C) 28 2 mwilliamson@scsengineers.com Driven by Client Success www.scsengineers.com 29 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: December 9, 2025 INFORMATION ONLY AGENDA ITEM 8.B SUBJECT: Social Media & Print Marketing Update SUMMARY: Throughout the month of November, a variety of marketing efforts were made to promote BBCRA initiatives and projects, as well as, a variety of local businesses that operate within the BBCRA area. Social Media Marketing BBCRA Project Posts: Sara Sims Park The Inn Boynton Harbor Marina Business Promotional Posts : Utilized Facebook and Instagram feed and stories to promote a variety of businesses, such as: Artsea Living Boutique Beach House Boutique Bond Street The Bungalow Business Promotional Activations Snapshots with Santa Holiday Boat Parade Digital Marketing Boynton Beach Insider Blog Redevelopment in Progress: The Inn at Boynton Beach Slated for Demolition Eastern Boynton Beach Toured During FRA Conference The Weather is Here - Dock & Dine in Boynton Beach Shop Local This Thanksgiving in Boynton Beach Get Your Car Holiday Ready While Supporting Local Boynton Beach Businesses Redevelopment Works Newsletter : The Inn at Boynton Beach Slated for Demolition Happy Veterans Day Grant Funding Available Eastern Boynton Beach Toured During FRA Conference 30 •Attachment I - November Marketing & Social Media Overview •Attachment II - November Facebook & Instagram Posts The Weather is Here - Dock & Dine in Boynton Beach Happy Thanksgiving Coastal Cruiser Shop Local This Thanksgiving in Boynton Beach Get Your Car Holiday Ready While Supporting Local Holiday Boat Parade - Calling All Captains Public Meetings See Attachment I for an overview of the social media and print marketing and Attachment II for a full listing of posts that were shared in November. CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRA BOARD OPTIONS: No action is required at this time unless otherwise determined by the CRA Board. ATTACHMENTS: Description 31 SOCIAL MEDIA MARKETING OVERVIEW 32 SOCIAL MEDIA – PROJECT POSTS 33 SOCIAL MEDIA – PROJECT POSTS 34 SOCIAL MEDIA – PROJECT POSTS 35 SOCIAL MEDIA – PROJECT POSTS 36 SOCIAL MEDIA – PROJECT POSTS 37 SOCIAL MEDIA – PROJECT POSTS 38 SOCIAL MEDIA – PROJECT POSTS 39 SOCIAL MEDIA – PROMOTIONAL EVENTS 40 SOCIAL MEDIA – PROMOTIONAL EVENTS 41 November Facebook & Instagram Posts 42 November Facebook & Instagram Posts 43 November Facebook & Instagram Posts + 44 November Facebook & Instagram Posts 45 November Facebook & Instagram Posts 46 November Facebook & Instagram Posts 47 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: December 9, 2025 INFORMATION ONLY AGENDA ITEM 8.C SUBJECT: CRA Economic & Business Development Grant Program Update SUMMARY: The CRA's reimbursable Economic Development Grants provide 50% of the project costs in matching funding for rent and commercial property improvements. The grant programs continue to further the CRA's mission to activate vacant commercial space, assist businesses, create jobs and develop a vibrant downtown. Grant guidelines and applications can be downloaded from the CRA website www.boyntonbeachcra.com. Below is a status report of the CRA's Economic Development Grant Programs and Business Development activities for FY 2025-2026: FY 2025-2026 Budget $620,000 Grants Awarded Since October 1, 2025 ($144,645.86) Remaining Fund Balance as of 11/3/25: $475,354.14 List of CRA Board approved Economic Development Program Grantees since October 1, 2025: Business Name Address Grant Grant Amount Love in Orbit LLC d/b/a Fly & Flow Fitness 640 E. Ocean Avenue, Unit 20 Rent Reimbursement $9,000 The Coffee and Ale Exchange LLC d/b/a Bond Street Ale and Coffee 1626 S. Federal Highway Property Improvement $50,884.60 Xpedited Health Care LLC 137 NE 10th Avenue, Unit 102 Property Improvement $1,975 48 PENDING BOARD APPROVAL December 9, 2025 Rusty's Restaurant and Lounge LLC d/b/a Rusty's Carib Cuisine 510 E. Ocean Avenue, Unit 107 Rent Reimbursement Property Improvement $82,786.26 FISCAL IMPACT: FY 2025-2026 Budget, Project Fund, Line Item 02-58400-444, $620,000 CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRA BOARD OPTIONS: No action is required at this time unless otherwise determined by the CRA Board. 49 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: December 9, 2025 ANNOUNCEMENTS AND AWARDS AGENDA ITEM 9.A SUBJECT: 2025 Holiday Boat Parade Announcement SUMMARY: On F riday, December 12, 2025, the Boynton Beach CRA, in conjunction with the City of Delray Beach, Town of Lantana, and Town of Hypoluxo, will present the annual Holiday Boat Parade. Event details are as follows: The boat parade will start at 6:30 PM and will travel south from the Ocean Avenue Bridge in Lantana (near Old Key Lime House) to the C-15 Canal in Delray Beach (south of Linton Boulevard). The public can view the parade at various locations in Boynton Beach, including the Boynton Harbor Marina, Intracoastal Park, Harvey Oyer Park, Jaycee Park, or at Veterans Park in Delray Beach. The Boynton Harbor Marina will feature live music from the band Making Faces, family- friendly activities, and a visit from Santa Claus. Festivities will take place from 6:00 PM to 9:00 PM. All attendees are encouraged to bring a new, unwrapped toy to be donated to Toys for Tots. The US Marine Corp will be in the Holiday Boat Parade and will stop at docks along the parade route to pick-up toy donations. Individuals who are interested in donating toys simply need to shine a flash light from the dock to indicate that toys need to be collected. Interested boaters can submit an application for the Holiday Boat Parade on the BBCRA's Eventeny page: https://www.eventeny.com/events/applications/application/? id=6803 Attachment I - Promotional poster for Holiday Boat Parade. FISCAL IMPACT: FY 2025-2026 Budget, Project Fund, Line Item 02-58500-480 $30,000 for the business promotional activation CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan 50 •Attachment I - Holiday Boat Parade Promotional Poster CRA BOARD OPTIONS: No action is required from the CRA Board at this time. ATTACHMENTS: Description 51 LANTANA DELRAY BEACH HYPOLUXOLANTANA DELRAY BEACH HYPOLUXO Holiday Boat Parade HolidayBoat Parade 1212DECDEC 6 PM6 PM BOYNTON BEACHBOYNTON BEACH stVeterans Park 802 NE 1 St., Delray Beach Veterans Park 802 NE 1 St., Delray Beach Boynton Harbor Marina 735 Casa Loma Blvd., Boynton Beach Boynton Harbor Marina 735 Casa Loma Blvd., Boynton Beach BOYNTONBEACHCRA.COM 52 •Attachment I - November 2025 Financial Summary COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: December 9, 2025 CONSENT AGENDA AGENDA ITEM 11.A SUBJECT: CRA Financial Report Period Ending November 30, 2025 SUMMARY: CRA Financial Services staff is providing the CRA Board with the November 30, 2025 Report (Attachment I): Statement of Revenues; Expenditures and Changes in Fund Balance Report; and Budget Comparison Schedule - General Fund. FISCAL IMPACT: FY 2025-2026 Annual Budget CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan and FY 2025-2026 CRA Budget CRA BOARD OPTIONS: Approve the CRA's monthly financial and budget reports for the period ending November 30, 2025. ATTACHMENTS: Description 53 General Fund Projects Fund Debt Service Fund Total Governmental Funds REVENUES Tax increment revenue - - - - Marina Rent & Fuel Sales 307,696 - - 307,696 Contributions and donations - - - - Interest and other income 3,930 136,280 903 141,113 Total revenues 311,626 136,280 903 448,809 EXPENDITURES General government 873,132 - - 873,132 Redevelopment projects - 8,219,288 - 8,219,288 Debt service:- Principal - - - - Interest and other charges - - - - Total expenditures 873,132 8,219,288 - 9,092,420 (561,506) (8,083,008) 903 (8,643,611) OTHER FINANCING SOURCES (USES) Funds Transfers in - - - - Funds Transfers out - - - - Total other financing sources (uses) - - - - Net change in fund balances (561,506) (8,083,008) 903 (8,643,611) Fund balances - beginning of year 4,869,740 19,070,941 230,912 24,171,593 Fund balances - end of year 4,308,234 10,987,933 231,815 15,527,982 Footnote: Transfers between funds include monies received from TIF and carryover from general fund balance. Excess (deficiency) of revenues over expenditures BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY Statement of Revenues, Expenditures and Changes in Fund Balances Through Year to Date - November 30, 2025 (A Component Unit of the City of Boynton Beach, Florida) The notes to the basic financial statements are an integral part of this statement. 1 54 Original Budget Final Budget Actual REVENUES Tax increment revenue 26,066,966$ -$ - Marina Rent & Fuel Sales 1,300,000 - 307,696 Interest and other income - - 3,930 Other financing sources (uses) - - - Total revenues 27,366,966 - 311,626 EXPENDITURES General government 5,992,054 - 873,132 Total expenditures 5,992,054 - 873,132 21,374,912 - (561,506) OTHER FINANCING SOURCES (USES) Carryover fund balance - Transfers out (21,374,912) - - Total other financing sources (uses) (21,374,912) - - Net change in fund balances -$ -$ (561,506) Fund balances - beginning of year 4,869,740 Fund balances - end of year 4,308,234 Excess of revenues over expenditures BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Boynton Beach, Florida) Budgetary Comparison Schedule General Fund Through Year to Date - November 30, 2025 The notes to the basic financial statements are an integral part of this statement. 1 55 12/2/2025 8:32:07 AM Page 1 of 5 Detail vs Budget Report Boynton Beach CRA, FL Account Summary Date Range: 11/01/2025 - 11/30/2025 Account Name Beginning Balance Total Activity Ending BalanceFiscal Budget Budget RemainingEncumbrances % Remaining 01 - GENERAL FUND Revenue 01-41000 T.I.F. COLLECTIONS -26,066,966.000.000.000.00-26,066,966.000.00 -100.00% 01-42115 MARINA RENTS -76,129.24-23,870.76-11,290.23-12,580.53-100,000.000.00 -76.13% 01-42116 MISCELLANEOUS RENTS FRO PROPER 34,700.00-34,700.00-17,350.00-17,350.000.000.00 0.00% 01-42117 MARINA FUEL SALES -960,559.68-239,440.32-152,577.10-86,863.22-1,200,000.000.00 -80.05% 01-42118 MARINA MISC INCOME 9,684.62-9,684.62-7,219.96-2,464.660.000.00 0.00% 01-46100 INTEREST INCOME 3,906.24-3,906.24-1,532.07-2,374.170.000.00 0.00% 01-48100 MISCELLANEOUS INCOME 23.87-23.87-116.9993.120.000.00 0.00% Revenue Totals:0.00 -27,366,966.00 -121,539.46 -190,086.35 -311,625.81 -27,055,340.19 -98.86% Expense 01-51010-200 CONTRACTUAL EXPENSE 25,744.71184.00184.000.0025,928.710.00 99.29% 01-51010-216 ADVERTISING & PUBLIC NOTICES 10,000.000.000.000.0010,000.000.00 100.00% 01-51010-225 ASSOC. MEETINGS & SEMINARS 29,482.021,052.98618.58434.4030,535.000.00 96.55% 01-51010-227 DELIVERY SERVICES 500.000.000.000.00500.000.00 100.00% 01-51010-310 OFFICE SUPPLIES 767.2932.7132.710.00800.000.00 95.91% 01-51230-100 PERSONNEL SERVICES 311,860.4034,939.6022,114.1912,825.41346,800.000.00 89.93% 01-51230-115 CAR ALLOWANCE 8,792.31807.69461.54346.159,600.000.00 91.59% 01-51230-225 ASSOC. MEETINGS & SEMINARS 16,788.80156.20104.9651.2416,945.000.00 99.08% 01-51230-226 MEMBERSHIP DUES 10,438.337,961.670.007,961.6718,400.000.00 56.73% 01-51230-227 DELIVERY SERVICES 500.000.000.000.00500.000.00 100.00% 01-51230-229 CAREER DEVELOPMENT 19,206.52293.48293.480.0019,500.000.00 98.49% 01-51230-310 OFFICE SUPPLIES 2,578.39-78.3934.49-112.882,500.000.00 103.14% 01-51230-315 POSTAGE 2,900.00100.000.00100.003,000.000.00 96.67% 01-51230-340 CELLULAR PHONES 1,829.40170.6096.5574.052,000.000.00 91.47% 01-51230-355 SUBSCRIPTIONS 1,530.00170.000.00170.001,700.000.00 90.00% 01-51230-360 BOOKS & PUBLICATIONS 300.000.000.000.00300.000.00 100.00% 01-51230-400 EQUIPMENT COSTS 4,000.000.000.000.004,000.000.00 100.00% 01-51325-100 PERSONNEL SERVICES 281,285.4038,848.6022,199.2016,649.40320,134.000.00 87.86% 01-51325-115 CAR ALLOWANCE 3,115.39484.61276.92207.693,600.000.00 86.54% 01-51325-200 CONTRACTUAL EXPENSE 125.00175.000.00175.00300.000.00 41.67% 01-51325-201 BANK FEES 5,971.8828.1214.0614.066,000.000.00 99.53% 01-51325-225 ASSOC. MEETINGS & SEMINARS 9,300.000.000.000.009,300.000.00 100.00% 01-51325-226 MEMBERSHIP DUES 1,384.17315.830.00315.831,700.000.00 81.42% 01-51325-227 DELIVERY COSTS 300.000.000.000.00300.000.00 100.00% 01-51325-229 CAREER DEVELOPMENT 12,000.000.000.000.0012,000.000.00 100.00% 01-51325-310 OFFICE SUPPLIES 1,916.2683.7434.5249.222,000.000.00 95.81% 56 Detail vs Budget Report Date Range: 11/01/2025 - 11/30/2025 12/2/2025 8:32:07 AM Page 2 of 5 Account Name Beginning Balance Total Activity Ending BalanceFiscal Budget Budget RemainingEncumbrances % Remaining 01-51325-340 CELLULAR PHONES 1,829.40170.6096.5574.052,000.000.00 91.47% 01-51325-355 SUBSCRIPTIONS 2,501.001,499.000.001,499.004,000.000.00 62.53% 01-51325-360 BOOKS & PUBLICATIONS 300.000.000.000.00300.000.00 100.00% 01-51325-365 OFFICE PRINTING COSTS 2,000.000.000.000.002,000.000.00 100.00% 01-51325-400 EQUIPMENT COSTS 2,000.000.000.000.002,000.000.00 100.00% 01-51410-213 GENERAL PROPERTY COVERAGE 245,531.95170,237.050.00170,237.05415,769.000.00 59.05% 01-51420-200 CONTRACTUAL EXPENSE 50,000.0018,000.008,000.0010,000.00468,000.00400,000.00 10.68% 01-51420-201 CONTRACT LEGAL 196,081.5017,918.5017,918.500.00207,000.00-7,000.00 94.73% 01-51420-202 WEBSITE HOSTING, REDESIGN & MAINT 48,242.122,916.702,508.35408.3548,650.47-2,508.35 99.16% 01-51420-204 CITY STAFF COSTS 40,408.000.000.000.0040,408.000.00 100.00% 01-51440-100 PERSONNEL SERVICES 234,883.2337,110.7718,957.6218,153.15271,994.000.00 86.36% 01-51440-225 ASSOC. MEETINGS & SEMINARS 6,566.1123.89270.30-246.416,590.000.00 99.64% 01-51440-226 MEMBERSHIP DUES 1,515.00385.00385.000.001,900.000.00 79.74% 01-51440-227 DELIVERY SERVICES 600.000.000.000.00600.000.00 100.00% 01-51440-229 CAREER DEVELOPMENT 17,000.000.000.000.0017,000.000.00 100.00% 01-51440-310 OFFICE SUPPLIES 1,967.7432.2632.260.002,000.000.00 98.39% 01-51440-340 CELLULAR PHONES 1,065.00135.0090.0045.001,200.000.00 88.75% 01-51440-355 SUBSCRIPTIONS 2,000.000.000.000.002,000.000.00 100.00% 01-51440-360 BOOKS & PUBLICATIONS 500.000.000.000.00500.000.00 100.00% 01-51440-365 OFFICE PRINTING COSTS 2,000.000.000.000.002,000.000.00 100.00% 01-51620-200 CONTRACTUAL EXPENSE 5,000.000.000.000.005,000.000.00 100.00% 01-51620-201 PROPERTY TAXES & ASSOC. DUES 32,317.04172,554.17169,116.173,438.00204,871.210.00 15.77% 01-51620-202 MARINA POLICE 56,798.143,350.033,350.030.0056,798.14-3,350.03 100.00% 01-51620-205 RENTAL OF OFFICES 27,812.6017,187.40555.4016,632.0045,000.000.00 61.81% 01-51620-208 EQUIPMENT LEASES 15,248.60549.70549.700.0015,409.40-388.90 98.96% 01-51620-209 PROPERTY MAINTENENCE COST 559,541.8430,312.797,969.2322,343.56589,854.630.00 94.86% 01-51620-211 VEHICLE MAINTENANCE / FUEL 9,264.87735.13713.7321.4010,000.000.00 92.65% 01-51620-212 HURRICANE/PROPERTY CONTINGENCY 35,000.000.000.000.0035,000.000.00 100.00% 01-51620-224 SIGNAGE 20,000.000.000.000.0020,000.000.00 100.00% 01-51620-325 ELECTRICITY COSTS 28,277.361,722.641,630.4292.2230,000.000.00 94.26% 01-51620-326 WATER CHARGES 22,743.602,256.402,112.98143.4225,000.000.00 90.97% 01-51630-200 CONTRACTUAL 450.000.000.000.00450.000.00 100.00% 01-51630-209 PROPERTY MAINTENENCE 103,077.446,922.561,876.445,046.12110,000.000.00 93.71% 01-51630-241 MARINA FUEL MANAGEMENT 209,200.3440,799.6620,399.8520,399.81250,000.000.00 83.68% 01-51630-242 MARINE FUEL STATION OVERHEAD 41,834.623,165.382,787.09378.2945,000.000.00 92.97% 01-51630-310 OFFICE SUPPLIES 1,000.000.000.000.001,000.000.00 100.00% 01-51630-325 ELECTRIC COSTS 9,976.851,023.15941.9381.2211,000.000.00 90.70% 01-51630-326 WATER COSTS 8,336.341,663.661,329.15334.5110,000.000.00 83.36% 01-51630-327 GASOLINE & DEISEL FUEL PURCHAS 757,598.5799,951.4358,424.9641,526.47857,550.000.00 88.34% 01-51630-328 MARINA DIESEL SALES TAX 14,572.59427.411,248.96-821.5515,000.000.00 97.15% 01-51650-200 CONTRACTUAL EXPENSE 1,200.000.000.000.001,200.000.00 100.00% 01-51650-210 CITY IT SUPPORT 43,740.000.000.000.0043,740.000.00 100.00% 01-51650-211 COMPUTER SOFTWARE & LICENSES 6,200.000.000.000.006,200.000.00 100.00% 01-51650-212 FINANCIAL SOFTWARE MAINTENANCE 19,951.0022,109.000.0022,109.0042,060.000.00 47.43% 57 Detail vs Budget Report Date Range: 11/01/2025 - 11/30/2025 12/2/2025 8:32:07 AM Page 3 of 5 Account Name Beginning Balance Total Activity Ending BalanceFiscal Budget Budget RemainingEncumbrances % Remaining 01-51650-330 TELEPHONE LINES 5,000.000.000.000.005,000.000.00 100.00% 01-51650-400 EQUIPMENT COSTS 13,000.000.000.000.0013,000.000.00 100.00% 01-51990-200 CONTRACTUAL EXPENSE - CONTINGENCY 38,671.000.000.000.0038,671.000.00 100.00% 01-57400-100 PERSONNEL SERVICES 174,916.9521,043.0512,024.609,018.45195,960.000.00 89.26% 01-57400-216 ADVERTISING & PUBLIC NOTICES 47,487.001,513.00525.00988.0049,000.000.00 96.91% 01-57400-218 ANNUAL REPORT & BROCHURES 4,755.00245.000.00245.005,000.000.00 95.10% 01-57400-225 ASSOC. MEETINGS & SEMINARS 15,621.48821.211,919.27-1,098.0616,442.690.00 95.01% 01-57400-226 MEMBERSHIP DUES 9,900.00800.00800.000.0010,700.000.00 92.52% 01-57400-227 DELIVERY SERVICES 1,500.000.000.000.001,500.000.00 100.00% 01-57400-229 CAREER DEVELOPMENT 10,500.000.000.000.0010,500.000.00 100.00% 01-57400-236 PHOTOGRAPHY / VIDEOS 20,000.000.000.000.0020,000.000.00 100.00% 01-57400-310 OFFICE SUPPLIES 1,965.4834.5234.520.002,000.000.00 98.27% 01-57400-340 CELLULAR PHONES 1,790.10209.90127.4582.452,000.000.00 89.51% 01-57400-355 SUBSCRIPTIONS 2,100.000.000.000.002,100.000.00 100.00% 01-57400-360 BOOKS & PUBLICATIONS 500.000.000.000.00500.000.00 100.00% 01-57400-365 OFFICE PRINTING COSTS 4,000.000.000.000.004,000.000.00 100.00% 01-57500-100 PERSONNEL SERVICES 172,261.4017,204.609,831.207,373.40189,466.000.00 90.92% 01-57500-225 ASSOC. MEETINGS & SEMINARS 11,351.65440.66382.2858.3811,792.310.00 96.26% 01-57500-226 MEMBERSHIP DUES 2,600.000.000.000.002,600.000.00 100.00% 01-57500-229 CAREER DEVELOPMENT 12,000.000.000.000.0012,000.000.00 100.00% 01-57500-310 OFFICE SUPPLIES 1,965.4834.5234.520.002,000.000.00 98.27% 01-57500-340 CELLULAR PHONES 532.5067.5045.0022.50600.000.00 88.75% 01-57500-355 SUBSCRIPTIONS 500.000.000.000.00500.000.00 100.00% 01-57500-360 BOOKS & PUBLICATIONS 220.00280.000.00280.00500.000.00 44.00% 01-59000-151 F.I.C.A.70,501.679,498.334,272.105,226.2380,000.000.00 88.13% 01-59000-152 MEDICARE 22,514.992,485.011,221.791,263.2225,000.000.00 90.06% 01-59000-153 RETIREMENT PLAN 401(a)293,952.0056,048.0028,333.0027,715.00350,000.000.00 83.99% 01-59000-154 WORKERS COMP INSURANCE 14,955.0045.000.0045.0015,000.000.00 99.70% 01-59000-155 HEALTH INSURANCE 179,050.1020,949.90567.5220,382.38200,000.000.00 89.53% 01-59000-156 DENTAL INSURANCE 9,293.64706.36353.18353.1810,000.000.00 92.94% 01-59000-157 LIFE INSURANCE 9,856.00144.0072.0072.0010,000.000.00 98.56% 01-59000-158 SHORT / LONG TERM DISABILITY 8,406.731,593.27531.091,062.1810,000.000.00 84.07% 01-59000-159 UNEMPLOYMENT CHARGES 5,000.000.000.000.005,000.000.00 100.00% 01-59000-160 VISION INSURANCE 2,917.6082.4041.2041.203,000.000.00 97.25% 01-59000-161 COMPENSATED ABSENSES 65,000.000.000.000.0065,000.000.00 100.00% 01-59800-990 TRANS OUT TO DEBT SERVICE FUND 2,319,093.000.000.000.002,319,093.000.00 100.00% 01-59999-990 INTERFUND TRANSFERS OUT 19,055,819.000.000.000.0019,055,819.000.00 100.00% Expense Totals:386,752.72 27,518,131.56 444,286.41 428,845.54 873,131.95 26,258,246.89 95.42% 01 - GENERAL FUND Totals:386,752.72 151,165.56 322,746.95 238,759.19 561,506.14 -797,093.30 02 - PROJECTS FUND Revenue 02-46100 INTEREST INCOME 85,604.10-85,604.10-40,354.13-45,249.970.000.00 0.00% 02-47100 APPLICATION FEES 400.00-400.00-200.00-200.000.000.00 0.00% 58 Detail vs Budget Report Date Range: 11/01/2025 - 11/30/2025 12/2/2025 8:32:07 AM Page 4 of 5 Account Name Beginning Balance Total Activity Ending BalanceFiscal Budget Budget RemainingEncumbrances % Remaining 02-48100 MISCELLANEOUS INCOME 50,275.98-50,275.98-256.88-50,019.100.000.00 0.00% 02-49100 OTHER FINANCING SOURCES -21,862,030.000.000.000.00-21,862,030.000.00 -100.00% 02-49900 TRANSFERS IN -19,055,819.000.000.000.00-19,055,819.000.00 -100.00% Revenue Totals:0.00 -40,917,849.00 -95,469.07 -40,811.01 -136,280.08 -40,781,568.92 -99.67% Expense 02-58100-202 CONTINGENCY EXPENSE 225,248.000.000.000.00225,248.000.00 100.00% 02-58100-203 CONTRACTUAL EXPENSE 908,486.483,097.50997.502,100.001,526,551.48614,967.50 59.51% 02-58100-213 LEGAL FEES 315,549.5015,609.5015,609.500.00331,159.000.00 95.29% 02-58200-401 PROPERTY PURCHASES 11,403,012.218,055,573.79256.888,055,316.9119,582,086.00123,500.00 58.23% 02-58200-402 IMPROVEMENTS 4,300,000.000.000.000.004,300,000.000.00 100.00% 02-58200-404 CONSTRUCTION IN PROGRESS 149,082.58-74,541.290.00-74,541.2974,541.290.00 200.00% 02-58200-405 SITE WORK AND DEMOLITION FEES 435,938.998,575.005,775.002,800.00444,513.990.00 98.07% 02-58200-406 INFRASTRUCTURE AND STREETSCAPE 18,751,625.2021,050.259,160.0011,890.2518,763,515.45-9,160.00 99.94% 02-58400-443 DIFA-ECONOMIC DEVELOPMENT 553,840.000.000.000.00553,840.000.00 100.00% 02-58400-444 ECONOMIC DEVELOPMENT GRANTS 1,173,568.53112,865.0020,962.5091,902.501,320,619.3534,185.82 88.87% 02-58400-445 MARKETING INCENTIVES 235,436.0025,669.0017,215.008,454.00256,105.00-5,000.00 91.93% 02-58500-460 COMMUNITY POLICING INNOVATIONS 1,594,059.590.000.000.001,654,059.5960,000.00 96.37% 02-58500-470 COMMUNITY SUPPORT PROJECTS 641,237.8535,292.8635,292.860.00641,237.85-35,292.86 100.00% 02-58500-480 COMMUNITY SPECIAL EVENTS 593,903.3716,096.6312,531.123,565.51610,000.000.00 97.36% Expense Totals:783,200.46 50,283,477.00 8,101,487.88 117,800.36 8,219,288.24 41,280,988.30 82.10% 02 - PROJECTS FUND Totals:783,200.46 9,365,628.00 8,006,018.81 76,989.35 8,083,008.16 499,419.38 03 - DEBT SERVICE Revenue 03-46100 INTEREST INCOME 902.91-902.91-427.85-475.060.000.00 0.00% 03-49900 TRANSFERS IN -2,319,093.000.000.000.00-2,319,093.000.00 -100.00% Revenue Totals:0.00 -2,319,093.00 -475.06 -427.85 -902.91 -2,318,190.09 -99.96% Expense 03-59800-814 BOND 2012 PRINCIPAL 1,530,000.000.000.000.001,530,000.000.00 100.00% 03-59800-815 BOND 2015 PRINCIPAL 725,000.000.000.000.00725,000.000.00 100.00% 03-59800-824 BOND 2012 INTEREST 39,168.000.000.000.0039,168.000.00 100.00% 03-59800-826 BOND 2015 INTEREST 23,925.000.000.000.0023,925.000.00 100.00% 03-59800-830 FINANCIAL AGENT FEES 1,000.000.000.000.001,000.000.00 100.00% Expense Totals:0.00 2,319,093.00 0.00 0.00 0.00 2,319,093.00 100.00% 03 - DEBT SERVICE Totals:0.00 0.00 -475.06 -427.85 -902.91 902.91 Report Total:1,169,953.18 9,516,793.56 8,328,290.70 315,320.69 8,643,611.39 -296,771.01 59 Detail vs Budget Report Date Range: 11/01/2025 - 11/30/2025 12/2/2025 8:32:07 AM Page 5 of 5 Fund Summary Fund Beginning Balance Total Activity Ending BalanceFiscal Budget Budget RemainingEncumbrances % Remaining 386,752.72 151,165.56 322,746.95 238,759.19 561,506.14 -797,093.3001 - GENERAL FUND 783,200.46 9,365,628.00 8,006,018.81 76,989.35 8,083,008.16 499,419.3802 - PROJECTS FUND 0.00 0.00 -475.06 -427.85 -902.91 902.9103 - DEBT SERVICE Report Total:1,169,953.18 9,516,793.56 8,328,290.70 315,320.69 8,643,611.39 -296,771.01 60 •Attachment I - November 8, 2025 Joint CRA Board/City Commission Workshop Minutes COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: December 9, 2025 CONSENT AGENDA AGENDA ITEM 11.B SUBJECT: Approval of the Joint CRA Board/City Commission Workshop Minutes for November 8, 2025 SUMMARY: See attached minutes. CRA BOARD OPTIONS: Approve the November 8, 2025 Joint CRA Board/City Commission Workshop Minutes. ATTACHMENTS: Description 61 62 63 64 65 66 67 •Attachment I - November 10, 2025 CRA Board Meeting Minutes COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: December 9, 2025 CONSENT AGENDA AGENDA ITEM 11.C SUBJECT: Approval of the CRA Board Meeting Minutes for November 10, 2025 SUMMARY: See attached minutes. CRA BOARD OPTIONS: Approve the November 10, 2025 CRA Board Meeting Minutes. ATTACHMENTS: Description 68 Minutes of the Community Redevelopment Agency Board Meeting Held on Monday, November 10, 2025, at 6:00 PM City Hall Chambers, 100 E. Ocean Avenue and Online Present: Chair Rebecca Shelton Tim Tack, Acting Executive Director Kathryn Rossmell, Board Counsel Vice Chair Woodrow Hay Board Member Aimee Kelley Board Member Thomas Turkin Board Member Angela Cruz Tammy Stanzione, Deputy City Clerk 1.Call to Order Chair Shelton called the meeting to order at 6:00 P.M. 2.Invocation The Invocation was given by Vice Chair Hay. 3.Pledge of Allegiance Board Member Kelley led the Pledge of Allegiance. 4.Roll Call Ms. Tammy Stanzione, Deputy City Clerk, called the roll. A quorum was present. 5.Agenda Approval A.Additions, Deletions, Corrections to the Agenda B.Adoption of Agenda Board Member Kelley asked if legal items that were discussed at the previous meeting were added to the agenda. Counsel Rossmell responded that legal had three recommended changes. Board Member Turkin requested that item 15.G. be moved up to be heard after item 10. Public Comment. Mr. Tack noted that staff would like to make an amendment to Consent Item 11.N. to add a motion to approve a waiver to the construction deadline and allow the grant recipient 180 days from the board approval to complete the project and submit for reimbursement. He also requested to amend item 11.P. to include the attachment of the final Second Amendment to MTI to extend the site plan approval to April 1, 2026, and that the 69 70 71 72 73 74 75 76 77 78 79 80 81 82 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: December 9, 2025 CONSENT AGENDA AGENDA ITEM 11.D SUBJECT: Approval of the Commercial Property Improvement Grant Program in the Amount of $60,000 to Rusty's Restaurant and Lounge LLC d/b/a Rusty's Carib Cuisine located in 500 Ocean at 510 E. Ocean Avenue, Unit 107 SUMMARY: The CRA's Commercial Property Improvement Grant Program provides eligible businesses (new or existing) with financial assistance for the initial build-out costs associated with the construction, repaid, and/or rehabilitation of commercial building improvement. The Commercial Property Improvement Grant Programs provides a 50% reimbursement of the applicant's expenditure for the eligible improvements up to a maximum grant total of $50,000. Under the program guidelines eligible improvements must be permanent items that stay with the building. The Program also provides funding assistance related to the design fees for architectural, electrical, civil, mechanical, and/or plumbing improvements for eligible property improvements. Applicants are eligible to receive 50% of the applicant's project budget up to a maximum amount of $10,000. CRA staff has received a complete grant application from Rusty's Restaurant and Lounge LLC d/b/a Rusty's Carib Cuisine located in 500 Ocean at 510 E. Ocean Avenue, Unit 107, Boynton Beach, FL 33435 (see Attachments I-II). Rusty's Carib Cuisine has been serving authentic Jamaican and Caribbean culinary traditions since 2019 from their food truck while traveling all throughout South Florida. They are now growing into their first brick and mortar location where they will create a gathering space for exceptional food service. Per the Program Rules & Regulations, the Commercial Property Improvement Grant may only be used one time in any five-year period for any one property. Unit 107 received a Commercial Property Improvement Grant in September 2020 with the prior tenant, 500 Ocean Cafe. As of September 2025, the unit is eligible for grant funding. As a restaurant, the applicant falls under the terms of a Tier I business as outlined in the grant application. The applicant is seeking reimbursement for eligible interior renovations including a hood & exhaust, a grease trap, electrical and plumbing work. The total cost of eligible property improvements is approximately $83,550 and the associated design fees total $22,100 (see Attachment IV). 83 •Attachment I - Commercial Property Improvement Grant Application •Attachment II - Location Map •Attachment III - Cost Estimates for Improvements and Design If approved, the applicant is eligible to receive a maximum grant of $50,000 in reimbursable funding which includes a 20% contingency for the property improvements and $10,000 for the associated design fees provided that the applicant expends an equal amount in matching funds as required under the terms of the grant. The grant is reimbursed to the applicant once the City of Boynton Beach Building Department approves all permit requirements and the proper reimbursement documentation is submitted to CRA staff or approval. FISCAL IMPACT: FY 2025-2026 Budget Project Fund, Line Item 02-58400-444, $50,000 for Property Improvements and $10,000 for design fees CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRA BOARD OPTIONS: Approval of a Commercial Property Improvement Grant Program in the Amount of $60,000 to Rusty's Restaurant and Lounge LLC d/b/a Rusty's Carib Cuisine located in 500 Ocean at 510 E. Ocean Avenue, Unit 107, Boynton Beach, FL 33435. ATTACHMENTS: Description 84 Initials: H.S. Page 1 of 16 Property Improvement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 – 9090 www.boyntonbeachcra.com October 1, 2025 – September 30, 2026 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY COMMERCIAL PROPERTY IMPROVEMENT GRANT PROGRAM Program Rules and Regulations The Commercial Property Improvement Grant Program is designed to help facilitate the establishment of new businesses and aid in the expansion of existing businesses within the Boynton Beach Community Redevelopment Agency (the “BBCRA”) Area. The program is designed to provide financial assistance to new and existing businesses in the form of a reimbursable grant intended to reduce the initial costs associated with the design, repair, and rehabilitation of buildings or other improvements in accordance with the BBCRA Community Redevelopment Plan. Improvements paid for by the BBCRA must be permanent and stay with the building. The BBCRA reserves the right to approve or deny any Commercial Property Improvement Grant Program application and to deny payment at any time if, in its sole and absolute discretion, it determines that the business will not advance the goals and objectives established for redevelopment of the BBCRA Area. For purposes of this application, the term “new business” means a company in operation for less than one year or relocating to Boynton Beach. The term “existing business” means a company that has been in operation within the BBCRA Area for one year or more at the time of application and has at least two years remaining on its existing lease at the time of Board approval. The term “project” means the eligible exterior or interior improvement project for which the applicant seeks reimbursement. The BBCRA is a public agency and is governed by the “Florida Public Records Law” under Florida State Statutes, Chapter 119. Any documents provided by the Applicant(s) may be produced the BBCRA upon receipt of a public records request, subject to any exemptions provided by Florida Law. 85 Initials: H.S. Page 2 of 16 Property Improvement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com Incentive Funding The Commercial Property Improvement Grant Program offers financial assistance to the commercial property owner or business owner in the form of a reimbursable, matching grant for 50% of eligible expenses, up to $50,000, associated with the construction or renovation of the exterior and interior elements of the commercial operating space. The applicant may also receive financial assistance for eligible design expenses associated with the project’s architectural, electrical, mechanical, civil, and/or plumbing plans. Applicants are encouraged to take advantage of the City of Boynton Beach’s PACE Program to help defer the cost of installing energy efficient items. Information regarding the PACE Program is available online at: https://www.boynton-beach.org/green- business/pace-business or by contacting the City of Boynton Beach at (561) 742-6494. Applicants are also encouraged to connect with CareerSource Palm Beach County which is a State organization providing various free programs to assist Palm Beach County businesses. CareerSource Palm Beach County has a dedicated team of career counselors, business coaches and training providers to help area businesses stay competitive through training grants and talent acquisitions and also provide assistance in posting available jobs, recruiting and hiring, and training opportunities. For more information regarding CareerSource Palm Beach County visit their website at careersourcepbc.com. Eligibility Requirements Applicants must meet all of the following requirements in order to be considered eligible to receive grant funding: • Applicant must be the business entity (or d/b/a) named and the principal owners named on the corporation documents, and must be the landlord or business owner of the company occupying the property to be improved. • Must be located within the BBCRA Area (see attached map). • Must provide proof that the commercial business is properly licensed by all necessary levels of government and professional associations or agencies (copies of City and County licenses or receipts that the licenses have been applied for). • Improvements to non-profit and residentially zoned properties are NOT eligible expenses. 86 Initials: H.S. Page 3 of 16 Property Improvement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com • Applicant must have an executed multi-year lease with at least two years remaining on the lease at the time of BBCRA Board approval. • Proposed leases must be executed within 30 days of BBCRA Board approval or the grant award is terminated. • The Applicant’s Experian consumer credit report must reflect an acceptable level of financial stability, as determined in the sole discretion of the BBCRA. A copy of the consumer report will be provided to the applicant upon request. Applicants must have an Experian credit score of 601 or higher and have no listed history of bankruptcy to be eligible. If there is more than one business owner, the majority of the business owners must have credit scores of 601 or higher to be eligible. • All work must be done in compliance with applicable City of Boynton Beach Building Codes and Land Development Regulations. All contractors must be licensed as required to work in Boynton Beach and/or Palm Beach County. For any projects valued more than $250,000 (based on the project’s construction value as it appears on the Palm Beach County-Wide/Municipal Building Permit Application Form submitted to the City of Boynton Beach), preference will be given to projects that will use contractors with an office in Palm Beach County. Please contact the City of Boynton Beach Development Department regarding the proposed work to be performed prior to submitting a grant application. • Grant funding amounts will be based on the applicant’s project budget, specified at the time of the BBCRA Board approval, plus an added 20% contingency funding amount (for a total not to exceed the maximum eligible grant amount). • Grant funds will be reimbursed exclusively for approved work and approved change orders. • The Commercial Property Improvement Grant Program may only be used one time in any five-year period for any one property. Entities hoping to improve properties that were previously improved using a BBCRA improvement grant may apply for additional grants any time after five years from previous grant approval. However, Tier II commercial property owners may apply for grant funding for eligible exterior improvements, which will not affect the eligibility of the lessee business entities to apply for grant funding for eligible interior improvements. • In order to qualify for the grant, the subject property may not have any outstanding City of Boynton Beach liens at the time the applicant seeks reimbursement. To ensure that the property does not have any outstanding liens, violations or monies owed for utilities, the BBCRA will perform a lien search on the property at a cost of $140.00, which will be deducted from any grant funding awarded to the recipient. In the event that there is an outstanding lien against the property, the grant will not be awarded until the complete satisfaction of the lien. 87 Initials: H.S. Page 4 of 16 Property Improvement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com • In order to receive the full amount of any awarded grant, the property owner or tenant must complete the project, obtain a Certificate of Occupancy/Completion from the City of Boynton Beach, and submit for reimbursement within 180 days of the issuance date of the permit for the project. (As further described below, applicants may request reimbursement for up to 50% of their grant award prior to completion of the project.) If BBCRA Board approves grant funding and the work being performed does not require a permit, the Certificate of Completion (or equivalent) and application for reimbursement must be within 180 days of the grant award. Failure to complete the improvements within the specified time frame will result in termination of the grant award, at which point the BBCRA will no longer make payments for any reimbursement requests, regardless of whether the request was submitted prior to the termination of the grant. Only one 90-day administrative extension will be permitted, and the BBCRA has the sole and absolute discretion to grant or deny such extension. • Project items completed and paid for by the applicant more than 60 days prior to grant approval by the BBCRA Board are not eligible for reimbursement under the grant program. A complete application must be received within 60 days of payment in order for an expense to be eligible for reimbursement. Once a complete application is received, the application will be placed on the next available agenda for review and potential approval. • Grant funding may not be used for design fees alone. Grant funding for design fees will only be awarded when the grant funding will also be used for physical property improvements. Conversely, grant funding may be awarded for physical property improvements even if no funding for design funding is requested. The BBCRA may elect to fund only physical property improvements even if design funding is requested. • BBCRA Board approval of this grant results only in funding. Approval of BBCRA grant funding is NOT approval of any type of City processes including, but not limited to, permits and site plan modification. Applicants must apply for permits and site plan modification through the appropriate departments at the City. Permitting and site plan modification reviews are required for all commercial projects. It is the responsibility of the applicant to obtain all necessary City approvals. • Grantees shall allow the BBCRA the rights and use of photos and project application materials. • The BBCRA Board may give preference to local businesses. For purposes of this grant, local business means a duly licensed business entity with an office location in Palm Beach County. 88 Initials: H.S. Page 5 of 16 Property Improvement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com • Anti-Human Trafficking. Prior to the execution of this Agreement, or any renewal and/or extension thereto, the Grantee shall attest under penalty of perjury, that it does not use coercion for labor or services as defined in Section 787.06(2), Florida Statutes. Attestations shall be documented using an Anti-Human Trafficking Affidavit as provided by the CRA. Projects and items eligible for funding under this grant program are limited to: • Structural walls • Plumbing • Flooring • Grease trap installation • HVAC system • ADA Improvements • Electrical systems, including exterior and interior lighting • Patio decks connected to the building • Doors/windows • Roofing (Not to exceed 50% of total grant award) • Landscaping and irrigation within the project site • Awnings • Parking lot re-paving, re-sealing, and/or restriping • Painting • Security cameras/system** (not including security personnel) • Fencing (excluding chain link, barbed wire, and wood panels) • Demolition of structure and re-sodding of vacant property • Electric vehicle charging stations • Hood & fire suppression • Solar electricity and water heating • Signage • Design fees associated with architectural, electrical, civil, plumbing and mechanical site plans • Permit fees for eligible property improvements included as part of the licensed contractor’s contract/invoice ** Notwithstanding the limitation that grants may only be used once every five years for any one property, previous grant recipients that received less than the maximum amount of grant funding from Commercial Property Improvement Grants or Economic Development Grants are eligible to reapply to receive 50% matching reimbursable funding in an amount not to exceed $3,000 for the installation of new security cameras/systems. Ineligible Businesses The following businesses are considered ineligible for assistance under the Commercial Property Improvement Grant Program: 89 Initials: H.S. Page 6 of 16 Property Improvement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com • Massage/Personal Services • Firearm Sales/Shooting Ranges • Medical Research Centers/Housing • Massage/Personal Services • Religion- Affiliated Retail Stores • Churches/places of worships • Non-profit Organizations • Adult Gambling Arcades • Check Cashing Stores • Adult Entertainment • Political offices, campaign headquarters, or other businesses focused on politics or political operations • Alcohol and/or Drug Rehabilitation Centers/Housing • Vapor/E-Cigarette Stores • CBD Retail Stores • Any other use that the BBCRA staff or BBCRA Board determine will not support the redevelopment of the BBCRA Area Grant Terms and Conditions This grant is divided into three tiers of eligibility. Businesses are classified into tiers based on the type of business, which then determines the amount of eligible funding. All reimbursement checks from the BBCRA to the successful applicant will be made out to the applicant (the business entity). Grant funding amounts will be based on the applicant’s project budget specified at the time of BBCRA Board approval, plus an added 20% for contingency funding, the total of which may not exceed the maximum amount of grant funding for which the project is eligible. Tier One Business Tier One Businesses are eligible for reimbursement of 50% of the applicant’s project budget as specified at the time of BBCRA Board approval, up to a maximum amount of $50,000 in grant funding. Tier One Businesses must be one of the following types of business: • Restaurant • Gourmet Food Market • Bakery/Coffee Shop • Hotels/Motels/Bed and Breakfast (the Board will grant no more than four approvals in this category per fiscal year; short term vacation rentals are not eligible) 90 Initials: H.S. Page 7 of 16 Property Improvement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com Tier Two Business Tier Two Businesses are eligible for reimbursement of 50% of the applicant’s project budget as specified at the time of BBCRA Board approval, up to a maximum amount of $25,000 in grant funding. Examples of Tier Two Businesses include, but are not limited to, the following types of businesses: • Professional Offices (real estate, law, architect, accountant, insurance, marketing etc.) • Take-Out Restaurants • Services (lockshops, appliance repair, etc.) • Medical Offices (dentists, primary care, counseling, etc.) • Laundry/Dry Cleaner facility • Retail (clothing, art, accessories) • Hair/Nail Salons (no more than 2 approvals per fiscal year) • Florists (no more than 2 approvals per fiscal year) • Fitness Centers • Specialty Businesses (daycare, ice-cream shop, pet grooming, event planning) • Tattoo Parlor/Body Piercing/Art Shop (no more than two approvals per fiscal year) • Industrial Uses/Art District • Auto Services Facilities – repair, storage, sales, etc. • Commercial property with multiple tenants seeking only façade improvements Tier Three Business (Tier Three Businesses will receive no more than two approvals per fiscal year and improvements must be for commercial façade or security improvements). Tier Three Businesses are subject to BBCRA Board for review and approval. Tier Three Businesses eligible for reimbursement of 50% of the applicant’s project budget as specified at the time of BBCRA Board approval, up to a maximum amount of $15,000 in grant funding. Tier Three Businesses must be one of the following types of businesses: • Kava Tea Bar • Convenience Stores • Pawn Shops • Liquor Store • Laundry/Dry Cleaner facility 91 Initials: H.S. Page 8 of 16 Property Improvement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com Tier One & Tier Two Businesses Grant Funding for Design Fees Tier One and Tier Two businesses are eligible to apply for funding assistance related to the design fees for architectural, electrical, civil mechanical and/or plumbing improvements. These design fees shall be for eligible property improvements as defined on page 5 of this grant application. Applicants are eligible to receive reimbursement of 50% of the applicant’s project budget as specified at the time of BBCRA Board approval, up to a maximum amount of $10,000 for the design expenses associated with the project’s architectural, electrical, mechanical, civil, and/or plumbing plans. If the design fees were paid for prior to BBCRA Board approval, the applicant may request 50% reimbursement for design fees if the final payments were made no more than 180 days prior to Board approval. Lease Terms If the applicant is a tenant, it must have a proposed or executed multi-year lease with a minimum of two years remaining on lease at the time of Board approval. The commercial lease must define the landlord-tenant relationship and at minimum provide the following information: • A description of the space being rented, including square footage and a drawing of the space; • Description of utilities that are the tenant’s responsibility; • Rental rate and deposits along with terms of lease and methodology for future rent increases; • Responsible party for interior and exterior repairs and/or improvements; • Insurance requirements; • Ability to terminate; and • Consequences of default on the lease. Application Process Applications can be submitted online at www.boytonbeachcra.com. All applicants are required to meet with BBCRA staff in order to determine eligibility before submitting an application. Applications will not be considered until all required documentation is submitted to the BBCRA office. Application to this grant program is not a guarantee of funding. Funding is at the sole discretion of the BBCRA Board. 92 Initials: H.S. Page 9 of 16 Property Improvement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com Applicants may submit complete applications via email or mail hard copies of the application with all materials to the BBCRA for review and approval by the BBCRA Board, however online submissions are preferred. Applicants will be considered on a first-come, first-serve basis. Application packets must include the following documentation: 1. A non-refundable fee of $100, which will be used to obtain a consumer credit report on the business and principal/owners of business. Make check payable to: Boynton Beach CRA. 2. Provide 2-3 sentence mission statement for the applying business entity. If the applicant is a commercial property owner, provide a brief history of the property and the current tenants of the space. This will be used as a way to introduce your business to the BBCRA Board. 3. Cost estimate(s) from a licensed contractor(s) as specified in the applicant’s project budget. It must list all project costs for which the applicant is requesting reimbursement. The project budget must provide a total cost of the project. 4. If design funding is requested, cost estimate(s) from a qualified licensed design professional. The cost estimate must include: scope of work, the business name and business address of project, and the license number of the design professional. 5. Copy of design and construction plans associated with the proposed improvements. 6. Copy of building permit receipt/application. If the permit has not been applied for prior to submission of the grant application, a copy of the building permit receipt is due within 120 days of grant approval, or the grant award may be terminated. Applicants may apply for one 60-day administrative extension to meet this requirement, and the BBCRA has the sole and absolute discretion to grant or deny such extension. Any extension granted under this paragraph is for this requirement only and does not extend any other deadline related to the grant. 7. Resume for each principal/owner of the business. 8. Copy of the corporate documents for the applying business entity. 9. Copy of executed multi-year commercial lease agreement. 10. Copy of Warranty Deed. 11. Two years of corporate tax returns (for existing businesses only). 12. Two years of personal tax returns for the principal/owners of a new business (if no corporate tax returns). 13. List of jobs to be created and filled including job descriptions, pay range and weekly schedule. For existing businesses, provide a list of all current positions including job descriptions, pay range and weekly schedule. 93 Initials: H.S. Page 10 of 16 Property Improvement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com 14. A minimum of four color digital “before” photos of the exterior and interior portions of the project. 15. Initialed and signed Program Rules & Regulations (pages 1-16). 16. Authorization to perform credit check for the business and each principal/owner of the business. 17. W9 Form and Grant Intake Form. 18. City Planning and Development Department Acknowledgement Form. 19. City Permit Department Acknowledgement Form. The above referenced City Forms (line 18 and 19) must be completed and submitted to the appropriate departments, which are located at City Hall, 100 East Ocean Avenue, Building Department, Boynton Beach, FL 33435. Phone (561) 742–6350. Approval of Funding Request All required documentation must be submitted no later than noon two weeks prior to the second Tuesday of the month. BBCRA staff will review the application to evaluate whether the project is eligible for reimbursement. If it meets these requirements, BBCRA staff will present the funding request to the BBCRA Board for review and potential approval. The BBCRA Board meets on the second Tuesday of each month at the Commission Chambers located in City Hall at 100 East Ocean Avenue, Boynton Beach, FL 33435. The schedule for BBCRA Board meetings can be obtained at www.boyntonbeachcra.com. Applicants will be notified of the date and time that their applications will be considered by the BBCRA Board. The BBCRA recommends that applicants attend the BBCRA Board meeting during which the Board will consider their applications in order to answer any questions the BBCRA Board may have regarding their applications. BBCRA staff will notify the applicant of the BBCRA Board’s approval or denial in writing. Site Visits BBCRA may conduct a site visit prior to transmitting the application to the BBCRA Board and once the project is completed. Staff may also conduct unannounced site visits before, during, and after the project in order to determine and ensure compliance with the terms of the grant. 94 Initials: H.S. Page 11 of 16 Property Improvement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com Procedures for Design Reimbursement This portion of the program is designed to reimburse applicants for design fees associated with the property improvements provided for in this grant. Funds must be paid to qualified design professionals licensed by the State of Florida in order to be eligible for reimbursement. Funds paid to licensed design professionals acting as subcontractors are also eligible for reimbursement. The reimbursement request shall be summarized in a report and accompanied by the following documentation for the completed design work: 1. Copy of contract/scope of work with design professional. 2. Paid invoice describing work completed. 3. Copy of final design plans (pdf copy preferred). 4. Proof of payment(s) totaling contract amount, Payments in cash and/or cryptocurrency are not eligible for reimbursement. a. Each item must be supported by a cancelled check showing the face of the check, as well as the back of the cancelled check. The only forms of cash payments that are acceptable as evidence of payments are cashier’s checks and bank transfers. A copy of the cashier’s check to the payee must be provided as proof of payment. If payment is being made by a bank transfer, a copy of the statement from both payer and payee showing the transaction and/or copy of the email/text verification from both parties. b. Electronic payments must be in the name of the applicant and show the transaction date, amount, account name and recipient of payment. 5. Proof of permit application for (or including) item designed. Procedures for Property Improvement Reimbursement This portion of the program is designed as a matching 50% reimbursable grant. All work for which reimbursement is sought must be completed and paid for by the applicant prior to the release of BBCRA funds. The applicant may request reimbursement for partial payments throughout the project for up to 50% of grant award. The remaining 50% of grant funding will be held until the project is completed according to the City of Boynton Beach Building Department, and if applicable, a certificate of occupancy has been issued, at which point the applicant may submit a final reimbursement request. The BBCRA will provide reimbursement to the applicant upon submittal of a complete reimbursement request package. 95 www.boyntonbeachcra.com All reimbursement requests and supporting documents must be submitted to the BBCRA (3) days prior to the grant expiration date. The BBCRA may refuse to issue grant funding if the submission is not received by the specified time. Once the work is completed the reimbursement request shall be summarized in a report and accompanied by the following documentation: 1. Invoices, receipts or other acceptable evidence of payment from suppliers and licensed contractor(s) that have been marked “paid in full.” Proposals for “work to be completed” or “bids” are not considered proper documentation. Payments in cash and/or cryptocurrency are not eligible for reimbursement. a. Each item must be supported by a cancelled check showing the face of the check, as well as the back of the cancelled check. The only forms of cash payments that are acceptable as evidence of payments are cashier’s checks and bank transfers. A copy of the cashier’s check to the payee must be provided as proof of payment. If payment is being made by a bank transfer, a copy of the statement from both payer and payee showing the transaction and/or copy of the email/text verification from both parties. b. Electronic payments must be in the name of the applicant and show the transaction date, amount, account name and recipient of payment. 2. Copy of City of Boynton Beach and Palm Beach County licenses (Business Tax Receipt). 3. For partial reimbursement requests, a Partial Release of Lien from licensed contractors must be submitted. 4. For the final reimbursement request, the following must also be submitted: a. A “final release of lien” signed by each licensed contractor(s). See attached Sample of a Final Release of Lien form. 5. A minimum of 4 color digital “after” photos of the project. 6. A copy of the Certificate of Occupancy/Completion. 7. All in project costs to open or renovate the business for reporting of public to private dollar match. By submitting the final reimbursement request, the applicant warrants that all bills for which applicant is directly responsible related to the project are paid in full including, but not limited to, all contractors, labor, materials, related fees and permits. Grantees may not submit work improvements for reimbursement that have been used as part of a reimbursement request for any other grant program offered by the BBCRA, City of Boynton Beach, Palm Beach County or the State of Florida. The Commercial Property Initials: H.S. Page 12 of 16 Property Improvement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 96 Improvement Grant Program will only reimburse applicants for new expenditures that have not been submitted to other grant programs for reimbursement. SUBMISSION OF AN APPLICATION IS NOT A GUARANTEE OF FUNDING It is the responsibility of the applicant to READ AND UNDERSTAND all aspects of the Grant Program’s Rules/Requirements and Application. NOTICE TO THIRD PARTIES: The grant application program does not create any rights for any parties, including parties that performed work on the project and landlords. Nor shall issuance of a grant result in any obligation on the part of the BBCRA to any third party. The BBCRA is not required to verify that entities that have contracted with the applicant have been paid in full, or that such entities have paid any subcontractors in full. Applicant’s warranty that all bills related to the Project for which the applicant is directly responsible have been paid is sufficient assurance for the BBCRA to award grant funding. CERTIFICATION AND WAIVER OF PRIVACY: For purposes of this certification and waiver of privacy, the term “I” refers to the applicant and to all signatories below individually. By signing below, each signatory represents and confirms that he or she is authorized to sign on behalf of the applicant(s). I, the undersigned applicant(s), certify that all information presented in this application, and all of the information furnished in support of the application, is given for the purpose of obtaining a grant under the Boynton Beach Community Redevelopment Agency Commercial Property Improvement Grant Program, and it is true and complete to the best of my knowledge and belief. I further certify that I am aware of the fact that I can be penalized to the maximum extent permitted by law for making false statements or presenting false information. I further acknowledge that I have read and understand the terms and conditions set forth and described in the Boynton Beach Community Redevelopment Agency Commercial Property Improvement Grant Program Rules and Requirements. I understand that this application is not a guarantee of grant assistance, and that award of grants is at the sole discretion of the Boynton Beach Community Redevelopment Agency Board. I understand that the purpose of the grant is to further the Boynton Beach Community Redevelopment Plan, and that the Boynton Beach Community Initials: H.S. Page 13 of 16 Property Improvement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com 97 Redevelopment Agency may decline my application for any legal reason, including the reason that granting the award will not further the Community Redevelopment Plan. Should my application be approved, I understand that the Boynton Beach Community Redevelopment Agency may, at its sole discretion, discontinue grant payments at any time if in its sole and absolute determination it feels such assistance no longer meets the program criteria or is no longer in furtherance of the Boynton Beach Community Redevelopment Plan. To the maximum extent possible, I hereby waive my rights to privacy and confidentiality for all matters contained in this application, and give my consent to the Boynton Beach Community Redevelopment Agency, its agents and contractors to examine any confidential information given herein. I further grant permission, and authorize any bank, employers or other public or private agency to disclose information deemed necessary to complete this application. I specifically authorize the BBCRA to run a credit report as part of this application, and understand that information in my credit report, including a record of bankruptcy, may disqualify me from obtaining grant funding. I give permission to the BBCRA or its agents to take photos of myself and business to be used to promote the program. I understand that if this application and the information furnished in support of the application are found to be incomplete, it will be not processed. Business Information: Business Name (and d/b/a if applicable): RUSTY’S CARIBBEAN RESTAURANT & LOUNGE, LLC. Boynton Beach Business Address: 154 N.E. 16TH AVENUE BOYNTON BEACH, FL. 33435 Applicant Contact Phone Number: 561.599.1163 Initials: H.S. Page 14 of 16 Property Improvement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com 98 Property Improvement 100 East OceanAvenue, 41h Floor, Boynton Beach, FL 33435- Phone: (561) 600- 9090 www.boyntonbeachcra.com 99 Property Improvement 100 East OceanAvenue, 41h Floor, Boynton Beach, FL 33435- Phone: (561) 600- 9090 www.boyntonbeachcra.com 100 Business Information Additional Information Application Commercial Property Improvement Grant Application Status Awaiting Decision Business Name Rusty's Carib Cuisine Contact Legal Name Holly Scott Contact Preferred Name Holly Email traversatilellc@gmail.com Address 154 Ne 16th Ave, BOYNTON BEACH, Florida 33435, United States Phone 561-599-1163 Website https://www.facebook.com/rustyscaribcuisine/ Special Requests Submitted Time Oct 29, 2025 8:11 am Tags Boynton Beach Business Address: 510 E. Ocean Avenue, Unit 107 Provide a list of all principal owners listed on the corporate documents Holly N. Scott Business Mission Statement Rusty's Caribbean Cuisine and Lounge, LLC. is dedicated to preserving and sharing authentic Jamaican and Caribbean culinary traditions while serving as a cultural anchor and community gathering space in Boynton Beach. As a Black Caribbean-American owned business, we are 11/18/25, 12:07 PM Artist, Vendor & Exhibitor Submission - BBCRA Economic Development Grant Programs - Eventeny https://www.eventeny.com/dashboard/events/event/vendors/list/view/?id=12701&vend_id=738569&index=0&total=33 1/6101 committed to uplifting our community through exceptional food service, cultural education, and consistent support of local families and organizations through sponsorships and food donations. Our mission is to create economic oppor tunity, celebrate Caribbean heritage, and build lasting connections that strengthen the fabric of South Florida's diverse communities. Are you an existing business in Boynton Beach? Yes Numbers of years in existence 6 Are you a new business in Boynton Beach? No Description of your business Rusty's Caribbean Cuisine and Lounge, LLC - A full-service Caribbean restaurant and lounge specializing in authentic Jamaican cuisine, currently completing buildout of permanent location at 500 Ocean Building, Unit 107 in Boynton Beach, FL. Operates as both brick-and-mortar restaurant and mobile food truck, serving the South Florida community since 2019. Type of Business Tier I Base Rent (include CAM if applicable) 3,800.00 Square Footage of Current Location 300 Square Footage of New Location 1,100 Number of Employees & Job Descriptions Holly Scott - Owner/Operator Job Description: Overall business management, menu development, customer relations, financial oversight, community outreach coordination Pay Range: Owner equity Weekly Schedule: Variable hours across all operations, 7 days/week Chef Job Description: Food preparation, recipe development, kitchen operations, quality control, menu execution Pay Range: $16-20/hour Weekly Schedule: 35-40 hours, Tuesday-Sunday All-Round Assistant Job Description: Food prep, customer service, cleaning, inventory support, general restaurant operations assistance Pay Range: $13-16/hour Weekly Schedule: 30-35 hours, flexible schedule across all operating days POSITIONS TO BE CREATED WITH RESTAURANT BUILDOUT: Server/Bar tender (2 positions) Job Description: Customer service, order taking, food/beverage service, POS system operation, dining area maintenance Pay Range: $12-15/hour + tips Weekly Schedule: 30-35 hours each, rotating shifts to cover all operating hours Part-time Server (1 position) Job Description: Weekend and peak hour support, customer service, food service, cleaning duties Pay Range: $12-14/hour + tips Weekly Schedule: 20-25 hours, primarily weekends and busy periods Hours of Operation Weekdays: 9:00 AM - 9:00 PM Weekends: 7:00 AM - 8:00 PM Are you applying for grant assitance under any other program offered by the BBCRA? Commercial Rent Reimbursement Grant Program Are you applying for grant assistance under any other governmental agencies? 11/18/25, 12:07 PM Artist, Vendor & Exhibitor Submission - BBCRA Economic Development Grant Programs - Eventeny https://www.eventeny.com/dashboard/events/event/vendors/list/view/?id=12701&vend_id=738569&index=0&total=33 2/6102 N/A Landlord Contact Information S. Stopler - Sstopler@avantiresidential.com 101 S. Federal Highway, Boynton Beach, Fl 33425 Ph. 561.216.0975 In the following sections, please upload the requested documents. If more than one file is needed in a response to an individual prompt, go to "Choose Files," select multiple files at the same time in order for them to upload. I understand Upload resumes for each principal/owner listed on corporate documents here: File uploaded Upload a copy of the lease here: File uploaded Upload a copy of the corporate documents here: File uploaded Upload two years of corporate tax returns here: File uploaded Upload City of Boynton Beach Business Tax Receipt here: (No response submitted) Upload Palm Beach County Business Tax Receipt here: (No response submitted) Upload Credit Check Authorization Form here: File uploaded Upload Business w9 here: File uploaded Upload Grant Intake Form here: File uploaded Upload Signed "Program Rules and Regulations" here: File uploaded List of improvements seeking reimbursement for: Kitchen Installation & Equipment Complete kitchen buildout in previously non-kitchen space Installation of 12-foot commercial hood vent system Commercial refrigeration units and food preparation areas New commercial-grade cooking equipment and appliances Plumbing Improvements New plumbing infrastructure and pipe installation Installation of new commercial kitchen sinks Underground plumbing connections to existing grease trap system Grease management systems for full restaurant operations Electrical Improvements New electrical systems to support commercial kitchen equipment Electrical infrastructure for hood vent system and appliances Enhanced electrical capacity for full restaurant operations HVAC Integration Integration of new kitchen ventilation with existing HVAC system Proper air circulation and temperature control for kitchen operations Hood system ventilation coordination Interior Improvements (Division 9 Finishes) Complete interior painting and aesthetic upgrades Modern finish work to enhance dining atmosphere Visual improvements to create cohesive restaurant environment 11/18/25, 12:07 PM Artist, Vendor & Exhibitor Submission - BBCRA Economic Development Grant Programs - Eventeny https://www.eventeny.com/dashboard/events/event/vendors/list/view/?id=12701&vend_id=738569&index=0&total=33 3/6103 Prices Requested grant amount for design fees: $10,500.00 Requested grant amount for eligible property improvments: $50,000 Upload cost estimates from a licensed contractor(s) here: File uploaded If design funding is requested, upload the cost estimate(s) from a qualified licensed design professional here: File uploaded Upload a copy of design and construction plans associated with the proposed improvements here: File uploaded Upload a copy of the building permit application here: File uploaded Upload the "City Acknowledgement" Forms here: File uploaded Upload Notarized "Anti-Human Trafficking Affidavit" here: File uploaded I understand that submission of an application is not a guarantee of grant funding or Board approval. Any "approval" notifications sent through Eventeny are purely administrative. Final approval will occur at the next available Board Meeting. Holly N. Scott How would you like to pay your application fee? Pay with credit card Application Fee Quantity - 1 | Total - $100.00 11/18/25, 12:07 PM Artist, Vendor & Exhibitor Submission - BBCRA Economic Development Grant Programs - Eventeny https://www.eventeny.com/dashboard/events/event/vendors/list/view/?id=12701&vend_id=738569&index=0&total=33 4/6104 Pictures 11/18/25, 12:07 PM Artist, Vendor & Exhibitor Submission - BBCRA Economic Development Grant Programs - Eventeny https://www.eventeny.com/dashboard/events/event/vendors/list/view/?id=12701&vend_id=738569&index=0&total=33 5/6105 11/18/25, 12:07 PM Artist, Vendor & Exhibitor Submission - BBCRA Economic Development Grant Programs - Eventeny https://www.eventeny.com/dashboard/events/event/vendors/list/view/?id=12701&vend_id=738569&index=0&total=33 6/6106 Reset Select Language ▼ Search by Address, Owner, or PCN Return Property Info Layers Tools & Reports Help View Property Record Print AVANTI RESIDENTIAL 500 OCEAN TIC II LLC AVANTI RESIDENTIAL 500 OCEAN TIC III LLC AVANTI RESIDENTIAL 500 OCEAN TIC I LLC LOCATION 101 S FEDERAL HWY MUNICIPALITY BOYNTON BEACH PARCEL NO. 08-43-45-28-03-007-0010 SUBDIVISION BOYNTON TOWN OF BOOK/PAGE 32626/379 SALE DATE 06/02/2021 MAILING ADDRESS 1700 BROADWAY STE 620 DENVER CO 80290 1702 USE TYPE 0300 - MULTIFAMILY 10 UNITS OR MORE TOTAL SQUARE FEET OWNERS PROPERTY DETAIL v.1.5b 10/30/25, 10:28 AM PAPA Countywide Map https://gis.pbcgov.org/papagis/papa.html#1/1107 Property Improvements Cost Hood & Exhaust 25,000.00$ Grease Trap 5,000.00$ Electrical Services 17,200.00$ Plumbing Services 13,800.00$ Interior Renovations 9,050.00$ Permitting 3,500.00$ GC Contingency 10,000.00$ Total Eligible Improvements 83,550.00$ 50% Reimbursement 41,775.00$ Plus 20% Contingency 8,355.00$ Max Grant Allowed 50,000.00$ Design Cost Peirry Engineering LLC 10,600.00$ KATC - Architectural 5,000.00$ KATC - MEP Engineering 6,500.00$ Total Design Fees 22,100.00$ 50% Reimbursement 11,050.00$ Max Grant Allowed 10,000.00$ 108 ESTIMATE K.A.T.C. CONSTRUCTION CORP., INC. 8879 Maple Hill Court CCC1327957 Boynton Beach, Florida 33473 United States 9547895806 BILL TO RUSTY'S CARIBBEAN RESTAURANT & LOUNGE, LLC. Holly Scott 510 East Ocean Avenue Boynton Beach, Florida 33435 United States 5615991163 hnscottdawes44@gmail.com Estimate Number:2025-02-10 Estimate Date:March 14, 2025 Valid Until:June 12, 2025 Grand Total (USD):$122,250.00 Items Quantity Price Amount ARCHITECTURAL SERVICES Procurement and revision of architectural drawings, coordination with MEP, and preparation of final permit-ready plans to meet City of Boynton Beach building and code compliance. Includes plan revisions and submittal coordination by Steve Myott Architects, Inc. 1 $5,000.00 $5,000.00 MEP ENGINEERING SERVICES Mechanical, electrical, and plumbing (MEP) design and engineering for the commercial kitchen conversion, including kitchen ventilation/hood design, gas & plumbing schematic, electrical load calculations, and coordination with architectural plans for permit submittal, by Prierry MEP Engineering, Inc. 1 $6,500.00 $6,500.00 PERMITTING/SUBMITTALS Procure permits from the city of Boynton Beach. Provide licensing, insurance, and NOA submittals per county code to obtain an active re-roofing permit. Provide all necessary affidavits, as required. 1 $3,500.00 $3,500.00 Page 1 of 4 for Estimate #2025-02-10 109 Items Quantity Price Amount 12-FT COMMERCIAL HOOD & EXHAUST INSTALLATION (1) Delivery and installation of 12’ Type I stainless steel exhaust hood. (2) Commercial-grade upblast exhaust fan with curb mount. (3) Welded grease ductwork from hood-to-wall penetration. (4) Installation of UL300-compliant fire suppression system (e.g., Ansul). (5) Electrical connections for exhaust fan, lighting, and fire system. (6) Wall penetration and proper weather sealing for exhaust and make-up air (as required). Coordination of all required inspections (mechanical, electrical, and fire). Final testing, certification, and tagging of the fire suppression system 1 $15,000.00 $15,000.00 UNDERGROUND GREASE TRAP Supply and install code-compliant underground grease interceptor (or specified trap), excavation, piping connections, access lids, and final tie-in to sewer per local code and Health Department requirements. 1 $5,000.00 $5,000.00 APPLIANCES AND MAJOR EQUIPMENT Commercial range, fryers, ovens, refrigeration (reach-in), dishwasher, ice machine, cold-storage units, stainless prep tables, and related appliance installations and final hookups. 1 $23,000.00 $23,000.00 Electrical Services Complete electrical scope for restaurant conversion, including service upgrades, new circuits for kitchen and dining areas, dedicated wiring for hood, make-up air, refrigeration, and equipment; installation of lighting, outlets, and emergency/exit fixtures; all work per NEC and City of Boynton Beach code. 1 $27,200.00 $27,200.00 Page 2 of 4 for Estimate #2025-02-10 ESTIMATE K.A.T.C. CONSTRUCTION CORP., INC. 8879 Maple Hill Court CCC1327957 Boynton Beach, Florida 33473 United States 9547895806 110 Items Quantity Price Amount PLUMBING SERVICES, INC. Installation of all new plumbing lines, waste and vent systems, and fixtures for the kitchen area; connections for sinks, dishwashers, and ice machines; installation of gas lines for cooking equipment; and placement of a code-compliant underground grease trap with final tie-ins. 1 $16,800.00 $16,800.00 INTERIOR RENOVATIONS 1. Interior Painting — $2,250.00 1 $10,250.00 $10,250.00 Surface preparation (patching, light sanding, cleaning). Two coats of premium commercial-grade interior paint. Labor for all walls in the main dining area. Materials + Labor Included. 2. Floor Tile Installation — $6,800.00 Removal of existing flooring (if required). Installation of commercial-grade ceramic or porcelain tiles. Leveling, professional grouting, and finishing. Labor & materials included. Assumes approx. 800-865 sq ft; can be adjusted once exact measurement is confirmed. 3. Branded Wall Posters (2 Large Feature Walls) — $1,200.00 Design/printing of two oversized high-resolution wall posters. Branding using company logo, colors, and Caribbean island-style imagery. Professional mounting/installation ($600 each). 4. Final Cleanup & Finishing — Included Removal of all materials, packages, and debris. Final quality walkthrough to ensure all work meets standards. Page 3 of 4 for Estimate #2025-02-10 ESTIMATE K.A.T.C. CONSTRUCTION CORP., INC. 8879 Maple Hill Court CCC1327957 Boynton Beach, Florida 33473 United States 9547895806 111 Items Quantity Price Amount OWNER-APPROVED CONTINGENCY This 10% contingency is a standard owner- controlled allowance included to accommodate unforeseen conditions that may arise during interior renovation and buildout — such as concealed mechanical/plumbing conflicts, required code upgrades, or inspection-driven field modifications. All use of contingency funds will be subject to written owner approval and properly documented change orders. 1 $10,000.00 $10,000.00 Grand Total (USD):$122,250.00 Notes / Terms PLEASE MAKE CASHIER'S CHECKS PAYABLE TO K.A.T.C. CONSTRUCTION CORP., INC. Page 4 of 4 for Estimate #2025-02-10 THANK YOU FOR YOUR BUSINESS! ESTIMATE K.A.T.C. CONSTRUCTION CORP., INC. 8879 Maple Hill Court CCC1327957 Boynton Beach, Florida 33473 United States 9547895806 112 ` REMIT TO: Pierry Engineering LLC. Jessica Pierry PE 2739 Jackson Street Hollywood, FL 33020 Project: Rusty’s Restaurant 510 East Ocean Avenue Unit 105 Boynton Beach, FL 33435 BILL TO: Rusty’s Restaurant Attn: Jerome Johnson 510 East Ocean Avenue Unit 105 Boynton Beach, FL 33435 INVOICE #: RUSTY 24-1 DATE: 10/24/2024 AGREEMENT # PURCHASE ORDER # PAYMENT TERMS - - Per Contract For Cash App Payment use $pierryeng Thank You! PROJECT DESCRIPTION TOTAL PROJECT AMOUNT AMOUNT RECEIVED TO DATE PERCENT DUE AMOUNT DUE Rusty’s Restaurant 510 E. Ocean Ave Unit 105 Boynton Beach, FL 33435 Total Project Fee $10,600 - - - 25% Initial payment for acceptance of proposal as a retainer. - - 25% $2,650 TOTAL DUE $2,650 113 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: December 9, 2025 CONSENT AGENDA AGENDA ITEM 11.E SUBJECT: Approval of the Commercial Rent Reimbursement Grant Program in the Amount of $22,786.26 t o Rusty's Restaurant and Lounge LLC d/b/a Rusty's Carib Cuisine located in 500 Ocean at 510 E. Ocean Avenue, Unit 107 SUMMARY: The CRA's Commercial Rent Reimbursement Grant Program provides qualified new or expanding businesses located within the CRA boundaries with rent payment assistance for a maximum period of 12 months. CRA staff has received a complete grant application from Rusty's Restaurant and Lounge LLC d/b/a Rusty's Carib Cuisine located in 500 Ocean at 510 E. Ocean Avenue, Unit 107, Boynton Beach, FL 33435 (see Attachments I-II). Rusty's Carib Cuisine has been serving authentic Jamaican and Caribbean culinary traditions since 2019 from their food truck while traveling all throughout South Florida. They are now growing into their first brick and mortar location where they will create a gathering space for exceptional food service. As a restaurant, Rusty's will employ approximately 4 team members from staff supervisor, back and front of house staff for food prep and part-time server. Under the terms of their proposed Landlord-Tenant Lease Agreement, the base rent (plus CAM) to be paid by the applicant is $3,797.72 per month (see Attachment III). Rusty's Carib Cuisine qualifies as a Tier I business (as specified in the grant application) and would receive reimbursement for one-half of their monthly rent amount or maximum grant amount of $2,000 per month for a 12-month period, whichever is less. If approved, Rusty's Carib Cuisine would be reimbursed in the amount of $1,898.86/month for a period of 12 months or a total grant amount of $22,786.26 during its first year of business. Grant reimbursements to the approved applicant occur on a monthly basis with proof of rent payments. FISCAL IMPACT: FY 2025-2026 Budget, Project Fund, Line Item 02-58400-444, $22,786.26 CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan 114 •Attachment I - Commercial Rent Reimbursement Grant Program Application •Attachment II - Location Map •Attachment III - Lease CRA BOARD OPTIONS: Approval of the Commercial Rent Reimbursement Grant in the amount not to exceed $22,786.26 to Rusty's Restaurant and Lounge LLC d/b/a Rusty's Carib Cuisine located in 500 Ocean at 510 E. Ocean Avenue, Unit 107, Boynton Beach, FL 33435. ATTACHMENTS: Description 115 Page 1 of 13 Rent Reimbursement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com Initials October 1, 2025 – September 30, 2026 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY COMMERCIAL RENT REIMBURSEMENT GRANT PROGRAM Program Rules and Regulations The Commercial Rent Reimbursement Grant Program is designed to help facilitate the establishment of new businesses and aid in the expansion of existing businesses within the Boynton Beach Community Redevelopment Agency (the “BBCRA”) Area. The program is designed to provide financial assistance to new and existing businesses in the form of rent reimbursement intended to help businesses during the critical first year of operation or expansion. The BBCRA reserves the right to approve or deny any Commercial Rent Reimbursement Grant Program application and to deny payment at any time if, in its sole and absolute discretion, it determines that the business will not advance the goals and objectives established for redevelopment of the BBCRA Area. The receipt of past payments is not a guarantee of future payments. For purposes of this application, the term “new business” means a company in operation for less than one year or relocating to Boynton Beach. The term “existing business” means a company that has been in operation within the BBCRA Area for a minimum of two years at the time of application and has at least two years remaining on its existing lease at the time of Board approval. The BBCRA is a public agency and is governed by the “Florida Public Records Law” under Florida State Statutes, Chapter 119. Any documents provided by the Applicant(s) may be produced by the BBCRA upon receipt of a public records request, subject to any exemptions provided by Florida Law. jayki 2025-10-29 19:23:24 ------------------------------------------- - H 116 Initials H.S. Page 2 of 13 Rent Reimbursement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com Incentive Funding The Commercial Rent Reimbursement Grant Program offers financial assistance through a reimbursable grant in the form of a monthly rent reimbursement for the first 12 months of business. New businesses are eligible to apply for assistance for up to one year from the issuance of the City of Boynton Beach Business Tax Receipt. Rent Reimbursements will not be paid until all construction has ended, permits are closed out, City and County licenses are obtained, and the business is open for operation under a Temporary Certificate of Occupancy (TCO) or a Certificate of Occupancy (CO). However, if the construction is for expansion of an existing business, and the existing business property remains open during construction of the expansion, the Applicant is eligible to receive rent reimbursement for the portion of the business that is not under construction so long as that portion remains operational during construction. For businesses that do not require any construction work, rent reimbursements will not be paid until City and County licenses are obtained and the business is open for operation. On a monthly basis, the BBCRA will issue reimbursement directly to the applicant. Reimbursement is for the monthly rent payment made to the landlord, and is dependent upon receipt of verification that the payment has been cleared by the bank. CASH AND/OR CRYPTOCURRENCY PAYMENTS are not eligible for reimbursement. The responsibility for all rental payments is between the parties to the lease, (the tenant and the landlord). As grantor, the BBCRA does not bear or accept any responsibility for payment of rent at any time, or for penalties incurred for the late arrival of payments by any party. Applicants are also encouraged to connect with CareerSource Palm Beach County which is a State organization providing various free programs to assist Palm Beach County businesses. CareerSource Palm Beach County has a dedicated team of career counselors, business coaches and training providers to help area businesses stay competitive through training grants and talent acquisitions, and also provide assistance in posting available jobs, recruiting and hiring, and training opportunities. For more information regarding CareerSource Palm Beach County visit their website at careersourcepbc.com. 117 Initials H.S. Page 3 of 13 Rent Reimbursement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com Eligibility Requirements Applicants must meet all of the following requirements in order to be considered eligible to receive grant funding: • Applicant must be a new business, or an existing business that is expanding in size. • Applicant must be the business entity (or d/b/a) named and the principal owners named on the corporation documents, and must be the landlord or business owner of the company occupying the property to be improved. • Must be located within the BBCRA Area (see attached map). • Must provide proof that the business is properly licensed by all necessary levels of government and professional associations or agencies (copies of city and county licenses or receipts that the licenses have been applied for). • Non-profit and residentially zoned properties are NOT eligible. • The Commercial Rent Reimbursement Grant Program may only be used one time by any one specific business entity or business owner unless the existing business is expanding as defined in this grant application • An existing business must expand to occupy more than 50% of its current square footage size or open a second location within the BBCRA Area. Verification of this threshold must be provided in the application package. Exceptions to this rule may be made at the discretion of the BBCRA Board if the tenant is losing their current space due to redevelopment of the site. • The Applicant’s Experian consumer credit report must reflect an acceptable level of financial stability, as determined in the sole discretion of the BBCRA Applicants must have an Experian credit score of 601 or higher and have no listed history of bankruptcy to be eligible. If there is more than one business owner, the majority of the business owners must have credit scores of 601 or higher to be eligible. • Applicant must have an executed multi-year lease with at least two years remaining on the lease at the time of BBCRA Board approval. • Proposed leases must be executed within 30 days of BBCRA Board approval or the grant award is terminated. • Grantees shall allow the BBCRA the rights and use of photos and project application materials. • The BBCRA Board may give preference to local businesses. For purposes of this grant, local business means a duly licensed business entity with an office location in Palm Beach County. 118 Initials H.S. Page 4 of 13 Rent Reimbursement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com • Anti-Human Trafficking. Prior to the execution of this Agreement, or any renewal and/or extension thereto, the Grantee shall attest under penalty of perjury, that it does not use coercion for labor or services as defined in Section 787.06(2), Florida Statutes. Attestations shall be documented using an Anti-Human Trafficking Affidavit as provided by the CRA. Ineligible Businesses The following businesses are considered ineligible for assistance under the Commercial Rent Reimbursement Grant Program: • Firearm Sales/Shooting Range • Convenience Store • Religion-Affiliated Retail Stores • Churches/places of worship • Non-profit organizations • Medical Research Centers/Housing • Check Cashing Stores • Kava Tea Bars • Tattoo Shops / Body Piercing / Body Art Shops • Adult Entertainment • Liquor Stores • Adult Arcades • Vapor Cigarette, E Cigarette Stores • Alcohol and/or Drug Rehabilitation Centers/Housing • Massage/Personal Services • Auto Services Facilities – repair, storage, sales, etc • CBD Retail Stores, etc. • Pawn Shops • Political offices, campaign headquarters, or other businesses focused on politics or political operations • Any other use that the BBCRA staff or BBCRA Board determine will not support the redevelopment of the BBCRA Area Grant Terms and Conditions This grant is divided into two tiers of eligibility. Businesses are classified into tiers based on the type of business, which then determines the amount of eligible funding. Grant funding amounts will be based on the applicant’s project budget specified at the time of BBCRA Board approval. Tier One Business Tier One Businesses are eligible for reimbursement for up to half (50%) of the business’ base monthly rent plus half of the Common Area Maintenance fee (if applicable), or $2,000 per month, whichever is less. The maximum amount of the grant is $24,000, 119 Initials H.S. Page 5 of 13 Rent Reimbursement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com distributed in 12 monthly payments. Utilities and property taxes are ineligible for reimbursement. Tier One Businesses must be one of the following types of businesses: • Restaurant • Gourmet Food Market • Bakery/Coffee Shop • Hotels/Motels/Bed and Breakfast (the Board will grant no more than four approvals in this category per fiscal year; short term vacation rentals are not eligible) Tier Two Business Tier Two Businesses are eligible for reimbursement for up to half (50%) of the business’s base monthly rent plus half of the Common Area Maintenance fee (if applicable), or $1,750 per month, whichever is less. The maximum amount of the grant is $21,000, distributed in 12 monthly payments. Utilities and property taxes are ineligible for reimbursement. Examples of Tier Two Businesses include, but are not limited to, the following types of businesses: • Professional Offices (real estate, law, architect, accountant, insurance, marketing etc.) • Take-Out Restaurants • Services (lockshops, appliance repair, etc.) • Medical Offices (dentists, primary care, counseling, etc.) • Laundry/Dry Cleaner facility • Retail (clothing, art, accessories) • Hair/Nail Salons (no more than 2 approvals per fiscal year) • Florists (no more than 2 approvals per fiscal year) • Fitness Centers • Specialty Businesses (daycare, ice-cream shop, pet grooming, event planning) • Industrial Uses/Art District (excluding auto repair/sales) Lease Terms If the applicant is a tenant, it must have a proposed or executed multi-year lease with a minimum of two years remaining on the lease at the time of Board approval. The commercial lease must define the landlord-tenant relationship and at minimum provide the following information: • A description of the space being rented, including square footage and a drawing of the space; 120 Initials H.S. Page 6 of 13 Rent Reimbursement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com • Description of utilities that are the tenant’s responsibility; • Rental rate and deposits along with terms of lease and methodology for future rent increases; • Responsible party for interior and exterior repairs and/or improvements; • Insurance requirements; • Ability to terminate; and • Consequences of default on the lease. For purposes of this paragraph, the term “subject property” means the leased premises of the grant recipient, for which the applicant or grant recipient is seeking rental reimbursement, or any part thereof. Grant recipients are prohibited from subletting the subject property. If a grant recipient sublets the property, the grant recipient will be required to repay the BBCRA for all grant money received up to that point and will not be eligible to receive any further grant funding. For purposes of this grant, the BBCRA considers the following to be subletting: A) executing a sublease, assignment, or similar agreement with an entity that is not the grant recipient; B) allowing the subject property to be occupied by any business entity in which the grant recipient is not listed as the registered agent, owner, officer or director of said business, or assisting such a business in so doing; C) allowing or assisting a business entity other than the grant recipient to list its place of business as the subject property; or D) allowing or assisting a business entity other than the grant recipient to obtain a business tax license from the City of Boynton Beach for the subject property. The fact that a business entity other than the grant recipient occupies the subject property, lists its place of business as the subject property, obtains a business tax license for the subject property, or similarly appears to use the subject property is sufficient evidence that the grant recipient has allowed or assisted such other business entity to do so and is grounds for termination of any further grant payments and seeking reimbursement for previously paid grant payments. However, it shall not be considered a prohibited subleasing when the business purpose of the applicant is to provide a space for aspiring businesses, such as when the applicant is a business incubator, commissary kitchen, or business that provides co-op workspace. The BBCRA will determine whether a certain applicant fits into the exception described in this paragraph on a case-by-case basis. 121 Initials H.S. Page 7 of 13 Rent Reimbursement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com Application Process Applications can be submitted online at www.boyntonbeachcra.com. All applicants are required to meet with BBCRA staff in order to determine eligibility before submitting an application. Applications will not be considered until all required documentation is submitted to the BBCRA office. Application to this grant program is not a guarantee of funding. Funding is at the sole discretion of the BBCRA Board. Applicants may submit complete applications via email or mail hard copies of the application with all materials to the BBCRA for review and approval by the BBCRA Board, however online submissions are preferred. Applicants will be considered on a first-come, first-served basis. Application packets must include the following documentation: 1. A non-refundable fee of $100, which will be used to obtain a consumer credit report on the business and principal/owners of business. Make check payable to: Boynton Beach CRA. 2. Provide a 2-3 sentence mission statement for the applying business entity. This will be used as a way to introduce the business to the BBCRA Board. 3. Resume for each principal/owner of the business. 4. Copy of the corporate documents for the applying business entity. 5. Copy of City and County Business Licenses (Business Tax Receipt). 6. Copy of executed multi-year commercial lease agreement. 7. Two years of corporate tax returns (for existing businesses only). 8. Two years of personal tax returns for the principal/owners of a new business (if no corporate tax returns). 9. List of jobs to be created and filled including job descriptions, pay range and weekly schedule. For existing businesses, provide a list of all current positions including job descriptions, pay range and weekly schedule. 10. If applicant is an existing business expanding to occupy more than 50% of its current square footage size, verification of this threshold must be provided in the application package. Exceptions to this rule may be made at the discretion of the BBCRA Board if the tenant is losing their current space due to redevelopment of the site. 11. Initialed and signed Program Rules & Regulations (pages 1-12). 12. Authorization to perform credit check for the business and each principal/owner of the business. 13. W9 Form and Grant Intake Form. 122 Initials H.S. Page 8 of 13 Rent Reimbursement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com Approval of Funding Request All required application documentation must be submitted no later than noon two weeks prior to the second Tuesday of the month. BBCRA staff will review the application to evaluate whether the applicant is eligible for reimbursement. If it meets these requirements, BBCRA staff will present the funding request to the BBCRA Board for review and potential approval. The BBCRA Board meets on the second Tuesday of each month. The schedule for BBCRA Board meetings can be obtained at www.boyntonbeachcra.com. Applicants will be notified of the date and time that their applications will be considered by the BBCRA Board. The BBCRA recommends that applicants attend the BBCRA Board meeting during which the Board will consider their applications in order to answer any questions the BBCRA Board may have regarding their applications. BBCRA staff will notify the applicant of the BBCRA Board’s approval or denial in writing. Site Visits BBCRA may conduct a site visit prior to transmitting the application to the BBCRA Board and once the project is completed. Staff may also conduct unannounced site visits before, during and after the project in order to determine and ensure compliance with the terms of the grant. Procedures for Reimbursement Monthly rent reimbursement payments will be provided to the grant recipient beginning the first month the business is open for operation subsequent to BBCRA Board approval. A maximum of 12 consecutive monthly rent payments are eligible to be reimbursed to the approved applicant. Reimbursement will occur on a monthly basis. Following the initial Reimbursement Request, each reimbursement request shall be made within 30 days of the start of the next month. In order to receive monthly rent reimbursement the grant applicant must submit the following: 1. Written request for reimbursement. 123 Initials H.S. Page 9 of 13 Rent Reimbursement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com 2. Proof of rent payments (i.e., copies of the front and back of cancelled checks for that month’s reimbursement or proof of direct deposit). CASH AND/OR CRYPTOCURRENCY PAYMENTS for rent are not eligible for reimbursement. If applicant does not submit its monthly reimbursement request within 30 days following the end of the next month in which applicant is requesting reimbursement, applicant forfeits that month’s reimbursement. Discontinuation of Payment The receipt of past payments does not guarantee future payments. The BBCRA retains the right to discontinue rent reimbursement payments at any time at its sole and absolute discretion. SUBMISSION OF AN APPLICATION IS NOT A GUARANTEE OF FUNDING It is the responsibility of the applicant to READ AND UNDERSTAND all aspects of the Grant Program’s Rules/Requirements and Application. NOTICE TO THIRD PARTIES: The grant application program does not create any rights for any parties, including landlords and parties that performed work on the property. Nor shall issuance of a grant result in any obligation on the part of the BBCRA to any third party. The BBCRA is not required to verify that entities that have contracted with the applicant or applicant’s landlord have been paid in full, or that such entities have paid any subcontractors in full. Applicant’s submittal of verification that monthly rental payments have been cleared by the bank is sufficient assurance for the BBCRA to award grant funding. CERTIFICATION AND WAIVER OF PRIVACY: For purposes of this certification and waiver of privacy, the term “I” refers to the applicant and to all signatories below individually. By signing below, each signatory represents and confirms that he or she is authorized to sign on behalf of the applicant(s). I, the undersigned applicant(s), certify that all information presented in this application, and all of the information furnished in support of the application, is given for the purpose of obtaining a grant under the Boynton Beach Community Redevelopment Agency 124 Initials H.S. Page 10 of 13 Rent Reimbursement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com Commercial Rent Reimbursement Grant Program, and it is true and complete to the best of my knowledge and belief. I further certify that I am aware of the fact that I can be penalized to the maximum extent permitted by law for making false statements or presenting false information. I further acknowledge that I have read and understand the terms and conditions set forth and described in the Boynton Beach Community Redevelopment Agency Commercial Rent Reimbursement Grant Program Rules and Requirements. I understand that this application is not a guarantee of grant assistance, and that award of grants is at the sole discretion of the Boynton Beach Community Redevelopment Agency Board. I understand that the purpose of the grant is to further the Boynton Beach Community Redevelopment Plan, and that the Boynton Beach Community Redevelopment Agency may decline my application for any legal reason, including the reason that granting the award will not further the Community Redevelopment Plan. Should my application be approved, I understand that the Boynton Beach Community Redevelopment Agency may, at its sole discretion, discontinue grant payments at any time if in its sole and absolute determination it feels such assistance no longer meets the program criteria or is no longer furthering the Boynton Beach Community Redevelopment Plan. To the maximum extent possible, I hereby waive my rights to privacy and confidentiality for all matters contained in my application, and give my consent to the Boynton Beach Community Redevelopment Agency, its agents and contractors to examine any confidential information given herein. I further grant permission, and authorize any bank, employers or other public or private agency to disclose information deemed necessary to complete this application. I specifically authorize the Boynton Beach Community Redevelopment Agency to run a credit report as part of this application, and understand that information in my credit report, including a record of bankruptcy, may disqualify me from obtaining grant funding. I give permission to the Boynton Beach Community Redevelopment Agency or its agents to take photos of myself and business to be used to promote the program. I understand that if this application and the information furnished in support of the application are found to be incomplete, it will be not processed. Business Information: 125 Initials H.S. Page 11 of 13 Rent Reimbursement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com Business Name (and d/b/a if applicable): RUSTY’S RESTAURANT & LOUNGE, LLC. Boynton Beach Business Address: 154 N.E. 16TH AVENUE, BOYNTON BEACH, FL 33435 Applicant Contact Phone Number: 561.5991163 126 Page 12 of 13 Rent Reimbursement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com 127 Page 13 of 13 Rent Reimbursement 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 – Phone: (561) 600 - 9090 www.boyntonbeachcra.com 128 Business Information Additional Information Application Commercial Rent Reimbursement Grant Program Status Awaiting Decision Business Name Rusty's Carib Cuisine Contact Legal Name Holly Scott Contact Preferred Name Holly Email traversatilellc@gmail.com Address 154 Ne 16th Ave, BOYNTON BEACH, Florida 33435, United States Phone 561-599-1163 Website https://www.facebook.com/rustyscaribcuisine/ Special Requests Submitted Time Oct 29, 2025 4:09 pm Tags Boynton Beach Business Address: 510 E Ocean Avenue, Unit 107 Provide a list of all principal owners listed on corporate documents Holly N. Scott Business Mission Statement Rusty's Caribbean Cuisine and Lounge, LLC. is dedicated to preserving and sharing authentic Jamaican and Caribbean culinary traditions while serving as a cultural anchor and community gathering space in Boynton Beach. As a Black Caribbean-American owned business, we are 11/18/25, 12:08 PM Artist, Vendor & Exhibitor Submission - BBCRA Economic Development Grant Programs - Eventeny https://www.eventeny.com/dashboard/events/event/vendors/list/view/?id=12701&vend_id=739147&index=1&total=33 1/4129 committed to uplifting our community through exceptional food service, cultural education, and consistent support of local families and organizations through sponsorships and food donations. Our mission is to create economic oppor tunity, celebrate Caribbean heritage, and build lasting connections that strengthen the fabric of South Florida's diverse communities. Are you an existing business in Boynton Beach? Yes Numbers of years in existence 6 Are you a new business in Boytnon Beach? No Description of your business Rusty's Caribbean Cuisine and Lounge, LLC - A full-service Caribbean restaurant and lounge specializing in authentic Jamaican cuisine, currently completing buildout of permanent location at 500 Ocean Building, Unit 107 in Boynton Beach, FL. Operates as both brick-and-mortar restaurant and mobile food truck, serving the South Florida community since 2019. Type of Business Tier I Base Rent (plus CAM if applicable) 3,800.00 Square Footage of Current Location 300 Square Footage of New Location 1045 Number of Employees & Job Descriptions Holly Scott - Owner/Operator Job Description: Overall business management, menu development, customer relations, financial oversight, community outreach coordination Pay Range: Owner equity Weekly Schedule: Variable hours across all operations, 7 days/week Chef Job Description: Food preparation, recipe development, kitchen operations, quality control, menu execution Pay Range: $16-20/hour Weekly Schedule: 35-40 hours, Tuesday-Sunday All-Round Assistant Job Description: Food prep, customer service, cleaning, inventory support, general restaurant operations assistance Pay Range: $13-16/hour Weekly Schedule: 30-35 hours, flexible schedule across all operating days POSITIONS TO BE CREATED WITH RESTAURANT BUILDOUT: Server/Bar tender (2 positions) Job Description: Customer service, order taking, food/beverage service, POS system operation, dining area maintenance Pay Range: $12-15/hour + tips Weekly Schedule: 30-35 hours each, rotating shifts to cover all operating hours Part-time Server (1 position) Job Description: Weekend and peak hour support, customer service, food service, cleaning duties Pay Range: $12-14/hour + tips Weekly Schedule: 20-25 hours, primarily weekends and busy periods Hours of Operation Weekdays: 9:00 AM - 9:00 PM Weekends: 7:00 AM - 8:00 PM Are you applying for grant assitance under any other program offered by the BBCRA? Commercial Property Improvement Grant Program Are you applying for grant assistance under any other governmental agencies? 11/18/25, 12:08 PM Artist, Vendor & Exhibitor Submission - BBCRA Economic Development Grant Programs - Eventeny https://www.eventeny.com/dashboard/events/event/vendors/list/view/?id=12701&vend_id=739147&index=1&total=33 2/4130 Prices N/A Landlord Contact Information S. Stopler - Sstopler@avantiresidential.com 101 S. Federal Highway, Boynton Beach, Fl 33425 Ph. 561.216.0975 In the following sections, please upload the requested documents. If more than one file is needed in a response to an individual prompt, go to "Choose Files," select multiple files at the same time in order for them to upload. I understand Upload resumes for each principal/owner listed on coporate documents here: File uploaded Upload a copy of the lease here: File uploaded Upload Copy of Corporate Documents Here File uploaded Upload two years of corporate tax returns here: File uploaded Upload City of Boynton Beach Business Tax Reciept Here (No response submitted) Upload Palm Beach County Business Tax Reciept Here (No response submitted) Upload Credit Check Authorization Form Here File uploaded Upload Business w9 here: File uploaded Upload the Grant Intake Form here: File uploaded Upload Notarized "Anti-Human Trafficking Affidavit" here: File uploaded Upload Signed "Program Rules & Regulations" Here File uploaded I understand that submission of an application is not a guarantee of grant funding or Board approval. Any "approval" notifications sent through Eventeny are purely administrative. Final approval will occur at the next available Board Meeting. Holly Scott How would you like to pay your application fee? Pay with credit card Application Fee Quantity - 1 | Total - $100.00 11/18/25, 12:08 PM Artist, Vendor & Exhibitor Submission - BBCRA Economic Development Grant Programs - Eventeny https://www.eventeny.com/dashboard/events/event/vendors/list/view/?id=12701&vend_id=739147&index=1&total=33 3/4131 11/18/25, 12:08 PM Artist, Vendor & Exhibitor Submission - BBCRA Economic Development Grant Programs - Eventeny https://www.eventeny.com/dashboard/events/event/vendors/list/view/?id=12701&vend_id=739147&index=1&total=33 4/4132 Reset Select Language ▼ Search by Address, Owner, or PCN Return Property Info Layers Tools & Reports Help View Property Record Print AVANTI RESIDENTIAL 500 OCEAN TIC II LLC AVANTI RESIDENTIAL 500 OCEAN TIC III LLC AVANTI RESIDENTIAL 500 OCEAN TIC I LLC LOCATION 101 S FEDERAL HWY MUNICIPALITY BOYNTON BEACH PARCEL NO. 08-43-45-28-03-007-0010 SUBDIVISION BOYNTON TOWN OF BOOK/PAGE 32626/379 SALE DATE 06/02/2021 MAILING ADDRESS 1700 BROADWAY STE 620 DENVER CO 80290 1702 USE TYPE 0300 - MULTIFAMILY 10 UNITS OR MORE TOTAL SQUARE FEET OWNERS PROPERTY DETAIL v.1.5b 10/30/25, 10:28 AM PAPA Countywide Map https://gis.pbcgov.org/papagis/papa.html#1/1133 1 RETAIL LEASE by and between AVANTI RESIDENTIAL – 500 OCEAN TIC I, LLC, a Delaware limited liability company, AVANTI RESIDENTIAL – 500 OCEAN TIC II, LLC, a Delaware limited liability company, and AVANTI RESIDENTIAL – 500 OCEAN TIC III, LLC, a Delaware limited liability company, (“Landlord”) and RUSTY’S RESTAURANT AND LOUNGE LLC, a Florida limited liability company (“Tenant”) Effective Date: September 10, 2024 134 i TABLE OF CONTENTS 1. TERM ..................................................................................................................................................................... 5 2. BASIC ANNUAL RENT AND SECURITY DEPOSIT ........................................................................................ 5 3. INTENTIONALLY OMITTED ............................................................................................................................. 5 4. COMMON AREA MAINTENANCE .................................................................................................................... 6 5. IMPROVEMENTS AND ALTERATIONS ........................................................................................................... 7 6. REPAIRS ............................................................................................................................................................... 9 7. USE OF PREMISES ............................................................................................................................................ 10 8. UTILITIES AND SERVICES .............................................................................................................................. 14 9. NON-LIABILITY AND INDEMNIFICATION OF LANDLORD; INSURANCE ............................................ 14 10. FIRE OR CASUALTY......................................................................................................................................... 18 11. EMINENT DOMAIN ........................................................................................................................................... 19 12. ASSIGNMENT AND SUBLETTING ................................................................................................................. 19 13. DEFAULT ............................................................................................................................................................ 21 14. LANDLORD ACCESS; CONSTRUCTION ....................................................................................................... 23 15. BANKRUPTCY ................................................................................................................................................... 24 16. INTENTIONALLY OMITTED ........................................................................................................................... 25 17. SUBORDINATION; ATTORNMENT; ESTOPPEL CERTIFICATES .............................................................. 25 18. SALE BY LANDLORD; TENANT’S REMEDIES; NONRECOURSE LIABILITY ........................................ 26 19. COMMON AREAS.............................................................................................................................................. 27 20. SIGNAGE ............................................................................................................................................................ 28 21. INTENTIONALLY OMITTED ........................................................................................................................... 28 22. OPTION TO RENEW .......................................................................................................................................... 28 23. LIQUOR LICENSE.............................................................................................................................................. 29 24. GUARANTY........................................................................................................................................................ 29 25. MISCELLANEOUS ............................................................................................................................................. 29 135 ii LIST OF EXHIBITS Exhibit A Standards for Utilities and Services Exhibit B Building Rules and Regulations Exhibit C Form Estoppel Certificate Exhibit D Form of Guaranty 136 1 RETAIL LEASE THIS RETAIL LEASE is made between AVANTI RESIDENTIAL – 500 OCEAN TIC I, LLC, a Delaware limited liability company, AVANTI RESIDENTIAL – 500 OCEAN TIC II, LLC, a Delaware limited liability company, and AVANTI RESIDENTIAL – 500 OCEAN TIC III, LLC, a Delaware limited liability company (collectively, “Landlord”), and the Tenant described in Item 1 of the Basic Lease Provisions. LEASE OF PREMISES Landlord hereby leases to Tenant and Tenant hereby leases from Landlord, subject to all of the terms and conditions set forth herein, those certain premises (the “Premises”) described in Item 3 of the Basic Lease Provisions. The Premises is located in the Building described in Item 2 of the Basic Lease Provisions. The Building is located on that certain land located at 101 South Federal Highway, Boynton Beach, Florida 33435 (the “Land”) which is also improved with landscaping, parking facilities and other improvements, fixtures and common areas and appurtenances now or hereafter placed, constructed or erected on the Land (all of the foregoing are collectively referred to herein as the “Project”). BASIC LEASE PROVISIONS 1. Tenant: Rusty’s Restaurant and Lounge LLC, a Florida limited liability company (“Tenant”) 2. Building: 500 Ocean Apartments 101 S Federal Highway Boynton Beach, Florida 33435 3. Description and Rentable Area of Premises: Suite 107; consisting of 1,045 rentable square feet. 4. Basic Annual Rent: Basic Annual Rent shall be $34.34 per square foot of Rentable Area, with payments beginning in Month 3, subject to annual increases of three percent (3%) per Lease Year. If the Commencement Date does not occur on the first day of a month, then Basic Annual Rent shall be prorated for such partial month at the monthly rate set forth below for the first Lease Year, following which, monthly installments of Basic Annual Rent shall be payable for the remaining 59 months of the Initial Term in accordance with the schedule below. For the avoidance of doubt, “Month 3” shall begin on November 1, 2024. Months 1 to 2: Monthly Installment: $0.00 ($0.00 per square foot of Rentable Area) Months 3 to 12: Monthly Installment: Initial Lease Year: $2,990.44 ($34.34 per square foot of Rentable Area) $29,904.40 Months 13 to 24: Monthly Installment: Each Lease Year: $3,080.14 ($35.37 per square foot of Rentable Area) $36,961.68 137 2 Months 25 to 36: Monthly Installment: Each Lease Year: $3,172.45 ($36.43 per square foot of Rentable Area) $38,069.40 Months 37 to 48: Monthly Installment: Each Lease Year: $3,267.37 ($37.52 per square foot of Rentable Area) $39,208.44 Months 49 to 60: Monthly Installment: Each Lease Year: $3,365.77 ($38.65 per square foot of Rentable Area) $40,389.24 5. Tenant’s Proportionate Share of Operating Costs: Tenant’s Proportionate Share of Operating Costs shall be $8.00 per square foot of Rentable Area, with payments beginning in Month 3, subject to annual increases of three percent (3%) per Lease Year. If the Commencement Date does not occur on the first day of a month, then Basic Annual Rent shall be prorated for such partial month at the monthly rate set forth below for the first Lease Year, following which, monthly installments of Basic Annual Rent shall be payable for the remaining 59 months of the Initial Term in accordance with the schedule below. For the avoidance of doubt, “Month 3” shall begin on November 1, 2024. Months 1 to 2: Monthly Installment: $0.00 ($0.00 per square foot of Rentable Area) Months 3 to 12: Monthly Installment: Initial Lease Year: $696.67 ($8.00 per square foot of Rentable Area) $6,966.70 Months 13 to 24: Monthly Installment: Each Lease Year: $717.57 ($8.24 per square foot of Rentable Area) $8,610.84 Months 25 to 36: Monthly Installment: Each Lease Year: $739.34 ($8.49 per square foot of Rentable Area) $8,872.08 Months 37 to 48: Monthly Installment: Each Lease Year: $761.11 ($8.74 per square foot of Rentable Area) $9,133.32 Months 49 to 60: Monthly Installment: Each Lease Year: $783.75 ($9.00 per square foot of Rentable Area) $9,405.00 6. Security Deposit Payable Upon Lease Execution: $3,800.00 138 3 7. Initial Term: Commencing on the Commencement Date and ending at 11:59 p.m., Eastern Time, on August 31, 2029. If the Commencement Date does not occur on the first day of a month, then the Initial Term shall include the partial month in which the Commencement Date occurs and shall extend for the remaining 59 calendar months following such partial month. 8. Commencement Date: September 10, 2024 9. Option Term: One (1) extension of five (5) Lease Years each 10. Permitted Use: As a restaurant selling Caribbean fare for dine-in and take- out. 11. Tenant’s Trade Name: Rusty’s Restaurant and Lounge 12. Broker(s): Landlord’s Broker: Canvas Real Estate 3105 NW 107th Ave, Suite 502 Doral, Florida 33172 Tenant’s Broker: None 13. Addresses for Notices: To: TENANT: To: LANDLORD: Prior to the Commencement Date: Holly Scott 154 NE 16th Ave. Boynton Beach, Florida 33435 After the Commencement Date: Holly Scott 101 S Federal Highway, Suite 107 Boynton Beach, Florida 33435 500 Ocean Apartments 101 S Federal Highway Boynton Beach, Florida 33435 Attn: Jennifer Beebe Email: jbeebe@avantiresidential.com With a simultaneous copy to: Avanti Residential 1700 Broadway, Suite 200 Denver, Colorado 80290 Attn: Legal Department Email: alockefeer@avantiresidential.com 14. Place of Payment All payments payable under this Lease shall be sent to Landlord at the address specified in Item 13 or to such other address as Landlord may designate by written notice to Tenant, or, with Landlord’s prior consent, such payments may be made by automated clearing house (ACH) to such account as Landlord shall designate by written notice to Tenant. 15. Guarantor: Holly Scott 139 4 16. Date of this Lease: The effective date of this Lease is the “Effective Date” set forth on the cover page of this Lease. 17. The “State” Florida This Lease consists of the foregoing introductory paragraphs and Basic Lease Provisions, the Standard Lease Provisions which follow (the “Standard Lease Provisions”), and all Exhibits, all of which are incorporated herein by this reference. In the event of an irreconcilable conflict between the Basic Lease Provisions and the Standard Lease Provisions, the Standard Lease Provisions shall control. 140 5 STANDARD LEASE PROVISIONS 1. TERM 1(a) The Initial Term of this Lease and the Rent (defined below) shall commence on the “Commencement Date” referred to in Item 8 and shall expire on August 31, 2029. Unless earlier terminated in accordance with the provisions hereof, the Initial Term of this Lease shall be the period shown in Item 7 of the Basic Lease Provisions. As used herein, “Lease Term” shall mean the Initial Term referred to in Item 7 of the Basic Lease Provisions, as the same may be extended by any Option Periods. This Lease shall be a binding contractual obligation effective upon execution and delivery hereof by Landlord and Tenant, notwithstanding the later Commencement Date of the Initial Term of this Lease. 1(b) Tenant will be given access to the Building and the Premises on the Commencement Date. 2. BASIC ANNUAL RENT AND SECURITY DEPOSIT 2(a) Tenant agrees to pay during the Initial Term, monthly installments of Basic Annual Rent (“Basic Annual Rent”) for the Premises in the amounts set forth in Item 4 of the Basic Lease Provisions. For the avoidance of doubt, payments will begin on November 1, 2024, which is the first day of Month 3 as noted in Item 4. For purposes of this Lease, a “Lease Year”, shall be each full twelve (12) calendar month period following the Commencement Date, except the Initial Lease Year, which shall commence on the Commencement Date and end on August 31, 2025. 2(b) Except as expressly provided to the contrary herein, Basic Annual Rent shall be payable in equal consecutive monthly installments, in advance, without demand, deduction or offset, commencing on the Commencement Date and continuing on the first day of each calendar month thereafter until the expiration of the Lease Term. The obligation of Tenant to pay Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. If the Commencement Date is a day other than t he first day of a calendar month, then Rent for such partial month shall be calculated on a per diem basis. During the period between the Premises Delivery Date and the Commencement Date, Tenant shall be bound by and subject to all terms, covenants, conditions and obligations of this Lease, except that Tenant shall not have any obligation to pay Basic Annual Rent or Additional Rent prior to the Commencement Date. 2(c) Simultaneously with the execution of this Lease, Tenant has paid or will pay Landlord the security deposit (the “Security Deposit”) in Item 6 of the Basic Lease Provisions as security for the performance of the provisions hereof by Tenant. Landlord shall not be required to keep the Security Deposit separate from its general funds and Tenant shall not be entitled to interest thereon. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to th e payment of Rent or the cleaning of the Premises upon the termination of this Lease, Landlord may, but shall not be required to, use, apply or retain all or any part of the Security Deposit: (i) for the payment of any Rent or any other sum in default; (i i) for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant’s default hereunder; or (iii) to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default hereunder, including, without limitation, costs and reasonable attorneys’ fees incurred by Landlord to recover possession of the Premises following a default by Tenant hereunder. If any portion of the Security Deposit is so used or applied, Tenant shall, upon demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to the appropriate amount, as determined hereunder. If Tenant shall fully perform every provision of this Lease to be performed by it, the Security Deposit or any balance thereof shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder) within sixty (60) days following the expiration of the Lease Term; provided, however, that Landlord may retain the Security D eposit until such time as any amount due from Tenant in accordance with Paragraph 4 below has been determined and paid to Landlord in full. 2(d) The parties agree that for all purposes hereunder the Premises shall contain the number of square feet of Rentable Area calculated by Landlord as described in Item 3 of the Basic Lease Provisions. 3. INTENTIONALLY OMITTED 141 6 4. COMMON AREA MAINTENANCE 4(a) Tenant agrees to pay during the Initial Term, as additional rent (“Additional Rent”), monthly installments of Tenant’s Proportionate Share of Operating Costs as referenced in Item 5. 4(b) “Operating Costs” shall include all costs, expenses and obligations incurred or payable by Landlord in connection with the operation, ownership, management, repair or maintenance of the Building and the Project during or allocable to the Lease Term. Operating Costs shall include, without limitation, the following: (i) All real property taxes, assessments, license fees, excises, levies, charges, assessments (both general and special assessments), or impositions and other similar governmental ad valorem or other charges levied on or attributable to the Project or its ownership, operation or transfer, and all taxes, charges, assessments or similar impositions imposed in lieu of the same (collectively, “Real Estate Taxes”). Real Estate Taxes shall also include all taxes, assessments, license fees, excises, levies, charges or similar impositions imposed by any governmental agency, district, authority or political subdivision: (A) on any interest of Landlord, any mortgagee of Landlord (“Landlord’s Mortgagee”) or any interest of Tenant in the Project, the Premises, or on the occupancy or use of space in the Project or the Premises; (B) for the provision of amenities, services or rights of use, whether or not exclusive, public, quasi-public or otherwise made available on a shared use basis, including amenities, services or rights of use such as fire protection, police protection, street, sidewalk, lighting, sewer or road maintenance, refuse removal or janitorial services or for any other service, without regard to whether such services were formerly provided by governmental or quasi-governmental agencies to property owners or occupants at no cost or at minimal cost; and (C) related to any transportation plan, fund or system instituted within the geographic area of the Project or otherwise applicable to the Premises, the Project or any portion thereof. Real Estate Taxes shall not include any estate, inheritance, successor, transfer, gift, franchise, corporation, income or profit tax imposed by the State or federal government on Landlord unless such income, franchise, transfer or pr ofit taxes are in substitution for any Real Estate Taxes payable hereunder; and (ii) The cost of utilities (including taxes and other charges incurred in connection therewith) provided to the Building or the Project, fuel, supplies, equipment, tools, materials, service contracts, janitorial services, waste and refuse disposal, gardening and landscaping; insurance, including, but not limited to, public liability, fire, property damage, flood, snow and ice removal, rental loss, rent continuation, boiler machinery, business interruption, contractual indemnification and All Risk coverage insura nce for up to the full replacement cost of the Project, and such other insurance as reasonably determined by Landlord, and the deductible portion of any insured loss otherwise covered by such insurance; the cost of compensation, including employment, welfare and social security taxes, paid vacation days, disability, pension, medical and other fringe benefits of all persons (including independent contractors) who perform services connected with the operation, maintenance, repair or replacement of the Project ; personal property taxes on and maintenance and repair of equipment and other personal property used in connection with the operation, maintenance or repair of the Project; repair and replacement of window coverings provided by Landlord, if any, in the premises of tenants in the Project; such reasonable auditors’ fees and legal fees as are incurred in connection with the operation, maintenance or repair of the Project; reasonable costs incurred for administration and management of the Project; the maintenance of any easements or ground leases benefiting the Project, whether by Landlord or by an independent contractor; a reasonable allowance for depreciation of personal property used in the operation, maintenance or repair of the Project; license, permit and inspection fees; all costs and expenses required by any governmental or quasi-governmental authority or by applicable law, for any reason, including capital improvements, whether capitalized or not, and the cost of any Cost Saving Capital Improvements and Required Capital Improvements (as hereinafter defined) made to the Project by Landlord (such costs to be amortized and allocated as provided below); the cost of air conditioning, heating, ventilating, plumbing, elevator maintenance, and repair (to include the replacement of components) and other mechanical and electrical systems repair and maintenance; sign maintenance; and Common Area (defined in Paragraph 19 below) repair, resurfacing, operation and maintenance; and the cost of providing security services. The following items shall be excluded from Operating Costs: (A) Capital improvements except any capital improvements that either (i) are reasonably projected to reduce Operating Costs (“Cost Saving Capital Improvements”), or (ii) are required as a result of any change in law, code, or any other governmental or quasi-governmental entities having 142 7 jurisdiction over the Building or any occupants, visitors, invitees or employees (“Required Capital Improvements”), and provided that the cost of any such capital improvements shall be allocated over their useful life and Tenant shall be charged for only Tenant’s Proportionate Share of allocated costs occurring during the Lease Term. (B) Expense associated with leasing or procuring new tenants, including leasing commissions paid to agents of Landlord or other brokers; tenant improvements, advertising and promotional expenditures. (C) Renovating or constructing tenant improvements in leasable space for tenants, or renovating space vacated by any tenant. (D) Expenses incurred by Landlord to resolve disputes, enforce or negotiate lease terms with prospective or existing tenants or in connection with any financing, sale or syndication of the Building. (E) Depreciation of the Building. (F) Costs of complying with hazardous waste and environmental laws except for such costs as are or may be deemed to be in the nature of continuing maintenance. (G) Expenses for which the Landlord is or may be reimbursed by another source, including without limitation insurance subject to the insurance provisions of the Lease. (H) Costs incurred to benefit a specific tenant. (I) Costs of services and utilities directly charged to or paid by another tenant. (J) Any item and/or service selectively supplied to any other tenant (except any such items and/or services available to Tenant and not supplied to Tenant at Tenant’s election). (K) Landlord’s corporate or parent general overhead and general administration. (L) Any expenses for repairs or maintenance, which are covered by warranties, guarantees and service contracts (excluding any mandatory deductible). (M) Interest, principal, points and fees or other costs associated with or incurred in connection with any debt, and rent payable under any ground lease. (N) Political contributions. (O) Income taxes or taxes payable in lieu thereof. 4(c) Tenant shall pay not later than ten (10) days before delinquency, (i) all taxes and assessments levied against any personal property, tenant improvements or trade fixtures of Tenant in or about the Premises and (ii) all taxes levied by the State based upon the charges paid by Tenant in this Lease or any document to which Tenant is a party creating or transferring an interest in this Lease or an estate in all or any portion of the Premises. 4(d) The Basic Annual Rent, Additional Rent, and State taxes levied upon such, are sometimes collectively referred to as, and shall constitute, “Rent”. 5. IMPROVEMENTS AND ALTERATIONS 5(a) No alterations, additions or improvements (“Alterations”) shall be made to the Premises by or on behalf of Tenant exceeding Five Thousand Dollars ($5,000.00) in cost per occasion without obtaining Landlord’s 143 8 prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing, in no event may Tenant make any alteration, additions, improvements or modifications of any type whatsoever to the exterior of the Premises (including, without limitation, windows, signage, etc.) or that affect the structural portions, roof or systems of the Building without the prior written consent of Landlord, which consent may be granted or withheld in Landlord’s sole and absolute discretion. Tenant shall not unreasonably disturb other tenants of the Project in connection with any alterations performed by Tenant within the Premises, and Landlord, in Landlord’s sole discretion, may impose reasonable rules and regulations in con nection with the construction of any Alterations by Tenant within the Premises, including but not limited to requiring Tenant to complete such Alterations during specific hours or to cease construction during particular periods to minimize interference with other tenants within the Building. 5(b) All Alterations shall be constructed at Tenant’s sole cost and expense and in a good and workmanlike manner by contractors reasonably acceptable to Landlord and only good grades of materials shall be used. All Alterations shall comply with insurance requirements of this Lease, with all Laws, and with any rules and regulations implemented by Landlord or Landlord’s contractor relating to construction within the Building. If any Law shall, by reason of the nature of Tenant’s Alterations, impose any duty upon Tenant or Landlord with respect to (i) modification or other maintenance of the Premises, the Building or the Project, or (ii) the use, alteration or occupancy thereof, Tenant shall comply with such Law at Tenant’s sole cost and expense. All plans and sp ecifications for any Alterations shall be submitted to Landlord for its approval, which approval will not be unreasonably withheld, delayed or conditioned. Landlord may monitor construction of the Alterations and shall be entitled to receive a commercially reasonable construction management fee. Landlord’s right to review plans and specifications and to monitor construction shall be solely for its own benefit, and Landlord shall have no duty to see that such plans and specifications or construction comply with applicable laws, codes, rules and regulations. Landlord shall have the right, in its sole discretion, to instruct Tenant to remove those Alterations from the Premises which: (i) were not approved in advance by Landlord; (ii) were not built in confo rmance with the plans and specifications approved by Landlord; or (iii) Landlord specified during its review of plans and specifications for Alterations would need to be removed by Tenant upon the expiration or termination of this Lease, or the early termi nation of Tenant’s right to occupy the Premises. Notwithstanding anything contained in this Section to the contrary, if any Alterations impact the Building systems in any way whatsoever (including without limitation HVAC, electrical and plumbing systems), then Landlord shall perform such Alterations, at Tenant’s sole cost and expense. If upon the termination of this Lease, or the early termination of Tenant’s right to occupy the Premises, Tenant is obligated to remove any or all of such Alterations from the Premises, then Tenant, at Tenant’s sole cost and expense, shall promptly remove such Alterations and Tenant shall repair and restore the Premises to its condition prior to the making of the Alterations, reasonable wear and tear excepted. Any Alterations remaining in the Premises following the expiration of the Lease Term or following the surrender of the Premises from Tenant to Landlord, or upon the early termination of Tenant’s right to occupy the Premises, shall become the property of Landlord. 5(c) Tenant shall keep the Premises, the Building and the Project free from any and all liens arising out of any Alterations, work performed, materials furnished, or obligations incurred by or for Tenant. Tenant shall provide Landlord with the identities and mailing addresses of its contractor(s) performing work on the Alterations, prior to beginning construction, and Landlord may post on and about the Premises notices of non-responsibility for mechanic’s liens pursuant to applicable law. Tenant shall assure payment for the completion of all work free and clear of liens and shall provide certificates of insurance from its contractor(s) for worker’s compensation and other coverage in amounts and from insurance company(ies) reasonably satisfactory to Landlord, pr otecting Landlord against liability for bodily injury or property damage occurring during construction. Upon completion of any Alterations and upon Landlord’s reasonable request, Tenant shall deliver to Landlord sworn statements setting forth the names of all contractors and subcontractors who did work on the Alterations and final lien waivers from all such contractors and subcontractors. 5(d) In the event that Tenant shall not, within ten (10) days following the imposition of any such lien, cause the same to be released as a lien against the Project by payment or posting of a bond in a form and amount sufficient to effect a discharge of the lien under the State’s law, then Landlord shall have the right, but not the obligation, to cause such lien to be discharged by such means as it shall deem proper (including bonding over, payment of or defense against the claim giving rise to such lien); in such case, Tenant shall reimburse Landlord for all amounts so paid by Landlord in connection therewith, together with all of Landlord’s costs and expenses, with interest thereon at the Interest Rate (defined below) and Tenant shall indemnify each and all of the Landlord Indemnitees (defined 144 9 below) against any damages, losses or costs arising out of any such claim. Tenant’s indemnification of Landlord contained in this Paragraph shall survive the expiration or earlier termination of this Lease, or the early termination of Tenant’s right to occupy the Premises. Such rights of Landlord shall be in addition to all other remedies provided herein or by law. 6. REPAIRS 6(a) Subject to Paragraph 4 above and subparagraph (b) below, Landlord shall: (i) maintain and shall make all necessary repairs to the life safety systems, foundation, support columns, structural elements, roof, drainage systems, exterior walls, exterior doors that provide entry or exit to or from the Buildi ng (but not including any doors to and from the Premises), exterior locks on exterior doors and windows of the Building (but not including any doors to and from the Premises or windows in the Premises), Buil ding HVAC systems, and Building water and sewer lines and plumbing apparatus from the point of connection to lines serving the Premises into the Common Areas, the expense of which shall be deemed to be a Common Operating Cost entirely reimbursable by Tenan t to Landlord pursuant to Paragraph 4 hereof; (ii) maintain the Common Areas; and (iii) keep all Building equipment located within the Common Areas and used in common by Tenant and other tenants in good condition and repair and shall replace the same at the end of such equipment’s normal and useful life, reasonable wear and tear and casualty loss excepted. Landlord shall have no maintenance or repair obligations for the Alterations installed by Tenant or any Alterations. There shall be no abatement of Rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business arising from the making of any repairs, alterations or improvements in or to any po rtion of the Premises, the Building or the Project. 6(b) Tenant, at its sole cost and expense, shall keep the Premises in good order, condition and repair at all times during the Lease Term, and shall maintain, repair and replace all components of the Premises not required to be maintained, repaired or replaced by Landlord pursuant to subparagraph (a) above, and all equipment outside the Premises that exclusively serve the Premises. Such maintenance, repair and replacement obligations shall include but not be limited to, Tenant’s trade fixtures, furnishings, scr ubber, hood, venting, all Premises plumbing apparatus, water and sewer lines from the point of entry from the Common Areas into the Premises and the interior surface of any underdrains, lavatory, shower, toilet, wash basin and kitchen facilities (including all plumbing connect ed to said system installed by or on behalf of Tenant for Tenant’s exclusive use or existing in the Premises at the time of Landlord’s delivery of the Premises to Tenant), signage, computer and communications cabling and wiring, all pl ate glass within the Premises and all interior and exterior service doors and entrances from the Premises into the Common Areas or opening to the outside of the Building. Tenant shall make all maintenance, repairs and replacements to the Premises with materials equal or better quality and with contractors acceptable to Landlord. Tenant shall do all decorating, remodeling, alteration and painting required by Tenant during the Lease Term. Tenant shall pay for the cost of any repairs to the Premises, the Building or the Project made necessary by (x) any negligence or willful misconduct of Tenant or any of its assignees, subtenants, employees or their respective agents, servants, employees, representatives, contractors or other persons permitted in or invited to the Premises or the Project by Tenant (collectively the “Tenant Parties”), and (y) any excess wear and tear due to the actions or omissions of the Tenant or the Tenant Parties. If Tenant fails to make such repairs or replacements within fifteen (15) d ays after written notice from Landlord (or if such repairs or replacements cannot reasonably be made within fifteen (15) days and Tenant fails to commence such repairs or replacements within the fifteen (15) days and thereafter diligently pursue them to completion) Landlord may at its option make such repairs or replacements, and Tenant shall upon demand pay Landlord for the cost thereof. 6(c) Upon the expiration or earlier termination of this Lease, or upon the early termination of Tenant’s right to occupy the Premises, Tenant shall surrender the Premises in a safe, clean and neat condition, normal wear and tear excepted. Except as otherwise set forth in this Paragraph 6, Tenant shall remove from the Premises all trade fixtures, furnishings and other personal property of Tenant and all computer and communications cabling and wiring from the Premises, shall repair all damage caused by such remov al, and shall restore the Premises to its original condition, reasonable wear and tear excepted. In addition to all other rights Landlord may have, in the event Tenant does not remove such fixtures, furnishings or personal property, Tenant shall be deemed to have abandoned the same, in which case Landlord may store the same at Tenant’s expense, appropriate the same for itself, and/or sell the same in its discretion. 145 10 7. USE OF PREMISES 7(a) The Premises will be used only for the Permitted Use and for no other purpose. Tenant shall not alter its use of the Premises without Landlord’s prior written consent, which Landlord may withhold in its sole and absolute discretion. Tenant’s business in the Premises will be conducted only under the Trade Name; Tenant will not use or permit the Premises to be used under any other name or trade name without Landlord’s prior written consent which Landlord may withhold in its sole and absolute discretion. Te nant acknowledges that the identity of Tenant, the specific character of Tenant’s business, the anticipated use of the Premises, and the relationship between such use and other uses within the Building have been material considerations to Landlord’s entry into this Lease. Any material change in the character of Tenant’s business or use will constitute an Event of Default under this Lease. Tenant’s retail operations shall be, at all times and in all respects, first-class and of high quality at least equal to respected establishments of comparable size and nature in Boynton Beach, Florida, as exist on the date of this Lease. The foregoing standards shall apply, without limitation, to the furniture and furnishings of the Premises, the attire and appearance of employees, and the management and operation of the Premises in general. Tenant a cknowledges that the Premises is part of a first-class Project and that much of the Premises will be (and is intended to be) visible from public areas of the Building and from public sidewalks and, therefore, Tenant acknowledges that its obligations under this Lease with respect to the appearance and condition of the Premises are of great importance to Landlord. Tenant shall not use the Premises or permit the Premises to be used for the retail sale or dispensing of any form of marijuana. 7(b) Operations. Tenant hereby acknowledges that it has investigated whether its proposed use of the Premises and its proposed manner of operation will comply with all Laws (as defined below), and Tenant assumes the risk that its proposed use of the Premises and its pro posed manner of operation are, and will continue to be, in compliance with all Laws, including, without limitation, all zoning laws regulating the use and enjoyment of the Premises. Tenant hereby waives any defense to its obligations hereunder b ased upon the legal doctrines of frustration, impossibility or other defenses based on its inability to use the Premises for the purposes for which they are leased hereunder. Tenant acknowledges that neither Landlord nor any agent of Landlord has made any representation or warranty as to the suitability of the Premises to the conduct of Tenant’s business. 7(c) Following the Commencement Date, Tenant agrees to continuously operate its business during the Term in and from the Premises at least five (5) days per week. Notwithstanding the foregoing, without Landlord’s prior written consent, Tenant shall not operate its business from the Premises earlier than 9:00 a.m. on any day or later than 12:00 a.m. on any day. Nothing contained herein shall require Landlord to illuminate the Common Areas beyond 11:00 p.m. 7(d) If Tenant (i) fails to take possession of and open for business in the Premises within sixty (60) days following the Commencement Date, or (ii) abandons, leaves vacant or deserts part or all of the Premises at any time, or (iii) fails to operate under Tenant’s Trade Name (collectively, a “Failure To Do Business”), Landlord shall have the right, in addition to any and all other rights or remedies Landlord may have under this Lease, or at law or in equity, at Landlord’s option, to terminate this Lease upon thirty (30) days written notice, and (unless Tenant has resumed doing business in accordance with this Lease or Landlord has approved an assignment or transfer of this Lease after its notice of termination) on the thirtieth (30th) day this Lease will end as though it were the Termination Date. Landlord, at Landlord’s option, may also treat such failure to do business as an Event of Defaul t. Notwithstanding any provision of this Lease to the contrary, Tenant may close for business for such reasonable times as may be necessary to perform: (1) a remodeling or rebuilding of the Premises which has been approved by Landlord; (2) maintenance and repairs to the Premises; and (3) a reasonable inventory each calendar year. 7(e) Landlord has not promised Tenant that Tenant will have the exclusive right in the Project to the Permitted Use. 7(f) Without limiting, and in addition to the limitations contained in this Paragraph, Tenant will not: (i) advertise or conduct any distress, fire, bankruptcy, liquidation, relocation or closing or going out of business sale unless such advertisements are true, and Landlord gives its prior written consent to such advertisements and sale; (ii) warehouse and stock within the Premises any goods, items or merchandise other than that which Tenant intends to offer for sale in the Premises; (iii) use or permit the use in the Premises of any pinball machines, video game s, or other devices or equipment for amusement or recreation, or any vending machines or other coin -operated devices; (iv) engage in any deceptive trade practice. 146 11 7(g) Tenant shall not at any time use or occupy the Premises, or permit any act or omission in or about the Premises in violation of any law, statute, ordinance or any governmental rule, regulation or order (collectively, “Law” or “Laws”) and Tenant shall, upon written notice from Landlord, discontinue any use of the Premises which is declared by any governmental authority to be a violation of Law. If any Law shall, by reason of the nature of Tenant’s use or occupancy of the Premises, impose any duty upon Tenant or Landlord with respect to (i) modification or other maintenance of the Premises, the Building or the Project, or (ii) the use, alteration or occupancy thereof, Tenant shall comply with such Law at Tenant’s sole cost and expense. This Lease shall be subject to and Tenant shall comply with all financing documents encumbering the Building or the Project and all recorded covenants, conditions and restrictions affecting the Premises, the Building or the Project, including, but not limited to, Tenant’s execu tion of any subordination agreements requested by a mortgagee of the Premises, the Building or the Project; provided that after the Commencement Date Landlord shall not subject the Building or the Project to any covenants, conditions or restrictions that materially impair Tenant’s Permitted Use of the Premises or materially increase Tenant’s obligations under the Lease. 7(h) Tenant shall not at any time use or occupy the Premises in violation of the certificates of occupancy issued for or recorded restrictive covenants pertaining to the Building or the Premises, and in the event that any architectural control committee or department of the State or the city or county in which the Project is located shall at any time contend or declare that the Premises are used or occupied in violation of such certificate or certificates of occupancy or restrictive covenants, Tenant shall, upon five (5) days’ notice from Landlord or any such governmental agency, immediately discontinue such use of the Premises. The failure by Tenant to discontinue such use shall be considered an immediate default under this Lease and Landlord shall have the rig ht to exercise any and all rights and remedies provided herein or by Law. Any statement in this Lease of the nature of the business to be conducted by Tenant in the Premises shall not be deemed or construed to constitute a representation or guaranty by La ndlord that such business will continue to be lawful or permissible under any certificate of occupancy issued for the Building or the Premises, or otherwise permitted by Law. 7(i) Tenant shall not do or permit to be done anything which may invalidate or increase the cost of any fire, All Risk or other insurance policy covering the Building, the Project and/or property located therein and shall comply with all rules, orders, regulations and requirements of the appropriate fire codes and ordinances or any other organization performing a similar function. In addition to all other remedies of Landlord, Landlord may require Tenant, promptly upon demand, to reimburse Landlord for the full amount of any additional premiums charged for such policy or policies by reason of Tenant’s failure to comply with the provisions of this Paragraph. 7(j) Tenant shall not in any way interfere with the rights or quiet enjoyment of other tenants or occupants of the Premises, the Building or the Project. Tenant shall not use or allow the Premises to be used for any improper, immoral, unlawful or objectionable purpose, nor shall Tenant cause, maintain, or permit any nuisance in, on or about the Premises, the Building or the Project. Tenant shall not commit or suffer to be committed any waste in, on, upon or about the Premises, the Building or the Project. If the Permitted Use is a restaurant or other use involving the storage, preparation, service or consumption of food or beverages, Tenant (i) acknowledges that the nature of the business to be conducted in the Premises could, in the absence of adequate preven tive measures, create objectionable fumes, vapors or odors, vermin, damage and injury, unreasonable noise and other conditions which would cause annoyance and interference to the other tenants and occupants of the Project, and (ii) agrees that it will cond uct its restaurant and food operation in the Premises so as to minimize such annoyance or interference, including, without limitation, complying, at Tenant’s own cost and expense, with the following terms of this Paragraph: (i) Grease Disposal. Tenant will install, if necessary (and in accordance with all applicable Laws), mechanical grease recovery units or grease interceptors for all food preparation areas having any grease - producing appliances or fixtures that discharge into the sanitary sewer system, including, without limitation, any sinks, dishwashers and kitchen hood grease drains. Tenant will be responsible for the proper care, cleaning and maintenance of the mechanical grease recovery units or grease interceptors and any piping required therefor in accordance with all applicable Laws. Without limiting the foregoing, Tenant will be responsible for cleaning and maintaining such mechanical grease recovery units or grease interceptors at least once per month so as to prevent the discharge of any grease into the sanitary sewer system. Tenant will keep the drain, waste and sewer pipes and related connections serving the Premises free from obstructions, including grease. Tenant will contract with a qualified service company reasonably approved by Landlord for the cleaning and maintenance of the mechanical grease recovery units or grease interceptors upon a maintenance schedule reasonably approved by Landlord, and will provide Landlord with a copy 147 12 of the service contract within ten (10) days after Tenant’s opening for business and at any time thereafter that such agreement is renewed, amended or replaced, or Landlord, at its option, may arrange for such a service contract for the cleaning and maintenance of the mechanical grease recovery units or grease interceptors and Tenant shall pay the costs thereof to Landlord upon demand. (ii) Trash Containment/Recycling/Compost. Tenant shall procure adequate trash removal and disposal services, including but not limited to liquid and solid waste for its operation and pay all charges therefore, or Landlord, at its option, may arrange for such trash removal and disposal services and Tenant shall pay the costs thereof to Landlord upon demand. Tenant shall deposit all trash and garbage in appropriate receptacles and shall schedule regular pick-ups in accordance with any applicable laws or regulations. Tenant acknowledges that there is a designated area for trash dumpsters for the Building and that tenants of the Building must coordinate with Landlord the location of their respective dumpsters within said area, or make arrangements to share trash dumpsters and trash removal costs among the tenants on an equitable basis. To the extent directed by Landlord, Tenant covenants and agrees to cooperate with all retail tenants of the Building with regard to trash disposal and grease trap services. In the event odors are emitted into the premises of other tenants in the Building or Project as a result of the storage of trash in the Premises, Tenant will immediately remedy the situation and will indemnify Landlord from any claims and costs arising therefrom. Tenant shall use commercially reasonable efforts to comply with Landlord’s requirements for the Project relating to recycling and composting. (iii) Exhaust Ventilation. Tenant will install, operate, maintain, service and repair, and make all replacements to, a ventilating and exhaust system and such other cleaning, filtration or similar systems which may be necessary to prevent smoke, fumes, vapors, odors or other offensive substances from emanating from the Premises in any quantity or manner reasonably objectionable to Landlord or other tenants, occupants, customers or guests of the Building or Project. Landlord will have the right to approve the locations and specifications of ducting and exterior exhaust vents for such ventilating and exhaust system, but Landlord shall have no duty to see that such exhaust system complies with applicable laws, codes, rules and regulations. Without limiting the for egoing, such ducting and vents will be located in a manner that does not interfere with the heating, ventilating and cooling system of the Building, and no exterior exhaust vents will be located on the front of the Premises. Such ventilating system shall be comparable to advanced ventilating systems used by national restaurant chains in the Boynton Beach, Florida area. (iv) Health Department Notices. Tenant shall comply with all rules and regulations of the applicable health departments (the “Health Department”) and all other Laws, rules and regulations applicable to Tenant’s operation of a restaurant within the Premises, and shall promptly (1) furnish or cause to be furnished to Landlord copies of all Health Department and other governmental reports, notices a nd citations issued with respect to the Premises, and (2) cure or otherwise eliminate all deficiencies and violations noted by the Health Department and other governmental authorities and take all required actions to prevent the reoccurrence of such deficiencies and violations. (v) Generally. Tenant will (1) operate Tenant’s business from the Premises in a clean and sanitary manner so as to prevent infestation by vermin, roaches or rodents, and (2) obtain and maintain at all times during the Lease Term a pest control contract reasonably acceptable to Landlord, providing for regular inspection of the Premises for pests, and extermination of pests in and around the Premises. Tenant shall provide a copy of the pest control contract to Landlord upon request of Landlord. If Tenant fails to comply with the terms, covenants and conditions of this Paragraph, Landlord may, after five (5) days’ written notice to Tenant, and without prejudice to any other right or remedy Landlord may have in this Lease, remedy the default and Tenant shall pay to Landlord upon demand all costs incurred by Landlord in connection therewith plus an administrative fee of ten percent (10%) of such costs. 7(k) Subject to any changes in the ADA, Tenant agrees to comply with all requirements of the Americans With Disabilities Act (“ADA”) applicable to the Premises to accommodate its employees, invitees and customers, and Landlord agrees to comply with all requirements of the ADA applicable to the Common Areas to accommodate occupants of the Building and their invitees and customers. Tenant acknowledges that it shall be wholly responsible for any accommodations or alterations which need to be made to the Premises, and Landlord acknowledges that it shall be wholly responsible for any accommodations or alterations which need to be made to the Common Areas. No provision in this Lease should be construed in any manner as permitting, consenting to or authorizing Tenant or Landlord to violate requirements under the ADA and any provision to the Lease which could arguably be construed 148 13 as authorizing a violation of the ADA shall be interpreted in a manner which permits compliance with the ADA and is hereby amended to permit such compliance. 7(l) Tenant shall take all reasonable steps necessary to adequately secure the Premises from unlawful intrusion, theft, fire and other hazards, and shall keep and maintain any and all security devices in or on the Premises in good working order, including, but not limited to, exterior door locks for the Premises and smoke detectors and burglar alarms located within the Premises and shall cooperate with Landlord and other tenants in the Project with respect to access control and other safety matters. 7(m) As used herein, the term “Hazardous Material” means any pollutants, flammable or ignitable explosives, radioactive materials, or hazardous, toxic, corrosive or dangerous waste, substances or related materials, exposure to which is prohibited, limited or regulated by any federal, state, county, regio nal or local authority or which, even if not so regulated, may or could pose a hazard to the health and safety of the occupants of the Premises or the Project, including, but not limited to, asbestos, lead -based paints, radon, polychlorobiphenyls, petroleum products and byproducts, including, but not limited to, underground storage tanks and other petroleum -related matters. Hazardous Materials shall include substances defined or listed as “hazardous substances,” “hazardous materials,” “hazardous wastes,” “pollutants,” “toxic substances,” “asbestos-containing materials” or similarly identified in the Comprehensive Environmental Response, Compensation, and Liability Act, as now or hereafter amended; in the Resource Conservation and Recovery Act, as now or hereafter amended; and in any other federal, state or local statute, law, ordinance, code, rule, regulation, order or decree regulating, relating to or imposing liability or standards of conduct concerning any hazardous, toxic or dangerous waste, substance or material; and shall include any substances or mixture regulated under the Toxic Substance Control Act of 1976, as now or hereafter amended; and any “toxic pollutant” or “pollutant” under the Clean Water Quality Control Act; or any hazardous air pollutant under the Clean Air Act, as now or hereafter amended (collectively, the “Hazardous Materials Laws”). (i) Tenant agrees that all operations or activities upon, or any use or occupancy of the Premises, or any portion thereof, by Tenant or the Tenant Parties, throughout the term of this Lease, shall be in all respects in compliance with all federal, state and local Laws then governing or in any way relating to the generation, handling, manufacturing, treatment, storage, use, transportation, release, spillage, leakage, dumping, discharge or disposal of any Hazardous Materials. (ii) Tenant agrees to indemnify, defend and hold Landlord and its Affiliates (defined below) harmless for, from and against any and all claims, actions, administrative proceedings (including informal proceedings), judgments, damages, punitive damages, penalties, fines, costs, liabilities, interest or losses, including reasonable attorneys’ fees and expenses, court costs, consultant fees, and expert fees, together with all other costs and expenses of any kind or nature that arise during or after the Lease Term di rectly or indirectly from or in connection with the presence, suspected presence, or release of any Hazardous Material in or into the air, soil, surface water or groundwater at, on, about, under or within the Premises, or any portion thereof caused by Tena nt or the Tenant Parties. (iii) In the event any investigation or monitoring of site conditions or any clean -up, containment, restoration, removal or other remedial work (collectively, the “Remedial Work”) is required under any applicable federal, state or local Law, by any judicial order, or by any governmental entity as the result of operations or activities upon, or any use or occupancy of any portion of the Premises by Tenant or the Tenant Parties, La ndlord shall perform or cause to be performed the Remedial Work in compliance with su ch Law or order at Tenant’s sole cost and expense. All Remedial Work shall be performed by one or more contractors, selected and approved by Landlord, and under the supervision of a consulting engineer, selected by Tenant and approved in advance in writin g by Landlord. All costs and expenses of such Remedial Work shall be paid by Tenant, including, without limitation, the charges of such contractor(s), the consulting engineer, and Landlord’s reasonable attorneys’ fees and costs incurred in connection with monitoring or review of such Remedial Work. (iv) Each of the covenants and agreements of Tenant set forth in this Paragraph shall survive the expiration or earlier termination of this Lease, or the early termination of Tenant’s right to occupy the Premises. 149 14 8. UTILITIES AND SERVICES 8(a) Provided that Tenant is not in default hereunder, Landlord shall furnish, or cause to be furnished to the Premises, the utilities and services described in Exhibit A attached hereto, subject to the conditions and in accordance with the standards set forth therein and in this Lease. Notwithstanding anything contained herein to the contrary, Tenant shall contract for all janitorial services within the Premises, and shall retain the right to contract independently for other services provided to the Premises, including, but not limited to, plant services and other convenience services provided for the benefit of Tenant and Tenant’s employees and invitees. 8(b) Tenant agrees to cooperate fully at all times with Landlord and to comply with all reasonable regulations and requirements which Landlord may from time to time prescribe for the use of the utilities and services described herein and in Exhibit A. Landlord shall not be liable to Tenant for the failure of any other tenant, or its assignees, subtenants, employees, or their respective invitees, licensees, agents or other representatives to comply with such regulations and requirements. 8(c) If Tenant requires utilities or services in quantities greater than or at times other than that generally furnished by Landlord pursuant to Exhibit A, Tenant shall advise Landlord twenty-four (24) hours in advance and Tenant shall pay to Landlord, upon receipt of a written statement therefor, such amount as may from time to time be charged by Landlord to meet the then current rate for the Project, for such excess use. In the event Tenant shall require additional electrical current, water or gas for use in the Premises and if, in Landlord’s judgment, such excess requirements cannot be furnished unless additional risers, conduits, feeders, switchboards and/or appurtenances are installed in the Building, subject to the conditions stated below, Landlord shall p roceed to install the same at the sole cost of Tenant, payable upon demand in advance. The installation of such facilities shall be conditioned upon Landlord’s consent, and a determination that the installation and use thereof shall: (i) be permitted by applicable Law and insurance regulations; (ii) not cause permanent damage or injury to the Building or adversely affect the value of the Building or the Project; and (iii) not cause or create a dangerous or hazardous condition or interfere with or disturb other tenants in the Building. Subject to the foregoing, Landlord shall, upon reasonable prior notice by Tenant, furnish to the Premises additional heating, air conditioning and/or cleaning services upon such reasonable terms and conditions as shall be determined by Landlord, including payment of Landlord’s charge therefor. In the case of any additional utilities or services to be provided hereunder, Landlord may require a switch and metering system to be installed to measure the amount of such additional utilities or services. The cost of installation, maintenance and repair thereof shall be paid by Tenant upon demand. 8(d) Landlord shall not be liable for, and Tenant shall not be entitled to, any damages, abatement or reduction of Rent, or other liability by reason of any failure to furnish any services or utilities described herein or in Exhibit A for any reason (other than Landlord’s gross negligence or willful misconduct), including, without limitation, when caused by accident, breakage, repairs, Alterations or other improvements to the Project, strikes, lockouts or other labor disturbances or labor disputes of any character, governmental regulation, moratorium or other governmental action, inability to obtain electricity, water or fuel, or any other cause beyond Landlord’s control. Landlord shall be entitled to cooperate with the energy conservation efforts of governmenta l agencies or utility suppliers. No such failure, stoppage or interruption of any such utility or service shall be construed as an eviction of Tenant, nor shall the same relieve Tenant from any obligation to perform any covenant or agreement under this Le ase. In the event of any failure, stoppage or interruption thereof, Landlord shall use reasonable efforts to attempt to restore all services promptly. 8(e) Landlord reserves the right from time to time to make reasonable and nondiscriminatory modifications to the above standards (including, without limitation, those described in Exhibit A) for utilities and services. 9. NON-LIABILITY AND INDEMNIFICATION OF LANDLORD; INSURANCE 9(a) Landlord shall not be liable for any injury, loss or damage suffered by Tenant or to any person or property occurring or incurred in or about the Premises, the Building or the Project from any cause, EVEN IF SUCH LIABILITIES ARE CAUSED SOLELY OR IN PART BY THE NEGLIGENCE OF ANY LANDLORD INDEMNITEE (DEFINED BELOW). Without limiting the foregoing, neither Landlord nor any of its owners, managers, partners, officers, trustees, affiliates, directors, employees, contractors, agents or representatives 150 15 (collectively, “Affiliates”) shall be liable for and there shall be no abatement of Rent (except in the event of a casualty loss or a condemnation as set forth in Paragraphs 10 and 11) for: (i) any damage to Tenant’s property stored with or entrusted to Affiliates of Landlord; (ii) loss of or damage to any property by theft or any other wrongful or illegal act; (iii) any injury or damage to persons or property resulting from fire, exp losion, falling plaster, steam, gas, electricity, water or rain which may leak from any part of the Building or the Project or from the pipes, appliances, appurtenances or plumbing works therein or from the roof, street or sub -surface or from any other place or resulting from dampness or any other cause whatsoever (not resulting from the gross negligence, willful misconduct or breach of this Lease by Landlord); (iv) any diminution or shutting off of light, air or view by any structure which may be erected on lands adjacent to the Building, whether within or outside of the Project; or (v) any latent or other defect in the Premises, the Building or the Project. Tenant shall give prompt notice to Landlord in the event of (i) the occurrence of a fire or accident in the Premises or in the Building, or (ii) the discovery of a defect t herein or in the fixtures or equipment thereof. This Paragraph 9(a) shall survive the expiration or earlier termination of this Lease, or the early termination of Tenant’s right to occupy the Premises. 9(b) Tenant hereby agrees to indemnify, protect, defend and hold harmless Landlord and its designated property management company, and their respective owners, managers, partners, members, affiliates and subsidiaries, and all of their respective officers, directors, shareholders, employees, servants, partners, representatives, insurers and agents (collectively, “Landlord Indemnitees”) for, from and against all liabilities, claims, fines, penalties, costs, damages or injuries to persons, damages to property, losses, liens, causes of action, suits, judgments and expenses (including court costs, attorneys’ fees, expert witness fees and costs of investigation), of any nature, kind or description of any person or entity, directly or indirectly arising out of, caused b y, or resulting from (in whole or part): (1) Tenant’s construction of or use, occupancy or enjoyment of the Premises or Project; (2) any activity, work or other things done, permitted or suffered by Tenant and its agents and employees in or about the Prem ises or Project; (3) any breach or default in the performance of any of Tenant’s obligations under this Lease; (4) any act, omission, negligence or willful misconduct of Tenant or any of its agents, contractors, employees, business invitees or licensees; o r (5) any damage to Tenant’s property, or the property of Tenant’s agents, employees, contractors, business invitees or licensees, located in or about the Premises (collectively, “Liabilities”), EVEN IF SUCH LIABILITIES ARE CAUSED SOLELY OR IN PART BY THE NEGLIGENCE OF ANY LANDLORD INDEMNITEE. This Paragraph 9(b) shall survive the expiration or earlier termination of this Lease, or the early termination of Tenant’s right to occupy the Premises. 9(c) Landlord hereby agrees to indemnify, protect, defend and hold harmless Tenant and its respective partners, members, affiliates and subsidiaries, and all of their respective officers, directors, shareholders, employees, servants, partners, representatives, insurers and agents (collectively, “Tenant Indemnitees”) for, from and against all liabilities, claims, fines, penalties, costs, damages or injuries to persons, damages to property, losses, liens, causes of action, suits, judgments and expenses (including court costs, attorneys’ fees, expert witness fees and costs of investigation), of any nature, kind or descripti on of any person or entity, directly or indirectly arising out of, caused by, or resulting from (in whole or part): (1) Landlord’s construction, maintenance and repair of the Project; (2) any activity, work or other things done, permitted or suffered by L andlord and its agents and employees in or about the Project; (3) any act of Landlord or any of its agents, contractors and employees; or (4) any damage to Tenant’s property located in or about the Premises (collectively, “Liabilities”), TO THE EXTENT SUCH ARE CAUSED BY THE GROSS NEGLIGENCE, WILLFUL MISCONDUCT OR BREACH OF THIS LEASE BY ANY LANDLORD INDEMNITEE. This Paragraph 9(c) shall survive the expiration or earlier termination of this Lease, or the early termination of Tenant’s right to occupy the Premises. 9(d) Tenant or Landlord, respectively, shall promptly advise the other in writing of any action, administrative or legal proceeding or investigation as to which an indemnification under this Paragraph 9 may apply. The respective Indemnitor, at such Indemnitor’s expense, shall assume on behalf of each and every respective Indemnitee and conduct with due diligence and in good faith the defense thereof with counsel reasonably satisfactory to the respective Indemnitee; provided, however, that any Indemnitee shall have the right, at its option, to be represented therein by advisory counsel of its own selection and at its own expense. In the event of failure by an Indemnitor to fully perform in accordance with this Paragraph, the Indemnitee at its option, and without relieving the Indemnitor of its obligations hereunder, may so perform, but all costs and expenses so incurred by the Indemnitee in that event shall be reimbursed by the Indemnitor to Indemnitee, together with interest on the same from the date any such expense was paid by the Indemnitee until reimbursed by the Indemnitor, at the rate of interest provided to be paid on judgments under the law of the jurisdiction governing this Lease. The indemnifications provided in Paragraphs 9(b) and 9(c) shall not be limited to damages, compensation or benefits payable under insurance policies, workers’ 151 16 compensation acts, disability benefit acts or other employees’ benefit acts, but they shall be subject to the mutual waivers of recovery provided in Paragraph 9(f) and the limitation on damages provided in Paragraph 18(c). 9(e) Insurance. (i) At all times during the Lease Term, Tenant shall, at its own expense, keep in full force and effect (A) commercial general liability insurance providing coverage against bodily injury and disease, including death resulting therefrom, bodily injury and prop erty damage to a combined single limit of $3,000,000 to one or more than one person as the result of any one accident or occurrence, which shall include provision for contractual liability coverage insuring Tenant for the performance of its indemnity oblig ations set forth in this Paragraph 9 and in Paragraph 7(m)(ii) of this Lease (except that during the construction of the Alterations the contractual liability coverage for the Paragraph 7(m)(ii) indemnity may be provided by Tenant or Tenant’s general contractor), (B) worker’s compensation insurance to the statutory limit, if any, and employer’s liability insurance with a minimum limit of $500,000 per occurrence, and (C) All Risk or special purpose personal property insurance covering full replacement value of Tenant’s personal property, equipment, trade fixtures and furnishings in the Premises. In addition, Tenant shall cause all contractors performing any work in or around the Premises to obtain insurance in such forms and with such limits as required by L andlord. Tenant shall maintain deductibles on all insurance policies in such amounts as are reasonably acceptable to Landlord. For the risks and liabilities assumed by Tenant under this Lease, Landlord and its designated property management firm shall be named an additional insured on Tenant’s commercial general liability insurance. The required policies shall be issued by an insurance company or companies authorized to do business in the State and which have policyholder ratings not lower than “A -” and financial ratings not lower than “VII” in Best’s Insurance Guide (latest edition in effect as of the Effective Date and subsequently in effect as of the date of renewal of the required policies). TENANT SHALL PROVIDE TO LANDLORD THIRTY (30) DAYS PRIOR WRITTEN NOTICE OF ANY CANCELLATION OF, NONRENEWAL OF, REDUCTION OF COVERAGE OR MATERIAL CHANGE IN COVERAGE ON SAID POLICIES. Tenant hereby waives its right of recovery against any Landlord Indemnitee of any amounts paid by Tenant or on Tenant’s behalf to sat isfy applicable worker’s compensation laws. The policies or duly executed certificates showing the material terms for the same, shall be deposited with Landlord on the date Tenant first occupies the Premises and upon renewals of such policies not less than five (5) days prior to the expiration of the term of such coverage. If certificates are supplied rather than the policies themselves, Tenant shall provide to Landlord, upon request, policies of all insurance required under this Lease. (ii) It is expressly understood and agreed that the coverages required represent Landlord’s minimum requirements and such are not to be construed to void or limit Tenant’s obligations contained in this Lease, including without limitation Tenant’s indemnity obligations hereunder. Neither shall (A) the insolvency, bankruptcy or failure of any insurance company carrying Tenant, (B) the failure of any insurance company to pay claims occurring, nor (C) any exclusion from or insufficiency of coverage be held to affec t, negate or waive any of Tenant’s indemnity obligations under this Paragraph 9 and Paragraph 7(m)(ii) or any other provision of this Lease. With respect to insurance coverages, except worker’s compensation, maintained hereunder by Tenant and insurance coverages separately obtained by Landlord, all insurance coverages afforded by policies of insurance mai ntained by Tenant shall be primary insurance, for the risks and liabilities assumed by Tenant under this Lease, as such coverages apply to Landlord, and such insurance coverages separately maintained by Landlord shall be excess, and Tenant shall have its insurance policies so endorsed. The amount of liability insurance under insurance policies maintained by Tenant shall not be reduced by the existence of insurance coverage under policies separately maintained by Landlord. Tenant shall be solely responsible for any premiums, assessments, penalties, deductible assumptions, retentions, audits, retrospective adjustments or any other kind of payment due under i ts policies. (iii) Tenant’s occupancy of the Premises without delivering the certificates of insurance shall not constitute a waiver of Tenant’s obligations to provide the required coverages. If Tenant provides to Landlord a certificate that does not evidence the coverages required herein, or that is faulty in any respect, such shall not constitute a waiver of Tenant’s obligations to provide the proper insurance. (iv) Throughout the Lease Term, Landlord agrees to maintain (A) fire and extended coverage insurance on the insurable portions of Building (excluding the Tenant Improvements and personal property) and the remainder of the Project, in an amount not less than the full replacement value thereof, subject to deductibles as reasonably determined by Landlord, (B) boiler and machinery insurance amounts and with deductibles as reasonably determined by Landlord, and (C) commercial general liability insurance providing cov erage against bodily injury and 152 17 disease, including death resulting therefrom, bodily injury and property damage to a combined single limit of $5,000,000 to one or more than one person as the result of any one accident or occurrence. All such insurance shall be obtained from an insurance company or companies authorized to do business in the State and which have policyholder ratings not lower than “A-” and financial ratings not lower than “VII” in Best’s Insurance Guide (latest edition in effect as of the Effective Date and subsequently in effect as of the date of renewal of the required policies). The premiums for any such insurance shall be a part of Operating Costs. 9(f) Mutual Waivers of Recovery. Landlord, Tenant, and all parties claiming through or under them, mutually release and discharge each other from responsibility for that portion of any liability, loss or damage paid or reimbursable by an insurer of Landlord or Tenant under any policy of liability insurance or any policy of fire, extended coverage or other property insurance policy maintained by Tenant or by Landlord (or which would have been paid had the insurance required to be maintained hereunder been in full force and effect and a claim submitted thereunder), no matter how caused, including negligence or gross negligence, and each waives any right of recovery from the other including, but not limited to, claims for contribution or indemnity, which might othe rwise exist on account thereof. Any fire, extended coverage or property insurance policy maintained by Tenant with respect to the Premises, or Landlord with respect to the Building or the Project, shall contain, in the case of Tenant’s policies, a waiver of subrogation provision or endorsement in favor of Landlord, and in the case of Landlord’s policies, a waiver of subrogation provision or endorsement in favor of Tenant, or, in the event that such insurers cannot or shall not include or attach such waiver of subrogation provision or endorsement, Tenant and Landlord shall obtain the approval and consent of their respective insurers, in writing, to the terms of this Lease. Tenant and Landlord, respectively, agree to indemnify, protect, defend and hold harmless each other and their respective Landlord Indemnitees or Tenant Indemnitees, as applicable, from and against any claim, suit or cause of action asserted or brought by an Indemnitor’s insurer(s) for, on behalf of, or in the name of the Indemnitor, includ ing, but not limited to, claims for contribution, indemnity or subrogation, brought in contravention of this Paragraph. The mutual releases, discharges and waivers contained in this provision shall apply EVEN IF THE LOSS OR DAMAGE TO WHICH THIS PROVISION APPLIES IS CAUSED SOLELY OR IN PART BY THE NEGLIGENCE OF LANDLORD OR TENANT. 9(g) Business Interruption. Landlord shall not be responsible for, and Tenant releases and discharges Landlord from, and Tenant further waives any right of recovery from Landlord for, any loss for or from business interruption or loss of use of the Premises suffered by Tenant as a result of Tenant’s use or occupancy of the Premises, EVEN IF SUCH LOSS IS CAUSED SOLELY OR IN PART BY THE NEGLIGENCE OF LANDLORD, BUT NOT TO THE EXTENT THE LOSS IS CAUSED SOLELY OR PARTLY BY THE GROSS NEGLIGENCE, WILLFUL MISCONDUCT OR BREACH OF THIS LEASE BY LANDLORD. 9(h) Adjustment of Claims. Tenant and Landlord shall cooperate with their respective insurers in the adjustment of any insurance claim pertaining to the Premises, the Building or the Project or their respective uses thereof. 9(i) Increase in Landlord’s Insurance Costs. Tenant agrees to pay to Landlord any increase in premiums for Landlord’s insurance policies resulting from Tenant’s use or occupancy of the Premises for other than general retail use. 9(j) Failure to Maintain Insurance. Any failure of Tenant to obtain and maintain the insurance policies and coverages required hereunder or failure by Tenant to meet any of the insurance requirements of this Lease shall constitute an event of default hereunder, and such failure shall enti tle Landlord to pursue, exercise or obtain any of the remedies provided for in this Lease, and Tenant shall be solely responsible to Landlord for any loss suffered as a result of such failure. In the event of failure by Tenant to maintain the insurance policies and coverages required by this Lease or to meet any of the insurance requirements of this Lease, Landlord, at its option, and without relieving Tenant of its obligations hereunder, may obtain said insurance policies and coverages or perform any other insurance obligation of Tenant, but all costs and expense s incurred by Landlord in obtaining such insurance or performing Tenant’s insurance obligations shall be reimbursed by Tenant to Landlord, together with interest on same from the date any such cost or expense was paid by Landlord until reimbursed by Tenant , at the rate of interest provided to be paid on judgments, by the law of the jurisdiction to which the interpretation of this Lease is subject. 153 18 10. FIRE OR CASUALTY 10(a) If any fire or other casualty (whether insured or uninsured) renders all or a substantial portion of the Premises or the Building untenantable, Landlord shall, with reasonable promptness after the occurrence of such damage, estimate the length of time that will be required to substantially complete the repair and restoration and shall by notice advise Tenant of such estimate (“Landlord’s Notice”). If Landlord estimates that the amount of time required to substantially complete such repair and restoration will exceed one hundred eighty (180) days from the date such damage occurred, then Landlord, or Tenant if all or a substantial portion of the Premises is rendered untenantable, shall have the right to terminate this Lease as of the date of such damage by gi ving written notice to the other at any time within twenty (20) days after delivery of Landlord’s Notice, provided that if Landlord so chooses, Landlord’s Notice may also constitute such notice of termination. 10(b) Unless this Lease is terminated as provided in the preceding subparagraph, Landlord shall proceed with reasonable promptness to repair and restore the Premises to its condition as existed prior to such casualty, subject to reasonable delays for insurance adjustments and Force Majeure delays, and also subject to zoning Laws and building codes then in effect. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease if such repairs and restoration are not in fact co mpleted within the time period estimated by Landlord so long as Landlord shall proceed with reasonable diligence to complete such repairs and restoration. 10(c) Tenant acknowledges that Landlord shall be entitled to the full proceeds of any insurance coverage, whether carried by Landlord or Tenant, for damages to the Premises, except for those proceeds of Tenant’s insurance of its own personal property and equipment which would be removable by Tenant at the Termination Date. All such insurance proceeds shall be payable to Landlord whether or not the Premises are to be repaired and restored, provided, however, if this Lease is not terminated and the parties proceed to repair and restore the Tenant Improvements, at Tenant’s cost, to the extent Landlord received proceeds of Tenant’s insurance covering the Tenant Improvements, such proceeds shall be applied to reimburse Tenant for its cost of repairing and restoring the Tenant Improvements. 10(d) Notwithstanding anything to the contrary herein set forth: (i) Landlord shall have no duty pursuant to this Paragraph to repair or restore any portion of the Tenant Improvements or to expend for any repair or restoration of the Premises or Building amounts in excess of insurance proceeds paid to Landlord and available for repair or restoration (or that would have been paid to Landlord had Landlord carried insurance required to be carried by Landlord under the terms of this Lease), and (ii) Tenant shall not have the right to terminate this Lease pursuant to this Paragraph if any damage or destruction was caused by the negligence or willful misconduct of Tenant, its agent or employees. Whether or not the Lease is terminated pursuant to this Paragraph, in no event shall Tenant be entitled to any compensation or damages for loss of the use of the whole or any part of the Premises or for any inconvenience or annoyance occasioned by any such damage, destruction, rebuilding or restoration of the Premises or the Bu ilding or access thereto. 10(e) Any repair or restoration of the Premises performed by Tenant shall be in accordance with the provisions of Paragraph 5 hereof. 10(f) If the Premises or the Building is damaged by a casualty but neither is rendered substantially untenantable and Landlord estimates that the time to substantially complete the repair or restoration will not exceed one hundred eighty (180) days from the date such damage occurred, then Landlord shall proceed to repair and restore the Building or the Premises, other than the Tenant Alterations, with reasonable promptness, unless such damage is to the Premises and occurs during the last six (6) months of the Lea se Term, in which event either Tenant or Landlord shall have the right to terminate this Lease as of the date of such casualty by giving written notice thereof to the other within twenty (20) days after the date of such casualty. Notwithstanding the foreg oing, Landlord’s obligation to repair shall be limited in accordance with the provisions of subparagraph (b) above. 10(g) The provisions of this Lease, including this Paragraph 10, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, the Premises or the Project or any part of either, and any Law with respect to any rights or obligations concerning damage or destructio n shall have no application to this Lease or to any damage to or destruction of all or any part of the Premises or the Project or any part of either, and are hereby waived. 154 19 11. EMINENT DOMAIN In the event the whole of the Premises, the Building or the Project shall be taken under the power of eminent domain, or sold to prevent the exercise thereof (collectively, a “Taking”), this Lease shall automatically terminate as of the date of such Taking. In the event a Taking of a portion of the Project, the Building or the Premises shall, in the reasonable opinion of Landlord, substantially interfere with Landlord’s operation the reof, Landlord may terminate this Lease upon thirty (30) days’ written not ice to Tenant given at any time within sixty (60) days following the date of such Taking. For purposes of this Lease, the date of Taking shall be the earlier of the date of transfer of title resulting from such Taking or the date of transfer of possession resulting from such Taking. In the event that a portion of the Premises is so taken and this Lease is not terminated, Landlord shall, with reasonable diligence, use commercially reasonable efforts to proceed to restore (to the extent permitted by Law and covenants, conditions and restrictions then applicable to the Project) the Premises (other than the Tenant’s Improvements and personal property and fixtures) to a complete, functioning unit. In such case, the Basic Annual Rent shall be reduced proportion ately based on the portion of the Premises so taken. If all or any portion of the Premises is the subject of a temporary Taking, this Lease shall remain in full force and effect and Tenant shall continue to perform each of its obligations under this Lease; in such case, Tenant shall be entitled to receive the entire award allocable to the temporary Taking of the Premises. Except as provided herein, Tenant shall not assert any claim against Landlord or the condemning authority for, and hereby assigns to La ndlord, any compensation in connection with any such Taking, and Landlord shall be entitled to receive the entire amount of any award therefor, without deduction for any estate or interest of Tenant. Nothing contained in this Paragraph 11 shall be deemed to give Landlord any interest in, or prevent Tenant from seeking, any award against the condemning authority for the Taking of personal property, fixtures, above standard tenant improvements of Tenant or for relocation or moving expenses recoverable by Tenant from the condemning authority. This Paragraph 11 shall be Tenant’s sole and exclusive remedy in the event of a Taking. 12. ASSIGNMENT AND SUBLETTING 12(a) Tenant shall not directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, assign, sublet, mortgage, hypothecate or otherwise encumber all or any portion of its interest in this Lease or in the Premises or grant any license in or suffer any person other than Tenant or its employees to use or occupy the Premises or any part thereof without obtaining the prior written consent of Landlord, which consent shall not be unreasonably withheld, delayed or conditioned. Any such attempted assignment, subletting, license, mortgage, hypothecation, other encumbrance or other use or occupancy without the consent of Landlord shall be null and void and of no effect. Any mortgage, hypothecation or encumbrance of all or any portion of Tenant’s interest in this Lease or in the Premises and any grant of a license or sufferance of any person other than Tenant or its employees to use or occupy the Premises or any part thereof shall be deemed to be an “assignment” of this Lease. Landlord’s agreement to not unreasonably withhold its consent shall only apply to the first assignment or sublease under the Lease. 12(b) The sale, issuance or transfer of fifty percent (50%) or more of the voting capital stock of Tenant, if any, or fifty percent (50%) or more of voting capital stock of any corporate entity which directly or indirectly controls Tenant (if Tenant or any such controlling corporate entity is a corporation the stock of which is not traded on the New York Stock Exchange, NASDAQ or the American Stock Exchange and provided such public trading does not result in a change of control by merger or other corporate reorganization), or any interests in any noncorporate entity which directly or indirectly controls Tenant which results in a change in the direct or indirect voting control of Tenant shall be deemed to be an assignment of this Lease within the meaning of this Paragraph. If Tenant is a partnership, trust or an unincorporated association, then the sale, issuance or transfer of a controlling interest therein, or the transfer of a majority interest in or a change in the voting control of any partnership, trust, unin corporated association, or corporation which directly or indirectly controls Tenant, or the transfer of any portion of any general partnership or managing interest in Tenant or in any such entity, shall be deemed to be an assignment of this Lease within th e meaning of this Paragraph. 12(c) No permitted assignment or subletting shall relieve Tenant of its obligation to pay the Rent and to perform all of the other obligations to be performed by Tenant hereunder. The acceptance of Rent by Landlord from any other person shall not be deemed to b e a waiver by Landlord of any provision of this Lease or to be a consent to any subletting or assignment. Consent by Landlord to one subletting or assignment shall not be deemed to constitute a consent to any other or subsequent attempted subletting or as signment. If Tenant desires at any time to assign this Lease or to sublet the Premises or any portion thereof, it shall first notify Landlord of its desire to do so and shall 155 20 submit in writing to Landlord all pertinent information relating to the proposed assignee or sublessee, all pertinent information relating to the proposed assignment or sublease, and all such financial information as Landlord may reasonably request concerning the proposed assignee or subtenant (collectively, the “Assignment Information”). Any approved assignment or sublease shall be expressly subject to the terms and conditions of this Lease. 12(d) At any time within thirty (30) days after Landlord’s receipt of a request from Tenant to assign this entire Lease together with all required Assignment Information, Landlord may by written notice to Tenant elect to terminate this Lease, in which event Landlord and Tenant shall be relieved of any further obligations under this Lease except for those that expressly survive termination. 12(e) Tenant acknowledges that it shall be reasonable for Landlord to withhold its consent to a proposed assignment or sublease in any of the following instances: (i) The assignee or sublessee is not, in Landlord’s reasonable opinion, sufficiently creditworthy to perform the obligations of such assignee or sublessee will have under this Lease; (ii) The intended use of the Premises by the assignee or sublessee is not the same as set forth in this Lease or otherwise reasonably satisfactory to Landlord; (iii) Occupancy of the Premises by the assignee or sublessee would, in the good faith judgment of Landlord, violate any agreement binding upon Landlord, the Building or the Project with regard to the identity of tenants, usage in the Building, or similar matters; (iv) The assignee or sublessee has received or made an offer or a written proposal to Lease space within the previous six (6) months that was not accepted or is a current tenant or subtenant within the Building; (v) The identity or business reputation of the assignee or sublessee will, in the good faith judgment of Landlord, tend to damage the goodwill or reputation of the Building or Project; or (vi) In the case of a sublease, the subtenant has not acknowledged that the Lease controls over any inconsistent provision in the sublease. The foregoing criteria shall not exclude any other reasonable basis for Landlord to refuse its consent to such assignment or sublease. 12(f) Except in the event of an assignment of the entirety of this Lease made with the written consent of Landlord wherein Landlord expressly agrees to release Tenant, Tenant shall at all times during the Lease Term and any subsequent renewals or extensions remain fully responsible and liable for the payment of the Rent and for compliance with all of Tenant’s other obligations under this Lease. In the event that the Rent due and payable by a sublessee or assignee (or a combination of the rental payable under suc h sublease or assignment, plus any bonus or other consideration therefor or incident thereto) exceeds the Rent payable under this Lease, Tenant agrees that fifty percent (50%) of all Rent amounts payable to Tenant with respect to the assignment or sublease (excluding any amounts payable for any services, personal property rental or any other amounts not attributable to rent of the actual real property) in excess of the Rent due to Landlord for such portion of the Premises that is subject to the sublease or assignment, shall be paid to Landlord on a monthly basis, as and when Tenant receives such Rent. 12(g) If this Lease is assigned or if the Premises is subleased (whether in whole or in part), or in the event of the mortgage, pledge, or hypothecation of Tenant’s leasehold interest, or grant of any concession or license within the Premises, or if the Premises are occupied in whole or in part by anyone other than Tenant, then upon an uncured default by Tenant hereunder Landlord may collect Rent from any person obligated or who becomes obligated to pay Rent under the assignment, sublease, mortgagee, pledge, hypo thecation, concession or license, or other occupant of the Premises and, apply the amount collected to the next Rent payable hereunder; and all such Rent collected by Tenant shall be held in deposit for Landlord and immediately forwarded to Landlord. No s uch transaction or collection of Rent or application thereof by Landlord, however, shall be deemed a waiver of these provisions or a release of Tenant from the further performance by Tenant of its covenants, duties, or obligations hereunder. Acceptance of Rent 156 21 by Landlord from anyone other than Tenant shall not be construed as a waiver by Landlord, nor as a release of Tenant, but the same shall be taken to be a payment on account of Tenant. 12(h) Should Tenant request of Landlord the right to assign or sublet, then Tenant shall promptly pay (in any event prior to the assignee or subtenant occupying the Premises) all of the costs incurred by Landlord in responding to the request, including Landlord’s reasonable attorneys’ fees incurred in connection therewith, and Landlord shall also charge Tenant One Thousand Five Hundred Dollars ($1,500.00) as an administration fee. 12(i) Notwithstanding any provision of this Lease to the contrary, in the event this Lease is assigned to any person or entity pursuant to the provisions of the Bankruptcy Code, any and all monies or other consideration payable or otherwise to be delivered in co nnection with such assignment shall be paid or delivered to Landlord, shall be and remain the exclusive property of Landlord and shall not constitute the property of Tenant or Tenant’s estate within the meaning of the Bankruptcy Code. All such money and other consideration not paid or delivered to Landlord shall be held in trust for the benefit of Landlord and shall be promptly paid or delivered to Landlord. 13. DEFAULT 13(a) Events of Default. The following events shall be deemed to be “Events of Default” (herein so called) by Tenant under this Lease: (i) Tenant shall fail to pay any Basic Annual Rent, or any Additional Rent (or cure any other default which is curable by the payment of money) when due; (ii) Tenant shall fail to comply with or observe any other provision of this Lease and such failure shall continue for ten (10) days after Landlord delivers written notice of default, but if the nature of Tenant’s obligation is such that more than ten (10) days are required for its performance, Tenant shall not be in default if Tenant commences to cure such default within the ten (10) day period and thereafter diligently prosecutes the same to completion (not to exceed sixty (60) days total); (iii) Tenant shall make a general assignment for the benefit of creditors; (iv) any petition shall be filed by or against Tenant under the United States Bankruptcy Code, as amended, or under any similar law or statute of the United States or any state thereof, and such petition shall not be dismissed within sixty (60) days of filing, or Tenant shall be adjudged bankrupt or insolvent in proceedings filed thereunder; (v) a receiv er or trustee shall be appointed for all or substantially all of the assets of Tenant and such appointment shall not be vacated or otherwise terminated, and the action in which such appointment was ordered dismissed, within sixty (60) days of filing; (vi) Tenant shall fail to take possession of, continuously operate in, or shall desert, abandon or vacate the Premises; (vii) if Tenant is a corporation, partnership, limited liability company or other legal entity, the dissolution or failure to maintain its le gal existence and authority to conduct business in the State; or (viii) the occurrence of an event described in clause (iv) or (v) of this Paragraph (without regard to any notice and cure periods contained herein) and the failure thereafter of Tenant (A) to timely and fully make any payment of Rent or any other sum of money due hereunder or (B) to perform or observe any other covenant, condition or agreement to be performed or observed by it hereunder. 13(b) Remedies. Upon the occurrence of any event or events of default under this Lease, whether enumerated in this Paragraph or not, Landlord shall have the option to pursue any one or more of the following remedies without any notice (except as expressly prescribed herein) or demand for possession whatsoever (and without limiting the generality of the foregoing, Tenant hereby specifically waives notice and demand for payment of rent or other obligations due and waives, to the extent permissible, any and all other notices or demand requirements imposed by applicable law): (i) Terminate this Lease, in which event Tenant shall immediately surrender the Premises to Landlord. If Tenant fails to surrender the Premises upon termination of the Lease hereunder, Landlord may without prejudice to any other remedy which it may have for possession or arrearages in Rent, enter upon and take possession of the Premises and expel or remove Tenant and any other person who may be occupying said Premises, or any part thereof, by force, if necessary, without being liable for prosecution or any cla im of damages therefor, and Tenant hereby agrees to pay to Landlord on demand the amount of all loss and damage which Landlord may suffer by reason of such termination, whether through inability to relet the Premises on satisfactory terms or otherwise, spe cifically including but not limited to all Costs of Reletting (hereinafter defined) and any deficiency that may arise by reason of any reletting. If such termination is caused by the failure to pay Rent and/or the abandonment of the entire Premises, Landlord may elect, by sending written notice thereof to Tenant, to receive liquidated damages in an amount equal to the Basic Annual Rent, and other rent payable hereunder for the month during which the Lease is terminated times the lesser of (A) twelve (12) or (B) the number of months remaining in the Lease Term as of the date of such failure 157 22 to pay rent and/or abandonment of any substantial portion of the Premises. Such liquidated damages shall be in lieu of the payment of loss and damage Landlord may suffer by reason of such termination as provided in the preceding sentence but shall not be in lieu of or reduce in any way any amount (including accrued rent) or damages due to breach of covenant (whether or not liquidated) payable by Tenant to Landlord which is accrued and outstanding at the time of the termination of the Lease. (ii) Enter upon and take possession of the Premises and expel or remove Tenant or any other person who may be occupying said Premises, or any part thereof, by force, if necessary, without having any civil or criminal liability therefor and without terminating this Lease. Landlord may (but shall be under no obligation to, except as required by applicable law) relet the Premises or any part thereof for the account of Tenant, in the name of Tenant or Landlord or otherwise, without notice to Tenant for such term or terms which may be greater or less than the period which would otherwise have constituted the balance of the Lease Term and on such conditions (which may include concessions or free rent) and for such uses as Landlord in its absolute discretion may determ ine, and Landlord may collect and receive any rents payable by reason of such reletting. Tenant agrees to pay Landlord on demand all Costs of Reletting and any deficiency that may arise by reason of such reletting. Landlord shall not be responsible or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon any such reletting. No such reentry or taking of possession of the Premises by Landlord shall be construed as an election on Landlord’s part to terminate this Lease unless a written notice of such termination is given to Tenant. (iii) Enter upon the Premises by force if necessary without having any civil or criminal liability therefor, and do whatever Tenant is obligated to do under the terms of this Lease and Tenant agrees to reimburse Landlord on demand for any expense which Landlord may incur in thus effecting compliance with Tenant’s obligations under this Lease together with interest at the lesser of a per annum rate equal to (i) the highest lawful rate of interest allowed by the State or federal law, or (ii) twelve percent (12%) and Tenant further agrees that Landlord shall not be liable for any damages resulting to Tenant from such action, whether caused by the negligence of Landlord or otherwise. (iv) Terminate this Lease by giving Tenant written notice thereof, in which event, Tenant shall pay to Landlord the sum of (i) all rent accrued hereunder through the date of termination, (ii) all Costs of Reletting, and (iii) an amount equal to (A) the total rent that Tenant would have been required to pay for the remainder of the Lease Term discounted to present value minus (B) the then present fair rental value of the Premises for such period, similarly discounted. 13(c) In order to regain possession of the Premises and to deny Tenant access thereto, Landlord or its agent may, subject to applicable law, at the expense and liability of the Tenant, alter or change any or all locks or other security devices controlling access to the Premises without posting or giving notice of any kind to Tenant. Landlord shall have no obligation to provide Tenant a key or grant Tenant access to the Premises so long as Tenant is in default under this Lease. Tenant shall not be entitled to re cover possession of the Premises, terminate this Lease, or recover any actual, incidental, consequential, punitive, statutory or other damages or award of attorneys’ fees, by reason of Landlord’s alteration or change of any lock or other security device and the resulting exclusion from the Premises of the Tenant or Tenant’s agents, servants, employees, customers, licensees, invitees or any other persons from the Premises. Landlord may, without notice, remove and either dispose of or store, at Tenant’s expe nse, any property belonging to Tenant that remains in the Premises after Landlord has regained possession thereof. Tenant acknowledges that the provisions of this subparagraph of this Lease supersedes applicable statutory provisions of any applicable State statutes and Tenant further warrants and represents that it hereby knowingly waives any rights it may have thereunder. 13(d) For purposes of this Lease, the term “Costs of Reletting” shall mean all costs and expenses incurred by Landlord in connection with the reletting of the Premises, including without limitation the cost of cleaning, renovation, repairs, decoration and alteration of the Premises for a new tenant or tenants, advert isement, marketing, brokerage and legal fees, the cost of protecting or caring for the Premises while vacant, the cost of removing and storing any property located on the Premises, any increase in insurance premiums caused by the vacancy of the Premises and any other out of-pocket expenses incurred by Landlord including tenant inducements such as the cost of moving the new tenant or tenants and the cost of assuming any portion of the existing lease(s) of the new tenant(s). 158 23 13(e) Except as otherwise herein provided, no repossession or re-entering on the Premises or any part thereof shall relieve Tenant of its liabilities and obligations hereunder, all of which shall survive such repossession or re-entering. Notwithstanding any such repossession or re-entering on the Premises or any part thereof by reason of the occurrence of an event of default, Tenant will pay to Landlord the Basic Annual Rent and other rent or other sum required to be paid by Tenant pursuant to this Lease. 13(f) No right or remedy herein conferred upon or reserved to Landlord is intended to be exclusive of any other right or remedy, and each and every right and remedy shall be cumulative and in addition to any other right or remedy given hereunder or now or hereaf ter existing by agreement, applicable law or in equity. In addition to other remedies provided in this Lease, Landlord shall be entitled, to the extent permitted by applicable law, to injunctive relief in case of the violation, or attempted or threatened violation, of any of the covenants, agreements, conditions or provisions of this Lease, or to a decree compelling performance of any of the other covenants, agreements, conditions or provisions of this Lease, or to any other remedy allowed to Landlord at law or in equity. Forbearance by Landlord to enforce one or more of the remedies herein provided upon an event of default shall not be deemed or construed to constitute a waiver of such default. 13(g) This Paragraph shall be enforceable to the maximum extent such enforcement is not prohibited by applicable law, and the unenforceability of any portion thereof shall not thereby render unenforceable any other portion. To the extent any provision of applicable law requires some action by Landlord to evidence or effect the termination of this Lease or to evidence the termination of Tenant’s right of occupancy, Tenant and Landlord hereby agree that written notice by Landlord to any of Tenant’s agents, servant s or employees, which specifically sets forth Landlord’s intention to terminate, shall be sufficient to evidence and effect the termination provided for herein. 13(h) No payment of money by Tenant to Landlord after the termination or expiration of the Lease Term or after giving of any notice by Landlord to Tenant shall reinstate, continue or extend the Lease Term or affect any notice, other than a demand for payment of money, given to Tenant prior to the payment of such money. After the service of notice or the commencement of a suit or final judgment granting Landlord possession of the Premises, Landlord may receive and collect any rent or other sums of money due under this Lease or otherwise exercise Landlord’s rights and remedies under this Lease, and the payment of such sums of money, whether as rent or otherwise, shall not waive, suspend, revoke or nullify such notice or in any manner affect any pending suit or any judgment obtained. 14. LANDLORD ACCESS; CONSTRUCTION 14(a) Landlord reserves the right to use the roof and exterior walls of the Premises and the area beneath, adjacent to and above the Premises, together with the right to install, use, maintain, repair, replace and relocate equipment, machinery, meters, pipes, du cts, plumbing, conduits and wiring through the Premises, which serve other portions of the Building or the Project in a manner and in locations which do not materially interfere with Tenant’s use and enjoyment of the Premises. In addition, Landlord shall have free access to any and all mechanical installations of Landlord or Tenant, including, without limitation, machine rooms, telephone rooms and electrical closets. Tenant agrees that there shall be no construction of partitions or other obstructions whi ch materially interfere with or which threaten to materially interfere with Landlord’s free access thereto, or materially interfere with the moving of Landlord’s equipment to or from the enclosures containing said installations. Upon at least one (1) Busi ness Day prior notice (except in the event of an emergency, in the event that Landlord or its agents, employees or contractor are providing recurring services such as janitorial or plant care services or in the event that Landlord or its agents, employees or contractors are providing repair or maintenance services to the Premises which are requested by Tenant, for which no notice shall be necessary), Landlord reserves and shall at any time and all times have the right to enter the Premises to inspect the same and to supply any other service to be provided by Landlord to Tenant hereunder in the Premises, to exhibit the Premises to prospective purchasers, lenders or tenants, to post statutory notices of non - responsibility, to alter, improve, restore, rebuild o r repair the Premises or any other portion of the Building, or to do any other act permitted or contemplated to be done by Landlord hereunder, all without being deemed guilty of an eviction of Tenant and without liability for abatement of Rent or otherwise . For such purposes, Landlord may also erect scaffolding and other necessary structures where reasonably required by the character of the work to be performed. Landlord shall conduct all such inspections and/or improvements, alterations and repairs so as to minimize, to the extent reasonably practical and without additional expense to Landlord, any interruption of or interference with the business of Tenant. Tenant hereby waives any claim for damages for any injury or inconvenience 159 24 to or interference with Tenant’s business or any loss of occupancy or quiet enjoyment of the Premises occasioned thereby. For each of such purposes, Landlord shall at all times have and retain a key with which to unlock all of the doors in, upon and about the Premises (excluding Tenant’s vaults and safes, access to which shall be provided by Tenant upon Landlord’s reasonable request), and Tenant shall not install any locks within the Premises that are not Building system locks. Landlord shall have the right to use any and all means which Landlord may deem proper in an emergency in order to obtain entry to the Premises or any portion thereof, and Landlord shall have the right, at any time during the Lease Term, to provide whatever access control measures it deems reasonably necessary to the Project, without any interruption or abatement in the payment of Rent by Tenant. Any entry into the Premises obtained by Landlord by any of such means shall not under any circumstances be construed to be a forcible or un lawful entry into, or a detainer of, the Premises, or any eviction of Tenant from the Premises or any portion thereof. No provision of this Lease shall be construed as obligating Landlord to perform any repairs, Alterations or decorations to the Premises or the Project except as otherwise expressly agreed to be performed by Landlord or required pursuant to the provisions of this Lease. Notwithstanding anything to the contrary set forth in this Lease, no failure or diminution of supply or services; permission, restriction or denial of access; or construction activities described in this Paragraph shall in any way be construed as an actual or constructive eviction of Tenant, permit an abatement of rent, operate to release Tenant from any of Tenant’s obligations under this Lease, or be deemed a breach of Tenant’s quiet enjoyment and possession of the Premises. 14(b) Subject to the express terms and conditions of this Lease, Landlord shall not be liable to Tenant or any other person or entity for direct or consequential damages or otherwise resulting from construction activities conducted in or about the Building or th e Premises (including without limitation the construction of systems shared with Tenant), whether adjacent to Tenant or elsewhere in the Building, by Landlord, by other tenants or by other parties. Tenant shall have no right whatsoever to cause Landlord to enforce its rules and regulations, nor shall Landlord have any liability to Tenant whatsoever for the manner in which such rules and regulations are enforced. 15. BANKRUPTCY 15(a) If, after the Commencement Date, or if at any time during the Lease Term, there shall be filed against Tenant in any court, tribunal, administrative agency or any other forum having jurisdiction, pursuant to any applicable law, either of the United States or of any state, a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver, trustee or conservator of all or a portion of Tenant’s property, and the same is not dismissed after sixty (60) calendar days, or if Tenant makes an assignment for the benefit of creditors, this Lease, at the option of Landlord exercised within a reasonable time after notice of the happening of any one or more of such events, may be canceled and terminated and in such event neither Tenant nor any person claiming through or under Tenant or by virtue of any statute or of an order of any court shall be entitled to possession or to remain in possession of the Premises, but shall forthwith quit and surrender the Premises, and Landlord, in addition t o the other rights and remedies granted by Paragraph 13 hereof or by virtue of any other provision contained in this Lease or by virtue of any applicable law, may retain as damages any Rent, Security Deposit or moneys received by it from Tenant or others on behalf of Tenant. 15(b) In the event of the occurrence of any of the events specified in this Paragraph 15, if Landlord shall not choose to exercise, or by applicable law, shall not be able to exercise, its rights hereunder to terminate this Lease upon the occurrence of such events, then, in addition to any other rights of Landlord hereunder or by virtue of applicable law, (i) Landlord shall not be obligated to provide Tenant with any of the utilities or services specified in Paragraph 8, unless Landlord has received compensation in advance for such utilities or services, and the parties agree that Landlord’s reasonable estimate of the compensation required with respect to such services shall control, and (ii) neither Tenant, as debtor-in-possession, nor any trustee or other person (hereinafter collectively referred to as the “Assuming Tenant”) shall be entitled to assume this Lease unless on or before the date of such assumption, the Assuming Tenant: (x) cures, or provides adequate assurance that the latter will promptly cure, any existing default under this Lease; (y) compensates, or provides adequate assurance that the Assuming Tenant will promptly compensate Landlord for any pecuniary loss (including, without limitation, attorneys’ fees and disbursements) resulting from such default; and (z) provides adequate assurance of future performance under this Lease, it being covenanted and agreed by the parties that, for such purposes, any cure or compensation shall be effected by the immediate payment of any monetary default or any required compensation, or the immediate correction or bonding of any non-monetary default. For purposes of this Lease, (i) any “adequate assurance” of such cure or compensation shall be effected by the establishment of an escrow fund for the amount at issue o r by the issuance of a bond, and (ii) 160 25 “adequate assurance” of future performance shall be effected by the establishment of an escrow fund for the amount at issue or by the issuance of a bond. 15(c) Notwithstanding anything contained in this Lease to the contrary, if this Lease is rejected in any bankruptcy action or proceeding filed by or against Tenant, and the effective date of rejection is on or after the date upon which that month’s Basic Annual Rent and Additional Rent is due and owing, then the Basic Annual Rent and Additional Rent owing under this Lease for the month during which the effective date of such rejection occurs shall be due and payable in full and shall not be prorated. 16. INTENTIONALLY OMITTED 17. SUBORDINATION; ATTORNMENT; ESTOPPEL CERTIFICATES 17(a) Tenant agrees that this Lease and the rights of Tenant hereunder shall be subject and subordinate to any and all deeds of trust, security interests, mortgages, master leases, ground leases or other security documents and any and all modifications, renewals, extensions, consolidations and replacements thereof (collectively, “Security Documents”) which now or hereafter constitute a lien upon or affect the Project, the Building or the Premises. Such subordination shall be effective without the necessity of the execution by Tenant of any additional document for the purpose of evidencing or effecting such subordination. In addition, Landlord shall have the right to subordinate or cause to be subordinated any such Security Documents to this Lease and in such cas e, in the event of the termination or transfer of Landlord’s estate or interest in the Project by reason of any termination or foreclosure of any such Security Documents, Tenant shall, notwithstanding such subordination, attorn to and become the Tenant of the successor in interest to Landlord at the option of such successor in interest. Furthermore, Tenant shall within ten (10) days of demand therefor execute any instruments or other documents which may be required by Landlord or the holder of any Security Document and specifically shall execute, acknowledge and deliver within ten (1 0) days of demand therefor a subordination of lease or subordination of deed of trust, in the form required by the holder of the Security Document requesting the document; the failure to do so by Tenant within such time period shall be a material default hereunder; provided, however, the new landlord or the holder of any Security Document shall agree that Tenant’s quiet enjoyment of the Premises shall not be disturbed as long as Tenant is not in default under this Lease. 17(b) If any proceeding is brought for default under any ground or master lease to which this Lease is subordinate or in the event of foreclosure or the exercise of the power of sale under any mortgage, deed of trust or other Security Document made by Landlord covering the Premises, at the election of such ground lessor, master lessor or purchaser at foreclosure, Tenant shall attorn to and recognize the same as Landlord under this Lease, provided such successor expressly agrees in writing to be bound to all futur e obligations of Landlord under the terms of this Lease, and if so requested, Tenant shall enter into a new lease with that successor on the same terms and conditions as are contained in this Lease (for the unexpired term of this Lease then remaining). 17(c) In addition to any statutory lien for Rent in Landlord’s favor, Landlord (the secured party for purposes hereof) shall have and Tenant (the debtor for purposes hereof) hereby grants to Landlord, an express contract lien and a continuing security interest to secure the payment of all Rent due hereunder from Tenant, upon all goods, wares, equipment, fixtures, furniture, inventory and other personal property of Tenant (and any transferees or other occupants of the Premises) presently or hereafter situated on the Premises and upon all proceeds of any insurance which may accrue to Tenant by reason of damage or destruction of any such property. In the event of a default under this Lease, Landlord shall have, in addition to any other remedies provided herein or by law, all rights and remedies under the Uniform Commercial Code of the state in which the Premises is located, including without limitation the right to sell the property described in this Paragraph at public or private sale upon ten (10) days’ notice to T enant, which notice Tenant hereby agrees is adequate and reasonable. Tenant hereby agrees to execute such other instruments necessary or desirable in Landlord’s discretion to perfect the security interest hereby created. Any statutory lien for Rent is not hereby waived, the express contractual lien herein granted being in addition and supplementary thereto. Landlord and Tenant agree that this Lease and the security interest granted herein serve as a financing statement, and a copy or photographic or other reproduction of this Paragraph of this Lease may be filed of record by Landlord and have the same force and effect as the original. Tenant warrants and represents that the collateral subject to the security interest granted herein is not purchased or used by Tenant for personal, family or household purposes. Tenant further warrants and represents to Landlord that the lien granted herein constitutes a first and superior lien and that Tenant 161 26 will not allow the placing of any other lien upon any of the property described in this Paragraph without the prior written consent of Landlord. 17(d) Tenant shall, upon not less than ten (10) days’ prior notice by Landlord, execute, acknowledge and deliver to Landlord a statement in writing certifying to those facts for which certification has been requested by Landlord or any current or prospective purchaser, beneficiary of any Security Docu ment, ground lessor or master lessor, including, but without limitation, that: (i) this Lease is unmodified and in full force and effect (or if there have been modifications, that the same is in full force and effect as modified and stating the modificati ons); (ii) the dates to which the Basic Annual Rent, Additional Rent and other charges hereunder have been paid, if any; and (iii) whether or not to the best knowledge of Tenant, Landlord is in default in the performance of any covenant, agreement or condition contained in this Lease and, if so, specifying each such default of which Tenant may have knowledge. The form of the statement attached hereto as Exhibit C is hereby approved by Tenant for use pursuant to this subparagraph (d); however, at Landlord’s option, Landlord shall have the right to use other forms for such purpose, provided that such other forms do not contain any provision diminishing or impairing Tenant’s rights under this Lease. Tenant’s failure to execute and deliver such statement within such time shall, at the option of Landlord, constitute a material default under this Lease and, in any event, shall be conclusive upon Tenant that this Lease is in full force and effect without modification except as may be represented by Landlord in any such certificate prepared by Landlord and delivered to Tenant for execution. Any statement delivered pursuant to this Paragraph 17 may be relied upon by any prospective purchaser of the fee of the Building or the Project or any mortgagee, ground lessor or other like encumbrancer thereof or any assignee of any such encumbrance upon the Building or the Project. 18. SALE BY LANDLORD; TENANT’S REMEDIES; NONRECOURSE LIABILITY 18(a) In the event of a sale or conveyance by Landlord of the Building or the Project, Landlord shall be released from any and all liability under this Lease for matters occurring after the sale or conveyance. 18(b) Landlord shall not be in default of any obligation of Landlord hereunder unless Landlord fails to perform any of its obligations under this Lease within thirty (30) days after receipt of written notice of such failure from Tenant; provided, however, that if the nature of Landlord’s obligation is such that more than thirty (30) days are required for its performance, Landlord shall not be in default if Landlord commences to cure such default within the thirty (30) day period and thereafter diligently prosecut es the same to completion. All obligations of Landlord under this Lease will be binding upon Landlord only during the period of its ownership of the Premises and not thereafter. All obligations of Landlord hereunder shall be construed as covenants, not conditions; and, except as may be otherwise expressly provided in this Lease, Tenant may not terminate this Lease for breach of Landlord’s obligations hereunder. 18(c) Any liability of Landlord for a default by Landlord under this Lease, or a breach by Landlord of any of its obligations under the Lease, shall be limited solely to its interest in the Project, and in no event shall any persona l liability be asserted against Landlord in connection with this Lease nor shall any recourse be had to any other property or assets of Landlord. Tenant’s sole and exclusive remedy for a default or breach of this Lease by Landlord shall be either (i) an action for damages, or (ii) an action for injunctive relief, and Tenant shall have no offset rights or self - help rights or the right to terminate this Lease on account of any breach or default by Landlord under this Lease. Under no circumstances whatsoever shall Landlord ever be liable for punitive, consequential or special damages under this Lease and Tenant waives any rights it may have to such damages under this Lease in the event of a breach or default by Landlord under this Lease. 18(d) As a condition to the effectiveness of any notice of default given by Tenant to Landlord, Tenant shall also concurrently give such notice under the provisions of Paragraph 18(b) to each beneficiary under a Security Document encumbering the Project of whom Tenant has received written notice (such notice to specify the address of the beneficiary). In the event Landlord shall fail to cure any breach or default within the time perio d specified in subparagraph (b), then prior to the pursuit of any remedy therefor by Tenant, each such beneficiary shall have an additional thirty (30) days within which to cure such default, or if such default cannot reasonably be cured within such period, then each such beneficiary shall have such additional time as shall be necessary to cure such default, provided that within such thirty (30) day period, such beneficiary has commenced and is diligently pursuing the remedies available to it which are necessary to cure such default (including, without limitation, as appropriate, comm encement of foreclosure proceedings). 162 27 19. COMMON AREAS 19(a) Subject to subparagraph (c) below and the remaining provisions of this Lease, Tenant shall have the nonexclusive right, in common with others, to the use of such entrances, lobbies, restrooms, ramps, drives, stairs, and similar access ways and service ways and other common areas and facilities in and adjacent to the Building and the Project as are designated from time to time by Landlord for the general nonexclusive use of Landlord, Tenant and the other tenants of the Project and their respective employees, agents, representatives, licensees and invitees (“Common Areas”); provided however, that Tenant and its employees, agents, representatives, licensees and invitees may not use any areas of the Project that are designated for the exclusive use of the residents or office tenants of the Project. The use of such Common Areas shall be subject to the rules and regulations contained herein and the provisions of any covenants, conditions and restrictions affecting the Building or the Project. Tenant shall keep al l of the Common Areas free and clear of any obstructions created or permitted by Tenant or resulting from Tenant’s operations, and shall use the Common Areas only for normal activities, parking and ingress and egress by Tenant and its employees, agents, representatives, licensees and invitees to and from the Premises, the Building or the Project. Neither Tenant nor its invitees, licensees, guests etc. may store or place any personal property or construct or place any other improvements whatsoever within the Common Areas at any time. If, in the reasonable opinion of Landlord, unauthorized persons are using the Common Areas by reason of the presence of Tenant in the Premises or Tenant, its employees, agents, representatives, licensees or invitees has stored or otherwise placed personal property or constructed other improvements of any kind whatsoever within the Common Areas, Tenant, upon demand of Landlord, shall remove such personal property or improvements or correct such situation by appropriate action or proceedings against all such unauthorized persons; or in Landlord’s sole discretion, Landlord may remove and dispose of such personal property or improvements at the sole cost and expense of Tenant, and Landlord shall have no liability to Tenant or its invitees, licensees and guests etc. therefore. Nothing herein shall affect the rights of Landlord at any time to remove any such unauthorized persons from said areas or to prevent the use of any of said areas by unauthorized persons. Landlord reserves the right to make such changes, alterations, additions, deletions, improvements, repairs or replacements in or to the Building, the Project (including the Premises) and the Common Areas as Landlord may reasonably deem necessary or desirable, including, without limitation, and making changes in the location, size, shape and number of driveways, entrances, parking spaces, parking areas, loading areas, landscaped areas and walkways; provided, however, that there shall be no unreasonable permanent obstruction of acc ess to or use of the Premises resulting therefrom. Notwithstanding any provision of this Lease to the contrary, the Common Areas shall not in any event be deemed to be a portion of or included within the Premises leased to Tenant and the Premises shall not be deemed to be a portion of the Common Areas. This Lease is granted subject to the rights and interests of third parties under existing liens, ground leases, easements and encumbrances affecting such property, all zoning regulations, rules, ordinances, building restrictions and other laws and regulations now in effect or hereafter adopted by any governmental authority having jurisdiction over the Project or any part thereof. 19(b) Notwithstanding any provision of this Lease to the contrary, Landlord specifically reserves the right to redefine the term “Project” for purposes of allocating and calculating Operating Costs so as to include or exclude areas as Landlord shall from time to time determine or specify (and any such determination or specification shall be without prejudice to Landlord’s right to revise thereafter such determination or specification). In addition, Landlord shall have the right to contract or otherwise arrange f or amenities, services or utilities (the cost of which is included within Operating Costs) to be on a common or shared basis to both the Project (i.e., the area with respect to which Operating Costs are determined) and adjacent areas not included within th e Project, so long as the basis on which the cost of such amenities, services or utilities is allocated to the Project is determined on an arms -length basis or some other basis reasonably determined by Landlord. In the case where the definition of the Project is revised for purposes of the allocation or determination of Operating Costs, Tenant’s Proportionate Share shall be appropriately revised to equal the percentage share of all Rentable Area contained within the Project (as then defined) represented by the Premises. Notwithstanding the foregoing, Landlord agrees that in no event shall Tenant’s Proportionate Share of Operating Costs increase due to Landlord redefining the term “Project.” Landlord shall have the sole right to determine which portions of the Project and other areas, if any, shall be served by common management, operation, maintenance and repair. 163 28 20. SIGNAGE 20(a) Premises Signage. Tenant shall have the right to design, procure and install, at Tenant’s expense, signage on the interior of the Premises (that is not visible from the exterior of the Premises) (the “Interior Signage”), subject to Landlord’s prior written approval, which shall not be unreasonably withhe ld, conditioned or delayed. 20(b) Building Signage. In addition to the Interior Signage, Tenant may, at its sole cost and expense, subject to the provisions of this subparagraph 20(b), install exterior signs on the Premises which display the business name and logo of Tenant (collectively, the “Exterior Signage”). All Exterior Signage shall (i) be subject to all applicable Laws and requisite governmental approvals, and (ii) be approved by Landlord, which approval shall be based on the compliance of the Exterior Signage with Landlord’s sign age criteria, as determined by Landlord in its sole discretion. Tenant shall, at its sole cost, remove the Exterior Signage on or before the expiration or sooner termination of this Lease or upon the early termination of Tenant’s right to occupy the Premises and repair any damage to the Building caused by such removal and shall restore the Building to its original condition (or, at Landlord’s option, Tenant shall pay to Landlord all of Landlord’s costs of such removal and repair). Tenant shall be responsi ble for all electrical expenses incurred for the use of the Exterior Signage and shall have installed, at Tenant’s sole cost and expense, a separate meter to monitor such usage. 20(c) Additional Signage. Tenant shall have no right to install or maintain any other signs, banners, advertising, notices, displays, stickers, decals or any other logo or identification of any person, product or service whatsoever, in any location on or in the Project except as: (i) shall have been expressly approved by Landlord in writing prior to the installation thereof (which approval may be granted or withheld in Landlord’s sole and absolute discretion); (ii) shall not violate any signage restrictions or exclusive sign rights contained in any then-existing leases with other tenants of the Project, if any; and (iii) are consistent and compatible with all applicable Laws, and the design, signage and graphics program from time to time implemented by Landlord with respect to the Project, if any. Landlord shall have the right to remove any signs or signage material installed without Landlord’s permission, without being liable to Tenant by reason of such removal, and to charge the cost of removal to Tenant as Ad ditional Rent hereunder, payable within thirty (30) days of written demand by Landlord. 21. INTENTIONALLY OMITTED 22. OPTION TO RENEW Tenant shall have one (1) option (each, an “Option”) to extend the Lease Term for five (5) consecutive years each (individually or collectively, the “Option Period”). If Tenant exercises an Option, all terms and conditions of this Lease shall remain in full force and effect during the applicable Option Period except that: (1) Basic Annual Rent and Additional Rent during the applicable Option Period shall increase by three percent (3%) from the most recent rent paid during the initial Term, and continue to increase by three percent (3%) annually thereafter throughout the Option Period, as defined below; (2) after exercise of the last of the Option (s), Tenant shall have no further right to extend the Lease Term; and (3) no abatements or other concessions, if any, applicable to the Initial Term or prior Option Periods, shall apply to the Option Period. In the event that Tenant fails to timely provide the Tenant’s Option Notice, as defined below, then Tenant’s right to exercise all remaining Options shall autom atically terminate. Notwithstanding anything contained in this Lease to the contrary, no exercise or purported exercise by Tenant of an Option shall be effective unless all of the following conditions have been satisfied or waived in writing by Landlord, which written waiver may occur, if at all, at any time following Landlord’s receipt of Tenant’s Option Notice (as hereinafter defined): (i) No Event of Default has ever occurred under the Lease, and Tenant has not had more than two (2) late payments of Rent during the Lease Term; and (ii) Written notice by Tenant of its exercise of its Option (“Tenant’s Option Notice”) shall have been given to Landlord at least twelve (12) months, but not more than eighteen (18) months, prior to the expiration of the Initial Term or Option Period, if applicable. 164 29 23. LIQUOR LICENSE If applicable to the Tenant’s Permitted Use, Tenant shall submit an accurate and complete application for a liquor license for the Premises (the “Liquor License”) to the appropriate governmental agency. Tenant shall: (i) diligently pursue obtaining the Liquor License at all times; (ii) keep Landlord reasonably apprised of its efforts to obtain the Liquor License; and (iii) notify Landlord promptly upon receipt thereof and provide to Landlord a copy thereof. Notwithstanding the foreg oing, obtaining a Liquor License is not a condition precedent to the effectiveness of this Lease, and Tenant’s inability to obtain a Liquor License shall not render this Lease void or voidable. 24. GUARANTY Simultaneously with the execution of this Lease, Tenant shall deliver to Landlord a fully executed copy of the Lease Guaranty attached hereto as Exhibit D, signed by the Guarantor (the “Guaranty”). If the Guaranty is not so delivered, Tenant shall immediately be in default of this Lease and Landlord may at its option, in addition to any other remedy available under this Lease, elect to terminate this Lease. 25. MISCELLANEOUS 25(a) Attorneys’ Fees. In the event of any legal action or proceeding brought by either party against the other arising out of this Lease, the prevailing party shall be entitled to recover reasonable attorneys’ fees and costs (including, without limitation, court costs and expert witness fees) incurred in such action. Such amounts shall be included in any judgment rendered in any such action or proceeding. Tenant shall pay Landlord’s reasonable attorneys’ fees and other costs incurred (i) to comply with any ap plicable statutes governing forcible entry and detainer or to enforce any provision of this Lease, whether suit is brought or not, and (ii) to review any amendments or modifications to the Lease requested by Tenant or any other documentation relating to th e Lease requested by Tenant. 25(b) Waiver. No waiver by Landlord of any provision of this Lease or of any breach by Tenant hereunder shall be deemed to be a waiver of any other provision hereof, or of any subsequent breach by Tenant. Landlord’s consent to or approval of any act by Tenant requiring Landlord’s consent or approval under this Lease shall not be deemed to render unnecessary the obtaining of Landlord’s consent to or approval of any subsequent act of Tenant. No act or thing done by Landlord or Landlord’s agents during the Lease Term shall be deemed an acceptance of a surrender of the Premises, unless in writing signed by Landlord. The delivery of the keys to any employee or agent of Landlord shall not operate as a termination of the Lease or a surrender of the Premises. 25(c) Notices. Any notice, demand, request, consent, approval, disapproval or certificate (“Notice”) required or desired to be given under this Lease shall be in writing and given by certified mail, return receipt requested, by personal delivery or by Federal Express or a similar nationwide overnight delivery service providing a receipt for delivery. Notices may not be given by facsimile. The date of giving any Notice shall be deemed to be the date upon which delivery is actually made by one of the methods described in this Paragraph 25(c) (or attempted if said delivery is refused or rejected). If a Notice is received on a Saturday, Sunday or legal holiday, it shall be deemed received on the next Business Day. “Business Day” shall mean a day that is not a Saturday, Sunday, or legal holiday under the laws of the State or the United States. All notices, demands, requests, consents, approvals, disapprovals, or certificates shall be addressed to the address specified in Item 13 of the Basic Lease Provisions or to such other addresses as may be specified by written notice delivered to Landlord, provided, however, no notice of either party’s change of address shall be effective until fifteen (15) days after the addressee’s actual receipt thereof. 25(d) Access Control. Subject to the requirements of the Standards for Utilities and Services set forth in Exhibit A, Landlord shall be the sole determinant of the type and amount of any access control or courtesy guard services to be provided to the Project, if any. IN ALL EVENTS, LANDLORD SHALL NOT BE LIABLE TO TENANT, AND TENANT HEREBY WAIVES ANY CLAIM AGAINST LANDL ORD AND RELEASES LANDLORD FOR: (I) ANY UNAUTHORIZED OR CRIMINAL ENTRY OF THIRD PARTIES INTO THE PREMISES, THE BUILDING OR THE PROJECT; (II) ANY DAMAGE TO PERSONS; OR (III) ANY LOSS OF PROPERTY IN AND ABOUT THE PREMISES, THE BUILDING OR THE PROJECT, BY OR FROM ANY UNAUTHORIZED OR CRIMINAL ACTS OF THIRD PARTIES, REGARDLESS OF ANY ACTION, INACTION, FAILURE, BREAKDOWN, MALFUNCTION AND/OR INSUFFICIENCY OF THE ACCESS CONTROL OR COURTESY GUARD SERVICES PROVIDED BY LANDLORD. 165 30 25(e) Holding Over. If Tenant retains possession of the Premises after the termination of the Lease Term, unless otherwise agreed in writing, such possession shall be subject to immediate termination by Landlord at any time, and all of the other terms and provisions of this Lease (excluding any expansion or ren ewal option or other similar right or option) shall be applicable during such holdover period, except that Tenant shall pay Landlord from time to time, upon demand, as Basic Annual Rent for the holdover period, an amount equal to 200% the Basic Annual Rent in effect on the termination date, computed on a monthly basis for each month or part thereof during such holding over. All other payments shall continue under the terms of this Lease. In addition, Tenant shall be liable for all damages incurred by Landlord as a result of such holding over. No holding over by Tenant, whether with or without consent of Landlord, shall operate to extend this Lease except as otherwise expressly provided, and this Paragraph shall not be construed as consent for Tenant to retain possession of the Premises. 25(f) Condition of Premises. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS LEASE, LANDLORD HEREBY DISCLAIMS ANY EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY THAT THE PREMISES ARE SUITABLE FOR TENANT’S INTENDED PURPOSE OR USE, WHICH DISCLAIMER IS HEREBY ACKNOWLEDGED BY TENANT. THE TAKING OF POSSESSION BY TENANT ON THE COMMENCEMENT DATE SHALL BE CONCLUSIVE EVIDENCE THAT TENANT: (i) ACCEPTS THE PREMISES, THE BUILDING AND LEASEHOLD IMPROVEMENTS AS SUITABLE FOR THE PURPOSES FOR WHICH THE PREMISES WERE LEASED; (ii) ACCEPTS THE PREMISES AND PROJECT AS BEING IN GOOD AND SATISFACTORY CONDITION; (iii) WAIVES ANY DEFECTS IN THE PREMISES AND ITS APPURTENANCES EXISTING NOW OR IN THE FUTURE, EXCEPT THAT TENANT’S TAKING OF POSSESSION SHALL NOT BE DEEMED TO WAIVE LANDLORD’S COMPLETION OF MINOR FINISH WORK ITEMS THAT DO NOT INTERFERE WITH TENANT’S OCCUPANCY OF THE PREMISES NOR TO WAIVE LANDLORD’S MAINTENANCE, REPAIR AND REPLACEMENT OBLIGATIONS UNDER THIS LEASE; AND (iv) WAIVES ALL CLAIMS BASED ON ANY IMPLIED WARRANTY OF SUITABILITY OR HABITABILITY. 25(g) Quiet Possession. Upon Tenant’s paying the Rent reserved hereunder and observing and performing all of the covenants, conditions and provisions on Tenant’s part to be observed and performed hereunder, Tenant shall have quiet possession of the Premises for the Lease Term hereof without hindrance or ejection by any person lawfully claiming under Landlord, subject to the provisions of this Lease and to the provisions of any (i) recorded covenants, conditions and restrictions, or (ii) Security Documents to which this Lease is subordinate or becomes subordinated. 25(h) Matters of Record. Except as otherwise provided in this Lease, this Lease and Tenant’s rights hereunder are subject and subordinate to all matters affecting Landlord’s title to the Project recorded in the real property records of the County in which the Project is located , prior to and subsequent to the Effective Date hereof, including, without limitation, all recorded covenants, conditions and restrictions. Subject to the limitations imposed by this Lease, Tenant agrees for itself and all persons in possession or holding under it that it will comply with and not violate any such recorded covenants, conditions and restrictions or other matters of record. Landlord reserves the right, from time to time, to grant such easements, rights and dedications as Lan dlord deems necessary or desirable, and to cause the recordation of parcel maps and covenants, conditions and restrictions affecting the Premises, the Building or the Project, as long as such easements, rights, dedications, maps, and covenants, conditions and restrictions do not materially interfere with the use and enjoyment of the Premises by Tenant. At Landlord’s request, Tenant shall join in the execution of any of the aforementioned documents. 25(i) Successors and Assigns. Except as otherwise provided in this Lease, all of the covenants, conditions and provisions of this Lease shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors and assigns. Tenant shall attorn to each purchaser, successor or assignee of Landlord, subject to the requirements of Paragraph 12. 166 31 25(j) Brokers. Tenant warrants that it has had no dealings with any real estate broker or agent in connection with the negotiation of this Lease, excepting only the brokers named in Item 12 of the Basic Lease Provisions and that it knows of no other real estate broker or agent who is or might be entitled to a commission in connection with this Lease. Landlord shall pay the brokerage commissions due such brokers, if any, in connection with this Lease. Tenant hereby agrees to indemnify, defend and hold Landlord harmless for, from and against all claims for any brokerage commissions, finders’ fees or similar payments by any persons other than those listed in Item 12 of the Basic Lease Provisions and all costs, expenses and liabilities incurred in connection with such claims, including reasonable attorneys’ fees and costs. 25(k) Name. Landlord shall have the exclusive right at all times during the Lease Term to change, modify, add to or otherwise alter the name, number, or designation of the Building and/or the Project, and Landlord shall not be liable for claims or damages of any kind which may be attributed thereto or result therefrom. 25(l) Examination of Lease. Submission of this instrument for examination or signature by Tenant does not constitute a reservation of or option for lease, and it is not effective as a lease or otherwise until execution by and delivery of signed originals to both Landlord and Tenant. 25(m) Time. Time is of the essence of this Lease and each and all of its provisions. 25(n) Defined Terms and Marginal Headings. The words “Landlord” and “Tenant” as used herein shall include the plural as well as the singular and for purposes of Paragraphs 6, 8, 14 and 19, the term Landlord shall include Landlord, its employees, contractors and agents. The marginal headings and titles to the paragraphs of this Lease are not a part of this Lease and shall have no effect upon the construction or interpretation of any part h ereof. 25(o) Conflict of Laws; Prior Agreements; Separability. This Lease shall be governed by and construed pursuant to the laws of the State. This Lease contains all of the agreements of the parties hereto with respect to any matter covered or mentioned in this Lease. No prior agreement, understanding or represe ntation pertaining to any such matter shall be effective for any purpose. No provision of this Lease may be amended or added to except by an agreement in writing signed by the parties hereto or their respec tive successors in interest. The illegality, invalidity or unenforceability of any provision of this Lease shall in no way impair or invalidate any other provision of this Lease, and such remaining provisions shall remain in full force and effect. 25(p) Authority. If Tenant is a corporation, each individual executing this Lease on behalf of Tenant hereby covenants and warrants that Tenant is a duly authorized and existing corporation, that Tenant has and is qualified to do business in the State, that the corporat ion has full right and authority to enter into this Lease, and that each person signing on behalf of the corporation is authorized to do so. If Tenant is a partnership or trust, each individual executing this Lease on behalf of Tenant hereby cove nants and warrants that he or she is duly authorized to execute and deliver this Lease on behalf of Tenant in accordance with the terms of such entity’s partnership or trust agreement. Tenant shall provide Landlord on demand with evidence of such authorit y as Landlord shall reasonably request, including, without limitation, resolutions, certificates and opinions of counsel. Landlord represents and warrants that the person executing this Lease on behalf of Landlord has been duly authorized to execute this Lease on behalf of Landlord. 25(q) Joint and Several Liability. If two or more individuals, corporations, partnerships or other business associations (or any combination of two or more thereof) shall sign this Lease as Tenant, the liability of each such individual, corporation, partnership or other business association to pay Rent and perform all other obligations hereunder shall be deemed to be joint and several, and all notices, payments and agreements given or made by, with or to any one of such individuals, corporations, partnerships or other business associations shall be deemed to have been given or made by, with or to all of them. In like manner, if Tenant shall be a partnership or other business association, the members of which are, by virtue of statute or federal law, subject to p ersonal liability, then the liability of each such member shall be joint and several. 25(r) Rental Allocation. For purposes of Section 467 of the Internal Revenue Code of 1986, as amended from time to time, Landlord and Tenant hereby agree to allocate all Rent to the period in which payment is due, or if later, the period in which Rent is paid. 167 32 25(s) Rules and Regulations. Tenant agrees to comply with all rules and regulations of the Building and the Project imposed by Landlord as set forth on Exhibit B attached hereto, as the same may be changed from time to time upon reasonable notice to Tenant. Landlord shall not be liable to Tenant for the failure of any other tenant or any of its assignees, subtenants, or their respective agents, employees, representatives, invitees or licensees to conform to such rules and regulations. 25(t) Joint Product. This Agreement is the result of arms-length negotiations between Landlord and Tenant and their respective attorneys. Accordingly, neither party shall be deemed to be the author of this Lease and this Lease shall not be construed against either party. 25(u) Intentionally Omitted. 25(v) Force Majeure. Any prevention, delay or stoppage due to strikes, lockouts, labor disputes, acts of God, acts of war, terrorism, terrorist activities, inability to obtain services, labor, or materials or reasonable substitute s therefore, governmental actions, civil commotions, fire, flood, earthquake or other casualty, and other causes beyond the reasonable control of the party obligated to perform, except with respect to the obligations imposed with regard to Rent and other charges to be paid by Tenant pursuant to this Lease and except as to Tenant’s obligations under Paragraph 7, Paragraph 9 and Paragraph 25(f) (collectively, a “Force Majeure”), notwithstanding anything to the contrary contained in this Lease, shall excuse the performance of such party for a period equal to any such prevention, delay or stoppage and, therefore, if this Lease specifies a time period for performance of an obliga tion or the cure of a default of either party, that time period shall be extended by the period of any delay in such party’s perf ormance caused by a Force Majeure. 25(w) Counterparts. This Lease may be executed in several counterparts, each of which shall be deemed an original, and all of which shall constitute but one and the same instrument. 25(x) Light and Air Rights. Landlord does not grant in this Lease any rights to light and air in connection with the Project. Landlord reserves to itself, the land underneath the Project, the space below the improved floor of each floor of the Premises and above the ceiling grid of each floor of the Premises, the exterior of the Premises and the areas on the same floor outside the Premises, along with the areas within the Premises required for the installation and repair of utility lines and other items require d to serve other tenants of the Building. 25(y) Inducement Recapture in Event of Default. Any agreement by Landlord for free or abated rent or other charges applicable to the Premises, or for the giving or paying by Landlord to or for Tenant of any cash or other bonus, inducement or consideration for Tenant’s entering into this Lease, includ ing, but not limited to, any tenant finish allowance, all of which concessions are hereinafter referred to as “Inducement Provisions” shall be deemed conditioned upon Tenant’s full and faithful performance of all of the terms, covenants and conditions of this Lease to be performed or observed by Tenant during the term hereof as the same may be extended. Upon the occurrence of an Event of Default (as defined in Paragraph 13) of this Lease by Tenant, any such Inducement Provision shall automatically be deemed deleted from this Lease and of no further force or effect, and any rent, other charge, bonus, inducement or consideration theretofore abated, given or paid by Landlord u nder such an Inducement Provision shall be immediately due and payable by Tenant to Landlord, and recoverable by Landlord, as Additional Rent due under this Lease, notwithstanding any subsequent cure of said Event of Default by Tenant. The acceptance by Landlord of Rent or the cure of the Event of Default which initiated the operation of this Paragraph shall not be deemed a waiver by Landlord of the provisions of this Paragraph unless specifically so stated in writing by Landlord at the time of such acceptance. 25(z) Removal of Cabling. Tenant shall be solely responsible for the cost of installation and maintenance of any high speed cable or fiber optic that Tenant requires in the Premises. Landlord shall provide reasonable access to the Building’s electrical lines, feeders, risers, wiring and other machinery to enable Tenant to install high speed cable or fiber optic to serve its intended purpose, if any. All such cabling or fiber optic shall be tagged by Tenant at their point of entry into the Building, at the terminal end of the cable and in the riser closet indicating the type of cable, the Tenant’s name and the service provided. Tenant shall be responsible for the removal of such cabling and fiber optic and at the termination or expiration of the Lease Term or t he early termination of the Tenant’s right to occupy the Premises. Failure to remove any abandoned or unused cabling or at the expiration or termination of the Lease Term or the early termination of Tenant’s right to occupy the Premises will be deemed to be a holdover under this 168 33 Lease. In the event Tenant fails to remove such cabling as required herein, Landlord may, but shall not be obli gated to, remove such cabling, all at Tenant’s sole cost and expense. 25(aa) Past Due Rent/Late Fee. Any amount payable hereunder, including Basic Annual Rent and any other charge, not paid when due or within any applicable notice and cure period shall bear interest from the date due until the date paid at the prime rate as published by the Wall Street Journal (or any successor thereto selected by Landlord), as of the due date, plus four percent (4%) per annum (“Interest Rate”). The payment of such interest shall not excuse or cure any default or modify any obligation of Tenant un der this Lease. Tenant acknowledges that the late payment by Tenant to Landlord of Rent will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be difficult to ascertain. Such costs may include, without limitatio n, administrative costs, processing and accounting charges, and late charges which may be imposed on Landlord. Accordingly, if any installment of Rent shall not be received by Landlord within five (5) days after the date that such amount is due and payable, then Tenant shall pay to Landlord, in addition to the interest provided above, a late charge in the amount of the greater of (i) ten percent (10%) of the amount due or (ii) $250.00. The parties agree that such late charge represents a fair and reasonable estimate of the cost Landlord will incur by reason of the late payment by the Tenant. Acceptance of such late charge by Landlord shall not constitute a waiver of Tenant’s default with respect to such overdue amount, nor prevent Landlord from exercising any of its rights or remedies hereunder. 25(bb) USA Patriot Act and Anti-Terrorism Laws. Tenant represents and warrants to, and covenants with, Landlord that neither Tenant nor any of its respective constituent owners or affiliates currently are, or shall be at any time during the Term hereof, in violation of any laws relating to terrorism or money laundering (collectively, the “Anti-Terrorism Laws”), including without limitation Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 and relating to Blocking Property and Prohibit ing Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (the “Executive Order”) and/or the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107 -56) (the “USA Patriot Act”). Tenant covenants with Landlord that neither Tenant nor any of its respective constituent owners or affiliates is or shall be during the Term hereof a “Prohibited Person,” which is defined as follows: (i) a person or entity that is listed in the Annex to, or is otherwise subject to, the provisions of the Executive Order; (ii) a person or entity owned or controlled by, or acting for or on behalf of, any person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order; (iii) a person or entity with whom Landlord is prohibited from dealing with or otherwise engaging in any transaction by any Anti -Terrorism Law, including without limitation the Executive Order and the USA Patriot Act ; (iv) a person or entity who commits, threatens or conspires to commit or support “terrorism” as defined in Section 3(d) of the Executive Order; (v) a person or entity that is named as a “specially designated national and blocked person” on the then-most current list published by the U.S. Treasury Department Office of Foreign Assets Control at its official website, or at any replacement website or other replacement official publication of such list; and (vi) a person or entity who is affiliated with a pers on or entity listed in items (i) through (v), above. At any time and from time -to-time during the Term, Tenant shall deliver to Landlord, within ten (10) days after receipt of a written request therefor, a written certification or such other evidence reas onably acceptable to Landlord evidencing and confirming Tenant’s compliance with this subparagraph 25(bb). 25(cc) TENANT HEREBY WAIVES (TO THE EXTENT ALLOWED BY LAW) ANY AND ALL RIGHTS TO A TRIAL BY JURY IN SUIT OR SUITS BROUGHT TO ENFORCE ANY PROVISION OF THIS LEASE OR ARISING OUT OF OR CONCERNING THE PROVISIONS OF THIS LEASE. [SIGNATURE PAGE TO FOLLOW] 169 34 IN WITNESS WHEREOF, the parties have executed this Lease to be effective as of the Effective Date of this Lease. LANDLORD AVANTI RESIDENTIAL 500 OCEAN TIC I, LLC, a limited liability company By: Douglas A. Andrews, Manager AVANTI RESIDENTIAL 500 OCEAN TIC II, LLC, a limited liability company By: Douglas A. Andrews, Manager AVANTI RESIDENTIAL 500 OCEAN TIC III, LLC, a limited liability company By: Douglas A. Andrews, Manager [SIGNATURES CONTINUE ON FOLLOWING PAGE] 170 171 35 “TENANT” RUSTY’S RESTAURANT AND LOUNGE LLC a Florida limited liability company By: Name: Title: 172 Exhibit A – Page 1 EXHIBIT A STANDARDS FOR UTILITIES AND SERVICES The following are the Project Standards for Utilities and Services. Landlord reserves the right to adopt such reasonable, nondiscriminatory modifications and additions hereto as it deems appropriate which shall at all times be consistent with the standards for Comparable Buildings. “Business Hours” shall mean all days from 6:00 A.M. to 12:00 A.M. “After Business Hours” shall mean any hours that are not Business Hours. Tenant shall have access to the Premises, twenty-four hours (24) per day, seven (7) days per week, and 365 days per year. 1. As long as Tenant is not in default under any of the terms, covenants, conditions, provisions or agreements of this Lease, Landlord shall, subject to the limitations and provisions hereinafter set forth in this Exhibit A: (a) Furnish, during the Business Hours for the Building, major HVAC equipment including, but not limited to, cooling towers, hydronic boilers and pumps (collectively, the “Major HVAC Equipment”) as required for thermal environment comfort and air velocity limits for the permitted retail occupancy of the Premises in accord with the most recent ASHRAE 90.1 standards (ventilation for acceptable indoor air quality). The cost of maintenance and service calls to adjust and regulate the HVAC system within Tenant’s Pr emises shall be charged to Tenant if the need for maintenance work results from either Tenant’s adjustment of room thermostats or Tenant’s failure to comply with its obligations under the Lease. Such work shall be charged at hourly rates equal to then-current journeyman’s wages for HVAC mechanics. Landlord shall also make the Major HVAC Equipment available to Tenant for After Business Hours usage, the cost of which shall be charged to Tenant as provided in Paragraph 8 of the Lease and not as part of the Operating Costs. Tenant shall, at its own cost and expense, enter into a regularly scheduled preventive maintenance/service contract with a maintenance contractor for servicing all heating and air conditioning systems, grease traps, other venting and scrubbing systems and all other equipment within the Premises. Upon request by Landlord, Tenant shall provide Landlord with a copy of such contract and copies of all routine inspections made pursuant to such preventive maintenance/service contracts. (b) Furnish to the Premises, twenty-four hours a day and seven days per week, water, and electric current for general retail lighting and equipment, but not in excess of 16 watts per rentable square foot (exclusive of HVAC) or limits imposed by governmental authority. 2. No special electrical equipment, air conditioning or heating units, or plumbing additions shall be installed, nor shall any changes to the Building HVAC, electrical or plumbing systems be made without the prior written consent of Landlord, which consent shall be subject to Landlord’s sole and absolute discretion. In the case of any such change, Landlord reserves the right to approve the contractor to be used. Any permitted installations shall be made under Landlord’s supervision. 3. Except as may otherwise be set forth in the Lease, Landlord shall not provide independent reception outlets or television or radio antennas for television or radio broadcast reception, and Tenant shall not install any such equipment without prior written approval from Landlord, but this provision shall not apply so as to limit computer network, cabling or receptacles or the reception of television or radio programming through computer connectivity. 4. Tenant will not, without the prior written consent of Landlord, use any apparatus, machine or device in the Premises using current in excess of 110 volts, which will in any way increase the amount of electricity required beyond 16 watts per rentable square foot (excluding HVAC), nor connect with electric current, except through existing electrical outlets in the Premises, any apparatus or device for the purpose of using electric current in excess of that required to be supplied for use of the Premises as retail space. 5. Tenant agrees to cooperate fully at all times with Landlord, and to abide by all regulations and requirements which Landlord may reasonably prescribe for the proper functioning and protection of the Building HVAC, electrical, plumbing and other systems. Tenant shall comply with all laws, statutes, ordinances and governmental rules and regulations now in force or which may hereafter be enacted or promulgated in connection with Building services furnished to the Premises, including, without limitation, any governmental rule or regulation relating to the heating and cooling of the Building. 173 Exhibit B – Page 1 EXHIBIT B BUILDING RULES AND REGULATIONS The following rules and regulations shall apply, where applicable, to all leased premises, the Building, the parking garage associated therewith, the land situated beneath the Building and the appurtenances thereto: Tenant agrees to abide by the following rules and regulations pertaining to the Premises and Building. These Rules and Regulations may be changed at any time by Landlord in accordance with the Lease. These Rules and Regulations are in addition, and subject to, the Lease. In the event of conflict between these Rules and Regulations and the Lease, the Lease shall control. 1. No smoking is permitted in the Building or within 15 feet of the Building. 2. Prior to Commencement Date, Tenant shall submit to Landlord a list of employees needing Building Access Cards. Based upon such list, Landlord will provide Tenant a maximum of one (1) Building Access Card per employee not to exceed ten (10) Building Access Cards. After the Commencement Date, any replacement or additional cards will be furnished at a cost to Tenant of Twenty Dollars ($20.00) per card. 3. Except as permitted under the Lease, none of the sidewalks, entrances, passages, courts , elevators, vestibules, loading docks, garage entries, stairways, corridors or halls shall be used for any purpose other than ingress and egress. All doors opening into Common Areas corridors, plazas and patios shall be kept closed except when in use for ingress and egress. 4. None of the areas of ingress and egress, sashes, windows, doors or Common Areas shall be blocked or obstructed. No rubbish, litter, trash or material of any nature shall be placed, emptied or thrown into these areas unless such areas are intended for such use. 5. No attachments or projections of any kind shall be placed on the exterior walls of the Building, except in accordance with the Lease. 6. The water and wash closets and other plumbing fixtures shall not be used for any purpose other than those for which they were constructed. 7. Tenant shall abide by Landlord’s reasonable move-in and move-out policies and procedures. The scheduling of Tenant move-ins and move-outs shall be subject to the reasonable approval of Landlord. All such movement shall be under the supervision of the Landlord and in a manner agreed between the Landlord and Tenant before performance. Landlord’s approval shall be required for the movement of such items, including approval of the persons employed by Tenant to do such work, and such approval may be subject t o Landlord’s reasonable conditions, including compliance with Landlord’s insurance requirements, including proof of insurance naming Landlord as additional insured. Tenant assumes all risk of damage or injury to persons or property resulting from such movement. Movement in or out of the Building of furniture, equipment, safes or other heavy or bulky items shall be restricted to hours designated by Landlord. Landlord shall have the right to inspect any such items to determine if installation or movement of such items violates any provision of the Lease or these Rules and Regulations. 8. Landlord reserves the right to reasonably prescribe the weight and position of all equipment, safes, files, furniture and other heavy items and to have such items placed on platforms at Tenant’s expense to safely distribute weight. All office and restaurant equipment of any electrical or mechanical nature shall be placed by Tenant in the Premises in settings approved by Landlord to absorb or prevent any vibration, noise or annoyance. 9. All of Tenant’s contractors and technicians shall comply with these rules and regulations for all work performed in the Building. Tenant shall direct all such persons to comply fully with all of Landlord’s instructions and directions, but no such compliance shall constitute any such person an agent, employee, or servant of Landlord or in any way relieve Tenant or such person from full responsibility and liability for their acts or omissions while in the Building or on the Premises. Except for work perform ed in accordance with provisions of the Lease under which 174 Exhibit B – Page 2 Landlord’s approval is not required, no person(s) other than those approved in advance by Landlord will be permitted to enter upon the Project for purposes of cleaning, maintenance, construction, installation, repair or painting. Landlord’s approval of such work may be conditioned as Landlord reasonably determines, including compliance with insurance requirements. Nothing in this Paragraph will be deemed a consent to any alterations or improvements except as set forth in the Lease. 10. No Tenant shall advertise for, engage or pay any laborers on the Premises, except those actually working for Tenant. Canvassing, soliciting and peddling in the Building are prohibited and Tenant shall cooperate with Landlord to prevent the same. 11. Landlord shall have the right to prohibit any on-site advertising by Tenant that, in Landlord’s reasonable judgment, is vulgar or immoral and materially impairs the reputation of the Building or its desirability as an office, retail, and residential building, and upon written notice from Landlord, Tenant shall refrain from or discontinue such advertising at no cost to Landlord. 12. Tenant will not place any signs, posters, pictures, drawings or symbols of any type that are visible from the exterior of the Building, on or in any part of the Premises or the Building or windows inside or out except as otherwise provided in the Lease. If Tenant violates this rule, Landlord may remove the same without any liability and at the expense of Tenant. 13. Subject to the terms of the Lease, access to the main Building lobby will be provided to Tenants 24/7 through Landlord’s card access system or though admittance by the concierge or security personnel. Access to the main Building lobby for Tenant’s servants, employees, agents, visitors or licensees will be made available during Business Hours. Access to the main Building lobby outside of those hours for persons without card access will be possible by using the call feature located on the exterior of the Building’s main entrance. Landlord reserves the right to exclude from the Building, outside of Hours of Operation, all persons who are not registered with Landlord or provided card access. Landlord reserves the right to exclude from the Building at any tim e any and all persons who may reasonably appear to present a danger to themselves and or others. Access to residential floors will be restricted to residential tenants only. 14. Subject to the terms of the Lease, Landlord will furnish Tenant access to the Building through the card access system. Each person to whom a access card is issued must be registered with Landlord as a condition to receipt of the access card. Tenant will not permit any person to whom an access card is issued to share the use of such access card with any other person. Tenant will not, and will not permit, transfer any access card or keys from any registered user to another user, whether registered or not, without notifying Landlord and causing the recipient of such transferred card or key to register with Landlord. Tenant must, upon the termination of its tenancy, return to Landlord all such keys and access cards either furnished to or otherwise procured b y Tenant. Tenant is required to report immediately to Landlord any lost or stolen keys or access cards. If any such keys or cards are lost, Tenant shall pay to Landlord the cost of replacing the same or of changing the lock or locks opened by such lost key or access card if Landlord shall deem it necessary to make such changes. Tenant shall be responsible for all persons for whom it requests access to the Building and shall be liable for all acts of such persons. Tenant shall promptly notify Landlord when any employee or other person to whom an access card or key has been issued is no longer authorized by Tenant to have such item. Landlord shall in no case be liable for damages for any error with regard to the admission to or exclusion from the Building of any person. 15. Tenant will not hang any pictures or other objects (including mirrors) that weigh more than 50 lbs. and will not hang anything from doors or surfaces other than walls without the prior consent of Landlord. Tenant will repair all damage caused by its hanging or removal of pictures or other objects. If Tenant wishes to install additional locks or bolts of any kind, Tenant shall notify Landlord of such desire and will install the types of locks and bolts specified by Landlord in order to match Landlord’s master key system, and will provide Landlord with a master key for all such locks and bolts. Tenant shall not place any additional locks on the Premises, including, but not limited to, exterior and interior doors. Tenant shall not cause any of the locks or cylinders in the locks to be changed or re -keyed in any manner. Any and all such alterations shall be at Tenant’s sole expense. Landlord reserves the right to refuse any such request. 175 Exhibit B – Page 3 16. Tenant shall submit all requests for service, access, repairs or other matters in accordance with the Lease or, for day-to-day requests, in accordance with the maintenance request procedures reasonably established by Landlord from time to time. 17. Only window blinds or other window coverings approved in writing by Landlord shall be used, and no other coverings of any kind shall be installed on or over any walls, windows or doors of the Premises. 18. Only exterior furniture, plants, plantings and other exterior decorations approved in writing by the Landlord shall be used on the Premises, and no other exterior furniture, plants or decorations of any kind shall be placed or installed on patios, decks, railings sidewalks, walls, vestibules, or roofs of the Premises. 19. No live animal or invertebrate of any kind, other than service animals, are permitted in the Building or on the Premises including areas which may be made available in the right of way by special permit or permission of the appropriate governing entity. 20. All motor vehicles must be properly licensed and insured. No inoperative, stored, or “junked” motor vehicles are permitted. Landlord may cause removal of all motor vehicles or personal property not authorized or permitted, including those left on the Premises or designated Common Areas after expiration or termination of the Lease. 21. Tenant must not use the Premises in a manner that may endanger the person or property of Landlord, co - tenants, or any person living near the Premises or the Building. Tenant agrees to limit use of the Premises to those consistent with the Premises’ clean, safe, sanitary, and habitable condition. 22. Subject to the terms and conditions of the Lease, neither Tenant nor its guests or invitees shall be or create a nuisance or act in any manner that would unreasonably interfere with the quiet enjoyment by adjacent property owners or other tenants (or their invitees) of their premises. This prohibition includes, but is not limited to, excessive noises, excessively loud music, noxious odors, disruptive behavior or actions, disorderly conduct, or any other action whatsoever that would cause other occupants to unreasonably suffer a disturbance or interference with the quiet enjoyment of their own premises. 23. Tenant shall not paint the exterior of the Premises without Landlord’s prior written consent. Tenant shall not otherwise decorate or deface the Premises in a manner that causes damage or alteration to the Premises. 24. Tenant shall be responsible for any and all damage to the plumbing, HVAC and electrical systems caused by Tenant’s intentional, reckless or negligent use, misconduct or abuse. Such actions include, without limitation, clogging and backing up of plumbing not attributable to ordinary wear and tear of the plumbing system, and plumbing system freeze-ups occasioned by Tenant’s negligence. 25. Tenant must keep the Premises, Storage Space and Parking Space free and clear of all debris, garbage and rubbish. 26. Provided that no event of default exists beyond any applicable notice and cure period, Tenant and its customers shall have the non-exclusive right, in common with other tenants in the Building and the public, to use the first two (2) levels of the parking garage in the Building on the same terms and conditions that Landlord offers such rights to the public from time to time. The use of such spaces shall be subject to the rules and regulations adopted by Landlord from time to time for the use of the parking areas. Landlord further reserves the right to make such changes to the parking system as Landlord may deem necessary or reasonable from time to time. Tenant agrees that Tenant, its officers and employees shall not be entitled to park in any reserved or specially assigned areas designated by Landlord for the use of others in the Project’s parking areas. Landlord may require execution of an agreement with respect to the use of such parking areas by Tenant and/or its officers and employees in form satisfac tory to Landlord as a condition of any such use by Tenant, its officers and employees. A default by Tenant, its officers or employees in compliance with parking rules and regulations, or the performance of parking agreements shall constitute a default by Tenant under this Lease. Tenant shall not permit or allow any vehicles that belong to or are controlled by Tenant or Tenant’s officers, employees, suppliers, shippers, customers or invitees to be loaded, unloaded or parked in areas other than those designated by Landlord for such activities. If Tenant permits or allows any of the prohibited activities 176 Exhibit B – Page 4 described in this Paragraph, then Landlord shall have the right, without notice, in addition to such other rights and remedies that it may have, to remove or tow away the vehicle involved and charge the cost to Tenant, which cost shall be immediately payable upon demand by Landlord. 177 Exhibit C – Page 1 EXHIBIT C FORM ESTOPPEL CERTIFICATE The undersigned, ________________________, a _____________ (“Tenant”), the tenant under that certain Retail Lease dated _______________, between Tenant and _____________, a _________, as landlord (“Landlord”) hereby certifies as follows: 1. The Premises (the “Premises”) under the Lease is Suite _____, ____________________________. 2. The Lease is in full force and effect and has not been modified or amended in any respect except by amendments dated _____________ (copies of which are attached). 3. The Lease has not been assigned, encumbered, subleased or transferred in any manner other than: _____________________________________________________________________________________. 4. The Commencement Date of the Lease is _______________________________ and the expiration date of the Lease is _____________. There are no options to extend the Lease Term beyond such expiration date other than _____________________________________________________________________________. 5. The present monthly rental under the Lease is $_____________. The sum of $ ___________, representing ___ month’s Rent has been paid in advance. 6. The security deposit held by Landlord under the Lease is $_________. 7. Rent under the Lease has been paid through the month of ____________. Tenant’s estimated share of Operating Costs payments have been paid through ____________________. 8. The Premises are presently occupied by Tenant. 9. Tenant has accepted the Premises without condition or qualification under the Lease and Landlord has completed and complied with all conditions of such acceptance, except _____________________________. 10. To the best knowledge of Tenant, neither it nor the Landlord is in default (or will be in default following the delivery of notice, the passage of time, or both) or claims a default by the other under the Lease, or has any claims, defenses, or rights of offset against payment of Rent under the Lease, except as follows: 11. Tenant acknowledges that Landlord has the right to assign the Lease and the Rent thereunder and to sell, assign, transfer, mortgage or otherwise encumber the Project without the consent of Tenant. 12. Tenant makes this statement for the benefit and protection of ______________ with the understanding that _________________ intends to rely on this statement in connection with ____________________________. IN WITNESS WHEREOF, this certificate has been executed and delivered by the authorized officers or representatives of the undersigned as of _______________________. “TENANT” , a By: Name: Title: 178 Exhibit D – Page 1 EXHIBIT D FORM OF GUARANTY GUARANTY OF LEASE The following provisions form a part of and constitute the basis for this Guaranty of Lease (herein referred to as the “Guaranty”): WHEREAS, that certain Retail Lease dated September 10, 2024 (herein referred to as the “Lease”), has been executed by and between AVANTI RESIDENTIAL – 500 OCEAN TIC I, LLC, a Delaware limited liability company, AVANTI RESIDENTIAL – 500 OCEAN TIC II, LLC, a Delaware limited liability company, and AVANTI RESIDENTIAL – 500 OCEAN TIC III, LLC, a Delaware limited liability company, collectively, as Landlord (herein referred to as “Landlord”), and RUSTY’S RESTAURANT AND LOUNGE LLC, a Florida limited liability company, as Tenant (herein referred to as “Tenant”), covering Premises located at 101 S Federal Highway, Suite 107, Boynton Beach, Florida 33435, as more particularly described in the Lease; WHEREAS, as a condition to Landlord’s entering into the Lease, Landlord requires the undersigned, Holly Scott, an individual, to guarantee the full performance of all the obligations of Tenant accruing under the Lease; WHEREAS, as the undersigned desires to induce Landlord to enter into the Lease with Tenant; NOW, THEREFORE, in consideration of the execution of the Lease by Landlord, and other good and valuable consideration, the receipt of which is hereby acknowledged, the undersigned hereby agree that: 1. The undersigned unconditionally, absolutely and to the same extent as if the undersigned had signed the Lease as tenant, assumes all liabilities, obligations and duties of Tenant accruing under the Lease, and guarantees to Landlord and Landlord’s successors and assigns the full, prompt and complete performance of each and all of the terms, covenants, conditions and provisions of the Lease to be kept and performed by Tenant or Tenant’s successors or assigns, including the payment of all rental and other charges to accrue thereunder and a ll damages that may arise as a consequence of the nonperformance thereof. Capitalized terms that are used herein but not defined herein shall have the meaning for such terms as set forth in the Lease. 2. The liability of the undersigned under this Guaranty shall be unconditional and primary, and in relation to any right of action which shall accrue to Landlord under the Lease, Landlord may, at its option, proceed from time to time solely against the undersigned or jointly against the undersigned and any other person or entity without regard to Tenant’s ability to perform and without first commencing any action, exhausting any remedy, obtaining any judgment or proceeding in any way against Tenant or any other person or entity; and suit may be brought and maintained against the undersigned by Landlord to enforce any liability, duty or obligation guaranteed hereby without joinder of Tenant or any other person or entity. 3. This Guaranty shall continue during the entire Lease Term and any renewals, extensions or modifications thereof and thereafter until Tenant and Tenant’s successors or assigns have fully discharged all of their obligations under the Lease and any renewals, extensions or modifications of the Lease. 4. The undersigned expressly consents to the modification, renewal and/or extension of the Lease. Neither Tenant nor Landlord shall have any obligation to inform the undersigned of any such modification, renewal or extension of the Lease prior to entering in to the modification, renewal or extension of the Lease. The undersigned’s consent to modification specifically includes, without limitation, the undersigned’s consent to alteration or substitution of the named Tenant, alteration of the square footage or l ocation of the Premises that are the subject of the Lease, changes in the amount of rent or other amounts owed to Landlord pursuant to the Lease, changes in the Lease Term, and any other change, material or otherwise, in the terms of the Lease. 179 Exhibit D – Page 2 5. Until all the covenants and conditions in the Lease to be performed and observed by Tenant or Tenant’s successors or assigns are fully performed and observed, the undersigned: (a) shall have no right of subrogation or any other right to enforce any remedy against Tenant or Tenant’s successors or assigns by reason of any payment or performance thereunder by the undersigned, and (b) subordinate any liability or indebtedness of Tenant or Tenant’s successors or assigns now or hereafter held by the undersigned to all obligations of Tenant or Tenant’s successors or assigns to Landlord under the Lease. 6. The undersigned agree that the undersigned’s obligations under the terms of this Guaranty shall not be released, diminished, impaired, reduced or affected by any limitation of liability or recourse under the Lease or by the occurrence of any one or more of the following events: (a) the taking or accepting of any other security or guaranty in connection with the Lease; (b) any release, surrender, exchange, subordination, or loss of any security at any time existing or purported or believed to exist in connection with the Lease; (c) the death, insolvency, bankruptcy, disability, dissolution, termination, receivership, reorganization or lack of corporate, partnership or other power of Tenant, the undersigned, or any party at any time liable for payment or perfo rmance pursuant to the Lease, whether now existing or hereafter occurring; (d) any assignment or subletting by Tenant or Tenant’s successors or assigns whether or not permitted pursuant to the terms of the Lease or otherwise approved by Landlord; (e) amend ment of the Lease or any renewal, extension, modification or rearrangement of the terms of payment or performance pursuant to the Lease either with or without notice to or consent of the undersigned or any other party at any time liable for payment or performance pursuant to the Lease; (f) any neglect, delay, omission, failure, or refusal of Landlord to take or prosecute any action for the collection or enforcement of the Lease or to foreclose or take or prosecute any action in connection with the Lease; (g) any failure of Landlord to notify the undersigned of any renewal, extension, rearrangement, modification, assignment of the Lease or subletting of the Premises or any part thereof, or of the release of or change in any security or of any other action tak en or refrained from being taken by Landlord against Tenant or of any new agreement between Landlord and Tenant, it being understood that Landlord shall not be required to give the undersigned any notice of any kind under any circumstances with respect to or in connection with the Lease; (h) the unenforceability of all of any part of the Lease against Tenant, it being agreed that the undersigned shall remain liable hereon regardless of whether Tenant or any other person be found not liable on the Lease, or any part thereof, for any reason; or (i) any payment by Tenant to Landlord being held to constitute a preference under the bankruptcy laws or any other reason Landlord being required to refund such payment or pay the amount thereof to someone else. 7. In the event suit or action is brought upon or in connection with the enforcement of this Guaranty, the undersigned shall pay reasonable attorney’s fees and all other expenses and court costs incurred by Landlord in connection therewith. 8. This Guaranty shall be binding upon the heirs, legal representatives, successors and assigns of the undersigned and shall inure to the benefit of the heirs, legal representatives, successors and assigns of Landlord. 9. The undersigned represent that the undersigned will receive a direct or indirect benefit from the Lease. 10. The undersigned warrant and represent to Landlord that this Guaranty has been voluntarily, knowingly and competently entered into by Guarantor and that this Guaranty represents the valid and binding obligation of Guarantor and is enforceable against Guarantor in accordance with its terms, and each person and entity comprising Guarantor shall be jointly and severally liable for the obligations of Guarantor hereunder. 11. WAIVER OF JURY TRIAL. GUARANTOR HEREBY WAIVES (TO THE EXTENT ALLOWED BY LAW) ANY AND ALL RIGHTS TO A TRIAL BY JURY IN SUIT OR SUITS BROUGHT TO ENFORCE ANY PROVISION OF THIS GUARANTY OR ARISING OUT OF OR CONCERNING THE PROVISIONS OF THIS GUARANTY OR THE LEASE. IN WITNESS WHEREOF, the undersigned has executed this Guaranty as of the 10th day of September 2024. GUARANTOR: By: Holly Scott 180 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: December 9, 2025 CONSENT AGENDA AGENDA ITEM 11.F SUBJECT: Approval of the Commercial Business Marketing Grant Program in the amount of $2,500 to Scheurer's Chocolate located at 640 E. Ocean Avenue #10, Boynton Beach, FL 33435 SUMMARY: The BBCRA’s Commercial Business Marketing Grant Program is designed to provide financial assistance to businesses located within the BBCRA area in the form of a reimbursable grant intended to offset the costs of marketing and branding initiatives that help businesses grow and expand their reach to the local community and desired target demographics in accordance with the BBCRA Community Redevelopment Plan. The program offers financial assistance to eligible commercial businesses in the form of a $2,500 reimbursable grant for eligible marketing or advertising expenses. BUSINESS OVERVIEW CRA staff has received a completed grant application from Scheurer's Chocolate located at 640 E. Ocean Avenue #10, Boynton Beach, FL 33435 (see Attachment I). Scheurer's Chocolate is a family-owned business that provides the community with handmade fine chocolates, adding a little brightness and joy to their days. The team at Scheurer's Chocolate love what they do and just want to share with the community. DEMONSTRATED NEED FOR MARKETING ASSISTANCE Low Customer Awareness Poor Online Presence or Engagement MARKETING OBJECTIVES Increase on site traffic Increase social media engagement Increase website sales REQUESTED USE OF FUNDS If approved, the applicant is eligible to receive a maximum grant of $2,500 in reimbursable 181 •Attachment I - Application •Attachment II - Marketing Grant Request funding for the desired marketing campaign to include: Social Media Advertising Website Design Street Signs Design and Printing Services Signage Graphic Design Tools See Attachment II for overview of Marketing Grant Request. FISCAL IMPACT: FY 2025-2026 Budget Project Fund, Line Item 02-58400-445, $2,500 for Commercial Business Marketing Grant CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRA BOARD OPTIONS: Ap p roval of Commercial Business Marketing Grant in the amount of $2,500 to Scheurer's Chocolate located at 640 E. Ocean Avenue #10, Boynton Beach, FL 33435 ATTACHMENTS: Description 182 183 184 185 186 187 188 189 190 Boynton Beach CRA 100 E Ocean Ave. Boynton Beach, FL 33435 To Whom It May Concern: I would like to state that I would love to qualify for the Commercial Business Marketing Grant. I do not really have data to show our need, primarily because we do not have the capability of acquiring such data being such a small business. Every day, we have someone come into our shop and state that they never knew we were there. We opened in this location in November, 2020 and many, many people do not realize we are here. We seem to be tucked into a small section that make it quite easy for people to pass us by. I would love to acquire some Neon signs for in the windows, so that people will see us better from the street and perhaps update our Marquee sign to be more noticeable from passersby. We love being in Boynton Beach and want to stay for a very long time, so we need assistance in getting noticed. I would also love to figure out how to advertise to businesses in the area so that they will utilize our services to provide gifts for clients, sweet items for events and much, much more. I will be attaching photos of our location and Marquee so that you can see the need for these improvements and hope that you will consider us for the grant. We truly appreciate the Boynton Beach CRA for all you do to help and empower our community. Thank you so much! Laura J. Hinzman Scheurer’s Chocolate 640 E Ocean Ave, Ste 10 Boynton Beach, FL 33435 PH. 561-649-4412 Cell. 561-634-1156 Email. Contact@scheurerschocolate.com 191 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: December 9, 2025 CRA ADVISORY BOARD AGENDA ITEM 13.A SUBJECT: Pending Assignments - Assignments from the CRA Board Assigned at the February 13, 2024 and the January 14, 2025 CRA Monthly Board Meetings SUMMARY: On February 13, 2024, the CRA Board approved the following tasks be assigned to the CRA Advisory Board (CRAB): 1. Initiate the steps to revise the 2016 CRA Plan, A. With the first step to review the existing CRA plan, and B. With the end goal to incorporate both the grocery store and public parking as part of that plan. 2. Look for ways that are above and beyond the normal City functions to beautify the area within the CRA district (cannot be in replacement of a normal City function and needs to be above and beyond). 3. Investigate means to get a grocery store in the CRA Heart of Boynton area. 4. Identify potential locations for a Public Parking Garage preferably along Ocean Avenue. 5. Look for available properties for potential acquisition with a focus on commercial properties along the Federal Highway area (ex. vacant properties for commercial use). The CRAB Board finalized their presentation on the 2016 CRA Plan Revision Recommendations together at their January meeting and presented their findings at the January 14, 2025 CRA Board Meeting. While the CRA Board was discussing the CRAB Board's presentation at the January 14, 2025 Meeting, the CRA Board approved the following tasks be assigned to the CRA Advisory Board (CRAB): 1. Investigate specifics including locations for the splash pad in the Cultural District. 2. Continue discussion and research ideas/names for renaming streets. 3. Research and investigate opportunities to honor the two (2) Heisman Trophy winners that are from Boynton Beach. Examples include statutes/monuments and street renaming. 4. Recommendations for changing or inclusion of possible historic district or ways to incorporate historic preservation within our CRA Plan. 192 At the September 17th and the October 15th meetings, the Board finalized their presentations on beautification and the splash pad which they presented at the November 10, 2025 CRA Board Meeting. At their November 19, 2025 meeting, the Board discussed potential acquisition of 911 S. Federal Highway, street naming ideas and a draft presentation on additional ways to honor the two (2) Heisman Trophy winners was presented. The CRAB Board also wanted to inquire if the CRA Board would like them to c ontinue discussion and research ideas/names for renaming streets that was assigned on January 14, 2025. Also, at their November 19, 2025 meeting, the CRA Advisory Board approved the 2026 meeting dates. The 2026 Boynton Beach Community Redevelopment Agency Advisory Board (CRAB) meetings will be held in Commission Chambers at City Hall, 100 E. Ocean Avenue, Boynton Beach, FL 33435 on the third Wednesday of every month at 6:00 pm. 2026 Meeting Dates: January 21 February 18 March 18 April 15 May 20 June 17 July 15 August 19 September 16 October 21 November 18 December 16 The Board will continue to discuss street naming ideas and add to the presentation on additional ways to honor the two (2) Heisman Trophy winners at their December 17, 2025 meeting. FISCAL IMPACT: To be determined. CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRAB RECOMMENDATION: Property Address Pursue Now as a Land Banking Opportunity Pursue at a Future Date Does Not Fit the CRA Mission 193 •Attachment I - 911 S Federal Hwy, Boynton Beach, FL 33435 - Loopnet •Attachment II - 911 S Federal Hwy, Boynton Beach, FL 33435 - PAPA Map •Attachment III - Downtown District - Redevelopment Plan 911 S. Federal Highway (Tiki Motel) (see Attachments I - III) X CRA BOARD OPTIONS: To be determined by the CRA Board. ATTACHMENTS: Description 194 PROPERTY RECORD This page contains information about the property located at 911 S Federal Hwy, Boynton Beach, FL, 33435. 91 1 S Federal Hwy, Boynton Beach, FL 33435 PROPERTY DETAIL Information for the property located at 911 S Federal Hwy Boynton Beach, FL includes data gathered from Palm Beach County tax records, public records data providers and LoopNet historical data records. Address 911 S Federal Hwy APN/Parcel ID 08-43-45-28-00-000-5060 Subdivision Name Acreage & Unrec Land Use Motel Legal Description 28-45-43~ S 118.52 FT OF N 770.12 FT OF E 410.2 FT OF NE 1/4 OF SE 1/4 W OF US 1 /LESS WLY 126.32 FT & LESS SR R /W/ Zoning AE County Palm Beach Flood Zone 12099C0793G State Florida Tax Year 2024 Lot Size 0.45 AC Assessed Year 2024 Submarket Boca Raton Map data ©2025 Google Report a map erro Aerial 911 S Federal Hwy, Boynton Beach, FL ParcelMap Advertise 11/13/25, 8:47 AM 911 S Federal Hwy, Boynton Beach, FL 33435 - APN/Parcel ID: 08-43-45-28-00-000-5060 https://www.loopnet.com/property/911-s-federal-hwy-boynton-beach-fl-33435/12099-08434528000005060/1/5195 DEMO GRAPHICS 1 MILE 3 MILE 5 MILE 2024 Total Population 18,934 81,533 196,826 2029 Population 20,206 85,492 205,153 Pop Grow th 2024-2029 + 6.72%+ 4.86%+ 4.23% Average Age 47 45 46 2024 Total Households 8,823 35,554 84,965 HH Grow th 2024-2029 + 6.81%+ 4.89%+ 4.17% Median Household Inc $65,454 $62,972 $67,030 Avg Household Size 2.00 2.20 2.20 2024 Avg HH Vehicles 2.00 2.00 2.00 Median Home Value $296,588 $288,070 $307,998 Median Year Built 1977 1982 1984 NE ARBY PL ACES Census 006202 Market South Florida TOTAL SIZE 4,815 SF CBSA West Palm Beach-Boca Raton-Delray Beach, FL Aerial 11/13/25, 8:47 AM 911 S Federal Hwy, Boynton Beach, FL 33435 - APN/Parcel ID: 08-43-45-28-00-000-5060 https://www.loopnet.com/property/911-s-federal-hwy-boynton-beach-fl-33435/12099-08434528000005060/2/5196 RESTAURANTS BANKS SHOPS FITNESS GROCERIES PUBLIC TRANSPORTATION COMMUTER RAIL DRIVE WALK DISTANCE Boynton Beach (Mangonia Park - Miami Airpor t - Tri-Rail, Tri-County Commuter - Tri-Rail) 9 min 4.2 mi Delray Beach (Tri-County Commuter - South Florida Regional Transpor tation Authority (Tri-Rail)) 10 min 5.9 mi AIRPORT DRIVE WALK DISTANCE Palm Beach International 22 min 15.3 mi FREIGHT PORTS DRIVE WALK DISTANCE Port of Palm Beach 31 min 20.6 mi NE ARBY PROPERTIES ADDRESS LAND USE TOTAL SIZE LOT SIZE ZONING 1331 S Federal Hwy, Boynton Beach, FL 822,044 SF 11.62 AC MU-4 2815 S Seacrest Blvd, Boynton Beach, FL 980,025 SF 22.78 AC PU 600 Sealof ts Dr, Boynton Beach, FL 514,687 SF 19.38 AC SMU 630 E Woolbright Rd, Boynton Beach, FL 437,883 SF 3.69 AC MU-4 1001 S Broughton Sq, Boynton Beach, FL 525,037 SF 25.65 AC PUD 1000 Audace Ave, Boynton Beach, FL 391,475 SF 13.19 AC SMU 3501 S Federal Hwy, Boynton Beach, FL 527,411 SF 15.60 AC PUD 1400 Via Lugano Cir, Boynton Beach, FL 441,081 SF 20.08 AC PUD 101 S Federal Hwy, Boynton Beach, FL 579,116 SF 4.52 AC MU-C Map data ©2025 Report a map error 11/13/25, 8:47 AM 911 S Federal Hwy, Boynton Beach, FL 33435 - APN/Parcel ID: 08-43-45-28-00-000-5060 https://www.loopnet.com/property/911-s-federal-hwy-boynton-beach-fl-33435/12099-08434528000005060/3/5197 REL ATED SEARCHES Boynton Beach Commercial Real Estate Boynton Beach Office Space for Lease Boynton Beach Office Space for Sale Boynton Beach Retail Space for Lease Boynton Beach Retail Space for Sale POPUL AR SEARCHES Atlanta Office Space Austin Office Space Baltimore Office Space Boston Office Space Brooklyn Office Space Charlotte Office Space Chicago Office Space Dallas Office Space Denver Office Space Fort Worth Office Space Houston Office Space Irvine Office Space Las Vegas Office Space Los Angeles Office Space 3500 E Sandpiper Dr, Boynton Beach, FL 440,818 SF 47.57 AC RS See More About Us Careers Contact Us SEE MORE Connect with us The World's #1 Commercial Real Estate Marketplace Lease Sale Businesses Office Industrial Retail Restaurant Shopping Center Multifamily Office Industrial Retail Restaurant Shopping Center Multifamily Enter a location 11/13/25, 8:47 AM 911 S Federal Hwy, Boynton Beach, FL 33435 - APN/Parcel ID: 08-43-45-28-00-000-5060 https://www.loopnet.com/property/911-s-federal-hwy-boynton-beach-fl-33435/12099-08434528000005060/4/5198 Search Find a Broker Product Over view Mobile Terms of Use Privacy Notice Cookie Policy Exercise Your Rights Licensing © 2025 CoStar Group The information above has been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. 11/13/25, 8:47 AM 911 S Federal Hwy, Boynton Beach, FL 33435 - APN/Parcel ID: 08-43-45-28-00-000-5060 https://www.loopnet.com/property/911-s-federal-hwy-boynton-beach-fl-33435/12099-08434528000005060/5/5199 0 0.01 0.020 Miles ±Scale: 1:564 Date: 11/13/2025 Time: 8:57 AM 200 201 202 203 204 205 206 207 208 209 210 211 212 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: December 9, 2025 OLD BUSINESS AGENDA ITEM 14.A SUBJECT: Heart of Boynton Shops Project Update SUMMARY: At the September 9, 2025 Board Meeting, the Board requested a detailed update regarding The Heart of Boynton Shops (HOB Shops). The HOB Shops includes eight units totaling 8,250 sq ft of commercial space in the Heart of Boynton Village Apartments located at 137 NE 10th Avenue. Since the construction broke ground in 2022, CRA staff has continued to work with local small businesses through the leasing and tenant build-out process for the spaces. Each unit, at the time of lease-up, is a gray shell that lacks mechanical, electrical, plumbing, and interior walls. This presented a financial barrier to many local small businesses. In December 2022, in response to public comment at the September 2022 meeting, the CRA Board approved additional funding to offset the build-out cost by providing $51,714.28 for each of the seven units available for lease (Unit 108 is reserved for the CRA's NOP Program) to assist with eligible build-out expenses like the mechanical, electrical, plumbing and ADA improvements (see Attachments I-II). Attachments III - V include the Development Agreements and subsequent Amendments for the commercial component at the HOB Shops. By June 2024, five units had their building permits approved, however construction did not begin until February 2025. Work on the units by Centennial Management Corporation (CMC) began in February 2025. Below is a summary of the current tenants, permitting status and construction status. At the February 2025 meeting, the CRA approved a Waiver and Ancillary Agreement for the Development Agreement with CMC which allowed each tenant to select the contractor of their choice while still having access to the funding provided for in the Development Agreements. Unit 104 and Unit 107 opted to use a different contractor for their build-outs. 213 Unit Number Tenant Name Permit Approval Date Permit Issuance Date Days Delayed from Permit Approval Construction Start Date Days in Construction 101 The Old Testament Bakery LLC ----- 102 Xpedited Health LLC ----- 103 JB Dental Care LLC February 6, 2025 February 13, 2025 8 February 21, 2025 284 104 Potiwa Pizza LLC (selected a different GC) June 10, 2024 February 7, 2025 242 February 21, 2025 284 105 Big John's To-Go June 13, 2024 February 4, 2025 236 February 21, 2025 284 106 Law and Mediation Office of Diane Andre Esq. April 22, 2024 February 4, 2025 288 February 21, 2025 284 107 Gillion & Co. (selected a different GC) May 21, 2024 February 4, 2025 279 February 21, 2025 284 108 NOP Office February 28, 2024 February 4, 2025 342 February 21, 2025 284 Since July 30, 2025, CRA Staff meets weekly with CMC onsite to monitor progress and coordinate the construction activities at the Heart of Boynton Shops. At the November 10, 2025 meeting, the Board directed staff to work with the HOB Shops tenants and bring back a summary of the build-out costs and funding concerns (see Attachment VI). Photo updates on the individual units is provided as Attachment VII. FISCAL IMPACT: Fiscal Year 2021-2022 Budget; Project Fund Line Item 02-58200-406 - Local Government Match Contribution $625,750 and Commercial/Retail Component $2,300,815 (commercial component); TIRFA $1,630,280 and $433,008.45 Second Development Agreement for the Residential Component CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach CRA Community Redevelopment Plan CRA BOARD OPTIONS: To be determined based on Board direction. ATTACHMENTS: Description 214 •Attachment I - September 2022 Meeting Minutes •Attachment II - December 2022 Meeting Minutes •Attachment III - Development Agreement •Attachment IV - First Amendment Development Agreement •Attachment V - Second Amendment Development Agreement •Attachment VI - HOB Shops Presentation •Attachment VII - Photo Updates 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 Meeting Minutes Community Redevelopment Agency Board Boynton Beach , Florida 13. Old Business December 13 , 2022 A. Quarterly Progress Report from BBQOZ, LLC for the 115 N. Federal Highway Mixed Use Project (aka The Pierce). Ms. Shutt gave an overview of the progress report . The project is proceeding as planned as mixed use for affordable housing and public parking. Nick Rojo , of BBQOZ, LLC looks forward to the meeting in December. He asked for the address for the Toy Drive . Chair Penserga inquired where are they in the process. Mr. Rojo responded that they have submitted their site plan to the City. Staff is reviewing the plans and the project will be on the City Agenda in January. Chair Penserga asked if the project is going to be complete within the timeline . Mr. Rojo stated that they are ahead of the given timeline. B. Approval of the Fourth Amendment to the Purchase and Development Agreement between the CRA and Centennial Management Corp. (CMC) for the Ocean Breeze East Project. Ms . Shutt gave an overview of the Project. The project is located a block south of MLK Jr. Boulevard on the East side of Seacrest. Part of the negotiated agreement there is approximately a 2200 square foot community space originally for the NOP office . Since then it was determined by the former Police Chief that the NOP office would be better served at the retail space in Wells Landing . Board Member Kelley inquired if Chief DeGiulio agrees with the direction they are moving with the Police Department. Ms . Shutt stated that Chief DeGiulio and staff have reviewed the tenant buildout unit 8 for the MLK Project and they are on board . Board Member Hay noted that there has been a large push for the NOP to be activated again . Having officers on foot in the Community is a great plus for the City. He would like to see another NOP unit added to the City. The City is blessed compared to other cities when it comes to the crime rate . Board Member Turkin agreed with Board Member Hay. The City's violent crime rate is a lot higher then we would like it to be . More resources will be needed as the City continues to grow. Board Member Hay commented that the Board has to stay focused on safety for the Community. 6 230 Meeting Minutes Community Redevelopment Agency Board Boynton Beach , Florida December 13, 2022 Ms . Shutt commented that NOP will be reporting to the Board in January. Chair Penserga opened Public Comment Ms . Rogue reviewed the security at Ocean Breeze East and noted that the security will be the same at the Heart of Boynton Village . No one else coming forward , Public Comment was closed . Motion Vice Chair Cruz moved to approve the fourth amendment subject to final legal review. Board Member Hay second with discussion . Board Member Hay commented the large trucks damaged the property at St. John 's Missionary Church and suggested that Centennial Management wait until the project is completed to replace the damaged property. The motion passed unanimously. 15 F MLK Jr Boulevard Corridor Mixed Use Project (d/b/a Heart of Boynton Village Apartments) update . Tim Tack, CRA Assistant Director, gave an update on the project. This project will provide 124 affordable rental units, including 8 ,250 square feet of leasable commercial space . The Board viewed pictures of the progress of the project. The project will be completed in the spring of 2023 . Chair Penserga requested that staff research having the electric poles removed and run the wires underground. Board Member Hay commented that he noticed the restaurant across the street is getting a facelift. Just painting the building was an improvement. He asked if there will be additional improvements to the building . Ms . Shutt replied that the owner has applied to the CRA for an Economic Development grant to do the exterior work. Bonnie Nicklien, Grants and Project Manager, noted that the owners were awarded exterior improvements grant from the CRA, which includes HVAC , a new parking lot, new doors and windows exterior paint , and stucco work . Ms. Shutt noted that the owners have asked for the paint colors for the Heart of Boynton Village Apartment and Shops . They want to be sure that the restaurant color is complimentary. 7 231 Meeting Minutes Community Redevelopment Agency Board Boynton Beach , Florida December 13 , 2022 Chair Penserga stated that there was co nsens us to direct sta ff to have powerlin es placed underground . Ms. Shutt noted that staff will reach out to the City and FPL for options and bring them back to the Board . C. Approval of the First Amendment to th e Development Agreement between the CRA and Centennial Management Corp./Wells Landing Apartments, LLC for th e Commercia l Component of the MLK Jr. Boulevard Corridor Mixed Use Project. Ms . Shutt summarized First Amendment to the Development Agreement for the Commercial Component con t ains all agreed upon negotiated terms , including an additional $50 ,000 cont ri bution from Centennial Management Corporation and $275,000 from the CRA (to be equally divided among Units 1-7). Th e document has been reviewed by legal counse l and was forwarded to Centennial Management Corporation for review on November 18 , 2022 . Chair Penserga opened Public Comment Christopher Glinton , 194 Orange Dri ve commented t hat it was not Ms. Rogue who was the issue with the lack of communicat ion . No one else coming forward , Public Commen was closed. Motion Board Member Hay moved to approve the First Amendment. Board Member Kelley second the motion. T he motion passed unanimously. 14. New Business A. Approval of 2023 CRA Board Meeting Dates Ms . Shutt reviewed the meeting dates and noted that January 10, 2023 there will be a presentation from the developers for the 401-411 East Boynton Beach Boulevard property. There is also a meeting scheduled for Valentines Day, she would understand if the Board members changed that meeting date. Board Member Hay noted that he will not be at the February 141h meeting. He suggested that the Board agrees to an alternate date . There was a consensus that the CRA meeting to be on Monday, February 13th instead of Tuesday, February 14111 • 8 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: December 9, 2025 OLD BUSINESS AGENDA ITEM 14.B SUBJECT: Discussion and Consideration of an Invitation to Negotiate for the Development of Affordable/Workforce Infill Housing SUMMARY: As highlighted in the CRA's mission and also outlined in the CRA's Goals and Principals of the 2016 Community Redevelopment Plan, supporting affordable housing is a key focus of the Agency. It is the CRA's role to encourage the preservation of existing affordable housing and the development of new affordable housing by providing technical assistance, incentives and land. In an effort to increase affordable housing, the CRA actively engages in land acquisition. In response to the ongoing affordable housing crisis, the demand for attainable housing is at an all-time high. At the September 9, 2025 meeting, staff presented the CRA inventory of infill residential lots that are vacant of structures and ready for redevelopment. These lots provide an opportunity to create new affordable and workforce homeownership options. The CRA also confirmed with the City that there are no City-owned infill lots located within the CRA area that could be included in this redevelopment initiative. At the meeting it was determined the following lots would be utilized for infill housing (see Attachment I): 135 NE 3rd Avenue 407 NE1st Street 524 NW 3rd Street 507 NW 12th Avenue Lot 348 NW 11th Avenue And the following redevelopment strategies were presented: Option 1: Public Notice to Solicit Letters of Intent (LOI) Invite interested developers or organizations to submit non-binding proposals outlining their interest, experience and conceptual approach meeting the guidelines set forth in the Letter of Intent Policy Option 2: Request for Proposals (RFP) Issue a formal RFP to solicit detailed proposals from qualified developers 273 •Attachment I - Property Info with Maps •Attachment II - DRAFT Invitation to Negotiate •Attachment III - Infill Housing Presentation •Attachment IV - Palm Beach County Workforce Housing 2025 AMI Option 3: Transfer to the City for Redevelopment Partner with the City to fund the design and construction of the houses After the Board's discussion, it was determined Option 2 would be the preferred redevelopment strategy. During discussions between CRA staff and legal, it was determined an Invitation to Negotiate (ITN) may be the more appropriate document to allow for increased flexibility in development of the infill housing. As a result, CRA staff and legal have drafted an ITN for the Development of Affordable/Workforce Infill Housing (see Attachment II). Attachment III is a presentation to guide the Board through the draft ITN. The terms for consideration: Term of affordability Construction timeline Type of home Affordability (see Attachment IV) Type of Developer Sale of Homes Minimum Home Features If approved, the ITN would be issued on December 12, 2025, with a submittal deadline of February 10, 2026. CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach CRA Community Redevelopment Plan CRA BOARD OPTIONS: To be determined based on Board discussion. ATTACHMENTS: Description 274 Map Number Address PCN Lot Size Approx. Measurements Current Zoning Future Land Use Potential House(s) 1 135 NE 3rd Avenue 08-43-45-21-30-002-0210 0.33 145 L x 100 W R2 Duplex 10 DU/AC HDR 15 DU/AC 2 Houses 2 407 NE 1st Street 08-43-45-21-30-002-0231 0.17 106 L x 70 W R2 Duplex 10 DU/AC HDR 15 DU/AC 1 House 3 524 NW 3rd Street 08-43-45-21-16-000-0150 0.19 118 L x 72 W R1A 6 DU/AC LDR 5 DU/AC 1 House 4 507 NW 12th Avenue 08-43-45-21-14-000-4360 0.24 110 L x 100 W R2 Duplex 10 DU/AC MDR 11 DU/AC 2 Houses 5 Lot 348 NW 11th Avenue 08-43-45-21-14-000-3480 0.18 100 L x 74 W R2 Duplex 10 DU/AC MDR 11 DU/AC 1 House TOTAL 7 Houses ATTACHMENT "A" PARCEL DESCRIPTIONS 275 ATTACHMENT “A” PARCEL MAPS G˛ h z�“ ÁG˛ ÁhGÀ 276 ATTACHMENT “A” PARCEL MAPS 277 ATTACHMENT “A” PARCEL MAPS 278 1 4926-3384-6902, v. 2 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY INVITATION TO NEGOTIATE FOR THE DEVELOPMENT OF AFFORDABLE/WORKFORCE INFILL HOUSING Issue Date: December 12, 2025 Submittal Deadline: February 10, 2026 The Boynton Beach Community Redevelopment Agency (BBCRA) is issuing this Invitation to Negotiate (ITN) for the acquisition and redevelopment of the infill lots located in Boynton Beach, Florida; as referenced and identified on Attachment “A,” Parcel Descriptions/Maps, and hereinafter collectively referred as the “Project Site.” The BBCRA will accept sealed responses to this ITN (“Proposals”) at its office located in City Hall at 100 E. Ocean Avenue, 4th floor, Boynton Beach, FL 33435 ON OR BEFORE February 10, 2026, no later than 2:00 p.m. Eastern Standard Time (EST), as determined by the time stamp or clock at the BBCRA’s reception area. Proposals received after the date and time set forth above will NOT BE ACCEPTED FOR CONSIDERATION. All Proposals will be date and time stamped by the BBCRA. Faxed or emailed Proposals will not be accepted. The ITN documents, including all related attachments, must be obtained from the BBCRA office or website at www.boyntonbeachcra.com (Select RFPs/RFQs/ITBs from the Business & Development top drop down menu). 1. Property Disposal and Project Description In response to the ongoing affordable housing crisis, the demand for affordable and attainable housing is at an all-time high. To address the need, the goal of the BBCRA is to leverage publicly owned real estate and development incentives to increase affordable residential opportunities in the BBCRA area. The goal of this ITN is to secure developers to construct single-family residential properties on existing lots in order to increase the housing supply in the CRA Area. This Development of Affordable/Workforce Infill Housing ITN is seeking Proposals to provide affordable and workforce housing within the CRA Area through the acquisition and redevelopment of BBCRA-owned properties (the “Project”). The CRA properties available for the Project (the “Project Sites”) are located as described in Attachment “A,” Parcel 279 2 4926-3384-6902, v. 2 Descriptions/Maps. Proposers are invited to submit Proposals to develop one or more of the Project Sites. Preference will be given to Proposers who propose to develop all Project Sites, and then to Proposer who propose to develop multiple Project Sites. Proposers should also indicate whether they are interested in receiving information about future development opportunities of similar sites within the CRA Area. Proposers are invited to propose creative solutions, including but not limited to using a variety of construction methods, the incorporation of accessory dwelling units as may be permitted by the City of Boynton Beach codes, and use of a template that could be replicated on multiple sites. The Project Sites vary in lot sizes and Future Land Use Classifications. Each lot is located within the Heart of Boynton District, which is described in the 2016 BBCRA Community Redevelopment Plan (the “BBCRA Plan”). The BBCRA Plan may be accessed online at https://www.boyntonbeachcra.com/home/showpublisheddocument/14/637296289931970000 (see pages 105-117). It is the responsibility of each Proposer to review the City of Boynton Beach Land Development Regulations, and applicable site plan and design guidelines and limitations. All Proposals and Projects must be in conformance with and in furtherance of the BBCRA Plan. 2. Community and Economic Setting The City of Boynton Beach (City), with a population of eighty thousand (80,000), is the third largest city in Palm Beach County, Florida. It is located approximately forty-five (45) miles north of Miami and fifteen (15) miles south of West Palm Beach. This puts it in the heart of southeast Florida’s rapidly growing tri-county Miami-Dade/Broward/Palm Beach metropolitan area. Boynton Beach has direct access to the Intracoastal Waterway, Interstate 95 (I-95) and the Florida Turnpike. It also has a market of more than six (6) million people within a two-hour radius and ready access to three international airports, two major rail lines, as well as the Tri-Rail regional commuter rail system. 3. Surveys and Appraisals Aerial boundary and parcel maps along with a copy of the property surveys are included with this ITN as Attachments “A,” Aerial Map/Parcel Map and “B,” Surveys of BBCRA Owned Properties. All appraisals and surveys of the subject properties that make up the Project Site are available in electronic form on the BBCRA’s website, https://www.boyntonbeachcra.com/business- development/rfps-rfqs-itbs. Proposers should note that some appraisals may be out of date and should not rely solely on the information in the appraisal when compiling the financial components of a Proposal. 280 3 4926-3384-6902, v. 2 4. Other Jurisdictions Development of the Project Sites may require approval from other governmental entities, including Palm Beach County. Proposers are required to assess and determine what approvals may be required for development of the Project Sites as proposed. 5. Incentives for the Project Under Chapter 163, Florida Statutes, the BBCRA is empowered to encourage and incentivize redevelopment within the CRA Area consistent with the BBCRA Plan. The BBCRA is committed to meeting the goals and objectives of the BBCRA Plan and the successful Proposer(s) will be eligible to participate in CRA grant programs and other financial incentives on equal footing with other applicants. Proposers may request other incentives in their Proposal. 6. Pre-Submission Meeting A voluntary in-person pre-submission meeting has been scheduled for January 6, 2026, at 4:00 p.m. (EST) in City Community Room #115 at City Hall, located at 100 E. Ocean Avenue. The meeting is an opportunity for Proposers to ask BBCRA staff questions about the Project. 7. Proposer Registration All entities interested in responding to this ITN must register with the BBCRA via email by providing their name, address, telephone number, and an email address to Mr. Timothy Tack, BBCRA Assistant Director, at TackT@bbfl.us. Any information concerning addenda, changes, additions, clarifications, notices, and other topics related to this ITN will be sent to registered Proposers using the registration information provided. 8. Additional Information After the Proposals are received by the BBCRA, the BBCRA may make requests to Proposers for clarifications, assurances, or for other details including, but not limited to, financial and disclosure data relating to the Proposal or Proposer (including all affiliates, officers, directors, partners and employees). Any inquiries of a general nature applicable to all Proposers will be directed to all Proposers. Following submission of a Proposal, the Proposer agrees to promptly deliver such further details, information and assurances, including, but not limited to, financial and disclosure data relating to the Proposal and/or the Proposer (including the Proposer’s affiliates, officers, directors, partners and employees), as requested by the BBCRA. 9. Project Description and Requirements Proposers should include a high-quality illustration or architectural rendering of the proposed home type to be constructed on the Project Site(s). Proposers are encouraged to propose a home type that could be used on multiple lots in order to increase efficiency and economic viability. The Project should incorporate quality architectural design and site development standards that enhance the Heart of Boynton District and adjacent properties. Proposers should review the BBCRA Plan for Project development and design guidance. Proposals will be evaluated on their 281 4 4926-3384-6902, v. 2 adherence and incorporation of architectural and design elements presented in the BBCRA Plan and the City of Boynton Beach Land Development Regulations. At minimum, the Proposals shall include the following requirements: 1) Construction of single-family, fee-simple units with a minimum of 1,500 square feet of living space, 3 bedrooms, 2 bathrooms, 2-car garage, hurricane impact, energy efficient windows, appliances, washing machine and dryer. 2) Each lot size should be at minimum 50 feet in width. Parcels 1 and 5 (shown in Attachment “A”) must be subdivided into two 50-foot lots 3) All units shall remain affordable for a period of no less than 15 years with a deed restriction commencing from the date of closing transferring ownership from the Proposer to the first purchaser of the developed Project Site. 4) Front porches are encouraged but optional. 5) The development and construction of a single-family home on each Project Site must be ready for sale within 18 months of the commencement date of the Purchase and Development Agreement between the successful Proposer and the BBCRA; provided however, that if the Proposer intends to develop multiple Project Sites, the Proposer may propose a clearly defined, phased construction plan in which at least one home must be ready for sale within 18 months of the commencement of the Purchase and Development Agreement and at least one additional home is ready for sale for each successive 18- month period thereafter. 6) The Proposer shall be responsible for coordinating all utility connections as needed. 7) Proposer shall price the homes targeting the Low to Moderate income range (60%-120%) of Palm Beach County Area Median Income. The homes must be developed, constructed, and priced to prospective buyers within the targeted income range. a) Preference will be given to Proposals that commit to providing at least one home targeted to homebuyers within the low income range. 8) Indicate a willingness to coordinate with the City’s SHIP Funding Program for prospective home-buyers. 9) An explanation of how Proposer will market the homebuying opportunity to the community, in coordination with the BBCRA. 10) Where code-compliant, use of accessory dwelling units on Project Sites is encouraged. 11) Whether or not Proposer will allow home buyers to be selected through a public lottery process. 10. Required Elements of Proposals. Proposals must contain all of the following documents and information in order to be deemed complete. Proposals not deemed complete may be rejected. Attachment “C” contains a checklist to help Proposers ensure Proposals are complete. a. Provide a detailed description of the proposed Project, with text, tabulations and graphics. This should include but it is not limited to conceptual elevations, as well as the 282 5 4926-3384-6902, v. 2 information indicating compliance with the objectives and requirements of the Plan and the requirements specified in Paragraph 9, Project Description and Requirements. b. Provide a general written statement describing the qualifications and background of the Proposer including any financial (including equity) partner. c. Provide a completed Attachment “D”, Proposer(s) Information. d. Provide a certificate of good standing from the Secretary of State of Florida and the state in which the corporation is headquartered, if not Florida. e. Provide a list of Proposer’s key personnel that will be directly involved in proposed Project’s development or management team, along with their professional qualifications, and if applicable a list of similar projects on which they have actively participated. f. Provide a written list of ten single family home projects developed by the Proposer, that were completed within the last ten (10) years. The list may also include photographs, project addresses, client contact information, dates the projects were completed, and general project description. g. Provide a proforma financial analysis/plan including a development budget with a detailed breakdown of all Project pre-development costs, other soft and financing costs, costs of property acquisition from the BBCRA, construction and other hard costs and any post-construction sales or other costs. Include a breakdown of the amount and terms of any proposed funding assistance being requested of the BBCRA, if applicable, and how those funds will be used when combined with other funding sources. A Proposer may submit the requested breakdown information under a format of their own choosing but must also complete the Proposed Project Funding Uses and Sources Information form provided as Attachment “E.” If the Proposer intends to develop more than one Project Site, clearly present the above information for each independent phase as well as in aggregate for total project. h. Provide proof of financial capability to complete the proposed Project and, if applicable, to secure any necessary financing. If the Proposer has a preferred lender, that should be indicated in the Proposal. Financial capability may be demonstrated by submitting a current (audited, if available) financial statement of the proposing entity, a letter of commitment from a bank or lending institution confirming financial capacity to secure the project, or similar documentation acceptable to the BBCRA clearly evidencing financial capability to complete the proposed Project. If applicable, a firm financing commitment from a lending institution or other source of investment financing will be required prior 283 6 4926-3384-6902, v. 2 to the closing of the sale of the Project Site, or as otherwise stipulated in negotiated Agreement between the successful Proposer and the BBCRA. i. Disclosure of any bankruptcies by any of the above or related entities during the past ten (10) years must be made with the ITN. Financial information should be submitted in a separate, sealed envelope or package and marked ‘confidential.’ Financial information will be accepted only from the Proposer as part of the submission packet and will not be accepted if it is submitted directly to the BBCRA by an outside entity or institution. j. A signed written statement of intent to purchase the Project Site(s) indicating the proposed purchase price along with a statement of willingness to execute a Purchase and Development Agreement within ninety (90) days of selection if selected. Any Purchase and Development Agreement will contain performance-based criteria and milestone timelines for items such as, securing funding, any necessary site approvals, commencement of construction, limitations on transferability or assignability of the Agreement without prior approval from the BBCRA, termination provisions for failure to meet the criteria listed and other provisions to adequately define the rights, duties and obligations of the parties. The Purchase and Development Agreement may also contain a reverter clause. k. Provide authorization to perform a credit check for each Proposer or business entity. The authorization form must be executed by the appropriate officer of Proposer entity (see Attachments “F” and “F.i.” Disclosure and Authorization to Perform Credit Check forms). l. A list of all civil and criminal legal actions in which each Proposer entity (and its parent entity if it is a subsidiary) is currently a named party or was a named party in the past four (4) years, providing the case number, case description, the state of jurisdiction, and disposition (or status) of each case. Proposer(s) may include any additional relevant information. If there are no legal actions to disclose, provide a written statement attesting to this fact. Information regarding any legal or administrative actions, past or pending, that might impact the capacity of the Proposer (or its principals or affiliates) to complete the Project must be disclosed. m. Provide a PowerPoint presentation of the Proposal, consisting of no more than fifteen (15) slides with maximum of three (3) slides dedicated to Proposer’s past history and experience information. All remaining slides will focus on description of the development of the proposed Project (e.g. site, program, design, construction, development cost, schedule, financing, proposed acquisition terms, etc.). 284 7 4926-3384-6902, v. 2 n. An acknowledgement letter attesting that the Proposer has read and understands all procedures and requirements of this ITN (see Attachment “H,” Acknowledgement Letter). o. All other requirements contained in this ITN, including all attachments that request a response or information from the Proposer. (see Attachment “I thru N”). 11. Submittal Requirements. a. Location and Deadline. Proposals must be received by the BBCRA at 100 East Ocean Avenue, 4th Floor, Boynton Beach, FL 33435 on or before February 10, 2026, no later than 2:00 p.m. Eastern Standard Time (the “Deadline”), as determined by the time stamp or clock at the BBCRA’s reception area set up on the 1st Floor Lobby. Proposals received after the date and time set forth above will NOT BE ACCEPTED FOR CONSIDERATION. Proposers may withdraw submitted Proposals and resubmit at any time prior to the Deadline. b. Form and Number of Copies. Proposals must be delivered in a sealed box or envelope. Faxed and emailed Proposals will not be accepted. In total, one (1) unbound but clipped original Proposal document must be submitted with a title page listing the name of the ITN and the submitting Proposer along with one (1) unbound but clipped copy of the complete Proposal and one (1) digital copy of the complete Proposal in PDF format on a labeled thumb drive. Proposals shall be clearly marked on the outside of the envelope or delivery box container as follows: Invitation to Negotiate for the Development of Affordable/Workforce Infill Housing Boynton Beach Community Redevelopment Agency City of Boynton Beach, Florida Issue Date: December 12, 2025 Submittal Deadline: February 10, 2026, no later than 2:00 p.m. (EST) c. Completeness. All Proposals must be complete upon submittal to the BBCRA. d. Signature. The Proposal, and any documents submitted with the Proposal that require a signature, must be signed by an individual authorized by Proposer to legally bind and represent Proposer. e. Failure to Meet Submittal Requirements. The failure to meet the Deadline, submit a Proposal that complies with the form and number of copies requirements, or submit a complete Proposal may result in the Proposal being rejected and returned at the sole discretion of the BBCRA. 285 8 4926-3384-6902, v. 2 f. Proposal validity. Proposals shall remain valid and binding on Proposers for one hundred eighty (180) days after the submittal date. 12. ITN Documents. The following planning and site documents are incorporated as part of this ITN and may be obtained from the BBCRA office or https://www.boyntonbeachcra.com/business- development/rfps-rfqs-itbs. • Parcel Descriptions/Maps (see Attachment “A”) • Survey of BBCRA Owned Properties (see Attachment “B”) • Appraisals • 2016 Boynton Beach Community Redevelopment Plan In addition, all Proposers are encouraged to walk the Project Site(s) and will be assumed to have performed all necessary inspections on the property. 13. ITN Proposal Evaluation and Selection Process. The BBCRA staff shall review each Proposal and make a determination as to whether each Proposal meets the minimum submission requirements for review, including whether the Proposal is complete, and whether it fully complies with the terms and conditions outlined in this ITN. A Proposer’s failure to provide a substantially complete ITN response submission may result in the submission not being evaluated. The BBCRA may request clarification of submitted information from any Proposer. The confidentiality of proprietary information from competing Proposers shall be maintained to the extent permitted by law. In addition to meeting the minimum requirements of this ITN as described in Paragraphs 9 and 10, each Proposal will be evaluated based on the information provided and on the following criteria, which are listed below in order of importance. As noted below, adequate capability to successfully undertake the proposed Project is a minimum standard which shall be met before any other criterion is considered. a. Capability of the Proposer and Development Team. The primary focus of the evaluation shall be on the prior relevant experience, qualifications, and financial capacity of the Proposer (and financial partner, if any is identified and to the extent firmly committed) considering. Note that if a Proposer’s qualifications and financial capacity are not considered adequate to successfully undertake the Project, the Proposer will not be considered no matter what the Proposal’s merits are on other criteria. Adequacy of qualifications, relative qualifications, and capacity will be considered comparative criteria weighed along with the other criteria. 286 9 4926-3384-6902, v. 2 b. Project Viability. Proposals will be evaluated for financial, technical, and practical capabilities to successfully and timely complete the Project(s). c. Project Scope. Preference will be given to Proposers who propose to develop all Project Sites, and then to Proposer who propose to develop multiple Project Sites. However, Proposers seeking to develop individual Project sites are still encouraged to apply. d. Fulfilment of the CRA’s requirements and objectives for the Project as stated in Paragraph 1. This would include the operational efficiency, aesthetic quality, and the amenities of the Project. The proposed Project’s ability to contribute to the Heart of Boynton District with a vision to enrich the neighborhood by investing in housing, have a high-quality architecture and aesthetic appeal, and contain initiatives beyond what is required and/or that are unique solutions, will be considered. e. Local Work. Preference will be given to Proposals that contain a proposed plan or program to use local businesses, contractors, sub-contractors, and laborers in the Project. After the BBCRA staff reviews the proposals for completeness and evaluates the proposals based on the criteria above, the BBCRA staff will present the results of the review and evaluation process to the BBCRA Board at a public meeting. The Proposers will present their proposals and their PowerPoint slide presentations before the BBCRA Board at their regular scheduled meetings in the City Commission Chambers at City Hall located at 100 E. Ocean Avenue. In the selection of the successful Proposer (if any), the BBCRA Board will consider all Proposals that meet the minimum submission requirements for review, the BBCRA staff review, the BBCRA Advisory Board recommendation if required, and/or any other relevant data. At the conclusion of the public presentations, a Proposer may be selected by the BBCRA Board. However, the BBCRA Board is under no obligation to select a Proposer regardless of their ranking, and can, at its sole discretion, opt to terminate the ITN process or continue the process to a subsequent meeting. The CRA may also select multiple Proposers but shall not award the same Project Site to any two developers. The existence of a contractual relationship between a Proposer and the BBCRA is contingent upon successful negotiations between the BBCRA and a selected Proposer, and execution of an Agreement by both parties. Therefore, upon selection of a successful Proposer, the BBCRA and the successful Proposer will then enter into negotiations for a Purchase and Development Agreement that will contain terms substantially similar to those contained in the successful proposal and this ITN. i. The Purchase and Development Agreement must be in a form approved by the BBCRA Board and BBCRA legal counsel. 287 10 4926-3384-6902, v. 2 ii. If the BBCRA and the successful Proposer are not able to agree upon a Purchase and Development Agreement satisfactory to both parties within ninety (90) days of the selection of the successful Proposer, Proposer shall have the right to terminate the negotiations. The BBCRA may terminate negotiations at any time for any reason. iii. If the BBCRA sends an agreed-upon Purchase and Development Agreement, or sends a Purchase and Development Agreement with a communication that informs the Proposer that the agreement constitutes the BBCRA’s final offer, and Proposer fails to return an executed copy of the provided Purchase and Development Agreement within 30 days of receipt of such agreement from the BBCRA, the negotiations are deemed terminated unless the BBCRA explicitly extends the deadline in writing. iv. The BBCRA may withdraw its offer of agreement, including a final offer, at any time prior to acceptance of such agreement. Upon termination of negotiations or withdrawal of offer of agreement, the BBCRA may move forward as it deems appropriate, which may include entering into negotiations with another Proposer, re-advertising the ITN, electing to terminate the ITN process, or any other action it deems to be in the best interest of the BBCRA. Any transfer of the property from the BBCRA to a Proposer for less than market value will be subject to approval of the City of Boynton Beach City Commission. Other proposals may be subject to approval of the City of Boynton Beach City Commission. 14. Tentative Schedule. The following tentative schedule is anticipated for actions related to this ITN. All dates, times, and locations are subject to change. All changes will be posted to the BBCRA’s website at www.boyntonbeachcra.com. ITN Approval by CRA Board (subject to legal review): December 9, 2025 Issue Date of ITN: December 12, 2025 Voluntary Pre-Submission Meeting: January 6, 2026 Question/Request for Clarification Deadline: January 9, 2026 Submittal Deadline: February 10, 2026 Presentation to BBCRA Board: March 10, 2026 Draft Purchase and Development (P&D) Agreement: May 12, 2026 CRAB Review of P&D Agreement TBD BBCRA Board Approval P&D Agreement: June 9, 2026 (Note: Dates above subject to change – registered interested parties will be notified by email of changes, if any.) 288 11 4926-3384-6902, v. 2 15. Contact and Questions a. Contact Information. All correspondence, questions, and requests for clarifications related to this ITN must be directed to the person designated as the procurement officer for this ITN: Timothy Tack, Assistant Director Boynton Beach Community Redevelopment Agency 100 East Ocean Avenue 4th Floor Boynton Beach, Florida 33435 Phone: (561) 600-9091 Email: TackT@bbfl.us b. Form of Contact; Answers in the Form of Addenda. All correspondence, questions, and requests must be submitted in writing via email to the person identified above and may be submitted at any time but no later than January 9, 2026. All answers to questions, clarifications, and interpretations will be issued in the form of an addenda, which becomes a part of this ITN. The Proposer must acknowledge receipt of each addenda by completing the Addenda Acknowledgement Form and including it with the submitted Proposal (see Attachment “I”). It is the responsibility of all Proposers to obtain, review and respond to any and all addenda issued. Oral explanations, information, and instructions shall not be considered binding on the BBCRA. All Proposers are encouraged to independently verify the accuracy of any information provided. Neither the BBCRA nor any of its agents or employees shall be responsible for the accuracy of any oral information provided to any Proposer, or to any assumptions made by Proposer. Written responses to all written questions submitted shall be maintained by the BBCRA in the ITN file. c. Limitations on Communications; Cone of Silence; No Lobbying. Proposer or persons acting on Proposer’s behalf may not contact, between the release of the solicitation and the end of the seventy-two (72) hour period following the BBCRA posting the notice of intended award (excluding Saturdays, Sundays, and state holidays), any employee, officer, or Board Member of the BBCRA concerning any aspect of this ITN, except in writing to the procurement officer or as provided in the ITN documents. Violation of this provision may be grounds for rejecting a Proposal. Further, during the same time period, Proposer or persons acting on Proposer’s behalf may not contact any BBCRA Advisory Board Member, or any other person working on behalf of the BBCRA on any matter related to this ITN. Communication prohibited by this ITN, or by any other state, federal, or local law or regulation, may cause an individual or firm to be disqualified immediately from 289 12 4926-3384-6902, v. 2 participating in the Proposal or selection process. Any violation of this condition may result in rejection and/or disqualification of the Proposer’s Proposal. For purposes of this section, persons acting on Proposer’s behalf shall include, but not be limited to, the Proposer’s employees, partners, attorneys, officers, directors, consultants, lobbyists, or any actual or potential subcontractor or consultant of the Proposer. This “Cone of Silence/No Lobbying” is in effect from the date of publication of the ITN and shall terminate at 1) the time the BBCRA Board selects a Proposer, rejects all Proposals, or otherwise takes action which ends the solicitation process; or 2) at the end of the seventy-two (72) hour period following the BBCRA posting the notice of intended award, excluding Saturdays, Sundays, and state holidays, whichever is later. 16. Disclosure and Disclaimer. Proposer understands and acknowledges that to the extent permitted by law, the BBCRA retains all rights, at its sole and absolute discretion, to: a. Withdraw this ITN at any time; b. Modify the schedule associated with this ITN; c. Issue addenda to this ITN; d. Request additional information, clarifications, or assurances from one or more Proposers or prospective Proposers; e. Reject any and all Proposals; f. Refrain from awarding an agreement as a result of this ITN; g. Verify the accuracy of any information provided; h. Accept Proposals that deviate from this ITN; i. Disqualify or reject Proposals that are incomplete, untimely, or unclear; j. Re-advertise this ITN and accept new Proposals; k. Obtain economic feasibility studies or third-party evaluations with regard to any part of any Proposal; l. Evaluate the Proposals through any process that complies with the BBCRA Procurement Policy, this ITN, and applicable Florida Statutes, m. Select one or more successful Proposals or Proposers it deems will be in the best interests of the BBCRA, regardless of which Proposal appears to offer the best monetary value to the BBCRA; n. Waive any required element or condition found in this ITN for all Proposals or for a specific Proposal; o. Waive any formalities associated with this ITN; p. Negotiate agreements, abandon or withdraw from negotiations, approve agreements, and take other similar actions as a result of this ITN. 290 13 4926-3384-6902, v. 2 Any Proposer who submits a Proposal in response to this ITN fully acknowledges all the provisions of this disclosure and disclaimer and agrees to be bound by the terms hereof. In the event of any differences between this disclosure and disclaimer and the balance of the ITN, the provisions of this disclosure and disclaimer shall govern. If Proposer fails to fully comply with all requirements of this ITN, Proposer or Proposer’s Proposal may be disqualified. 17. Protests. The Bid Protest Policy is available upon request. Submittal of a Proposal in response to this ITN constitutes acceptance of this policy. 18. Non-Discrimination. The selected Proposer, on behalf of itself, its successors and its assigns, agrees that no person shall, on the ground of race, color, disability, national origin, religion, age, familial status, sex, or sexual orientation, be subjected to discrimination in any way that is associated with the ITN, the BBCRA, the Proposal, any agreement resulting from this ITN, or the Project. Respondents are hereby notified that pursuant to Section 287.05701, Florida Statutes, the BBCRA may not request documentation concerning or consider a vendor's social, political, or ideological interests when determining if the respondent is a responsible respondent, and may not give preference to a respondent based on the respondent's social, political, or ideological interests. 19. Permits, Taxes, Licenses and Laws. The successful Proposer will be required to pay for and/or obtain, at its own expense, all permits, licenses, fees, and taxes required, and to comply with all federal, state, and local laws, ordinances, rules, and regulations applicable to responding to this ITN and carrying out the Project. 20. Sensitive and Proprietary Information. The BBCRA will maintain the confidentiality of sensitive and proprietary information to the extent permitted by law. The BBCRA will consider all other information, documentation and other materials submitted in response to this ITN to be of non-confidential and/or non-proprietary in nature and therefore subject to public disclosure under Chapter 119 of the Florida State Statutes. If a Proposer believes any portion of a proposal is exempt from public records disclosure, the Proposer must identify the portion of the proposal it believes it is exempt, state the reason for exemption, and request the BBCRA exempt it from public records disclosure. The BBCRA will exempt portions of a proposal from public records disclosure only to the extent permitted by law. 21. Public Records. The BBCRA is public agency subject to Chapter 119, Florida Statutes. The successful Proposer shall comply with Florida’s Public Records Law. Specifically, the successful Proposer shall: 291 14 4926-3384-6902, v. 2 a. Keep and maintain public records that ordinarily and necessarily would be required by the BBCRA in order to perform the service; b. Provide the public with access to such public records on the same terms and conditions that the BBCRA would provide the records and at a cost that does not exceed that provided in chapter 119, Fla. Stat., or as otherwise provided by law; c. Ensure that public records that are exempt or that are confidential and exempt from public record requirements are not disclosed except as authorized by law; and, d. Meet all requirements for retaining public records and transfer to the BBCRA, at no cost, all public records in possession of the Proposer 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 BBCRA in a format that is compatible with the information technology systems of the BBCRA. IF PROPOSER HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO PROPOSER’S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS ITN, CONTACT THE CUSTODIAN OF PUBLIC RECORDS AT (561) 737-3256; 100 E. Ocean Avenue, Boynton Beach, Florida 33435, TackT@bbfl.us. 22. Public Entity Crimes Statement. A person or affiliate who has been placed on the convicted vendor list following a conviction for a public entity crime may not submit a bid, proposal, or reply on a contract to provide any goods or services to a public entity; may not submit a bid, proposal, or reply on a contract with a public entity for the construction or repair of a public building or public work; may not submit bids, proposals , or replies on leases of real property to a public entity; may not be awarded or perform work as a contractor, supplier, subcontractor, or consultant under a contract with any public entity; and may not transact business with any public entity in excess of the threshold amount provided in F.S. Sec. 287.017 for CATEGORY TWO for a period of thirty-six (36) months following the date of being placed on the convicted vendor list. In order to qualify for consideration under this ITN, Proposer must complete and attach Attachment “J” Public Entity Crimes Statement. 23. Drug Free Workplace Certification Preference shall be given to Proposer(s) with drug free work programs, under the standards described in Section 287.087, Florida Statutes. Whenever two (2) or more proposals that are equal with respect to price, quality and service are received by the BBCRA or by any political subdivision for the procurement of commodities or contractual services, a proposal received from a business that certifies that it has implemented a drug-free workplace program shall be given preference in the award process. In order to receive such preference, the Proposer shall 292 15 4926-3384-6902, v. 2 complete and submit with its Proposal the attached certification, Attachment "K" Drug Free Workplace Certification. 24. E-Verify. In any agreement resulting from this ITN, the Proposer will be required to warrant, for itself and its subcontractors, compliance with all federal immigration laws and regulations that relate to their employees. Proposer agrees and acknowledges that the BBCRA is a public employer that is subject to the E-verify requirements as set forth in Section 448.095, Florida Statutes, and that the provisions of F.S. Sec. 448.095 will apply to such an agreement. 25. Authorization for Release of Information Proposer consents to the BBCRA checking references and contacting prior stakeholders concerning past projects Proposer has completed. Bidders must complete Attachment “L” Authorization for Release of Information. 26. Non-Scrutinized Entity By submitting a bid, bidder certifies that it is not on the Scrutinized Companies that Boycott Israel List created pursuant to Section 215.4725, Florida Statutes, and is not engaged in a boycott of Israel. Proposers must complete Attachment “M,” Certification of Non-Scrutinized Entity. 27. Anti-Human Trafficking Affidavit Prior to the execution of any agreement or contract arising out of the ITN, or any renewal and/or extension thereto, the selected Proposer shall attest under penalty of perjury, that the Proposer does not use coercion for labor or services as defined in Section 787.06(2), Florida Statutes. Attestations shall be documented using a Anti-Human Trafficking Affidavit as provided by the BBCRA, Attachment “N,” Anti-Human Trafficking Affidavit. END OF MAIN DOCUMENT - PROCEED TO ATTACHMENTS 293 16 4926-3384-6902, v. 2 LIST OF ATTACHMENTS: A. PARCEL DESCRIPTIONS & MAPS B. SURVEY OF BBCRA OWNED PROPERTIES C. PROPOSAL CHECKLIST D. PROPOSER(S) INFORMATION E. PROPOSED PROJECT FUNDING USES AND SOURCES INFORMATION F. DISCLOSURE AND AUTHORIZATION TO PERFORM CREDIT CHECK (PRINCIPAL OWNERS) i. AUTHORIZATION TO PERFORM CREDIT CHECK (BUSINESS) G. CITY OF BOYNTON BEACH PLANNING AND DEVELOPMENT DEPARTMENT MEETING VERIFICATION FORM H. ACKNOWLEDGMENT LETTER I. ADDENDA ACKNOWLEDGEMENT J. PUBLIC ENTITY CRIMES STATEMENT K. CERTIFICATION OF DRUG FREE WORKPLACE PROGRAM L. AUTHORIZATION FOR RELEASE OF INFORMATION M. CERTIFICATION OF NON-SCRUTINIZED COMPANY N. ANTI-HUMAN TRAFFICKING AFFIDAVIT 294 Map Number Address PCN Lot Size Approx. Measurements Current Zoning Future Land Use Potential House(s) 1 135 NE 3rd Avenue 08-43-45-21-30-002-0210 0.33 145 L x 100 W R2 Duplex 10 DU/AC HDR 15 DU/AC 2 Houses 2 407 NE 1st Street 08-43-45-21-30-002-0231 0.17 106 L x 70 W R2 Duplex 10 DU/AC HDR 15 DU/AC 1 House 3 524 NW 3rd Street 08-43-45-21-16-000-0150 0.19 118 L x 72 W R1A 6 DU/AC LDR 5 DU/AC 1 House 4 507 NW 12th Avenue 08-43-45-21-14-000-4360 0.24 110 L x 100 W R2 Duplex 10 DU/AC MDR 11 DU/AC 2 Houses 5 Lot 348 NW 11th Avenue 08-43-45-21-14-000-3480 0.18 100 L x 74 W R2 Duplex 10 DU/AC MDR 11 DU/AC 1 House TOTAL 7 Houses ATTACHMENT "A" PARCEL DESCRIPTIONS 295 ATTACHMENT “A” PARCEL MAPS G˛ h z�“ ÁG˛ ÁhGÀ 296 ATTACHMENT “A” PARCEL MAPS 297 ATTACHMENT “A” PARCEL MAPS 298 ATTACHMENT “B” SURVEYS OF BBCRA OWNED PROPERTIES 299 © 2025 Microsoft Corporation © 2025 TomTom LOT 22BLOCK 2(VACANT)LOT 21BLOCK 2(VACANT)LOT 20BLOCK 2(OCCUPIED)NORTH 12 OF LOT 23BLOCK 2(VACANT)SOUTH 12 OF LOT 23BLOCK 2(OCCUPIED)FD UIR(0.10' E)FD UIR(0.73' E)FD IR(0.79' E)LOT 3, BLOCK 2(OCCUPIED)LOT 4, BLOCK 2(OCCUPIED)LOT 2, BLOCK 2(VACANT)91°6'0"(P)91°19'47"(M)8 8 ° 5 4 ' 0 " ( P ) 8 8 ° 3 6 ' 5 " ( M )91°6'0"(P)1 STORYWOODFRAME#137100'(P) 100.07'(M)143'(P) 143.08'(M)100'(P) 99.89'(M)SET IRCBDH LB 8012143'(P) 143.82'(M)91°25'3"(M)(ASPHALT PAVEMENT)NE 3RD AVENUE(SHEPARD STREET PER PLAT)30' ROWEDGE OF PAVEMENTCONCRETESIDEWALKCONCRETE1.3'3.3'88°54'0"(P)88°39'12"(M)N/ADHDH1"=10'S-1REVISED SURVEY NOTES05/8/251BOUNDARY SURVEYFULL SIZE (24"X36"): 1" = 500'HALF SIZE (11"X17"): 1" = 1000'KEY AND LOCATION MAPABBREVIATIONS:BLDG. =BUILDINGB.M. = BENCH MARKCL.=CENTERLINED=DEEDCONC=CONCRETEFD=FOUNDGV=GATE VALVEIR=IRON RODIRC= IRON ROAD & CAPN/D=NAIL AND DISKN/T=NAIL AND TABOE=OVERHEAD POWER LINEO.R.B.=OFFICIAL RECORDS BOOKP=PLATP.A.=PLATTED ALLEYPBC=PALM BEACH COUNTYPG.=PAGERP=ROAD PLATS/W=SIDEWALKSR=STATE ROADUIR=UNMARKED IRON RODWM=WATER METERWPP=WOOD POWER POLEWF=WOOD FENCETYP. = TYPICALP.A.=PLAT BOOKROW=RIGHT OF WAYTOPO LEGEND:FOUND 5/8" IR OR IPUNMARKEDEX. WATER METERWOOD POWER POLEH/C DETECTABLE WARNINGSSECTION CORNERQUARTER SECTION CORNERASPHALT PAVEMENTCONCRETE FULLSIZE (24" X 36"): GRAPHIC SCALE0HALFSIZE (11" X 17"): 1" = 20'1" = 10'40'20'10'SEALDATE:DRAWING NO.05/05/25NOREVISIONS / SUBMISSIONSDATEDESIGNEDDRAWNCHECKEDREVIEWEDDATESCALEPROJECT NOPROJECT TITLESTATE OF FLORIDA CERTIFICATE OF AUTHORIZATION # 30026STATE OF FLORIDA CERTIFICATE OF AUTHORIZATION # LB8012712 NE 8TH AVENUE BOYNTON BEACH, FLORIDA 33435P: (561) 452-2348 ▪ F: (561) 327-2654 ▪ W: WWW.BDHCG.COM135 NE 3RD AVENUE,BOYNTON BEACH,FLORIDA 3343525-0421805/05/2025GSNOTES:SURVEY NOTES:1.REPRODUCTIONS OF THIS SURVEY ARE NOT VALID UNLESS SEALED BY THE SIGNING SURVEYOR.2.THIS DRAWING IS THE PROPERTY OF BDH CONSULTING GROUP, LLC AND SHALL NOT BE USED OR REPRODUCEDIN WHOLE OR IN PART WITHOUT PERMISSION OF BDH CONSUTING GROUP, LLC.3.THE UNDERSIGNED HAS REVIEWED THE PROPERTY FOR EASEMENTS, AND OTHER SIMILAR MATTERS OF RECORDPER CLIENT PROVIED AMERICAN LAND TITLE ASSOCIATION COMMITMENT ISSUED BY OLD REPUBLIC NATIONALTITLE INSURANCE COMPANY:COMMITMENT NUMBER: 1634640,ISSUING OFFICE FILE NUMBER: BBCRA/135 NE 3RD AVE".4.LEGAL DESCRIPTION PER ABOVE REFERENCED PROVIDED TITLE COMMITMENT.5.THIS SURVEY DOES NOT PURPORT TO IDENTIFY IMPROVEMENTS BELOW GRADE, IF ANY, EXCEPT ASSPECIFICALLY NOTED HEREON.6.DISTANCE AND ANGLES SHOWN HEREON ARE BASED ON PLATTED MEASUREMENTS, FIELD MEASUREMENTS, ANDCALCULATIONS WITHIN THE PLAT SHEPARD-FUNK ADDITION, PLAT BOOK 2, PAGE 15.7.THIS SURVEY WAS PERFORMED ON THE FIELD UTILIZING GLOBAL POSITIONING SYSTEM WITH REAL TIMEKINEMATIC. ALL DISTANCES ARE GRID DISTANCES.8.FLOOD ELEVATION INFORMATION:COMMUNITY NO. = 120196PANEL NO.=070789DATE OF FIRM = 12/20/2024SUFFIX=GFIRM ZONES =X BASE FLOOD ELEVATION=N/A9.PROPERTY ADDRESS: 135 NE 3RD AVENUE, BOYNTON BEACH, FL 3343510.BROWARD COUNTY PARCEL CONTROL NUMBER: 08-43-45-21-30-002-021011.CONTAINING 14,297.36 SF, MORE OR LESS.12.CERTIFY TO:BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCYLEWIS, LONGMAN & WALKER, PAOLD REPUBLIC NATIONAL TITLE INSURANCE COMPANYLEGAL DESCRIPTION:LOTS 21 AND 22, BLOCK 2, SHEPARD FUNK ADDITION TO THE TOWN OF BOYNTON, ACCORDING TO THE PLAT THEREOFAS RECORDED IN PLAT BOOK 2, PAGE 15, PUBLIC RECORDS OF PALM BEACH COUNTY, FLORIDA.THIS SITEWATER14' P.A. 14' P.A. 300 Tne North 1/2 of Lot 23 and the North 1/2 of Lot 24, less the East 10' thereof, Block 2, SHEPARD-FUNK ADDITION, according to the plat thereof on file in the Office of the Clerk of the Circuit Court in and for Palm Beach County, Florida, as recorded in Plat Book 2, Page 15. Community Number: 120196 Panel: 0793 Suffix: F Flood Zone: X Field Work: 11/1/2020 Certified To: BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY; LEWIS, LONGMAN & WALKER, P.A.; OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY Property Address: 407 NE 1ST STREET BOYNTON BEACH, FL 33435 Survey Number: 441086 Client File Number: BBCRA/KALLIANTAS 301 SCALE1"=25' LOT 24BLOCK 2 (INCLUDED) PORTION OF NE 1ST STREETBUILDING #407 LOT 23BLOCK 2 (INCLUDED) PORTION OF REMAINDER OF (NOT INCLUDED) BLOCK 2LOT 24REMAINDER OF (NOT INCLUDED) BLOCK 2LOT 23 BLOCK 2 LOT 22 BLOCK 2 LOT 3 BLOCK 2 LOT 2 BLOCK 2 LOT 1 106.10' 71.50'106.10' 71.50' 71.50'88°54'00"91°06'00" 91°06'00" 88°54'00" 14' R/W ALLEY 10.0'15.0' 10.0'15.0'14.0'30.4'36.2'30.4'36.2'5.2'5.3'14.6' 15.3'35.9'35.8'7.3' 19.7'29.0'28.9'15.0'15.1'BUILDING #407 27.4'27.5'27.4'27.5'/ // // // // // // // // // // // // // // // // // // // // // // // // /2.3'ON 2.9'ON 5.4'ON4.8'ON4.2'OFF4.9'OFF0.1'OFF0.1'ON5.1'OFF5.9'OFF3.1'ON2.7'ON1.0'OFF 1.0'OFF A/C4.6'ON0.8'OFF2.7'ON 2.0'ON 3.0'OFF SET 1/2"IRON ROD LB #7893 SET 1/2"IRON ROD LB #7893 SET 1/2"IRON ROD LB #7893 SET 1/2" IRON RODLB #7893 FOUND 5/8" IRON RODNO I.D. (0.4'N/0.2'E)158.0'(P)FOUND P-KNAIL NO I.D.171.72'(M)FOUND P-KNAIL NO I.D.77.57'(M)FOUND P-KNAILNO I.D. BLOCK CORNER SERVING FLORIDA 6250 N. MILITARY TRAIL, SUITE 102 WEST PALM BEACH, FL 33407 PHONE (561) 640-4800 STATEWIDE PHONE (800) 226-4807 STATEWIDE FACSIMILE (800) 741-0576 WEBSITE: http://targetsurveying.net BOUNDARY SURVEY SURVEY NOTESTHERE ARE FENCES NEAR THE BOUNDARYOF THE PROPERTY. No. 6415 STATE OF LB #7893 PAGE 2 OF 2 PAGES(NOT COMPLETE WITHOUT PAGE 1) SURVEYORS CERTIFICATE I HEREBY CERTIFY THAT THIS BOUNDARY SURVEY IS A TRUE AND CORRECT REPRESENTATION OF A SURVEY PREPARED UNDER MY DIRECTION. NOT VALID WITHOUT AN AUTHENTICATED ELECTRONIC SIGNATURE AND AUTHENTICATED ELECTRONIC SEAL, OR A RAISED EMBOSSED SEAL AND SIGNATURE. KENNETH J OSBORNE PROFESSIONAL SURVEYOR AND MAPPER #6415 302 LOT 14(OCCUPIED)LOT 15(VACANT)LOT 16(OCCUPIED)LOT 17(OCCUPIED)BOYNTON HILLS SUB-DIVISIONLOT 98(OCCUPIED)LOT 83(OCUPPIED)NW 5TH AVE(ASPHALT PAVEMENT)NW 3RD ST(ASPHALT PAVEMENT)WATERSANSANITARYSEWERMANHOLESTORMWATERINLET(TYP.)WATERMETEREDGE OF PAVEMENTEDGE OF PAVEMENTFD IRCUNMARKED(0.1'S,0.1'W)FD IRCUNMARKED(0.53'E)FD IPUNMARKED(0.1'N, 0.09'E)WOODEN FENCE CORNER(0.6'N)CLFCORNER(0.8'N)CLFSANITARY SEWERCLEANOUT25' BLDG. SETBACK90°0'0" (P)90°0'0" (P)90°0'0" (P)9 0 ° 0 ' 0 " ( P ) 70.00' (P)120.00' (P)120.00' (P)70.00' (P) 50.00'20.00'CLF CORNER(0.17'S, 0.16'W)CHAINLINK FENCECORNERCLF CORNER(0.17'S, 0.16'W)NORTH 30' FEETOF LOT 16(NOT INCLUDED)(OCCUPIED)SOUTH 20' FEETOF LOT 16(INCLUDED)(VACANT)30.00'EAST LINE PLATBOUNDARY OFRIDGEWOOD HILLS(PB. 23, PG. 250)FD IRCUNMARKED(0.53'E)WEST LINE PLATBOUNDARY OFBOYNTON HILLS PLAT(PB. 4, PG. 51)RIDGEWOOD HILLS SUB-DIVISION 50' R/W50' R/W119.47' (M)70.12' (M)120.18' (M)69.89' (M) 9 0 ° 2 ' 1 1 " (M )90°4'12" (M)90°30'37" (M)89°23'32" (M)TYPE "D"CONC. CURB(TYP.)25' BLDG. SETBACK50' R/W25' BLDG. SETBACK15' BLDG. SETBACK15' BLDG. SETBACK20' SERVICE DRIVE FULLSIZE (24" X 36"): GRAPHIC SCALE0HALFSIZE (11" X 17"): 1" = 20'1" = 10'40'20'10'WESNSEALDATE:DRAWING NO.03/30/24NOREVISIONS / SUBMISSIONSDATEDESIGNEDDRAWNCHECKEDREVIEWEDDATESCALEPROJECT NOPROJECT TITLESTATE OF FLORIDA CERTIFICATE OF AUTHORIZATION # 30026STATE OF FLORIDA CERTIFICATE OF AUTHORIZATION # LB8012712 NE 8TH AVENUE BOYNTON BEACH, FLORIDA 33435P: (561) 452-2348 ▪ F: (561) 327-2654 ▪ W: WWW.BDHCG.COM524 NW 3RD ST,BOYNTON BEACH,PALM BEACH COUNTY,FLORIDA24-041225/15/2024N/ACBDHDH1"=10'S-1BOUNDARY SURVEYFULL SIZE (24"X36"): 1" = 500'HALF SIZE (11"X17"): 1" = 1000'KEY AND LOCATION MAPTHIS SITEABBREVIATIONS:BLDG. =BUILDINGB.M. = BENCH MARKC=CALCULATEDCLF=CHAIN LINK FENCECONC=CONCRETEC.M.=CONCRETE MONUMENTCBS=CONCRETE BLOCK STRUCTURECSE=COVERED SCREENED ENCLOSURED&C=DEEDED AND CALCULATEDD=DEEDEDE=EASTEB =ELECTRIC BOXEL.=ELEVATIONEX=EXISTINGFD=FOUNDF.F.=FINISHED FLOORGV=GATE VALVEH=HEIGHTH/C=HANDICAPIP=IRON PIPEIR=IRON ROADIRC= IRON ROAD & CAPLB=LICENSED BUSINESS(M)=MEASUREDM&P=MEASURED AND PLATTEDN=NORTHN/D=NAIL AND DISKN/T=NAIL AND TABN/A=NON-APPLICABLENAVD=NORTH AMERICAN VERTICAL DATUMN=NORTHN.T.S.=NOT TO SCALEO/S=OFFSETOHW=OVERHEAD WIRESO.R.B.=OFFICIAL RECORD BOOK(P)=PLATTEDPE=PLATTED EASEMENTPN=PARCEL NUMBERPG.=PAGEP.R.M.=PERMANENT REFERENCE MONUMENT(P)=PLATPB.=PLAT BOOKP.A.=PLATTED ALLEYP.O.B.=POINT OF BEGINNINGP.O.C.=POINT OF COMMENCEMENTPC=POINT OF CURVATUREPCN=PROPERTY CONTROL NUMBERPRC=POINT OF REVERSE CURVATUREPT=POINT OF TANGENCYP.S.M.=PROFESSIONAL SURVEYOR AND MAPPERPROP.=PROPOSEDP.B.C.R.=PALM BEACH COUNTY RECORDSR.=RADIUSR/W=RIGHT OF WAYSECT.=SECTIONS=SOUTHSAN=SANITARYSF=SQUARE FEETS/W=SIDEWALKSR=STATE ROADST=STREETS.S.E.=SANITARY SEWER EASEMENTTYP.=TYPICALW=WESTWM=WATER METERWPP=WOOD POWER POLEWF=WOOD FENCETOPO LEGEND:FOUND 5/8" IR OR IPUNMARKEDEX. WATER METERWOOD POWER POLESANITARY SEWER CLEANOUTSECTION CORNERQUARTER SECTION CORNERSET 5/8" IR BDH CONSULTINGGROUP/LB 8012/DO NOT DISTURBWATERNOTES:I HEREBY CERTIFY THAT THE SURVEY SHOWN HEREON COMPLIES WITH STANDARDS OF PRACTICE FOR SURVEYS ASCONTAINED IN CHAPTER 5J-17, FLORIDA ADMINISTRATIVE CODE, PURSUANT TO SECTION 472.027, FLORIDASTATUTES, AND THAT SAID SURVEY IS TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEF.04/26/2024DERIS H. BARDALES, P.S.M.PROFESSIONAL SURVEYOR AND MAPPERFLORIDA REGISTRARTION NUMBER 6778DATE OF LAST FIELD WORKSURVEY NOTES:1.REPRODUCTIONS OF THIS SURVEY ARE NOT VALID UNLESS SEALED BY THE SIGNING SURVEYOR.2.THIS DRAWING IS THE PROPERTY OF BDH CONSULTING GROUP, LLC AND SHALL NOT BE USED ORREPRODUCED IN WHOLE OR IN PART WITHOUT PERMISSION OF BDH CONSUTING GROUP, LLC.3.THE UNDERSIGNED HAS NOT REVIEWED THE PROPERTY FOR EASEMENTS, AND OTHER SIMILAR MATTERS OFRECORD.4.LEGAL DESCRIPTION PER CLIENT PROVIDED TITLE COMMITMENT NUMBER 1516287.5.THIS SURVEY DOES NOT PURPORT TO IDENTIFY IMPROVEMENTS BELOW GRADE, IF ANY, EXCEPT ASSPECIFICALLY NOTED HEREON.6.DISTANCE AND ANGLES SHOWN HEREON ARE BASED ON PLATTED MEASUREMENTS, FIELD MEASUREMENTS,AND CALCULATIONS WITHIN THE RIDGEWOOD HILLS PLAT.7.THIS SURVEY WAS PERFORMED ON THE FIELD UTILIZING GLOBAL POSITIONING SYSTEM WITH REAL TIMEKINEMATIC. ALL DISTANCES ARE GRID DISTANCES.8.FLOOD ELEVATION INFORMATION:COMMUNITY NO. = 120196PANEL NO.=0787DATE OF FIRM = 10/05/2017SUFFIX=FFIRM ZONES = X BASE FLOOD ELEVATION=N/A9.PROPERTY ADDRESS: 524 NW 3RD ST, BOYNTON BEACH, FLORIDA 33435 (VACANT).10.PALM BEACH COUNTY PARCEL CONTROL NUMBER: 08-43-45-21-16-000-015011.CONTAINING 8400.00 SF, MORE OR LESS.12.CERTIFIED TO: BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCYLEWIS, LONGMAN & WALKER, PAOLD REPUBLIC NATIONAL TITLE INSURANCE COMPANYLEGAL DESCRIPTION:LOT 15 AND SOUTH 20 FT OF LOT 16, RIDGEWOOD HILLS, ACCORDING TO THE PLAT THEREOF AS RECORDED INPLAT BOOK 23, PAGE 250, PUBLIC RECORDS OF PALM BEACH COUNTY, FLORIDA.303 Survey #:B-143844 Client File #:Page 1 of 2 Not valid without all pages Accepted By: Property Address: 507/509 N.W. 12 Avenue Boynton Beach , FLORIDA 33435 Notes: FENCE ENCUMBERS 3' UTILITY EASEMENT ALONG NORTH PROPERTY LINE. M.E. Land Surveying, LLC P.O. Box 970685 Miami, FL 33197 Phone: (305) 740-3319 Fax: (305) 669-3190 LB#: 7989 This survey shall not be used for construction/permitting purposes without written consent from the land surveyor who has signed and sealed this survey. P.S.M. No. 6792STATE OF FLORIDA SURVEYOR'S CERTIFICATION I HEREBY CERTIFY THAT THIS BOUNDARD SURVEY IS A TRUE AND CORRECT REPRESENTATION OF A SURVEY PREPARED UNDER MY DIRECTION. THIS COMPLIES WITH THE MINIMUM TECHNICAL STANDARDS, AS SET FORTH BY THE STATE OF FLORIDA BOARD OF PROFESSIONAL LAND SURVEYOR'S IN CHAPTER 5J-I7-052, FLORIDA ADMINISTRATIVE CODE PURSUANT TO 427-023 FLORIDA STATUTES. SIGNED ______________________________________________________ FOR THE FIRM Efrain Lopez NOT VALID WITHOUT AN AUTHENTIC ELECTRONIC SIGNATURE AND AUTHENTICATED ELECTRONIC SEAL AND / OR THIS MAP IS NOT VALID WITHOUT THE SIGNATURE AND THE ORIGINAL RAISED SEAL OF A LICENSED SURVEYOR AND MAPPER 07/19/24 304 Survey #:B-143844 Client File #:Page 2 of 2 Not valid without all pages a. Property Address: 507/509 N.W. 12 Avenue Boynton Beach , FLORIDA 33435 General Notes: The Legal Description used to perform this survey was supplied by others. This survey does not determine or is not to imply ownership1.) This survey only shows above ground improvements. Underground utilities, footings, or encroachments are not located on this survey map2.) The minimum relative distance accuracy for this type of Survey is 1 foot in 10,000 feet. The accuracy obtained by measurement and calculation 3.) of closed geometric figures was found to exceed this requirement. Well-identified features as depicted on the Survey Map were measure to an estimated horizontal positional accuracy of 1/10 foot. If there is a septic tank, well, or drain field on this survey, the location of such items was shown to us by others and the information was not 4.) verified. Examination of the abstract of title will have to be made to determine recorded instruments, if any, affect this5.) property. The lands shown herein were not abstracted for easement or other recorded encumbrances not shown on the plat. Wall/fence ties shown are from the inside face of the wall/fence to the property line.6.) Fence ownership is not determined.7.) Bearings referenced to line noted B.R also are assumed.8.) Dimensions shown are platted and measured unless otherwise shown.9.) No identification found on property corners unless noted.10.) Not valid unless sealed with the signing surveyors embossed seal.11.) Boundary survey means a drawing and/or graphic representation of the survey work performed in the field,12.) could be drawn at a shown scale and/or not to scale. Elevations if shown are based upon NGVD 1929 unless otherwise noted.13.) This is a BOUNDARY SURVEY unless otherwise noted.14.) This survey is exclusive for the use of the parties to whom it is certified. The certifications do not extend15.) to any unnamed parties. This survey shall not be used for construction/permitting purposes without written consent from the land 16.) surveyor who has signed and sealed this survey. Flood Information: 120196 Community Number: 12099C0787 Panel Number: B Suffix: 10/05/2017 Date of Firm Index: X Flood Zone: Base Flood Elevation: 07/12/2024 Date of Field Work: 07/19/2024Date of Completion: Legal Description: Lot 436, 437, 438 and 439, of CHERRY HILLS, according to the plat thereof, as recorded in Plat Book 4, Page 58, of the public records of Palm Beach County, FLORIDA Printing Instructions: While viewing the survey in any PDF Reader, select the File Drop-down and select "Print". Select a color printer, if available; or at least one with 8.5" x 14" (legal) paper. Select ALL for Print Range, and the # of copies you would like to print out. Under the "Page Scaling" please make sure you have selected "None". Do not check the "Auto-rotate and Center" box. Check the "Choose Paper size by PDF" checkbox, then click OK to print. Certified To: The Boynton Beach Community Redevelopment Agency Lewis, Longman & Walker, P.A. Old Republic National Title Insurance Company its successors and/or assigns as their interest may appear. Please copy below for policy preparation purposes only: This policy does not insure against loss or damage by reason of the following exceptions: Any rights, easements, interests, or claims which may exist by reason of, or reflected by, the following facts shown on the survey prepared by Efrain , for M.E. Land Surveying, LLC., dated bearing Job # Lopez 07/19/2024 :B-143844 FENCE ENCUMBERS 3' UTILITY EASEMENT ALONG NORTH PROPERTY LINE. M.E. Land Surveying, LLC P.O. Box 970685 Miami, FL 33197 Phone: (305) 740-3319 Fax: (305) 669-3190 LB#: 7989 305 © 2024 M ic roso f t Co rpo rat ion © 20 24 Tom Tom LOT 3 51 LOT 3 52 LOT 34 8 LOT 3 48 (OC CUP IED ) (OC CUP IED )DREXELL AVENUE(NW 11 th AVE)91°58'21"EDGE OFASPHALTEDGE OF PAVEMENTROADCENTERLINELOT 351LOT 350LOT 349LOT 348LOT 352LOT 348LOT 3488 8 ° 1 ' 3 9 " 88°1'39"91°58'21"R/W LINEFD IRUNMARKEDR/W LINEWATER METERFD IRUNMARKED4' H CHAINLINK FENCE6' H CHAINLINK FENCE6' H WOODEN FENCECONC CURBBACK OF S/WSANITARY SEWER MANHOLECONC. CURBCONC S/W4' H CHAINLINK FENCE6' H WOOD FENCE AND4' H CHAINLINK FENCESIGNNOILLEGALDUMPINGSIGNNO ILLEGALDUMPINGMAIL BOXFOUNDIRCYELLOW/OBRIENSUTTEROBRIEN/LB353FOUNDUNMARKEDIROEOEOEOEOEOEOEOEOEOESANFD MAG NAILFD MAG NAILFD MAG NAILWATER UTILITY WOODPOLEPOWER LIGHTPOLE(TYP.)102.00'(M&P) 102.00'(M&P)75.00'(M&P)75.00'(M&P)(CHERRY HILLSPB.4,PG.58)LOT LINE(TYP.)(VACANT)(OCCUPIED)(OCCUPIED)OVERHEADPOWER LINE(ASPHALT PAVEMENT) FULLSIZE (24" X 36"): GRAPHIC SCALE0HALFSIZE (11" X 17"): 1" = 20'1" = 10'40'20'10'WESNSEALDATE:DRAWING NO.02/16/24NOREVISIONS / SUBMISSIONSDATEDESIGNEDDRAWNCHECKEDREVIEWEDDATESCALEPROJECT NOPROJECT TITLESTATE OF FLORIDA CERTIFICATE OF AUTHORIZATION # 30026STATE OF FLORIDA CERTIFICATE OF AUTHORIZATION # LB8012712 NE 8TH AVENUE BOYNTON BEACH, FLORIDA 33435P: (561) 452-2348 ▪ F: (561) 327-2654 ▪ W: WWW.BDHCG.COMCHERRY HILLS,BOYNTON LTS 348 TO350 A BOUNDARYSURVEY24-02163FEBRUARY 16, 2024N/ACBDHDH1"=10'S-1BOUNDARY SURVEYFULL SIZE (24"X36"): 1" = 500'HALF SIZE (11"X17"): 1" = 1000'KEY AND LOCATION MAPTHIS SITEABBREVIATIONS:BLDG. =BUILDINGB.M. = BENCH MARKCLF=CHAIN LINK FENCECONC=CONCRETEC.M.=CONCRETE MONUMENTCBS=CONCRETE BLOCK STRUCTURECSE=COVERED SCREENED ENCLOSUREE=EASTEB =ELECTRIC BOXEL.=ELEVATIONEX=EXISTINGF.F.=FINISHED FLOORGV=GATE VALVEH=HEIGHTIP=IRON PIPEIR=IRON ROADIRC= IRON ROAD & CAPLB=LICENSED BUSINESSM&P=MEASURED AND PLATTEDN=NORTHN/D=NAIL AND DISKN/T=NAIL AND TABN/A=NON-APPLICABLENAVD=NORTH AMERICAN VERTICAL DATUMN=NORTHN.T.S.=NOT TO SCALEO/S=OFFSETOHW=OVERHEAD WIRESO.R.B.=OFFICIAL RECORD BOOKPE=PLATTED EASEMENTPN=PARCEL NUMBERPG.=PAGEP.R.M.=PERMANENT REFERENCE MONUMENT(P)=PLATPB.=PLAT BOOKP.A.=PLATTED ALLEYP.O.B.=POINT OF BEGINNINGP.O.C.=POINT OF COMMENCEMENTPC=POINT OF CURVATUREPRC=POINT OF REVERSE CURVATUREPT=POINT OF TANGENCYP.S.M.=PROFESSIONAL SURVEYOR AND MAPPERPROP.=PROPOSEDP.B.C.R.=PALM BEACH COUNTY RECORDSR.=RADIUSR/W=RIGHT OF WAYSECT.=SECTIONS=SOUTHSF=SQUARE FEETS/W=SIDEWALKSR=STATE ROADST=STREETS.S.E.=SANITARY SEWER EASEMENTTYP.=TYPICALW=WESTWM=WATER METERWPP=WOOD POWER POLESURVEY NOTES:1.REPRODUCTIONS OF THIS SURVEY ARE NOT VALID UNLESS SEALED BY THE SIGNING SURVEYOR.2.THIS DRAWING IS THE PROPERTY OF BDH CONSULTING GROUP, LLC AND SHALL NOT BE USED OR REPRODUCED IN WHOLE ORIN PART WITHOUT PERMISSION OF BDH CONSUTING GROUP, LLC.3.THE UNDERSIGNED HAS NOT REVIEWED THE PROPERTY FOR EASEMENTS, AND OTHER SIMILAR MATTERS OF RECORD.4.LEGAL DESCRIPTION PER PROPERTY WARRANTY DEED.5.THIS SURVEY DOES NOT PURPORT TO IDENTIFY IMPROVEMENTS BELOW GRADE, IF ANY, EXCEPT AS SPECIFICALLY NOTEDHEREON.6.DISTANCE AND ANGLES SHOWN HEREON ARE BASED ON PLATTED MEASUREMENTS, FIELD MEASUREMENTS, ANDCALCULATIONS WITHIN THE PLAT ENTITLED CHERRY HILLS7.THIS SURVEY WAS PERFORMED ON THE FIELD UTILIZING GLOBAL POSITIONING SYSTEM WITH REAL TIME KINEMATIC. ALLDISTANCES ARE GRID DISTANCES.8.FLOOD ELEVATION INFORMATION:COMMUNITY NO. = 120196PANEL NO.=0787DATE OF FIRM = 10/05/2017SUFFIX=FFIRM ZONES = X BASE FLOOD ELEVATION=N/A9.PROPERTY ADDRESS: NW 11TH AVE, BOYNTON BEACH, FLORIDA 33435 (VACANT).10.PALM BEACH COUNTY PARCEL CONTROL NUMBER: 08-43-45-21-14-000-348011.CONTAINING 7647 SF, MORE OR LESS.12.CERTIFIED TO: BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCYLEWIS, LONGMAN & WALKER, PAATTORNEY'S TITLE INSURANCE FUNDTOPO LEGEND:FOUND 5/8" IR OR IP UNMARKEDEX. WATER METERWOOD POWER POLESIGN POSTPOWER LIGHT POLESET 5/8" IR BDH CONSULTINGGROUP/LB 8012/DO NOT DISTURBWATERNOTES:I HEREBY CERTIFY THAT THE SURVEY SHOWN HEREON COMPLIES WITH STANDARDS OF PRACTICE FOR SURVEYS ASCONTAINED IN CHAPTER 5J-17, FLORIDA ADMINISTRATIVE CODE, PURSUANT TO SECTION 472.027, FLORIDASTATUTES, AND THAT SAID SURVEY IS TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEF.02/16/2024DERIS H. BARDALES, P.S.M.PROFESSIONAL SURVEYOR AND MAPPERFLORIDA REGISTRARTION NUMBER 6778DATE OF LAST FIELD WORKLEGAL DESCRIPTION:CHERRY HILLS, BOYNTON LTS 348 TO 350 INC. AS RECORDED IN PLAT BOOK 4, PAGE 58, OF THEPUBLIC RECORDS OF PALM BEACH COUNTY, FLORIDA.NW 12TH AVENW 11TH AVENW 10TH AVENW 9TH AVENW 13TH AVENW 4TH STNW 5TH STNW 3TH ST306 17 4926-3384-6902, v. 2 ATTACHMENT “C” PROPOSAL CHECKLIST This checklist is provided as an abbreviated reference to Paragraph 10, Proposal Submission Requirements. This checklist is NOT intended to replace the requirements of Paragraph 10: A. ______ Provide a general written statement describing the qualifications and background of the Proposer including any financial (equity) partner. B. ______ Provide a completed Attachment “D”, Proposer(s) Information. C. ______ Provide a certificate of good standing from the Secretary of State of Florida and the state in which the corporation is headquartered, if not Florida. D. ______ Provide an acknowledgement letter attesting that the Proposer has read and understands all procedures and requirements of this ITN (see Attachment “H,” Acknowledgement Letter). E. ______ Provide a list of Proposer’s key personnel that will be directly involved in proposed Project’s development or management team, along with their professional qualifications, and a list of similar projects on which they have actively participated. Provide no less than three and no more than ten related projects for this item. F. ______ Provide a written list of similar projects developed by the Proposer, or companies controlled by its principals, and Proposer’s team that were completed within the last ten (10) years, including photographs, addresses, dates the projects were completed, and general project description. G. ______ Provide a brief profile for each member of the development team other than the proposing developer, as well as the resumes of the key personnel who would be assigned to the Project. H. ______ Provide a detailed description of the proposed Project, with text, tabulations and graphics. I. ______ Provide a proforma financial analysis including a development budget with a detailed breakdown of all Project pre-development costs, other soft and financing costs, property acquisition from the BBCRA (and others if additional properties are included in the Proposal), construction and other hard costs and post-construction period sales or 307 18 4926-3384-6902, v. 2 other development costs, a sources and uses statement clearly identifying the sources and amounts and terms of all of the proposed debt and equity funding sources to pay for the Project. A Proposer may submit the requested breakdown information under a format of their own choosing but must also complete the Proposed Project Funding Uses and Sources Information form provided as Attachment “E”. J. ______ Provide a list of entities and demonstrate experience with obtaining such project- based subsidies for workforce housing by listing projects and the amount and type of subsidy utilized or other information that would support Proposer’s ability to secure such financing, if the Project is proposed to use funding subsidies from the BBCRA or other qualified entities. K. ______ Provide a description of how the Proposer will make attempts to utilize local qualified contractors, and sub-contractors, and laborers in the proposed Project as well as pre-apprenticeship or apprenticeship training. Documentation of this effort will be required as part of the project monitoring. L. ______ Provide proof of financial capability to complete the proposed Project. Financial capability will be demonstrated by submitting a current (audited, if available) financial statement of the proposing entity, or underlying entity if proposing entity was recently created, which includes a balance sheet, a three-year statement of past income, and a projected one-year income statement for the current fiscal year for the Proposer (and its parent entity if Proposer is a subsidiary). M. ______ Provide a signed written statement of intent to purchase the Project Site indicating the proposed purchase price along with a statement of willingness to execute a Purchase and Development Agreement within ninety (90) days of selection if selected. N. ______ Provide authorization to perform credit checks for each Proposer or business entity. The authorization must be executed by the appropriate officer of Proposer entity (see Attachment “F, F.i.” Disclosure and Authorization to Perform Credit Check forms). O. ______ Provide a list of all civil and criminal legal actions in which each Proposer entity (and its parent entity if it is a subsidiary) is currently a named party or was a named party in the past four (4) years. If there are none, provide a written statement to this fact. P. ______ Provide a statement as to whether the Proposer is in arrears of any taxes or other financial obligations to the BBCRA, City, or any other municipal or state entities. If there are none, provide a written statement to this fact. 308 19 4926-3384-6902, v. 2 Q. ______ Provide a PowerPoint presentation of the proposal, consisting of no more than fifteen (15) slides with maximum of three (3) slides dedicated to Proposer’s past history and experience information. R. ______ Provide executed form verifying that the Proposer has met with City of Boynton Beach Planning and Development Department staff to review the Land Development Regulation requirements and development review processes applicable to the Project being proposed (see Attachment “G,” City of Boynton Beach Planning and Development Department Meeting Verification Form). S. ______Provide all other requirements contained in this ITN, including all attachments that which require information from the Proposer Attachments H thru N. 309 20 4926-3384-6902, v. 2 ATTACHMENT “D” PROPOSER(S) INFORMATION Name: ________________________________________________________________________ Street Address: _________________________________________________________________ Mailing Address (if different): ______________________________________________________ City, State, Zip: _________________________________________________________________ Telephone No.: _______________________ Fax No.: ___________________________________ Email Address of Contact Person: ___________________________________________________ Ownership Status - Is the company currently for sale or involved in any transaction to expand or to be acquired by another business entity? If yes, please explain the impact to the organization and management efforts. _________________________________________________________ ______________________________________________________________________________ Age of Organization – In continuous business since: _____________________________________ Leadership - List Corporate Officers, Principals, Partners or owners of your Organization with titles and addresses. If a publicly held company, list Chairman of the Board, CEO, and President: ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ Federal Identification No.: ________________________________________________________ State of Incorporation & Registration No.: ____________________________________________ If not a corporation, explain your status: _____________________________________________ ______________________________________________________________________________ For joint ventures, the Proposer must summarize the actual or proposed amount of financial participation and control of each party within the partnership. If the entity is a subsidiary of, or otherwise affiliated with another organization, the Proposer shall indicate such relationship. 310 21 4926-3384-6902, v. 2 ATTACHMENT “E” PROPOSED PROJECT FUNDING USES AND SOURCES INFORMATION Project Uses and Sources Land Costs $ - Soft Costs $ - Construction Costs $ - Carrying Cost/Financing Costs $ - Marketing and Sales Costs $ - Permit and Impact Fee Costs $ - Developer Overhead and Profit $ - Total Project Cost $ - Capital Stack Proposer/Developer Equity $ - Outside Capital Investor Equity $ - Mortgage or Financed Amount $ - Amount of BBCRA contribution requested, if any $ - Other funding as identified $ - Funding Total $ - 311 22 4926-3384-6902, v. 2 ATTACHMENT “F” DISCLOSURE AND AUTHORIZATION TO PERFORM CREDIT CHECK For Principal/Owner: (Please use a separate form for each principal/owner) As Principal/Owner of Proposer, I ___________________ (name) hereby affirm I have read the above disclosure, and consent to and authorize the Boynton Beach Community Redevelopment Agency’s (“BBCRA”) investigation into my credit worthiness. Such consent and authorization is given with respect to any and all persons who may conduct an investigation of my credit worthiness on behalf of the BBCRA, including independent contractors and credit agencies retained by the BBCRA for such purpose. Any information provided to the BBCRA is a public record subject to the provisions of Ch. 119 F.S., and I may request a copy of any information provided to the BBCRA as part of the BBCRA’s investigation into my credit worthiness. I grant such consent and authorization to the BBCRA for the period commencing as of the date of this authorization and terminating at the time a Proposal is selected by the BBCRA Board. I hereby waive any and all claims, past present or future, which I may have against the BBCRA by reason of any credit investigation made pursuant to my consent and authorization herein given to the BBCRA. Proposer Name: ________________________________________________________________ Principal/Owner Name: __________________________________________________________ Date of Birth: ___________________________________________________________________ Current Home Address: ___________________________________________________________ ______________________________________________________________________________ Previous Home Address: __________________________________________________________ ______________________________________________________________________________ Email: _______________________________________ Telephone No.: ____________________ Signature:______________________________________________ Date:___________________ Print Name: ____________________________________________________________________ 312 23 4926-3384-6902, v. 2 ATTACHMENT “F.i.” AUTHORIZATION TO PERFORM CREDIT CHECK For Proposer (Business Entity): The Proposer hereby consents to and authorizes the Boynton Beach Community Redevelopment Agency’s (“BBCRA”) investigation into the credit worthiness of the Proposer. Such consent and authorization is given with respect to any and all persons who may conduct an investigation of the Proposer’s credit worthiness on behalf of the BBCRA, including independent contractors and credit agencies retained by the BBCRA for such purpose. Any information provided to the BBCRA is a public record subject to the provisions of Ch. 119 F.S. Proposer grants such consent and authorization to the BBCRA for the period commencing as of the date of this authorization and terminating at the time a Proposal is selected by the BBCRA Board. This Proposer hereby waives any and all claims, past present or future, which the Proposer may have against the BBCRA by reason of any credit investigation made pursuant to Proposer’s consent and authorization herein given to the BBCRA. An authorization to Perform Credit Check will need to be completed by each Principal/Owner and by the Business. Proposer (Business) Name (D/B/A if applicable): _______________________________________ Current Business Address: ________________________________________________________ ______________________________________________________________________________ Federal Tax ID#: _____________________________ State of Incorporation: _________________ Telephone No.: ______________________________ Fax No.: ____________________________ Authorized Signature: ________________________________________ Date: _______________ Print Name: _______________________________ Title: ________________________________ 313 24 4926-3384-6902, v. 2 ATTACHMENT “G” CITY OF BOYNTON BEACH PLANNING AND DEVELOPMENT DEPARTMENT MEETING VERIFICATION FORM Proposer(s): _______________________________________________________ has(have) met with the City’s Planning & Development Department to review the development that will be proposed at the Project Site consisting of the following addresses and Property Control Number(s): Attachment “A” Aerial Map/Parcel Map (check all applicable) BBCRA-owned Parcels Property Control Numbers 135 NE 3rd Avenue 08434521300020210 407 NE 1st Street 08434521300020231 524 NE 3rd Street 08434521160000150 507 NW 12th Avenue 08434521140004360 Lot 348 NW 11th Avenue 08434521140003480 General Summary of Proposed Development (check all applicable): Approximate Total Number of Affordable/Workforce Housing Units ________________________ Approximate Overall Height _________ feet Approximate Number of Stories __________ Approximate Total Parking Spaces (including additional Public Parking Spaces) _______________ Pre-development/Entitlement Applications (check all applicable): Future Land Use Amendment Rezoning Conditional Use for ________________________________________________________ Site Plan Approval Replat Other ___________________________________________________________________ City of Boynton Beach Planning & Development Dept. Staff Name/Signature: _________________________________________ Date: _____________ 314 25 4926-3384-6902, v. 2 ATTACHMENT “H” ACKNOWLEDGMENT LETTER PROPOSER(S) SHALL INCORPORATE THIS ACKNOWLEDGEMENT LETTER IN THEIR SUBMITTAL PACKAGE ***************************************************************************** Re: Boynton Beach Community Redevelopment Agency Invitation to Negotiate (ITN) dated _______________ Development of Affordable/Workforce Infill Housing To Whom It May Concern: The undersigned has read and understands all the procedures and requirements of the Boynton Beach CRA (BBCRA) Invitation to Negotiate (ITN) for the Development of Affordable/Workforce Infill Housing dated November 17, 2025. On behalf of Proposer identified below and our proposal team, we agree to and accept the terms, specific limitations, and conditions expressed therein. We have read, rely upon, acknowledge and accept the BBCRA’s disclosure and disclaimer, which is fully incorporated by reference into this letter, and certify that all of the requirements as described in the ITN are met and all required documents are enclosed. We further certify that all information presented in this proposal, and all of the information furnished in support of the proposal, is true and complete to the best of our knowledge and belief, and we are aware of the fact that making false statements or presenting false information that results in an Agreement may be penalized to the maximum extent allowed by law. Sincerely, _____________________________________________________________________ Name of Proposer _____________________________________________________________________ Print Name and Title _____________________________________________________________________ Authorized Signature ________________________________ Date 315 26 4926-3384-6902, v. 2 ATTACHMENT “I” ADDENDA ACKNOWLEDGEMENT Receipt is hereby acknowledged of the following addenda to the The Boynton Beach Community Redevelopment Agency Request for Proposals Development of Affordable/Workforce Infill Housing By entering checking YES or NO in the space provided and indicating date received. No. 1 Yes No Date____________________ No. 2 Yes No Date ____________________ No. 3 Yes No Date ____________________ No. 4 Yes No Date ____________________ No. 5 Yes No Date ____________________ ITN INFORMATION WAS OBTAINED FROM: BBCRA Website Newspaper Ad City Hall Other, please specify: ___________ _______________________________________ Authorized Signature _______________________________________ Print Name _______________________________________ Title 316 27 4926-3384-6902, v. 2 ATTACHMENT “J” PUBLIC ENTITY CRIMES STATEMENT A person or affiliate who has been placed on the convicted vendor list following a conviction for public entity crime may not: submit a bid, proposal, or reply on a contract to provide any goods or services to a public entity; submit a bid proposal, or reply on a contract with a public entity for the construction or repair of a public building or public work; submit bids, proposals, or replies on leases of real property to a public entity; be awarded or perform work as a contractor, supplier, subcontractor or consultant under a contract with any public entity; or transact business with any public entity in excess of the threshold amount provided in Section 287.017, Florida Statutes, for CATEGORY TWO for a period of thirty-six (36) months following the date of being placed on the convicted vendor list. As the person authorized to sign the Statement, I certify that Proposer has not been placed on the convicted vendor list within the past 36 months and complies fully with the above requirements. _______________________________ Proposer Name _______________________________ Authorized Signature _______________________________ Print Name _______________________________ Title ________________________________ Date 317 28 4926-3384-6902, v. 2 ATTACHMENT “K” CERTIFICATION OF DRUG FREE WORKPLACE PROGRAM I certify that __________________________________, the Proposer responding to this ITN, maintains a drug-free workplace program, and that the following conditions are met: (1) Proposer publishes a statement notifying employees that the unlawful manufacture, distribution, dispensing, possession, or use of a controlled substance is prohibited in the workplace; and specifying the actions that will be taken against employees for violations of such programs. (2) Proposer informs employees about the dangers of drug abuse in the workplace, the company’s policy of maintaining a drug-free workplace, any available drug counseling, rehabilitation, and employee assistance programs, and the penalties that may be imposed upon employees for drug abuse violations. (3) Proposer gives each employee engaged in providing the commodities or contractual services included in this ITN a copy of the statement specified in Subsection (1). (4) In the statement specified in Subsection (1), Proposer notifies the employee that, as a condition of working in the commodities or contractual services covered under this ITN, he/she will abide by the terms of the statement; and will notify the employer (Proposer) of any conviction of, or plea of guilty or nolo contendere to any violation of Chapter 893 or any controlled substance law of the United States or any state, for a violation occurring in the workplace no later than five (5) days after such conviction. (5) Proposer imposes a sanction on, or requires the satisfactory participation in a drug abuse assistance or rehabilitation program if such is available in the employee’s community by, any employee who is convicted. (6) Proposer makes a good faith effort to continue to maintain a drug-free workplace through implementation of this Section 287.087, Florida Statutes. As the person authorized to sign the statement, I certify that Proposer complies fully with the above requirements. Authorized Signature: _________________________________________ Date: _____________ Name & Title (typed): ____________________________________________________________ 318 29 4926-3384-6902, v. 2 ATTACHMENT “L” AUTHORIZATION FOR RELEASE OF INFORMATION To whom it may concern: The undersigned hereby authorizes you to release to the Boynton Beach Community Redevelopment Agency (BBCRA) or the City of Boynton Beach any information in your possession regarding the undersigned either of a professional credit or personal nature including the statement of your opinions with regard to the undersigned’s professional credit and personal character, or of the Proposer identified below. The undersigned also authorizes you to release to the Boynton Beach Community Redevelopment Agency (BBCRA) or the City of Boynton Beach any information in your possession regarding the business identified as “Proposer” below. By: Print Name: _________________________ Title: _______________________________ Proposer (Business) Name (D/B/A if applicable): ______________________________________ Current Business Address: ________________________________________________________ ______________________________________________________________________________ Federal Tax ID#: ___________________________ State of Incorporation: _________________ STATE OF FLORIDA COUNTY OF _______________________________ THE FOREGOING INSTRUMENT was acknowledged before me this day of , 20___, by _____ who is personally known to me or who has respectively produced as identification and did not take an oath. Notary Public: Print Name: ______________ Commission No: (Seal) My Commission Expires: 319 30 4926-3384-6902, v. 2 ATTACHMENT “M” CERTIFICATION OF NON-SCRUTINIZED COMPANY _____________________________, as Proposer, hereby certifies that it is not on the Scrutinized Companies that Boycott Israel List created pursuant to Section 215.4725, Florida Statutes, and is not engaged in a boycott of Israel. If the BBCRA determines that this certification is falsified or contains false statements, or that Proposer is placed Scrutinized Companies that Boycott Israel List or engages in a boycott of Israel after the submittal of the Proposal or the execution of any agreement arising out of this ITN, the BBCRA may disqualify the Proposal and/or terminate the agreement. _______________________________ Proposer Name By: ____________________________ Authorized Representative of Proposer Date: __________________________ STATE OF FLORIDA COUNTY OF _______________________________ THE FOREGOING INSTRUMENT was acknowledged before me this day of , 20___, by _____ who is personally known to me or who has respectively produced as identification and did not take an oath. Notary Public: Print Name: ______________ Commission No: (Seal) My Commission Expires: 320 31 4926-3384-6902, v. 2 ATTACHMENT “N” ANTI-HUMAN TRAFFICKING AFFIDAVIT I ________________________________________(insert name) as _______________________ (insert title) on behalf of _________________________________________________________ (insert entity name) under penalty of perjury hereby attest as follows: 1. I am over 18 years of age and have personal knowledge of the matters set forth in this affidavit. 2. _________________________________(insert entity name) does not use coercion for labor or services as defined in s. 787.06(2)(a), Florida Statutes. 3. More particularly, __________________________________ (insert entity name) does not engage in any of the following actions in connection with providing labor or services: a. Using or threatening to use physical force against any person; b. Restraining, isolating or confining or threatening to restrain, isolate or confine any person without lawful authority and against her or his will; c. Using lending or other credit methods to establish a debt by any person when labor or services are pledged as a security for the debt, if the value of the labor or services as reasonably assessed is not applied toward the liquidation of the debtor the length and nature of the labor or services are not respectively limited and defined; d. Destroying, concealing, removing, confiscating, withholding, or possessing any actual or purported passport, visa, or other immigration document, or any other actual or purported government identification document, of any person; e. Causing or threatening to cause financial harm to any person; f. Enticing or luring any person by fraud or deceit; or g. Providing a controlled substance as outlined in Schedule I or Schedule II of s. 893.03, Florida Statutes to any person for the purpose of exploitation of that person. 321 32 4926-3384-6902, v. 2 FURTHER AFFIANT SAYETH NAUGHT : By: Print name: Title: Date: STATE OF ) COUNTY OF ) The foregoing instrument was acknowledged before me by means of___ physical presence or ___ online notarization, this day of , 20__ on behalf of by its . He/she is personally known to me or has produced ________________________________ as identification and did ( ) did not ( ) take an oath. [Seal] NOTARY PUBLIC 322 323 324 325 326 327 328 329 330 331 332 Workforce Housing Program (WHP) 2025 For Sale Prices and Incomes Effective July 1, 2025 WHP prices are set annually, based on the provisions of Article 5.G.1.A.3.c of the Unified Land Development Code reflected below, and the following: 2025 PBC Median Family Income: $111,800 (per HUD) WHP Sales Prices (homes cannot be sold at a higher price) WHP Income Category 2025 (WHP) Sales Prices Low 60 - 80% of MFI $67,080 - $89,440 $234,780 Moderate 1 >80 -100% of MFI >$89,440 - $111,800 $301,860 Moderate 2 >100 -120% of MFI >$111,800 - $134,160 $368,940 Middle >120 -140% of MFI >$134,160 - $156,520 $436,020* *Middle Income category does not apply to WHP units in projects approved under WHP Code adopted 8/22/2019. For information on WHP pricing, contact Michael Howe, Planning Division, at mhowe@pbcgov.org or 561-233-5361 333 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: December 9, 2025 OLD BUSINESS AGENDA ITEM 14.C SUBJECT: Discussion of Project Status for the Boynton Beach Office Condominium, LLC Project Located at 1102-1110 N. Federal Highway SUMMARY: PROJECT BACKGROUND: The CRA purchased 1110 N. Federal Highway for $170,000 in March 2017 (see Attachment I). At the time of the CRA's acquisition and appraisal (appraised value $160,000), there was an existing structure which added value to the commercial appraisal. The CRA demolished the existing structure, at a cost of $13,474.25, and conducted an appraisal for the land alone . The appraisal was completed on July 10, 2020 with a determined market value of $158,000 (see Attachment II). Through the Letter of Interest (LOI) process, which requires a 30 day public notice period, the CRA received three proposals for 1110 N. Federal Highway between July 14, 2020 and November 6, 2020 (see Attachment III - December 8, 2020 CRA Agenda Item 15.B. provides a complete background/timeline for the LOI process of this property): WPBR Radio - July 14, 2020 BDH Consulting Group - August 18, 2020 Fish Depot - November 6, 2020 In the process of reviewing the LOI's for the property located at 1110 N. Federal Highway, the CRA Board accepted ownership of the adjacent property located at 1102 N. Federal Highway as a transfer from the City of Boynton Beach enabling the two nonconforming properties to be developed as one parcel (see Attachment IV). On December 8, 2020 the CRA Board accepted the LOIs from WPBR Radio and BDH Consulting Group based on the two entities joining together to form the Boynton Beach Office Condominium, LLC (BBOC) and directed staff to negotiate and bring back a Purchase and Development Agreement for approval at the January 12, 2021 CRA Board meeting (see Attachment V). A Purchase and Development Agreement (PDA) between BBOC and the CRA was presented, negotiated and approved by the CRA Board on January 12, 2021 (see Attachment VI) and 334 fully executed on January 21, 2021 (see Attachment VII) with the following terms: Purchase Price and Payment of $105,000 cash to be paid in full at closing, $95,000 in advertising credit from WPBR, $100,000 in professional surveying and engineering services from BDH Consulting Group, LLC and a $42,100 non interest bearing mortgage through the CRA in order to purchase the property at the combined appraised value of $342,100 (see Attachment VIII) so it would not have to be approved by the City Commission if it sold for less than appraised value. The Note is to be repaid by Boynton Beach Office Condominium, LLC if the property is sold to an unrelated third party within 5 years from the date of closing (see Attachment IX). This condition is to ensure the project is built and occupied by the original purchaser, Boynton Beach Office Condominium, LLC, for a minimum of 5 years. Specific requirements for closing based on a mutually acceptable development timeline for the project; Economic Development Grant incentives and funding through the CRA's Commercial Property Improvement Grant - up to $50,000 for the project; Protection of the public interests through a Reverter Clause and First Right of Refusal if the property is not developed or operated as intended. Pursuant to the terms of the PDA entered into on January 21, 2021 the following has occurred: September 10, 2021 (per paragraph 21a) BBOC submitted its application for site plan approval. January 14, 2022 the CRA received a confirmation letter of funding being held in escrow by the law firm of Assouline & Berlowe as construction funding for the project (see Attachment X). February 18, 2022 site plan approval was received. March 17, 2022 (per paragraph 5a) the closing of the property took place. May 18, 2022 proof of permit application submitted by BBOC. July 8, 2025 - due to the extended period of time in the permitting process the CRA Board approved a Note and Mortgage Modification Agreement extending the forgiveness of the loan to 5 years after the Certificate of Occupancy is obtained and the property has not been sold to an unrelated third party (see Attachment XI & XII). $6,080 has been used for in-kind services with WPBR with a remaining balance due of $88,920 (see Attachment XIII) $29,010 has been used for in-kind services with BDH Consulting Group, LLC with a remaining balance due of $70,990 (see Attachment XIII). Since the submittal of the permit applications on May 18, 2022, the site plan permit CSIT- 2022.05.3753 and building permit COMB- 2022.09.6933 have been through 6 review cycles. The review cycles show that on June 27, 2024 both permits were abandoned due to lack of activity for 6 months. The permits were resubmitted and reopened on July 16, 2024. The last activity was on July 9, 2025 for permit CSIT-2022.05.3753 and May 22, 2025 for permit COMB-2022.09.6933 (see Attachments XIV & XV). To date no permits have been issued for the project. Once the permits are issued the Certificate of Occupancy must be obtained within 24 months of the permit being issued pursuant to paragraph 21(e) of the PDA. DISCUSSION AND CONSIDERATION: 335 •Attachment I - Location Map of 1102-1110 N. Federal Highway •Attachment II - Appraisal report 1110 N Fed Hwy - vacant land •Attachment III - 12.08.20 CRA Board Packet •Attachment IV - R20-122-City Transfer of 1102 N. Fed. Hwy. to CRA •Attachment V - 12-08-2020 Minutes RE LOI •Attachment VI - 01.12.2021 Minutes RE P&D Agree 1110-1102 N Fed Hwy •Attachment VII - Fully Executed Purchase and Development Agreement •Attachment VIII - Appraisal Report 1102 N. Federal •Attachment IX - Fully Executed Promissory Note •Attachment X - Proof of Closing Funds Escrow Ltr. •Attachment XI - 07.08.2025 CRA Board Meeting Minutes •Attachment XII - Executed Note and Mortgage Modification-Notary insufficient •Attachment XIII - In-Kind Services Balance Sheet •Attachment XIV - History of Permit Review Cycles CSIT 2022.05.3753 •Attachment XV - History of Permit Review Cycles COMB-2022.09.6933 •Attachment XVI - 10.23.25 Email RE Sam Rogatinsky Request of removal from Project On October 23, 2025 Sam Rogatinsky, as a Title Authorized Member of Boynton Beach Office Condominium, LLC, requested to be removed as a Title Manager and partner in the project (see Attachment XVI). Regardless of the addition or deletion of Boynton Beach Office Condominium, LLC's Title Members the PDA remains in full effect. However, the PDA will require an amendment as it relates to the in-kind services for radio marketing through WPBR since Mr. Rogatinsky is responsible to those services. Due to the extended period of time in permitting (3 ½ years) CRA staff is requesting approval to pursue an amendment to the PDA to provide for a time certain in which to obtain all permits required to start construction of the project. Also, CRA staff is requesting approval to pursue an amendment to paragraph 21(e) of the PDA to reduce the time in which to obtain a temporary or permanent certificate of occupancy to be 18 months following building permit issuance, as opposed to the current requirement of 24 months. FISCAL IMPACT: FY 2025-2026 Budget, Project Fund, Line Item 02-58400-444, $50,000 CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan, Federal Highway District CRA BOARD OPTIONS: To be determined by the CRA Board. ATTACHMENTS: Description 336 1110 N. Federal Hwy. 1102 N. Federal Hwy. 337 A P P R A I S A L R E P O R T VACANT LAND 1110 NORTH FEDERAL HIGHWAY BOYNTON BEACH, FLORIDA 33435 by Vance Real Estate Service 7481 Northwest Fourth Street Plantation, Florida 33317-2204 for Boynton Beach Community Redevelopment Agency 710 North Federal Highway Boynton Beach, FL 33435 July 10, 2020 338 MBA in REAL ESTATE DEVELOPMENT & MANAGEMENT 7481 Northwest 4th Street, Plantation, FL 33317-2204 954/583-2116 July 10, 2020 Boynton Beach Community Redevelopment Agency 710 North Federal Highway Boynton Beach, FL 33435 RE: Vacant Land, 1110 North Federal Highway, Boynton Beach, FL 33435 (Legal description is in the report.) Ladies and Gentlemen: In fulfillment of our agreement, we transmit our Appraisal Report, in which we develop an opinion of market value for the fee simple estate in the referenced real property as of July 10, 2020. The report sets forth our value conclusion, along with data and reasoning supporting our opinion. This report was prepared for and our professional fee billed to Boynton Beach Community Redevelopment Agency. Our analyses have been prepared in conformance with the Uniform Standards of Professional Appraisal Practice (USPAP 2020-2021). This report is for exclusive use of the client for possible sale of the appraised property. Jesse B. Vance, Jr. and Claudia Vance visited the property. If you have questions or further needs, please contact the undersigned. As a result of our analyses, we have developed the following opinion of the market value of the appraised property, subject to definitions, certifications, and limiting conditions set forth in the attached report. ONE HUNDRED FIFTY-EIGHT THOUSAND DOLLARS $158,000 (THIS LETTER MUST REMAIN ATTACHED TO THE REPORT WITH SIXTY-SEVEN (67) NUMBERED PAGES FOR THE VALUE OPINION SET FORTH TO BE CONSIDERED VALID.) Respectfully submitted, Jesse B. Vance, Jr., MAI, SRA, ASA State-Certified General Real Estate Appraiser RZ-85 Claudia Vance, MAI State-Certified General Real Estate Appraiser RZ-173 339 TABLE OF CONTENTS Page Number Title Page i Letter of Transmittal ii Table of Contents iii INTRODUCTION 4 Photographs of the Subject Property 5 1-3-5 Mile Location Map 8 1-3-5 Mile Demographic Statistics 9 Summary of Important Facts and Conclusions 11 DESCRIPTIONS, ANALYSES, & CONCLUSIONS 12 Identity of Client and Intended User 13 Intended Use 13 Identification of Real Estate Appraised 13 Ownership 13 Property Address 13 Legal Description 13 Real Estate Tax Analysis 14 Market Area Description 15 Zoning 20 Site Description 20 Real Property Interest Appraised 21 Appraisal Purpose and Definition of Market Value 21 Effective Dates of the Appraisal and Report 22 Scope of the Work 22 Summary of Information Considered 23 Property History 24 Highest and Best Use 24 SALES COMPARISON APPROACH-LAND VALUATION 27 Land Sales map 28 Land Sales documentation 39 Land Sales Comparison & Adjustment Chart 41 Valuation by the Sales Comparison Approach 42 FINAL VALUE OPINION 46 Certification and Limiting Conditions 47 ADDENDA 49 Flood zone determination 50 Acquiring deed for the appraised property 51 “C-3” & “C-4” zoning information 53 USPAP Standards Rule 2-2a 56 Qualifications of the Appraisers 59 340 INTRODUCTION 4 341 APPRAISED PROPERTY 1110 NORTH FEDERAL HIGHWAY BOYNTON BEACH, FL 33435 5 342 NORTH FEDERAL HIGHWAY, LOOKING SOUTH NORTH FEDERAL HIGHWAY, LOOKING NORTH 6 343 AERIAL VIEW OF THE APPRAISED PROPERTY 1110 NORTH FEDERAL HIGHWAY BOYNTON BEACH, FL 33435 7 344 1-3-5 Mile Radii from the Valued Real Property 1110 N. Federal Highway Boynton Beach, Florida 33435 8 345 Demographics 1110 N. Federal Highway, Boynton Beach, Florida 33435 VANCE REAL ESTATE SERVICE Rings: 1, 3, 5 mile radii Latitude: 26.52944 Longitude: -80.06217 1 mile 3 miles 5 miles Population 2000 Population 13,714 68,475 157,685 2010 Population 13,889 77,108 175,363 2020 Population 16,131 86,332 194,062 2025 Population 17,778 92,444 205,996 2000-2010 Annual Rate 0.13%1.19%1.07% 2010-2020 Annual Rate 1.47%1.11%0.99% 2020-2025 Annual Rate 1.96%1.38%1.20% 2020 Male Population 49.1%47.8%47.6% 2020 Female Population 50.9%52.2%52.4% 2020 Median Age 41.0 44.8 47.4 In the identified area, the current year population is 194,062. In 2010, the Census count in the area was 175,363. The rate of change since 2010 was 0.99% annually. The five-year projection for the population in the area is 205,996 representing a change of 1.20% annually from 2020 to 2025. Currently, the population is 47.6% male and 52.4% female. Median Age The median age in this area is 41.0, compared to U.S. median age of 38.5. Race and Ethnicity 2020 White Alone 44.1%59.7%64.1% 2020 Black Alone 48.5%31.5%26.7% 2020 American Indian/Alaska Native Alone 0.3%0.3%0.3% 2020 Asian Alone 1.1%2.0%2.3% 2020 Pacific Islander Alone 0.0%0.0%0.0% 2020 Other Race 3.3%3.7%4.0% 2020 Two or More Races 2.6%2.8%2.7% 2020 Hispanic Origin (Any Race)14.8%18.1%18.5% Persons of Hispanic origin represent 18.5% of the population in the identified area compared to 18.8% of the U.S. population. Persons of Hispanic Origin may be of any race. The Diversity Index, which measures the probability that two people from the same area will be from different race/ethnic groups, is 66.3 in the identified area, compared to 65.1 for the U.S. as a whole. Households 2020 Wealth Index 80 90 107 2000 Households 5,155 29,982 69,087 2010 Households 5,263 33,236 75,718 2020 Total Households 6,239 37,167 83,375 2025 Total Households 6,923 39,775 88,359 2000-2010 Annual Rate 0.21%1.04%0.92% 2010-2020 Annual Rate 1.67%1.10%0.94% 2020-2025 Annual Rate 2.10%1.37%1.17% 2020 Average Household Size 2.58 2.29 2.30 The household count in this area has changed from 75,718 in 2010 to 83,375 in the current year, a change of 0.94% annually. The five-year projection of households is 88,359, a change of 1.17% annually from the current year total. Average household size is currently 2.30, compared to 2.29 in the year 2010. The number of families in the current year is 47,844 in the specified area. Data Note: Income is expressed in current dollars. Housing Affordability Index and Percent of Income for Mortgage calculations are only available for areas with 50 or more owner-occupied housing units. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025. Esri converted Census 2000 data into 2010 geography. July 11, 2020 ©2020 Esri Page 1 of 2 9 346 Demographics 1110 N. Federal Highway, Boynton Beach, Florida 33435 VANCE REAL ESTATE SERVICE Rings: 1, 3, 5 mile radii Latitude: 26.52944 Longitude: -80.06217 1 mile 3 miles 5 miles Mortgage Income 2020 Percent of Income for Mortgage 19.8%17.6%18.7% Median Household Income 2020 Median Household Income $48,947 $54,653 $57,241 2025 Median Household Income $53,656 $58,542 $62,208 2020-2025 Annual Rate 1.85%1.38%1.68% Average Household Income 2020 Average Household Income $73,852 $77,895 $83,186 2025 Average Household Income $82,404 $85,828 $92,194 2020-2025 Annual Rate 2.22%1.96%2.08% Per Capita Income 2020 Per Capita Income $29,352 $33,756 $35,765 2025 Per Capita Income $32,906 $37,154 $39,560 2020-2025 Annual Rate 2.31%1.94%2.04% Households by Income Current median household income is $57,241 in the area, compared to $62,203 for all U.S. households. Median household income is projected to be $62,208 in five years, compared to $67,325 for all U.S. households Current average household income is $83,186 in this area, compared to $90,054 for all U.S. households. Average household income is projected to be $92,194 in five years, compared to $99,510 for all U.S. households Current per capita income is $35,765 in the area, compared to the U.S. per capita income of $34,136. The per capita income is projected to be $39,560 in five years, compared to $37,691 for all U.S. households Housing 2020 Housing Affordability Index 117 128 121 2000 Total Housing Units 6,207 36,122 82,365 2000 Owner Occupied Housing Units 3,402 21,640 52,470 2000 Renter Occupied Housing Units 1,753 8,342 16,616 2000 Vacant Housing Units 1,052 6,140 13,279 2010 Total Housing Units 7,027 42,450 94,178 2010 Owner Occupied Housing Units 3,174 21,476 53,318 2010 Renter Occupied Housing Units 2,089 11,760 22,400 2010 Vacant Housing Units 1,764 9,214 18,460 2020 Total Housing Units 8,173 46,064 101,248 2020 Owner Occupied Housing Units 3,620 22,981 56,669 2020 Renter Occupied Housing Units 2,619 14,185 26,706 2020 Vacant Housing Units 1,934 8,897 17,873 2025 Total Housing Units 8,983 48,964 106,631 2025 Owner Occupied Housing Units 3,850 23,977 58,864 2025 Renter Occupied Housing Units 3,073 15,798 29,494 2025 Vacant Housing Units 2,060 9,189 18,272 Currently, 56.0% of the 101,248 housing units in the area are owner occupied; 26.4%, renter occupied; and 17.7% are vacant. Currently, in the U.S., 56.4% of the housing units in the area are owner occupied; 32.3% are renter occupied; and 11.3% are vacant. In 2010, there were 94,178 housing units in the area - 56.6% owner occupied, 23.8% renter occupied, and 19.6% vacant. The annual rate of change in housing units since 2010 is 3.27%. Median home value in the area is $256,466, compared to a median home value of $235,127 for the U.S. In five years, median value is projected to change by 2.35% annually to $287,996. Data Note: Income is expressed in current dollars. Housing Affordability Index and Percent of Income for Mortgage calculations are only available for areas with 50 or more owner-occupied housing units. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025. Esri converted Census 2000 data into 2010 geography. July 11, 2020 ©2020 Esri Page 2 of 2 10 347 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS PROPERTY APPRAISED: Vacant land 1110 North Federal Highway Boynton Beach, FL 33435 OWNERSHIP: Boynton Beach Community Redevelopment Agency 710 North Federal Highway Boynton Beach, FL 33435 LAND AREA: Approximate width is 66 feet; maximum depth is approximately 95 feet. Lot size is approximately 6,033 square feet. Note: dimension and size are from public records. No sketch of survey is available for review. BUILDING IMPROVEMENTS: None ZONING: “C-4”, General Commercial District in the city of Boynton Beach LAND USE: General Commercial CRA FUTURE PLAN: Mixed Use - Low Density APPRAISAL PURPOSE: To develop an opinion of market value INTEREST APPRAISED: Fee simple CURRENT USE: Vacant HIGHEST AND BEST USE: Small commercial building or assemble with adjacent land for a larger mixed use project of office, retail and residential uses VALUE BY THE SALES COMPARISON APPROACH: 6,033 square feet x $26.17 per square foot of land = ONE HUNDRED FIFTY-EIGHT THOUSAND DOLLARS $158,000 VALUATION DATE: July 10, 2020 Exposure Time: 12 months prior to selling at the appraised value Marketing Time: 12 months immediately following the effective date of appraisal during which time the subject property could sell at the appraised value 11 348 DESCRIPTIONS, ANALYSES, CONCLUSIONS 12 349 APPRAISAL REPORT This is an APPRAISAL REPORT that complies with Standard Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice (USPAP 2020 - 2021) 2-2(a)(i) State the identity of the client; The client and intended user of this report is the Boynton Beach Community Redevelopment Agency. 2-2(a)(ii) State the identity of any other intended users by name or type; None 2-2(a)(iii) State the intended use of the appraisal; The intended use of the appraisal is for possible sale of the appraised property. 2-2(a)(iv) Contain information, documentation, and/or exhibits sufficient to identify the real estate involved in the appraisal, including the physical, legal and economic property characteristics relevant to the assignment; Ownership: Boynton Beach Community Redevelopment Agency 710 North Federal Highway Boynton Beach, FL 33435 Property Address: 1110 North Federal Highway Boynton Beach, FL 33435 Legal Description: Parts of Lots 20, 21 and 22, Block 2, LAKE ADDITION OF BOYNTON BEACH, Plat Book 11, page 71, Palm Beach County, FL (Complete legal description in the acquiring deed in the Addenda.) 13 350 APPRAISAL REPORT (continued) Census Tract No. 61 Real Estate Tax: Parcel Control Number: 08 43 45 21 32 0020211 Land Value: $85,683 Improvement Value: -0- Total Value: $85,683 Assessed Value: $85,683 Ad Valorem Tax: $ -0- Boynton Beach Community Redevelopment Agency (BB CRA) purchased the appraised property in 2017. The following tax year, the property was exempt from taxation because it is owned by a governmental agency. Therefore, no real estate tax is paid by the property owner. After purchase, the BB CRA had the building on the site demolished and removed. Hence, the county property appraiser eliminated the allocated portion of the county’s value to the improvement, leaving the allocated portion for land which is $85,683. When a property is exempt from taxation, the market value assigned to it by the county appraiser may not be current or accurate. The appraised value of the property in this report is $158,000, greater than the market value ascribed by the county property appraiser. The appraised value is based on current sales of similar properties. Flood Zone: Zone “X”, according to Map Number 12099C0791F. Zone “X” is not in a Special Flood Hazard Area. 14 351 APPRAISAL REPORT (continued) Market Area Description: Boundaries and Market Composition & Transportation Infrastructure The general market area is the City of Boynton Beach in eastern -central Palm Beach County. Population of the city is about 72,000 residents; land area of the municipality is about 16 square miles situated between Delray Beach on the south and Lake Worth on the north. The town was named for an early developer, Nathan Boynton, a former major in the Union Army in the Civil War. The city was founded in 1898 and incorporated in 1920. Most of the original buildings were destroyed in the hurricane of 1926, though a few remain. Those few which were constructed in the early 1920s that are still in use have had repairs and replacements over the decades changing their historical significance. Time and economic trends take a toll on properties; thus, in 1984 a redevelopment plan was adopted for the Community Redevelopment Area (CRA) in the city. It covers 1,650 acres in the central part of the municipality west of the Intracoastal Waterway. Agriculture and farming had been important activities in past centuries in Boynton Beach. Commerce came to the area when Henry Flagler extended the Florida East Coast Railway from West Palm Beach to Miami in 1896. The railroad was the main mode of transportation to bring visitors and manufactured products to the town as well as transporting produce grown in the vicinity out of the area to other cities in the southeastern United States. Freight trains still run through the subject market area on the FEC tracts. Higher speed, passenger Brightline train runs along the FEC tract, but does not stop in Boynton Beach. There are three depots with one in downtown Miami, one in downtown Fort Lauderdale and the third in downtown West Palm Beach. Boca Raton, Palm Beach County, and Aventura and the Port of Miami, Miami-Dade County will be the next depots. In the future, there may be commuter rail service along the FEC tracks with a station in downtown Boynton Beach; however, no plans have been announced. 15 352 APPRAISAL REPORT (continued) The subject market area is comprised of the Boynton Beach CRA districts of Federal Highway, North and South, and the Downtown district inbetween. One district blend s into the next, extending north-south through the city. Federal Highway is the main north-south artery through the municipality. It is also known as US Highway 1 and is the main north -south artery through eastern Palm Beach County and extends along the eastern seaboard of the United States. Heavily trafficked Federal Highway is a catalyst to redevelopment of the market area, with over 2,300 residential dwelling units in five projects either built or planned. Highway beautification projects enhanced the aesthetics of the market area. Individual properties on the east and west side of the highway have shallow depths, inhibiting redevelopment of the sites with larger commercial projects. Assemblages of adjacent properties and rezoning to mixed use will continue to facilitate revitalization of the subject market area. Primary east-west artery in the subject market area is Boynton Beach Boulevard, with Ocean Avenue to the south as a secondary thoroughfare. Boynton Beach Boulevard is the principal east-west artery in city, having interchanges with Interstate 95 and Florida’s Turnpike. Boynton Beach Boulevard commences in the east at US Highway 1, just to the east of the FEC Railroad. The boulevard continues west through Palm Beach County to its terminus at State Road 7/ U S Highway 441. Ocean Avenue, in the Cultural District of the CRA, is an upgraded streetscape of wide sidewalks covered with pavers, lighting, kinetic sculptures, and bollards. Ocean Avenue continues east of the Cultural District with a drawbridge over the Intracoastal Waterway, reaching Ocean Boulevard and the Atlantic Ocean. Ocean Avenue extends west through Boynton Beach, with an interruption at Interstate 95. The subject market area is easily accessible by main roads and Interstate 95. To the northwest of the Downtown District and the Federal Highway North District is the Heart of Boynton District where the CRA has concentrated funds and effort into revitalizing the area with new housing options and upgraded streetscapes. The CRA has purchased numerous smaller properties to assemble larger sites for redevelopment of mixed use projects. 16 353 APPRAISAL REPORT (continued) Population Trends The demographic survey in the beginning of the report of 1, 3, and 5 mile radial circles from the appraised property shows the median household income for 2019 in the one-mile radius is $48,947, for three miles it is $54,653, and $57,241 for the five mile circle. Median household income for Palm Beach County is $54,400. In the one-mile circle, population is 16,131. In three miles, population increases to 86,332; at five miles, it is 194,062. However, about one-third of the three and five mile circles are over the Atlantic Ocean and waterways. Annual growth rate is anticipated to be 1.20% to 1.96% in the three circles, during the next five years as the economy and job market recovers in South Florida and new multi-family residential complexes are constructed. 56% of the housing units are owner occupied, with 26% rented. This percentage of renters is high for Palm Beach County because there are numerous multi-family dwellings in this vicinity. Vacancy is reported to be 18%; how ever, this amount is elevated due to the undercount of the other two categories as some residents are seasonal and not counted. Median home value in the five-mile area is $256,466 including the highly priced homes fronting the Atlantic Ocean and Intracoastal Waterway, compared to median home value of $235,127 in the United States. Economic Trends In South Florida, as in the rest of the United States, real estate prices climbed from 2003-2006. In 2007-2008, concerns were expressed about an unsustainable upward price trend in the market. Then, the economic collapse came in fall of 2008 along with the crash in real estate prices. In 2009, there were very few sales of any type of real estate. By 2010, it appeared that the worst was over. Cash buyers started making purchases. From 2013 to present, sales activity and prices recuperated. The upswing in prices is due in part to scarcity of developable land, especially in the eastern part of the county. Properties in primary locations are back to pre-crash prices; other properties are approaching that level. 17 354 APPRAISAL REPORT (continued) The life cycle stage of the market area is revitalization, a period of renewal, modernization and increasing demand. Revitalization in the CRA is taking place along US Highway 1, in the part of the corridor near Ocean Avenue and Boynton Beach Boulevard with projects such as 500 Ocean, consisting of 341 residential units, 20,000 square feet of retail space and 6,000 square feet of office. Ocean One at 114 N Federal Highway is planned for 358 apartments, 12,075 square feet of retail, 120 hotel room and 439 parking spaces. The Villages at East Ocean Avenue were approved for 371 dwelling units, 15,757 square feet of commercial space, plaza, 644-space parking garage, et cetera. At 623 S Federal Highway, The Club of Boynton Beach is a six-story, 87 unit assisted living facility and memory care facility. Earlier in the 2000s, the property was to be developed with a condominium; however, the recession halted those plans. At 2923 S Federal Highway, Daniel Heart Center is replacing an old strip store center by renovating the buildings. In addition to completed and approved projects, a large redevelopment site is under contract to be purchase located on the east side of Federal Highway at SE 1 Avenue, Boynton Beach. The 2.85 acres of land is an assemblage of 10 properties with numerous owners. Issues would have to be addressed such as demolition of existing buildings, unity of title, right-of-way abandonment, density of dwelling units, et cetera. The confidential contract price could change due to contingencies based on these and other issues. However, this assemblage is an example of the revitalization of the subject market area. Town Square, a major redevelopment project to the west of Federal Highway is under construction in three sections extending from the south side of Boynton Beach Boulevard south to SE 2 Avenue, encompassing 16.5 acres of land. The north section covers the area of the old city hall and police station which were demolished and removed. The project consists of the following: • North parcel – 225 residential units, 120 hotel rooms, 65,000 square feet of office/ retail space and 927 space parking garage • Middle parcel – 200 residential units, 18,887 square feet of retail space • South parcel – 280 residential units, 820 space parking garage, 4,000 public space 18 355 APPRAISAL REPORT (continued) Included in the project are spaces for a new city hall, police station, fire station and park. Renovation of the historic high school is part of the project. In the Heart of Boynton CRA district, Ocean Breeze East is under construction at 700 North Seacrest Boulevard. The development is an affordable apartment project containing 123 units, retail space, clubhouse and swimming pool. The project came about by the Boynton Beach Community Redevelopment Agency selling the land and the Florida Housing Finance Corporation and TD Bank providing the financing. Also in the Heart of Boynton CRA district will be apartments and retail buildings on Martin Luther King, Jr. Boulevard east of Seacrest Boulevard. Land will be forthcoming from the Boynton Beach CRA and financing from the State of Florida will be similar for the developer of this project. Conclusion The town’s redevelopment goal is to transform Boynton Beach from a retirement community to a vibrant city where residents can enjoy living and working in an attractive setting. Boynton Beach Community Redevelopment Agency is instrumental in the renaissance of the city. The CRA envisions the Federal Highway and Downtown Districts to have a future land use of mixed uses with various densities. The transformation of the area is in progress. Development of real estate takes time and the right market conditions which have been positive. Upward price trend for property in the subject market area will resume when the economy stabilizes and there are visible signs that projects are moving forward. Land Use: General Commercial Proposed Land Use: Mixed Use, low intensity CRA District: Federal Highway North 19 356 APPRAISAL REPORT (continued) Zoning: “C -4”, General Commercial in the city of Boynton Beach. The intent of this district is to accommodate service and intensive commercial establishments and limited light industrial uses. Minimum lot area is 5,000 square feet. Minimum lot frontage is 50 feet; minimum lot depth is 100 feet. Copy of the zoning code is in the Addenda. The appraised site contains 6,033 square feet, appearing to meet the size standard in the “C -4” district. Site Description: The shape of the site is a quadrangle. Approximate dimensions and size are from public records. North boundary on adjacent property: 86 feet East boundary on adjacent property: 65 feet South boundary on adjacent property: 95 feet West boundary on N Federal Highway: 66 feet Total: 6,033 square feet Utilities: All utilities are available to the site. Access: The site is accessible via North Federal Highway. North Federal Highway is a four-laned road with a raised, landscaped median, sidewalks, street lights and storm drains. Easements: Easement are unknown; however, utility easements are typically around the perimeter of the site. Improvements: There are no structural improvements on the site. 20 357 APPRAISAL REPORT (continued) Environmental Assessment: There is no Phase I Environmental Site Assessment to review. 2-2(a)(v) State the real property interest appraised; A person who owns all the property rights is said to have fee simple title. A fee simple title implies absolute ownership unencumbered by any other interest or estate. Partial interests in real estate are created by selling, leasing, et cetera. Partial estates include leased fee and leasehold estates. The interest appraised is fee simple. 2-2(a)(vi) State the type and definition of value and cite the source of the definition; The purpose of the appraisal is to develop an opinion of market value of the subject property as of July 10, 2020. MARKET VALUE: a type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal. The conditions included in market value definitions establish market perspectives for development of the opinion. These conditions may vary from definition to definition but generally fall into three categories: 1. the relationship, knowledge, and motivation of the parties (i.e., seller and buyer); 2. the terms of sale (e.g., cash, cash equivalent, or other terms); and 3. the conditions of sale (e.g., exposure in a competitive market for a reasonable time prior to sale). Market value appraisals are distinct from appraisals completed for other purposes because market value appraisals are based on a market perspective and on a normal or typical premise. These criteria are illustrated in the following definition of Market Value*, provided here only as an example. Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions as follows. 21 358 APPRAISAL REPORT (continued) 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised and acting in what they consider their own best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. * This example definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated December, 2010. Florida Court Definition: “Market Value is the price that a seller willing, but not compelled to sell, and a buyer willing, but not compelled to buy, would agree to in fair negotiations with knowledge of all the facts.” [Source: Fla. Power & Light Co., v. Jennings, 518 So.2d 895 (Fla. 1987)] 2-2(a)(vii) State the effective date of the appraisal and the date of the report; A) Effective Date of the Appraisal: July 10, 2020 B) Date of the Report: July 10, 2020 2-2(a)(viii) Summarize the scope of work used to develop the appraisal; The appraisal problem is to develop an opinion of value of the property based on its highest and best use. The appraisers inspected the property and photographed it. A thorough investigation was made into the physical characteristics of the property that could affect its value. The market area was surveyed to determine its stage of the life cycle. Research was conducted to ascertain economic factors that might influence value. Data research consisted of collecting, confirming, and reporting sales of land sales. The process included searches and analyses, inspections and confirmations, and final reporting. The appraiser examined several sources of sales data, including CoStar Group, Corelogic, Realquest, Loopnet, Palm Beach County Property Appraiser records, the public records, and data from the appraisers’ plant. 22 359 APPRAISAL REPORT (continued) 2-2(a)(ix) Summarize the extent of any significant real property appraisal assistance; The two signatory appraisers are the only people involved in the appraisal process. 2-2(a)(x)(1) Summarize the appraisal methods and techniques employed; (2) State the reasons for excluding any of the valuation approaches; (3) Summarize the results of analyzing the subject sales, options and listings; (4) State the value opinion and conclusion (5) Summarize the information analyzed and the reasoning that supports the analyses, opinions, and conclusions For Sales Comparison Approach, land sales are compared to each other and to the property under appraisement to arrive at an opinion of value. The information analyzed and the appraisal method used is detailed in the valuation section of the report. Further, the reasoning that supports the analyses, opinions, and conclusions is explained in the valuation section. Cost Approach is not used because no structures were considered in the valuation. The Income Approach is not employed in this appraisal because most sites like the subject are purchased and not leased. Exclusion of these approaches to value still produces a creditable report. The value opinion and conclusion is stated at the end of the Sales Comparison Approach – Land Valuation. SR 1-5 When the value opinion to be developed is market value, if such information is available in the normal course of business: a) analyze all agreements of sale, options, or listings of the subject property current as of the effective date of the appraisal; and There are no known agreements of sale, options or listings of the subject property as of the effective date of the appraisal. 23 360 APPRAISAL REPORT (continued) b) analyze all sales of the subject property that occurred within the three (3) years prior to the effective date of the appraisal. Boynton Beach Community Redevelopment Agency acquired the appraised property from The Alpine Seven Company on March 15, 2017 for $170,000. The property was improved with a store when purchased. Subsequent to the sale, the BB CRA demolished and removed the improvement. 2-2(a)(xi) State the use of the real estate existing as of the effective date and use of the real estate reflected in the appraisal; The use of the real estate on the date of valuation is vacant land, and it is this use which is reflected in the appraisal. No personal property is included in the valuation. 2-2(a)(xii) When an opinion of highest and best use was developed by the appraiser, state that opinion and summarize the support and rationale for that opinion; HIGHEST AND BEST USE OF THE PROPERTY AS VACANT Physically Possible as Vacant The land appraised contains approximately 6,033 square feet. It has an interior location in the block, one lot north of the signalized intersection of North Federal Highway and NE 10 Avenue. The parcel is level and filled to street grade. All utilities are available to the site. Physical constraint to develop the site is its size which governs the number of potential improvements which can be placed on it. Legally Permissible as Vacant Legal restrictions to the development of the site consist of land use designation, building and zoning codes, platting and deed restriction, none of which came to light during the property investigation. Land use designation is General Commercial. 24 361 HIGHEST AND BEST USE OF THE PROPERTY AS VACANT Proposed land use is mixed use, low intensity. Zoning is “C-4”, General Commercial. Minimum lot size is 5,000 square feet. Permitted uses include a variety of commercial and light industrial uses. The appraised land appears to meets the size standards for the “C-4” district as a stand-alone site or it could be assembled with adjacent land for a larger development. City officials make the determination as to the legally permissible use of the land. Financially Feasible as Vacant The third test of Highest and Best Use is economic feasibility. Demand for a certain property type must be evident for it to be feasible. For it to be financially feasible, the use must be marketable and provide the investor with a competitive return when compared with alternate uses. As mentioned, assemblages of smaller parcels into larger sites for mixed use development are taking place in the subject market area and in other CRA districts. Once a large site is assembled, the development process can commence with possible zoning and/or land use change to permit mixed use projects such as 500 Ocean or The Villages at East Ocean. Financially feasible use for the subject is either for a small stand-alone commercial property or to assemble it with other properties in the subject block for redevelopment of a mixed use project. The most probable buyer is a local or regional developer assembling smaller parcels to have sufficient land for a large mixed use project. Time for development is now with revitalization of the subject market area taking place. Maximally Productive as Vacant In summary, the Highest and Best Use of the land in question is for a small single-occupant commercial building or for assemblage with other lots in the subject block to construct a mixed use project with residential units on the upper floors and commercial use on the ground level. Such uses would be physically possible, probably legally permissible with necessary changes if any, financially feasible and maximally productive. 25 362 APPRAISAL REPORT (continued) 2-2(a)(xiii) Clearly and Conspicuously: State all extraordinary assumptions and hypothetical conditions; and state that their use might have affected the assignment result. There are no extraordinary assumptions or hypothetical conditions in this report. 2-2(a)(xiv) Include a signed certification in accordance with Standards Rule 2-1 See signed certification in report. 26 363 SALES COMPARISON APPROACH LAND VALUATION 27 364 28 365 VACANT LAND SALES SALE NO. 1 LEGAL DESCRIPTION Lot 11, Block “B,” PENCE’S SUBDIVISION NO. 1, Plat Book 1, page 33, Palm Beach County, FL, RECORDED O. R. Book 29576, Page 256 GRANTOR James Ploen GRANTEE Exsorro One, Inc. DATE OF SALE January 8, 2018 LOCATION 415, 421 and 425 Southeast 5 Avenue Boynton Beach, FL ZONING “C-3,” Community Commercial PROPOSED LAND USE Mixed Use, medium intensity CRA District Downtown District SALE PRICE $611,000 LAND SIZE 21,593 square feet UNITS OF COMPARISON $28.30 per square foot of land PARCEL CONTROL NO. 08 43 45 28 07 002 0111, 0112, 0113 CONDITIONS OF SALE Purchase money mortgage in the amount of $531,000 at the market rate of interest. Arm’s length transaction. CONFIRMED Kenneth Kaleel, attorney for grantee COMMENTS Three contiguous small parcels improved with old single family houses from 1924-1938, which will be demolished and removed to redevelop the site along with other parcels assembled by the same grantee. Road frontage on two sides: SE 4 Street and SE 5 Avenue. 29 366 LAND SALE 1 415, 421 & 425 SOUTHEAST 5 AVENUE BOYNTON BEACH, FL 30 367 VACANT LAND SALES SALE NO. 2 LEGAL DESCRIPTION Lots 1, 2, 3 and 4, Block “C,” PENCE’S SUBDIVISION NO. 1, Plat Book 1, page 33, Palm Beach County, FL, less the east 13 feet of Lots 1 and 4 for Federal Highway RECORDED O. R. Book 29241, Page 1523 GRANTOR Hidden Brook Corporation GRANTEE Exsorro One, Inc. DATE OF SALE July 25, 2017 LOCATION 601 South Federal Highway Boynton Beach, FL ZONING “C-3,” Community Commercial PROPOSED LAND USE Mixed Use, medium intensity CRA District Downtown District SALE PRICE $1,250,000 LAND SIZE 52,507 square feet UNITS OF COMPARISON $23.81 per square foot of land PARCEL CONTROL NO. 08 43 45 28 07 003 0010 CONDITIONS OF SALE Cash sale. Arm’s length transaction. CONFIRMED Kenneth Kaleel, attorney for grantee COMMENTS Vacant parcel with street frontage on three sides: South Federal Highway, SE 4 Street and SE 5 Avenue. 31 368 LAND SALE 2 601 SOUTH FEDERAL HIGHWAY BOYNTON BEACH, FL 32 369 VACANT LAND SALES SALE NO. 3 LEGAL DESCRIPTION Lots 12 and 13, less the east 15 feet, PARKER ESTATE, Plat Book 10, page 37, Palm Beach County, FL RECORDED O. R. Book 29130, Page 501 GRANTOR ALTA 1111 LLC GRANTEE Indiantown Land Holdings LLC DATE OF SALE June 1, 2017 LOCATION 1111 South Federal Highway Boynton Beach, FL ZONING “C-3,” Community Commercial PROPOSED LAND USE Mixed Use, medium intensity CRA District Downtown District SALE PRICE $340,000 LAND SIZE 15,460 square feet UNITS OF COMPARISON $22.00 per square foot of land PARCEL CONTROL NO. 08 43 45 28 24 000 0120 CONDITIONS OF SALE Cash sale. Arm’s length transaction. CONFIRMED Lloyd Granet, attorney for grantee COMMENTS Vacant parcel with street frontage on three sides: South Federal Highway, SE 4 Street and SE 10 Avenue. 33 370 LAND SALE 3 1111 SOUTH FEDERAL HIGHWAY BOYNTON BEACH, FL 34 371 VACANT LAND SALES SALE NO. 4 LEGAL DESCRIPTION The south 100 feet of Lot 2, LEE MANOR ISLES, Plat Book 24, page 211, Palm Beach County, FL, less right -of-way for Federal Highway RECORDED O. R. Book 29355, Page 1851 GRANTOR Anand Patel et al GRANTEE Exsorro One, Inc. DATE OF SALE September 21, 2017 LOCATION 1320 South Federal Highway Boynton Beach, FL ZONING “C-1,” Office Professional PROPOSED LAND USE Mixed Use, medium intensity CRA District Federal Highway District – South SALE PRICE $565,000 LAND SIZE 22,686 square feet UNITS OF COMPARISON $24.91 per square foot of land PARCEL CONTROL NO. 08 43 45 27 05 000 0021 CONDITIONS OF SALE Cash sale. Arm’s length transaction. CONFIRMED Kenneth Kaleel, attorney for grantee COMMENTS Vacant parcel at the northeast corner of South Federal Highway and Riviera Drive. 35 372 LAND SALE 4 1320 SOUTH FEDERAL HIGHWAY BOYNTON BEACH, FL 36 373 VACANT LAND SALES SALE NO. 5 LEGAL DESCRIPTION Lengthy legal description. (see deed) RECORDED O. R. Book 30928, Page 1197 GRANTOR Stanley Gundlach et al GRANTEE Boynton TRC LLC DATE OF SALE September 30, 2019 LOCATION 525 Southeast 18 Avenue Boynton Beach, FL ZONING “C-3,” Community Commercial PROPOSED LAND USE Mixed Use, low intensity CRA District Federal Highway District – South SALE PRICE $325,000 LAND SIZE 15,612 square feet UNITS OF COMPARISON $20.82 per square foot of land PARCEL CONTROL NO. 08 43 45 33 000 1310 CONDITIONS OF SALE Cash sale. Arm’s length transaction. CONFIRMED Walter Dinardo for grantor COMMENTS Vacant parcel on a side street adjacent to a community shopping center. 37 374 38 375 39 376 LAND SALE 5 525 SE 18 AVENUE BOYNTON BEACH, FL 40 377 LAND SALE COMPARISON & ADJUSTMENT CHART Transactional Adjustment P r o p e r t y A d j u s t m e n t LAND SALE SALE Land Zoning Market Adjusted Location Adjusted Adjusted Price SALES PRICE DATE Sq.Ft.Time @ 3%/yr.Price Price per Sq.Ft. 1 415-425 SE 5 Avenue $611,000 01/08/2018 21,593 "C-3"$45,825 $656,825 $0 $656,825 $30.42 Boynton Beach, Florida $28.30/sq. ft.Inferior +7.5%Equal 2 601 S. Federal Highway $1,250,000 07/25/2017 52,507 "C-3"$112,500 $1,362,500 $0 $1,362,500 $25.95 Boynton Beach, Florida $23.81/sq.ft.Inferior + 9%Equal 3 1111 S. Federal Highway $340,000 06/01/2017 15,460 "C-3"$30,600 $370,600 $0 $370,600 $23.97 Boynton Beach, Florida $22.00/sq. ft.Inferior +9%Equal 4 1320 S Federal Highway $565,000 09/21/2017 22,686 "C-1"$48,025 $613,025 $0 $613,025 $27.02 Boynton Beach, Florida $24.91/sq. ft.Inferior +8.5%Equal 5 525 SE 18 Avenue $325,000 09/30/2019 15,612 "C-3"$8,125 $333,125 $33,313 $366,438 $23.47 Boynton Beach, Flordia $20.82/sq. ft.Inferior 2.5%Inferior 10% Subject Subject Value Value Date Sq.Ft. Value 1110 N. Federal Highway $158,000 07/10/2020 6,033 "C-4"--------------------$26.17 Boynton Beach, Florida 41 378 SALES COMPARISON APPROACH LAND VALUATION Of the several methods to develop an opinion of land value, the one considered to be the most reliable is the Sales Comparison Approach. In this method, sales of other similar vacant parcels are compared to the site concerned; then adjusted for differences to arrive at land value. For the opinion to be supportable, there must be an adequate number of sales of similar properties for comparison to the subject. The steps of sales comparison in Land Valuation are : 1) Locate and collect information of recent sales of sites most similar to the land being appraised. 2) Verify the sales information with parties to the transactions, including details of financing and any special considerations or non-typical market features. 3) Select relevant units of comparison and develop a comparative analysis for each unit. 4) Compare and adjust the sales to the subject using the significant, market-derived units of comparison. 5) Reconcile all value indications from the comparisons into a single value opinion by this approach. The appraised property is a vacant site at 1110 North Federal Highway, Boynton Beach, FL. Land size is 6,033 square feet; zoning is “C-4”, General Commercial. The subject market area is in the revitalization stage of its life cycle. A search was made to find recent sales of properties fronting or close to Federal Highway which are either vacant or will soon will be. Of the properties reviewed, the five which are more similar to the subject are cited in this report. Details of the transactions are on the sale sheets and chart. The unit of comparison relevant to this valuation is Sale Price per Square Foot of Land. The range of prices is from $20.82 to $28.30 per square foot of land, before adjustments. ELEMENTS OF COMPARISON Elements of comparison are the characteristics of transactions and properties that cause variation in prices paid for real estate. The Appraisal of Real Estate continues by stating that there are basic elements of comparison that may be considered in sales comparison analysis for land valuation. The first group is termed transactional elements being: real property rights conveyed, financing terms, conditions of sale and market conditions. This second group of property elements consists of location, physical characteristics and use. Each element is hereafter addressed. (Continued) 42 379 LAND VALUATION (Continued) Real Property Rights Conveyed A transaction price is always predicated on the real property interest conveyed. Property interests conveyed can either be fee simple (without tenants) or leased fee (subject to leases). An adjustment for property rights conveyed is based on whether a leased fee interest was sold with leases at market rent, or below or above market rent. In the case of land, there could be a land lease on the site that would create a leased fee interest. The lease amount would require examination to see if the tenant (the leasehold interest) had a value greater than zero. If it is, then the submarket rental rate would give some of the property value to the tenant. The sales were the conveyance of fee simple interest, the same interest valued for the land in question. No numerical adjustment is warranted for this element of comparison. Financing Terms Financing terms may have a bearing on the price paid for a property. Such terms that may affect price include assuming a mortgage at lower than current interest rates, the seller paying a buydown for the buyer to have a lower interest rate, or the seller providing financing for a transaction at lower than typical institutional rates. In all of these cases, the buyer could have paid higher prices in such transactions to obtain favorable financing. All of the land sales except No. 1 were in cash, which is the most common form of payment for vacant land. The grantor of Sale 1 accepted a purchase money mortgage from the buyer in the amount of $531,000 (87% loan to price ratio) on a short-term basis. The land unit price for No. 1 is at the top end of the range, suggesting the financing have an effect on the amount paid. However, there are old improvements on the site that have to be demolished and removed before redevelopment of the site. The demolition and removal will be an expense to the buyer, off-setting any monetary advantage gained by the financing. Hence, no adjustment is made for this element of comparison to the sales. Conditions of Sale Condition of sale addresses the motivation of buyers and sellers. Such motivations include a seller accepting a lower than market price for needed cash, a lender selling a previously foreclosed property to comply with regulations imposed on the institution, or a buyer purchasing an adjacent property. Even arm's length transactions may be the result of atypical motivation, such as lack of exposure time to the market, the result of an eminent domain proceeding, or tax consideration. Sales 1, 2, and 4 were purchased by Exsorro One, Inc. Sale 2 consists of two adjacent parcels which were purchased at one time. Motivation of this grantee appears to be similar to others who have made purchases in the area over the years which is to assemble sites large enough for development of mixed use, higher density projects. (Continued) 43 380 LAND VALUATION (Continued) Conditions of sale of these transactions are emblematic of a market area in the revitalization phase of its life cycle. Old improvements reach the end of their economic lives. Some sites are too small for financially feasible redevelopment. Population is increasing with residents seeking new lifestyle accommodations. Thus, assemblages become the norm without need for adjustment for this condition of sale. Motivation of the grantees of Land Sales 3 and 5 seem to be to purchase the land for stand-alone projects, though also in a market area which is in a period of renewal and modernization. Market Conditions Comparable sales that occurred under different market conditions than those applicable to the subject on the effective date of the value estimate require adjustment for any differences that affect their value. The most common adjustment for market condition is time; however, the passage of time itself is not the cause of the adjustment. Market conditions which change over time are the reason to make the adjustment, such as appreciation or depreciation due to building inventory, changes in tax laws, investor's criteria, building moratoriums, fluctuation in supply and demand, et cetera. It is also possible that there is no change in market condition over time. There is an upward trend in real estate prices in the subject market area due to the revitalization supported by the Boynton Beach Community Redevelopment Agency and to scarcity of developable parcels. The upward trend exceeds the annual inflation rate of 2% per year. Each of the land sales is adjusted upward 3% annually for market conditions to the effective date of appraisal. The amounts of the adjustments are shown on the chart. Adjustments for transactional elements of comparison were considered; now, property elements of comparison are addressed. Location The location of a property is a key factor in prompting a buyer to purchase it. Location encompasses many aspects such as road frontage, access, traffic count, proximity to other competing properties, proximity to a market that will use the goods and services housed in a property, governmental influences, et cetera. Typically, properties in a neighborhood share some of the same locational characteristics such as age, condition, and style. However, there may be differences such as corner location, view, and zoning, to name a few. Properties of a similar type may be in different locations, yet the locations may share enough similarities to justify comparison. Factors of similarity between locations include average daily traffic counts, zoning and/or land use, and market composition. (Continued) 44 381 LAND VALUATION (Continued) All of the sales are located fronting or near Federal Highway in Boynton Beach; all are in the Boynton Beach Community Redevelopment Area along with the appraised site. Sales 1, 2, and 3 are in the CRA Downtown District. Nos. 4 and 5 are in the CRA Federal Highway South district. The parcel concerned is in the CRA Federal Highway North district. Significance of being in a CRA district is that they are eligible for programs and support from the Boynton Beach Community Redevelopment Agency. Zoning for the land concerned is “C-4”, General Commercial, with a minimum lot size of 5,000 square feet. Land Sales 1, 2, 3 and 5 are zoned “C-3”, where the lot size is a minimum of 15,000 square feet. Land Sale 4 is in the “C-1” district, with a minimum lot size of 9,000 square feet. The square foot size of all of the sites meets the minimum standard for their districts. The subject “C-4” district permits more uses than the other two. Land Sale 1 is located one block west of Federal Highway and two blocks south of Ocean Avenue where revitalization is evident with new projects of 500 Ocean and Town Square. For Sale 1, proximity to the redevelopment off-sets no Federal Highway frontage. Land Sales 2, 3 and 4 border Federal Highway. Land Sale 5 is on SE 18 Avenue, a local road. It was previously improved with a residence that has been demolished and removed. Although adjacent to a shopping center, the site is not part of it. The parcel is not visible from Federal Highway. Location of No. 5 is inferior to the other land sales and subject. It is adjusted upward a nominal 10% to recognize this difference. Physical Characteristics Physical characteristics to be considered for adjustments are those that cause a difference in price to be paid by the market. A wide range of such items includes land size, shape, frontage, topography, view, access, functional utility, et cetera. Adjustments for physical characteristics are best derived from the market by paired sales comparison. Through the process of searching for comparable sales, the physical characteristics are of great import. From the universe of possible comparable sales, those that are most similar to the site appraised are presented in the report for analysis and comparison to the subject. The less the number of physical differences, the better. Land size for the subject is 6,033 square feet; smallest in the data set, yet of sufficient size to meet the “C-4” zoning standard. The sales range in size from 15,460 to 52,507 square feet. There does not appear to be a direct relationship between parcel size and price per square foot. There are minor differences among the physical characteristics of the land sales and the parcel concerned; however, they are not significant enough to warrant quantitative adjustments. (Continued) 45 382 LAND VALUATION (Continued) Use For sites to be comparable, they should have similar uses. Use for the subject and sales could be smaller commercial buildings; although, larger mixed use projects, possible by assemblage of properties, would adhere to the CRA redevelopment plan. No adjustment is called for this element of comparison. FINAL VALUE OPINION Following is a summary of the adjusted square foot unit prices for the five sales: Land Sale Adjusted Sale Price/ Square Foot 1 $30.42 2 $25.95 3 $23.97 4 $27.02 5 $23.47 The range of unit prices is from $23.47 to $30.42 per square foot of land. Since each of the land sales has already been adjusted to the land appraised, equal weight is placed on each sale for the final value opinion. Considering the characteristics of the land under appraisement and the foregoing discussion, the unit value for the subject is $26.17 per square foot. The quantity of the comparable data is sufficient to have an overview of the market for land in or near the Federal Highway corridor in the city of Boynton Beach. The quality of the data is good in that it provides a sound basis to develop an opinion of value for the land under appraisement. Based on the analysis and conclusions presented within the report, it is our opinion that the Market Value of the Fee Simple Estate of the Subject Property as of July 10, 2020 is: $26.17/sq.ft. of land x 6,033 square feet = $158,000 ONE HUNDRED FIFTY-EIGHT THOUSAND DOLLARS 46 383 CERTIFICATION I certify that, to the best of my knowledge and belief, the statements contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the property that is the subject of this report, and I have no bias or personal interest with the parties involved. The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. My compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 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. The analyses, opinions and conclusions were also developed and the report prepared in conformity with the Uniform Standards of Professional Appraisal Practice, which is included in the Appraisal Institute's Standards, and Chapter 475, Part II F.S. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. The use of this report is (also) subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board. I have visited the property that is the subject of this report on July 8, 2020. Jesse B. Vance, Jr. and Claudia Vance are responsible for the analyses, conclusions and opinions concerning real estate set forth in this report. No one else has provided significant professional service to the persons signing this report. The Appraisal Institute and the American Society of Appraisers each conduct programs of continuing education for their designated members. As of the date of this report, Jesse B. Vance, Jr. and Claudia Vance have completed the requirements of the continuing education program of the Appraisal Institute. Continuing educational requirements are also completed for the American Society of Appraisers and the State of Florida. July 10, 2020 Jesse B. Vance, Jr., MAI, SRA, ASA Florida State-Certified General Real Estate Appraiser No. RZ-85 July 10 , 2020 Claudia Vance, MAI Florida State-Certified General Real Estate Appraiser No. RZ-173 47 384 CERTIFICATION AND LIMITING CONDITIONS The statements and conclusions contained in this report, subject to the limiting conditions hereafter cited, are correct to the best of the writers' knowledge. 1. The undersigned have personally inspected the subject of this report. No pertinent information has been knowingly withheld. 2. Unless specifically included, the subject is analyzed as though free and clear of liens and encumbrances. 3. No responsibility is assumed for legal matters, nor is an opinion of title rendered. Title is assumed to be good and held in Fee Simple, unless excepted. 4. Legal descriptions and property dimensions have been furnished by others; no responsibility for their correctness is assumed. Sketches which may be in the report are for illustrative purposes only. 5. Possession of any copy of this report does not carry with it the right of publication, duplication, or advertising using the writers’ names or professional designations or membership organizations. 6. The writers are not required to testify without prior agreement. 7. Neither the employment to make this appraisal nor compensation therefore is contingent on the value reported. 8. Where divisions are made between land, improvements, etc., the values estimated for each apply only under the cited use or uses. 9. The value applies ONLY as of the date of valuation stated within the report. 10. The writers certify that they have no present, past or contemplated interest in the subject of this report - unless specifically stated. 11. This report is the property of the indicated client. It may not be used by any other party for any purpose not consistent with the written function of this report without the express written consent of the writers AND client. 12. The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Practice and Conduct of the Appraisal Institute. The work also conforms to the Uniform Standards of Professional Appraisal Practice. 13. Soil or sub-soil contamination may exist from current or prior users, or users outside the property concerned. The appraisers are not qualified to detect such substances. We urge the client to retain an expert in this field if desired. 14. The appraisers have not been provided a Habitat Survey, Endangered Species Survey, or analysis by a qualified environmental specialist indicating the presence of or proximity to environmentally sensitive and/or protected land or species which could affect the use, and possibly, value of the appraised property. The appraisers are not qualified to identify these factors. We recommend that an expert be hired where there may be reasonable cause to expect the presence of any of the cited elements. 15. Jesse B. Vance, Jr. and Claudia Vance are responsible for the analyses, conclusions, and opinions of real estate set forth in this report. No one else provided significant professional assistance to the signers of this report. 16. Prospective value is based on current conditions and trends. The appraisers cannot be held responsible for unforeseeable events which might alter market conditions upon which market value opinion has been developed. 17. The appraisers certify that they have the knowledge and experience required to perform this appraisal assignment. 18. The appraisers reserve the right to amend or change this report at any time additional market information is obtained which would significantly affect the value. Jesse B. Vance, Jr., MAI, SRA, ASA State-Certified General Real Estate Appraiser No. RZ 85 July 10, 2020 Claudia Vance, MAI State-Certified General Real Estate Appraiser No. RZ 173 July 10, 2020 48 385 ADDENDA 49 386 50 387 51 388 52 389 C. C-3 Community Commercial District. 1. General. a. Purpose and Intent. The purpose of the C-3 zoning district is to implement the local retail commercial (LRC) future land use map (FLUM) classification of the Comprehensive Plan. The intent of this conventional district is to encourage the development or use of property for appropriate intensive retail commercial uses providing for a wide range of goods and services, located along major thoroughfares. The C-3 district allows a maximum density of eleven (11) dwelling units per acre; however, all residential developments must adhere to the R-3 district building and site regulation in accordance with Section 2.F. above. b. Prerequisite Location Standard. In reaching recommendations and decisions as to zoning land to C-3, the advisory board and City Commission shall apply the following location standards, in addition, to the standards applicable to the rezoning of land generally: (1) Centrally and accommodating multiple neighborhoods; and (2) Abutting to at least one (1) major thoroughfare. 2. Use(s) Allowed. See "Use Matrix Table 3-28" in Chapter 3, Article IV, Section 3.D. 3. Building and Site Regulations (Table 3-16). No building or portion thereof shall be erected, constructed, converted, established, altered, enlarged or used unless the premises and buildings shall comply with the following regulations: BUILDING/SITE REGULATIONS C-3 District Minimum lot area: 15,000 s.f. Minimum lot frontage: 75 feet Minimum yard setbacks: Front: 20 feet1 Rear: 20 feet2 Abutting: Residential district(s) 30 feet Interior side: 0 feet1,3 Abutting: Residential district(s) 30 feet1 Corner side: 20 feet1 Abutting: Residential district(s) 30 feet1 Maximum lot coverage: 40% Maximum Floor Area Ratio (FAR) 0.504 53 390 Maximum structure height: 45 feet5 1 Reduced setbacks will be applied to property located within the Urban Commercial District Overlay Zone, Section 8.C. below. 2 Where rear yard access is available from a public street or alley, rear yard may be decreased by one-half (1/2) the width of such street or alley, but in no case shall a rear yard be less than ten (10) feet. 3 Where rear access is not available from a public street or alley, a side yard of not less than fifteen (15) feet shall be provided on one (1) side. 4 A floor area ratio (FAR) up to 0.50 may be considered for local retail commercial uses allowed within the C-3 district (see "Use Matrix" – Chapter 3, Article IV, Section 3.D.), pursuant to the local retail commercial future land use classification of the Comprehensive Plan. 5 Not to exceed four (4) stories. 4. Review and Approval Process. a. Single-family and duplex dwellings and accessory uses thereto shall be allowed upon application to and approval by the Building Official for structures that require a building permit pursuant to Chapter 2, Article IV, Section 2. b. Community and common areas, such as recreational areas, landscape buffers and tracts, and project signage may be subject to site plan review. c. Non-residential uses shall require site plan approval in accordance with Chapter 2, Article II, Section 2.F. prior to application for building permit. 5. Parking. Required off-street parking is regulated in accordance with Chapter 4, Article V, Minimum Off-Street Parking Requirements. 6. Exterior Storage of Merchandise and Equipment. See Chapter 3, Article V, Section 8 for the regulations pertaining to the permanent exterior storage of merchandise and equipment. D. C-4 General Commercial District. 1. General. 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. 2. Use(s) Allowed. See "Use Matrix Table 3-28" in Chapter 3, Article IV, Section 3.D. 3. Building and Site Regulations (Table 3-17). No building or portion thereof shall be erected, constructed, converted, established, altered, enlarged or used unless the premises and buildings shall comply with the following regulations: 54 391 BUILDING/SITE REGULATIONS C-4 District Minimum lot area: 5,000 s.f. Minimum lot frontage: 50 feet Minimum lot depth: 100 feet Minimum yard setbacks: Front: 25 feet1,2 Rear: 20 feet3 Abutting: Residential district(s) 30 feet Interior side: 15 feet1,2,3 Abutting: Residential district(s) 30 feet Corner side: 15 feet1,2 Abutting: Residential district(s) 30 feet Maximum lot coverage: 40% Maximum Floor Area Ratio (FAR) 0.504 Maximum structure height: 45 feet5 1 Reduced setbacks will be applied to property located within the Urban Commercial District Overlay Zone, Section 8.C. below. 2 Pursuant to Section 8.B. below, parcels that have frontage on Martin Luther King Jr. Boulevard and are located within the Martin Luther King Boulevard Overlay Zone shall have front, side interior, and side corner setbacks in accordance with the mixed use-low intensity 1 zoning district (see Section 5.C. below). 3 Where rear property line abuts a public street or alley, rear yard setback may be reduced to ten (10) feet and no side yard shall be required, except on corner lots or where abutting single-family uses. 4 A floor area ratio (FAR) up to 0.50 may be considered for general commercial uses allowed within the C-4 district (see "Use Matrix" – Chapter 3, Article IV, Section 3.), pursuant to the general commercial future land use classification of the Comprehensive Plan. 5 Not to exceed four (4) stories; however, those parcels located within the Martin Luther King Boulevard Overlay Zone (Section 8.B. below) shall be limited to thirty (30) feet in height. 4. Review and Approval Process. Non-residential uses shall require site plan approval in accordance with Chapter 2, Article II, Section 2.F. prior to application for building permit. 5. Parking. Required off-street parking is regulated in accordance with Chapter 4, Article V, Minimum Off-Street Parking Requirements. 6. Exterior Storage of Merchandise and Equipment. See Chapter 3, Article V, Section 8 for the regulations pertaining to the permanent exterior storage of merchandise and equipment. 55 392 SUMMARY OF 2020-2021 USPAP (Uniform Standards of Professional Appraisal Practice) Standard Rule 2: Real Property Appraisal, Reporting In reporting the results of a real property appraisal, an appraiser must communicate each analysis, opinion, and conclusion in a manner that is not misleading. STANDARD 2 addresses the content and level of information required in a report that communicates the results of the real property appraisal. STANDARD 2 does not dictate the form, format, or style of real property appraisal reports. The substantive content of a report determines its compliance. STANDARDS RULE 2-1 Each written or oral real property appraisal report m ust: (a) clearly and accurately set forth the appraisal in a manner that will not be misleading; (b) contain sufficient information to enable the intended users of the appraisal to understand the report properly; and (c) clearly and accurately disclose all assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions used in the assignment. STANDARDS RULE 2-2 Each written real property appraisal report m ust be prepared under one of the following options and prominently state which option is used: Appraisal Report or Restricted Appraisal Report. An appraiser may use any other label in addition to, but not in place of, the labels set forth in this Standards Rule for the type of report produced. The use of additional labels such as analysis, consultation, evaluation, study, or valuation does not exempt an appraiser from adherence to USPAP. The report content and level of information requirements in this Standards Rule are minimal for each type of report. An appraiser must supplement a report form, when necessary, to insure that any intended user of the appraisal is not misled and that the report complies with the applicable content requirements. (a) The content of an appraisal report must be appropriate for the intended use or the appraisal and, at a minimum: (i) state the identity of the client, or if the client requested anonymity, state that the identity is withheld at the client’s request but is retained in the appraiser’s workfile; (ii) state the identity of any other intended users by name or type; (iii) state the intended use of the appraisal; (iv) contain information, documents, and/or exhibits sufficient to identify the real estate involved in the appraisal, including the physical, legal, and economic property characteristics relevant to the assignment; (v) state the real property interest appraised; (vi) state the type and definition of value and cite the source of the definition; (vii) state the effective date of the appraisal and the date of the report; (viii) summarize the scope of work used to develop the appraisal; (ix) summarize the extent of any significant real property appraisal assistance; 56 393 SUMMARY OF 2020–2021 USPAP (Uniform Standards of Professional Appraisal Practice) Standard Rule 2: Real Property Appraisal, Reporting (x) provide sufficient information to indicate that the appraiser complied with the requirements of STANDARD 1 by: (1) summarizing the appraisal methods and techniques employed; (2) stating the reasons for excluding the sales comparison, cost, or income approach(es) if any have not been developed; (3) summarizing the results of analyzing the subject sales, options, and listings in accordance with Standards Rule 1-5; (4) stating the value opinion(s) and conclusions(s); and (5) summarizing the information analyzed and the reasoning that supports the analyses opinions, and conclusions, including reconciliation of the data and approaches; (xi) state the use of th real estate existing as of the effective date and the use of the real estate reflected in the appraisal; (xii) when an opinion of highest and best use was developed by the appraiser, state that opinion and summarize the support and rationale for that opinion; (xiii) clearly and conspicuously: • state all extraordinary assumptions and hypothetical conditions, and • state that their use might have affected the assignment results, and (xiv) include a signed certification in accordance with Standards Rule 2-1. STANDARDS RULE 1-5 When the value opinion to be developed is market value, if such information is available in the normal course of business: a) analyze all agreements of sale, options, or listings of the subject property current as of the effective date of the appraisal; b) analyze all sales of the subject property that occurred within the three (3) years prior to the effective date of the appraisal. 57 394 475.611 Florida Statutes: Definitions.- (1) As used in this part, the term: (a) “Appraisal” or “Appraisal Services” means the services provided by certified and licensed appraisers or registered trainee appraisers, and includes: 1. "Appraisal assi gnment" denotes an engagement for which a person is employed or retained to act, or coul d be perceived by third parties or the public as acting, as an agent or a disinterested third party in rendering an unbiased analysis, opinion, review, or conclusion relating to the nature, quality, val ue, or utility of specified interests in, or aspects of, identified real property. 2. "Analysis assi gnment" denotes appraisal services that relate to the employer's or client's individual needs or investment objectives and includes specialized marketing, financing, and feasibility studies as well as analyses, opinions, and conclusions given in connection with activities such as real estate brokerage, mortgage banking, real estate counseling, or real estate consulting. 3. "Appraisal review assignment" denotes an engagement for which an appraiser is employed or retai ned to develop and communicate an opinion about the quality of another appraiser's appraisal, appraisal report, or work. An appraisal review may or may not contain the reviewing appraiser's opinion of value. (b) "Appraisal Foundation" or "foundation" me ans the Appraisal Foundation established on November 20, 1987, as a not-for-profit corporation under the laws of Illinois. (c) "Appraisal report" means any communicati on, written or oral, of an appraisal, appraisal review, appraisal consulting service, analysis, opini on, or conclusion relating to the nature, quality, val ue, or utility of a specified interest in, or aspect of, identified real property, and includes any report communicating an appraisal analysi s, opinion, or conclusion of value, regardless of title. However, in order to be recognized in a federally related transaction, an appraisal report must be wri tten. (d) "Appraisal review" means the act or process of developing and communicating an opinion about the quality of another appraiser's appraisal, appraisal report, or work. (e) "Appraisal subcommittee" means the designees of the heads of the federal financial institutions regulatory agencies established by the Federal Financi al Institutions Exami nation Council Act of 1978 (12 U.S.C. ss. 3301 et seq.), as amended. (f) "Appraiser" means any person who i s a registered trainee real estate appraiser, licensed real estate appraiser, or a certified real estate appraiser. An appraiser renders a professional service and is a professional within the meaning of 95,11(4)(a). (g) "Board" means the Fl orida Real Estate Appraisal Board established under thi s section. (h) “Certified General Appraiser” means a person who is certified by the department as qualified to issue appraisal reports for any type of real property (i) "Certified Residential Appraiser" means a person who is certified by the department as qualified to issue appraisal reports for residential real property of one to four resi dential units, without regard to transaction value or complexity, or real property as may be authorized by federal regulati on. (j) "Department" means the Department of Busi ness and Professi onal Regulati on. 58 395 Page 1 of 5 Jesse B. Vance, Jr., MAI, SRA, ASA, MBA Appraiser · Real Estate Analyst · Reviewer · Expert Witness Vance Real Estate Service · 7481 NW 4 Street · Plantation · Florida · 33317 Office: 954·583·2116; Cell: 954·610·2423; Email: vanceval@comcast.net Web Page: www.vancerealestateservice.com Vance Real Estate Service is a Veteran-Owned Small Business (VOSB) and Florida Certified SDVBE Minority Business Enterprise specializing in personalized real estate valuation services in Florida for over 35 years. Currently registered in “SAM” (U.S. Government System for Award Management – DUNS 826494957). Designated appraisers perform the appraisal work, no trainees. Jesse B. Vance, Jr., MAI, SRA, ASA, MBA and Claudia Vance, MAI are qualified as expert witnesses for eminent domain, bankruptcies, deficiency judgments, marriage dissolution, and estate valuations. Our firm values most types of real property interests for sale, mortgage loans, litigation and investment reasonably, timely and professionally. As licensed real estate brokers, we perform most other real property functions. We also do “Valuations for Financial Reporting.” PROFESSIONAL QUALIFICATIONS A) PROFESSIONAL DESIGNATIONS/ DEGREES/ LICENSES & CERTIFICATIONS MAI DESIGNATION - APPRAISAL INSTITUTE/Life Member No. 8781 SRA DESIGNATION - APPRAISAL INSTITUTE/Life Member No. 8781 ASA DESIGNATION - AMERICAN SOCIETY OF APPRAISERS (RE-Urban) #003439 MBA DEGREE - REAL ESTATE MANAGEMENT AND DEVELOPMENT STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER #RZ-85 (Florida) FLORIDA STATE LICENSED REAL ESTATE BROKER NO. BK. 91050 REGISTERED VETERAN-OWNED SMALL BUSINESS (CCR/Duns 826494957) FLORIDA CERTIFIED SDVBE BUSINESS ENTERPRISE (Minority Business Enterpris e - MBE) FLORIDA “D.E.P.” APPROVED APPRAISER Currently registered in “SAM” (U.S. Government System for Award Management). B) QUALIFIED AS AN EXPERT WITNESS IN REAL ESTATE VALUATION 1. U.S. Court of Appeals, Eleventh Circuit 2. U.S. District Court, Southern District of South Florida 3. U.S. District Court, New Jersey 4. U.S. Bankruptcy Court, Southern District of Florida 5. U.S. Bankruptcy Court, District of New Jersey 6. U.S. Bankruptcy Court, Western (Pittsburgh) Division of Pennsylvania 7. Florida Circuit Courts: Broward, Dade, Palm Beach, Lee, Collier, Martin, and Okeechobee Counties 8. Appraiser on landmark eminent domain cases: TESSLER, NESS TRAILER PARK, PATEL, SIMPSON v. FILLICHIO, RUBANO, PALM BEACH COUNTY (FL) vs. COVE CLUB INVESTORS, LTD. C) EXPERIENCE Over thirty-five (35) years appraising and analyzing real property interests in South Florida. Partial list: RESIDENCES, RESTAURANTS/BARS, APARTMENT BUILDINGS, OFFICE BUILDINGS HOTELS/MOTELS, CHURCHES, CONDOMINIUMS/COOPS, HOSPITALS & NURSING HOMES, VACANT LAND, GOLF COURSES, GOLF CLUBS, GASOLINE SERVICE STATIONS, MARINAS, TRAILER PARKS, SHOPPING CENTERS, BANKS/THRIFT INSTITUTIONS, BOWLING ALLEYS, P.U.D.'S, INDUSTRIAL BUILDINGS, TIME-SHARE DEVELOPMENTS, ROCK PITS, SCHOOLS, AGRICULTURAL PROPERTIES, WATER MANAGEMENT DISTRICT, MARKETABILITY, FEASIBILITY ANALYSES, INVESTMENT ANALYSES, AUTO SALES FACILITIES, LEASE VALUATIONS, TAX & ASSESSMENT APPEALS, CONDEMNATION, EXPERT WITNESS (Member National Forensic Center), BUSINESS ENTERPRISE VALUATIONS (BEV), (VFR) VALUATION FOR FINANCIAL REPORTING, AVIGATION & CLEARANCE EASEMENTS, ESTATES, DIVORCES, PLANNING/LAND USE STUDIES, HIGHEST & BEST USE ANALYSES, DEPRECIATION ANALYSES, COMPONENT APPRAISALS, ENVIRONMENTALLY SENSITIVE LAND, CONTAMINATED PROPERTIES, SUGARCANE & TURFGRASS LAND, DAY CARE CENTERS, SELF-STORAGE FACILITIES, FUNERAL HOMES, ANIMAL HOSPITALS, SUBMERGED LAND, CITY CENTERS, etc. 59 396 Page 2 of 5 D) PARTIAL LIST OF CLIENTS PRIVATE INDIVIDUALS AND CORPORATIONS, ATTORNEYS, ACCOUNTANTS, TRUST DEPARTMENTS, COMMERCIAL BANKS: Wells Fargo; BankAtlantic; SunTrust; American National Bank; Landmark Bank; City National Bank; BankUnited; Gateway American Bank; State Farm Bank; Englewood Bank & Trust; SAVINGS & LOANS, INSURANCE COMPANIES, REAL ESTATE INVESTMENT TRUSTS, & REAL ESTATE TRANSFER COMPANIES, TITLE INSURANCE COMPANIES; FLORIDA CITIES: FORT LAUDERDALE, PLANTATION, COOPER CITY, TAMARAC, LAUDERHILL, BOCA RATON, DEERFIELD BEACH, OAKLAND PARK, WILTON MANORS, HOLLYWOOD, WEST PALM BEACH, DELRAY BEACH, HALLANDALE, PEMBROKE PINES, COOPER CITY, TOWN OF DAVIE, TOWN OF SOUTHWEST RANCHES, MIRAMAR. FLORIDA COUNTIES: BROWARD, PALM BEACH, COLLIER, OKEECHOBEE; BROWARD COUNTY BOARD OF COUNTY COMMISSIONERS; OKEECHOBEE BOARD OF COUNTY COMMISSIONERS. SCHOOL BOARD OF BROWARD COUNTY, FLORIDA, BROWARD COUNTY HOUSING AUTHORITY, STATE OF FLORIDA DEPARTMENT OF TRANSPORTATION (DOT); STATE OF FLORIDA DIVISION OF GENERAL SERVICES(GSA); N. BROWARD GENERAL HOSPITAL DISTRICT; STATE OF FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION (Approved Vendor);U.S. TREASURY DEPARTMENT (General Counsel, I.R.S.); U.S. MARSHAL'S SERVICE – U.S. ATTORNEY’S OFFICE CENTRAL DIVISION – U.S. Dept. of Justice; VETERANS ADMINISTRATION E) EDUCATIONAL BACKGROUND - (Partial List) BACHELOR OF ARTS - Earlham College, Richmond, Indiana (1954) MBA (Nova University) - Real Estate Management & Development (National Dean's List 1991) Course 1 (AIREA) - Basic Principles of Appraising Course 2 (AIREA) - Urban Property Valuation (Income) Course 4 (AIREA) - Condemnation Appraising Course 6 (AIREA) - Income Capitalization & Analysis Course 101 (SREA) - Introduction to Appraising Course 201 (SREA) - Income Property Valuation, Theory Course 202 (SREA) - Applied Income Property Valuation Course 301 (SREA) - Applications/Appraisal Analysis Symposium (SREA) - Market Analysis, 1978, Virginia Symposium (SREA) - Market Analysis, 1979, Arizona Symposium (SREA) - Market Analysis, 1980, South Carolina Symposium (SREA) - Market Analysis, 1981, Tennessee Symposium (SREA) - Market Analysis, 1982, New Mexico Symposium (SREA) - Market Analysis, 1983, Pennsylvania Symposium (SREA) - Market Analysis, 1984, Georgia Symposium (SREA) - Market Analysis, 1985, Vancouver, B.C. Symposium (SREA) - Market Analysis, 1986, New Jersey Clinic (SREA) - #201 Instructor, 1987, U. of Illinois Clinic (SREA) - #201 Instructor, 1988, Illinois Seminar (SREA) - Professional Practice, 1988, Florida Symposium (SREA) - Market Analysis, 1988, California Symposium (SREA) - Market Analysis, 1989, Minnesota MBA Graduate School Courses: 1990 – 1991 Successfully completed the following graduate school courses: - "Regulation of Real Estate Development" - "Real Properties Management" - "Legal Issues In Real Estate" - "Market Analysis and Site Selection" - "Organizational Behavior and Management”" - "Human Resource Management" - "Real Estate Economics" - "R. E. Finance: Instruments, Institutions & Investment Analysis" - "Urban Infrastructure & Environmental Analysis” - "Real Estate Accounting" - "Marketing Management for Real Estate" - "Commercial Real Estate Lending" - "Construction Technology and the Building Development Process" SEMINAR (AI) - Cost Approach (1992/Boston) SEMINAR (AI) - Rates & Ratios (1992/Boston) SEMINAR (AI) - International Appraising (1992/Boston) SEMINAR (AI) - Litigation Valuation/Mock Trial (1993) SEMINAR (AI) - ADA ACT (1993/Reno) SEMINAR (AI) - Hotel Valuation (1993) SEMINAR (AI) - Income Capitalization, Methods (1993) SEMINAR (AI) - Powerlines/Electromagnetic Radiation (1994) SEMINAR (AI) - Verifying Market Data (1994) SEMINAR (AI) - Market Studies for Appraisals (1994) SEMINAR (AI) - Florida Appraiser Core Law (USPAP/1994) 60 397 Page 3 of 5 E)EDUCATIONAL BACKGROUND - (Partial List, continued) SEMINAR (AI) - Limited Appraisals & Reports (USPAP/1994) SEMINAR (AI) - Public Safety & Property Values (1995) SEMINAR (AI) - Outparcel Valuation (1995) SEMINAR (AI) - Computer Technology Video Conference (1995) SEMINAR (AI) - The Internet & the Appraiser (1996) SEMINAR (AI) - Florida Commercial Construction (1996) SEMINAR (AI) - Real Property Rights in Florida (1996) COURSE (AI) - USPAP & Florida Real Estate Core Law (1996) SEMINAR (AI) - Valuation of Trees (1997) 3-DAY COURSE - Environmental Permitting/Mitigation/Mitigation Banking/Contamination Risk Management- Liability/Wetlands/ Hazardous Wastes/Lender Liability (1997/Marco Beach. FL) SEMINAR (AI) - Valuation of Transferable Development Rights [TDR’s] (1997) COURSE (AI) - Standards of Professional Practice, Part C, 15 hour Course #430 (1997) SEMINAR (AI) - Non-Conforming Uses (1998) SEMINAR (AI) - The Impact of Contamination on Real Estate Value (1998) COURSE (AI) - USPAP & Florida Real Estate Core Law (1998) SEMINAR (AI) - Econometrics/Statistical Valuation Methods (1999) COURSE (AI) - 14 Hour (2-day) Advanced Spreadsheet Modeling for Valuation Applications SEMINAR (AI) - Globalization of Real Estate/What U.S. Appraisers Need to Know (1999) SEMINAR (AI) - The Role of the Appraiser in Alternative Dispute Resolution (Mediation/Arbitration) (1999) SEMINAR (AI) - Technology Forum Part II/Intermediate (1999) SEMINAR (AI) - Client Satisfaction/Retention/Development (1999) SEMINAR (AI) - Attacking and Defending an Appraisal (1999) SEMINAR (AI) - Federal Appraisal Requirements (“Yellow Book”) (2000) SEMINAR (AI) - Regression Analysis in Appraisal Practice: Concepts & Applications (2000) SEMINAR (AI) - Analyzing Income Producing Properties (2000) SEMINAR (ATIF) - 1031 Tax Deferred Exchanges (2000) COURSE (AI) - USPAP & Florida Real Estate Core Law (2000) SEMINAR (AI) - Mediation & Alternate Dispute Resolution Seminar (2001) SEMINAR (AI) - State of the Appraisal Profession (2001) 2-Day SEMINAR - Eminent Domain, by CLE International, Tampa, Florida (2001) SEMINAR (AI) - Ad Valorem Assessment Process in Florida (2002) SEMINAR (AI) - Role of Real Estate Appraisers in Bankruptcy Proceedings (2002) SEMINAR (AI) - Appraisers & the Gramm-Leach-Bliley Federal Privacy Act (2002) SEMINAR (AI) - How to Appraise the Ugly House (2002) COURSE (AI) - 2-Day Course #430, Standards of Professional Practice, Part C (2002) SEMINAR (AI) - Market Trends for 2003 (2003) SEMINAR (AI) - Update on Code of Professional Ethics (2003) PANEL (AI) - Moderator “Industry, Consumer & Congressional Views on Predatory Lending” D.C. (2003) SEMINAR (AI) - Florida State Law for Real Estate Appraisers (2003) SEMINAR (AI) - Appraisal Agreements (2003) SEM INAR (AI) - Analyzing Distressed Real Estate (2004) SEMINAR (AI) - Valuation for Financial Reporting Purposes (2004) SEMINAR (AI) - 7 Hour National USPAP Update Course #1400 (2004) SEMINAR (AI) - Inverse Condemnation (2004) SEMINAR (AI) - Appraiser Independence in the Loan Process (2004) SUMMIT (AI) - Moderator at 2-day Appraisal Summit in Washington, D.C. (12/2004) SEMINAR (AI) - Loss Prevention Program for Real Estate Appraisers (2005) SEMINAR (AI) - Valuation of Wetlands (7/2005) SEMINAR (AI) - Tri-County Residential Symposium (8/2005) SEMINAR (AI) - “Cool Tools” Internet Resources and Use for Valuation (2/2006) SEMINAR (AI) - FREAB 7-Hour National USPAP Update (5/2006) SEMINAR (AI) - FREAB 3-Hour Florida State Law for Real Estate Appraisers (5/2006) SEMINAR (AI) - USPAP Scope of Work & New Requirements (8/2006) SEMINAR (AI) - USPAP Reappraising, Readdressing & Reassigning Appraisal Reports (2/2007) SEMINAR (AI) - AI Summary Appraisal Report/Residential (4/07) COURSE (Fla.) -14-Hour Continuing Education (including 3-Hour Florida Core Law) (7/2007) SEMINAR (AI) - Real Estate Fraud: Appraisers Beware! (8/2007) SEMINAR (AI) - Florida Law for Real Estate Appraisers (11/2007) COURSE (AI) - Business Practices and Ethics – 8 hours (12/2007) SEMINAR (AI) - Supervisor Trainee Roles and Rules (2/2008) SEMINAR (AI) -7 Hour National USPAP (4/2008) SEMINAR (AI) - USPAP Hypothetical Conditions & Extraordinary Assumptions (5/2008) SEMINAR (AI) - Litigation Skills for the Appraiser – 7-Hour Seminar (9/2008) SEMINAR (AI) - Public Sector Appraising (2/2009) 61 398 Page 4 of 5 E) EDUCATIONAL BACKGROUND - (Partial List, continued) WEBINAR (AI) - Develop an Effective Marketing Plan (3/2009) SEMINAR (AI) - Inspecting the Residential “Green House” (4/2009) SEMINAR (AI) - Property Tax Assessment (5/2010) SEMINAR (AI) - Supervisor Trainee Roles and Rules (7/2010) SEMINAR (AI) - Florida Law for Real Estate Appraisers (7/2010) SEMINAR (AI) - 7-Hour Introduction to Valuation for Financial Reporting – Chicago (5/2009) SEMINAR (AI) - Government Regulations & Their Effect on R.E. Appraising (8/2009) SEMINAR (AI) - R.E.Market: How We Got Here, Where We Are, Where We’re Going (10/2009) SEMINAR (AI) - 7 Hour National USPAP Update Course (10/1/2010) COURSE (AI) - 7 Hour Introduction to Conservation Easement Valuation (12/10/2010) SEMINAR (AI) - The Real Estate Market (2/18/2011) COURSE (AI) - 16 Hours Uniform Appraisal Standards for Federal Land Acquisitions (“Yellow Book”) (2/25-26/2011) WEBINAR (AI) - Real Estate Industry Perspectives on Lease Accounting (4/7/2011) COURSE (AI) - 15 Hour Appraisal Curriculum Overview (5/19-20/2011) WEBINAR (AI) - 2-hour Investment Property Accounting Standards (6/8/2011) SEMINAR (AI) - 3 Hour Spotlight on USPAP – Agreement for Services (7/15/2011) COURSE (AI) - 14 Hours (2-day) Advanced Excel Spreadsheet Modeling for Valuation Applications (9/22 & 9/23/2011) SEMINAR (AI) - Trial Components (11/4/11) SEMINAR (AI) - Lessons from the Old Economy Working in the New (1/20/2012) 7-Hour USPAP - National USPAP Update (3/9/2012) 3-Hour Fla. Law - State Law Update (3/9/2012) SEMINAR (AI) - Appraisal Review for General Appraisers (4/12/2012) SEMINAR (AI) - Land Valuation (4/20/2012) SEMINAR (AI) - The Valuation of Warehouses (6/22/2012) SEMINAR (AI) - Town Hall Meeting: 2012 Appraisal Institute Forum (7/12/2012) SEMINAR (AI) - IRS Valuation (7/19/2012) SEMINAR (AI) - 7 Hour Business Practices and Ethics Course (12/7/2012) SEMINAR (AI) - Real Estate Forecast 2013 (1/25/2013) COURSE (AI) - 7 Hour Advanced Marketability Studies (5/6/2013) SEMINAR (AI) - Developing a Supportable Workfile (11/15/2013) SEMINAR (AI) - Florida Appraisal Law Course (2/7/2014) SEMINAR (AI) - Liability Issues for Appraisers performing Litigation & Non-Lending Work (2/24/2014) COURSE (AI) - 7 Hour National USPAP Update Course (4/25/2014) SEMINAR (AI) - Economic Conditions (5/16/2014) SEMINAR (AI) - Fundamentals of Going Concerns (7/16/2014) SEMINAR (AI) - Litigation Assignments for Residential Appraisers (7/24/2014) SEMINAR (AI) - Economic Engines of Miami-Dade County, Florida (1/23/2015) SEMINAR (AI) - Economic Engines Driving Broward County, Florida (5/15/2015) 3-Hour Fla.Law - Florida Real Estate Broker 14-hour Continuing Education Course (incl. 3 hour core law) with exam (9/2015) SEMINAR (AI) - Drone Technology & its Effect on Real Estate Valuations (11/2015) SEMINAR (AI) - Loss Prevention for Real Estate Appraisers (1/22/2016) COURSE (AI) - 7-Hour National USPAP Update Course (4/22/2016) SEMINAR (AI) - 3-Hour Florida Appraisal Law (4/22/2016) SEMINAR (AI) - 4-Hour Appraisals in the Banking Environment (5/6/2016) SEMINAR (AI) - Appraising the Tough One: Mixed Use Properties (8/19/2016) SEMINAR (AI) - 4-Hour Business Practices & Ethics (12/02/2016) 5-Year Requirement WEBINAR (AI) - 2-Hour Yellow Book Changes – Overview for Appraisers (1/11/2017) SEMINAR (AI) - 3-Hours Economic Engines Driving Broward County in 2017 (1/27/2017) COURSE (AI) - 7-Hours: Introduction to Green Buildings Principles & Concepts (2/24/2017) COURSE (AI) - 4 Hours: Another View of the Tough One: Sales Comparison Approach for Mixed-Use Properties (5/19/2017) SEMINAR (AI) - 4 Hours: Appraising for Federal Office of Valuation Services & Yellow Book Review (8/18/2017) COURSE (BR) - 14 Hours Real Estate Continuing Education, including 3-Hour Florida Real Estate Core Law (9/13/2017) COURSE (AI) - 4-Hours: 2-4 Unit Small Residential Income Property Appraisals (11/3/2017) COURSE (AI) - 15 Hours “Yellow Book” Uniform Appraisal Standards for Federal Land Acquisitions – Passed Exam (11/10/2017) SEMINAR (AI) - 3 Hours “Hot Topics and Myths in Appraiser Liability” (1/26/2018) COURSE (AI) - 7-Hour National USPAP Update Course (2/9/2018) SEMINAR (AI) - 3 Hours Florida Appraisal Law (2/9/2018) SEMINAR (AI) - 3 Hours “Parking Impact on Florida Properties” (5/4/2018) SEMINAR (AI) - 4 Hours “Technology Tips for Real Estate Appraisers” (9/21/2018) SEMINAR (AI) - 3 Hours “Airport Appraisals) (01/25/2019) SEMINAR (AI) - 4 Hours “Understanding an Investigation by a State Appraiser Regulatory Board or Agency (5/17/2019) SEMINAR (AI) - The 50% FEMA Appraisal Rule (8/23/2019) COURSE (BR) - 14 Hours Required Education (8 hrs. Specialty Education; 3 hrs. Core Law; 3 hrs. Business Ethics (9.3.2019) SEMINAR (AI) - Artificial Intelligence, AVMs, and Blockchain: Implications for Valuation. (1/24/2020) 62 399 Page 5 of 5 F) APPRAISAL TEACHING EXPERIENCE Licensed by the Florida Department of Education to Teach (Certificate No. 275236). Authored and taught Residential and Commercial Real Estate Appraisal Courses for Broward County Adult Education Program. Taught Course 101 - Society of Real Estate Appraisers. Taught Course 201 - Society of Real Estate Appraisers. Taught Appraisal Seminars - Board of Realtors, ASA, SREA, and AI (Appraisal Institute). Adjunct Professor, University of Florida Division of Continuing Education: (taught Course 2, "Real Estate Principles and Practices" to prospective Florida Real Estate Brokers). G) PROFESSIONAL OFFICES HELD/AWARDS NATIONAL B.O.D. MEMBER - BOARD OF DIRECTORS of APPRAISAL INSTITUTE (2006- 2008) AWARD - Appraisal Institute “NATIONAL PRESIDENTS AWARD” 2008 AWARD - Appraisal Institute “LIFETIME ACHIEVEMENT AWARD” 2011 For “high ethical standards, contributions to the Appraisal Institute, Community and Appraisal Profession for at least 20 years.” CHAIR - REGION X - All of Florida - Appraisal Institute (2008) VICE-CHAIR - REGION X - All of Florida - Appraisal Institute (2007) THIRD DIRECTOR - REGION X - All of Florida - Appraisal Institute (2006) FINANCE OFFICER - REGION X – All of Florida – Appraisal Institute (2006) PRESIDENT - BROWARD COUNTY, SOCIETY OF REAL ESTATE APPRAISERS PRESIDENT - BROWARD COUNTY, AMERICAN SOCIETY OF APPRAISERS CHAIR - FLA. STATE GOVERNMENT RELATIONS SUBCOMMITTEE OF AI CHAIR - FLA. STATE LEGISLATION & REGULATION SUBCOMMITTEE OF AI G) PROFESSIONAL OFFICES HELD/AWARDS CHAIR - FLORIDA REALTORS COMMITTEE ON COMMITTEE REFORMS CHAIR - EDUCATION COMMITTEE, FT. LAUDERDALE CHAPTER AI CHAIR - CANDIDATES GUIDANCE COMMITTEE, FT .LAUDERDALE CHAPTER AI CHAIR - NATIONAL Valuation for Financial Reporting PROJECT TEAM OF AI VICE CHAIR & MEMBER - NATIONAL GOVERNMENT RELATIONS COMMITTEE OF AI (15 Years) MEMBER - NATIONAL LONG RANGE PLANNING COMMITTEE OF AI MEMBER - NATIONAL PUBLIC AFFAIRS COMMITTEE OF AI DIRECTOR - REGION X (Florida ) Appraisal Institute MEMBER - REGION X (FLORIDA) ETHICS AND COUNSELING PANEL DIRECTOR - BROWARD COUNTY, FLORIDA SOCIETY OF REAL ESTATE APPRAISERS DIRECTOR - SOUTH FLORIDA CHAPTER AMERICAN SOCIETY OF APPRAISERS MEMBER - NATIONAL EXPERIENCE REVIEW PANEL MEMBER OF AI SPECIAL MASTER - BROWARD COUNTY BOARD OF TAX ADJUSTMENT COMMISSIONER - 17TH JUDICIAL CIRCUIT COURT, Broward County, FL MEMBER - 2013 APPRAISAL INSTITUTE NATIONAL BUSVAL PROJECT TEAM H) PROFESSIONAL PUBLICATIONS & PRESENTATIONS Wrote and taught a basic Residential Appraisal Course for the Broward County Adult Education Div. of the Dept. of Education; Wrote and taught an Income Appraisal Course for the Broward County Adult Education Division of the Department of Education; Co-authored and taught an appraisal course on Mortgage-Equity Capitalization for the American Society of Appraisers. Authored and taught a Florida State and Appraisal Institute 3-hour accredited course in "The Legislation, Regulation and Appraisal of Real Property Rights in Florida September 7, 1996. Presentation on “Gramm-Leach -Bliley” Federal Privacy Act of 1999 for South Florida Chapter of American Society of Appraisers on October 24, 2001. Presented 3-hour Florida CEU-credit seminar on “Appraisers and the Gramm-Leach-Bliley Act” before the South Florida Chapter of the Appraisal Institute on July 27, 2002. Presenter at 6.5 Hour CLE-credit Attorney Seminar on Florida Eminent Domain, “Valuation and Damage Issues” February 2, 2006, Fort Lauderdale, Florida I) CIVIC INVOLVEMENT MEMBER OF ROTARY INTERNATIONAL / PAUL HARRIS FELLOW MEMBER OF THE GREATER FORT LAUDERDALE OPERA GUILD MEMBER FLORIDA PHILHARMONIC BROWARD TRUSTEES MEMBER OF THE BROWARD COUNTY LIBRARY SUPPORT GROUP ("BYBLOS") MEMBER CIRCLE OF FRIENDS – NOVA SOUTHEASTERN LIBRARY FOUNDATION MEMBER NOVA SOUTHEASTERN UNIVERSITY ALUMNI ASSOCIATION MEMBER OF THE FORT LAUDERDALE HISTORICAL SOCIETY MEMBER OF THE BROWARD COUNTY MUSEUM OF THE ARTS MEMBER OF THE FORT LAUDERDALE / BROWARD COUNTY CHAMBER OF COMMERCE MEMBER OF THE BETTER BUSINESS BUREAU OF SOUTH FLORIDA LIFETIME HONORARY MEMBER FLORIDA SHERIFF’S ASSOCIATION MEMBER NATIONAL & FT. LAUDERDALE COUNCILS U.S. NAVY LEAGUE U.S. ARMY VETERAN WWII (RA 17212681) - HONORABLE DISCHARGE 1949 63 400 1 of 4 Claudia Vance, MAI Appraiser · Real Estate Analyst · Reviewer Vance Real Estate Service · 7481 NW 4 Street · Plantation · FL · 33317 Office: 954·583·2116 Cell: 954·647·7148 Email: vanceval@att.net Web Site: www.vancerealestateservice.com Vance Real Estate Service is a Veteran-Owned Small Business (VOSB) and Florida Certified SDVBE Minority Business Enterprise specializing in personalized real estate valuation services in Florida for over 35 years. Designated appraisers perform the appraisal work, no trainees. Our appraisals are used for financial/ mortgage loan purposes from large mixed use complexes to small owner - occupied properties. We have the qualifications for appraisals submitted to SBA. Jesse B. Vance, Jr., MAI, SRA, ASA and Claudia Vance, MAI are qualified as expert witnesses for eminent domain, deficiency judgments, marriage dissolution, and estates. Our firm values most types of real property interests, timely, professionally, and at competitive costs. PROFESSIONAL QUALIFICATIONS A) PROFESSIONAL DESIGNATIONS/ LICENSES MAI Designation - APPRAISAL INSTITUTE No. 9451 State-Certified General Real Estate Appraiser No. RZ-173 Florida State Licensed Real Estate Broker No. BK 0161305 VOSB Veteran-Owned Small Business (CCR/Duns 826494957) B) WORK HISTORY 1983 - Current Vice President - Vance Real Estate Service 1981 – 1983 President - The Appraisal Company, Fort Lauderdale, Florida C) QUALIFIED AS AN EXPERT WITNESS IN REAL ESTATE VALUATION U.S. Bankruptcy Court, Southern District of Florida Florida Circuit Court: Broward County D) PROFESSIONAL DEVELOPMENT PROGRAM REGISTRIES Valuation of Sustainable Buildings: Commercial Valuation of Sustainable Buildings: Residential E) EXPERIENCE: 35+years appraising and analyzing real property interests in South Florida. F) APPRAISER SPECIAL MAGISTRATE FOR THE BROWARD CO VALUE ADJUSTMENT BOARD 2002-2010 Partial list of real property types valued: High value residences, Condominiums/ Co -operatives, Office, Industrial, Multi-family, Restaurants/ bars, Auto dealerships, City Centers, Hotels/ motels, Houses of worship, Schools, Child care centers, Self-storage, Funeral home, Animal Hospital, Mixed use, Nursing homes, Gas sales stations, Marinas, Mobile home parks, Shopping centers, Country clubs/ golf courses, Financial institutions, Bowling centers, Vacant land, Agricultural properties, Environmentally sensitive land Types of Reports: Market Value, Eminent Domain, Marketability, Feasibility, Highest and Best Use, Investment Analyses, Partial Interests, Easement Valuations, Estate planning, Marriage dissolution, Land use studies, Damage/ Contamination studies 64 401 2 of 4 G) PARTIAL LIST OF CLIENTS – PRIVATE: Individuals, Corporations, Attorneys, Accountants, Habitat for Humanity, Seminole Tribe of Florida COMMERCIAL BANKS: Wells Fargo; BankAtlantic; SunTrust; Citigroup; Space Coast Credit Union; State Farm Bank; Florida Shores Bank; American National Bank; Landmark Bank; City National Bank; Englewood Bank & Trust SAVINGS & LOANS, INSURANCE COMPANIES, REAL ESTATE INVESTMENT TRUSTS, & REAL ESTATE TRANSFER COMPANIES, TITLE INSURANCE COMPANIES FLORIDA CITIES: Fort Lauderdale, Plantation, Cooper City, Deerfield Beach, Tamarac, Oakland Park, Wilton Manors, Davie, Hollywood, Pembroke Pines, Hallandale Beach, Lauderhill, Southwest Ranches, Miramar, Boca Raton, Boynton Beach, West Palm Beach, Delray Beach FLORIDA COUNTIES and AGENCIES: Broward, Palm Beach, Broward County Board of County Commissioners, School Board of Broward County, Broward County Housing Authority STATE OF FLORIDA Department of Transportation (FDOT), Department of Environmental Protection U.S. Department of Veterans Affairs, U.S. Department of Treasury (IRS), U.S Marshall’s Service, U.S. Attorney H) EDUCATIONAL BACKGROUND Academic: Bachelor of Arts Degree – University of New Orleans, New Orleans, LA – Major: English Professional: Symposium (SREA) - Market Analysis, 1983, Philadelphia Symposium (SREA) - Market Analysis, 1984, Atlanta Symposium (SREA) - Market Analysis, 1985, Vancouver Symposium (SREA) - Market Analysis, 1986, Atlantic City Symposium (SREA) - Market Analysis, 1988, Los Angeles SEMINAR (AI) - Cost Approach (1992/Boston) SEMINAR (AI) - Rates & Ratios (1992/Boston) SEMINAR (AI) - International Appraising (1992/Boston) SEMINAR (AI) - Litigation Valuation/Mock Trial (1993) SEMINAR (AI) - ADA ACT (1993/Reno) SEMINAR (AI) - Hotel Valuation (1993) SEMINAR (AI) - Income Capitalization, Methods (1993) SEMINAR (AI) - Powerlines/Electromagnetic Radiation (1994) SEMINAR (AI) - Verifying Market Data (1994) SEMINAR (AI) - Market Studies for Appraisals (1994) SEMINAR (AI) - Florida Appraiser Core Law (USPAP/1994) SEMINAR (AI) - Limited Appraisals & Reports (USPAP/1994) SEMINAR (AI) - Public Safety & Property Values (1995) SEMINAR (AI) - Outparcel Valuation (1995) SEMINAR (AI) - Computer Technology Video Conference (1995) SEMINAR (AI) - The Internet & the Appraiser (1996) SEMINAR (AI) - Florida Commercial Construction (1996) SEMINAR (AI) - 1996 Data Exchange (1996) SEMINAR (AI) - Real Property Rights in Florida (1996) COURSE (AI) - USPAP & Florida Real Estate Core Law (1996) SEMINAR (AI) - Valuation of Trees (1997) SEMINAR (AI) - Valuation of Transferable Development Rights [TDR’s] (1997) COURSE (AI) - Standards of Professional Practice, Part C, 15 hour Course #430 (1997) SEMINAR (AI) - Non-Conforming Uses (1998) SEMINAR (AI) - The Impact of Contamination on Real Estate Value (1998) COURSE (AI) - USPAP & Florida Real Estate Core Law (1998) SEMINAR (AI) - Econometrics/Statistical Valuation Methods (1999) SEMINAR (AI) - Globalization of Real Estate/What U.S. Appraisers Need to Know (1999) SEMINAR (AI) - The Role of the Appraiser in Alternative Dispute Resolution (Mediation/Arbitration) (1999) SEMINAR (AI) - Technology Forum Part II/Intermediate (1999) SEMINAR (AI) - Client Satisfaction/Retention/Development (1999) SEMINAR (AI) - Attacking and Defending an Appraisal (1999) SEMINAR (AI) - Federal Appraisal Requirements (2000) SEMINAR (AI) - Regression Analysis in Appraisal Practice: Concepts & Applications (2000) 65 402 3 of 4 H) EDUCATIONAL BACKGROUND (Continued) SEMINAR (AI) - Analyzing Income Producing Properties (2000) COURSE (AI) - USPAP & Florida Real Estate Core Law (2000) SEMINAR (AI) - Mediation & Alternate Dispute Resolution Seminar (2001) SEMINAR (AI) - State of the Appraisal Profession (2001) SEMINAR (AI) - Ad Valorem Assessment Process in Florida (2002) SEMINAR (AI) - Role of Real Estate Appraisers in Bankruptcy Proceedings (2002) SEMINAR (AI) - Appraisers & the Gramm-Leach-Bliley Federal Privacy Act (2002) SEMINAR (AI) - How to Appraise the Ugly House (2002) COURSE (AI) - 2-Day Course #430, Standards of Professional Practice, Part C (2002) SEMINAR (AI) - Market Trends for 2003 (2003) SEMINAR (AI) - Update on Code of Professional Ethics (2003) PANEL (AI) - Moderator “Industry, Consumer & Congressional Views on Predatory Lending” D.C. (2003) SEMINAR (AI) - Florida State Law for Real Estate Appraisers (2003) SEMINAR (AI) - Appraisal Agreements (2003) SEMINAR (AI) - Analyzing Distressed Real Estate (2004) SEMINAR (AI) - Valuation for Financial Reporting Purposes (2004) SEMINAR (AI) - National USPAP Course (2004) SEMINAR (AI) - Inverse Condemnation (2004) SEMINAR (AI) - Loss Prevention (2005) SEMINAR (AI) - Single Family Fraud Awareness (2005) SEMINAR (AI) - Guide to the new URAR form (2005) SEMINAR (AI) - Technologies for Real Estate Appraisers (2006) SEMINAR (AI) - The Appraiser’s Role in New Urbanism (2006) SEMINAR (AI) - National USPAP Update (2006) SEMINAR (AI) - Florida State Law for Real Estate Appraisers (2006) SEMINAR (AI) - Scope of Work and the New USPAP Requirements (2006) SEMINAR (AI) - Energy Star and the Appraisal Process (2006) SEMINAR (AI) - Reappraising, Readdressing, and Reassigning Appraisals (2007) SEMINAR (AI) - Real Estate Fraud (2007) SEMINAR (AI) - Forecasting Revenue (2007) SEMINAR (AI) - Florida Law for Real Estate Appraisers (2007) COURSE (AI) - Business Practice and Ethics #420 (2007) SEMINAR (AI) - Supervisor – Trainee Roles and Rules (2008) COURSE (AI) - 7 Hour National USPAP Update #400 (2008) SEMINAR (AI) - Hypothetical Conditions and Assumptions (2008) SEMINAR (AI) - Real Estate Economy (2008) SEMINAR (AI) - Public Sector Appraising (2009) SEMINAR (AI) - Inspecting the residential “green” house (2009) WEBINAR (AI) - Value for Financial Reporting (2009) SEMINAR (AI) - The Real Estate Market in 2009 SEMINAR (AI) - New Government Regulations (2009) SEMINAR (AI) - Property Tax Assessment (2010) SEMINAR (AI) - 7 Hour National USPAP (2010) SEMINAR (AI) - Florida Law for Real Estate Appraisers (2010) SEMINAR (AI) - Supervisor/ Trainee Roles and Rules (2010) SEMINAR (AI) - The Real Estate Market (2011) SEMINAR (AI) - Uniform Appraisal Standards for Federal Land Acquisitions- “Yellow Book” (2011) COURSE (AI) - 15 Hour Appraisal Curriculum Overview (2011) SEMINAR (AI) - Spotlight on USPAP – Agreement for Services (2011) SEMINAR (AI) - Trial Components (2011) SEMINAR (AI) - Lessons from the Old Economy Working in the New (2012) SEMINAR (AI) - Appraisal Review for General Appraisals (2012) COURSE (AI) - National USPAP Update (2012) SEMINAR (AI) - Florida Law (2012) SEMINAR (AI) - Land Valuation (2012) SEMINAR (AI) - Valuation of Warehouses (2012) SEMINAR (AI) - IRS Valuation (2012) SEMINAR (AI) - Business Practices and Ethics (2012) SEMINAR (AI) - Real Estate Forecast (2013) SEMINAR (AI) - Advanced Marketability Studies (2013) SEMINAR (AI) - Developing a Supportable Workfile (2013) 66 403 4 of 4 H) EDUCATIONAL BACKGROUND (Continued) SEMINAR (AI) - Florida Appraisal Law (2014) SEMINAR (AI) - Liability Issues for Appraisers performing Litigation & Non-Lending Work (2014) COURSE (AI) -7 Hour National USPAP Update Course (2014) SEMINAR (AI) - Florida Law (2014) SEMINAR (AI) - New Real Estate Economy (2014) SEMINAR (AI) - Economic Engines of Miami-Date County (2015) SEMINAR (AI) - Economic Engines of Broward County (2015) SEMINAR (AI) - Tightening the Appraisal (2015) SEMINAR (AI) - Evaluating Commercial Construction (2015) SEMINAR (AI) - Drone Technology (2015) SEMINAR (AI) - Loss Prevention for Appraisers (2016) COURSE (AI) - 7 Hour National USPAP Update (2016) SEMINAR (AI) - Florida Law (2016) SEMINAR (AI) - Redefining the Appraisal & Its Role in an Evolving Banking Environment (2016) SEMINAR (AI) - The Tough One, Mixed use properties (2016) SEMINAR (AI) - Business Practices & Ethics (2016) SEMINAR (AI) - Economic Engines Driving Broward County (2017) SEMINAR (AI) - Introduction to Green Buildings & passed exam (2017) SEMINAR (AI) - Another View of the Tough Ones (2017) SEMINAR (AI) - Appraising for the Office of Valuation Services, Department of the Interior (2017) SEMINAR (AI) - Case Studies in Appraising Green Residential Buildings & passed exam (2017) SEMINAR (AI) - Uniform Appraisal Standards for Federal Land Acquisitions & passed exam (2017) SEMINAR (AI) -Hot Topics & Myths in Appraiser Liability (2018) COURSE (AI) - 7 Hour National USPAP Update (2018) SEMINAR (AI) - Florida Law (2018) SEMINAR (AI) -Parking & Its Impact on Florida Properties (2018) SEMINAR (AI) -What’s New in Residential Construction (2018) SEMINAR (AI) -Valuation Resources for Solar Photovoltaic Systems (2018) SEMINAR (AI) -Technology Tips for Real Estate Appraisers (2018) SEMINAR (AI) -Residential & Commercial Valuation of Solar & passed exam (2018) SEMINAR (AI) -Airport Appraisals (2019) SEMINAR (AI) -Practical Applications in Appraising Green Commercial Properties & passed exam (2019) I) PROFESSIONAL INVOLVEMENT Region X Representative of the Appraisal Institute 2006 – 2009 President of the South Florida Chapter of the Appraisal Institute - 2003 First Vice-President of the South Florida Chapter of the Appraisal Institute -2002 Second Vice-President of the South Florida Chapter of the Appraisal Institute -2001 Secretary of the South Florida Chapter of the Appraisal Institute -2000 Treasurer of the South Florida Chapter of the Appraisal Institute - 1999 Chair of the Education Committee of the S. Florida Chapter of the Appraisal Institute - 1995, 1996, 1997, 1998, 2007- 2018 Director of the South Florida Chapter of the Appraisal Institute 1996 - 1998 Member of Region X (Florida) Ethics and Counseling Panel –AI Graduate of the Florida REALTORS Institute (GRI) J) CIVIC INVOLVEMENT Member of the Navy League of the United States – Fort Lauderdale Council Lifetime Honorary Member- Florida Sheriff’s Association Member of Zeta Tau Alpha Alumnae Fraternity 67 404 C RA B O ARD M E E T I NG O F : December 8, 2020 O L D B US I NE S S AG E ND A IT E M : 15.B. S UB J E C T: Consideration of L etters of I ntents for the C R A Owned P roperty located at 1102-1110 N. F ederal Highway S UM M ARY: T he C R A purchased 1110 N. F ederal Highway for $170,000 in March 2017 (see Attachment I ). At the time of the C R A 's acquisition and appraisal, there was an existing structure that added value to the commercial appraisal. After working with the C ity's Development Department, it was determined that renovation/reconstruction was not cost effective based on the site and building's nonconformities and the building was subsequently demolished. An appraisal f or the property was completed on J uly 10, 2020 with a determined market value of $158,000 (see A ttachment I I ). At their July 14, 2020, the C R A Board reviewed a Letter of Interest (L OI) submitted by Mr. Ben Rogatinsky and Sam Rogatinsky, owners of WP BR Radio to acquire the vacant property owned by the C R A and located at 1110 N. Federal Highway. WPBR Radio is currently leasing space within the CRA District at 2755 S. Federal Highway. After discussion, the Board approved accepting the LO I from WPBR Radio to purchase the 1110 N. Federal Hwy. property under the following terms (see Attachments III-IV): Purchase Price - $25,000 plus $60,000 of monthly advertising space over five years Project - 1,200 +/- square foot commercial office building, parking required elements Project Funding - principal equity and secured construction loan Project Timeline - approximately 14-18 months During the required P ublic Notice P eriod, a second L O I was submitted on August 18th to the C R A by the owners of B D H Consulting Group, a Boynton based company providing engineering, planning, and surveying services (see Attachment V). The terms submitted are as follows: Option 1: P urchase P rice - $30,000 plus $70,000 in professional services over a ten year period Option 2:P urchase P rice - $50,000 plus engineering services if future development occurs with adjacent parcels. Option 3: Purchase P rice - $50,000 plus a $40,000 C R A F orgivable S econd Mortgage f or ten 405 (10) years, depreciating at ten percent (10%) per year; plus engineering services if future development occurs with adjacent parcels. Project - 1,200 +/- square foot commercial office building, parking and required elements. Project F unding - principal equity and secured construction loan Project Timeline - approximately 14-16 months On August 22, 2020, the CRA received a revised LOI from WPBR Radio with the following terms (see Attachment VI): Option 1: P urchase P rice: $35,000 plus $70,000 in advertising over a ten year period Option 2: P urchase P rice: $55,000 plus $45,000 in advertising over a ten year period At the September 8, 2020 CRA Board meeting, the Board approved to table the item to the October 13, 2020 the to allow the two proposers to work together on the redevelopment of both the 1102 and 1110 N. Federal Highway properties and to coordinate with the City's disposal of the property as a result of the Settlement Agreement between the City and the property owner of the adjacent property to the south, 1102 N. Federal Highway (see Attachment VII). Ownership of the 1102 N. Federal Highway was transferred to the City (see Attachment VIII) on September 30, 2020 and on November 4, 2020 the City transferred ownership of the 1102 N. Federal Highway to the CRA (see Attachment IX). On November 6, 2020, the CRA received a third L OI from Mr. Tim Collins, the owner of Fish Depot, a restaurant located at 1022 N. Federal Highway (see Attachment X). T he following terms have been proposed: Purchase Price - $500,000 for both the 1110 and 1102 N. F ederal Highway properties Project - Convert the existing 1,980 square foot building to a for a retail seafood market and a café Project F unding - P rivate investor, long-term S B A f unding, and C R A grants ($250,000- 350,000 additional improvements) Project Timeline - not indicated At its meeting on November 10, 2020, the C R A Board accepted ownership of the 1102 N. F ederal Highway property and authorized the public notice to dispose of the property. T he disposition of property was publicly noticed on November 12, 2020. WB P R Radio and B D H C onsulting Group have indicated to C R A staf f that they have reached an agreement to form an entity with the financial and professional capacity to redevelop the two properties as one integrated project to accommodate both businesses in accordance with the City's land development requirements (see A ttachment X I ). C R A staf f has had discussions with the City's P lanning and Development staf f and have confirmed the feasibility of the preliminary integrated site concept. R epresentatives of the entities will be available at the December 8, 2020 meeting to answer any questions the B oard may have with respect to their development proposal. Under the CRA Board's Unsolicited Letter of Intent (L OI) to Purchase Policy, if a second unsolicited L OI is received during the Public Notice Period, the Board could determine 1) that a Request for Proposal should be issued; 2) accept one L OI and move into further negotiations; or 3) reject any and all LOIs submitted to the CRA (see Attachment XII). F I S C AL I M PAC T: To be determined by the C R A B oard. 406 C RA P L AN/P RO J E C T /P RO G RAM : 2016 B oynton Beach Community Redevelopment Plan, F ederal Highway District C RA B O ARD O P T IO NS: To be determined by the B oard by the C R A Board. AT TAC HM E NT S : Description Attachment I - M ap of 1102-1110 N. Federal Highway Attachment II - J uly 2020 Appraisal Attachment III - J uly 14, 2020 WP B R Radio Letter of Intent Attachment IV - J uly 14, 2020 WP B R Construction & Cost E stimate Attachment V - August 18, 2020 B D H Consulting Group, L etter of Intent Attachment V I - August 22, 2020 Revised WP B R Radio Letter of Intent Attachment V II - Excerpt of S eptember 8, 2020 C RA Board M eeting M inutes Attachment V III - Executed E ckols Settlement Agreement and Deed to the City of Boynton Beach Attachment IX - 1102 N. F ederal Highway Land T ransfer to the C RA (Resolution R20-122) Attachment X - November 6, 2020 Fish Depot L etter of Intent and P lans Attachment X I - December 4, 2020 WP RB and B D H Consulting Group P rogress Report Attachment X II - C RA 2017 L etter of Interest P olicy 407 CRA Parcel 1110 N. Federal Hwy. 1102 N. Federal Hwy. 408 A P P R A I S A L R E P O R T VACANT LAND 1110 NORTH FEDERAL HIGHWAY BOYNTON BEACH, FLORIDA 33435 by Vance Real Estate Service 7481 Northwest Fourth Street Plantation, Florida 33317-2204 for Boynton Beach Community Redevelopment Agency 710 North Federal Highway Boynton Beach, FL 33435 July 10, 2020 409 MBA in REAL ESTATE DEVELOPMENT & MANAGEMENT 7481 Northwest 4th Street, Plantation, FL 33317-2204 954/583-2116 July 10, 2020 Boynton Beach Community Redevelopment Agency 710 North Federal Highway Boynton Beach, FL 33435 RE: Vacant Land, 1110 North Federal Highway, Boynton Beach, FL 33435 (Legal description is in the report.) Ladies and Gentlemen: In fulfillment of our agreement, we transmit our Appraisal Report, in which we develop an opinion of market value for the fee simple estate in the referenced real property as of July 10, 2020. The report sets forth our value conclusion, along with data and reasoning supporting our opinion. This report was prepared for and our professional fee billed to Boynton Beach Community Redevelopment Agency. Our analyses have been prepared in conformance with the Uniform Standards of Professional Appraisal Practice (USPAP 2020-2021). This report is for exclusive use of the client for possible sale of the appraised property. Jesse B. Vance, Jr. and Claudia Vance visited the property. If you have questions or further needs, please contact the undersigned. As a result of our analyses, we have developed the following opinion of the market value of the appraised property, subject to definitions, certifications, and limiting conditions set forth in the attached report. ONE HUNDRED FIFTY-EIGHT THOUSAND DOLLARS $158,000 (THIS LETTER MUST REMAIN ATTACHED TO THE REPORT WITH SIXTY-SEVEN (67) NUMBERED PAGES FOR THE VALUE OPINION SET FORTH TO BE CONSIDERED VALID.) Respectfully submitted, Jesse B. Vance, Jr., MAI, SRA, ASA State-Certified General Real Estate Appraiser RZ-85 Claudia Vance, MAI State-Certified General Real Estate Appraiser RZ-173 410 TABLE OF CONTENTS Page Number Title Page i Letter of Transmittal ii Table of Contents iii INTRODUCTION 4 Photographs of the Subject Property 5 1-3-5 Mile Location Map 8 1-3-5 Mile Demographic Statistics 9 Summary of Important Facts and Conclusions 11 DESCRIPTIONS, ANALYSES, & CONCLUSIONS 12 Identity of Client and Intended User 13 Intended Use 13 Identification of Real Estate Appraised 13 Ownership 13 Property Address 13 Legal Description 13 Real Estate Tax Analysis 14 Market Area Description 15 Zoning 20 Site Description 20 Real Property Interest Appraised 21 Appraisal Purpose and Definition of Market Value 21 Effective Dates of the Appraisal and Report 22 Scope of the Work 22 Summary of Information Considered 23 Property History 24 Highest and Best Use 24 SALES COMPARISON APPROACH-LAND VALUATION 27 Land Sales map 28 Land Sales documentation 39 Land Sales Comparison & Adjustment Chart 41 Valuation by the Sales Comparison Approach 42 FINAL VALUE OPINION 46 Certification and Limiting Conditions 47 ADDENDA 49 Flood zone determination 50 Acquiring deed for the appraised property 51 “C-3” & “C-4” zoning information 53 USPAP Standards Rule 2-2a 56 Qualifications of the Appraisers 59 411 INTRODUCTION 4 412 INTRODUCTION 4 413 APPRAISED PROPERTY 1110 NORTH FEDERAL HIGHWAY BOYNTON BEACH, FL 33435 5 414 NORTH FEDERAL HIGHWAY, LOOKING SOUTH NORTH FEDERAL HIGHWAY, LOOKING NORTH 6 415 AERIAL VIEW OF THE APPRAISED PROPERTY 1110 NORTH FEDERAL HIGHWAY BOYNTON BEACH, FL 33435 7 416 1-3-5 Mile Radii from the Valued Real Property 1110 N. Federal Highway Boynton Beach, Florida 33435 8 417 Demographics 1110 N. Federal Highway, Boynton Beach, Florida 33435 VANCE REAL ESTATE SERVICE Rings: 1, 3, 5 mile radii Latitude: 26.52944 Longitude: -80.06217 1 mile 3 miles 5 miles Population 2000 Population 13,714 68,475 157,685 2010 Population 13,889 77,108 175,363 2020 Population 16,131 86,332 194,062 2025 Population 17,778 92,444 205,996 2000-2010 Annual Rate 0.13%1.19%1.07% 2010-2020 Annual Rate 1.47%1.11%0.99% 2020-2025 Annual Rate 1.96%1.38%1.20% 2020 Male Population 49.1%47.8%47.6% 2020 Female Population 50.9%52.2%52.4% 2020 Median Age 41.0 44.8 47.4 In the identified area, the current year population is 194,062. In 2010, the Census count in the area was 175,363. The rate of change since 2010 was 0.99% annually. The five-year projection for the population in the area is 205,996 representing a change of 1.20% annually from 2020 to 2025. Currently, the population is 47.6% male and 52.4% female. Median Age The median age in this area is 41.0, compared to U.S. median age of 38.5. Race and Ethnicity 2020 White Alone 44.1%59.7%64.1% 2020 Black Alone 48.5%31.5%26.7% 2020 American Indian/Alaska Native Alone 0.3%0.3%0.3% 2020 Asian Alone 1.1%2.0%2.3% 2020 Pacific Islander Alone 0.0%0.0%0.0% 2020 Other Race 3.3%3.7%4.0% 2020 Two or More Races 2.6%2.8%2.7% 2020 Hispanic Origin (Any Race)14.8%18.1%18.5% Persons of Hispanic origin represent 18.5% of the population in the identified area compared to 18.8% of the U.S. population. Persons of Hispanic Origin may be of any race. The Diversity Index, which measures the probability that two people from the same area will be from different race/ethnic groups, is 66.3 in the identified area, compared to 65.1 for the U.S. as a whole. Households 2020 Wealth Index 80 90 107 2000 Households 5,155 29,982 69,087 2010 Households 5,263 33,236 75,718 2020 Total Households 6,239 37,167 83,375 2025 Total Households 6,923 39,775 88,359 2000-2010 Annual Rate 0.21%1.04%0.92% 2010-2020 Annual Rate 1.67%1.10%0.94% 2020-2025 Annual Rate 2.10%1.37%1.17% 2020 Average Household Size 2.58 2.29 2.30 The household count in this area has changed from 75,718 in 2010 to 83,375 in the current year, a change of 0.94% annually. The five-year projection of households is 88,359, a change of 1.17% annually from the current year total. Average household size is currently 2.30, compared to 2.29 in the year 2010. The number of families in the current year is 47,844 in the specified area. Data Note: Income is expressed in current dollars. Housing Affordability Index and Percent of Income for Mortgage calculations are only available for areas with 50 or more owner-occupied housing units. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025. Esri converted Census 2000 data into 2010 geography. July 11, 2020 ©2020 Esri Page 1 of 2 9 418 Demographics 1110 N. Federal Highway, Boynton Beach, Florida 33435 VANCE REAL ESTATE SERVICE Rings: 1, 3, 5 mile radii Latitude: 26.52944 Longitude: -80.06217 1 mile 3 miles 5 miles Mortgage Income 2020 Percent of Income for Mortgage 19.8%17.6%18.7% Median Household Income 2020 Median Household Income $48,947 $54,653 $57,241 2025 Median Household Income $53,656 $58,542 $62,208 2020-2025 Annual Rate 1.85%1.38%1.68% Average Household Income 2020 Average Household Income $73,852 $77,895 $83,186 2025 Average Household Income $82,404 $85,828 $92,194 2020-2025 Annual Rate 2.22%1.96%2.08% Per Capita Income 2020 Per Capita Income $29,352 $33,756 $35,765 2025 Per Capita Income $32,906 $37,154 $39,560 2020-2025 Annual Rate 2.31%1.94%2.04% Households by Income Current median household income is $57,241 in the area, compared to $62,203 for all U.S. households. Median household income is projected to be $62,208 in five years, compared to $67,325 for all U.S. households Current average household income is $83,186 in this area, compared to $90,054 for all U.S. households. Average household income is projected to be $92,194 in five years, compared to $99,510 for all U.S. households Current per capita income is $35,765 in the area, compared to the U.S. per capita income of $34,136. The per capita income is projected to be $39,560 in five years, compared to $37,691 for all U.S. households Housing 2020 Housing Affordability Index 117 128 121 2000 Total Housing Units 6,207 36,122 82,365 2000 Owner Occupied Housing Units 3,402 21,640 52,470 2000 Renter Occupied Housing Units 1,753 8,342 16,616 2000 Vacant Housing Units 1,052 6,140 13,279 2010 Total Housing Units 7,027 42,450 94,178 2010 Owner Occupied Housing Units 3,174 21,476 53,318 2010 Renter Occupied Housing Units 2,089 11,760 22,400 2010 Vacant Housing Units 1,764 9,214 18,460 2020 Total Housing Units 8,173 46,064 101,248 2020 Owner Occupied Housing Units 3,620 22,981 56,669 2020 Renter Occupied Housing Units 2,619 14,185 26,706 2020 Vacant Housing Units 1,934 8,897 17,873 2025 Total Housing Units 8,983 48,964 106,631 2025 Owner Occupied Housing Units 3,850 23,977 58,864 2025 Renter Occupied Housing Units 3,073 15,798 29,494 2025 Vacant Housing Units 2,060 9,189 18,272 Currently, 56.0% of the 101,248 housing units in the area are owner occupied; 26.4%, renter occupied; and 17.7% are vacant. Currently, in the U.S., 56.4% of the housing units in the area are owner occupied; 32.3% are renter occupied; and 11.3% are vacant. In 2010, there were 94,178 housing units in the area - 56.6% owner occupied, 23.8% renter occupied, and 19.6% vacant. The annual rate of change in housing units since 2010 is 3.27%. Median home value in the area is $256,466, compared to a median home value of $235,127 for the U.S. In five years, median value is projected to change by 2.35% annually to $287,996. Data Note: Income is expressed in current dollars. Housing Affordability Index and Percent of Income for Mortgage calculations are only available for areas with 50 or more owner-occupied housing units. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025. Esri converted Census 2000 data into 2010 geography. July 11, 2020 ©2020 Esri Page 2 of 2 10 419 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS PROPERTY APPRAISED: Vacant land 1110 North Federal Highway Boynton Beach, FL 33435 OWNERSHIP: Boynton Beach Community Redevelopment Agency 710 North Federal Highway Boynton Beach, FL 33435 LAND AREA: Approximate width is 66 feet; maximum depth is approximately 95 feet. Lot size is approximately 6,033 square feet. Note: dimension and size are from public records. No sketch of survey is available for review. BUILDING IMPROVEMENTS: None ZONING: “C-4”, General Commercial District in the city of Boynton Beach LAND USE: General Commercial CRA FUTURE PLAN: Mixed Use - Low Density APPRAISAL PURPOSE: To develop an opinion of market value INTEREST APPRAISED: Fee simple CURRENT USE: Vacant HIGHEST AND BEST USE: Small commercial building or assemble with adjacent land for a larger mixed use project of office, retail and residential uses VALUE BY THE SALES COMPARISON APPROACH: 6,033 square feet x $26.17 per square foot of land = ONE HUNDRED FIFTY-EIGHT THOUSAND DOLLARS $158,000 VALUATION DATE: July 10, 2020 Exposure Time: 12 months prior to selling at the appraised value Marketing Time: 12 months immediately following the effective date of appraisal during which time the subject property could sell at the appraised value 11 420 DESCRIPTIONS, ANALYSES, CONCLUSIONS 12 421 APPRAISAL REPORT This is an APPRAISAL REPORT that complies with Standard Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice (USPAP 2020 - 2021) 2-2(a)(i) State the identity of the client; The client and intended user of this report is the Boynton Beach Community Redevelopment Agency. 2-2(a)(ii) State the identity of any other intended users by name or type; None 2-2(a)(iii) State the intended use of the appraisal; The intended use of the appraisal is for possible sale of the appraised property. 2-2(a)(iv) Contain information, documentation, and/or exhibits sufficient to identify the real estate involved in the appraisal, including the physical, legal and economic property characteristics relevant to the assignment; Ownership: Boynton Beach Community Redevelopment Agency 710 North Federal Highway Boynton Beach, FL 33435 Property Address: 1110 North Federal Highway Boynton Beach, FL 33435 Legal Description: Parts of Lots 20, 21 and 22, Block 2, LAKE ADDITION OF BOYNTON BEACH, Plat Book 11, page 71, Palm Beach County, FL (Complete legal description in the acquiring deed in the Addenda.) 13 422 APPRAISAL REPORT (continued) Census Tract No. 61 Real Estate Tax: Parcel Control Number: 08 43 45 21 32 0020211 Land Value: $85,683 Improvement Value: -0- Total Value: $85,683 Assessed Value: $85,683 Ad Valorem Tax: $ -0- Boynton Beach Community Redevelopment Agency (BB CRA) purchased the appraised property in 2017. The following tax year, the property was exempt from taxation because it is owned by a governmental agency. Therefore, no real estate tax is paid by the property owner. After purchase, the BB CRA had the building on the site demolished and removed. Hence, the county property appraiser eliminated the allocated portion of the county’s value to the improvement, leaving the allocated portion for land which is $85,683. When a property is exempt from taxation, the market value assigned to it by the county appraiser may not be current or accurate. The appraised value of the property in this report is $158,000, greater than the market value ascribed by the county property appraiser. The appraised value is based on current sales of similar properties. Flood Zone: Zone “X”, according to Map Number 12099C0791F. Zone “X” is not in a Special Flood Hazard Area. 14 423 APPRAISAL REPORT (continued) Market Area Description: Boundaries and Market Composition & Transportation Infrastructure The general market area is the City of Boynton Beach in eastern -central Palm Beach County. Population of the city is about 72,000 residents; land area of the municipality is about 16 square miles situated between Delray Beach on the south and Lake Worth on the north. The town was named for an early developer, Nathan Boynton, a former major in the Union Army in the Civil War. The city was founded in 1898 and incorporated in 1920. Most of the original buildings were destroyed in the hurricane of 1926, though a few remain. Those few which were constructed in the early 1920s that are still in use have had repairs and replacements over the decades changing their historical significance. Time and economic trends take a toll on properties; thus, in 1984 a redevelopment plan was adopted for the Community Redevelopment Area (CRA) in the city. It covers 1,650 acres in the central part of the municipality west of the Intracoastal Waterway. Agriculture and farming had been important activities in past centuries in Boynton Beach. Commerce came to the area when Henry Flagler extended the Florida East Coast Railway from West Palm Beach to Miami in 1896. The railroad was the main mode of transportation to bring visitors and manufactured products to the town as well as transporting produce grown in the vicinity out of the area to other cities in the southeastern United States. Freight trains still run through the subject market area on the FEC tracts. Higher speed, passenger Brightline train runs along the FEC tract, but does not stop in Boynton Beach. There are three depots with one in downtown Miami, one in downtown Fort Lauderdale and the third in downtown West Palm Beach. Boca Raton, Palm Beach County, and Aventura and the Port of Miami, Miami-Dade County will be the next depots. In the future, there may be commuter rail service along the FEC tracks with a station in downtown Boynton Beach; however, no plans have been announced. 15 424 APPRAISAL REPORT (continued) The subject market area is comprised of the Boynton Beach CRA districts of Federal Highway, North and South, and the Downtown district inbetween. One district blend s into the next, extending north-south through the city. Federal Highway is the main north-south artery through the municipality. It is also known as US Highway 1 and is the main north -south artery through eastern Palm Beach County and extends along the eastern seaboard of the United States. Heavily trafficked Federal Highway is a catalyst to redevelopment of the market area, with over 2,300 residential dwelling units in five projects either built or planned. Highway beautification projects enhanced the aesthetics of the market area. Individual properties on the east and west side of the highway have shallow depths, inhibiting redevelopment of the sites with larger commercial projects. Assemblages of adjacent properties and rezoning to mixed use will continue to facilitate revitalization of the subject market area. Primary east-west artery in the subject market area is Boynton Beach Boulevard, with Ocean Avenue to the south as a secondary thoroughfare. Boynton Beach Boulevard is the principal east-west artery in city, having interchanges with Interstate 95 and Florida’s Turnpike. Boynton Beach Boulevard commences in the east at US Highway 1, just to the east of the FEC Railroad. The boulevard continues west through Palm Beach County to its terminus at State Road 7/ U S Highway 441. Ocean Avenue, in the Cultural District of the CRA, is an upgraded streetscape of wide sidewalks covered with pavers, lighting, kinetic sculptures, and bollards. Ocean Avenue continues east of the Cultural District with a drawbridge over the Intracoastal Waterway, reaching Ocean Boulevard and the Atlantic Ocean. Ocean Avenue extends west through Boynton Beach, with an interruption at Interstate 95. The subject market area is easily accessible by main roads and Interstate 95. To the northwest of the Downtown District and the Federal Highway North District is the Heart of Boynton District where the CRA has concentrated funds and effort into revitalizing the area with new housing options and upgraded streetscapes. The CRA has purchased numerous smaller properties to assemble larger sites for redevelopment of mixed use projects. 16 425 APPRAISAL REPORT (continued) Population Trends The demographic survey in the beginning of the report of 1, 3, and 5 mile radial circles from the appraised property shows the median household income for 2019 in the one-mile radius is $48,947, for three miles it is $54,653, and $57,241 for the five mile circle. Median household income for Palm Beach County is $54,400. In the one-mile circle, population is 16,131. In three miles, population increases to 86,332; at five miles, it is 194,062. However, about one-third of the three and five mile circles are over the Atlantic Ocean and waterways. Annual growth rate is anticipated to be 1.20% to 1.96% in the three circles, during the next five years as the economy and job market recovers in South Florida and new multi-family residential complexes are constructed. 56% of the housing units are owner occupied, with 26% rented. This percentage of renters is high for Palm Beach County because there are numerous multi-family dwellings in this vicinity. Vacancy is reported to be 18%; how ever, this amount is elevated due to the undercount of the other two categories as some residents are seasonal and not counted. Median home value in the five-mile area is $256,466 including the highly priced homes fronting the Atlantic Ocean and Intracoastal Waterway, compared to median home value of $235,127 in the United States. Economic Trends In South Florida, as in the rest of the United States, real estate prices climbed from 2003-2006. In 2007-2008, concerns were expressed about an unsustainable upward price trend in the market. Then, the economic collapse came in fall of 2008 along with the crash in real estate prices. In 2009, there were very few sales of any type of real estate. By 2010, it appeared that the worst was over. Cash buyers started making purchases. From 2013 to present, sales activity and prices recuperated. The upswing in prices is due in part to scarcity of developable land, especially in the eastern part of the county. Properties in primary locations are back to pre-crash prices; other properties are approaching that level. 17 426 APPRAISAL REPORT (continued) The life cycle stage of the market area is revitalization, a period of renewal, modernization and increasing demand. Revitalization in the CRA is taking place along US Highway 1, in the part of the corridor near Ocean Avenue and Boynton Beach Boulevard with projects such as 500 Ocean, consisting of 341 residential units, 20,000 square feet of retail space and 6,000 square feet of office. Ocean One at 114 N Federal Highway is planned for 358 apartments, 12,075 square feet of retail, 120 hotel room and 439 parking spaces. The Villages at East Ocean Avenue were approved for 371 dwelling units, 15,757 square feet of commercial space, plaza, 644-space parking garage, et cetera. At 623 S Federal Highway, The Club of Boynton Beach is a six-story, 87 unit assisted living facility and memory care facility. Earlier in the 2000s, the property was to be developed with a condominium; however, the recession halted those plans. At 2923 S Federal Highway, Daniel Heart Center is replacing an old strip store center by renovating the buildings. In addition to completed and approved projects, a large redevelopment site is under contract to be purchase located on the east side of Federal Highway at SE 1 Avenue, Boynton Beach. The 2.85 acres of land is an assemblage of 10 properties with numerous owners. Issues would have to be addressed such as demolition of existing buildings, unity of title, right-of-way abandonment, density of dwelling units, et cetera. The confidential contract price could change due to contingencies based on these and other issues. However, this assemblage is an example of the revitalization of the subject market area. Town Square, a major redevelopment project to the west of Federal Highway is under construction in three sections extending from the south side of Boynton Beach Boulevard south to SE 2 Avenue, encompassing 16.5 acres of land. The north section covers the area of the old city hall and police station which were demolished and removed. The project consists of the following: • North parcel – 225 residential units, 120 hotel rooms, 65,000 square feet of office/ retail space and 927 space parking garage • Middle parcel – 200 residential units, 18,887 square feet of retail space • South parcel – 280 residential units, 820 space parking garage, 4,000 public space 18 427 APPRAISAL REPORT (continued) Included in the project are spaces for a new city hall, police station, fire station and park. Renovation of the historic high school is part of the project. In the Heart of Boynton CRA district, Ocean Breeze East is under construction at 700 North Seacrest Boulevard. The development is an affordable apartment project containing 123 units, retail space, clubhouse and swimming pool. The project came about by the Boynton Beach Community Redevelopment Agency selling the land and the Florida Housing Finance Corporation and TD Bank providing the financing. Also in the Heart of Boynton CRA district will be apartments and retail buildings on Martin Luther King, Jr. Boulevard east of Seacrest Boulevard. Land will be forthcoming from the Boynton Beach CRA and financing from the State of Florida will be similar for the developer of this project. Conclusion The town’s redevelopment goal is to transform Boynton Beach from a retirement community to a vibrant city where residents can enjoy living and working in an attractive setting. Boynton Beach Community Redevelopment Agency is instrumental in the renaissance of the city. The CRA envisions the Federal Highway and Downtown Districts to have a future land use of mixed uses with various densities. The transformation of the area is in progress. Development of real estate takes time and the right market conditions which have been positive. Upward price trend for property in the subject market area will resume when the economy stabilizes and there are visible signs that projects are moving forward. Land Use: General Commercial Proposed Land Use: Mixed Use, low intensity CRA District: Federal Highway North 19 428 APPRAISAL REPORT (continued) Zoning: “C -4”, General Commercial in the city of Boynton Beach. The intent of this district is to accommodate service and intensive commercial establishments and limited light industrial uses. Minimum lot area is 5,000 square feet. Minimum lot frontage is 50 feet; minimum lot depth is 100 feet. Copy of the zoning code is in the Addenda. The appraised site contains 6,033 square feet, appearing to meet the size standard in the “C -4” district. Site Description: The shape of the site is a quadrangle. Approximate dimensions and size are from public records. North boundary on adjacent property: 86 feet East boundary on adjacent property: 65 feet South boundary on adjacent property: 95 feet West boundary on N Federal Highway: 66 feet Total: 6,033 square feet Utilities: All utilities are available to the site. Access: The site is accessible via North Federal Highway. North Federal Highway is a four-laned road with a raised, landscaped median, sidewalks, street lights and storm drains. Easements: Easement are unknown; however, utility easements are typically around the perimeter of the site. Improvements: There are no structural improvements on the site. 20 429 APPRAISAL REPORT (continued) Environmental Assessment: There is no Phase I Environmental Site Assessment to review. 2-2(a)(v) State the real property interest appraised; A person who owns all the property rights is said to have fee simple title. A fee simple title implies absolute ownership unencumbered by any other interest or estate. Partial interests in real estate are created by selling, leasing, et cetera. Partial estates include leased fee and leasehold estates. The interest appraised is fee simple. 2-2(a)(vi) State the type and definition of value and cite the source of the definition; The purpose of the appraisal is to develop an opinion of market value of the subject property as of July 10, 2020. MARKET VALUE: a type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal. The conditions included in market value definitions establish market perspectives for development of the opinion. These conditions may vary from definition to definition but generally fall into three categories: 1. the relationship, knowledge, and motivation of the parties (i.e., seller and buyer); 2. the terms of sale (e.g., cash, cash equivalent, or other terms); and 3. the conditions of sale (e.g., exposure in a competitive market for a reasonable time prior to sale). Market value appraisals are distinct from appraisals completed for other purposes because market value appraisals are based on a market perspective and on a normal or typical premise. These criteria are illustrated in the following definition of Market Value*, provided here only as an example. Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions as follows. 21 430 APPRAISAL REPORT (continued) 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised and acting in what they consider their own best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. * This example definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated December, 2010. Florida Court Definition: “Market Value is the price that a seller willing, but not compelled to sell, and a buyer willing, but not compelled to buy, would agree to in fair negotiations with knowledge of all the facts.” [Source: Fla. Power & Light Co., v. Jennings, 518 So.2d 895 (Fla. 1987)] 2-2(a)(vii) State the effective date of the appraisal and the date of the report; A) Effective Date of the Appraisal: July 10, 2020 B) Date of the Report: July 10, 2020 2-2(a)(viii) Summarize the scope of work used to develop the appraisal; The appraisal problem is to develop an opinion of value of the property based on its highest and best use. The appraisers inspected the property and photographed it. A thorough investigation was made into the physical characteristics of the property that could affect its value. The market area was surveyed to determine its stage of the life cycle. Research was conducted to ascertain economic factors that might influence value. Data research consisted of collecting, confirming, and reporting sales of land sales. The process included searches and analyses, inspections and confirmations, and final reporting. The appraiser examined several sources of sales data, including CoStar Group, Corelogic, Realquest, Loopnet, Palm Beach County Property Appraiser records, the public records, and data from the appraisers’ plant. 22 431 APPRAISAL REPORT (continued) 2-2(a)(ix) Summarize the extent of any significant real property appraisal assistance; The two signatory appraisers are the only people involved in the appraisal process. 2-2(a)(x)(1) Summarize the appraisal methods and techniques employed; (2) State the reasons for excluding any of the valuation approaches; (3) Summarize the results of analyzing the subject sales, options and listings; (4) State the value opinion and conclusion (5) Summarize the information analyzed and the reasoning that supports the analyses, opinions, and conclusions For Sales Comparison Approach, land sales are compared to each other and to the property under appraisement to arrive at an opinion of value. The information analyzed and the appraisal method used is detailed in the valuation section of the report. Further, the reasoning that supports the analyses, opinions, and conclusions is explained in the valuation section. Cost Approach is not used because no structures were considered in the valuation. The Income Approach is not employed in this appraisal because most sites like the subject are purchased and not leased. Exclusion of these approaches to value still produces a creditable report. The value opinion and conclusion is stated at the end of the Sales Comparison Approach – Land Valuation. SR 1-5 When the value opinion to be developed is market value, if such information is available in the normal course of business: a) analyze all agreements of sale, options, or listings of the subject property current as of the effective date of the appraisal; and There are no known agreements of sale, options or listings of the subject property as of the effective date of the appraisal. 23 432 APPRAISAL REPORT (continued) b) analyze all sales of the subject property that occurred within the three (3) years prior to the effective date of the appraisal. Boynton Beach Community Redevelopment Agency acquired the appraised property from The Alpine Seven Company on March 15, 2017 for $170,000. The property was improved with a store when purchased. Subsequent to the sale, the BB CRA demolished and removed the improvement. 2-2(a)(xi) State the use of the real estate existing as of the effective date and use of the real estate reflected in the appraisal; The use of the real estate on the date of valuation is vacant land, and it is this use which is reflected in the appraisal. No personal property is included in the valuation. 2-2(a)(xii) When an opinion of highest and best use was developed by the appraiser, state that opinion and summarize the support and rationale for that opinion; HIGHEST AND BEST USE OF THE PROPERTY AS VACANT Physically Possible as Vacant The land appraised contains approximately 6,033 square feet. It has an interior location in the block, one lot north of the signalized intersection of North Federal Highway and NE 10 Avenue. The parcel is level and filled to street grade. All utilities are available to the site. Physical constraint to develop the site is its size which governs the number of potential improvements which can be placed on it. Legally Permissible as Vacant Legal restrictions to the development of the site consist of land use designation, building and zoning codes, platting and deed restriction, none of which came to light during the property investigation. Land use designation is General Commercial. 24 433 HIGHEST AND BEST USE OF THE PROPERTY AS VACANT Proposed land use is mixed use, low intensity. Zoning is “C-4”, General Commercial. Minimum lot size is 5,000 square feet. Permitted uses include a variety of commercial and light industrial uses. The appraised land appears to meets the size standards for the “C-4” district as a stand-alone site or it could be assembled with adjacent land for a larger development. City officials make the determination as to the legally permissible use of the land. Financially Feasible as Vacant The third test of Highest and Best Use is economic feasibility. Demand for a certain property type must be evident for it to be feasible. For it to be financially feasible, the use must be marketable and provide the investor with a competitive return when compared with alternate uses. As mentioned, assemblages of smaller parcels into larger sites for mixed use development are taking place in the subject market area and in other CRA districts. Once a large site is assembled, the development process can commence with possible zoning and/or land use change to permit mixed use projects such as 500 Ocean or The Villages at East Ocean. Financially feasible use for the subject is either for a small stand-alone commercial property or to assemble it with other properties in the subject block for redevelopment of a mixed use project. The most probable buyer is a local or regional developer assembling smaller parcels to have sufficient land for a large mixed use project. Time for development is now with revitalization of the subject market area taking place. Maximally Productive as Vacant In summary, the Highest and Best Use of the land in question is for a small single-occupant commercial building or for assemblage with other lots in the subject block to construct a mixed use project with residential units on the upper floors and commercial use on the ground level. Such uses would be physically possible, probably legally permissible with necessary changes if any, financially feasible and maximally productive. 25 434 APPRAISAL REPORT (continued) 2-2(a)(xiii) Clearly and Conspicuously: State all extraordinary assumptions and hypothetical conditions; and state that their use might have affected the assignment result. There are no extraordinary assumptions or hypothetical conditions in this report. 2-2(a)(xiv) Include a signed certification in accordance with Standards Rule 2-1 See signed certification in report. 26 435 SALES COMPARISON APPROACH LAND VALUATION 27 436 28 437 VACANT LAND SALES SALE NO. 1 LEGAL DESCRIPTION Lot 11, Block “B,” PENCE’S SUBDIVISION NO. 1, Plat Book 1, page 33, Palm Beach County, FL, RECORDED O. R. Book 29576, Page 256 GRANTOR James Ploen GRANTEE Exsorro One, Inc. DATE OF SALE January 8, 2018 LOCATION 415, 421 and 425 Southeast 5 Avenue Boynton Beach, FL ZONING “C-3,” Community Commercial PROPOSED LAND USE Mixed Use, medium intensity CRA District Downtown District SALE PRICE $611,000 LAND SIZE 21,593 square feet UNITS OF COMPARISON $28.30 per square foot of land PARCEL CONTROL NO. 08 43 45 28 07 002 0111, 0112, 0113 CONDITIONS OF SALE Purchase money mortgage in the amount of $531,000 at the market rate of interest. Arm’s length transaction. CONFIRMED Kenneth Kaleel, attorney for grantee COMMENTS Three contiguous small parcels improved with old single family houses from 1924-1938, which will be demolished and removed to redevelop the site along with other parcels assembled by the same grantee. Road frontage on two sides: SE 4 Street and SE 5 Avenue. 29 438 LAND SALE 1 415, 421 & 425 SOUTHEAST 5 AVENUE BOYNTON BEACH, FL 30 439 VACANT LAND SALES SALE NO. 2 LEGAL DESCRIPTION Lots 1, 2, 3 and 4, Block “C,” PENCE’S SUBDIVISION NO. 1, Plat Book 1, page 33, Palm Beach County, FL, less the east 13 feet of Lots 1 and 4 for Federal Highway RECORDED O. R. Book 29241, Page 1523 GRANTOR Hidden Brook Corporation GRANTEE Exsorro One, Inc. DATE OF SALE July 25, 2017 LOCATION 601 South Federal Highway Boynton Beach, FL ZONING “C-3,” Community Commercial PROPOSED LAND USE Mixed Use, medium intensity CRA District Downtown District SALE PRICE $1,250,000 LAND SIZE 52,507 square feet UNITS OF COMPARISON $23.81 per square foot of land PARCEL CONTROL NO. 08 43 45 28 07 003 0010 CONDITIONS OF SALE Cash sale. Arm’s length transaction. CONFIRMED Kenneth Kaleel, attorney for grantee COMMENTS Vacant parcel with street frontage on three sides: South Federal Highway, SE 4 Street and SE 5 Avenue. 31 440 LAND SALE 2 601 SOUTH FEDERAL HIGHWAY BOYNTON BEACH, FL 32 441 VACANT LAND SALES SALE NO. 3 LEGAL DESCRIPTION Lots 12 and 13, less the east 15 feet, PARKER ESTATE, Plat Book 10, page 37, Palm Beach County, FL RECORDED O. R. Book 29130, Page 501 GRANTOR ALTA 1111 LLC GRANTEE Indiantown Land Holdings LLC DATE OF SALE June 1, 2017 LOCATION 1111 South Federal Highway Boynton Beach, FL ZONING “C-3,” Community Commercial PROPOSED LAND USE Mixed Use, medium intensity CRA District Downtown District SALE PRICE $340,000 LAND SIZE 15,460 square feet UNITS OF COMPARISON $22.00 per square foot of land PARCEL CONTROL NO. 08 43 45 28 24 000 0120 CONDITIONS OF SALE Cash sale. Arm’s length transaction. CONFIRMED Lloyd Granet, attorney for grantee COMMENTS Vacant parcel with street frontage on three sides: South Federal Highway, SE 4 Street and SE 10 Avenue. 33 442 LAND SALE 3 1111 SOUTH FEDERAL HIGHWAY BOYNTON BEACH, FL 34 443 VACANT LAND SALES SALE NO. 4 LEGAL DESCRIPTION The south 100 feet of Lot 2, LEE MANOR ISLES, Plat Book 24, page 211, Palm Beach County, FL, less right -of-way for Federal Highway RECORDED O. R. Book 29355, Page 1851 GRANTOR Anand Patel et al GRANTEE Exsorro One, Inc. DATE OF SALE September 21, 2017 LOCATION 1320 South Federal Highway Boynton Beach, FL ZONING “C-1,” Office Professional PROPOSED LAND USE Mixed Use, medium intensity CRA District Federal Highway District – South SALE PRICE $565,000 LAND SIZE 22,686 square feet UNITS OF COMPARISON $24.91 per square foot of land PARCEL CONTROL NO. 08 43 45 27 05 000 0021 CONDITIONS OF SALE Cash sale. Arm’s length transaction. CONFIRMED Kenneth Kaleel, attorney for grantee COMMENTS Vacant parcel at the northeast corner of South Federal Highway and Riviera Drive. 35 444 LAND SALE 4 1320 SOUTH FEDERAL HIGHWAY BOYNTON BEACH, FL 36 445 VACANT LAND SALES SALE NO. 5 LEGAL DESCRIPTION Lengthy legal description. (see deed) RECORDED O. R. Book 30928, Page 1197 GRANTOR Stanley Gundlach et al GRANTEE Boynton TRC LLC DATE OF SALE September 30, 2019 LOCATION 525 Southeast 18 Avenue Boynton Beach, FL ZONING “C-3,” Community Commercial PROPOSED LAND USE Mixed Use, low intensity CRA District Federal Highway District – South SALE PRICE $325,000 LAND SIZE 15,612 square feet UNITS OF COMPARISON $20.82 per square foot of land PARCEL CONTROL NO. 08 43 45 33 000 1310 CONDITIONS OF SALE Cash sale. Arm’s length transaction. CONFIRMED Walter Dinardo for grantor COMMENTS Vacant parcel on a side street adjacent to a community shopping center. 37 446 38 447 39 448 LAND SALE 5 525 SE 18 AVENUE BOYNTON BEACH, FL 40 449 LAND SALE COMPARISON & ADJUSTMENT CHART Transactional Adjustment P r o p e r t y A d j u s t m e n t LAND SALE SALE Land Zoning Market Adjusted Location Adjusted Adjusted Price SALES PRICE DATE Sq.Ft.Time @ 3%/yr.Price Price per Sq.Ft. 1 415-425 SE 5 Avenue $611,000 01/08/2018 21,593 "C-3"$45,825 $656,825 $0 $656,825 $30.42 Boynton Beach, Florida $28.30/sq. ft.Inferior +7.5%Equal 2 601 S. Federal Highway $1,250,000 07/25/2017 52,507 "C-3"$112,500 $1,362,500 $0 $1,362,500 $25.95 Boynton Beach, Florida $23.81/sq.ft.Inferior + 9%Equal 3 1111 S. Federal Highway $340,000 06/01/2017 15,460 "C-3"$30,600 $370,600 $0 $370,600 $23.97 Boynton Beach, Florida $22.00/sq. ft.Inferior +9%Equal 4 1320 S Federal Highway $565,000 09/21/2017 22,686 "C-1"$48,025 $613,025 $0 $613,025 $27.02 Boynton Beach, Florida $24.91/sq. ft.Inferior +8.5%Equal 5 525 SE 18 Avenue $325,000 09/30/2019 15,612 "C-3"$8,125 $333,125 $33,313 $366,438 $23.47 Boynton Beach, Flordia $20.82/sq. ft.Inferior 2.5%Inferior 10% Subject Subject Value Value Date Sq.Ft. Value 1110 N. Federal Highway $158,000 07/10/2020 6,033 "C-4"--------------------$26.17 Boynton Beach, Florida 41 450 SALES COMPARISON APPROACH LAND VALUATION Of the several methods to develop an opinion of land value, the one considered to be the most reliable is the Sales Comparison Approach. In this method, sales of other similar vacant parcels are compared to the site concerned; then adjusted for differences to arrive at land value. For the opinion to be supportable, there must be an adequate number of sales of similar properties for comparison to the subject. The steps of sales comparison in Land Valuation are : 1) Locate and collect information of recent sales of sites most similar to the land being appraised. 2) Verify the sales information with parties to the transactions, including details of financing and any special considerations or non-typical market features. 3) Select relevant units of comparison and develop a comparative analysis for each unit. 4) Compare and adjust the sales to the subject using the significant, market-derived units of comparison. 5) Reconcile all value indications from the comparisons into a single value opinion by this approach. The appraised property is a vacant site at 1110 North Federal Highway, Boynton Beach, FL. Land size is 6,033 square feet; zoning is “C-4”, General Commercial. The subject market area is in the revitalization stage of its life cycle. A search was made to find recent sales of properties fronting or close to Federal Highway which are either vacant or will soon will be. Of the properties reviewed, the five which are more similar to the subject are cited in this report. Details of the transactions are on the sale sheets and chart. The unit of comparison relevant to this valuation is Sale Price per Square Foot of Land. The range of prices is from $20.82 to $28.30 per square foot of land, before adjustments. ELEMENTS OF COMPARISON Elements of comparison are the characteristics of transactions and properties that cause variation in prices paid for real estate. The Appraisal of Real Estate continues by stating that there are basic elements of comparison that may be considered in sales comparison analysis for land valuation. The first group is termed transactional elements being: real property rights conveyed, financing terms, conditions of sale and market conditions. This second group of property elements consists of location, physical characteristics and use. Each element is hereafter addressed. (Continued) 42 451 LAND VALUATION (Continued) Real Property Rights Conveyed A transaction price is always predicated on the real property interest conveyed. Property interests conveyed can either be fee simple (without tenants) or leased fee (subject to leases). An adjustment for property rights conveyed is based on whether a leased fee interest was sold with leases at market rent, or below or above market rent. In the case of land, there could be a land lease on the site that would create a leased fee interest. The lease amount would require examination to see if the tenant (the leasehold interest) had a value greater than zero. If it is, then the submarket rental rate would give some of the property value to the tenant. The sales were the conveyance of fee simple interest, the same interest valued for the land in question. No numerical adjustment is warranted for this element of comparison. Financing Terms Financing terms may have a bearing on the price paid for a property. Such terms that may affect price include assuming a mortgage at lower than current interest rates, the seller paying a buydown for the buyer to have a lower interest rate, or the seller providing financing for a transaction at lower than typical institutional rates. In all of these cases, the buyer could have paid higher prices in such transactions to obtain favorable financing. All of the land sales except No. 1 were in cash, which is the most common form of payment for vacant land. The grantor of Sale 1 accepted a purchase money mortgage from the buyer in the amount of $531,000 (87% loan to price ratio) on a short-term basis. The land unit price for No. 1 is at the top end of the range, suggesting the financing have an effect on the amount paid. However, there are old improvements on the site that have to be demolished and removed before redevelopment of the site. The demolition and removal will be an expense to the buyer, off-setting any monetary advantage gained by the financing. Hence, no adjustment is made for this element of comparison to the sales. Conditions of Sale Condition of sale addresses the motivation of buyers and sellers. Such motivations include a seller accepting a lower than market price for needed cash, a lender selling a previously foreclosed property to comply with regulations imposed on the institution, or a buyer purchasing an adjacent property. Even arm's length transactions may be the result of atypical motivation, such as lack of exposure time to the market, the result of an eminent domain proceeding, or tax consideration. Sales 1, 2, and 4 were purchased by Exsorro One, Inc. Sale 2 consists of two adjacent parcels which were purchased at one time. Motivation of this grantee appears to be similar to others who have made purchases in the area over the years which is to assemble sites large enough for development of mixed use, higher density projects. (Continued) 43 452 LAND VALUATION (Continued) Conditions of sale of these transactions are emblematic of a market area in the revitalization phase of its life cycle. Old improvements reach the end of their economic lives. Some sites are too small for financially feasible redevelopment. Population is increasing with residents seeking new lifestyle accommodations. Thus, assemblages become the norm without need for adjustment for this condition of sale. Motivation of the grantees of Land Sales 3 and 5 seem to be to purchase the land for stand-alone projects, though also in a market area which is in a period of renewal and modernization. Market Conditions Comparable sales that occurred under different market conditions than those applicable to the subject on the effective date of the value estimate require adjustment for any differences that affect their value. The most common adjustment for market condition is time; however, the passage of time itself is not the cause of the adjustment. Market conditions which change over time are the reason to make the adjustment, such as appreciation or depreciation due to building inventory, changes in tax laws, investor's criteria, building moratoriums, fluctuation in supply and demand, et cetera. It is also possible that there is no change in market condition over time. There is an upward trend in real estate prices in the subject market area due to the revitalization supported by the Boynton Beach Community Redevelopment Agency and to scarcity of developable parcels. The upward trend exceeds the annual inflation rate of 2% per year. Each of the land sales is adjusted upward 3% annually for market conditions to the effective date of appraisal. The amounts of the adjustments are shown on the chart. Adjustments for transactional elements of comparison were considered; now, property elements of comparison are addressed. Location The location of a property is a key factor in prompting a buyer to purchase it. Location encompasses many aspects such as road frontage, access, traffic count, proximity to other competing properties, proximity to a market that will use the goods and services housed in a property, governmental influences, et cetera. Typically, properties in a neighborhood share some of the same locational characteristics such as age, condition, and style. However, there may be differences such as corner location, view, and zoning, to name a few. Properties of a similar type may be in different locations, yet the locations may share enough similarities to justify comparison. Factors of similarity between locations include average daily traffic counts, zoning and/or land use, and market composition. (Continued) 44 453 LAND VALUATION (Continued) All of the sales are located fronting or near Federal Highway in Boynton Beach; all are in the Boynton Beach Community Redevelopment Area along with the appraised site. Sales 1, 2, and 3 are in the CRA Downtown District. Nos. 4 and 5 are in the CRA Federal Highway South district. The parcel concerned is in the CRA Federal Highway North district. Significance of being in a CRA district is that they are eligible for programs and support from the Boynton Beach Community Redevelopment Agency. Zoning for the land concerned is “C-4”, General Commercial, with a minimum lot size of 5,000 square feet. Land Sales 1, 2, 3 and 5 are zoned “C-3”, where the lot size is a minimum of 15,000 square feet. Land Sale 4 is in the “C-1” district, with a minimum lot size of 9,000 square feet. The square foot size of all of the sites meets the minimum standard for their districts. The subject “C-4” district permits more uses than the other two. Land Sale 1 is located one block west of Federal Highway and two blocks south of Ocean Avenue where revitalization is evident with new projects of 500 Ocean and Town Square. For Sale 1, proximity to the redevelopment off-sets no Federal Highway frontage. Land Sales 2, 3 and 4 border Federal Highway. Land Sale 5 is on SE 18 Avenue, a local road. It was previously improved with a residence that has been demolished and removed. Although adjacent to a shopping center, the site is not part of it. The parcel is not visible from Federal Highway. Location of No. 5 is inferior to the other land sales and subject. It is adjusted upward a nominal 10% to recognize this difference. Physical Characteristics Physical characteristics to be considered for adjustments are those that cause a difference in price to be paid by the market. A wide range of such items includes land size, shape, frontage, topography, view, access, functional utility, et cetera. Adjustments for physical characteristics are best derived from the market by paired sales comparison. Through the process of searching for comparable sales, the physical characteristics are of great import. From the universe of possible comparable sales, those that are most similar to the site appraised are presented in the report for analysis and comparison to the subject. The less the number of physical differences, the better. Land size for the subject is 6,033 square feet; smallest in the data set, yet of sufficient size to meet the “C-4” zoning standard. The sales range in size from 15,460 to 52,507 square feet. There does not appear to be a direct relationship between parcel size and price per square foot. There are minor differences among the physical characteristics of the land sales and the parcel concerned; however, they are not significant enough to warrant quantitative adjustments. (Continued) 45 454 LAND VALUATION (Continued) Use For sites to be comparable, they should have similar uses. Use for the subject and sales could be smaller commercial buildings; although, larger mixed use projects, possible by assemblage of properties, would adhere to the CRA redevelopment plan. No adjustment is called for this element of comparison. FINAL VALUE OPINION Following is a summary of the adjusted square foot unit prices for the five sales: Land Sale Adjusted Sale Price/ Square Foot 1 $30.42 2 $25.95 3 $23.97 4 $27.02 5 $23.47 The range of unit prices is from $23.47 to $30.42 per square foot of land. Since each of the land sales has already been adjusted to the land appraised, equal weight is placed on each sale for the final value opinion. Considering the characteristics of the land under appraisement and the foregoing discussion, the unit value for the subject is $26.17 per square foot. The quantity of the comparable data is sufficient to have an overview of the market for land in or near the Federal Highway corridor in the city of Boynton Beach. The quality of the data is good in that it provides a sound basis to develop an opinion of value for the land under appraisement. Based on the analysis and conclusions presented within the report, it is our opinion that the Market Value of the Fee Simple Estate of the Subject Property as of July 10, 2020 is: $26.17/sq.ft. of land x 6,033 square feet = $158,000 ONE HUNDRED FIFTY-EIGHT THOUSAND DOLLARS 46 455 CERTIFICATION I certify that, to the best of my knowledge and belief, the statements contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the property that is the subject of this report, and I have no bias or personal interest with the parties involved. The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. My compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 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. The analyses, opinions and conclusions were also developed and the report prepared in conformity with the Uniform Standards of Professional Appraisal Practice, which is included in the Appraisal Institute's Standards, and Chapter 475, Part II F.S. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. The use of this report is (also) subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board. I have visited the property that is the subject of this report on July 8, 2020. Jesse B. Vance, Jr. and Claudia Vance are responsible for the analyses, conclusions and opinions concerning real estate set forth in this report. No one else has provided significant professional service to the persons signing this report. The Appraisal Institute and the American Society of Appraisers each conduct programs of continuing education for their designated members. As of the date of this report, Jesse B. Vance, Jr. and Claudia Vance have completed the requirements of the continuing education program of the Appraisal Institute. Continuing educational requirements are also completed for the American Society of Appraisers and the State of Florida. July 10, 2020 Jesse B. Vance, Jr., MAI, SRA, ASA Florida State-Certified General Real Estate Appraiser No. RZ-85 July 10 , 2020 Claudia Vance, MAI Florida State-Certified General Real Estate Appraiser No. RZ-173 47 456 CERTIFICATION AND LIMITING CONDITIONS The statements and conclusions contained in this report, subject to the limiting conditions hereafter cited, are correct to the best of the writers' knowledge. 1. The undersigned have personally inspected the subject of this report. No pertinent information has been knowingly withheld. 2. Unless specifically included, the subject is analyzed as though free and clear of liens and encumbrances. 3. No responsibility is assumed for legal matters, nor is an opinion of title rendered. Title is assumed to be good and held in Fee Simple, unless excepted. 4. Legal descriptions and property dimensions have been furnished by others; no responsibility for their correctness is assumed. Sketches which may be in the report are for illustrative purposes only. 5. Possession of any copy of this report does not carry with it the right of publication, duplication, or advertising using the writers’ names or professional designations or membership organizations. 6. The writers are not required to testify without prior agreement. 7. Neither the employment to make this appraisal nor compensation therefore is contingent on the value reported. 8. Where divisions are made between land, improvements, etc., the values estimated for each apply only under the cited use or uses. 9. The value applies ONLY as of the date of valuation stated within the report. 10. The writers certify that they have no present, past or contemplated interest in the subject of this report - unless specifically stated. 11. This report is the property of the indicated client. It may not be used by any other party for any purpose not consistent with the written function of this report without the express written consent of the writers AND client. 12. The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Practice and Conduct of the Appraisal Institute. The work also conforms to the Uniform Standards of Professional Appraisal Practice. 13. Soil or sub-soil contamination may exist from current or prior users, or users outside the property concerned. The appraisers are not qualified to detect such substances. We urge the client to retain an expert in this field if desired. 14. The appraisers have not been provided a Habitat Survey, Endangered Species Survey, or analysis by a qualified environmental specialist indicating the presence of or proximity to environmentally sensitive and/or protected land or species which could affect the use, and possibly, value of the appraised property. The appraisers are not qualified to identify these factors. We recommend that an expert be hired where there may be reasonable cause to expect the presence of any of the cited elements. 15. Jesse B. Vance, Jr. and Claudia Vance are responsible for the analyses, conclusions, and opinions of real estate set forth in this report. No one else provided significant professional assistance to the signers of this report. 16. Prospective value is based on current conditions and trends. The appraisers cannot be held responsible for unforeseeable events which might alter market conditions upon which market value opinion has been developed. 17. The appraisers certify that they have the knowledge and experience required to perform this appraisal assignment. 18. The appraisers reserve the right to amend or change this report at any time additional market information is obtained which would significantly affect the value. Jesse B. Vance, Jr., MAI, SRA, ASA State-Certified General Real Estate Appraiser No. RZ 85 July 10, 2020 Claudia Vance, MAI State-Certified General Real Estate Appraiser No. RZ 173 July 10, 2020 48 457 ADDENDA 49 458 50 459 51 460 52 461 C. C-3 Community Commercial District. 1. General. a. Purpose and Intent. The purpose of the C-3 zoning district is to implement the local retail commercial (LRC) future land use map (FLUM) classification of the Comprehensive Plan. The intent of this conventional district is to encourage the development or use of property for appropriate intensive retail commercial uses providing for a wide range of goods and services, located along major thoroughfares. The C-3 district allows a maximum density of eleven (11) dwelling units per acre; however, all residential developments must adhere to the R-3 district building and site regulation in accordance with Section 2.F. above. b. Prerequisite Location Standard. In reaching recommendations and decisions as to zoning land to C-3, the advisory board and City Commission shall apply the following location standards, in addition, to the standards applicable to the rezoning of land generally: (1) Centrally and accommodating multiple neighborhoods; and (2) Abutting to at least one (1) major thoroughfare. 2. Use(s) Allowed. See "Use Matrix Table 3-28" in Chapter 3, Article IV, Section 3.D. 3. Building and Site Regulations (Table 3-16). No building or portion thereof shall be erected, constructed, converted, established, altered, enlarged or used unless the premises and buildings shall comply with the following regulations: BUILDING/SITE REGULATIONS C-3 District Minimum lot area: 15,000 s.f. Minimum lot frontage: 75 feet Minimum yard setbacks: Front: 20 feet1 Rear: 20 feet2 Abutting: Residential district(s) 30 feet Interior side: 0 feet1,3 Abutting: Residential district(s) 30 feet1 Corner side: 20 feet1 Abutting: Residential district(s) 30 feet1 Maximum lot coverage: 40% Maximum Floor Area Ratio (FAR) 0.504 53 462 Maximum structure height: 45 feet5 1 Reduced setbacks will be applied to property located within the Urban Commercial District Overlay Zone, Section 8.C. below. 2 Where rear yard access is available from a public street or alley, rear yard may be decreased by one-half (1/2) the width of such street or alley, but in no case shall a rear yard be less than ten (10) feet. 3 Where rear access is not available from a public street or alley, a side yard of not less than fifteen (15) feet shall be provided on one (1) side. 4 A floor area ratio (FAR) up to 0.50 may be considered for local retail commercial uses allowed within the C-3 district (see "Use Matrix" – Chapter 3, Article IV, Section 3.D.), pursuant to the local retail commercial future land use classification of the Comprehensive Plan. 5 Not to exceed four (4) stories. 4. Review and Approval Process. a. Single-family and duplex dwellings and accessory uses thereto shall be allowed upon application to and approval by the Building Official for structures that require a building permit pursuant to Chapter 2, Article IV, Section 2. b. Community and common areas, such as recreational areas, landscape buffers and tracts, and project signage may be subject to site plan review. c. Non-residential uses shall require site plan approval in accordance with Chapter 2, Article II, Section 2.F. prior to application for building permit. 5. Parking. Required off-street parking is regulated in accordance with Chapter 4, Article V, Minimum Off-Street Parking Requirements. 6. Exterior Storage of Merchandise and Equipment. See Chapter 3, Article V, Section 8 for the regulations pertaining to the permanent exterior storage of merchandise and equipment. D. C-4 General Commercial District. 1. General. 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. 2. Use(s) Allowed. See "Use Matrix Table 3-28" in Chapter 3, Article IV, Section 3.D. 3. Building and Site Regulations (Table 3-17). No building or portion thereof shall be erected, constructed, converted, established, altered, enlarged or used unless the premises and buildings shall comply with the following regulations: 54 463 BUILDING/SITE REGULATIONS C-4 District Minimum lot area: 5,000 s.f. Minimum lot frontage: 50 feet Minimum lot depth: 100 feet Minimum yard setbacks: Front: 25 feet1,2 Rear: 20 feet3 Abutting: Residential district(s) 30 feet Interior side: 15 feet1,2,3 Abutting: Residential district(s) 30 feet Corner side: 15 feet1,2 Abutting: Residential district(s) 30 feet Maximum lot coverage: 40% Maximum Floor Area Ratio (FAR) 0.504 Maximum structure height: 45 feet5 1 Reduced setbacks will be applied to property located within the Urban Commercial District Overlay Zone, Section 8.C. below. 2 Pursuant to Section 8.B. below, parcels that have frontage on Martin Luther King Jr. Boulevard and are located within the Martin Luther King Boulevard Overlay Zone shall have front, side interior, and side corner setbacks in accordance with the mixed use-low intensity 1 zoning district (see Section 5.C. below). 3 Where rear property line abuts a public street or alley, rear yard setback may be reduced to ten (10) feet and no side yard shall be required, except on corner lots or where abutting single-family uses. 4 A floor area ratio (FAR) up to 0.50 may be considered for general commercial uses allowed within the C-4 district (see "Use Matrix" – Chapter 3, Article IV, Section 3.), pursuant to the general commercial future land use classification of the Comprehensive Plan. 5 Not to exceed four (4) stories; however, those parcels located within the Martin Luther King Boulevard Overlay Zone (Section 8.B. below) shall be limited to thirty (30) feet in height. 4. Review and Approval Process. Non-residential uses shall require site plan approval in accordance with Chapter 2, Article II, Section 2.F. prior to application for building permit. 5. Parking. Required off-street parking is regulated in accordance with Chapter 4, Article V, Minimum Off-Street Parking Requirements. 6. Exterior Storage of Merchandise and Equipment. See Chapter 3, Article V, Section 8 for the regulations pertaining to the permanent exterior storage of merchandise and equipment. 55 464 SUMMARY OF 2020-2021 USPAP (Uniform Standards of Professional Appraisal Practice) Standard Rule 2: Real Property Appraisal, Reporting In reporting the results of a real property appraisal, an appraiser must communicate each analysis, opinion, and conclusion in a manner that is not misleading. STANDARD 2 addresses the content and level of information required in a report that communicates the results of the real property appraisal. STANDARD 2 does not dictate the form, format, or style of real property appraisal reports. The substantive content of a report determines its compliance. STANDARDS RULE 2-1 Each written or oral real property appraisal report m ust: (a) clearly and accurately set forth the appraisal in a manner that will not be misleading; (b) contain sufficient information to enable the intended users of the appraisal to understand the report properly; and (c) clearly and accurately disclose all assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions used in the assignment. STANDARDS RULE 2-2 Each written real property appraisal report m ust be prepared under one of the following options and prominently state which option is used: Appraisal Report or Restricted Appraisal Report. An appraiser may use any other label in addition to, but not in place of, the labels set forth in this Standards Rule for the type of report produced. The use of additional labels such as analysis, consultation, evaluation, study, or valuation does not exempt an appraiser from adherence to USPAP. The report content and level of information requirements in this Standards Rule are minimal for each type of report. An appraiser must supplement a report form, when necessary, to insure that any intended user of the appraisal is not misled and that the report complies with the applicable content requirements. (a) The content of an appraisal report must be appropriate for the intended use or the appraisal and, at a minimum: (i) state the identity of the client, or if the client requested anonymity, state that the identity is withheld at the client’s request but is retained in the appraiser’s workfile; (ii) state the identity of any other intended users by name or type; (iii) state the intended use of the appraisal; (iv) contain information, documents, and/or exhibits sufficient to identify the real estate involved in the appraisal, including the physical, legal, and economic property characteristics relevant to the assignment; (v) state the real property interest appraised; (vi) state the type and definition of value and cite the source of the definition; (vii) state the effective date of the appraisal and the date of the report; (viii) summarize the scope of work used to develop the appraisal; (ix) summarize the extent of any significant real property appraisal assistance; 56 465 SUMMARY OF 2020–2021 USPAP (Uniform Standards of Professional Appraisal Practice) Standard Rule 2: Real Property Appraisal, Reporting (x) provide sufficient information to indicate that the appraiser complied with the requirements of STANDARD 1 by: (1) summarizing the appraisal methods and techniques employed; (2) stating the reasons for excluding the sales comparison, cost, or income approach(es) if any have not been developed; (3) summarizing the results of analyzing the subject sales, options, and listings in accordance with Standards Rule 1-5; (4) stating the value opinion(s) and conclusions(s); and (5) summarizing the information analyzed and the reasoning that supports the analyses opinions, and conclusions, including reconciliation of the data and approaches; (xi) state the use of th real estate existing as of the effective date and the use of the real estate reflected in the appraisal; (xii) when an opinion of highest and best use was developed by the appraiser, state that opinion and summarize the support and rationale for that opinion; (xiii) clearly and conspicuously: • state all extraordinary assumptions and hypothetical conditions, and • state that their use might have affected the assignment results, and (xiv) include a signed certification in accordance with Standards Rule 2-1. STANDARDS RULE 1-5 When the value opinion to be developed is market value, if such information is available in the normal course of business: a) analyze all agreements of sale, options, or listings of the subject property current as of the effective date of the appraisal; b) analyze all sales of the subject property that occurred within the three (3) years prior to the effective date of the appraisal. 57 466 475.611 Florida Statutes: Definitions.- (1) As used in this part, the term: (a) “Appraisal” or “Appraisal Services” means the services provided by certified and licensed appraisers or registered trainee appraisers, and includes: 1. "Appraisal assi gnment" denotes an engagement for which a person is employed or retained to act, or coul d be perceived by third parties or the public as acting, as an agent or a disinterested third party in rendering an unbiased analysis, opinion, review, or conclusion relating to the nature, quality, val ue, or utility of specified interests in, or aspects of, identified real property. 2. "Analysis assi gnment" denotes appraisal services that relate to the employer's or client's individual needs or investment objectives and includes specialized marketing, financing, and feasibility studies as well as analyses, opinions, and conclusions given in connection with activities such as real estate brokerage, mortgage banking, real estate counseling, or real estate consulting. 3. "Appraisal review assignment" denotes an engagement for which an appraiser is employed or retai ned to develop and communicate an opinion about the quality of another appraiser's appraisal, appraisal report, or work. An appraisal review may or may not contain the reviewing appraiser's opinion of value. (b) "Appraisal Foundation" or "foundation" me ans the Appraisal Foundation established on November 20, 1987, as a not-for-profit corporation under the laws of Illinois. (c) "Appraisal report" means any communicati on, written or oral, of an appraisal, appraisal review, appraisal consulting service, analysis, opini on, or conclusion relating to the nature, quality, val ue, or utility of a specified interest in, or aspect of, identified real property, and includes any report communicating an appraisal analysi s, opinion, or conclusion of value, regardless of title. However, in order to be recognized in a federally related transaction, an appraisal report must be wri tten. (d) "Appraisal review" means the act or process of developing and communicating an opinion about the quality of another appraiser's appraisal, appraisal report, or work. (e) "Appraisal subcommittee" means the designees of the heads of the federal financial institutions regulatory agencies established by the Federal Financi al Institutions Exami nation Council Act of 1978 (12 U.S.C. ss. 3301 et seq.), as amended. (f) "Appraiser" means any person who i s a registered trainee real estate appraiser, licensed real estate appraiser, or a certified real estate appraiser. An appraiser renders a professional service and is a professional within the meaning of 95,11(4)(a). (g) "Board" means the Fl orida Real Estate Appraisal Board established under thi s section. (h) “Certified General Appraiser” means a person who is certified by the department as qualified to issue appraisal reports for any type of real property (i) "Certified Residential Appraiser" means a person who is certified by the department as qualified to issue appraisal reports for residential real property of one to four resi dential units, without regard to transaction value or complexity, or real property as may be authorized by federal regulati on. (j) "Department" means the Department of Busi ness and Professi onal Regulati on. 58 467 Page 1 of 5 Jesse B. Vance, Jr., MAI, SRA, ASA, MBA Appraiser · Real Estate Analyst · Reviewer · Expert Witness Vance Real Estate Service · 7481 NW 4 Street · Plantation · Florida · 33317 Office: 954·583·2116; Cell: 954·610·2423; Email: vanceval@comcast.net Web Page: www.vancerealestateservice.com Vance Real Estate Service is a Veteran-Owned Small Business (VOSB) and Florida Certified SDVBE Minority Business Enterprise specializing in personalized real estate valuation services in Florida for over 35 years. Currently registered in “SAM” (U.S. Government System for Award Management – DUNS 826494957). Designated appraisers perform the appraisal work, no trainees. Jesse B. Vance, Jr., MAI, SRA, ASA, MBA and Claudia Vance, MAI are qualified as expert witnesses for eminent domain, bankruptcies, deficiency judgments, marriage dissolution, and estate valuations. Our firm values most types of real property interests for sale, mortgage loans, litigation and investment reasonably, timely and professionally. As licensed real estate brokers, we perform most other real property functions. We also do “Valuations for Financial Reporting.” PROFESSIONAL QUALIFICATIONS A) PROFESSIONAL DESIGNATIONS/ DEGREES/ LICENSES & CERTIFICATIONS MAI DESIGNATION - APPRAISAL INSTITUTE/Life Member No. 8781 SRA DESIGNATION - APPRAISAL INSTITUTE/Life Member No. 8781 ASA DESIGNATION - AMERICAN SOCIETY OF APPRAISERS (RE-Urban) #003439 MBA DEGREE - REAL ESTATE MANAGEMENT AND DEVELOPMENT STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER #RZ-85 (Florida) FLORIDA STATE LICENSED REAL ESTATE BROKER NO. BK. 91050 REGISTERED VETERAN-OWNED SMALL BUSINESS (CCR/Duns 826494957) FLORIDA CERTIFIED SDVBE BUSINESS ENTERPRISE (Minority Business Enterpris e - MBE) FLORIDA “D.E.P.” APPROVED APPRAISER Currently registered in “SAM” (U.S. Government System for Award Management). B) QUALIFIED AS AN EXPERT WITNESS IN REAL ESTATE VALUATION 1. U.S. Court of Appeals, Eleventh Circuit 2. U.S. District Court, Southern District of South Florida 3. U.S. District Court, New Jersey 4. U.S. Bankruptcy Court, Southern District of Florida 5. U.S. Bankruptcy Court, District of New Jersey 6. U.S. Bankruptcy Court, Western (Pittsburgh) Division of Pennsylvania 7. Florida Circuit Courts: Broward, Dade, Palm Beach, Lee, Collier, Martin, and Okeechobee Counties 8. Appraiser on landmark eminent domain cases: TESSLER, NESS TRAILER PARK, PATEL, SIMPSON v. FILLICHIO, RUBANO, PALM BEACH COUNTY (FL) vs. COVE CLUB INVESTORS, LTD. C) EXPERIENCE Over thirty-five (35) years appraising and analyzing real property interests in South Florida. Partial list: RESIDENCES, RESTAURANTS/BARS, APARTMENT BUILDINGS, OFFICE BUILDINGS HOTELS/MOTELS, CHURCHES, CONDOMINIUMS/COOPS, HOSPITALS & NURSING HOMES, VACANT LAND, GOLF COURSES, GOLF CLUBS, GASOLINE SERVICE STATIONS, MARINAS, TRAILER PARKS, SHOPPING CENTERS, BANKS/THRIFT INSTITUTIONS, BOWLING ALLEYS, P.U.D.'S, INDUSTRIAL BUILDINGS, TIME-SHARE DEVELOPMENTS, ROCK PITS, SCHOOLS, AGRICULTURAL PROPERTIES, WATER MANAGEMENT DISTRICT, MARKETABILITY, FEASIBILITY ANALYSES, INVESTMENT ANALYSES, AUTO SALES FACILITIES, LEASE VALUATIONS, TAX & ASSESSMENT APPEALS, CONDEMNATION, EXPERT WITNESS (Member National Forensic Center), BUSINESS ENTERPRISE VALUATIONS (BEV), (VFR) VALUATION FOR FINANCIAL REPORTING, AVIGATION & CLEARANCE EASEMENTS, ESTATES, DIVORCES, PLANNING/LAND USE STUDIES, HIGHEST & BEST USE ANALYSES, DEPRECIATION ANALYSES, COMPONENT APPRAISALS, ENVIRONMENTALLY SENSITIVE LAND, CONTAMINATED PROPERTIES, SUGARCANE & TURFGRASS LAND, DAY CARE CENTERS, SELF-STORAGE FACILITIES, FUNERAL HOMES, ANIMAL HOSPITALS, SUBMERGED LAND, CITY CENTERS, etc. 59 468 Page 2 of 5 D) PARTIAL LIST OF CLIENTS PRIVATE INDIVIDUALS AND CORPORATIONS, ATTORNEYS, ACCOUNTANTS, TRUST DEPARTMENTS, COMMERCIAL BANKS: Wells Fargo; BankAtlantic; SunTrust; American National Bank; Landmark Bank; City National Bank; BankUnited; Gateway American Bank; State Farm Bank; Englewood Bank & Trust; SAVINGS & LOANS, INSURANCE COMPANIES, REAL ESTATE INVESTMENT TRUSTS, & REAL ESTATE TRANSFER COMPANIES, TITLE INSURANCE COMPANIES; FLORIDA CITIES: FORT LAUDERDALE, PLANTATION, COOPER CITY, TAMARAC, LAUDERHILL, BOCA RATON, DEERFIELD BEACH, OAKLAND PARK, WILTON MANORS, HOLLYWOOD, WEST PALM BEACH, DELRAY BEACH, HALLANDALE, PEMBROKE PINES, COOPER CITY, TOWN OF DAVIE, TOWN OF SOUTHWEST RANCHES, MIRAMAR. FLORIDA COUNTIES: BROWARD, PALM BEACH, COLLIER, OKEECHOBEE; BROWARD COUNTY BOARD OF COUNTY COMMISSIONERS; OKEECHOBEE BOARD OF COUNTY COMMISSIONERS. SCHOOL BOARD OF BROWARD COUNTY, FLORIDA, BROWARD COUNTY HOUSING AUTHORITY, STATE OF FLORIDA DEPARTMENT OF TRANSPORTATION (DOT); STATE OF FLORIDA DIVISION OF GENERAL SERVICES(GSA); N. BROWARD GENERAL HOSPITAL DISTRICT; STATE OF FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION (Approved Vendor);U.S. TREASURY DEPARTMENT (General Counsel, I.R.S.); U.S. MARSHAL'S SERVICE – U.S. ATTORNEY’S OFFICE CENTRAL DIVISION – U.S. Dept. of Justice; VETERANS ADMINISTRATION E) EDUCATIONAL BACKGROUND - (Partial List) BACHELOR OF ARTS - Earlham College, Richmond, Indiana (1954) MBA (Nova University) - Real Estate Management & Development (National Dean's List 1991) Course 1 (AIREA) - Basic Principles of Appraising Course 2 (AIREA) - Urban Property Valuation (Income) Course 4 (AIREA) - Condemnation Appraising Course 6 (AIREA) - Income Capitalization & Analysis Course 101 (SREA) - Introduction to Appraising Course 201 (SREA) - Income Property Valuation, Theory Course 202 (SREA) - Applied Income Property Valuation Course 301 (SREA) - Applications/Appraisal Analysis Symposium (SREA) - Market Analysis, 1978, Virginia Symposium (SREA) - Market Analysis, 1979, Arizona Symposium (SREA) - Market Analysis, 1980, South Carolina Symposium (SREA) - Market Analysis, 1981, Tennessee Symposium (SREA) - Market Analysis, 1982, New Mexico Symposium (SREA) - Market Analysis, 1983, Pennsylvania Symposium (SREA) - Market Analysis, 1984, Georgia Symposium (SREA) - Market Analysis, 1985, Vancouver, B.C. Symposium (SREA) - Market Analysis, 1986, New Jersey Clinic (SREA) - #201 Instructor, 1987, U. of Illinois Clinic (SREA) - #201 Instructor, 1988, Illinois Seminar (SREA) - Professional Practice, 1988, Florida Symposium (SREA) - Market Analysis, 1988, California Symposium (SREA) - Market Analysis, 1989, Minnesota MBA Graduate School Courses: 1990 – 1991 Successfully completed the following graduate school courses: - "Regulation of Real Estate Development" - "Real Properties Management" - "Legal Issues In Real Estate" - "Market Analysis and Site Selection" - "Organizational Behavior and Management”" - "Human Resource Management" - "Real Estate Economics" - "R. E. Finance: Instruments, Institutions & Investment Analysis" - "Urban Infrastructure & Environmental Analysis” - "Real Estate Accounting" - "Marketing Management for Real Estate" - "Commercial Real Estate Lending" - "Construction Technology and the Building Development Process" SEMINAR (AI) - Cost Approach (1992/Boston) SEMINAR (AI) - Rates & Ratios (1992/Boston) SEMINAR (AI) - International Appraising (1992/Boston) SEMINAR (AI) - Litigation Valuation/Mock Trial (1993) SEMINAR (AI) - ADA ACT (1993/Reno) SEMINAR (AI) - Hotel Valuation (1993) SEMINAR (AI) - Income Capitalization, Methods (1993) SEMINAR (AI) - Powerlines/Electromagnetic Radiation (1994) SEMINAR (AI) - Verifying Market Data (1994) SEMINAR (AI) - Market Studies for Appraisals (1994) SEMINAR (AI) - Florida Appraiser Core Law (USPAP/1994) 60 469 Page 3 of 5 E)EDUCATIONAL BACKGROUND - (Partial List, continued) SEMINAR (AI) - Limited Appraisals & Reports (USPAP/1994) SEMINAR (AI) - Public Safety & Property Values (1995) SEMINAR (AI) - Outparcel Valuation (1995) SEMINAR (AI) - Computer Technology Video Conference (1995) SEMINAR (AI) - The Internet & the Appraiser (1996) SEMINAR (AI) - Florida Commercial Construction (1996) SEMINAR (AI) - Real Property Rights in Florida (1996) COURSE (AI) - USPAP & Florida Real Estate Core Law (1996) SEMINAR (AI) - Valuation of Trees (1997) 3-DAY COURSE - Environmental Permitting/Mitigation/Mitigation Banking/Contamination Risk Management- Liability/Wetlands/ Hazardous Wastes/Lender Liability (1997/Marco Beach. FL) SEMINAR (AI) - Valuation of Transferable Development Rights [TDR’s] (1997) COURSE (AI) - Standards of Professional Practice, Part C, 15 hour Course #430 (1997) SEMINAR (AI) - Non-Conforming Uses (1998) SEMINAR (AI) - The Impact of Contamination on Real Estate Value (1998) COURSE (AI) - USPAP & Florida Real Estate Core Law (1998) SEMINAR (AI) - Econometrics/Statistical Valuation Methods (1999) COURSE (AI) - 14 Hour (2-day) Advanced Spreadsheet Modeling for Valuation Applications SEMINAR (AI) - Globalization of Real Estate/What U.S. Appraisers Need to Know (1999) SEMINAR (AI) - The Role of the Appraiser in Alternative Dispute Resolution (Mediation/Arbitration) (1999) SEMINAR (AI) - Technology Forum Part II/Intermediate (1999) SEMINAR (AI) - Client Satisfaction/Retention/Development (1999) SEMINAR (AI) - Attacking and Defending an Appraisal (1999) SEMINAR (AI) - Federal Appraisal Requirements (“Yellow Book”) (2000) SEMINAR (AI) - Regression Analysis in Appraisal Practice: Concepts & Applications (2000) SEMINAR (AI) - Analyzing Income Producing Properties (2000) SEMINAR (ATIF) - 1031 Tax Deferred Exchanges (2000) COURSE (AI) - USPAP & Florida Real Estate Core Law (2000) SEMINAR (AI) - Mediation & Alternate Dispute Resolution Seminar (2001) SEMINAR (AI) - State of the Appraisal Profession (2001) 2-Day SEMINAR - Eminent Domain, by CLE International, Tampa, Florida (2001) SEMINAR (AI) - Ad Valorem Assessment Process in Florida (2002) SEMINAR (AI) - Role of Real Estate Appraisers in Bankruptcy Proceedings (2002) SEMINAR (AI) - Appraisers & the Gramm-Leach-Bliley Federal Privacy Act (2002) SEMINAR (AI) - How to Appraise the Ugly House (2002) COURSE (AI) - 2-Day Course #430, Standards of Professional Practice, Part C (2002) SEMINAR (AI) - Market Trends for 2003 (2003) SEMINAR (AI) - Update on Code of Professional Ethics (2003) PANEL (AI) - Moderator “Industry, Consumer & Congressional Views on Predatory Lending” D.C. (2003) SEMINAR (AI) - Florida State Law for Real Estate Appraisers (2003) SEMINAR (AI) - Appraisal Agreements (2003) SEM INAR (AI) - Analyzing Distressed Real Estate (2004) SEMINAR (AI) - Valuation for Financial Reporting Purposes (2004) SEMINAR (AI) - 7 Hour National USPAP Update Course #1400 (2004) SEMINAR (AI) - Inverse Condemnation (2004) SEMINAR (AI) - Appraiser Independence in the Loan Process (2004) SUMMIT (AI) - Moderator at 2-day Appraisal Summit in Washington, D.C. (12/2004) SEMINAR (AI) - Loss Prevention Program for Real Estate Appraisers (2005) SEMINAR (AI) - Valuation of Wetlands (7/2005) SEMINAR (AI) - Tri-County Residential Symposium (8/2005) SEMINAR (AI) - “Cool Tools” Internet Resources and Use for Valuation (2/2006) SEMINAR (AI) - FREAB 7-Hour National USPAP Update (5/2006) SEMINAR (AI) - FREAB 3-Hour Florida State Law for Real Estate Appraisers (5/2006) SEMINAR (AI) - USPAP Scope of Work & New Requirements (8/2006) SEMINAR (AI) - USPAP Reappraising, Readdressing & Reassigning Appraisal Reports (2/2007) SEMINAR (AI) - AI Summary Appraisal Report/Residential (4/07) COURSE (Fla.) -14-Hour Continuing Education (including 3-Hour Florida Core Law) (7/2007) SEMINAR (AI) - Real Estate Fraud: Appraisers Beware! (8/2007) SEMINAR (AI) - Florida Law for Real Estate Appraisers (11/2007) COURSE (AI) - Business Practices and Ethics – 8 hours (12/2007) SEMINAR (AI) - Supervisor Trainee Roles and Rules (2/2008) SEMINAR (AI) -7 Hour National USPAP (4/2008) SEMINAR (AI) - USPAP Hypothetical Conditions & Extraordinary Assumptions (5/2008) SEMINAR (AI) - Litigation Skills for the Appraiser – 7-Hour Seminar (9/2008) SEMINAR (AI) - Public Sector Appraising (2/2009) 61 470 Page 4 of 5 E) EDUCATIONAL BACKGROUND - (Partial List, continued) WEBINAR (AI) - Develop an Effective Marketing Plan (3/2009) SEMINAR (AI) - Inspecting the Residential “Green House” (4/2009) SEMINAR (AI) - Property Tax Assessment (5/2010) SEMINAR (AI) - Supervisor Trainee Roles and Rules (7/2010) SEMINAR (AI) - Florida Law for Real Estate Appraisers (7/2010) SEMINAR (AI) - 7-Hour Introduction to Valuation for Financial Reporting – Chicago (5/2009) SEMINAR (AI) - Government Regulations & Their Effect on R.E. Appraising (8/2009) SEMINAR (AI) - R.E.Market: How We Got Here, Where We Are, Where We’re Going (10/2009) SEMINAR (AI) - 7 Hour National USPAP Update Course (10/1/2010) COURSE (AI) - 7 Hour Introduction to Conservation Easement Valuation (12/10/2010) SEMINAR (AI) - The Real Estate Market (2/18/2011) COURSE (AI) - 16 Hours Uniform Appraisal Standards for Federal Land Acquisitions (“Yellow Book”) (2/25-26/2011) WEBINAR (AI) - Real Estate Industry Perspectives on Lease Accounting (4/7/2011) COURSE (AI) - 15 Hour Appraisal Curriculum Overview (5/19-20/2011) WEBINAR (AI) - 2-hour Investment Property Accounting Standards (6/8/2011) SEMINAR (AI) - 3 Hour Spotlight on USPAP – Agreement for Services (7/15/2011) COURSE (AI) - 14 Hours (2-day) Advanced Excel Spreadsheet Modeling for Valuation Applications (9/22 & 9/23/2011) SEMINAR (AI) - Trial Components (11/4/11) SEMINAR (AI) - Lessons from the Old Economy Working in the New (1/20/2012) 7-Hour USPAP - National USPAP Update (3/9/2012) 3-Hour Fla. Law - State Law Update (3/9/2012) SEMINAR (AI) - Appraisal Review for General Appraisers (4/12/2012) SEMINAR (AI) - Land Valuation (4/20/2012) SEMINAR (AI) - The Valuation of Warehouses (6/22/2012) SEMINAR (AI) - Town Hall Meeting: 2012 Appraisal Institute Forum (7/12/2012) SEMINAR (AI) - IRS Valuation (7/19/2012) SEMINAR (AI) - 7 Hour Business Practices and Ethics Course (12/7/2012) SEMINAR (AI) - Real Estate Forecast 2013 (1/25/2013) COURSE (AI) - 7 Hour Advanced Marketability Studies (5/6/2013) SEMINAR (AI) - Developing a Supportable Workfile (11/15/2013) SEMINAR (AI) - Florida Appraisal Law Course (2/7/2014) SEMINAR (AI) - Liability Issues for Appraisers performing Litigation & Non-Lending Work (2/24/2014) COURSE (AI) - 7 Hour National USPAP Update Course (4/25/2014) SEMINAR (AI) - Economic Conditions (5/16/2014) SEMINAR (AI) - Fundamentals of Going Concerns (7/16/2014) SEMINAR (AI) - Litigation Assignments for Residential Appraisers (7/24/2014) SEMINAR (AI) - Economic Engines of Miami-Dade County, Florida (1/23/2015) SEMINAR (AI) - Economic Engines Driving Broward County, Florida (5/15/2015) 3-Hour Fla.Law - Florida Real Estate Broker 14-hour Continuing Education Course (incl. 3 hour core law) with exam (9/2015) SEMINAR (AI) - Drone Technology & its Effect on Real Estate Valuations (11/2015) SEMINAR (AI) - Loss Prevention for Real Estate Appraisers (1/22/2016) COURSE (AI) - 7-Hour National USPAP Update Course (4/22/2016) SEMINAR (AI) - 3-Hour Florida Appraisal Law (4/22/2016) SEMINAR (AI) - 4-Hour Appraisals in the Banking Environment (5/6/2016) SEMINAR (AI) - Appraising the Tough One: Mixed Use Properties (8/19/2016) SEMINAR (AI) - 4-Hour Business Practices & Ethics (12/02/2016) 5-Year Requirement WEBINAR (AI) - 2-Hour Yellow Book Changes – Overview for Appraisers (1/11/2017) SEMINAR (AI) - 3-Hours Economic Engines Driving Broward County in 2017 (1/27/2017) COURSE (AI) - 7-Hours: Introduction to Green Buildings Principles & Concepts (2/24/2017) COURSE (AI) - 4 Hours: Another View of the Tough One: Sales Comparison Approach for Mixed-Use Properties (5/19/2017) SEMINAR (AI) - 4 Hours: Appraising for Federal Office of Valuation Services & Yellow Book Review (8/18/2017) COURSE (BR) - 14 Hours Real Estate Continuing Education, including 3-Hour Florida Real Estate Core Law (9/13/2017) COURSE (AI) - 4-Hours: 2-4 Unit Small Residential Income Property Appraisals (11/3/2017) COURSE (AI) - 15 Hours “Yellow Book” Uniform Appraisal Standards for Federal Land Acquisitions – Passed Exam (11/10/2017) SEMINAR (AI) - 3 Hours “Hot Topics and Myths in Appraiser Liability” (1/26/2018) COURSE (AI) - 7-Hour National USPAP Update Course (2/9/2018) SEMINAR (AI) - 3 Hours Florida Appraisal Law (2/9/2018) SEMINAR (AI) - 3 Hours “Parking Impact on Florida Properties” (5/4/2018) SEMINAR (AI) - 4 Hours “Technology Tips for Real Estate Appraisers” (9/21/2018) SEMINAR (AI) - 3 Hours “Airport Appraisals) (01/25/2019) SEMINAR (AI) - 4 Hours “Understanding an Investigation by a State Appraiser Regulatory Board or Agency (5/17/2019) SEMINAR (AI) - The 50% FEMA Appraisal Rule (8/23/2019) COURSE (BR) - 14 Hours Required Education (8 hrs. Specialty Education; 3 hrs. Core Law; 3 hrs. Business Ethics (9.3.2019) SEMINAR (AI) - Artificial Intelligence, AVMs, and Blockchain: Implications for Valuation. (1/24/2020) 62 471 Page 5 of 5 F) APPRAISAL TEACHING EXPERIENCE Licensed by the Florida Department of Education to Teach (Certificate No. 275236). Authored and taught Residential and Commercial Real Estate Appraisal Courses for Broward County Adult Education Program. Taught Course 101 - Society of Real Estate Appraisers. Taught Course 201 - Society of Real Estate Appraisers. Taught Appraisal Seminars - Board of Realtors, ASA, SREA, and AI (Appraisal Institute). Adjunct Professor, University of Florida Division of Continuing Education: (taught Course 2, "Real Estate Principles and Practices" to prospective Florida Real Estate Brokers). G) PROFESSIONAL OFFICES HELD/AWARDS NATIONAL B.O.D. MEMBER - BOARD OF DIRECTORS of APPRAISAL INSTITUTE (2006- 2008) AWARD - Appraisal Institute “NATIONAL PRESIDENTS AWARD” 2008 AWARD - Appraisal Institute “LIFETIME ACHIEVEMENT AWARD” 2011 For “high ethical standards, contributions to the Appraisal Institute, Community and Appraisal Profession for at least 20 years.” CHAIR - REGION X - All of Florida - Appraisal Institute (2008) VICE-CHAIR - REGION X - All of Florida - Appraisal Institute (2007) THIRD DIRECTOR - REGION X - All of Florida - Appraisal Institute (2006) FINANCE OFFICER - REGION X – All of Florida – Appraisal Institute (2006) PRESIDENT - BROWARD COUNTY, SOCIETY OF REAL ESTATE APPRAISERS PRESIDENT - BROWARD COUNTY, AMERICAN SOCIETY OF APPRAISERS CHAIR - FLA. STATE GOVERNMENT RELATIONS SUBCOMMITTEE OF AI CHAIR - FLA. STATE LEGISLATION & REGULATION SUBCOMMITTEE OF AI G) PROFESSIONAL OFFICES HELD/AWARDS CHAIR - FLORIDA REALTORS COMMITTEE ON COMMITTEE REFORMS CHAIR - EDUCATION COMMITTEE, FT. LAUDERDALE CHAPTER AI CHAIR - CANDIDATES GUIDANCE COMMITTEE, FT .LAUDERDALE CHAPTER AI CHAIR - NATIONAL Valuation for Financial Reporting PROJECT TEAM OF AI VICE CHAIR & MEMBER - NATIONAL GOVERNMENT RELATIONS COMMITTEE OF AI (15 Years) MEMBER - NATIONAL LONG RANGE PLANNING COMMITTEE OF AI MEMBER - NATIONAL PUBLIC AFFAIRS COMMITTEE OF AI DIRECTOR - REGION X (Florida ) Appraisal Institute MEMBER - REGION X (FLORIDA) ETHICS AND COUNSELING PANEL DIRECTOR - BROWARD COUNTY, FLORIDA SOCIETY OF REAL ESTATE APPRAISERS DIRECTOR - SOUTH FLORIDA CHAPTER AMERICAN SOCIETY OF APPRAISERS MEMBER - NATIONAL EXPERIENCE REVIEW PANEL MEMBER OF AI SPECIAL MASTER - BROWARD COUNTY BOARD OF TAX ADJUSTMENT COMMISSIONER - 17TH JUDICIAL CIRCUIT COURT, Broward County, FL MEMBER - 2013 APPRAISAL INSTITUTE NATIONAL BUSVAL PROJECT TEAM H) PROFESSIONAL PUBLICATIONS & PRESENTATIONS Wrote and taught a basic Residential Appraisal Course for the Broward County Adult Education Div. of the Dept. of Education; Wrote and taught an Income Appraisal Course for the Broward County Adult Education Division of the Department of Education; Co-authored and taught an appraisal course on Mortgage-Equity Capitalization for the American Society of Appraisers. Authored and taught a Florida State and Appraisal Institute 3-hour accredited course in "The Legislation, Regulation and Appraisal of Real Property Rights in Florida September 7, 1996. Presentation on “Gramm-Leach -Bliley” Federal Privacy Act of 1999 for South Florida Chapter of American Society of Appraisers on October 24, 2001. Presented 3-hour Florida CEU-credit seminar on “Appraisers and the Gramm-Leach-Bliley Act” before the South Florida Chapter of the Appraisal Institute on July 27, 2002. Presenter at 6.5 Hour CLE-credit Attorney Seminar on Florida Eminent Domain, “Valuation and Damage Issues” February 2, 2006, Fort Lauderdale, Florida I) CIVIC INVOLVEMENT MEMBER OF ROTARY INTERNATIONAL / PAUL HARRIS FELLOW MEMBER OF THE GREATER FORT LAUDERDALE OPERA GUILD MEMBER FLORIDA PHILHARMONIC BROWARD TRUSTEES MEMBER OF THE BROWARD COUNTY LIBRARY SUPPORT GROUP ("BYBLOS") MEMBER CIRCLE OF FRIENDS – NOVA SOUTHEASTERN LIBRARY FOUNDATION MEMBER NOVA SOUTHEASTERN UNIVERSITY ALUMNI ASSOCIATION MEMBER OF THE FORT LAUDERDALE HISTORICAL SOCIETY MEMBER OF THE BROWARD COUNTY MUSEUM OF THE ARTS MEMBER OF THE FORT LAUDERDALE / BROWARD COUNTY CHAMBER OF COMMERCE MEMBER OF THE BETTER BUSINESS BUREAU OF SOUTH FLORIDA LIFETIME HONORARY MEMBER FLORIDA SHERIFF’S ASSOCIATION MEMBER NATIONAL & FT. LAUDERDALE COUNCILS U.S. NAVY LEAGUE U.S. ARMY VETERAN WWII (RA 17212681) - HONORABLE DISCHARGE 1949 63 472 1 of 4 Claudia Vance, MAI Appraiser · Real Estate Analyst · Reviewer Vance Real Estate Service · 7481 NW 4 Street · Plantation · FL · 33317 Office: 954·583·2116 Cell: 954·647·7148 Email: vanceval@att.net Web Site: www.vancerealestateservice.com Vance Real Estate Service is a Veteran-Owned Small Business (VOSB) and Florida Certified SDVBE Minority Business Enterprise specializing in personalized real estate valuation services in Florida for over 35 years. Designated appraisers perform the appraisal work, no trainees. Our appraisals are used for financial/ mortgage loan purposes from large mixed use complexes to small owner - occupied properties. We have the qualifications for appraisals submitted to SBA. Jesse B. Vance, Jr., MAI, SRA, ASA and Claudia Vance, MAI are qualified as expert witnesses for eminent domain, deficiency judgments, marriage dissolution, and estates. Our firm values most types of real property interests, timely, professionally, and at competitive costs. PROFESSIONAL QUALIFICATIONS A) PROFESSIONAL DESIGNATIONS/ LICENSES MAI Designation - APPRAISAL INSTITUTE No. 9451 State-Certified General Real Estate Appraiser No. RZ-173 Florida State Licensed Real Estate Broker No. BK 0161305 VOSB Veteran-Owned Small Business (CCR/Duns 826494957) B) WORK HISTORY 1983 - Current Vice President - Vance Real Estate Service 1981 – 1983 President - The Appraisal Company, Fort Lauderdale, Florida C) QUALIFIED AS AN EXPERT WITNESS IN REAL ESTATE VALUATION U.S. Bankruptcy Court, Southern District of Florida Florida Circuit Court: Broward County D) PROFESSIONAL DEVELOPMENT PROGRAM REGISTRIES Valuation of Sustainable Buildings: Commercial Valuation of Sustainable Buildings: Residential E) EXPERIENCE: 35+years appraising and analyzing real property interests in South Florida. F) APPRAISER SPECIAL MAGISTRATE FOR THE BROWARD CO VALUE ADJUSTMENT BOARD 2002-2010 Partial list of real property types valued: High value residences, Condominiums/ Co -operatives, Office, Industrial, Multi-family, Restaurants/ bars, Auto dealerships, City Centers, Hotels/ motels, Houses of worship, Schools, Child care centers, Self-storage, Funeral home, Animal Hospital, Mixed use, Nursing homes, Gas sales stations, Marinas, Mobile home parks, Shopping centers, Country clubs/ golf courses, Financial institutions, Bowling centers, Vacant land, Agricultural properties, Environmentally sensitive land Types of Reports: Market Value, Eminent Domain, Marketability, Feasibility, Highest and Best Use, Investment Analyses, Partial Interests, Easement Valuations, Estate planning, Marriage dissolution, Land use studies, Damage/ Contamination studies 64 473 2 of 4 G) PARTIAL LIST OF CLIENTS – PRIVATE: Individuals, Corporations, Attorneys, Accountants, Habitat for Humanity, Seminole Tribe of Florida COMMERCIAL BANKS: Wells Fargo; BankAtlantic; SunTrust; Citigroup; Space Coast Credit Union; State Farm Bank; Florida Shores Bank; American National Bank; Landmark Bank; City National Bank; Englewood Bank & Trust SAVINGS & LOANS, INSURANCE COMPANIES, REAL ESTATE INVESTMENT TRUSTS, & REAL ESTATE TRANSFER COMPANIES, TITLE INSURANCE COMPANIES FLORIDA CITIES: Fort Lauderdale, Plantation, Cooper City, Deerfield Beach, Tamarac, Oakland Park, Wilton Manors, Davie, Hollywood, Pembroke Pines, Hallandale Beach, Lauderhill, Southwest Ranches, Miramar, Boca Raton, Boynton Beach, West Palm Beach, Delray Beach FLORIDA COUNTIES and AGENCIES: Broward, Palm Beach, Broward County Board of County Commissioners, School Board of Broward County, Broward County Housing Authority STATE OF FLORIDA Department of Transportation (FDOT), Department of Environmental Protection U.S. Department of Veterans Affairs, U.S. Department of Treasury (IRS), U.S Marshall’s Service, U.S. Attorney H) EDUCATIONAL BACKGROUND Academic: Bachelor of Arts Degree – University of New Orleans, New Orleans, LA – Major: English Professional: Symposium (SREA) - Market Analysis, 1983, Philadelphia Symposium (SREA) - Market Analysis, 1984, Atlanta Symposium (SREA) - Market Analysis, 1985, Vancouver Symposium (SREA) - Market Analysis, 1986, Atlantic City Symposium (SREA) - Market Analysis, 1988, Los Angeles SEMINAR (AI) - Cost Approach (1992/Boston) SEMINAR (AI) - Rates & Ratios (1992/Boston) SEMINAR (AI) - International Appraising (1992/Boston) SEMINAR (AI) - Litigation Valuation/Mock Trial (1993) SEMINAR (AI) - ADA ACT (1993/Reno) SEMINAR (AI) - Hotel Valuation (1993) SEMINAR (AI) - Income Capitalization, Methods (1993) SEMINAR (AI) - Powerlines/Electromagnetic Radiation (1994) SEMINAR (AI) - Verifying Market Data (1994) SEMINAR (AI) - Market Studies for Appraisals (1994) SEMINAR (AI) - Florida Appraiser Core Law (USPAP/1994) SEMINAR (AI) - Limited Appraisals & Reports (USPAP/1994) SEMINAR (AI) - Public Safety & Property Values (1995) SEMINAR (AI) - Outparcel Valuation (1995) SEMINAR (AI) - Computer Technology Video Conference (1995) SEMINAR (AI) - The Internet & the Appraiser (1996) SEMINAR (AI) - Florida Commercial Construction (1996) SEMINAR (AI) - 1996 Data Exchange (1996) SEMINAR (AI) - Real Property Rights in Florida (1996) COURSE (AI) - USPAP & Florida Real Estate Core Law (1996) SEMINAR (AI) - Valuation of Trees (1997) SEMINAR (AI) - Valuation of Transferable Development Rights [TDR’s] (1997) COURSE (AI) - Standards of Professional Practice, Part C, 15 hour Course #430 (1997) SEMINAR (AI) - Non-Conforming Uses (1998) SEMINAR (AI) - The Impact of Contamination on Real Estate Value (1998) COURSE (AI) - USPAP & Florida Real Estate Core Law (1998) SEMINAR (AI) - Econometrics/Statistical Valuation Methods (1999) SEMINAR (AI) - Globalization of Real Estate/What U.S. Appraisers Need to Know (1999) SEMINAR (AI) - The Role of the Appraiser in Alternative Dispute Resolution (Mediation/Arbitration) (1999) SEMINAR (AI) - Technology Forum Part II/Intermediate (1999) SEMINAR (AI) - Client Satisfaction/Retention/Development (1999) SEMINAR (AI) - Attacking and Defending an Appraisal (1999) SEMINAR (AI) - Federal Appraisal Requirements (2000) SEMINAR (AI) - Regression Analysis in Appraisal Practice: Concepts & Applications (2000) 65 474 3 of 4 H) EDUCATIONAL BACKGROUND (Continued) SEMINAR (AI) - Analyzing Income Producing Properties (2000) COURSE (AI) - USPAP & Florida Real Estate Core Law (2000) SEMINAR (AI) - Mediation & Alternate Dispute Resolution Seminar (2001) SEMINAR (AI) - State of the Appraisal Profession (2001) SEMINAR (AI) - Ad Valorem Assessment Process in Florida (2002) SEMINAR (AI) - Role of Real Estate Appraisers in Bankruptcy Proceedings (2002) SEMINAR (AI) - Appraisers & the Gramm-Leach-Bliley Federal Privacy Act (2002) SEMINAR (AI) - How to Appraise the Ugly House (2002) COURSE (AI) - 2-Day Course #430, Standards of Professional Practice, Part C (2002) SEMINAR (AI) - Market Trends for 2003 (2003) SEMINAR (AI) - Update on Code of Professional Ethics (2003) PANEL (AI) - Moderator “Industry, Consumer & Congressional Views on Predatory Lending” D.C. (2003) SEMINAR (AI) - Florida State Law for Real Estate Appraisers (2003) SEMINAR (AI) - Appraisal Agreements (2003) SEMINAR (AI) - Analyzing Distressed Real Estate (2004) SEMINAR (AI) - Valuation for Financial Reporting Purposes (2004) SEMINAR (AI) - National USPAP Course (2004) SEMINAR (AI) - Inverse Condemnation (2004) SEMINAR (AI) - Loss Prevention (2005) SEMINAR (AI) - Single Family Fraud Awareness (2005) SEMINAR (AI) - Guide to the new URAR form (2005) SEMINAR (AI) - Technologies for Real Estate Appraisers (2006) SEMINAR (AI) - The Appraiser’s Role in New Urbanism (2006) SEMINAR (AI) - National USPAP Update (2006) SEMINAR (AI) - Florida State Law for Real Estate Appraisers (2006) SEMINAR (AI) - Scope of Work and the New USPAP Requirements (2006) SEMINAR (AI) - Energy Star and the Appraisal Process (2006) SEMINAR (AI) - Reappraising, Readdressing, and Reassigning Appraisals (2007) SEMINAR (AI) - Real Estate Fraud (2007) SEMINAR (AI) - Forecasting Revenue (2007) SEMINAR (AI) - Florida Law for Real Estate Appraisers (2007) COURSE (AI) - Business Practice and Ethics #420 (2007) SEMINAR (AI) - Supervisor – Trainee Roles and Rules (2008) COURSE (AI) - 7 Hour National USPAP Update #400 (2008) SEMINAR (AI) - Hypothetical Conditions and Assumptions (2008) SEMINAR (AI) - Real Estate Economy (2008) SEMINAR (AI) - Public Sector Appraising (2009) SEMINAR (AI) - Inspecting the residential “green” house (2009) WEBINAR (AI) - Value for Financial Reporting (2009) SEMINAR (AI) - The Real Estate Market in 2009 SEMINAR (AI) - New Government Regulations (2009) SEMINAR (AI) - Property Tax Assessment (2010) SEMINAR (AI) - 7 Hour National USPAP (2010) SEMINAR (AI) - Florida Law for Real Estate Appraisers (2010) SEMINAR (AI) - Supervisor/ Trainee Roles and Rules (2010) SEMINAR (AI) - The Real Estate Market (2011) SEMINAR (AI) - Uniform Appraisal Standards for Federal Land Acquisitions- “Yellow Book” (2011) COURSE (AI) - 15 Hour Appraisal Curriculum Overview (2011) SEMINAR (AI) - Spotlight on USPAP – Agreement for Services (2011) SEMINAR (AI) - Trial Components (2011) SEMINAR (AI) - Lessons from the Old Economy Working in the New (2012) SEMINAR (AI) - Appraisal Review for General Appraisals (2012) COURSE (AI) - National USPAP Update (2012) SEMINAR (AI) - Florida Law (2012) SEMINAR (AI) - Land Valuation (2012) SEMINAR (AI) - Valuation of Warehouses (2012) SEMINAR (AI) - IRS Valuation (2012) SEMINAR (AI) - Business Practices and Ethics (2012) SEMINAR (AI) - Real Estate Forecast (2013) SEMINAR (AI) - Advanced Marketability Studies (2013) SEMINAR (AI) - Developing a Supportable Workfile (2013) 66 475 4 of 4 H) EDUCATIONAL BACKGROUND (Continued) SEMINAR (AI) - Florida Appraisal Law (2014) SEMINAR (AI) - Liability Issues for Appraisers performing Litigation & Non-Lending Work (2014) COURSE (AI) -7 Hour National USPAP Update Course (2014) SEMINAR (AI) - Florida Law (2014) SEMINAR (AI) - New Real Estate Economy (2014) SEMINAR (AI) - Economic Engines of Miami-Date County (2015) SEMINAR (AI) - Economic Engines of Broward County (2015) SEMINAR (AI) - Tightening the Appraisal (2015) SEMINAR (AI) - Evaluating Commercial Construction (2015) SEMINAR (AI) - Drone Technology (2015) SEMINAR (AI) - Loss Prevention for Appraisers (2016) COURSE (AI) - 7 Hour National USPAP Update (2016) SEMINAR (AI) - Florida Law (2016) SEMINAR (AI) - Redefining the Appraisal & Its Role in an Evolving Banking Environment (2016) SEMINAR (AI) - The Tough One, Mixed use properties (2016) SEMINAR (AI) - Business Practices & Ethics (2016) SEMINAR (AI) - Economic Engines Driving Broward County (2017) SEMINAR (AI) - Introduction to Green Buildings & passed exam (2017) SEMINAR (AI) - Another View of the Tough Ones (2017) SEMINAR (AI) - Appraising for the Office of Valuation Services, Department of the Interior (2017) SEMINAR (AI) - Case Studies in Appraising Green Residential Buildings & passed exam (2017) SEMINAR (AI) - Uniform Appraisal Standards for Federal Land Acquisitions & passed exam (2017) SEMINAR (AI) -Hot Topics & Myths in Appraiser Liability (2018) COURSE (AI) - 7 Hour National USPAP Update (2018) SEMINAR (AI) - Florida Law (2018) SEMINAR (AI) -Parking & Its Impact on Florida Properties (2018) SEMINAR (AI) -What’s New in Residential Construction (2018) SEMINAR (AI) -Valuation Resources for Solar Photovoltaic Systems (2018) SEMINAR (AI) -Technology Tips for Real Estate Appraisers (2018) SEMINAR (AI) -Residential & Commercial Valuation of Solar & passed exam (2018) SEMINAR (AI) -Airport Appraisals (2019) SEMINAR (AI) -Practical Applications in Appraising Green Commercial Properties & passed exam (2019) I) PROFESSIONAL INVOLVEMENT Region X Representative of the Appraisal Institute 2006 – 2009 President of the South Florida Chapter of the Appraisal Institute - 2003 First Vice-President of the South Florida Chapter of the Appraisal Institute -2002 Second Vice-President of the South Florida Chapter of the Appraisal Institute -2001 Secretary of the South Florida Chapter of the Appraisal Institute -2000 Treasurer of the South Florida Chapter of the Appraisal Institute - 1999 Chair of the Education Committee of the S. Florida Chapter of the Appraisal Institute - 1995, 1996, 1997, 1998, 2007- 2018 Director of the South Florida Chapter of the Appraisal Institute 1996 - 1998 Member of Region X (Florida) Ethics and Counseling Panel –AI Graduate of the Florida REALTORS Institute (GRI) J) CIVIC INVOLVEMENT Member of the Navy League of the United States – Fort Lauderdale Council Lifetime Honorary Member- Florida Sheriff’s Association Member of Zeta Tau Alpha Alumnae Fraternity 67 476 477 478 1110 N. Federal Highway 1110 479 480 481 482 483 BDH Consulting Group Consulting Engineers • Planners • Surveyors (561) 452-2348 FAX (561) 327-2654 http://www.bdhcg.com deris@bdhcg.com August 18, 2020 Mr. Michael Simon, Executive Director Boynton Beach Community Redevelopment Agency 710 N. Federal Highway, Boynton Beach, FL 33334 Re: Letter of intent to purchase and develop commercial property Located at 1110 N Federal Highway, Boynton Beach, FL 33435 Dear Mr. Simon: We recently observed that a “Notice of Intent to Dispose of Real Property (Section 163.380, F.S.)” sign had been placed at the property located at 1110 N Federal Highway, Boynton Beach FL 33435. Not long ago we contacted the Boynton Beach CRA regarding this same property and expressed interest to purchase it, we met with Ms. Bonnie Nicklien at the CRA. The CRA told us that this property was not for sale because the CRA vision for the property was to purchase/acquire the adjacent corner building located at 1102 N Federal Highway, Boynton Beach, FL 33435 and 611 NE 10 th Ave, Boynton Beach, FL 33435 for a proposed larger development to occupy the combined properties. We thank you for the opportunity to respectfully contact you pursuant to Florida Statutes, Section 163.380 to convey our continued interest to purchase the property located at 1110 N Federal Highway, Boynton Beach, FL 33435 (Parcel No. 08434521320020211). BDH Consulting Group (BDH) is a professional engineering, surveying & mapping, and planning firm based within the Boynton Beach CRA area. We are certified as professional consultant business under the Consultant Competitive Negotiation Act (CCNA) for engineering and surveying & mapping services in Palm Beach County. BDH is also certified as small minority owned business with Palm Beach County, Florida Department of Transportation, South Florida Water Management District, and the State of Florida. As such, through the years we have served our City of Boynton Beach, Boynton Beach CRA area, Palm Beach County and State of Florida community providing professional engineering and surveying & mapping services. BDH was founded on the year 2012 and has been operating as a home-based business within the CRA area since then. We are a fully registered business with the City of Boynton Beach, Palm Beach County and State of Florida. Through the years, our business client base throughout the State of Florida has continuously been increasing, with a great number of clients being repeat customers. As a result, we need to expand our operations to meet client demand. To expand our business operations and hire more employees, we would like to purchase the Boynton Beach CRA property located at 1110 N Federal Highway, Boynton Beach, FL 33435 to develop the property to be BDH’s forever home and professional services business office Headquarter. We are in the process of discussing site layout alternatives with the Boynton Beach Planning & Zoning Department for the property. Our current proposed site layout is already good enough for us to proceed to contact Planning & Zoning to schedule a pre-application meeting for the Boynton Beach plan review team to review our preliminary site development layout proposal. Please see attached Exhibit A which shows our latest site development proposal. I am myself a City of Boynton Beach resident since the year 2003, and BDH has been a City of Boynton Beach CRA business since it was founded on the year 2012. Part our personal community involvement includes having been a community member on the 2019 City of Boynton Beach Flood Mitigation Plan Task Force and our children’s school PTA programs. In addition, DocuSign Envelope ID: 17037FE5-1B73-4BEE-AF70-1CA8B30DE04F 484 whenever there is a hurricane projected to make landfall in Boynton Beach, we contact the City of Boynton Beach engineering department and make ourselves available to assist our community on hurricane emergency activities immediately after the hurricane, if needed. As we can demonstrate, we have been and plan to be fully committed to our Boynton Beach community. As such, we are currently working on getting BDH certified as a HUBZone Certified business with the United States federal government small business administration. HUBZone is a United States Small Business Administration program for small companies that operate and employ people in Historically Under-Utilized Business Zones (HUBzone). The HUBZone program fuels small business growth in historically underutilized business zones with a goal of awarding at least 3% of federal contract dollars to HUBZone-certified companies each year. We estimate that on the next two years we will be able to work on two to five federal projects which will require us to hire employees that reside within the HUBZone area which is included within the Boynton Beach CRA area to accomplish the work. To qualify for this HUBZone certification, the business office needs to be within a Historically Underutilized Business Zone . The Boynton Beach CRA property we would like to purchase meets this criterion since it is located within the HUBZone Area. Please see Exhibit B which shows the property’s location within the HUBZone Area. BDH is an equal opportunity employer. One of the HUBZone program requirements is to have at least 35 percent of our employees living within the HUBZone area. Currently 75% of our staff are Boynton Beach residents and we plan to actively look to hire more personal from our CRA area that coincides with the HUBZone area. In addition, we have and continue to be committed to assisting our local City of Boynton Beach private and residential sector clients to work together with the Boynton Beach CRA to participate on programs to improve their existing affordable housing and small business infrastructure improvements to create a vibrant downtown core and revitalized neighborhoods within the CRA area. We estimate the project schedule for permitting and construction to take approximately 14 months from the time we purchase the property. Initial project planning and set up time to take 2 months; The site survey, design and permitting for the proposed development to take approximately 6 months, which we would perform in house at BDH. Following issuance of all permits, we estimate construction of the proposed site to take up to 6 months, which would be performed by contractors we have worked with in the past and team up with on projects on a regular basis. Please see Exhibit C which shows the proposed development estimated timeline. We plan to fund the development of our proposed project through a construction loan with a bank. We are currently in talks with Florida First Capital Finance Corporation FFCFC to apply and process an SBA 504 Loan. An SBA 504 Loan is a program which includes financing for purchasing commercial real estate vacant land and constructing a building. We do not foresee any problems with getting approved for the loan. BDH is respectfully offering to purchase the property located at 1100 N Federal Highway Boynton Beach Florida for which we offer the following purchase term options: Purchase option No. 1: We offer to pay $30,000.00 cash and $70,000.00 of professional civil engineering and surveying and mapping services (including hydrographic surveying) to be used for a period of (10) years by the Boynton Beach CRA for affordable housing, small business infrastructure improvements, and any other community redevelopment projects to support our Boynton Beach Community. However, with this option we will have to check to see if providing our professional services to the Boynton Beach CRA under this purchase option is acceptable per the CCNA Florida Statutes. Purchase option No. 2: We offer to pay $50,000.00 cash and develop the property, and provide easements, in such a manner that it will continue to meet the CRA’s vision to purchase/acquire the adjacent corner building located at 1102 N Federal Highway, Boynton Beach, FL 33435 and the adjacent property located at 611 NE 10th Ave, Boynton Beach, FL 33435 for a proposed larger development DocuSign Envelope ID: 17037FE5-1B73-4BEE-AF70-1CA8B30DE04F 485 to occupy the three combined properties. We offer to include as part of our permitting process to develop the property we would like to purchase, a boundary survey and professional civil engineering services to prepare a conceptual site layout for a future development for the three combined properties. Purchase option No. 3: We offer to pay $50,000.00 cash and develop the purchased property, and provide easements, in such a manner that it will continue to meet the CRA’s vision to purchase/acquire the adjacent corner building located at 1102 N Federal Highway, Boynton Beach, FL 33435 and the adjacent property located at 611 NE 10 th Ave, Boynton Beach, FL 33435 for a proposed larger development to occupy the three combined properties. As part of this option to purchase the property, the Boynton Beach CRA could place a second mortgage on the property for the $40,000.00, said second mortgage to be self-depreciating at 10% per year for a total of 10 years. At the end of 10 years, the Boynton Beach CRA second mortgage will self-depreciate to $0 and the land and BDH will be free from the second mortgage. Please review the above referenced purchase options. We are willing to negotiate to reach an agreement which will amend any of the above referenced purchase options to make them meet the Boynton Beach CRA and BDH vision for the property and area in order to make the proposed development a success. It is very important for BDH to purchase this property for the following reasons: To qualify for the HUBZone Business Certification o Pursue United States Federal projects. We have clients waiting for us to get certified for teaming opportunities for Federal Projects. o Hire employees that reside within the CRA area located within the HUBZone area. This is a HUBZone certification requirement, a must. o Bring federal work to our Boynton Beach CRA area to support our local workforce and in this manner contribute to revitalize our CRA neighborhoods. To expand operations to meet client demand and to pursue more private and public sector engineering and surveying work throughout the State of Florida. We are currently maxed out our home-based business and need to open an office to hire local employees to work on projects we are invited to participate, but at the moment are unable to commit to because we need a dedicated office for our future employees to come to work to. Should you have any questions regarding this matter, please feel free to call me. Very truly yours, Deris H. Bardales, P.E., P.S.M. President DocuSign Envelope ID: 17037FE5-1B73-4BEE-AF70-1CA8B30DE04F 8/19/2020 486 Exhibit A. Site Development Proposal Layout page 1 DocuSign Envelope ID: 17037FE5-1B73-4BEE-AF70-1CA8B30DE04F 487 DocuSign Envelope ID: 17037FE5-1B73-4BEE-AF70-1CA8B30DE04F 488 DocuSign Envelope ID: 17037FE5-1B73-4BEE-AF70-1CA8B30DE04F 489 DocuSign Envelope ID: 17037FE5-1B73-4BEE-AF70-1CA8B30DE04F 490 DocuSign Envelope ID: 17037FE5-1B73-4BEE-AF70-1CA8B30DE04F 491 I I Exhibit B. HubZone Qualification �B* HUBZone Qualification Report View on HUBZone Map 9 1100 N Federal Hwy, Boynton Beach, FL 33435, USA Designation Details Census Tract Tract ID: County: State: Ocean RidQe Map data 26 .,'36071 -80 0017o3 Census Tract Small Business Administration I HUBZone Assertion Report generated Aug 18, 2020 18:58 UTC 12099006100 Palm Beach County FL Page 1 of1 DocuSign Envelope ID: 17037FE5-1B73-4BEE-AF70-1CA8B30DE04F 492 August 18, 2020 Mr. Michael Simon, Executive Director Boynton Beach Community Redevelopment Agency 710 N. Federal Highway, Boynton Beach, FL 33334 Re: BDH’s Office Development Estimated Permitting and Construction Schedule 1110 N Federal Highway, Boynton Beach, FL 33435 Projected Schedule for BDH Consulting Group Good afternoon Mr. Simon, We would like to introduce GATOR PAVING AND CONSTRUCTION LLC, a Full Service Paving and General Contracting Company. We have been working in the industry for 38 years and can handle all Site Work and General Contracting Services for the above referenced project. BDH Consulting Group, requested us to create a permitting and construction schedule for their proposed office building which includes an ADA compliant parking lot, drainage, landscaping and irrigation with a proposed 1200 square feet building. -Permitting process 3-6 months -Construction period 4-6 months If you have any questions, please do not hesitate to contact me (954) 319-9808. Best Regards, Ron Elam (Owner) Gator Paving and Construction, LLC Exhibit C. Estimated Project Timeline DocuSign Envelope ID: 17037FE5-1B73-4BEE-AF70-1CA8B30DE04F 493 1 Simon, Michael From:Sam Rogatinsky <samr@rogatinskylaw.com> Sent:Saturday, August 22, 2020 1:29 AM To:Simon, Michael Cc:Ben Rogatinsky; Shutt, Thuy; Nicklien, Bonnie; Utterback, Theresa; Tara Duhy (tduhy@llw-law.com); Kathryn Rossmell Subject:Re: Second LOI submitted on August 19, 2020 Attachments:Boynton Beach CRA Contract.pdf Dear Mr. Simon, The Boynton Beach CRA’s goal is to develop properties within the CRA and create a vibrant downtown core. The objective is to attract quality long ‐ term businesses that provide a benefit to the residents of Boynton Beach At this point we are completely confused about this process. My client's written offer was formally accepted by the board during a CRA board meeting and then reduced to writing in the attached purchase and sale agreement drafted by CRA counsel. The initial offer was made based on discussions with the CRA prior to submitting the offer. Based on new circumstances at this time my client will increase the offer to the following: A. $35,000 cash and $70,000 advertising trade over 10 years based on the agreed upon terms of the attached agreement. Easement in accordance with CRA goals. OR B. $55,000 cash and $45,000 advertising trade based on the terms of the attached agreement over 10 years. Easement in accordance with CRA goals. My client will close upon city approval of site plan as agreed. We have been working with the city planning department and the site plan is almost completed. My client has the funds to close and build and can provide proof of funds upon request. There is no financing contingency that will slow the process. Sincerely, Samuel Rogatinsky, Esq. Managing Attorney 494 2 3113 Stirling Road, Suite 103 Fort Lauderdale, FL 33312 Phone: 954‐404‐6140 Fax: 954‐925‐1640 www.rogatinskylaw.com E‐Service: mailto:rogatinskyfirm@gmail.com ****PRIVILEGE AND CONFIDENTIALITY NOTICE: This e‐mail and any attachments are intended to be confidential. They are legally privileged under the Electronic Communications Privacy Act, 18 U..S.C. 2510‐2521, and may be further protected by the attorney client and work product privileges. It is intended only for the use of the person or persons named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution of duplication of this communication is strictly prohibited. If you are not the intended recipient, please contact the sender by reply email or the above phone number and destroy all copies of the original message. ***** On Aug 21, 2020, at 11:50 AM, Simon, Michael <SimonM@bbfl.us> wrote: Good morning Sam and Ben: As a follow up to my email below, CRA staff will be working with the CRA Board’s legal counsel for the next several days to produce the best course of action to present for the Board’s consideration at their September 8th meeting. At the present time, no further action is needed from either LOI proposer nor will any formal action be taken by CRA staff or the Board regarding the same until the September 8th meeting. CRA staff will reach out to you next week after our consultation with the Board’s legal counsel has concluded. Thank you. Michael Simon, FRA‐RA, CP3P, LRES Executive Director Boynton Beach Community Redevelopment Agency 100 E. Ocean Ave. | Boynton Beach , Florida 33435 <image475317.png> 561‐600‐9091 | <image947788.png> 561‐737‐3258 <image787286.png> SimonM@bbfl.us | <image301285.png> http://www.boyntonbeachcra.com <image300810.png> <image499626.png> <image850134.png> 495 3 America's Gateway to the Gulfstream Please be advised that Florida has a broad public records law and all correspondence to me via email may be subject to disclosure.Under Florida records law, email addresses are public records. Therefore, your e‐mail communication and you address may be subject to public disclosure. From: Simon, Michael Sent: Friday, August 21, 2020 10:45 AM To: Sam Rogatinsky <samr@rogatinskylaw.com>; Ben Rogatinsky <benr@sakpase.fm> Cc: Shutt, Thuy; Nicklien, Bonnie <NicklienB@bbfl.us>; Utterback, Theresa <UtterbackT@bbfl.us>; Tara Duhy (tduhy@llw‐law.com) <tduhy@llw‐law.com>; Kathryn Rossmell <krossmell@llw‐law.com> Subject: Second LOI submitted on August 19, 2020 Good morning Sam and Ben: As you requested, please find the attached copy of the Letter of Interest (LOI) submitted on August 19, 2020, for the property located at 1110 N. Federal Highway. This second LOI will be provided to the CRA Board as part of their September 8thmeeting agenda. No action can be taken or discussion occur as a full Board prior to the meeting on September 8th. All of the Public Notice conditions and requirements have been met and the handling of the item is under the full and sole discretion of the CRA Board. If you have any questions or need any additional information, please do not hesitate to contact me directly. 496 497 498 499 500 501 502 503 504 505 506 507 508 509 510 511 512 513 514 515 516 517 518 519 520 521 522 523 524 525 526 527 528 529 530 531 532 533 534 535 536 537 RESOLUTION NO. R20-122 2 3 A RESOLUTION OF THE CITY OF BOYNTON BEACH, 4 FLORIDA, APPROVING AND AUTHORIZING THE 5 MAYOR TO SIGN A QUIT CLAIM DEED 6 TRANSFERRING THE CITY OF BOYNTON BEACH 7 PROPERTY LOCATED AT 1102 NORTH FEDERAL 8 HIGHWAY,BOYNTON BEACH,FL TO THE BOYNTON 9 BEACH COMMUNITY REDEVELOPMENT AGENCY t 0 CRA); AND PROVIDING AN EFFECTIVE DATE. 11 12 WHEREAS, on October 1,2019,the City Commission authorized the City Attorney 13 to file a foreclosure lawsuit for the Property located at 1102 N. Federal Highway, Boynton 14 Beach, FL 33435, a non-homesteaded and vacant commercial property, which had accrued 15 more than $800,000.00 worth of code and lot mowing liens; and 16 WHEREAS, on August 19, 2020, the City Commission approved a Settlement 17 Agreement between the City of Boynton Beach and the Property Owner Eckols '76 LTD and 18 Eckols '86 LTD.,which included a Deed in Lieu of Foreclosure; and 19 WHEREAS, this Property is located within the Community Redevelopment Agency 20 (CRA), immediately adjacent to another CRA-owned property and the transfer of this property 21 to the CRA will further promote the goals and objectives of the City; and 22 WHEREAS,the City Commission,upon recommendation of staff,deems it in the best 23 interest of the Citizens and residents of the City of Boynton Beach to approve and authorize 24 the Mayor to sign a Quit-Claim Deed transferring the City-owned property located at 1102 25 North Federal Highway to the Boynton Beach Community Redevelopment Agency. 26 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF 27 THE CITY OF BOYNTON BEACH,FLORIDA,THAT: 28 Section 1. The foregoing"WHEREAS"clauses are true and correct and hereby 29 ratified and confirmed by the City Commission. S:\CA\RESO\Real Estate\Transferring 1102 N Federal Hwy To CRA-Reso.Docx 538 1 Section 2. The City Commission of the City of Boynton Beach hereby approves 2 and authorizes the Mayor to sign a Quit-Claim Deed transferring the City-owned property at 3 1102 North Federal Highway to the Boynton Beach Community Redevelopment Agency. A 4 copy of the Quit-Claim Deed is attached hereto as Exhibit"A". 5 Section 3. That this Resolution will become effective immediately upon passage. 6 PASSED AND ADOPTED this it day of November, 2020. 7 CITY OF BOYNTON BEACH,FLORIDA 8 YES NO 9 10 11 Mayor—Steven B. Grant 12 13 Vice Mayor—Ty Penserga 14 15 Commissioner—Justin Katz 16 17 Commissioner—Woodrow L. Hay 18 19 Commissioner—Christina L. Romelus 20 21 22 VOTE 5 ' (7 23 24 25 ATTEST: 26 27 28 _Ad, " Air A AU,„,- 29 C, stal Gibson,MMC 30 City Clerk 31 32 33 34 (Corporate Seal) 35 r- (\l,, At! WArri Y 920 c• Y rj fir•r.} O\Reat Vstrate\Transferring 1102 N Federal Hwy To CRA-Reso.Docx DA 539 D — 1 ,"3,, This Instrument was Prepared by: Heather Needelman,Esquire GOREN,CHEROF,DOODY&EZROL,P.A. 3099 E.Commercial Boulevard,Suite 200 Fort Lauderdale,Florida 33308 PIN:08-43-45-21-32-002-0201 OUIT CLAIM DEED UIT CLAIM DEED made this Dd.E b THIS Q day of 2020 between the City of Boynton Beach, a Florida municipal corporation,whose post office address 100 E. Ocean Avenue, Boynton Beach, Florida 33435, (hereinafter referred to as "Grantor") and Boynton Beach Community Redevelopment Agency, a Florida public body corporate and politic created pursuant to Section 163.356 F.S whose post office address is 100 E Ocean Ave 4th floor, Boynton Beach, FL 33435 (hereinafter referred to as "Grantee"). "Grantor" and Grantee"are used for singular or plural, as context requires. WITNESSETH: That Grantor,for and in consideration of the sum of Ten Dollars($10.00)in hand paid by Grantee,receipt whereof is hereby acknowledged,has granted,bargained and quit-claimed to said Grantee and Grantee's successors and/or assigns forever the following described real property situate,lying and being in PALM BEACH County,Florida,to wit: That part of Lots 20, 21 and 22, Block 2,LAKE ADDITION, a subdivision of the City of Boynton Beach, Florida, 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 11, Page 71, of the Public Records of Palm Beach County, Florida, described as follows: BEGINNING at the Southwest corner of Lot 20, Block 2, LAKE ADDITION, run easterly along the south line of said Lot 20,a distance of 122.5 feet to a point;thence Northerly at right angles to the South line of said Lot 20, a distance of 131.7 feet, more or less to a point in the North line of Lot 22,Block 2,LAKE ADDITION;thence run Westerly along the North boundary line of said Lot 22 to the Northwest corner of said Lot 22;thence Southwesterly along the West line ofLots 22, 21 and 20 to the point of beginning,subject to existing right-of-way of U.S.Highway#1, (State Road 5), less the North sixty-six (66)feet thereof as measured at right angles to the North line of the above-described parcel; TOGETHER with all improvements thereon and fixtures therein. 00407634.1 306-9905434) 540 To Have and to Hold the same together with all and singular the appurtenances thereunto belonging or in anywise appertaining, and all the estate, right, title interest, lien, equity and claim whatsoever of Grantor, either in law or equity, for the use,benefit and profit of said Grantee forever. IN WITNESS WHEREOF, Grantor hereunto sets Grantor's hand and seal the day and year first above written. Signed, sealed, and delivered CITY OF BOYNTON BEACH,a Florida in the presence of: municipal corporation 4-- fitness By: Steven B. Grant SHAY A Ft I IS Title: Mayor Print Name) ILtit' _t. ta 010-L-4-1 Witness i 2',1 heitvise (11-tecr\i Print Name) STATE OF FLORIDA COUNTY OF PALM BEACH The foregoing instrument was uknowledged before me by means of online notarization or physical presence this I/7.1T day of November,2920 by Steven B. Grant,as Mayor of the City of Boynton Beach, on behalf of the City,who is personally known to me or has produced a Florida Driver's License as identification. A// /.1 NOTARY PUBLIC LYNN M.SWANSON w COMMISSION#GG 150313 4 EXPIRES:November 17 2021 ti fid;• Bonded IlvuMisty Put*unaeneMars 00407634.1 306-99054341 2 of 2 541 November 2nd, 2020 Mr. Michael Simon, Executive Director Boynton Beach Community Redevelopment Agency 100 East Ocean Avenue, 4th Floor Boynton Beach, FL 33435 Letter of Intent: To Purchase and Develop the City and CRA owned Properties located at 1102 & 1110 North Federal Highway, Boynton Beach, Florida Dear Mr. Simon, The Fish Depot recently inquired about the two properties located at 1102 & 1110 N. Federal prior to 1102 as showing the City’s ownership. We have been in discussions to purchase the existing building we are in with our landlord since September. During our internal business meetings, it was suggested that we look at alternative locations that may be more affordable and will better fit our long-term objectives. We did not have to look too far, just out the window. Our ideal Location has been standing next door empty for a Decade or more! It was only during our search to locate the owner of 1102 N. Federal that we discovered that the City of Boynton had already taken possession of it. We have since been in the process of creating what is possible without the risk of losing our current customer base by leaving our current location and quite possibly leaving the City of Boynton Beach altogether. 1022 has been the home to The Fish Depot for well over 10 years. We have been operating the business since 2013. The location has been a Fish Market for close to 30 years. Should you choose our Proposal, you will find that we intend to create a beautiful and vibrant new location for The Fish Depot Seafood Market and add a café with amazing food & atmosphere. This will be the Cornerstone of the Martin Luther King Blvd. intersection for decades. It will also be our Flagship location which will define the next 10, 20 and more Fish Depot locations across the state. We are currently working with a large private investor creating this structure. We also have had the conversations and ability to secure the long-term funding required to purchase and develop the property through the SBA. 542 It is no secret that this stretch of Federal Highway in Boynton Beach is not only plighted, but it is also considered a Food Desert. There are no new, vibrant and exciting places to go get something to eat in our area. We will be the start of creating an amazing revitalization of the North Federal Corridor! This project will also clear the way for another amazing new opportunity to be constructed on the 1022 N. Federal Highway property further expanding the exciting revitalization of corridor. What that will possibly be? I have no idea, but I look forward to the day when both corners on the east side on Federal Highway at Martin Luther King Blvd. are bustling with vibrant new businesses! We do intend to utilize the current CBS structure in our design plans and create a parking lot on the 1110 property to ensure adequate parking for the venture. The CBS building is sound. The Terrazzo floors show no settling cracks. The current roof is shot and will be replaced. We will also be installing an attractive arched metal roof over the entire building and current cement pad located on the north side of the building. The cement pad will become an outdoor seating area which is desired in the new norm post Covid-19. This roof will serve multiple purposes. 1. It will provide cover for the equipment located on the roof as required by city code. 2. It will provide shade. Not only for the patios seating area, but for the building itself as an added layer of insulation. 3. Its design will also provide wind protection in the eventual occurrence of tropical weather. We also intend to replace all current glass, install hurricane rated doors and windows and even add additional windows for natural light. The offer we are making to the City of Boynton is to buy both parcels combined for $500,000. We will be investing an additional estimated $250,000 to $350,000 in Improvements to the properties between our investor, SBA financing and the various CRA Grants available to the project. Either way the two properties will be substantially increasing the Taxable Value, realized increased property tax revenue and Creating a New Future of the North Federal Corridor in Boynton Beach, Florida. Sincerely, Tim Collins The Fish Depot 543 1022 N. Federal Highway Boynton Beach, FL 33435 (954)415-4825 544 545 546 547 548 From:Sam Rogatinsky To:Simon, Michael; Shutt, Thuy; Deris Bardales Cc:Samuel Rogatinsky Subject:progress report for December 8th Board Meeting Date:Friday, December 4, 2020 3:06:03 PM Attachments:image002.png Dear CRA Board, Thank you for the opportunity to provide you with a progress update relating to the design and development of an office condominium to be built on the property located at 1102 and 1110 N. Federal Highway. Deris Bardales and I appreciate the time and effort that has been expended by the CRA staff and the board members. As previously discussed the new modern building will serve as an office and broadcast studio for both WPBR 1340 AM, 96.1 FM and 95.1 FM as well as the professional offices of BDH Consulting Group, Engineers, Surveyors and Planners. As you are aware, both of our respective companies have been active businesses in the city of Boynton Beach and both companies have agreed to jointly develop the property owned by the city and the CRA. Since our last meeting, the principals of both companies have met on the property and via zoom meetings to discuss the building that will be built on the property. After consulting with the CRA staff and outside legal and design professionals, we determined that it would be prudent to combine both lots and build one building that will accommodate both businesses and be divided equally between both parties. Further, since the building will share a common wall the building will be established under the laws of Florida condominium. By establishing the building as a condominium the common areas and landscaping will be maintained by the condominium association which shall be comprised of both parties. Both Mr. Bardales and I have been actively interviewing professionals to move this project forward as soon as we receive the final decision from the board. We have met with a condominium lawyer who will draft the condominium documents and file with the state. We have met with two architects and a qualified general contractor who has completed two buildings in Palm Beach county for me in the past two years. Finally, we have decided on a name for the condominium association and it will be called Boynton Beach Office Condominium, LLC. We are ready to move forward and look forward to building and completing this project within the next 12 months. Sincerely, Samuel Rogatinsky, Esq. Managing Attorney 549 3113 Stirling Road, Suite 103 Fort Lauderdale, FL 33312 Phone: 954-404-6140 Fax: 954-925-1640 www.rogatinskylaw.com E-Service: mailto:rogatinskyfirm@gmail.com ****PRIVILEGE AND CONFIDENTIALITY NOTICE: This e-mail and any attachments are intended to be confidential. They are legally privileged under the Electronic Communications Privacy Act, 18 U..S.C. 2510-2521, and may be further protected by the attorney client and work product privileges. It is intended only for the use of the person or persons named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution of duplication of this communication is strictly prohibited. If you are not the intended recipient, please contact the sender by reply email or the above phone number and destroy all copies of the original message. ***** 550 Boynton Beach Community Redevelopment Agency Policy for Processing Letters of Intent to Purchase Property The Boynton Beach CRA ("CRA") will use the process outlined in this Policy for Processing Letters of Intent to Purchase Property ("Policy ") to address any Letters of Intent to Purchase Property that the CRA receives that are not the result of a formal request for such letters. The Policy is designed to ensure a fair process for property disposal, furthers the goals and objectives of the 2016 Boynton Beach Community Redevelopment Pla n, and acts in the best interest of the CRA. Letter of Intent Policy: When the CRA receives a Letter of Intent to purchase a property owned by the CRA, the CRA staff will add an item to the agenda of the next regularly scheduled CRA Board meeting to discuss the Letter of Intent. However, if the Letter of Intent is received by the CRA less than 5 days before the next regularly scheduled CRA Board meeting, the CRA staff will add the Letter of Intent item to the agenda of the next available regularly scheduled CRA Board meeting . The CRA staff will include the Letter of Intent and all supporting documents as backup to the Letter of Intent agenda item. If the CRA receives two (2) unsolicited Letters of Intent for the same CRA owned property during the Public Notice of Disposal period, CRA staff will notify the CRA Board in writing and automatically begin planning for the Request for Proposal process and bring the Request for Proposal document to the Board at the next available meeting for their review and approval. At the regularly scheduled CRA Board meeting, the CRA Board may consider one of the following options upon receipt of a Letter of Intent to purchase a CRA-owned property: Option I - The CRA Board may accept the Letter of Intent and direct the CRA staff and legal counsel to negotiate the terms and conditions of a Purchase and Development to be presented at a future meeting and direct the CRA staff to issue a thirty (30) day Public Notice to Dispose. If during the Public Notice period, the CRA receives one or more additional Letters of Intent to purchase the same property, the CRA Board will direct the CRA staff and legal counsel to develop a request for proposal document to be presented to the CRA Board for their consideration at the next available meeting. The CRA will then follow its regular procedures for issuing requests for proposals, evaluating responses, and selecting the successful proposal(s); Option II - The CRA Board may determine that it is in the best interest of the CRA to solicit additional offers to purchase the property, the CRA Board will direct the CRA staff and legal counsel to develop a request for proposal document to be presented to the CRA Board for their consideration at the next available meeting . The CRA will then follow its regular procedures for issuing requests for pro posals, evaluating responses, and selecting the successful proposal(s); or, Option III - The CRA Board may determine that it is in the best interest of the CRA to reject the terms and conditions of the Letter of Intent and elect not to proceed with any further action. 551 00849969-1 552 RESOLUTION NO. R20-122 2 3 A RESOLUTION OF THE CITY OF BOYNTON BEACH, 4 FLORIDA, APPROVING AND AUTHORIZING THE 5 MAYOR TO SIGN A QUIT CLAIM DEED 6 TRANSFERRING THE CITY OF BOYNTON BEACH 7 PROPERTY LOCATED AT 1102 NORTH FEDERAL 8 HIGHWAY,BOYNTON BEACH,FL TO THE BOYNTON 9 BEACH COMMUNITY REDEVELOPMENT AGENCY t 0 CRA); AND PROVIDING AN EFFECTIVE DATE. 11 12 WHEREAS, on October 1,2019,the City Commission authorized the City Attorney 13 to file a foreclosure lawsuit for the Property located at 1102 N. Federal Highway, Boynton 14 Beach, FL 33435, a non-homesteaded and vacant commercial property, which had accrued 15 more than $800,000.00 worth of code and lot mowing liens; and 16 WHEREAS, on August 19, 2020, the City Commission approved a Settlement 17 Agreement between the City of Boynton Beach and the Property Owner Eckols '76 LTD and 18 Eckols '86 LTD.,which included a Deed in Lieu of Foreclosure; and 19 WHEREAS, this Property is located within the Community Redevelopment Agency 20 (CRA), immediately adjacent to another CRA-owned property and the transfer of this property 21 to the CRA will further promote the goals and objectives of the City; and 22 WHEREAS,the City Commission,upon recommendation of staff,deems it in the best 23 interest of the Citizens and residents of the City of Boynton Beach to approve and authorize 24 the Mayor to sign a Quit-Claim Deed transferring the City-owned property located at 1102 25 North Federal Highway to the Boynton Beach Community Redevelopment Agency. 26 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF 27 THE CITY OF BOYNTON BEACH,FLORIDA,THAT: 28 Section 1. The foregoing"WHEREAS"clauses are true and correct and hereby 29 ratified and confirmed by the City Commission. S:\CA\RESO\Real Estate\Transferring 1102 N Federal Hwy To CRA-Reso.Docx 553 1 Section 2. The City Commission of the City of Boynton Beach hereby approves 2 and authorizes the Mayor to sign a Quit-Claim Deed transferring the City-owned property at 3 1102 North Federal Highway to the Boynton Beach Community Redevelopment Agency. A 4 copy of the Quit-Claim Deed is attached hereto as Exhibit"A". 5 Section 3. That this Resolution will become effective immediately upon passage. 6 PASSED AND ADOPTED this it day of November, 2020. 7 CITY OF BOYNTON BEACH,FLORIDA 8 YES NO 9 10 11 Mayor—Steven B. Grant 12 13 Vice Mayor—Ty Penserga 14 15 Commissioner—Justin Katz 16 17 Commissioner—Woodrow L. Hay 18 19 Commissioner—Christina L. Romelus 20 21 22 VOTE 5 ' (7 23 24 25 ATTEST: 26 27 28 _Ad, " Air A AU,„,- 29 C, stal Gibson,MMC 30 City Clerk 31 32 33 34 (Corporate Seal) 35 r- (\l,, At! WArri Y 920 c• Y rj fir•r.} O\Reat Vstrate\Transferring 1102 N Federal Hwy To CRA-Reso.Docx DA 554 D — 1 ,"3,, This Instrument was Prepared by: Heather Needelman,Esquire GOREN,CHEROF,DOODY&EZROL,P.A. 3099 E.Commercial Boulevard,Suite 200 Fort Lauderdale,Florida 33308 PIN:08-43-45-21-32-002-0201 OUIT CLAIM DEED UIT CLAIM DEED made this Dd.E b THIS Q day of 2020 between the City of Boynton Beach, a Florida municipal corporation,whose post office address 100 E. Ocean Avenue, Boynton Beach, Florida 33435, (hereinafter referred to as "Grantor") and Boynton Beach Community Redevelopment Agency, a Florida public body corporate and politic created pursuant to Section 163.356 F.S whose post office address is 100 E Ocean Ave 4th floor, Boynton Beach, FL 33435 (hereinafter referred to as "Grantee"). "Grantor" and Grantee"are used for singular or plural, as context requires. WITNESSETH: That Grantor,for and in consideration of the sum of Ten Dollars($10.00)in hand paid by Grantee,receipt whereof is hereby acknowledged,has granted,bargained and quit-claimed to said Grantee and Grantee's successors and/or assigns forever the following described real property situate,lying and being in PALM BEACH County,Florida,to wit: That part of Lots 20, 21 and 22, Block 2,LAKE ADDITION, a subdivision of the City of Boynton Beach, Florida, 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 11, Page 71, of the Public Records of Palm Beach County, Florida, described as follows: BEGINNING at the Southwest corner of Lot 20, Block 2, LAKE ADDITION, run easterly along the south line of said Lot 20,a distance of 122.5 feet to a point;thence Northerly at right angles to the South line of said Lot 20, a distance of 131.7 feet, more or less to a point in the North line of Lot 22,Block 2,LAKE ADDITION;thence run Westerly along the North boundary line of said Lot 22 to the Northwest corner of said Lot 22;thence Southwesterly along the West line ofLots 22, 21 and 20 to the point of beginning,subject to existing right-of-way of U.S.Highway#1, (State Road 5), less the North sixty-six (66)feet thereof as measured at right angles to the North line of the above-described parcel; TOGETHER with all improvements thereon and fixtures therein. 00407634.1 306-9905434) 555 To Have and to Hold the same together with all and singular the appurtenances thereunto belonging or in anywise appertaining, and all the estate, right, title interest, lien, equity and claim whatsoever of Grantor, either in law or equity, for the use,benefit and profit of said Grantee forever. IN WITNESS WHEREOF, Grantor hereunto sets Grantor's hand and seal the day and year first above written. Signed, sealed, and delivered CITY OF BOYNTON BEACH,a Florida in the presence of: municipal corporation 4-- fitness By: Steven B. Grant SHAY A Ft I IS Title: Mayor Print Name) ILtit' _t. ta 010-L-4-1 Witness i 2',1 heitvise (11-tecr\i Print Name) STATE OF FLORIDA COUNTY OF PALM BEACH The foregoing instrument was uknowledged before me by means of online notarization or physical presence this I/7.1T day of November,2920 by Steven B. Grant,as Mayor of the City of Boynton Beach, on behalf of the City,who is personally known to me or has produced a Florida Driver's License as identification. A// /.1 NOTARY PUBLIC LYNN M.SWANSON w COMMISSION#GG 150313 4 EXPIRES:November 17 2021 ti fid;• Bonded IlvuMisty Put*unaeneMars 00407634.1 306-99054341 2 of 2 556 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida December 8, 2020 Sam Rogatinsky representing WPBR and Deris Bardales, BDH Consulting Group, were present. The CRA learned $342,100K was the new appraised price for the properties. Mr. Collins offered $500K for both properties to convert the existing building to a café. It will be financed by a private investor and/or long-term SBA funding with CRA Grants for the initial improvements to the building. The project timeline was not indicated in his Letter of Interest. Since the last meeting, it was suggested, since both properties were available, that they bind the lots and build a 3K square foot building with a shared wall separating the units and have parking in the back, similar to a condominium building. Mr. Rogatinsky and Mr. Bardales met and agreed they should combine the land and construct a building. It was mentioned they met with a condominium lawyer since they have to file condominium documents, and with two architects and a general contractor. The condo association will be called the Boynton Beach Office Condominium. They presented a total value offer of $200K with $105K in cash and the remainder via in-kind services. The radio station will contribute $55K plus advertise trades for $45K, and BDH was 55K and professional services in the amount of $50K. The City or CRA can use their services in any way they want. Their listening community in Palm Beach County is vast and their station could help CRA District businesses and increase foot traffic and that was their offer to the CRA. The new entity has the cash on hand to close and complete the transaction immediately. Mr. Bardales explained they are further ahead with the proposed development and have preliminary engineering plans and they are available and welcome to meet with them. The plans meet zoning and engineering requirements, and should not take too long to be permitted through the City. They are looking for a place to continue their business in Boynton Beach. Mr. Rogatinsky had mentioned he will hire eight more people, and he is planning to do the same. He wants the office because he is pursuing federal certification called a Hot Zone Area within the CRA, which is historically unused. Part of the certification says two-thirds of the employees have to be Boynton Beach residents. He announced they can close in two weeks, then submit the permit application to the City. He thought the plans should be approved in three months and then move to construction. He has been in the City for 17 years. Board Member Romelus commented she was thoroughly impressed with the two applicants working together. Tim Collins, Fish Depot owner, explained they are currently in the building across the street at 1022 N. Federal Highway. He wanted to buy the building from the landlord, but the price they wanted was too high. They have been looking at the property for seven years and has been at his location for the same. They want to incorporate a fish market and café in the existing building across the street with a patio on the north side of the building back with a roof cover and outdoor seating area. He noted there is a food desert and the business would be a vibrant new property with hurricane impact windows and roof. The flower shop would provide parking. An SBA lender approached them and 16 557 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida December 8, 2020 they have to adjust their paperwork and business plan. There are two different contractors in his family who could bring in local subs. The Fish Market would have five employees and the café would have about five to seven employees. There was no timeline in his LOI because he was unsure how long it would take to go through the process. He would move at the end of his term with the landlord. He would like to keep the new location as close as possible and they would build something beautiful. They would only request grants for the indoor/outdoor improvements. He could provide an update at the end of January or at least by the February CRA meeting. Chair Grant noted the policy indicates when there are two LOI's, they are supposed to issue an RFP, but thought the small scale of the project did not warrant doing so. He noted one offer required substantial cash to purchase the building versus another offer that provides in kind services at 20% of what the other offer was. One can close in January, and the other can close in February. He thought the $500K offer was substantially more and would create more jobs. Mr. Simon requested clarification. The LOI from Mr. Collins specified an acquisition price of $500K, but the request for funding from the CRA was $250K to $300K. In the past, the Board looked at the net versus the purchase price. The estimate for $300K was the estimate to rehab the existing property. Mr. Collins was only requesting the standard grants from the CRA. The SBA Administration would provide funds for the purchase and renovation. They would lump it together and pay over a 25 to 27-year amortization period, which was fine. Board Member Katz supported the Fish Depot LOI because the business was an active use. Board Member Hay supported the two other businesses. He thought the marketing and in-kind services would really help the CRA businesses and liked the camaraderie created between the two businesses. Board Member Romelus agreed with Board Member Hay. The Fish Depot could find another location. Vice Chair Penserga agreed with Board Members Romelus and Hay and wanted to move forward with the initial applicant. Chair Grant thought more of the in-kind services offer was around $200K vs the Fish Depot $500K offer. If they sell the property at below market value, it does not help future sales. He wanted an extra $50K each for in-kind services. Board Member Romelus queried what guarantee or proforma from the Fish Depot showed they have the ability to pay $500K. Chair Grant responded both parties stated they would provide a proforma and stated they would if selected. He understood the majority of going with the initial party, but he felt Fish Depot was the best fit for the CRA. 17 558 Meeting Minutes Community Redevelopment Agency Board Boynton Beach, Florida December 8, 2020 Mr. Rogatinsky explained someone can offer $500K and attempt to obtain an SBA loan, but those loans take anywhere from six months to a year. He advised when attempting to purchase a building, it is an entirely different story. They can close on Monday with cash and within two weeks, they can provide proof of funds to construct the building from either a bank or investor. Mr. Collins explained the SBA loan was just one option for him. He was working with a large investor. He wants to buy the property for $200K and could do so in a week, but he would like to keep the Fish Depot in Boynton Beach. They will only be at that location for another six months and are trying to stay at the same intersection as the business has been there since 1992. Mr. Bardales advised he spoke with Mr. Rogatinsky and they both agreed they could offer another $50K each of in-kind services from WPBR and BDH Consulting if they can close the deal. Motion Board Member Romelus moved to accept the LOI from WPBR and BDH Consulting for an additional $50K of in-kind services each for a total of $100K each and whatever amount of hard cash for the LOI. Board Member Hay seconded the motion. The motion unanimously passed. C. Purchase and Development Agreement Status on Ocean One Boynton, LLC Attorney Duhy explained at the last meeting, an update was requested how the Board would move forward regarding this property in regard to the TIF agreement, Last year, the agreement would have terminated because completion of construction was not started in the appropriate time and the termination date was extended to January 15, 2020. The developer failed to commence construction of Phase I improvements and the agreement will terminate unless the Board takes other actions on January 15, 2020. The Purchase and the Development Agreement was not amended last year. The development timeline they are in calls for construction to have commenced on January 16, 2020. That has not occurred and per the agreement, commencement of the public plaza needs to comments on January 16, 2020. If the developer does not have a permit pulled and paid for by January 17th, the developer is in default Chair Grant thought all the members had spoken with Mr. Camalier and supported working with him on a new TIF agreement for the Boardwalk property as he mentioned the cost of the parking garage hindered him from building. As they move forward for the holiday season, they should renegotiate and indicate what they would like to see. He asked if the developer was still required to build the plaza in accordance with the special warranty deed if they obtained a permit and started excavating by January 16, 2021. Attorney Duhy explained if they received a building permit and met the terms and 18 559 560 561 562 563 564 565 566 567 568 569 570 571 572 573 574 575 576 577 578 579 SBG580 SBG581 SBG582 583 584 A P P R A I S A L R E P O R T COMMERCIAL LAND 1102 NORTH FEDERAL HIGHWAY BOYNTON BEACH, FLORIDA 33435 by Vance Real Estate Service 7481 Northwest Fourth Street Plantation, Florida 33317-2204 for Boynton Beach Community Redevelopment Agency 100 E. Ocean Avenue Boynton Beach, FL 33435 November 20, 2020 585 MBA in REAL ESTATE DEVELOPMENT & MANAGEMENT 7481 Northwest 4th Street, Plantation, FL 33317-2204 954/583-2116 November 20, 2020 Boynton Beach Community Redevelopment Agency 100 E. Ocean Avenue Boynton Beach, FL 33435 RE: Commercial Land, 1102 North Federal Highway, Boynton Beach, FL 33435 (Legal description is in the report.) Ladies and Gentlemen: In fulfillment of our agreement, we transmit our Appraisal Report, in which we develop an opinion of market value for the fee simple estate in the referenced real property as of November 20, 2020. The report sets forth our value conclusion, along with data and reasoning supporting our opinion. This report was prepared for and our professional fee billed to Boynton Beach Community Redevelopment Agency. Our analyses have been prepared in conformance with the Uniform Standards of Professional Appraisal Practice (USPAP 2020-2021). This report is for exclusive use of the client for possible acquisition. Jesse B. Vance, Jr. and Claudia Vance visited the property. If you have questions or further needs, please contact the undersigned. As a result of our analyses, we have developed the following opinion of the market value of the appraised property, subject to definitions, certifications, and limiting conditions set forth in the attached report. ONE HUNDRED EIGHTY-FOUR THOUSAND ONE HUNDRED DOLLARS $184,100 (THIS LETTER MUST REMAIN ATTACHED TO THE REPORT WITH FIFTY-EIGHT (58) NUMBERED PAGES FOR THE VALUE OPINION SET FORTH TO BE CONSIDERED VALID.) Respectfully submitted, Jesse B. Vance, Jr., MAI, SRA, ASA State-Certified General Real Estate Appraiser RZ-85 Claudia Vance, MAI State-Certified General Real Estate Appraiser RZ-173 586 TABLE OF CONTENTS Page Number Title Page i Letter of Transmittal ii Table of Contents iii INTRODUCTION 4 Photographs of the Subject Property 5 1-3-5 Mile Location Map 6 1-3-5 Mile Demographics 7 Summary of Important Facts and Conclusions 9 DESCRIPTIONS, ANALYSES, & CONCLUSIONS 10 Identity of Client and Intended User 11 Intended Use 11 Identification of Real Estate Appraised 11 Ownership 11 Property Address 11 Legal Description 11 Real Estate Tax Analysis 12 Market Area Description 12 Zoning 17 Site Description 17 Real Property Interest Appraised 17 Appraisal Purpose and Definition of Market Value 18 Effective Dates of the Appraisal and Report 18 Scope of the Work 19 Summary of Information Considered 19 Property History 20 Highest and Best Use 21 SALES COMPARISON APPROACH-LAND VALUATION 22 Land Sales map 23 Land Sales documentation 24 Land Sales Comparison & Adjustment Chart 32 Valuation by the Sales Comparison Approach 33 FINAL VALUE OPINION 36 Certification and Limiting Conditions 37 ADDENDA 39 Flood zone determination 40 Acquiring deed for the appraised property 41 “C-3” & “C-4” zoning information 44 USPAP Standards Rule 2-2a 47 Qualifications of the Appraisers 50-58 587 INTRODUCTION 4 588 West Building Elevation on N. Federal Highway South Building Elevation on NE 10th Avenue East Building Elevation Looking North on US Highway No. 1 Looking South on US Highway No. 1 PHOTOS OF THE VALUED COMMERCIAL REAL ESTATE 1102 N. Federal Highway Boynton Beach, Florida 5 589 1-3-5 MILE RADII FROM THE VALUED COMMERCIAL LAND 1102 N. Federal Highway Boynton Beach, Florida 33435 6 590 Demographics 1102 N Federal Hwy, Boynton Beach, Florida, 33435 VANCE REAL ESTATE SERVICE Rings: 1, 3, 5 mile radii Latitude: 26.53622 Longitude: -80.05751 1 mile 3 miles 5 miles Population 2000 Population 12,217 67,829 153,136 2010 Population 12,504 76,784 169,715 2020 Population 14,386 86,113 187,289 2025 Population 15,557 92,322 198,752 2000-2010 Annual Rate 0.23%1.25%1.03% 2010-2020 Annual Rate 1.38%1.12%0.97% 2020-2025 Annual Rate 1.58%1.40%1.20% 2020 Male Population 49.1%47.9%47.9% 2020 Female Population 50.9%52.1%52.1% 2020 Median Age 44.2 43.7 46.4 In the identified area, the current year population is 187,289. In 2010, the Census count in the area was 169,715. The rate of change since 2010 was 0.97% annually. The five-year projection for the population in the area is 198,752 representing a change of 1.20% annually from 2020 to 2025. Currently, the population is 47.9% male and 52.1% female. Median Age The median age in this area is 44.2, compared to U.S. median age of 38.5. Race and Ethnicity 2020 White Alone 39.5%58.6%63.8% 2020 Black Alone 54.1%32.2%26.1% 2020 American Indian/Alaska Native Alone 0.5%0.3%0.5% 2020 Asian Alone 1.0%2.1%2.3% 2020 Pacific Islander Alone 0.0%0.0%0.0% 2020 Other Race 2.6%3.9%4.4% 2020 Two or More Races 2.4%2.9%2.8% 2020 Hispanic Origin (Any Race)12.0%18.7%20.2% Persons of Hispanic origin represent 20.2% of the population in the identified area compared to 18.8% of the U.S. population. Persons of Hispanic Origin may be of any race. The Diversity Index, which measures the probability that two people from the same area will be from different race/ethnic groups, is 67.7 in the identified area, compared to 65.1 for the U.S. as a whole. Households 2020 Wealth Index 78 84 105 2000 Households 4,762 29,417 66,880 2010 Households 4,961 32,639 72,659 2020 Total Households 5,781 36,604 79,690 2025 Total Households 6,289 39,251 84,413 2000-2010 Annual Rate 0.41%1.04%0.83% 2010-2020 Annual Rate 1.50%1.12%0.91% 2020-2025 Annual Rate 1.70%1.41%1.16% 2020 Average Household Size 2.46 2.32 2.33 The household count in this area has changed from 72,659 in 2010 to 79,690 in the current year, a change of 0.91% annually. The five-year projection of households is 84,413, a change of 1.16% annually from the current year total. Average household size is currently 2.33, compared to 2.31 in the year 2010. The number of families in the current year is 45,823 in the specified area. Data Note: Income is expressed in current dollars. Housing Affordability Index and Percent of Income for Mortgage calculations are only available for areas with 50 or more owner-occupied housing units. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025. Esri converted Census 2000 data into 2010 geography. November 21, 2020 ©2020 Esri Page 1 of 2 7 591 Demographics 1102 N Federal Hwy, Boynton Beach, Florida, 33435 VANCE REAL ESTATE SERVICE Rings: 1, 3, 5 mile radii Latitude: 26.53622 Longitude: -80.05751 1 mile 3 miles 5 miles Mortgage Income 2020 Percent of Income for Mortgage 20.6%17.5%18.6% Median Household Income 2020 Median Household Income $43,151 $54,208 $56,177 2025 Median Household Income $47,829 $58,064 $60,871 2020-2025 Annual Rate 2.08%1.38%1.62% Average Household Income 2020 Average Household Income $67,272 $76,450 $81,951 2025 Average Household Income $73,913 $84,293 $90,695 2020-2025 Annual Rate 1.90%1.97%2.05% Per Capita Income 2020 Per Capita Income $26,755 $32,725 $34,903 2025 Per Capita Income $29,452 $36,069 $38,559 2020-2025 Annual Rate 1.94%1.96%2.01% Households by Income Current median household income is $56,177 in the area, compared to $62,203 for all U.S. households. Median household income is projected to be $60,871 in five years, compared to $67,325 for all U.S. households Current average household income is $81,951 in this area, compared to $90,054 for all U.S. households. Average household income is projected to be $90,695 in five years, compared to $99,510 for all U.S. households Current per capita income is $34,903 in the area, compared to the U.S. per capita income of $34,136. The per capita income is projected to be $38,559 in five years, compared to $37,691 for all U.S. households Housing 2020 Housing Affordability Index 114 129 121 2000 Total Housing Units 5,942 35,224 79,969 2000 Owner Occupied Housing Units 3,177 21,094 49,887 2000 Renter Occupied Housing Units 1,585 8,323 16,993 2000 Vacant Housing Units 1,180 5,807 13,089 2010 Total Housing Units 6,645 41,493 91,246 2010 Owner Occupied Housing Units 3,046 20,897 50,202 2010 Renter Occupied Housing Units 1,915 11,742 22,457 2010 Vacant Housing Units 1,684 8,854 18,587 2020 Total Housing Units 7,502 45,171 97,593 2020 Owner Occupied Housing Units 3,524 22,328 53,375 2020 Renter Occupied Housing Units 2,257 14,277 26,315 2020 Vacant Housing Units 1,721 8,567 17,903 2025 Total Housing Units 8,077 48,103 102,701 2025 Owner Occupied Housing Units 3,774 23,331 55,477 2025 Renter Occupied Housing Units 2,515 15,921 28,936 2025 Vacant Housing Units 1,788 8,852 18,288 Currently, 54.7% of the 97,593 housing units in the area are owner occupied; 27.0%, renter occupied; and 18.3% are vacant. Currently, in the U.S., 56.4% of the housing units in the area are owner occupied; 32.3% are renter occupied; and 11.3% are vacant. In 2010, there were 91,246 housing units in the area - 55.0% owner occupied, 24.6% renter occupied, and 20.4% vacant. The annual rate of change in housing units since 2010 is 3.03%. Median home value in the area is $250,642, compared to a median home value of $235,127 for the U.S. In five years, median value is projected to change by 2.52% annually to $283,891. Data Note: Income is expressed in current dollars. Housing Affordability Index and Percent of Income for Mortgage calculations are only available for areas with 50 or more owner-occupied housing units. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025. Esri converted Census 2000 data into 2010 geography. November 21, 2020 ©2020 Esri Page 2 of 2 8 592 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS PROPERTY APPRAISED: OWNERSHIP: LAND: IMPROVEMENT: ZONING: APPRAISAL PURPOSE: INTEREST APPRAISED: CURRENT USE: IDGHEST AND BEST USE: Commercial LAND 1102 North Federal Highway Boynton Beach, FL 33435 City of Boynton Beach, Florida 100 E. Ocean Avenue Boynton Beach, Florida 33435 6,575 square feet Depreciated, condemned to be demolished "C-4", General Commercial in the city of Boynton Beach To develop an opinion of current market value Fee simple Effectively vacant land As vacant: Small commercial building or redevelopment of the site with adjacent properties for a commercial or mixed use. As improved: Demolished and removed VALUE BY THE SALES COMPARISON APPROACH: 6,575 square feet ofland x $28.00 per square foot ofland = ONE HUNDRED EIGHTY-FOUR THOUSAND ONE HUNDRED DOLLARS $184.100 VALUATION DATE: November 20, 2020 Exposure Time.· 9-12 months prior to selling at the appraised value 9 9 593 DESCRIPTIONS, ANALYSES, CONCLUSIONS 10 594 APPRAISAL REPORT This is an APPRAISAL REPORT that complies with Standard Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice (USPAP 2020 - 2021) 2-2(a)(i) State the identity of the client; The client and intended user of this report is the Boynton Beach Community Redevelopment Agency. 2-2(a)(ii) State the identity of any other intended users by name or type; None 2-2(a)(iii) State the intended use of the appraisal; For the City of Boynton Beach, Florida’s use in planning disposition of the owned subject land in connection with community development. 2-2(a)(iv) Contain information, documentation, and/or exhibits sufficient to identify the real estate involved in the appraisal, including the physical, legal and economic property characteristics relevant to the assignment; Ownership: City of Boynton Beach, Florida 100 E. Ocean Avenue Boynton Beach, Florida 33435 Property Address: 1102 N. Federal Highway Boynton Beach, FL 33435 Legal Description: Lengthy. See copy of acquiring warranty deed in this report. 11 595 APPRAISAL REPORT Real Estate Tax: Parcel Control Number: 08434521320020201 Land Assessed Value: $141,165 Est. Land Real Estate Taxes: Currently Exempt The tax was paid for 2019, with no amounts outstanding for previous years after seller’s deed in lieu of payment for outstanding penalties and liens. Properties are assessed in arrears by the county property appraiser. The tax bill is issued in November and a 4% discount is given to a taxpayer if the amount is paid in November. The discount diminishes until March, when the tax is due and payable. In Florida, the taxable value for non-homesteaded properties can be increased to a maximum of 10% per year, from tax year 2009 going forward, based on a constitutional amendment voted on by the electorate of the state. There are some exceptions, which relate to school taxing districts. However, the millage of the city can increase; thus, real estate taxes can continue to increase from year to year. Flood Zone: Zone “X”. Zone “X” is not in a Special Flood Hazard Area. The FEMA flood map is in the Addenda. Market Area Description: Boundaries and Market Composition & Transportation Infrastructure The general market area is the City of Boynton Beach in eastern -central Palm Beach County. Population of the city is about 72,000 residents; land area of the municipality is about 16 square miles situated between Delray Beach on the south and Lake Worth on the north. The town was named for an early developer, Nathan Boynton, a former major in the Union Army in the Civil War. The city was founded in 1898 and incorporated in 1920. Most of the original buildings were destroyed in the hurricane of 1926, though a few remain. Those few which were constructed in the early 1920s that are still in use have had repairs and replacements over the decades changing their historical significanc e. Time and economic trends take a toll on properties; thus, in 1984 a redevelopment plan was adopted for the Community Redevelopment Area (CRA) in the city. It covers 1,650 acres in the central part of the municipality west of the Intracoastal Waterway. 12 596 APPRAISAL REPORT Agriculture and farming had been important activities in past centuries in Boynton Beach. Commerce came to the area when Henry Flagler extended the Florida East Coast Railway from West Palm Beach to Miami in 1896. The railroad was the main mode of transportation to bring visitors and manufactured products to the town as well as transporting produce grown in the vicinity out of the area to other cities in the southeastern United States. Freight trains still run through the subject market area on the FEC tracts. Higher speed, passenger Brightline train runs along the FEC tract, but does not stop in Boynton Beach. There are three depots with one in downtown Miami, one in downtown Fort Lauderdale and the third in downtown West Palm Beach. Boca Raton, Palm Beach County, and Aventura and the Port of Miami, Miami-Dade County will be the next depots. In the future, there may be commuter rail service along the FEC tracks with a station in downtown Boynton Beach; however, no plans have been announced. The immediate subject market area is known as the Heart of Boynton (HOB), containing 380 acres. This area is the historic, older part of the CRA, with the following boundaries: Boynton Beach Canal (C-16) on the north, Florida East Coast (FEC) Railroad on the east, Interstate 95 on the west, and jagged line a few blocks north of Boynton Beach Boulevard as the south boundary, at about NE 3 Avenue. Federal Highway is the main north-south artery through the city. It is also known as US Highway 1 and is the main north-south artery through eastern Palm Beach County and extends along the eastern seaboard of the United States. Heavily trafficked Federal Highway is a catalyst to redevelopment of the market area, with over 2,300 residential dwelling units in five projects either built or planned. Highway beautification projects enhanced the aesthetics of the market area. Individual properties on the east and west side of the highway have shallow depths, inhibiting redevelopment of the sites with larger commercial projects. Assemblages of adjacent properties and rezoning to mixed use will continue to facilitate revitalization of the subject market area. Primary east-west route is Boynton Beach Boulevard, with Ocean Avenue to the south as a secondary thoroughfare. Boynton Beach Boulevard is the principal east-west artery in the city, having interchanges with Interstate 95 and Florida’s Turnpike. 13 597 APPRAISAL REPORT Boynton Beach Boulevard commences just to the east of US Highway 1 and travels west through Palm Beach County to its terminus at State Road 7/ US Highway 441. Ocean Avenue, in the Cultural District of the CRA, is an upgraded streetscape of wide sidewalks covered with pavers, lighting, kinetic sculptures, and bollards. Ocean Avenue continues east of the Cultural District with a drawbridge over the Intracoastal Waterway, reaching Ocean Boulevard and the Atlantic Ocean. Ocean Avenue extends west through Boynton Beach, with an interruption at Interstate 95. The subject market area is easily accessible by main roads and Interstate 95. To the north of Boynton Beach Boulevard is the Heart of Boynton District where the CRA has concentrated funds and effort into revitalizing the area with new housing options and upgraded streetscapes. The CRA has purchased numerous smaller properties to assemble larger sites for redevelopment of mixed use projects. Population Trends The demographic survey in the beginning of the report of 1, 3, and 5 mile radial circles from the appraised property shows the median household income for 2020 in the one-mile radius is $43,151; for three miles it is $54,208; and $56,177 for the five mile circle. Annual growth rate is anticipated to be 1.20%. 54.7% of the housing units are owner occupied, with 27.0% rented. Economic Trends In South Florida, as in the rest of the United States, real estate prices climbed from 2003-2006. In 2007-2008, concerns were expressed about an unsustainable upward price trend in the market. Then, the economic collapse came in fall of 2008 along with the crash in real estate prices. In 2009, there were very few sales of any type of real estate. By 2010, it appeared that the worst was over. Cash buyers started making purchases. From 2013 to present, sales activity and prices recuperated. The upswing in prices is due in part to scarcity of developable land, especially in the eastern part of the county. Properties in primary locations are back to pre-crash prices; other properties are approaching that level. The life cycle stage of the market area is revitalization, a period of renewal, modernization, and increasing demand. 14 598 APPRAISAL REPORT Revitalization in the CRA is taking place along US Highway 1, in the part of the corridor near Ocean Avenue and Boynton Beach Boulevard with projects such as 500 Ocean, consisting of 341 residential units, 20,000 square feet of retail space and 6,000 square feet of office. Ocean One at 114 N Federal Highway is planned for 358 apartments, 12,075 square feet of retail, 120 hotel rooms, and 439 parking spaces. The Villages at East Ocean Avenue were approved for 371 dwelling units, 15,757 square feet of commercial space, plaza, 644-space parking garage, et cetera. At 623 S Federal Highway, The Club of Boynton Beach is a six-story, 87 unit assisted living facility and memory care facility. Earlier in the 2000s, the property was to be developed with a condominium; however, the recession halted those plans. At 2923 S Federal Highway, Daniel Heart Center is replacing an old strip store center by renovating the buildings. In addition to completed and approved projects, a large redevelopment site is under contract to be purchase located on the east side of Federal Highway at SE 1 Avenue, Boynton Beach. The 2.85 acres of land is an assemblage of 10 properties with numerous owners. Issues would have to be addressed such as demolition of existing buildings, unity of title, right-of-way abandonment, density of dwelling units, et cetera. The confidential contract price could change due to contingencies based on these and other issues. However, this assemblage is an example of the revitalization of the subject market area. Town Square, a major redevelopment project to the west of Federal Highway is under construction in three sections extending from the south side of Boynton Beach Boulevard south to SE 2 Avenue, encompassing 16.5 acres of land. The north section covers the area of the old city hall and police station which were demolished and removed. The project consists of the following: • North parcel – 225 residential units, 120 hotel rooms, 65,000 square feet of office/ retail space and 927 space parking garage • Middle parcel – 200 residential units, 18,887 square feet of retail space • South parcel – 280 residential units, 820 space parking garage, 4,000 public space Included in the project are spaces for a new city hall, police station, fire station and park. Renovation of the historic high school is part of the project. 15 599 APPRAISAL REPORT In the block to the west of the Town Square, on the west side of Seacrest Boulevard, two properties will be purchased by the Boynton Beach Community Redevelopment Agency (BB CRA). 209 N Seacrest Boulevard is a two-story commercial building leased to the city and used for the Boynton Beach Utility Customer Service facility and the Police substation. Purchase price is $1,400,000 with a closing scheduled for October, 2020 when the lease has terminated. The adjacent property at 217 N Seacrest Boulevard is currently leased to the United States Postal Service, with a one- story building and large parking lot for postal vehicles. The north side of the property fronts Boynton Beach Boulevard. BB CRA will purchase the property for $1,600,000 with a closing projected for February, 2023 when the lease terminates. Purchase of these two properties is an example of the BB CRA pursuing assemblages to amass land which can be redeveloped into larger mixed use facilities as planned for the Boynton Beach Boulevard corridor. In the Heart of Boynton CRA district, Ocean Breeze East is under construction at 700 North Seacrest Boulevard. The development is an affordable apartment project containing 123 units, retail space, clubhouse and swimming pool. The project came about by the Boynton Beach Community Redevelopment Agency selling the land and the Florida Housing Finance Corporation and TD Bank providing the financing. Also in the Heart of Boynton CRA district will be apartments and retail buildings on Martin Luther King, Jr. Boulevard east of Seacrest Boulevard. Land will be forthcoming from the Boynton Beach CRA and financing from the State of Florida will be similar for the developer of this project. Conclusion The town’s redevelopment goal is to transform Boynton Beach from a retirement community to a vibrant city where residents can enjoy living and working in an attractive setting. Boynton Beach Community Redevelopment Agency is instrumental in the renaissance of the city. The CRA envisions the Boynton Beach Boulevard and Downtown Districts to have a future land use of mixed uses with various densities. The transformation of the area is in progress. Development of real estate takes time and the right market conditions which have been positive. Upward price trend for property in the subject market area will resume when the economy stabilizes and there are visible signs that projects are moving forward. 16 600 APPRAISAL REPORT CRA District: Federal Highway District North Zoning: “C -4” Commercial Site Description: The shape of the appraised land is rectangular. Land size is approximately 6,575 square feet. Utilities: All utilities are available to the site. Access: The land is accessible via North Federal Highway on the West and NE 10 Avenue on the South. Easements: Utility easements are typically around the perimeter of the site. 2-2(a) (v) State the real property interest appraised; A person who owns all the property rights is said to have fee simple title. A fee simple title implies absolute ownership unencumbered by any other interest or estate. Partial interests in real estate are created by selling, leasing, et cetera. Partial estates include leased fee and leasehold estates. The interest appraised is fee simple. 2-2(a)(vi) State the type and definition of value and cite the source of the definition; The purpose of the appraisal is to develop an opinion of market value of the subject property as of November 20, 2020. 17 601 APPRAISAL REPORT MARKET VALUE: a type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal. The conditions included in market value definitions establish market perspectives for development of the opinion. These conditions may vary from definition to definition but generally fall into three categories: 1. the relationship, knowledge, and motivation of the parties (i.e., seller and buyer); 2. the terms of sale (e.g., cash, cash equivalent, or other terms); and 3. the conditions of sale (e.g., exposure in a competitive market for a reasonable time prior to sale). Market value appraisals are distinct from appraisals completed for other purposes because market value appraisals are based on a market perspective and on a normal or typical premise. These criteria are illustrated in the following definition of Market Value*, provided here only as an example. Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions as follows. 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised and acting in what they consider their own best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. * This example definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated December, 2010. Florida Court Definition: “Market Value is the price that a seller willing, but not compelled to sell, and a buyer willing, but not compelled to buy, would agree to in fair negotiations with knowledge of all the facts.” [Source: Fla. Power & Light Co., v. Jennings, 518 So.2d 895 (Fla. 1987)] 2-2(a)(vii) State the effective date of the appraisal and the date of the report; A) Effective Date of the Appraisal: November 20, 2020 B) Date of the Report: November 20, 2020 18 602 APPRAISAL REPORT 2-2(a)(viii) Summarize the scope of work used to develop the appraisal; The appraisal problem is to develop an opinion of value of the property based on its highest and best use. The appraisers visited the property and photographed it. An investigation was made into the physical characteristics of the property that could affect its value. The market area was surveyed to determine its stage of the life cycle. Research was conducted to ascertain economic factors that might influence value. Data research consisted of collecting, confirming, and reporting vacant land sales. The process included searches and analyses, inspections and confirmations, and final reporting. The appraiser examined several sources of sales data, including multiple listing service, CoStar, Palm Beach County Property Appraiser’s records, the public records, and data from the appraisers’ plant. 2-2(a)(ix) Summarize the extent of any significant real property appraisal assistance; The two signatory appraisers are the only people involved in the appraisal process. 2-2(a)(x)(1) Summarize the appraisal methods and techniques employed; (2) State the reasons for excluding any of the valuation approaches; (3) Summarize the results of analyzing the subject sales, options and listings; (4) State the value opinion and conclusion (5) Summarize the information analyzed and the reasoning that supports the analyses, opinions, and conclusions (See following data answering the 5 Items) For Sales Comparison Approach, Commercial Lot sales are compared to each other and to the property under appraisement to develop a final opinion of value. The information analyzed and appraisal method used is detailed in the valuation section of the report. Further, the reasoning that supports the analyses, opinions, and conclusions is explained in the valuation section. The final value conclusion is stated at the end of the Sales Comparison Approach. 19 603 APPRAISAL REPORT The Cost Approach is not used because the subject is vacant land. The Income Approach is not employed because vacant lots in the area are not typically leased. Exclusion of these approaches to value still produces a creditable report. SR 1-5 When the value opinion to be developed is market value, if such information is available in the normal course of business: a) analyze all agreements of sale, options, or listings of the subject property current as of the effective date of the appraisal; The property is not formally listed for sale. b) analyze all sales of the subject property that occurred within the three (3) years prior to the effective date of the appraisal. There have been no arm’s length sales in the past three years. The property was transferred to the City of Boynton Beach, Florida in September, 2020 in lieu of payment for existing property penalties and liens. See Warranty Deed in Addenda. 2-2(a)(x i) State the use of the real estate existing as of the effective date and use of the real estate reflected in the appraisal; The real estate being valued is vacant land. This is the use valued in the appraisal. 2-2(a)(xii) When an opinion of highest and best use was developed by the appraiser, state that opinion and summarize the support and rationale for that opinion; 20 604 APPRAISAL REPORT HIGHEST AND BEST USE OF THE PROPERTY Highest and Best Use is defined as: 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. 1) Physically possible – “C-4” permitted uses are physically possible on the site. 2) Legally permissible – “C-4” permitted uses are legally allowed for the property. 3) Financially feasible – “C-4” permitted uses will provide a market return. 4) Maximally productive – “C-4” permitted uses will produce the highest return. 2-2(a) (xiii) Clearly and Conspicuously: State all extraordinary assumptions and hypothetical conditions; and state that their use might have affected the assignment result. There are no extraordinary assumptions or hypothetical conditions in this report. 2-2(a) (xiv) Include a signed certification in accordance with Standards Rule 2-1 See signed certification in report. 21 605 SALES COMPARISON APPROACH LAND VALUATION 22 606 23 607 VACANT LAND SALES SALE NO. 1 LEGAL DESCRIPTION Lot 11, Block “B,” PENCE’S SUBDIVISION NO. 1, Plat Book 1, page 33, Palm Beach County, FL, RECORDED O. R. Book 29576, Page 256 GRANTOR James Ploen GRANTEE Exsorro One, Inc. DATE OF SALE January 8, 2018 LOCATION 415, 421 and 425 Southeast 5 Avenue Boynton Beach, FL ZONING “C-3,” Community Commercial PROPOSED LAND USE Mixed Use, medium intensity CRA District Downtown District SALE PRICE $611,000 LAND SIZE 21,593 square feet UNITS OF COMPARISON $28.30 per square foot of land PARCEL CONTROL NO. 08 43 45 28 07 002 0111, 0112, 0113 CONDITIONS OF SALE Purchase money mortgage in the amount of $531,000 at the market rate of interest. Arm’s length transaction. CONFIRMED Kenneth Kaleel, attorney for grantee COMMENTS Three contiguous small parcels improved with old single family houses from 1924-1938, which will be demolished and removed to redevelop the site along with other parcels assembled by the same grantee. Road frontage on two sides: SE 4 Street and SE 5 Avenue. 24 608 LAND SALE 1 415, 421 & 425 SOUTHEAST 5 AVENUE BOYNTON BEACH, FL 25 609 VACANT LAND SALES SALE NO. 2 LEGAL DESCRIPTION The south 100 feet of Lot 2, LEE MANOR ISLES, Plat Book 24, page 211, Palm Beach County, FL, less right-of-way for Federal Highway RECORDED O. R. Book 29355, Page 1851 GRANTOR Anand Patel et al GRANTEE Exsorro One, Inc. DATE OF SALE September 21, 2017 LOCATION 1320 South Federal Highway Boynton Beach, FL ZONING “C-1,” Office Professional PROPOSED LAND USE Mixed Use, medium intensity CRA District Federal Highway District – South SALE PRICE $565,000 LAND SIZE 22,686 square feet UNITS OF COMPARISON $24.91 per square foot of land PARCEL CONTROL NO. 08 43 45 27 05 000 0021 CONDITIONS OF SALE Cash sale. Arm’s length transaction. CONFIRMED Kenneth Kaleel, attorney for grantee COMMENTS Vacant parcel at the northeast corner of South Federal Highway and Riviera Drive. 26 610 LAND SALE 2 1320 SOUTH FEDERAL HIGHWAY BOYNTON BEACH, FL 27 611 VACANT LAND SALES SALE NO. 3 LEGAL DESCRIPTION Lots 1, 2, 3 and 4, Block “C,” PENCE’S SUBDIVISION NO. 1, Plat Book 1, page 33, Palm Beach County, FL, less the east 13 feet of Lots 1 and 4 for Federal Highway RECORDED O. R. Book 29241, Page 1523 GRANTOR Hidden Brook Corporation GRANTEE Exsorro One, Inc. DATE OF SALE July 25, 2017 LOCATION 601 South Federal Highway Boynton Beach, FL ZONING “C-3,” Community Commercial PROPOSED LAND USE Mixed Use, medium intensity CRA District Downtown District SALE PRICE $1,250,000 LAND SIZE 52,507 square feet UNITS OF COMPARISON $23.81 per square foot of land PARCEL CONTROL NO. 08 43 45 28 07 003 0010 CONDITIONS OF SALE Cash sale. Arm’s length transaction. CONFIRMED Kenneth Kaleel, attorney for grantee COMMENTS Vacant parcel with street frontage on three sides: South Federal Highway, SE 4 Street and SE 5 Avenue. 28 612 LAND SALE 3 601 SOUTH FEDERAL HIGHWAY BOYNTON BEACH, FL 29 613 VACANT LAND SALES SALE NO. 4 LEGAL DESCRIPTION Lots 12 and 13, less the east 15 feet, PARKER ESTATE, Plat Book 10, page 37, Palm Beach County, FL RECORDED O. R. Book 29130, Page 501 GRANTOR ALTA 1111 LLC GRANTEE Indiantown Land Holdings LLC DATE OF SALE June 1, 2017 LOCATION 1111 South Federal Highway Boynton Beach, FL ZONING “C-3,” Community Commercial PROPOSED LAND USE Mixed Use, medium intensity CRA District Downtown District SALE PRICE $340,000 LAND SIZE 15,460 square feet UNITS OF COMPARISON $22.00 per square foot of land PARCEL CONTROL NO. 08 43 45 28 24 000 0120 CONDITIONS OF SALE Cash sale. Arm’s length transaction. CONFIRMED Lloyd Granet, attorney for grantee COMMENTS Vacant parcel with street frontage on three sides: South Federal Highway, SE 4 Street and SE 10 Avenue. 30 614 LAND SALE 4 1111 SOUTH FEDERAL HIGHWAY BOYNTON BEACH, FL 31 615 LAND SALE COMPARISON & ADJUSTMENT CHART rRANSACTIONAL ADJUSTMENTS Land Sale Sale Size Site Market Market Adiusted Zoning (Time @ 3%/vr.) Adiusted Price I Sales Date Price Sg.Ft. Price/Sq.Ft. 1 415-425 SE 5 Avenue 01/08/2018 $611,000 21,593 "C-3" I $51,874 $662,874 I $30.70 Boynton Beach, Florida $28.30 Inferior + 8.49% 2 1320 S. Federal Highway 09/21/2017 $565,000 22,686 "C-1" I $53,732 $618,732 I $27.27 Boynton Beach, Florida $24.91 Inferior+ 9.51% 3 601 S. Federal Highway 07/25/2017 $1,250,000 52,507 "C-3" I $125,000 $1,375,000 I $26.19 Boynton Beach, Florida $23.81 Inferior+ 10% 4 1111 S. Federal Highway 06/01/2017 $340,000 15,460 "C-3" I $34,884 $374,884 I $24.25 Boynton Beach, Florida $22.00 Inferior+ 10.26% SUBJECT Value Date Value "C-4" I I Final-Value 1102 N. Federal Highway 11/20/2020 $184.100 6,575 ----------Boynton Beach, Florida 32616 SALES COMPARISON APPROACH LAND VALUATION Of the several methods to develop an opinion of land value, the one considered to be the most reliable is the Sales Comparison Approach. In this method, sales of other similar vacant parcels are compared to the site concerned; then adjusted for differences to arrive at land value. For the opinion to be supportable, there must be an adequate number of sales of similar properties for comparison to the subject. The steps of sales comparison in Land Valuation are : 1) Locate and collect information of recent sales of sites most similar to the land being appraised. 2) Verify the sales information with parties to the transactions, including details of financing and any special considerations or non-typical market features. 3) Select relevant units of comparison and develop a comparative analysis. 4) Compare and adjust the sales to the subject using the significant, market-derived units of comparison. 5) Reconcile all value indications from the comparisons into a value opinion by this approach. The appraised property is a vacant site at 1102 North Federal Highway, Boynton Beach, FL. Land size is 6,575 square feet; zoning is “C-4”, General Commercial. The subject market area is in the revitalization stage of its life cycle. A search was made to find recent sales of properties fronting or close to Federal Highway which are either vacant or will soon will be. Of the properties reviewed, the four, which are more similar to the subject, are cited in this report. Details of the transactions are on the sale sheets and chart. The unit of comparison relevant to this valuation is Sale Price per Square Foot of Land. The range of prices is from $22.00 to $28.30 per square foot of land, before adjustments. ELEMENTS OF COMPARISON Elements of comparison are the characteristics of transactions and properties that cause variation in prices paid for real estate. The Appraisal of Real Estate continues by stating that there are basic elements of comparison that may be considered in sales comparison analysis for land valuation. The first group is termed transactional elements being: real property rights conveyed, financing terms, conditions of sale and market conditions. This second group of property elements consists of location, physical characteristics and use. Each element is hereafter addressed. (Continued) 33 617 SALES COMPARISON APPROACH LAND VALUATION Real Property Rights Conveyed A transaction price is predicated on the real property interest conveyed. Property interests conveyed can be fee simple (without tenants) or leased fee (subject to leases). An adjustment for property rights conveyed is based on whether a leased fee interest was sold with leases at market rent, or below or above market rent. In the case of land, there could be a land lease on the site that would create a leased fee interest. The lease amount would require examination to see if the tenant (the leasehold interest) had a value greater than zero. The sales were the conveyance of fee simple interest, the same interest valued for the land in question. No numerical adjustment is warranted for this element of comparison. Financing Terms Financing terms may have a bearing on the price paid for a property. Such terms that may affect price include assuming a mortgage at lower than current interest rates, the seller paying a buydown for the buyer to have a lower interest rate, or the seller providing financing for a transaction at lower than typical institutional rates. In all of these cases, the buyer could have paid higher prices in such transactions to obtain favorable financing. All of the land sales except No. 1 were in cash, which is the most common form of payment for vacant land. The grantor of Sale 1 accepted a purchase money mortgage from the buyer in the amount of $531,000 (87% loan to price ratio) on a short-term basis. Conditions of Sale Condition of sale addresses the motivation of buyers and sellers. Such motivations include a seller accepting a lower than market price for needed cash, a lender selling a previously foreclosed property to comply with regulations imposed on the institution, or a buyer purchasing an adjacent property. Even arm's length transactions may be the result of atypical motivation, such as lack of exposure time to the market, the result of an eminent domain proceeding, or tax consideration. All sales were typically negotiated arm’s length. No adjustments are required or made for this element of comparison. Market Conditions Comparable sales that occurred under different market conditions than those applicable to the subject on the effective date of the value estimate require adjustment for any differences that affect their value. The most common adjustment for market condition is time; however, the passage of time itself is not the cause of the adjustment. Market conditions which change over time are the reason to make the adjustment, such as appreciation or depreciation due to building inventory, changes in tax laws, investor's criteria, building moratoriums, fluctuation in supply and demand, et cetera. It is also possible that there is no change in market condition over time. 34 618 SALES COMPARISON APPROACH LAND VALUATION There is an upward trend in real estate prices in the subject market area due to the revitalization supported by the Boynton Beach Community Redevelopment Agency and to scarcity of developable parcels. The upward trend exceeds the annual inflation rate of 2% per year. Each of the land sales is adjusted upward 3% annually for market conditions to the effective date of appraisal. The amounts of the adjustments are shown on the Sales Comparison Chart in this report. Adjustments for transactional elements of comparison were considered; now, property elements of comparison are addressed. Location The location of a property is a key factor in prompting a buyer to purchase it. Location encompasses many aspects such as road frontage, access, traffic count, proximity to other competing properties, proximity to a market that will use the goods and services housed in a property, governmental influences, et cetera. Typically, properties in a neighborhood share some of the same locational characteristics such as age, condition, and style. However, there may be differences such as corner location, view, and zoning, to name a few. Properties of a similar type may be in different locations, yet the locations may share enough similarities to justify comparison. Factors of similarity between locations include average daily traffic counts, zoning and/or land use, and market composition. All of the sales are located fronting or near Federal Highway in Boynton Beach; all are in the Boynton Beach Community Redevelopment Area along with the appraised site. Sales 1, 3, and 4 are in the CRA Downtown District. Sale 2 is in the CRA Federal Highway South district. The parcel concerned is in the CRA Federal Highway North district. Significance of being in a CRA district is that they are eligible for programs and support from the Boynton Beach Community Redevelopment Agency. Zoning for the land concerned is “C-4”, General Commercial, with a minimum lot size of 5,000 square feet. Land Sales 1, 3, and 4 are zoned “C-3”, where the lot size is a minimum of 15,000 square feet. Land Sale 2 is in the “C-1” district, with a minimum lot size of 9,000 square feet. The square foot size of all of the sites meets the minimum standard for their districts. Physical Characteristics Physical characteristics to be considered for adjustments are those that cause a difference in price to be paid by the market. A wide range of such items includes land size, shape, frontage, topography, view, access, functional utility, et cetera. Adjustments for physical characteristics are best derived from the market by paired sales comparison. Through the process of searching for comparable sales, the physical characteristics are of great import. From the universe of possible comparable sales, those that are most similar to the site appraised are presented in the report for analysis and comparison to the subject. The less the number of physical differences, the better. 35 619 SALES COMPARISON APPROACH LAND VALUATION Land size for the subject is 6,575 square feet; smallest in the data set, yet of sufficient size to meet the “C-4” zoning standard. The sales range in size from 15,460 to 52,507 square feet. There does not appear to be a direct relationship between parcel size and price per square foot. There are minor differences among the physical characteristics of the land sales and the parcel concerned; however, they are not significant enough to warrant quantitative adjustments. Use For sites to be comparable, they should have similar uses. Use for the subject and sales could be smaller commercial buildings; although, larger mixed use projects, possible by assemblage of properties, would adhere to the CRA redevelopment plan. No adjustment is called for this element of comparison. FINAL VALUE OPINION Following is a summary of the adjusted square foot unit prices for the four land sales: Land Sale Adjusted Sale Price/ Square Foot 1 $30.70 2 $27.27 3 $26.19 4 $24.25 The range of adjusted unit prices is from $24.25 to $30.70 per square foot of land. Since each of the land sales has already been adjusted to the land appraised, equal weight is placed on each sale for the final value opinion. Considering the characteristics of the land under appraisement and the foregoing discussion, the unit value for the subject is $28.00 per square foot. The quantity of the comparable data is sufficient to have an overview of the market for land in or near the Federal Highway corridor in the city of Boynton Beach. The quality of the data is good in that it provides a sound basis to develop an opinion of value for the land under appraisement. Based on the analysis and conclusions presented within the report, it is our opinion that the Market Value of the Fee Simple Estate of the Subject Property as of November 20, 2020 is: $28.00/sq. of land x 6,575 square feet = $184,100 ONE HNDRED EIGHTY-FOUR THOUSAND ONE HUNDRED DOLLARS Exposure Time Prior to Attainment of the valued amount is nine to twelve months. COVID-19 Statement: Future impacts on real estate val ues as a result of the COVID-19 virus pandemic are unknown, uncertain, or unclear on the effective date of the appraisal of the property under appraisement. The value amount concluded for this property is valid for the effective date of appraisal of November 20, 2020. 36 620 CERTIFICATION I certify that, to the best of my knowledge and belief, the statements contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the property that is the subject of this report, and I have no bias or personal interest with the parties involved. The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. My compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 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. The analyses, opinions and conclusions were also developed and the report prepared in conformity with the Uniform Standards of Professional Appraisal Practice, which is included in the Appraisal Institute's Standards, and Chapter 475, Part II F.S. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. The use of this report is (also) subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board. I have visited the property that is the subject of this report on November 12, 2020. Jesse B. Vance, Jr. and Claudia Vance are responsible for the analyses, conclusions and opinions concerning real estate set forth in this report. No one else has provided significant professional service to the persons signing this report. The Appraisal Institute and the American Society of Appraisers each conduct programs of continuing education for their designated members. As of the date of this report, Jesse B. Vance, Jr. and Claudia Vance have completed the requirements of the continuing education program of the Appraisal Institute. Continuing educational requirements are also completed for the American Society of Appraisers and the State of Florida. November 20, 2020. Jesse B. Vance, Jr., MAI, SRA, ASA Florida State-Certified General Real Estate Appraiser No. RZ-85 November 20, 2020. Claudia Vance, MAI Florida State-Certified General Real Estate Appraiser No. RZ-173 37 621 CERTIFICATION AND LIMITING CONDITIONS The statements and conclusions contained in this report, subject to the limiting conditions hereafter cited, are correct to the best of the writers' knowledge. 1. The undersigned have personally inspected the subject of this report. No pertinent information has been knowingly withheld. 2. Unless specifically included, the subject is analyzed as though free and clear of liens and encumbrances. 3. No responsibility is assumed for legal matters, nor is an opinion of title rendered. Title is assumed to be good and held in Fee Simple, unless excepted. 4. Legal descriptions and property dimensions have been furnished by others; no responsibility for their correctness is assumed. Sketches which may be in the report are for illustrative purposes only. 5. Possession of any copy of this report does not carry with it the right of publication, duplication, or advertising using the writers’ names or professional designations or membership organizations. 6. The writers are not required to testify without prior agreement. 7. Neither the employment to make this appraisal nor compensation therefore is contingent on the value reported. 8. Where divisions are made between land, improvements, etc., the values estimated for each apply only under the cited use or uses. 9. The value applies ONLY as of the date of valuation stated within the report. 10. The writers certify that they have no present, past or contemplated interest in the subject of this report - unless specifically stated. 11. This report is the property of the indicated client. It may not be used by any other party for any purpose not consistent with the written function of this report without the express written consent of the writers AND client. 12. The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Practice and Conduct of the Appraisal Institute. The work also conforms to the Uniform Standards of Professional Appraisal Practice. 13. Soil or sub-soil contamination may exist from current or prior users, or users outside the property concerned. The appraisers are not qualified to detect such substances. We urge the client to retain an expert in this field if desired. 14. The appraisers have not been provided a Habitat Survey, Endangered Species Survey, or analysis by a qualified environmental specialist indicating the presence of or proximity to environmentally sensitive and/or protected land or species which could affect the use, and possibly, value of the appraised property. The appraisers are not qualified to identify these factors. We recommend that an expert be hired where there may be reasonable cause to expect the presence of any of the cited elements. 15. Jesse B. Vance, Jr. and Claudia Vance are responsible for the analyses, conclusions, and opinions of real estate set forth in this report. No one else provided significant professional assistance to the signers of this report. 16. Prospective value is based on current conditions and trends. The appraisers cannot be held responsible for unforeseeable events which might alter market conditions upon which market value opinion has been developed. 17. The appraisers certify that they have the knowledge and experience required to perform this appraisal assignment. 18. The appraisers reserve the right to amend or change this report at any time additional market information is obtained which would significantly affect the value. Jesse B. Vance, Jr., MAI, SRA, ASA State-Certified General Real Estate Appraiser No. RZ 85 November 20, 2020 Claudia Vance, MAI State-Certified General Real Estate Appraiser No. RZ 173 November 20, 2020 38 622 ADDENDA 39 623 USGS The National Map: Orthoimagery. Data refreshed October, 2020. National Flood Hazard Layer FIRMette 0 500 1,000 1,500 2,000250 Feet Ü SEE FIS REPORT FOR DETAILED LEGEND AND INDEX MAP FOR FIRM PANEL LAYOUT SPECIAL FLOOD HAZARD AREAS Without Base Flood Elevation (BFE) Zone A, V, A99 With BFE or DepthZone AE, AO, AH, VE, AR Regulatory Floodway 0.2% Annual Chance Flood Hazard, Areas of 1% annual chance flood with average depth less than one foot or with drainage areas of less than one square mileZone X Future Conditions 1% Annual Chance Flood HazardZone X Area with Reduced Flood Risk due to Levee. See Notes.Zone X Area with Flood Risk due to LeveeZone D NO SCREEN Area of Minimal Flood Hazard Zone X Area of Undetermined Flood HazardZone D Channel, Culvert, or Storm Sewer Levee, Dike, or Floodwall Cross Sections with 1% Annual Chance 17.5 Water Surface Elevation Coastal Transect Coastal Transect Baseline Profile Baseline Hydrographic Feature Base Flood Elevation Line (BFE) Effective LOMRs Limit of Study Jurisdiction Boundary Digital Data Available No Digital Data Available Unmapped This map complies with FEMA's standards for the use of digital flood maps if it is not void as described below. The basemap shown complies with FEMA's basemap accuracy standards The flood hazard information is derived directly from the authoritative NFHL web services provided by FEMA. This map was exported on 11/23/2020 at 3:59 PM and does not reflect changes or amendments subsequent to this date and time. The NFHL and effective information may change or become superseded by new data over time. This map image is void if the one or more of the following map elements do not appear: basemap imagery, flood zone labels, legend, scale bar, map creation date, community identifiers, FIRM panel number, and FIRM effective date. Map images for unmapped and unmodernized areas cannot be used for regulatory purposes. Legend OTHER AREAS OF FLOOD HAZARD OTHER AREAS GENERAL STRUCTURES OTHER FEATURES MAP PANELS 8 B 20.2 The pin displayed on the map is an approximate point selected by the user and does not represent an authoritative property location. 1:6,000 80°3'46"W 26°32'27"N 80°3'8"W 26°31'54"N40 624 41 625 42 626 43 627 C. C-3 Community Commercial District. 1. General. a. Purpose and Intent. The purpose of the C-3 zoning district is to implement the local retail commercial (LRC) future land use map (FLUM) classification of the Comprehensive Plan. The intent of this conventional district is to encourage the development or use of property for appropriate intensive retail commercial uses providing for a wide range of goods and services, located along major thoroughfares. The C-3 district allows a maximum density of eleven (11) dwelling units per acre; however, all residential developments must adhere to the R-3 district building and site regulation in accordance with Section 2.F. above. b. Prerequisite Location Standard. In reaching recommendations and decisions as to zoning land to C-3, the advisory board and City Commission shall apply the following location standards, in addition, to the standards applicable to the rezoning of land generally: (1) Centrally and accommodating multiple neighborhoods; and (2) Abutting to at least one (1) major thoroughfare. 2. Use(s) Allowed. See "Use Matrix Table 3-28" in Chapter 3, Article IV, Section 3.D. 3. Building and Site Regulations (Table 3-16). No building or portion thereof shall be erected, constructed, converted, established, altered, enlarged or used unless the premises and buildings shall comply with the following regulations: BUILDING/SITE REGULATIONS C-3 District Minimum lot area: 15,000 s.f. Minimum lot frontage: 75 feet Minimum yard setbacks: Front: 20 feet1 Rear: 20 feet2 Abutting: Residential district(s) 30 feet Interior side: 0 feet1,3 Abutting: Residential district(s) 30 feet1 Corner side: 20 feet1 Abutting: Residential district(s) 30 feet1 Maximum lot coverage: 40% Maximum Floor Area Ratio (FAR) 0.504 44 628 Maximum structure height: 45 feet5 1 Reduced setbacks will be applied to property located within the Urban Commercial District Overlay Zone, Section 8.C. below. 2 Where rear yard access is available from a public street or alley, rear yard may be decreased by one-half (1/2) the width of such street or alley, but in no case shall a rear yard be less than ten (10) feet. 3 Where rear access is not available from a public street or alley, a side yard of not less than fifteen (15) feet shall be provided on one (1) side. 4 A floor area ratio (FAR) up to 0.50 may be considered for local retail commercial uses allowed within the C-3 district (see "Use Matrix" – Chapter 3, Article IV, Section 3.D.), pursuant to the local retail commercial future land use classification of the Comprehensive Plan. 5 Not to exceed four (4) stories. 4. Review and Approval Process. a. Single-family and duplex dwellings and accessory uses thereto shall be allowed upon application to and approval by the Building Official for structures that require a building permit pursuant to Chapter 2, Article IV, Section 2. b. Community and common areas, such as recreational areas, landscape buffers and tracts, and project signage may be subject to site plan review. c. Non-residential uses shall require site plan approval in accordance with Chapter 2, Article II, Section 2.F. prior to application for building permit. 5. Parking. Required off-street parking is regulated in accordance with Chapter 4, Article V, Minimum Off-Street Parking Requirements. 6. Exterior Storage of Merchandise and Equipment. See Chapter 3, Article V, Section 8 for the regulations pertaining to the permanent exterior storage of merchandise and equipment. D. C-4 General Commercial District. 1. General. 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. 2. Use(s) Allowed. See "Use Matrix Table 3-28" in Chapter 3, Article IV, Section 3.D. 3. Building and Site Regulations (Table 3-17). No building or portion thereof shall be erected, constructed, converted, established, altered, enlarged or used unless the premises and buildings shall comply with the following regulations: 45 629 BUILDING/SITE REGULATIONS C-4 District Minimum lot area: 5,000 s.f. Minimum lot frontage: 50 feet Minimum lot depth: 100 feet Minimum yard setbacks: Front: 25 feet1,2 Rear: 20 feet3 Abutting: Residential district(s) 30 feet Interior side: 15 feet1,2,3 Abutting: Residential district(s) 30 feet Corner side: 15 feet1,2 Abutting: Residential district(s) 30 feet Maximum lot coverage: 40% Maximum Floor Area Ratio (FAR) 0.504 Maximum structure height: 45 feet5 1 Reduced setbacks will be applied to property located within the Urban Commercial District Overlay Zone, Section 8.C. below. 2 Pursuant to Section 8.B. below, parcels that have frontage on Martin Luther King Jr. Boulevard and are located within the Martin Luther King Boulevard Overlay Zone shall have front, side interior, and side corner setbacks in accordance with the mixed use-low intensity 1 zoning district (see Section 5.C. below). 3 Where rear property line abuts a public street or alley, rear yard setback may be reduced to ten (10) feet and no side yard shall be required, except on corner lots or where abutting single-family uses. 4 A floor area ratio (FAR) up to 0.50 may be considered for general commercial uses allowed within the C-4 district (see "Use Matrix" – Chapter 3, Article IV, Section 3.), pursuant to the general commercial future land use classification of the Comprehensive Plan. 5 Not to exceed four (4) stories; however, those parcels located within the Martin Luther King Boulevard Overlay Zone (Section 8.B. below) shall be limited to thirty (30) feet in height. 4. Review and Approval Process. Non-residential uses shall require site plan approval in accordance with Chapter 2, Article II, Section 2.F. prior to application for building permit. 5. Parking. Required off-street parking is regulated in accordance with Chapter 4, Article V, Minimum Off-Street Parking Requirements. 6. Exterior Storage of Merchandise and Equipment. See Chapter 3, Article V, Section 8 for the regulations pertaining to the permanent exterior storage of merchandise and equipment. 46 630 SUMMARY OF 2020-2021 USPAP (Uniform Standards of Professional Appraisal Practice) Standard Rule 2: Real Property Appraisal, Reporting In reporting the results of a real property appraisal, an appraiser must communicate each analysis, opinion, and conclusion in a manner that is not misleading. STANDARD 2 addresses the content and level of information required in a report that communicates the results of the real property appraisal. STANDARD 2 does not dictate the form, format, or style of real property appraisal reports. The substantive content of a report determines its compliance. STANDARDS RULE 2-1 Each written or oral real property appraisal report m ust: (a) clearly and accurately set forth the appraisal in a manner that will not be misleading; (b) contain sufficient information to enable the intended users of the appraisal to understand the report properly; and (c) clearly and accurately disclose all assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions used in the assignment. STANDARDS RULE 2-2 Each written real property appraisal report m ust be prepared under one of the following options and prominently state which option is used: Appraisal Report or Restricted Appraisal Report. An appraiser may use any other label in addition to, but not in place of, the labels set forth in this Standards Rule for the type of report produced. The use of additional labels such as analysis, consultation, evaluation, study, or valuation does not exempt an appraiser from adherence to USPAP. The report content and level of information requirements in this Standards Rule are minimal for each type of report. An appraiser must supplement a report form, when necessary, to insure that any intended user of the appraisal is not misled and that the report complies with the applicable content requirements. (a) The content of an appraisal report must be appropriate for the intended use or the appraisal and, at a minimum: (i) state the identity of the client, or if the client requested anonymity, state that the identity is withheld at the client’s request but is retained in the appraiser’s workfile; (ii) state the identity of any other intended users by name or type; (iii) state the intended use of the appraisal; (iv) contain information, documents, and/or exhibits sufficient to identify the real estate involved in the appraisal, including the physical, legal, and economic property characteristics relevant to the assignment; (v) state the real property interest appraised; (vi) state the type and definition of value and cite the source of the definition; (vii) state the effective date of the appraisal and the date of the report; (viii) summarize the scope of work used to develop the appraisal; (ix) summarize the extent of any significant real property appraisal assistance; 47 631 SUMMARY OF 2020–2021 USPAP (Uniform Standards of Professional Appraisal Practice) Standard Rule 2: Real Property Appraisal, Reporting (x) provide sufficient information to indicate that the appraiser complied with the requirements of STANDARD 1 by: (1) summarizing the appraisal methods and techniques employed; (2) stating the reasons for excluding the sales comparison, cost, or income approach(es) if any have not been developed; (3) summarizing the results of analyzing the subject sales, options, and listings in accordance with Standards Rule 1-5; (4) stating the value opinion(s) and conclusions(s); and (5) summarizing the information analyzed and the reasoning that supports the analyses opinions, and conclusions, including reconciliation of the data and approaches; (xi) state the use of th real estate existing as of the effective date and the use of the real estate reflected in the appraisal; (xii) when an opinion of highest and best use was developed by the appraiser, state that opinion and summarize the support and rationale for that opinion; (xiii) clearly and conspicuously: • state all extraordinary assumptions and hypothetical conditions, and • state that their use might have affected the assignment results, and (xiv) include a signed certification in accordance with Standards Rule 2-1. STANDARDS RULE 1-5 When the value opinion to be developed is market value, if such information is available in the normal course of business: a) analyze all agreements of sale, options, or listings of the subject property current as of the effective date of the appraisal; b) analyze all sales of the subject property that occurred within the three (3) years prior to the effective date of the appraisal. 48 632 475.611 Florida Statutes: Definitions.- (1) As used in this part, the term: (a) “Appraisal” or “Appraisal Services” means the services provided by certified and licensed appraisers or registered trainee appraisers, and includes: 1. "Appraisal assi gnment" denotes an engagement for which a person is employed or retained to act, or coul d be perceived by third parties or the public as acting, as an agent or a disinterested third party in rendering an unbiased analysis, opinion, review, or conclusion relating to the nature, quality, val ue, or utility of specified interests in, or aspects of, identified real property. 2. "Analysis assi gnment" denotes apprai sal services that relate to the employer's or client's individual needs or investment objectives and includes specialized marketing, financing, and feasibility studies as well as analyses, opinions, and conclusions given in connection with activities such as real estate brokerage, mortgage banking, real estate counseling, or real estate consulting. 3. "Appraisal review assignment" denotes an engagement for which an appraiser is employed or retai ned to develop and communicate an opinion about the quality of another appraiser's appraisal, appraisal report, or work. An appraisal review may or may not contain the reviewing appraiser's opinion of value. (b) "Appraisal Foundation" or "foundation" me ans the Appraisal Foundation established on November 20, 1987, as a not-for-profit corporation under the laws of Illinois. (c) "Appraisal report" means any communicati on, written or oral, of an appraisal, appraisal review, appraisal consulting service, analysis, opini on, or conclusion relating to the nature, quality, val ue, or utility of a specified interest in, or aspect of, identified real property, and includes any report communicating an appraisal analysi s, opinion, or conclusion of value, regardless of title. However, in order to be recognized in a federally related transaction, an appraisal report must be wri tten. (d) "Appraisal review" means the act or process of developing and communicating an opinion about the quality of another appraiser's appraisal, appraisal report, or work. (e) "Appraisal subcommittee" means the designees of the heads of the federal financial institutions regulatory agencies established by the Federal Financi al Institutions Exami nation Council Act of 1978 (12 U.S.C. ss. 3301 et seq.), as amended. (f) "Appraiser" means any person who i s a registered trainee real estate appraiser, licensed real estate appraiser, or a certified real estate appraiser. An appraiser renders a professional service and is a professional within the meaning of 95,11(4)(a). (g) "Board" means the Fl orida Real Estate Appraisal Board established under thi s section. (h) “Certified General Appraiser” means a person who is certified by the department as qualified to issue appraisal reports for any type of real property (i) "Certified Residential Appraiser" means a person who is certified by the department as qualified to issue appraisal reports for residential real property of one to four resi dential units, without regard to transaction value or complexity, or real property as may be authorized by federal regulati on. (j) "Department" means the Department of Busi ness and Professi onal Regulati on. 49 633 Page 1 of 5 Jesse B. Vance, Jr., MAI, SRA, ASA, MBA Appraiser · Real Estate Analyst · Reviewer · Expert Witness Vance Real Estate Service · 7481 NW 4 Street · Plantation · Florida · 33317 Office: 954·583·2116; Cell: 954·610·2423; Email: vanceval@comcast.net Web Page: www.vancerealestateservice.com Vance Real Estate Service is a Veteran-Owned Small Business (VOSB) and Florida Certified SDVBE Minority Business Enterprise specializing in personalized real estate valuation services in Florida for over 35 years. Currently registered in “SAM” (U.S. Government System for Award Management – DUNS 826494957). Designated appraisers perform the appraisal work, no trainees. Jesse B. Vance, Jr., MAI, SRA, ASA, MBA and Claudia Vance, MAI are qualified as expert witnesses for eminent domain, bankruptcies, deficiency judgments, marriage dissolution, and estate valuations. Our firm values most types of real property interests for sale, mortgage loans, litigation and investment reasonably, timely and professionally. As licensed real estate brokers, we perform most other real property functions. We also do “Valuations for Financial Reporting.” PROFESSIONAL QUALIFICATIONS A) PROFESSIONAL DESIGNATIONS/ DEGREES/ LICENSES & CERTIFICATIONS MAI DESIGNATION - APPRAISAL INSTITUTE/Life Member No. 8781 SRA DESIGNATION - APPRAISAL INSTITUTE/Life Member No. 8781 ASA DESIGNATION - AMERICAN SOCIETY OF APPRAISERS (RE-Urban) #003439 MBA DEGREE - REAL ESTATE MANAGEMENT AND DEVELOPMENT STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER #RZ-85 (Florida) FLORIDA STATE LICENSED REAL ESTATE BROKER NO. BK. 91050 REGISTERED VETERAN-OWNED SMALL BUSINESS (CCR/Duns 826494957) FLORIDA CERTIFIED SDVBE BUSINESS ENTERPRISE (Minority Business Enterpris e - MBE) FLORIDA “D.E.P.” APPROVED APPRAISER Currently registered in “SAM” (U.S. Government System for Award Management). B) QUALIFIED AS AN EXPERT WITNESS IN REAL ESTATE VALUATION 1. U.S. Court of Appeals, Eleventh Circuit 2. U.S. District Court, Southern District of South Florida 3. U.S. District Court, New Jersey 4. U.S. Bankruptcy Court, Southern District of Florida 5. U.S. Bankruptcy Court, District of New Jersey 6. U.S. Bankruptcy Court, Western (Pittsburgh) Division of Pennsylvania 7. Florida Circuit Courts: Broward, Dade, Palm Beach, Lee, Collier, Martin, and Okeechobee Counties 8. Appraiser on landmark eminent domain cases: TESSLER, NESS TRAILER PARK, PATEL, SIMPSON v. FILLICHIO, RUBANO, PALM BEACH COUNTY (FL) vs. COVE CLUB INVESTORS, LTD. C) EXPERIENCE Over thirty-five (35) years appraising and analyzing real property interests in South Florida. Partial list: RESIDENCES, RESTAURANTS/BARS, APARTMENT BUILDINGS, OFFICE BUILDINGS HOTELS/MOTELS, CHURCHES, CONDOMINIUMS/COOPS, HOSPITALS & NURSING HOMES, VACANT LAND, GOLF COURSES, GOLF CLUBS, GASOLINE SERVICE STATIONS, MARINAS, TRAILER PARKS, SHOPPING CENTERS, BANKS/THRIFT INSTITUTIONS, BOWLING ALLEYS, P.U.D.'S, INDUSTRIAL BUILDINGS, TIME-SHARE DEVELOPMENTS, ROCK PITS, SCHOOLS, AGRICULTURAL PROPERTIES, WATER MANAGEMENT DISTRICT, MARKETABILITY, FEASIBILITY ANALYSES, INVESTMENT ANALYSES, AUTO SALES FACILITIES, LEASE VALUATIONS, TAX & ASSESSMENT APPEALS, CONDEMNATION, EXPERT WITNESS (Member National Forensic Center), BUSINESS ENTERPRISE VALUATIONS (BEV), (VFR) VALUATION FOR FINANCIAL REPORTING, AVIGATION & CLEARANCE EASEMENTS, ESTATES, DIVORCES, PLANNING/LAND USE STUDIES, HIGHEST & BEST USE ANALYSES, DEPRECIATION ANALYSES, COMPONENT APPRAISALS, ENVIRONMENTALLY SENSITIVE LAND, CONTAMINATED PROPERTIES, SUGARCANE & TURFGRASS LAND, DAY CARE CENTERS, SELF-STORAGE FACILITIES, FUNERAL HOMES, ANIMAL HOSPITALS, SUBMERGED LAND, CITY CENTERS, etc. 50 634 Page 2 of 5 D) PARTIAL LIST OF CLIENTS PRIVATE INDIVIDUALS AND CORPORATIONS, ATTORNEYS, ACCOUNTANTS, TRUST DEPARTMENTS, COMMERCIAL BANKS: Wells Fargo; BankAtlantic; SunTrust; American National Bank; Landmark Bank; City National Bank; BankUnited; Gateway American Bank; State Farm Bank; Englewood Bank & Trust; SAVINGS & LOANS, INSURANCE COMPANIES, REAL ESTATE INVESTMENT TRUSTS, & REAL ESTATE TRANSFER COMPANIES, TITLE INSURANCE COMPANIES; FLORIDA CITIES: FORT LAUDERDALE, PLANTATION, COOPER CITY, TAMARAC, LAUDERHILL, BOCA RATON, DEERFIELD BEACH, OAKLAND PARK, WILTON MANORS, HOLLYWOOD, WEST PALM BEACH, DELRAY BEACH, HALLANDALE, PEMBROKE PINES, COOPER CITY, TOWN OF DAVIE, TOWN OF SOUTHWEST RANCHES, MIRAMAR. FLORIDA COUNTIES: BROWARD, PALM BEACH, COLLIER, OKEECHOBEE; BROWARD COUNTY BOARD OF COUNTY COMMISSIONERS; OKEECHOBEE BOARD OF COUNTY COMMISSIONERS. SCHOOL BOARD OF BROWARD COUNTY, FLORIDA, BROWARD COUNTY HOUSING AUTHORITY, STATE OF FLORIDA DEPARTMENT OF TRANSPORTATION (DOT); STATE OF FLORIDA DIVISION OF GENERAL SERVICES(GSA); N. BROWARD GENERAL HOSPITAL DISTRICT; STATE OF FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION (Approved Vendor);U.S. TREASURY DEPARTMENT (General Counsel, I.R.S.); U.S. MARSHAL'S SERVICE – U.S. ATTORNEY’S OFFICE CENTRAL DIVISION – U.S. Dept. of Justice; VETERANS ADMINISTRATION E) EDUCATIONAL BACKGROUND - (Partial List) BACHELOR OF ARTS - Earlham College, Richmond, Indiana (1954) MBA (Nova University) - Real Estate Management & Development (National Dean's List 1991) Course 1 (AIREA) - Basic Principles of Appraising Course 2 (AIREA) - Urban Property Valuation (Income) Course 4 (AIREA) - Condemnation Appraising Course 6 (AIREA) - Income Capitalization & Analysis Course 101 (SREA) - Introduction to Appraising Course 201 (SREA) - Income Property Valuation, Theory Course 202 (SREA) - Applied Income Property Valuation Course 301 (SREA) - Applications/Appraisal Analysis Symposium (SREA) - Market Analysis, 1978, Virginia Symposium (SREA) - Market Analysis, 1979, Arizona Symposium (SREA) - Market Analysis, 1980, South Carolina Symposium (SREA) - Market Analysis, 1981, Tennessee Symposium (SREA) - Market Analysis, 1982, New Mexico Symposium (SREA) - Market Analysis, 1983, Pennsylvania Symposium (SREA) - Market Analysis, 1984, Georgia Symposium (SREA) - Market Analysis, 1985, Vancouver, B.C. Symposium (SREA) - Market Analysis, 1986, New Jersey Clinic (SREA) - #201 Instructor, 1987, U. of Illinois Clinic (SREA) - #201 Instructor, 1988, Illinois Seminar (SREA) - Professional Practice, 1988, Florida Symposium (SREA) - Market Analysis, 1988, California Symposium (SREA) - Market Analysis, 1989, Minnesota MBA Graduate School Courses: 1990 – 1991 Successfully completed the following graduate school courses: - "Regulation of Real Estate Development" - "Real Properties Management" - "Legal Issues In Real Estate" - "Market Analysis and Site Selection" - "Organizational Behavior and Management”" - "Human Resource Management" - "Real Estate Economics" - "R. E. Finance: Instruments, Institutions & Investment Analysis" - "Urban Infrastructure & Environmental Analysis” - "Real Estate Accounting" - "Marketing Management for Real Estate" - "Commercial Real Estate Lending" - "Construction Technology and the Building Development Process" SEMINAR (AI) - Cost Approach (1992/Boston) SEMINAR (AI) - Rates & Ratios (1992/Boston) SEMINAR (AI) - International Appraising (1992/Boston) SEMINAR (AI) - Litigation Valuation/Mock Trial (1993) SEMINAR (AI) - ADA ACT (1993/Reno) SEMINAR (AI) - Hotel Valuation (1993) SEMINAR (AI) - Income Capitalization, Methods (1993) SEMINAR (AI) - Powerlines/Electromagnetic Radiation (1994) SEMINAR (AI) - Verifying Market Data (1994) SEMINAR (AI) - Market Studies for Appraisals (1994) SEMINAR (AI) - Florida Appraiser Core Law (USPAP/1994) 51 635 Page 3 of 5 E)EDUCATIONAL BACKGROUND - (Partial List, continued) SEMINAR (AI) - Limited Appraisals & Reports (USPAP/1994) SEMINAR (AI) - Public Safety & Property Values (1995) SEMINAR (AI) - Outparcel Valuation (1995) SEMINAR (AI) - Computer Technology Video Conference (1995) SEMINAR (AI) - The Internet & the Appraiser (1996) SEMINAR (AI) - Florida Commercial Construction (1996) SEMINAR (AI) - Real Property Rights in Florida (1996) COURSE (AI) - USPAP & Florida Real Estate Core Law (1996) SEMINAR (AI) - Valuation of Trees (1997) 3-DAY COURSE - Environmental Permitting/Mitigation/Mitigation Banking/Contamination Risk Management- Liability/Wetlands/ Hazardous Wastes/Lender Liability (1997/Marco Beach. FL) SEMINAR (AI) - Valuation of Transferable Development Rights [TDR’s] (1997) COURSE (AI) - Standards of Professional Practice, Part C, 15 hour Course #430 (1997) SEMINAR (AI) - Non-Conforming Uses (1998) SEMINAR (AI) - The Impact of Contamination on Real Estate Value (1998) COURSE (AI) - USPAP & Florida Real Estate Core Law (1998) SEMINAR (AI) - Econometrics/Statistical Valuation Methods (1999) COURSE (AI) - 14 Hour (2-day) Advanced Spreadsheet Modeling for Valuation Applications SEMINAR (AI) - Globalization of Real Estate/What U.S. Appraisers Need to Know (1999) SEMINAR (AI) - The Role of the Appraiser in Alternative Dispute Resolution (Mediation/Arbitration) (1999) SEMINAR (AI) - Technology Forum Part II/Intermediate (1999) SEMINAR (AI) - Client Satisfaction/Retention/Development (1999) SEMINAR (AI) - Attacking and Defending an Appraisal (1999) SEMINAR (AI) - Federal Appraisal Requirements (“Yellow Book”) (2000) SEMINAR (AI) - Regression Analysis in Appraisal Practice: Concepts & Applications (2000) SEMINAR (AI) - Analyzing Income Producing Properties (2000) SEMINAR (ATIF) - 1031 Tax Deferred Exchanges (2000) COURSE (AI) - USPAP & Florida Real Estate Core Law (2000) SEMINAR (AI) - Mediation & Alternate Dispute Resolution Seminar (2001) SEMINAR (AI) - State of the Appraisal Profession (2001) 2-Day SEMINAR - Eminent Domain, by CLE International, Tampa, Florida (2001) SEMINAR (AI) - Ad Valorem Assessment Process in Florida (2002) SEMINAR (AI) - Role of Real Estate Appraisers in Bankruptcy Proceedings (2002) SEMINAR (AI) - Appraisers & the Gramm-Leach-Bliley Federal Privacy Act (2002) SEMINAR (AI) - How to Appraise the Ugly House (2002) COURSE (AI) - 2-Day Course #430, Standards of Professional Practice, Part C (2002) SEMINAR (AI) - Market Trends for 2003 (2003) SEMINAR (AI) - Update on Code of Professional Ethics (2003) PANEL (AI) - Moderator “Industry, Consumer & Congressional Views on Predatory Lending” D.C. (2003) SEMINAR (AI) - Florida State Law for Real Estate Appraisers (2003) SEMINAR (AI) - Appraisal Agreements (2003) SEM INAR (AI) - Analyzing Distressed Real Estate (2004) SEMINAR (AI) - Valuation for Financial Reporting Purposes (2004) SEMINAR (AI) - 7 Hour National USPAP Update Course #1400 (2004) SEMINAR (AI) - Inverse Condemnation (2004) SEMINAR (AI) - Appraiser Independence in the Loan Process (2004) SUMMIT (AI) - Moderator at 2-day Appraisal Summit in Washington, D.C. (12/2004) SEMINAR (AI) - Loss Prevention Program for Real Estate Appraisers (2005) SEMINAR (AI) - Valuation of Wetlands (7/2005) SEMINAR (AI) - Tri-County Residential Symposium (8/2005) SEMINAR (AI) - “Cool Tools” Internet Resources and Use for Valuation (2/2006) SEMINAR (AI) - FREAB 7-Hour National USPAP Update (5/2006) SEMINAR (AI) - FREAB 3-Hour Florida State Law for Real Estate Appraisers (5/2006) SEMINAR (AI) - USPAP Scope of Work & New Requirements (8/2006) SEMINAR (AI) - USPAP Reappraising, Readdressing & Reassigning Appraisal Reports (2/2007) SEMINAR (AI) - AI Summary Appraisal Report/Residential (4/07) COURSE (Fla.) -14-Hour Continuing Education (including 3-Hour Florida Core Law) (7/2007) SEMINAR (AI) - Real Estate Fraud: Appraisers Beware! (8/2007) SEMINAR (AI) - Florida Law for Real Estate Appraisers (11/2007) COURSE (AI) - Business Practices and Ethics – 8 hours (12/2007) SEMINAR (AI) - Supervisor Trainee Roles and Rules (2/2008) SEMINAR (AI) -7 Hour National USPAP (4/2008) SEMINAR (AI) - USPAP Hypothetical Conditions & Extraordinary Assumptions (5/2008) SEMINAR (AI) - Litigation Skills for the Appraiser – 7-Hour Seminar (9/2008) SEMINAR (AI) - Public Sector Appraising (2/2009) 52 636 Page 4 of 5 E) EDUCATIONAL BACKGROUND - (Partial List, continued) WEBINAR (AI) - Develop an Effective Marketing Plan (3/2009) SEMINAR (AI) - Inspecting the Residential “Green House” (4/2009) SEMINAR (AI) - Property Tax Assessment (5/2010) SEMINAR (AI) - Supervisor Trainee Roles and Rules (7/2010) SEMINAR (AI) - Florida Law for Real Estate Appraisers (7/2010) SEMINAR (AI) - 7-Hour Introduction to Valuation for Financial Reporting – Chicago (5/2009) SEMINAR (AI) - Government Regulations & Their Effect on R.E. Appraising (8/2009) SEMINAR (AI) - R.E.Market: How We Got Here, Where We Are, Where We’re Going (10/2009) SEMINAR (AI) - 7 Hour National USPAP Update Course (10/1/2010) COURSE (AI) - 7 Hour Introduction to Conservation Easement Valuation (12/10/2010) SEMINAR (AI) - The Real Estate Market (2/18/2011) COURSE (AI) - 16 Hours Uniform Appraisal Standards for Federal Land Acquisitions (“Yellow Book”) (2/25-26/2011) WEBINAR (AI) - Real Estate Industry Perspectives on Lease Accounting (4/7/2011) COURSE (AI) - 15 Hour Appraisal Curriculum Overview (5/19-20/2011) WEBINAR (AI) - 2-hour Investment Property Accounting Standards (6/8/2011) SEMINAR (AI) - 3 Hour Spotlight on USPAP – Agreement for Services (7/15/2011) COURSE (AI) - 14 Hours (2-day) Advanced Excel Spreadsheet Modeling for Valuation Applications (9/22 & 9/23/2011) SEMINAR (AI) - Trial Components (11/4/11) SEMINAR (AI) - Lessons from the Old Economy Working in the New (1/20/2012) 7-Hour USPAP - National USPAP Update (3/9/2012) 3-Hour Fla. Law - State Law Update (3/9/2012) SEMINAR (AI) - Appraisal Review for General Appraisers (4/12/2012) SEMINAR (AI) - Land Valuation (4/20/2012) SEMINAR (AI) - The Valuation of Warehouses (6/22/2012) SEMINAR (AI) - Town Hall Meeting: 2012 Appraisal Institute Forum (7/12/2012) SEMINAR (AI) - IRS Valuation (7/19/2012) SEMINAR (AI) - 7 Hour Business Practices and Ethics Course (12/7/2012) SEMINAR (AI) - Real Estate Forecast 2013 (1/25/2013) COURSE (AI) - 7 Hour Advanced Marketability Studies (5/6/2013) SEMINAR (AI) - Developing a Supportable Workfile (11/15/2013) SEMINAR (AI) - Florida Appraisal Law Course (2/7/2014) SEMINAR (AI) - Liability Issues for Appraisers performing Litigation & Non-Lending Work (2/24/2014) COURSE (AI) - 7 Hour National USPAP Update Course (4/25/2014) SEMINAR (AI) - Economic Conditions (5/16/2014) SEMINAR (AI) - Fundamentals of Going Concerns (7/16/2014) SEMINAR (AI) - Litigation Assignments for Residential Appraisers (7/24/2014) SEMINAR (AI) - Economic Engines of Miami-Dade County, Florida (1/23/2015) SEMINAR (AI) - Economic Engines Driving Broward County, Florida (5/15/2015) 3-Hour Fla.Law - Florida Real Estate Broker 14-hour Continuing Education Course (incl. 3 hour core law) with exam (9/2015) SEMINAR (AI) - Drone Technology & its Effect on Real Estate Valuations (11/2015) SEMINAR (AI) - Loss Prevention for Real Estate Appraisers (1/22/2016) COURSE (AI) - 7-Hour National USPAP Update Course (4/22/2016) SEMINAR (AI) - 3-Hour Florida Appraisal Law (4/22/2016) SEMINAR (AI) - 4-Hour Appraisals in the Banking Environment (5/6/2016) SEMINAR (AI) - Appraising the Tough One: Mixed Use Properties (8/19/2016) SEMINAR (AI) - 4-Hour Business Practices & Ethics (12/02/2016) 5-Year Requirement WEBINAR (AI) - 2-Hour Yellow Book Changes – Overview for Appraisers (1/11/2017) SEMINAR (AI) - 3-Hours Economic Engines Driving Broward County in 2017 (1/27/2017) COURSE (AI) - 7-Hours: Introduction to Green Buildings Principles & Concepts (2/24/2017) COURSE (AI) - 4 Hours: Another View of the Tough One: Sales Comparison Approach for Mixed-Use Properties (5/19/2017) SEMINAR (AI) - 4 Hours: Appraising for Federal Office of Valuation Services & Yellow Book Review (8/18/2017) COURSE (BR) - 14 Hours Real Estate Continuing Education, including 3-Hour Florida Real Estate Core Law (9/13/2017) COURSE (AI) - 4-Hours: 2-4 Unit Small Residential Income Property Appraisals (11/3/2017) COURSE (AI) - 15 Hours “Yellow Book” Uniform Appraisal Standards for Federal Land Acquisitions – Passed Exam (11/10/2017) SEMINAR (AI) - 3 Hours “Hot Topics and Myths in Appraiser Liability” (1/26/2018) COURSE (AI) - 7-Hour National USPAP Update Course (2/9/2018) SEMINAR (AI) - 3 Hours Florida Appraisal Law (2/9/2018) SEMINAR (AI) - 3 Hours “Parking Impact on Florida Properties” (5/4/2018) SEMINAR (AI) - 4 Hours “Technology Tips for Real Estate Appraisers” (9/21/2018) SEMINAR (AI) - 3 Hours “Airport Appraisals) (01/25/2019) SEMINAR (AI) - 4 Hours “Understanding an Investigation by a State Appraiser Regulatory Board or Agency (5/17/2019) SEMINAR (AI) - The 50% FEMA Appraisal Rule (8/23/2019) COURSE (BR) - 14 Hours Required Education (8 hrs. Specialty Education; 3 hrs. Core Law; 3 hrs. Business Ethics (9.3.2019) SEMINAR (AI) - Artificial Intelligence, AVMs, and Blockchain: Implications for Valuation. (1/24/2020) 53 637 Page 5 of 5 F) APPRAISAL TEACHING EXPERIENCE Licensed by the Florida Department of Education to Teach (Certificate No. 275236). Authored and taught Residential and Commercial Real Estate Appraisal Courses for Broward County Adult Education Program. Taught Course 101 - Society of Real Estate Appraisers. Taught Course 201 - Society of Real Estate Appraisers. Taught Appraisal Seminars - Board of Realtors, ASA, SREA, and AI (Appraisal Institute). Adjunct Professor, University of Florida Division of Continuing Education: (taught Course 2, "Real Estate Principles and Practices" to prospective Florida Real Estate Brokers). G) PROFESSIONAL OFFICES HELD/AWARDS NATIONAL B.O.D. MEMBER - BOARD OF DIRECTORS of APPRAISAL INSTITUTE (2006- 2008) AWARD - Appraisal Institute “NATIONAL PRESIDENTS AWARD” 2008 AWARD - Appraisal Institute “LIFETIME ACHIEVEMENT AWARD” 2011 For “high ethical standards, contributions to the Appraisal Institute, Community and Appraisal Profession for at least 20 years.” CHAIR - REGION X - All of Florida - Appraisal Institute (2008) VICE-CHAIR - REGION X - All of Florida - Appraisal Institute (2007) THIRD DIRECTOR - REGION X - All of Florida - Appraisal Institute (2006) FINANCE OFFICER - REGION X – All of Florida – Appraisal Institute (2006) PRESIDENT - BROWARD COUNTY, SOCIETY OF REAL ESTATE APPRAISERS PRESIDENT - BROWARD COUNTY, AMERICAN SOCIETY OF APPRAISERS CHAIR - FLA. STATE GOVERNMENT RELATIONS SUBCOMMITTEE OF AI CHAIR - FLA. STATE LEGISLATION & REGULATION SUBCOMMITTEE OF AI G) PROFESSIONAL OFFICES HELD/AWARDS CHAIR - FLORIDA REALTORS COMMITTEE ON COMMITTEE REFORMS CHAIR - EDUCATION COMMITTEE, FT. LAUDERDALE CHAPTER AI CHAIR - CANDIDATES GUIDANCE COMMITTEE, FT .LAUDERDALE CHAPTER AI CHAIR - NATIONAL Valuation for Financial Reporting PROJECT TEAM OF AI VICE CHAIR & MEMBER - NATIONAL GOVERNMENT RELATIONS COMMITTEE OF AI (15 Years) MEMBER - NATIONAL LONG RANGE PLANNING COMMITTEE OF AI MEMBER - NATIONAL PUBLIC AFFAIRS COMMITTEE OF AI DIRECTOR - REGION X (Florida ) Appraisal Institute MEMBER - REGION X (FLORIDA) ETHICS AND COUNSELING PANEL DIRECTOR - BROWARD COUNTY, FLORIDA SOCIETY OF REAL ESTATE APPRAISERS DIRECTOR - SOUTH FLORIDA CHAPTER AMERICAN SOCIETY OF APPRAISERS MEMBER - NATIONAL EXPERIENCE REVIEW PANEL MEMBER OF AI SPECIAL MASTER - BROWARD COUNTY BOARD OF TAX ADJUSTMENT COMMISSIONER - 17TH JUDICIAL CIRCUIT COURT, Broward County, FL MEMBER - 2013 APPRAISAL INSTITUTE NATIONAL BUSVAL PROJECT TEAM H) PROFESSIONAL PUBLICATIONS & PRESENTATIONS Wrote and taught a basic Residential Appraisal Course for the Broward County Adult Education Div. of the Dept. of Education; Wrote and taught an Income Appraisal Course for the Broward County Adult Education Division of the Department of Education; Co-authored and taught an appraisal course on Mortgage-Equity Capitalization for the American Society of Appraisers. Authored and taught a Florida State and Appraisal Institute 3-hour accredited course in "The Legislation, Regulation and Appraisal of Real Property Rights in Florida September 7, 1996. Presentation on “Gramm-Leach -Bliley” Federal Privacy Act of 1999 for South Florida Chapter of American Society of Appraisers on October 24, 2001. Presented 3-hour Florida CEU-credit seminar on “Appraisers and the Gramm-Leach-Bliley Act” before the South Florida Chapter of the Appraisal Institute on July 27, 2002. Presenter at 6.5 Hour CLE-credit Attorney Seminar on Florida Eminent Domain, “Valuation and Damage Issues” February 2, 2006, Fort Lauderdale, Florida I) CIVIC INVOLVEMENT MEMBER OF ROTARY INTERNATIONAL / PAUL HARRIS FELLOW MEMBER OF THE GREATER FORT LAUDERDALE OPERA GUILD MEMBER FLORIDA PHILHARMONIC BROWARD TRUSTEES MEMBER OF THE BROWARD COUNTY LIBRARY SUPPORT GROUP ("BYBLOS") MEMBER CIRCLE OF FRIENDS – NOVA SOUTHEASTERN LIBRARY FOUNDATION MEMBER NOVA SOUTHEASTERN UNIVERSITY ALUMNI ASSOCIATION MEMBER OF THE FORT LAUDERDALE HISTORICAL SOCIETY MEMBER OF THE BROWARD COUNTY MUSEUM OF THE ARTS MEMBER OF THE FORT LAUDERDALE / BROWARD COUNTY CHAMBER OF COMMERCE MEMBER OF THE BETTER BUSINESS BUREAU OF SOUTH FLORIDA LIFETIME HONORARY MEMBER FLORIDA SHERIFF’S ASSOCIATION MEMBER NATIONAL & FT. LAUDERDALE COUNCILS U.S. NAVY LEAGUE U.S. ARMY VETERAN WWII (RA 17212681) - HONORABLE DISCHARGE 1949 54 638 1 of 4 Claudia Vance, MAI Appraiser · Real Estate Analyst · Reviewer Vance Real Estate Service · 7481 NW 4 Street · Plantation · FL · 33317 Office: 954·583·2116 Cell: 954·647·7148 Email: vanceval@att.net Web Site: www.vancerealestateservice.com Vance Real Estate Service is a Veteran-Owned Small Business (VOSB) and Florida Certified SDVBE Minority Business Enterprise specializing in personalized real estate valuation services in Florida for over 35 years. Designated appraisers perform the appraisal work, no trainees. Our appraisals are used for financial/ mortgage loan purposes from large mixed use complexes to small owner - occupied properties. We have the qualifications for appraisals submitted to SBA. Jesse B. Vance, Jr., MAI, SRA, ASA and Claudia Vance, MAI are qualified as expert witnesses for eminent domain, deficiency judgments, marriage dissolution, and estates. Our firm values most types of real property interests, timely, professionally, and at competitive costs. PROFESSIONAL QUALIFICATIONS A) PROFESSIONAL DESIGNATIONS/ LICENSES MAI Designation - APPRAISAL INSTITUTE No. 9451 State-Certified General Real Estate Appraiser No. RZ-173 Florida State Licensed Real Estate Broker No. BK 0161305 VOSB Veteran-Owned Small Business (CCR/Duns 826494957) B) WORK HISTORY 1983 - Current Vice President - Vance Real Estate Service 1981 – 1983 President - The Appraisal Company, Fort Lauderdale, Florida C) QUALIFIED AS AN EXPERT WITNESS IN REAL ESTATE VALUATION U.S. Bankruptcy Court, Southern District of Florida Florida Circuit Court: Broward County D) PROFESSIONAL DEVELOPMENT PROGRAM REGISTRIES Valuation of Sustainable Buildings: Commercial Valuation of Sustainable Buildings: Residential E) EXPERIENCE: 35+years appraising and analyzing real property interests in South Florida. F) APPRAISER SPECIAL MAGISTRATE FOR THE BROWARD CO VALUE ADJUSTMENT BOARD 2002-2010 Partial list of real property types valued: High value residences, Condominiums/ Co -operatives, Office, Industrial, Multi-family, Restaurants/ bars, Auto dealerships, City Centers, Hotels/ motels, Houses of worship, Schools, Child care centers, Self-storage, Funeral home, Animal Hospital, Mixed use, Nursing homes, Gas sales stations, Marinas, Mobile home parks, Shopping centers, Country clubs/ golf courses, Financial institutions, Bowling centers, Vacant land, Agricultural properties, Environmentally sensitive land Types of Reports: Market Value, Eminent Domain, Marketability, Feasibility, Highest and Best Use, Investment Analyses, Partial Interests, Easement Valuations, Estate planning, Marriage dissolution, Land use studies, Damage/ Contamination studies 55 639 2 of 4 G) PARTIAL LIST OF CLIENTS – PRIVATE: Individuals, Corporations, Attorneys, Accountants, Habitat for Humanity, Seminole Tribe of Florida COMMERCIAL BANKS: Wells Fargo; BankAtlantic; SunTrust; Citigroup; Space Coast Credit Union; State Farm Bank; Florida Shores Bank; American National Bank; Landmark Bank; City National Bank; Englewood Bank & Trust SAVINGS & LOANS, INSURANCE COMPANIES, REAL ESTATE INVESTMENT TRUSTS, & REAL ESTATE TRANSFER COMPANIES, TITLE INSURANCE COMPANIES FLORIDA CITIES: Fort Lauderdale, Plantation, Cooper City, Deerfield Beach, Tamarac, Oakland Park, Wilton Manors, Davie, Hollywood, Pembroke Pines, Hallandale Beach, Lauderhill, Southwest Ranches, Miramar, Boca Raton, Boynton Beach, West Palm Beach, Delray Beach FLORIDA COUNTIES and AGENCIES: Broward, Palm Beach, Broward County Board of County Commissioners, School Board of Broward County, Broward County Housing Authority STATE OF FLORIDA Department of Transportation (FDOT), Department of Environmental Protection U.S. Department of Veterans Affairs, U.S. Department of Treasury (IRS), U.S Marshall’s Service, U.S. Attorney H) EDUCATIONAL BACKGROUND Academic: Bachelor of Arts Degree – University of New Orleans, New Orleans, LA – Major: English Professional: Symposium (SREA) - Market Analysis, 1983, Philadelphia Symposium (SREA) - Market Analysis, 1984, Atlanta Symposium (SREA) - Market Analysis, 1985, Vancouver Symposium (SREA) - Market Analysis, 1986, Atlantic City Symposium (SREA) - Market Analysis, 1988, Los Angeles SEMINAR (AI) - Cost Approach (1992/Boston) SEMINAR (AI) - Rates & Ratios (1992/Boston) SEMINAR (AI) - International Appraising (1992/Boston) SEMINAR (AI) - Litigation Valuation/Mock Trial (1993) SEMINAR (AI) - ADA ACT (1993/Reno) SEMINAR (AI) - Hotel Valuation (1993) SEMINAR (AI) - Income Capitalization, Methods (1993) SEMINAR (AI) - Powerlines/Electromagnetic Radiation (1994) SEMINAR (AI) - Verifying Market Data (1994) SEMINAR (AI) - Market Studies for Appraisals (1994) SEMINAR (AI) - Florida Appraiser Core Law (USPAP/1994) SEMINAR (AI) - Limited Appraisals & Reports (USPAP/1994) SEMINAR (AI) - Public Safety & Property Values (1995) SEMINAR (AI) - Outparcel Valuation (1995) SEMINAR (AI) - Computer Technology Video Conference (1995) SEMINAR (AI) - The Internet & the Appraiser (1996) SEMINAR (AI) - Florida Commercial Construction (1996) SEMINAR (AI) - 1996 Data Exchange (1996) SEMINAR (AI) - Real Property Rights in Florida (1996) COURSE (AI) - USPAP & Florida Real Estate Core Law (1996) SEMINAR (AI) - Valuation of Trees (1997) SEMINAR (AI) - Valuation of Transferable Development Rights [TDR’s] (1997) COURSE (AI) - Standards of Professional Practice, Part C, 15 hour Course #430 (1997) SEMINAR (AI) - Non-Conforming Uses (1998) SEMINAR (AI) - The Impact of Contamination on Real Estate Value (1998) COURSE (AI) - USPAP & Florida Real Estate Core Law (1998) SEMINAR (AI) - Econometrics/Statistical Valuation Methods (1999) SEMINAR (AI) - Globalization of Real Estate/What U.S. Appraisers Need to Know (1999) SEMINAR (AI) - The Role of the Appraiser in Alternative Dispute Resolution (Mediation/Arbitration) (1999) SEMINAR (AI) - Technology Forum Part II/Intermediate (1999) SEMINAR (AI) - Client Satisfaction/Retention/Development (1999) SEMINAR (AI) - Attacking and Defending an Appraisal (1999) SEMINAR (AI) - Federal Appraisal Requirements (2000) SEMINAR (AI) - Regression Analysis in Appraisal Practice: Concepts & Applications (2000) 56 640 3 of 4 H) EDUCATIONAL BACKGROUND (Continued) SEMINAR (AI) - Analyzing Income Producing Properties (2000) COURSE (AI) - USPAP & Florida Real Estate Core Law (2000) SEMINAR (AI) - Mediation & Alternate Dispute Resolution Seminar (2001) SEMINAR (AI) - State of the Appraisal Profession (2001) SEMINAR (AI) - Ad Valorem Assessment Process in Florida (2002) SEMINAR (AI) - Role of Real Estate Appraisers in Bankruptcy Proceedings (2002) SEMINAR (AI) - Appraisers & the Gramm-Leach-Bliley Federal Privacy Act (2002) SEMINAR (AI) - How to Appraise the Ugly House (2002) COURSE (AI) - 2-Day Course #430, Standards of Professional Practice, Part C (2002) SEMINAR (AI) - Market Trends for 2003 (2003) SEMINAR (AI) - Update on Code of Professional Ethics (2003) PANEL (AI) - Moderator “Industry, Consumer & Congressional Views on Predatory Lending” D.C. (2003) SEMINAR (AI) - Florida State Law for Real Estate Appraisers (2003) SEMINAR (AI) - Appraisal Agreements (2003) SEMINAR (AI) - Analyzing Distressed Real Estate (2004) SEMINAR (AI) - Valuation for Financial Reporting Purposes (2004) SEMINAR (AI) - National USPAP Course (2004) SEMINAR (AI) - Inverse Condemnation (2004) SEMINAR (AI) - Loss Prevention (2005) SEMINAR (AI) - Single Family Fraud Awareness (2005) SEMINAR (AI) - Guide to the new URAR form (2005) SEMINAR (AI) - Technologies for Real Estate Appraisers (2006) SEMINAR (AI) - The Appraiser’s Role in New Urbanism (2006) SEMINAR (AI) - National USPAP Update (2006) SEMINAR (AI) - Florida State Law for Real Estate Appraisers (2006) SEMINAR (AI) - Scope of Work and the New USPAP Requirements (2006) SEMINAR (AI) - Energy Star and the Appraisal Process (2006) SEMINAR (AI) - Reappraising, Readdressing, and Reassigning Appraisals (2007) SEMINAR (AI) - Real Estate Fraud (2007) SEMINAR (AI) - Forecasting Revenue (2007) SEMINAR (AI) - Florida Law for Real Estate Appraisers (2007) COURSE (AI) - Business Practice and Ethics #420 (2007) SEMINAR (AI) - Supervisor – Trainee Roles and Rules (2008) COURSE (AI) - 7 Hour National USPAP Update #400 (2008) SEMINAR (AI) - Hypothetical Conditions and Assumptions (2008) SEMINAR (AI) - Real Estate Economy (2008) SEMINAR (AI) - Public Sector Appraising (2009) SEMINAR (AI) - Inspecting the residential “green” house (2009) WEBINAR (AI) - Value for Financial Reporting (2009) SEMINAR (AI) - The Real Estate Market in 2009 SEMINAR (AI) - New Government Regulations (2009) SEMINAR (AI) - Property Tax Assessment (2010) SEMINAR (AI) - 7 Hour National USPAP (2010) SEMINAR (AI) - Florida Law for Real Estate Appraisers (2010) SEMINAR (AI) - Supervisor/ Trainee Roles and Rules (2010) SEMINAR (AI) - The Real Estate Market (2011) SEMINAR (AI) - Uniform Appraisal Standards for Federal Land Acquisitions- “Yellow Book” (2011) COURSE (AI) - 15 Hour Appraisal Curriculum Overview (2011) SEMINAR (AI) - Spotlight on USPAP – Agreement for Services (2011) SEMINAR (AI) - Trial Components (2011) SEMINAR (AI) - Lessons from the Old Economy Working in the New (2012) SEMINAR (AI) - Appraisal Review for General Appraisals (2012) COURSE (AI) - National USPAP Update (2012) SEMINAR (AI) - Florida Law (2012) SEMINAR (AI) - Land Valuation (2012) SEMINAR (AI) - Valuation of Warehouses (2012) SEMINAR (AI) - IRS Valuation (2012) SEMINAR (AI) - Business Practices and Ethics (2012) SEMINAR (AI) - Real Estate Forecast (2013) SEMINAR (AI) - Advanced Marketability Studies (2013) SEMINAR (AI) - Developing a Supportable Workfile (2013) 57 641 4 of 4 H) EDUCATIONAL BACKGROUND (Continued) SEMINAR (AI) - Florida Appraisal Law (2014) SEMINAR (AI) - Liability Issues for Appraisers performing Litigation & Non-Lending Work (2014) COURSE (AI) -7 Hour National USPAP Update Course (2014) SEMINAR (AI) - Florida Law (2014) SEMINAR (AI) - New Real Estate Economy (2014) SEMINAR (AI) - Economic Engines of Miami-Date County (2015) SEMINAR (AI) - Economic Engines of Broward County (2015) SEMINAR (AI) - Tightening the Appraisal (2015) SEMINAR (AI) - Evaluating Commercial Construction (2015) SEMINAR (AI) - Drone Technology (2015) SEMINAR (AI) - Loss Prevention for Appraisers (2016) COURSE (AI) - 7 Hour National USPAP Update (2016) SEMINAR (AI) - Florida Law (2016) SEMINAR (AI) - Redefining the Appraisal & Its Role in an Evolving Banking Environment (2016) SEMINAR (AI) - The Tough One, Mixed use properties (2016) SEMINAR (AI) - Business Practices & Ethics (2016) SEMINAR (AI) - Economic Engines Driving Broward County (2017) SEMINAR (AI) - Introduction to Green Buildings & passed exam (2017) SEMINAR (AI) - Another View of the Tough Ones (2017) SEMINAR (AI) - Appraising for the Office of Valuation Services, Department of the Interior (2017) SEMINAR (AI) - Case Studies in Appraising Green Residential Buildings & passed exam (2017) SEMINAR (AI) - Uniform Appraisal Standards for Federal Land Acquisitions & passed exam (2017) SEMINAR (AI) -Hot Topics & Myths in Appraiser Liability (2018) COURSE (AI) - 7 Hour National USPAP Update (2018) SEMINAR (AI) - Florida Law (2018) SEMINAR (AI) -Parking & Its Impact on Florida Properties (2018) SEMINAR (AI) -What’s New in Residential Construction (2018) SEMINAR (AI) -Valuation Resources for Solar Photovoltaic Systems (2018) SEMINAR (AI) -Technology Tips for Real Estate Appraisers (2018) SEMINAR (AI) -Residential & Commercial Valuation of Solar & passed exam (2018) SEMINAR (AI) -Airport Appraisals (2019) SEMINAR (AI) -Practical Applications in Appraising Green Commercial Properties & passed exam (2019) I) PROFESSIONAL INVOLVEMENT Region X Representative of the Appraisal Institute 2006 – 2009 President of the South Florida Chapter of the Appraisal Institute - 2003 First Vice-President of the South Florida Chapter of the Appraisal Institute -2002 Second Vice-President of the South Florida Chapter of the Appraisal Institute -2001 Secretary of the South Florida Chapter of the Appraisal Institute -2000 Treasurer of the South Florida Chapter of the Appraisal Institute - 1999 Chair of the Education Committee of the S. Florida Chapter of the Appraisal Institute - 1995, 1996, 1997, 1998, 2007- 2018 Director of the South Florida Chapter of the Appraisal Institute 1996 - 1998 Member of Region X (Florida) Ethics and Counseling Panel –AI Graduate of the Florida REALTORS Institute (GRI) J) CIVIC INVOLVEMENT Member of the Navy League of the United States – Fort Lauderdale Council Lifetime Honorary Member- Florida Sheriff’s Association Member of Zeta Tau Alpha Alumnae Fraternity 58 642 643 644 645 646 647 648 649 650 651 652 653 654 655 656 657 658 659 660 661 662 663 664 665 666 667 668 669 670 671 672 673 674 675 676 677 678 679 680 681 1 Utterback, Theresa From:Sam Rogatinsky <samr@rogatinskylaw.com> Sent:Thursday, October 23, 2025 8:17 AM To:Utterback, Theresa; Kenneth Dodge Subject:Re: 1110 & 1102 N Federal Highway Note and Mortgage Modification Agreement Follow Up Flag:Follow up Flag Status:Flagged Categories:Has been put into Legal File This Message Is From an Untrusted Sender You have not previously corresponded with this sender. I am no longer interested in sharing a building with anyone. There are just too many obstacles. Deris is working on either doing it himself or finding a substitute to take me out. I am available to discuss on the phone if you guys need clarification. Sam. Samuel Rogatinsky, Esq. Managing Attorney To help protect your priv acy, Microsoft Office prevented automatic download of this picture from the Internet.Rogatinsky 3113 Stirling Road, Suite 103 Fort Lauderdale, FL 33312 Phone: 954-404-6140 Fax: 954-925-1640 E-Service: mailto:rogatinskyfirm@gmail.com rogatinskylaw.com On Oct 21, 2025, at 10:39 AM, Utterback, Theresa <UtterbackT@bbfl.us> wrote: 682 2 Hello Sam, I am following up on my email below. Can you please send this to me as soon as possible. Thank you, Theresa Theresa Utterback Development Services Manager Boynton Beach Community Redevelopment Agency 100 E. Ocean Ave.| Boynton Beach, Florida 33435 <image308267.png> 561-600-9094 | <image897874.png> 561-737-3258 <image636732.png> UtterbackT@bbfl.us | <image564982.png> https://www.boyntonbeachcra.com <image397193.png> <image660590.png> <image074630.png> To help protect your privacy, Microsoft Office prevented automatic download of this picture from the Internet. America's Gateway to the Gulfstream Please be advised that Florida has a broad public records law, and all correspondence to me via email may be subject to disclosure. Under Florida law, email addresses are public records. Therefore, your email communication and your email address may be subject to public disclosure From: Utterback, Theresa Sent: Monday, September 8, 2025 11:47 AM To: Sam Rogatinsky <samr@rogatinskylaw.com>; Deris Bardales <deris@bdhcg.com> Cc: Ken Dodge <kdodge@llw-law.com>; Tack, Timothy <TackT@bbfl.us> Subject: FW: 1110 & 1102 N Federal Highway Note and Mortgage Modification Agreement Hello Sam/Deris, Please have your notary complete the certificate/acknowledgement of the document. Return it to me so that I may have it recorded. Thank you, Theresa 683 3 From: bizhub@ci-boynton-beach.fl.us <bizhub@ci-boynton-beach.fl.us> Sent: Tuesday, September 2, 2025 4:24 PM To: Utterback, Theresa <UtterbackT@bbfl.us> Subject: Message from KM_C450i <SKM_C450i25090216240.pdf> 684 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: December 9, 2025 OLD BUSINESS AGENDA ITEM 14.D SUBJECT: Discussion and Consideration of Additional Funding for the Tax Increment Revenue Funding (TIRFA) for the Ocean One Project Located at 114-222 N. Federal Highway SUMMARY: The CRA entered into a Purchase and Development Agreement (PDA) and Tax Increment Revenue Funding Agreement (TIRFA) with Ocean One Boynton, LLC on January 16, 2018, for the BBCRA owned property located at 222 N. Federal Highway for the amount of $1,000 (see Attachments I - III). The closing and transfer of property ownership to the Developer occurred on February 24, 2018. The Ocean One Mixed-use Project site plan was approved by the City of Boynton Beach City Commission on April 17, 2017. Phase I of the project included 231 multi-family residential rental units, a parking structure and 8,600 (+/-) square feet of commercial space. The TIRFA with Ocean One Boynton, LLC, expired on January 16, 2021, which termination was acknowledged by the CRA Board at their February 9, 2021 meeting. Under the terms of the Purchase and Development Agreement, Section 18.2 required the Developer to commence construction of the public plaza on the CRA's parcel (.47 ac) within 12 months of the expiration of the Commencement of Construction period which equated to January 16, 2021. The property was subsequently sold to BB1 Development LLC (aka Hyperion Group, LLC) (“BB1”) in December 2021. On April 18, 2023, City Commission approved a Major Master Plan Modification, Major Site Plan Modification, and six Community Design Appeal requests for Ocean One project (“the Project”). The Project, as proposed, is a mixed-use development including 371 residential units as well as approximately 25,000 SF of retail/commercial space (see Attachment IV). On September 12, 2023, the CRA board approved the first amendment to the Purchase and Development Agreement (see Attachment V), amending Section 18.2 to require BB1 to: Submit its application for building permit for the Project within one year from the date of effective date of the Amendment (September 12, 2024); and Commence construction of the Project within six months of the issuance of the building 685 permit. On January 10, 2024, CRA Staff received an email from BB1 including an application for TIF. The application materials submitted included a cover letter summarizing the project and request for TIF, an Economic and Fiscal Impacts and Financial Gap Analysis, a term sheet, and a draft agreement (see Attachments VI - VII). On March 28, 2024, CRA staff received an Evaluation of the TIRFA request for the project from Abramson & Associates, Inc., who was hired by the CRA as a third-party financial consultant to assist in reviewing the TIRFA request (see Attachment VIII). The evaluation focused on the Project’s need for TIF funding and the financial impact to the CRA of awarding the requested TIF as proposed. The evaluation also includes general comments evaluating the public benefits proposed by BB1. Based upon his evaluation, Mr. Abramson confirmed that the BB1’s assumptions are generally in the range of reasonableness, and that, in the current development market, there is a financial feasibility gap requiring the requested TIF subsidy for the Project. Notwithstanding that conclusion, he noted that relatively small variations in assumptions and/or improvements in the development market over the two-year timeframe could significantly reduce, or even, eliminate the subsidy requirement. At the May 14, 2024 meeting, the CRA Board approved the TIRFA with the following terms (see Attachment IX): 95% of the Project TIF over the course of 12 years up to a maximum of $9,000,000.00. 90 public parking spaces located on the second floor of the parking garage restricted for use by the public in perpetuity, of which 31 spaces are above what code requires; 20 on street parking spaces, 10 of which are contingent upon FDOT approval, restricted for use by the public in perpetuity; 20% of parking revenue will be shared in perpetuity with the CRA; To commence construction by September 30, 2025, with one 6-month extension by the Board to not be unreasonably withheld; Agreement shall terminate within five (5) years of the Effective Date if the Developer has not completed construction of the Project; Parking easement (or 99-year lease agreement) to ensure that the Parking Improvements be reserved for public use in perpetuity; To construct the Project in accordance with several green building standards; and To incorporate various tools to promote local hiring and the use of Locally Owned Small Businesses for construction of the Project. On May 23, 2025, the CRA received a letter from BB1 with the following request (see Attachments X-XI): Revise the original TIF award of $9 million and increasing it to $16 million Clarify and align the dates in the TIRFA to June 6, 2026 Revise the 12 year term to be increased to 15 years to accommodate the additional funding On July 8, 2025, the CRA board directed staff to evaluate the additional TIF request. On December 1, 2025, staff received additional TIF request evaluation from Mr. Abramson (see Attachment XII). 686 •Attachment I - Purchase and Development Agreement •Attachment II - TIRFA Ocean One Boynton •Attachment III - Amendment 1 TIRFA Ocean One Boynton •Attachment IV - 2023 Site Plan •Attachment V - First Amendment to Purchase and Development Agreement Ocean One Hyperion •Attachment VI - January 10, 2024 TIF Request •Attachment VII - Fishkind Analysis •Attachment VIII - Evaluation of TIRFA Request •Attachment IX - June 2024 Fully Executed TIRFA •Attachment X - May 23, 2025 Request for Additional Funding •Attachment XI - June 10, 2025 Board Presentation •Attachment XII - Reevaluation of TIRFA request •Attachment XIII - Permit Application Overview An overview of their permit application history is provided as Attachment XIII. Staff is seeking Board direction on how to proceed. FISCAL IMPACT: To be determined by the CRA Board. CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRA BOARD OPTIONS: To be determined based on Board discussion. ATTACHMENTS: Description 687 688 689 690 691 692 693 694 695 696 697 698 699 700 701 702 703 704 705 706 707 708 709 710 711 712 713 714 715 716 717 718 719 720 721 722 723 724 725 726 727 728 729 730 731 732 733 734 735 736 737 738 739 740 741 742 743 744 745 746 747 748 749 750 751 752 753 754 755 756 757 758 759 760 761 762 763 764 765 766 767 768 769 770 771 772 773 774 775 776 777 778 779 780 781 782 783 784 785 786 787 788 789 790 791 OCEAN ONE 114 / 222 N. FEDERAL HIGHWAY, BOYNTON BEACH, FL OWNER:ARCHITECT:CIVIL ENGINEER:STRUCTURAL ENGINEER:MEP ENGINEER:LANDSCAPE ARCHITECT: ARQUITECTONICA 2900 OAK AVENUE, MIAMI, FLORIDA 33133 305.372.1812 HYPERION GROUP 1690 S CONGRESS AVE #100. DELRAY BEACH, FL 33445 KIMLEY HORN 561.330.2345 2900 OAK AVENUE, MIAMI, FLORIDA 3313305.372.1812 TEL GEO ARQUITECTONICA 305.372.1175 FAX888 Biscane Blvd, Suite 101Miami, FL 33132 SITE PLAN APPROVAL FEBRUARY 2023 SITE PLAN APPROVAL 24 FEBRUARY 2023 792 793 A0-01LOCATION / ZONING MAP©2020 ARQUITECTONICA INTERNATIONAL, IncPROJECT NUMBER:SEAL/SIGNATURE/DATE:OFFICE REGISTRATION:LANDSCAPE ARCHITECT:2900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXWWW.ARQUITECTONICA.COMCIVIL ENGINEER:STRUCTURAL ENGINEER:MEP ENGINEER:OWNER:OCEAN ONEBOYNTON BEACH - FLORIDAPROJECT ADDRESS:114 / 222 N. FEDERAL HIGHWAY, BOYNTON BEACH, FLORIDAISSUE # DESCRIPTION DATETO THE BEST OF MY KNOWLEDGE AND BELIEF, THESE PLANS ANDSPECIFICATIONS COMPLY WITH THE MINIMUM BUILDING CODESAND THE APPLICABLE FIRE-SAFETY STANDARDS AS DETERMINEDBY THE CITY OF MIAMI IN ACCORDANCE WITH SECTION 110,FLORIDA BUILDING CODE AND CHAPTER 633, FLORIDA STATUTES.ALL DESIGNS INDICATED IN THESE DRAWINGS ARE THE PROPERTY OFARQUITECTONICA INTERNATIONAL CORP. ALL COPYRIGHTS RESERVED.NO COPIES, TRANSMISSIONS, REPRODUCTIONS OR ELECTRONICMANIPULATION OF ANY PORTION OF THESE DRAWINGS IN WHOLE OR INPART ARE TO BE MADE WITHOUT THE EXPRESS WRITTEN PERMISSION OFARQUITECTONICA INTERNATIONAL CORPSHEET ISSUE DATE: FEBRUARY, 20231690 S CONGRESS AVE #100DELRAY BEACH, FLORIDA 33445KIMLEY HORNGEO ARQUITECTONICASITE PLAN APPROVALHYPERION GROUP888 BISCAYNE BLVD, SUITE 101, MIAMI, FL 331322900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXLOCATION / ZONING MAP794 PUBLICPLAZAARTTERRACETERRACEPUBLICPLAZACOURTYARDLAP POOLBBQLAP POOLPICKLEBALL ARTRETAILLOADINGCOMMERCIAL5319 SFAMENITYSPACETRASHRETAILFITNESS3827 SFSPA1091 SFLOBBYCOMMERCIAL9254 SFCOMMERCIAL2295 SFCOMMERCIAL6423 SFCOMMERCIAL2316 SFFFE 7'-0"NAVDFFE 7'-6" NAVDFFE 7'-6" NAVDFFE 7'-0" NAVDFFE 7'-0" NAVDFFE 7'-0" NAVD43' @ 8.1%0102030405060708091011121314151617181920FFE 7'-0"NAVDFFE 7'-6" NAVDFFE 7'-6" NAVDFFE 7'-6" NAVD"STOP" SIGN"STOP" SIGNR 5 'R5'62'-8"62'-8"92'-11"10'8'2'-6"8'10'10'8'10'8'2'-6"2'-6"10'2'-6"7'-6"10'-6"2'-6"2'-6"10'10'8'2'-6"8'-8"20'-5"WALL ANDFENCES HEIGHT:8'FTSEE A1-40137'-4"28'-9" 2'5" 10'24'18'-6" @ 9.5%RESILOADINGTR.24'56 PARKINGSPACESRAMP UP 15'-0"116' @ 12.9%MEP31' @ 10.4%FFE 6'-3" NAVDFFE 7'-0"NAVDR 5 'R5'R 5 'R5'R5'PACKAGE ROOM 543 SFRR51'-7"22'R15'26'-8"MANAGEMENTOFFICEMAIL 543 SFMEPRRRRRR22'22' 35' 35'158'-3"107'-11"64'143'-1"93'-4"170'-4"367'-7"64'64'108'-5" 11' 33'-2"8'10'2'-6"32'-7"8'8'10'2'-6"8' 24'28'25'17'-10"107'-11"134'-4"131'-4"78'-5"75'-6"64'134'-4"10'2'6"FTTREE AREA8'10FTSIDEWALK2'6"FTTREE AREA10'10'10FTSIDEWALK8FTACTIVE AREA10FTSTEP BACK10'5FTTREE AREA10FTSIDEWALK8FTACTIVE AREA10FTSTEP BACK10FTSIDEWALK5FTTREE AREA8'10'2'-6"10'2'-6" 5'8'10'2'-6"5' 5'2'6"FTTREE AREA10FTSIDEWALK8FTACTIVE AREA5FTSTEP BACKSTEPBACKSTEPBACK64'CANOPY ATDROP-OFF78'-7"108'-5"LOBBYFFE 7'-0" NAVD2 TRASH CHUTES:1 REGULAR1 RECYCLINGRESIDENTIAL BIKESTORAGE (54 SPACES)25'CANOPYCANOPYCANOPYCANOPYCANOPYCANOPYCANOPY16 BIKES16 BIKESPLANTERPLANTERPLANTERPLANTERPLANTERPLANTERNORTH FEDERAL HIGHWAYBOYNTON BEACH BLVD.N.E.6TH COURTOCEAN AVENUE BUS STOPSLAB & SHELTER549'-3"38'-7"216'-7"30'-7"534'-1"38'-9"16'234'-4"PROPERTY LINEPROPERTY LINEPROPERTY LINE PROPERTY LINE R30'R30'R10'R20'R15'R15'R15'R20'CLCLCLCLVEHICULAR RATEDPRECAST CONCRETEUNIT PAVERS / DARKCOBBLESMASTER PLAN / SITE PLAN1/25" = 1'-0''©2020 ARQUITECTONICA INTERNATIONAL, IncPROJECT NUMBER:SEAL/SIGNATURE/DATE:OFFICE REGISTRATION:LANDSCAPE ARCHITECT:2900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXWWW.ARQUITECTONICA.COMCIVIL ENGINEER:STRUCTURAL ENGINEER:MEP ENGINEER:OWNER:OCEAN ONEBOYNTON BEACH - FLORIDAPROJECT ADDRESS:114 / 222 N. FEDERAL HIGHWAY, BOYNTON BEACH, FLORIDAISSUE # DESCRIPTION DATETO THE BEST OF MY KNOWLEDGE AND BELIEF, THESE PLANS ANDSPECIFICATIONS COMPLY WITH THE MINIMUM BUILDING CODESAND THE APPLICABLE FIRE-SAFETY STANDARDS AS DETERMINEDBY THE CITY OF MIAMI IN ACCORDANCE WITH SECTION 110,FLORIDA BUILDING CODE AND CHAPTER 633, FLORIDA STATUTES.ALL DESIGNS INDICATED IN THESE DRAWINGS ARE THE PROPERTY OFARQUITECTONICA INTERNATIONAL CORP. ALL COPYRIGHTS RESERVED.NO COPIES, TRANSMISSIONS, REPRODUCTIONS OR ELECTRONICMANIPULATION OF ANY PORTION OF THESE DRAWINGS IN WHOLE OR INPART ARE TO BE MADE WITHOUT THE EXPRESS WRITTEN PERMISSION OFARQUITECTONICA INTERNATIONAL CORPSHEET ISSUE DATE: FEBRUARY, 20231690 S CONGRESS AVE #100DELRAY BEACH, FLORIDA 33445KIMLEY HORNGEO ARQUITECTONICASITE PLAN APPROVALHYPERION GROUP888 BISCAYNE BLVD, SUITE 101, MIAMI, FL 331322900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXA0-02MASTER PLAN / SITE PLANLEGENDPROPERTY LINESETBACK LINE SIDEWALKTREE PLANS - INDICATED IN LANDSCAPE PLANSSERVICE AREA - CIRCULATIONSPOOL SEATINGRETAILRESIDENTIAL - AMENITIES0'30'60'10'5'15'FPL EASEMENTSTEP BACK LINEF&B SEATINGBICYCLES - REFER TO LANDSCAPE PLANFOR SPECIFICATIONSSTREET LIGHTING POLE - REFER TO CIVIL PLANFOR LOCATIONS AND PHOTOMETRICS795 24'NORTH FEDERAL HIGHWAYBOYNTON BEACH BLVD.N.E.6TH COURTOCEAN AVENUE 549'-3"38'-7"216'-7"30'-7"534'-1"38'-9"16'234'-4"PROPERTY LINEPROPERTY LINEPROPERTY LINE PROPERTY LINE R30'R30'R10'R20'R15'R15'R15'R20'CLCLCLCLSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRM STRMSTRMSTRMSTRM STRM STRM STRM STRM STRM STRM STRM STRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRM STRM STRM STRMSTRMSTRMSTRMSTRMSTRM STRM STRM STRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRM STRM STRM STRM STRM STRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRM STRM STRMSTRMSTRMSTRMSTRMSTRM STRM STRMSTRMSTRMSTRM STRM STRM STRM STRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRMSTRM STRMSTRMSTRMSTRMSTRMSTRMSS SS SS SS SS SS SS SS SS SS SS SS SSSSSSSSSSSSSSSSSS SS SS SSSSSSSSSSGASGASGASGASGASGASGAS GASGASGASGASGASGASGASGASGAS GASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGASGAS FFFFFFFFFFFFFFFFFFFFF F FFWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWW W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W 15'15'15'15'15'15'25'25' 30'-5"295'15'15'15'15'25'25'EASEMENT AND UTILITY LINES1/25" = 1'-0''©2020 ARQUITECTONICA INTERNATIONAL, IncPROJECT NUMBER:SEAL/SIGNATURE/DATE:OFFICE REGISTRATION:LANDSCAPE ARCHITECT:2900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXWWW.ARQUITECTONICA.COMCIVIL ENGINEER:STRUCTURAL ENGINEER:MEP ENGINEER:OWNER:OCEAN ONEBOYNTON BEACH - FLORIDAPROJECT ADDRESS:114 / 222 N. FEDERAL HIGHWAY, BOYNTON BEACH, FLORIDAISSUE # DESCRIPTION DATETO THE BEST OF MY KNOWLEDGE AND BELIEF, THESE PLANS ANDSPECIFICATIONS COMPLY WITH THE MINIMUM BUILDING CODESAND THE APPLICABLE FIRE-SAFETY STANDARDS AS DETERMINEDBY THE CITY OF MIAMI IN ACCORDANCE WITH SECTION 110,FLORIDA BUILDING CODE AND CHAPTER 633, FLORIDA STATUTES.ALL DESIGNS INDICATED IN THESE DRAWINGS ARE THE PROPERTY OFARQUITECTONICA INTERNATIONAL CORP. ALL COPYRIGHTS RESERVED.NO COPIES, TRANSMISSIONS, REPRODUCTIONS OR ELECTRONICMANIPULATION OF ANY PORTION OF THESE DRAWINGS IN WHOLE OR INPART ARE TO BE MADE WITHOUT THE EXPRESS WRITTEN PERMISSION OFARQUITECTONICA INTERNATIONAL CORPSHEET ISSUE DATE: FEBRUARY, 20231690 S CONGRESS AVE #100DELRAY BEACH, FLORIDA 33445KIMLEY HORNGEO ARQUITECTONICASITE PLAN APPROVALHYPERION GROUP888 BISCAYNE BLVD, SUITE 101, MIAMI, FL 331322900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXA0-03EASEMENT AND UTILITY LINESLEGENDSEWER PIPE0'30'60'10'5'15'SIDEWALK EASEMENTFP&L EASEMENTGASSTRMFWSSGAS LINESEWER DRAINFIRE LINEWATER LINESIGHT LINE TRIANGLESROAD MARKINGSPROPERTY LINECENTERLINE ROWCL796 A0-04SITE DATASITE DATA©2020 ARQUITECTONICA INTERNATIONAL, IncPROJECT NUMBER:SEAL/SIGNATURE/DATE:OFFICE REGISTRATION:LANDSCAPE ARCHITECT:2900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXWWW.ARQUITECTONICA.COMCIVIL ENGINEER:STRUCTURAL ENGINEER:MEP ENGINEER:OWNER:OCEAN ONEBOYNTON BEACH - FLORIDAPROJECT ADDRESS:114 / 222 N. FEDERAL HIGHWAY, BOYNTON BEACH, FLORIDAISSUE # DESCRIPTION DATETO THE BEST OF MY KNOWLEDGE AND BELIEF, THESE PLANS ANDSPECIFICATIONS COMPLY WITH THE MINIMUM BUILDING CODESAND THE APPLICABLE FIRE-SAFETY STANDARDS AS DETERMINEDBY THE CITY OF MIAMI IN ACCORDANCE WITH SECTION 110,FLORIDA BUILDING CODE AND CHAPTER 633, FLORIDA STATUTES.ALL DESIGNS INDICATED IN THESE DRAWINGS ARE THE PROPERTY OFARQUITECTONICA INTERNATIONAL CORP. ALL COPYRIGHTS RESERVED.NO COPIES, TRANSMISSIONS, REPRODUCTIONS OR ELECTRONICMANIPULATION OF ANY PORTION OF THESE DRAWINGS IN WHOLE OR INPART ARE TO BE MADE WITHOUT THE EXPRESS WRITTEN PERMISSION OFARQUITECTONICA INTERNATIONAL CORPSHEET ISSUE DATE: FEBRUARY, 20231690 S CONGRESS AVE #100DELRAY BEACH, FLORIDA 33445KIMLEY HORNGEO ARQUITECTONICASITE PLAN APPROVALHYPERION GROUP888 BISCAYNE BLVD, SUITE 101, MIAMI, FL 331322900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAX797 ©2020 ARQUITECTONICA INTERNATIONAL, IncPROJECT NUMBER:SEAL/SIGNATURE/DATE:OFFICE REGISTRATION:LANDSCAPE ARCHITECT:2900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXWWW.ARQUITECTONICA.COMCIVIL ENGINEER:STRUCTURAL ENGINEER:MEP ENGINEER:OWNER:OCEAN ONEBOYNTON BEACH - FLORIDAPROJECT ADDRESS:114 / 222 N. FEDERAL HIGHWAY, BOYNTON BEACH, FLORIDAISSUE # DESCRIPTION DATETO THE BEST OF MY KNOWLEDGE AND BELIEF, THESE PLANS ANDSPECIFICATIONS COMPLY WITH THE MINIMUM BUILDING CODESAND THE APPLICABLE FIRE-SAFETY STANDARDS AS DETERMINEDBY THE CITY OF MIAMI IN ACCORDANCE WITH SECTION 110,FLORIDA BUILDING CODE AND CHAPTER 633, FLORIDA STATUTES.ALL DESIGNS INDICATED IN THESE DRAWINGS ARE THE PROPERTY OFARQUITECTONICA INTERNATIONAL CORP. ALL COPYRIGHTS RESERVED.NO COPIES, TRANSMISSIONS, REPRODUCTIONS OR ELECTRONICMANIPULATION OF ANY PORTION OF THESE DRAWINGS IN WHOLE OR INPART ARE TO BE MADE WITHOUT THE EXPRESS WRITTEN PERMISSION OFARQUITECTONICA INTERNATIONAL CORPSHEET ISSUE DATE: FEBRUARY, 20231690 S CONGRESS AVE #100DELRAY BEACH, FLORIDA 33445KIMLEY HORNGEO ARQUITECTONICASITE PLAN APPROVALHYPERION GROUP888 BISCAYNE BLVD, SUITE 101, MIAMI, FL 331322900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXA0-05MASSING STUDYNE VIEWBOYNTON BEACH BLVD / NORTH FEDERAL HIGHWAYRETAILAMENITIESRESIDENTIAL UNITSMECHANICAL ROOFLEGEND798 PUBLICPLAZAARTTERRACETERRACEPUBLICPLAZACOURTYARDLAP POOLBBQLAP POOLPICKLEBALL ART24'CANOPY ATDROP-OFFNORTH FEDERAL HIGHWAYBOYNTON BEACH BLVD.N.E.6TH COURTOCEAN AVENUE PROPERTY LINEPROPERTY LINEPROPERTY LINE PROPERTY LINECL CLCLCLPUBLICPLAZAARTTERRACETERRACEPUBLICPLAZACOURTYARDLAP POOLBBQLAP POOLPICKLEBALL ART24'CANOPY ATDROP-OFFNORTH FEDERAL HIGHWAYBOYNTON BEACH BLVD.N.E.6TH COURTOCEAN AVENUE PROPERTY LINEPROPERTY LINEPROPERTY LINE PROPERTY LINECL CLCLCLPUBLICPLAZAARTTERRACETERRACEPUBLICPLAZACOURTYARDLAP POOLBBQLAP POOLPICKLEBALL ART24'CANOPY ATDROP-OFFNORTH FEDERAL HIGHWAYBOYNTON BEACH BLVD.N.E.6TH COURTOCEAN AVENUE PROPERTY LINEPROPERTY LINEPROPERTY LINE PROPERTY LINECL CLCLCLPUBLICPLAZAARTTERRACETERRACEPUBLICPLAZACOURTYARDLAP POOLBBQLAP POOLPICKLEBALL ART24'CANOPY ATDROP-OFFNORTH FEDERAL HIGHWAYBOYNTON BEACH BLVD.N.E.6TH COURTOCEAN AVENUE PROPERTY LINEPROPERTY LINEPROPERTY LINE PROPERTY LINECL CLCLCLOPEN SPACE63,497.5 SQ. FT.39.25 %VEHICULAR USE AREA6,267.9 SQ. FT.3.87 %BUILDING COVERAGE AREA - RESIDENTIAL AND RETAIL59,228.8 SQ. FT.36.61 %BUILDING COVERAGE AREA - GARAGE27,154.6 SQ. FT.16.78 %SIDEWALKS & PAVED AREA36,408.0 SQ. FT.22.5 %GREEN AREA12.7 %20,582.5 SQ. FT.A0-06VEHICULAR USE AREA & GREENAREA CALCULATIONS60'15'5'30'100'©2020 ARQUITECTONICA INTERNATIONAL, IncPROJECT NUMBER:SEAL/SIGNATURE/DATE:OFFICE REGISTRATION:LANDSCAPE ARCHITECT:2900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXWWW.ARQUITECTONICA.COMCIVIL ENGINEER:STRUCTURAL ENGINEER:MEP ENGINEER:OWNER:OCEAN ONEBOYNTON BEACH - FLORIDAPROJECT ADDRESS:114 / 222 N. FEDERAL HIGHWAY, BOYNTON BEACH, FLORIDAISSUE # DESCRIPTION DATETO THE BEST OF MY KNOWLEDGE AND BELIEF, THESE PLANS ANDSPECIFICATIONS COMPLY WITH THE MINIMUM BUILDING CODESAND THE APPLICABLE FIRE-SAFETY STANDARDS AS DETERMINEDBY THE CITY OF MIAMI IN ACCORDANCE WITH SECTION 110,FLORIDA BUILDING CODE AND CHAPTER 633, FLORIDA STATUTES.ALL DESIGNS INDICATED IN THESE DRAWINGS ARE THE PROPERTY OFARQUITECTONICA INTERNATIONAL CORP. ALL COPYRIGHTS RESERVED.NO COPIES, TRANSMISSIONS, REPRODUCTIONS OR ELECTRONICMANIPULATION OF ANY PORTION OF THESE DRAWINGS IN WHOLE OR INPART ARE TO BE MADE WITHOUT THE EXPRESS WRITTEN PERMISSION OFARQUITECTONICA INTERNATIONAL CORPSHEET ISSUE DATE: FEBRUARY, 20231690 S CONGRESS AVE #100DELRAY BEACH, FLORIDA 33445KIMLEY HORNGEO ARQUITECTONICASITE PLAN APPROVALHYPERION GROUP888 BISCAYNE BLVD, SUITE 101, MIAMI, FL 331322900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXSITE PROPERTY SIZE: 161,789 SQFT1/50" = 1'-0''1/50" = 1'-0''1/50" = 1'-0''1/50" = 1'-0''799 24'PUBLICPLAZAARTTERRACETERRACEPUBLICPLAZACOURTYARDLAP POOLBBQLAP POOLPICKLEBALL ARTRETAILLOADINGCOMMERCIAL5319 SFAMENITYSPACETRASHRETAILFITNESS3827 SFSPA1091 SFLOBBYCOMMERCIAL9254 SFCOMMERCIAL2295 SFCOMMERCIAL6423 SFCOMMERCIAL2316 SFFFE 7'-0"NAVDFFE 7'-6" NAVDFFE 7'-6" NAVDFFE 7'-0" NAVDFFE 7'-0" NAVDFFE 7'-0" NAVD43' @ 8.1%0102030405060708091011121314151617181920FFE 7'-0"NAVDFFE 7'-6" NAVDFFE 7'-6" NAVDFFE 7'-6" NAVD"STOP" SIGN"STOP" SIGNR5'R5'62'-8"62'-8"92'-11"10'8'-8"20'-5"WALL ANDFENCES HEIGHT:8'FTSEE A1-40137'-4"28'-9"2'5"10'24'18'-6" @ 9.5%RESILOADINGTR.24'56 PARKINGSPACESRAMP UP 15'-0"116' @ 12.9%MEP31' @ 10.4%FFE 6'-3" NAVDFFE 7'-0"NAVDR 5 'R5'R5'R5'R5'PACKAGE ROOM 543 SFRR51'-7"22'R15'26'-8"MANAGEMENTOFFICEMAIL 543 SFMEPRRRRRR22'22'35' 35'158'-3"107'-11"64'143'-1"93'-4"170'-4"367'-7"64'64'108'-5"11' 33'-2"8'10'2'-6"32'-7"8'8'10'2'-6"8'24'28'25'17'-10"107'-11"134'-4"131'-4"78'-5"75'-6"64'134'-4"10'2'6"FTTREE AREA8'10FTSIDEWALK2'6"FTTREE AREA10'10'10FTSIDEWALK8FTACTIVE AREA10FTSTEP BACK10'5FTTREE AREA10FTSIDEWALK8FTACTIVE AREA10FTSTEP BACK10FTSIDEWALK5FTTREE AREA8'10'2'-6"10'2'-6" 5'8'10'2'-6"5' 5'2'6"FTTREE AREA10FTSIDEWALK8FTACTIVE AREA5FTSTEP BACKSTEPBACKSTEPBACK64'CANOPY ATDROP-OFF78'-7"108'-5"LOBBYFFE 7'-0" NAVD2 TRASH CHUTES:1 REGULAR1 RECYCLINGRESIDENTIAL BIKESTORAGE (54 SPACES)25'CANOPYCANOPYCANOPYCANOPYCANOPYCANOPYCANOPY16 BIKES16 BIKESPLANTERPLANTERPLANTERPLANTERPLANTERPLANTERNORTH FEDERAL HIGHWAYBOYNTON BEACH BLVD.N.E.6TH COURTOCEAN AVENUE BUS STOPSLAB & SHELTER549'-3"38'-7"216'-7"30'-7"534'-1"38'-9"16'234'-4"PROPERTY LINEPROPERTY LINEPROPERTY LINE PROPERTY LINE R30'R30'R10'R20'R15'R15'R15'R20'CLCLCLCLVEHICULAR RATEDPRECAST CONCRETEUNIT PAVERS / DARKCOBBLESNORTH FEDERAL HIGHWAYBOYNTON BEACH BLVD.N.E.6TH COURTOCEAN AVENUE BUS STOPSLAB & SHELTER549'-3"38'-7"216'-7"30'-7"534'-1"38'-9"16'234'-4"PROPERTY LINEPROPERTY LINEPROPERTY LINE PROPERTY LINE R30'R30'R10'R20'R15'R15'R15'R20'CLCLCLCL343234343434 3428283234 34342828322828 343434343434282834 3434343434 34343434342834 3434 3434 28 3432 343424'24' RAMP UP 8'-6"116' @ 12.9%RAMP DN 15'-0"9'18' 18'12'145' @ 5.8%24'TR64'108'-5"64'UNIT A(1BR 1BTH)725 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT C(2BR 2BTH)1020 SQ. FT.UNIT D(2BR 2BTH)1202 SQ. FT.UNIT B(STUDIO)551 SQ. FT.UNIT E(2BR 2BTH)1097 SQ. FT.UNIT F(STUDIO)612 SQ. FT.UNIT G(1BR 1BTH)837 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT A(1BR 1BTH)727 SQ. FT.UNIT J(2BR 2BTH)1015 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT A2(1BR 1BTH)832 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT K(1BR 1BHT)766 SQ. FT.20'-3" 143'-1"158'-3"21'134'-4"64'107'-11"103'-4"367'-7"27'-8"167'-10"94'-3"93'-4"UNIT A(1BR 1BTH)725 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT C(2BR 2BTH)1020 SQ. FT.UNIT D(2BR 2BTH)1202 SQ. FT.UNIT B(STUDIO)551 SQ. FT.UNIT E(2BR 2BTH)1097 SQ. FT.UNIT F(STUDIO)612 SQ. FT.UNIT G(1 BR 1BTH)837 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT K(1BR 1BHT)766 SQ. FT.UNIT J1(2BR 2BTH)1112 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT L(1BR)725 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT L(1BR)725 SQ. FT.UNIT H(STUDIO)579 SQ. FT.STGUNIT A(1BR 1BTH)725 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT J(2BR 2BTH)1015 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT A1(1BR 1BTH)843 SQ. FT.UNIT C1(2BR 2BTH)1209 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.STGESTGSTG79'-1"UNIT A(1BR 1BTH)725 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT A(1BR 1BTH)725 SQ. FT.UNIT A3(1BR 1BTH)798 SQ. FT.STGUNIT I(STUDIO)649 SQ. FT.UNIT J1(2BR 2BTH)1112 SQ. FT.UNIT J1(2BR 2BTH)1112 SQ. FT.UNIT J1(2BR 2BTH)1112 SQ. FT.STG12'-2"21'-2"64'34'-3"160'-11"18'-1"30'-5"12'-1"10'2'6"FTTREE AREA8'10FTSIDEWALK2'6"FTTREE AREA10'10'10FTSIDEWALK8FTACTIVE AREA10FTSTEP BACK10'5FTTREE AREA10FTSIDEWALK8FTACTIVE AREA10FTSTEP BACK10FTSIDEWALK5FTTREE AREA8'10'2'-6"10'2'-6" 5'8'10'2'-6"5' 5'2'6"FTTREE AREA10FTSIDEWALK8FTACTIVE AREA5FTSTEP BACKSTEPBACKSTEPBACKPARKING99 SPACESLEVEL 20'120'30'10'60'1/25" = 1'-0''200'©2020 ARQUITECTONICA INTERNATIONAL, IncPROJECT NUMBER:SEAL/SIGNATURE/DATE:OFFICE REGISTRATION:LANDSCAPE ARCHITECT:2900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXWWW.ARQUITECTONICA.COMCIVIL ENGINEER:STRUCTURAL ENGINEER:MEP ENGINEER:OWNER:OCEAN ONEBOYNTON BEACH - FLORIDAPROJECT ADDRESS:114 / 222 N. FEDERAL HIGHWAY, BOYNTON BEACH, FLORIDAISSUE # DESCRIPTION DATETO THE BEST OF MY KNOWLEDGE AND BELIEF, THESE PLANS ANDSPECIFICATIONS COMPLY WITH THE MINIMUM BUILDING CODESAND THE APPLICABLE FIRE-SAFETY STANDARDS AS DETERMINEDBY THE CITY OF MIAMI IN ACCORDANCE WITH SECTION 110,FLORIDA BUILDING CODE AND CHAPTER 633, FLORIDA STATUTES.ALL DESIGNS INDICATED IN THESE DRAWINGS ARE THE PROPERTY OFARQUITECTONICA INTERNATIONAL CORP. ALL COPYRIGHTS RESERVED.NO COPIES, TRANSMISSIONS, REPRODUCTIONS OR ELECTRONICMANIPULATION OF ANY PORTION OF THESE DRAWINGS IN WHOLE OR INPART ARE TO BE MADE WITHOUT THE EXPRESS WRITTEN PERMISSION OFARQUITECTONICA INTERNATIONAL CORPSHEET ISSUE DATE: FEBRUARY, 20231690 S CONGRESS AVE #100DELRAY BEACH, FLORIDA 33445KIMLEY HORNGEO ARQUITECTONICASITE PLAN APPROVALHYPERION GROUP888 BISCAYNE BLVD, SUITE 101, MIAMI, FL 331322900 OAK AVENUE; MIAMI, FLORIDA 33133305.372.1812 TEL305.372.1175 FAXA0-10PUBLIC PEDESTRIANCIRCULATION DIAGRAMLEGENDPUBLIC PEDESTRIAN CIRCULATION DIAGRAMGROUND FLOOR1/25" = 1'-0''0'120'30'10'60'200'LEGENDPUBLIC PEDESTRIAN CIRCULATION DIAGRAMTHE RETAIL USERS HAVE ACCESS TO THE GARAGE ON LEVELS 01 AND 02.THE LEVELS ARE CONNECTED WITH 1 DEDICATED ELEVATOR, SERVING ONLY THESE 2 LEVELS.THE REGULAR CONNECTION BY THE STAIR WILL BE PROVIDED BY THE SOUTH-EAST STAIR,WITH A DIRECT ACCESS TO NE 6TH COURT.800 801 802 January 10, 2024 1 888 Biscayne Boulevard, Ste. 101, Miami, FL 33132 |9 West 57th Street, New York, NY 10019 | (o) 305.416.7550 | www.hypdev.com Chair Ty Penserga Vice Chair Thomas Turkin Board Member Woodrow Hay Board Member Angela Cruz Board Member Aimee Kelley Boynton Beach Community Redevelopment Agency Timothy Tack, Acting Executive Director 100 E. Ocean Ave Boynton Beach, FL 33435 Re: 114/222 N Federal Highway - Public Parking Proposal and TIF Incentive Application Dear CRA Chair, Vice Chair, Board Members and Acting Executive Director, BB1 Development, LLC (“BB1”) is the owner of +/- 3.71 acres located at 114/222 North Federal Highway (the “Property”). The proposed project, Ocean One (“the Project”), is a mixed-use development including 371 residential units as well as approximately 25,000 SF of retail/commercial space. The Project has approximately 21,000 SF of green space and 36,000 SF of sidewalks and paved areas including a public plaza with outdoor seating connecting to the commercial space, accounting for over 35% of the total site area. In addition, the Project is incorporating green elements into the design such as energy efficient air conditioners, cool roof pavers, energy efficient LED lighting fixtures and 100% Energy Star rated appliances. The BB1 development team has worked closely with the City and CRA staff over the last year including adding design features at the building façade to achieve the aesthetic goals set forth by the City and to maintain the appropriate level of high quality design. Of the 371 units, 200 are housing units below 750 SF, which is a category of housing encouraged by the Boynton Beach zoning code for the purpose of providing a broader range of housing attainable at different income levels. The site plan for the Project was approved on April 18, 2023. The Project is providing many benefits to the City of Boynton Beach all of which are consistent with the Goals and Objectives of the CRA Plan as well as the CRA Downtown Vision and Master Plan. Together with this letter we are providing a report performed by economic consultant Hank Fishkind, an expert retained by municipalities across Florida in these matters. According to Mr. Fishkind’s report, the economic benefits include revenues to the City of Boynton Beach and the BBCRA of $81.0 million in direct property taxes and operating surplus (measured through the year 2061), plus indirect tax revenue of tens of millions of dollars. Job creation includes over 230 permanent jobs, and over 1,800 temporary direct and indirect jobs (over 1,400 directly related to the construction of the Project with over $111.0 million in earning potential). Mr. Fishkind’s analysis of Project benefits and capitalization gap concludes that it is necessary and appropriate for the Project to receive an award of $11.5 million from the CRA’s Tax Incentive Funding Program (“TIF”). BB1 has listened carefully to feedback from the public and city officials about the need for more public parking spaces in downtown Boynton Beach, and the expressed desire to incentivize BB1 to provide public parking. With this in mind, BB1 is proposing to provide 90 parking spaces within our garage for public parking, as outlined below. BB1 is also providing infrastructure investment above and beyond typical site requirements, to benefit the community. With these specific parking and infrastructure initiatives, BB1 is providing over $6.0 million in additional benefits directly responsive to the needs of the Boynton Beach community. 803 January 10, 2024 2 Parking Allocation Upon the Project’s site plan approval, the development team met with representatives from the INCA condo association, Mariner’s Village condo association, and the Casa Costa condo association to discuss the Project and the future of downtown Boynton Beach in general. It was clear that the public believes more public parking spaces are needed in order to accommodate current and future downtown amenities. While it is understood by Boynton Beach stakeholders that the Project is providing sufficient parking for its own needs and is not responsible beyond this, BB1 is willing to provide a parking solution which can add 90 public spaces by both creating new parking spaces and allocating current commercial-use only parking spaces to be used by the general public. The Project is currently approved for 653 parking spaces including both on -street and garage parking spaces. Of those parking spaces, 128 spaces are currently allocated for private commercial use by the future commercial tenants of the Project. After working with the architect of the Project, we are able to redesign the garage to add an additional 32 parking spaces in lieu of shrinking the garage for cost savings for a total of 160 spaces not designated towards residential units. Rather than realize the cost reduction, BB1 will provide these 32 parking spaces for use by the general public. In addition, BB1 will convert 58 previously commercial use-only spaces to public spaces (the total 90 spaces are the “New Public Parking Spaces”). The New Public Parking Spaces will be available for public use, and the remaining 70 parking spaces will continue to be dedicated to commercial tenants. BB1 will be responsible for managing and metering the New Public Parking Spaces and will retain such revenue. The New Public Parking Spaces are valued at $5.0 million. As summarized in the attached chart (Exhibit A), this valuation is derived from a baseline value from the TIF agreement with Affiliated Residential at 115 N Federal Highway in February 2023, in which 150 commercial parking spaces were converted to general public use in exchange for a $7.0 million TIF partnership. The Board may be aware that in 2017 the previous Project site owner received TIF for 75% of the full potential tax revenues over a period of 7 years and 50% of potential tax revenues for 1 year thereafter, equating to approximately $5.3 million in TIF value ($4.2 million in 2017 based on calculation from US Bureau of Labor Statistics) for developing half of the Project site with 231 units, approximately 8,500 SF of retail and the dedication of 50 public parking spaces (compared to BB1’s development of the entire site with 371 units, 25,000 square feet of commercial space, and almost double the public parking spaces in an environment of significantly higher construction costs and interest rates). Additional Public Benefits Infrastructure and Community Outreach BB1 has been working with the City of Boynton Beach as part of the Project site plan on several infrastructure items that benefit the surrounding properties that would typically not be included in a standard single development project. These include items such as a Sanitary Force Main Upgrade, Water Main Extension and Drainage Improvements. The total cost will be approximately $1.0 million. A detailed list of these items with their associated costs is provided by Kimley-Horn, the civil engineer on the Project, as Exhibit B. Prior to and during construction, BB1 will be partnering with a local community outreach partner in order to coordinate on issues pertaining to employment of City residents and jobs for Locally Owned Small Businesses. BB1 and the community outreach partner will host a job fair, when feasible give priority to qualified job applicants to participate in the construction of the Project and use good faith efforts to offer permanent job positions resulting from the Project to qualified City residents . Specifically, BB1 and the community outreach partner will notify and refer job training and job placement opportunities to the Boynton Beach Community High School and South Tech Academy in Boynton Beach in the event each are able and willing to provide such training. 804 January 10, 2024 3 Summary The TIF award is a critical component for the project to secure the construction financing it needs to begin construction. With a TIF in place and subject to lender and equity financing, BB1 anticipates filing for a building permit within the next 6 months. BB1 looks forward to delivering this transformative project to Boynton Beach and providing the needed public parking. BB1 is requesting the Project be provided with TIF equal to 95% of tax revenue, with a cap. Mr. Fishkind’s report notes the significant public benefits and recommends TIF assistance for gap capitalization of $11.5 million. When adding this amount to the $6.0 million of parking and infrastructure benefits being provided, the CRA can consider a cap at $17 million. In the interest of an expedient resolution so the project can secure construction financing and be ready to begin construction, BB1’s request is $11.5 million. This is essentially the amount Mr. Fishkind recommended the project requires for financing and would incorporate the millions in value being provided for 90 public parking spaces and infrastructure costs. In summary, our TIFRA request is broken down for the following Public Benefits: - Public Parking: $5,000,000 - Infrastructure: $1,000,000 - For Future BBCRA Tax Revenues From Project (Per Fishkind $11,5000,000) $5,500,000 - Total: $11,500,000 Thank you for your consideration. Sincerely, Robert Vecsler Principal and CEO, Hyperion CC: Daniel Dugger, City Manager Andrew Mack, Deputy City Manager Kathryn Matos, Assistant City Manager Adam Temple, Assistant City Manager Kathryn B. Rossmell, Esq., CRA Attorney Bonnie Miskel, Esq. 805 January 10, 2024 4 Exhibit A 806 January 10, 2024 5 Exhibit B 807 ` ECONOMIC AND FISCAL IMPACTS AND FINANCIAL GAP ANALYSIS FOR OCEAN ONE August 23, 2023 Prepared for Mr. Jordan Thaler, VP, Acquisitions BB1 Development LLC 888 Biscayne Boulevard, Suite 101 Miami, FL 33132 Prepared by Hank Fishkind, Ph.D. Fishkind Litigation Services, Inc. 3504 Lake Lynda Drive, Suite 107 Orlando, Florida 32817 Hankf@fishkindls.com Office: 407-382-3256 808 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 2 of 24 EXECUTIVE SUMMARY • BB1 Development LLC is planning the development of Ocean One, an eight-story, mixed-use development, of 371 units of market-rate, rental, apartments, 25,588 square feet of retail space, and 665 parking spaces. • The development of Ocean One will have a substantial impact on the economy of Boynton Beach and the surrounding county generating 1,835 construction jobs and supporting 238 permanent jobs in Boynton Beach. • Development of Ocean One will generate over $1.5 million per year in tax increment revenues for the Boynton Beach Community Redevelopment Agency. • BB1 Development LLC has agreed to provide (a) 90 public parking spaces at an estimated value of $5 million and (b) $1 million in extraordinary public infrastructure for the benefit of the City of Boynton Beach. • Development of Ocean One will also provide at current estimates over $2.2 million in non-ad valorem operating revenues to the City of Boynton Beach annually. In addition, the City will receive $1.1 million for Arts in Public Places, over $220,000 in park impact fees, and more than $220,000 in downtown capital contributions fees. • However, the capitalization and immediate development of Ocean One is currently significantly challenged due to sharp increases in construction costs and interest rates. • As a result, its projected rate of return now falls far below market levels. • The contribution of 75% of the incremental revenues generated by Ocean One to the BBCRA for ten years, totaling $11.5 million (present value of $8 million), closes the financial gap making the project financially viable. 809 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 3 of 24 1.0 Introduction 1.1 Assignment BB1 Development LLC commissioned Fishkind Litigation Services, Inc. (“FLS”) to: (a) measure the economic and fiscal impacts of its Ocean One project on Boynton Beach, and (b) quantify the tax increment financing (“TIF”) needed to make Ocean One financially feasible (“Gap Analysis”). 1.2 Overview of the Report Our report begins with an overview of the Ocean One project in Section 2. Section 3 presents the economic analysis measuring the jobs, earnings, and output supported by the construction and operation of Ocean One. Section 4 turns to the fiscal impacts of Ocean One on Boynton Beach’s CRA and City government. FLS calculates the revenues generated by Ocean One and the costs to provide public services to the project. Finally, Section 5 quantifies the financial gap for Ocean One and the amount of TIF needed to make the project financially feasible. 1.3 Limitations and Disclaimers Although our analysis is based on cost inputs from BB1 Development LLC that are consistent with our experience and from third party sources including Costar and Realtyrates.com, FLS is solely responsible for our findings, analysis, and conclusions. Our report uses the most current data available at the time of its publication, but we are not retained to provide updates as economic conditions may evolve in the future. 2.0 Overview of Ocean One 2.1 Location Ocean One is located at the southwest corner of Boynton Beach Boulevard and U.S. 1 North Federal Highway. The site is 3.71 acres bounded by East Ocean Avenue to the south and Northeast Sixth Court on the east. Figure 1 provides a location map. 810 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 4 of 24 Figure 1. Location Map for Ocean One 2.2 Development Plan Ocean One will be an eight-story, mixed-use development, with 371 units of market-rate, rental, apartments, 25,588 square feet of retail space, and 665 parking spaces. Table 1 summarizes the development program for Ocean One. 811 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 5 of 24 Table 1. Development Program Summary for Ocean One Uses Volumes Average Unit Size Estimated Monthly Rent Apartments Studio (1 bath) 42 592 $2,340 1BR (1 bath) 224 738 $2,492 1BR+D (1 bath) 14 815 $2,738 2BR (2 bath) 91 1,102 $3,691 ===== Total Apartments 371 814 Annual Retail square feet 25,588 $33.20 Parking Spaces 665 Source: Site Plan and Costar Underwriting Report for Avion Riverwalk. As discussed in more detail below, the estimated monthly rental rates are market determined. Based on our market analysis, the estimated rents in Table 1 are competitive with recently developed apartment projects in Boynton Beach. To be successful, Ocean One must be competitively priced and designed to promote a rapid rent up of the apartments and retail space. 3.0 Economic Impact Analysis 3.1 Overview Economic impact analysis calculates the economic effects of a change in economic activity on an area’s economy typically measured in terms of jobs, earnings, and value-added. In this application, the analysis focuses on the impacts on Boynton Beach’s economy from the construction and operations of Ocean One. Impacts from the construction phase and the ope rational phase of Ocean One are measured in terms of jobs, earnings, and value - added. FLS used the IMPLAN input-output modeling system as described below. The economic impacts are measured for Palm Beach County, because that is the smallest level of geog raphy for which reliable calculations can be developed. 812 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 6 of 24 3.2 Methodology To quantify the economic impact of Ocean One, FLS employed the IMPLAN input-output modeling system.1 IMPLAN is widely used by economists to calculate the economic impacts of developing commercial land uses or residential apartments. IMPLAN is routinely used by the State of Florida’s Department of Economic Opportunity.2 IMPLAN is a computer software package comprising procedures for estimating local input-output models using locally specific databases. IMPLAN was originally developed by the U.S. Forest Service in cooperation with the Federal Emergency Management Agency and the U.S. Department of the Interior's Bureau of Land Management to assist in land and resource management planning. Since 1993, the IMPLAN system has been developed under exclusive rights by the Minnesota Implan Group, Inc. which licenses and distributes the software to users. Currently, there are hundreds of licensed users in the United States including universities, government agencies, and private companies. The Department of Food and Resource Economics at the University of Florida is a licensed user of IMPLAN along with the State of Florida and many other governments and private companies. We have used IMPLAN widely in our work. Input-output modeling was developed in the 1930s by Nobel Prize winning economist Leontief.3 The methodology has been refined and used continuously since then.4 An input-output model is built around quantifying the interactions between industries (or sectors) within an economy. Each industrial or service activity within the economy (agriculture, mining, manufacturing, trade, services, etc.) is assigned to an economic sector with the number of sectors determined by the level of detail desired. Then, for a one-year production period, a transactions table reflects the value of goods and services exchanged between sectors of the economy. The transactions table contains three components of the local economy: producing industries, final demand, and value added, which capture all transactions within the economy. The transactions table shows how much each local industry purchased and/or sold to every other industry within the local economy. Values are expressed in dollars and track the movement of goods and services between industry sectors and between producing industries and final demand and value-added components of the economy. 1 www.IMPLAN.com 2 http://www.floridajobs.org/labor-market-information/products-and-services/economic-impact- analysis 3 Leontief, Wassily (1936), “Quantitative Input-Output Relations in the Economic System of the United States”, Review of Economics and Statistics, Volume 18, pages 105-125. 4 See Miller, Ronald E. and Peter D. Blair (2009), Input-Output Analysis, Cambridge University Press: NY, NY. 813 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 7 of 24 Impact analysis using an input-output model is conducted by estimating the changes in final demand. Producing industries then respond directly by selling to final consumers or indirectly by selling goods and services (intermediate inputs) to other industries. The IMPLAN software and database quantify both the estimation of the transactions table for specific local areas and the resulting tables to estimate multipliers that capture the direct and indirect effects of changes in final demand. IMPLAN calibrated for the Palm Beach County (the smallest geography available) was used in this analysis. In this application the change to final demand is calculated for each of the two land uses, retail and residential. The analysis is provided for the construction of each land use and for its operating impacts once constructed and occupied. 3.3 Construction Period Impacts BB1 Development LLC plans to begin the construction of the Project in 2024 with completion in June 2026. Construction costs are estimated at $110 million. Table 2 summarizes the economic impacts during the 31 -month construction period. During the construction period the project will support 1,835 jobs measured on a full-time equivalent basis. Of these, 1,456 will be directly supported by the construction with the balance being indirectly supported or induced by the flow of construction spending. More than $111 million in earnings will be generated with value-added more than $170 million. Table 2. Economic Impact Summary Construction Period of Ocean One Category Jobs Earnings $M Value Added $M Direct 1,456 $88 $130 Indirect 143 $9 $15 Induced 236 $14 $25 ======= ======= ======= Total 1,835 $111 $171 Source: IMPLAN and FLS 814 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 8 of 24 3.4 Permanent Economic Impacts Ocean One is projected to be fully occupied and operational by January, 2027. As Table 3 shows, the spending by the occupants of the 371 apartments and the sales at the 25,588 square feet of retail/commercial space will support 238 jobs with $12 million per year in earnings having a value added of $19 million. Table 3. Economic Impact Summary Stabilized Operations of Ocean One Category Jobs Earnings $M Value Added $M Direct 95 $3 $4 Indirect 12 $1 $1 Induced 131 $8 $14 ======= ======= ======= Total 238 $12 $19 Source: IMPLAN and FLS 4.0 Fiscal Impacts 4.1 Overview In this application, fiscal impacts measure the cost and revenue effects of Ocean One on the budgets of Boynton Beach and its CRA (“BBCRA”). Exhibit #1 contains a complete fiscal impact analysis and report. The results are summarized below. 4.2 Methodology FLS calculates fiscal impacts based on: (a) the latest adopted budgets for the government; (b) Florida laws governing CRAs and property taxation; and (c) demographic data on population, employment, and visitor volume. For a general-purpose government, like the City, the analysis includes all revenues and expenditures in for the following funds: (a) general, (b) special revenue, (c) permanent, (d) internal service, (e) pension, and (f) component units. The debt service fund is excluded, because it relates to prior capital projects and is funded from existing pledged revenues. The capital project fund is not included, because development projects like Ocean One are required to offset their capital impacts in the entitlements process. Finally, the enterprise fund comprised operations that are self-funding through their fees and charges. 815 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 9 of 24 To quantify the fiscal impacts of Ocean One on the City, FLS uses the modified per capita approach. Excluding ad valorem revenues, each revenue and expenditure account in the City’s budget is examined to determine if it is associated with population, employment, or visitor volume. For example, law enforcement (accounts 521.10, 521.30, and 521.60) is provided to all residents, visitors, and employees. Law enforcement cos t is divided by the full-time equivalent number of residents, visitor, and employees. This weighted expenditure is applied to Ocean One to measure its impacts on law enforcement cost. Other revenue and expenditure accounts are only related to residents. For instance, municipal revenue sharing (account 335125) is determined from a population formula. So, only residents are used to calculate the per capita revenue sharing figure to apply to Ocean One’s residents. The BBCRA was established by City Ordinances 82-KK and 83-41. BBCRA is an independent agency and component unit of the City. BBCRA is governed by a board comprised of elected officials. The BBCRA’s primary revenue source is tax increment revenues collected from the City and Palm Beach County within the legally defined redevelopment area of the BBCRA. BBCRA staff informs that for FY2022-23, the BBCRA will receive revenues based on the City millage rate of 7.85, and the County’s general fund millage rate of 4.715 for a combined millage of 12.5 65. The development of Ocean One will not necessitate any increase in BBCRA staff or operating costs. Additionally, Ocean One will not have a material impact on other non-ad valorem revenues for the BBCRA. Therefore, our analysis of the fiscal impact of Ocean One on BBCRA will focus in its impact on BBCRA ad valorem revenues. 816 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 10 of 24 4.3 Fiscal Impacts of Ocean One on the City’s Budget The fiscal impact of Ocean One on the City’s budget is summarized in Table 4. The analysis is presented in constant $2023 dollars without trending for inflation. Upon completion, Ocean One will have a taxable value of $177 million. Ninety-five percent of the ad valorem tax revenue from Ocean One will be transferred to the BBCRA because the project is within the BBCRA area. However, Ocean One will also generate almost $2.3 million per year of other revenues for the City. The City will incur significant annual expenses to provide governmental services to Ocean One totaling $1.5 million. On a net basis, Ocean One will contribute about $700,000 per year to the City’s budget. Table 4. Fiscal Impact of Ocean One on the City of Boynton Beach Constant $2023 Dollars Year Assessed Values Ad Valorem Ad Valorem Transferred to BBCRA Total Operating Revenue Total Operating Expenditure Net Fiscal Impact 2027 177,087,194 1,390,134 (1,335,666) 2,251,049 1,534,141 716,907 2031 184,418,709 1,447,687 (1,393,219) 2,251,049 1,534,141 716,907 2036 194,015,408 1,523,021 (1,468,553) 2,251,049 1,534,141 716,907 2046 214,748,175 1,685,773 (1,631,305) 2,251,049 1,534,141 716,907 2056 237,719,798 1,866,100 (1,811,632) 2,251,049 1,534,141 716,907 2061 250,120,839 1,963,449 (1,908,981) 2,251,049 1,534,141 716,907 4.4 Fiscal Impacts on the CRA’s Budget Table 5 shows the fiscal impacts of Ocean One on the BBCRA’s budget. The assessed value is estimated based on the cost for Ocean One’s development provided by BB1 Development LLC and discussed more fully below. In the initial years, the property appraiser assesses commercial properties based on the cost approach. Over time the appraiser shifts to the income approach. FLS projects that the residential property values will appreciate at a 1% real rate (1% more than inflation) and the retail component will escalate at a 1.5% real rate. The ad valorem values for the BBCRA revenues are calculated at the effective BBCRA millage rate totaling 9.55 in FY 2020 (the latest year for which full information is available). This effective rate includes consideration of the 95% share of ad valorem revenues the CRA receives as well as the assessment ratio applied by the property appraiser to just values of property to adjust from market value to assessed value. 817 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 11 of 24 Table 5. Fiscal Impact of Ocean One on the Boynton Beach Community Redevelopment Agency’s Budget Years Ocean One Assessed Value Ocean One Ad Valorem 2013 Ad Valorem Ad Valorem Increase County Increment Total Tax Increment Revenues 2027 177,087,194 1,390,134 54,468 1,335,666 289,253 1,624,919 1,543,673 2028 178,892,041 1,404,303 54,468 1,349,835 292,321 1,642,155 1,560,048 2029 180,715,447 1,418,616 54,468 1,364,148 295,421 1,659,569 1,576,590 2030 182,557,605 1,433,077 54,468 1,378,609 298,552 1,677,162 1,593,303 2031 184,418,709 1,447,687 54,468 1,393,219 301,716 1,694,935 1,610,188 2032 186,298,956 1,462,447 54,468 1,407,979 304,913 1,712,891 1,627,247 2033 188,198,548 1,477,359 54,468 1,422,891 308,142 1,731,033 1,644,481 2034 190,117,684 1,492,424 54,468 1,437,956 311,404 1,749,360 1,661,892 2035 192,056,569 1,507,644 54,468 1,453,176 314,701 1,767,877 1,679,483 2036 194,015,408 1,523,021 54,468 1,468,553 318,031 1,786,584 1,697,254 2037 195,994,410 1,538,556 54,468 1,484,088 321,395 1,805,483 1,715,209 2038 197,993,784 1,554,251 54,468 1,499,783 324,794 1,824,577 1,733,348 2039 200,013,744 1,570,108 54,468 1,515,640 328,228 1,843,868 1,751,674 2040 202,054,504 1,586,128 54,468 1,531,660 331,697 1,863,357 1,770,189 2041 204,116,280 1,602,313 54,468 1,547,845 335,202 1,883,047 1,788,895 2042 206,199,293 1,618,664 54,468 1,564,196 338,743 1,902,940 1,807,793 2043 212,577,977 1,635,185 54,468 1,580,717 342,321 1,923,037 1,826,885 2044 214,748,175 1,651,875 54,468 1,597,407 345,935 1,943,342 1,846,175 2045 216,940,741 1,668,737 54,468 1,614,269 349,587 1,963,856 1,865,663 2046 219,155,909 1,685,773 54,468 1,631,305 353,276 1,984,581 1,885,352 Total 30,668,302 1,089,360 29,578,942 6,405,631 35,984,572 34,185,344 At stabilization in 2027, Ocean One will contribute $1.5 million to the BBCRA. Over time this increases based on our assumptions concerning real property appreciation. 4.5 Value of Public Spaces and Amenities provided by Ocean One Not only will Ocean One generate a positive fiscal impact for the City’s budget and over $1.5 million to the BBCRA, the development plan for Ocean One includes nearly an acre of public greenspace with full hardscape and landscaping featuring a large public plaza fronting Ocean Avenue. These public greenspaces and hardscaping have an estimated cost in excess of $400,000 without consideration of land costs. 818 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 12 of 24 5.0 Financial Gap Analysis 5.1 Overview Financial gap analysis compares the financial performance of a development project with and without financial support. Financial support may be justified when a project requires financial support to allow it to achieve a rate of return commensurate with market rates for projects of similar characteristics and risk profiles. Financial performance for rental apartment projects is measured at the time the project achieves stabilized operations. At that time , projects are either sold to investors or refinanced. The value of the project is determined at that time via the income approach using the capitalization of income method (“Cap Rate”).5 The value of the project is calculated by dividing the project’s stabilized net operating income (“NOI”) by the Cap Rate. For example, if the stabilized NOI is $100 and the Cap Rate is 10%, the value of the project is $1,000. Cap Rates are market determined rates estimated from the data on the sales of apartment projects and their stabilized NOIs. These data are readily available from a variety of reliable sources. FLS uses Costar. The development of Ocean One is no longer financially feasible due to recent sharp increases in construction costs and interest rates. As a result, its projected rate of return now falls far below market levels. The contribution of 75% of the incremental revenues generated by Ocean One to the BBCRA for ten years, totaling $11.5 million (present value of $8. million), closes the financial gap enhancing the financial viability of the project. 5.2 Methodology Real estate development projects, like Ocean One, use detailed and highly proprietary cash flow pro forma models for planning, analysis, decision making, financing, and monitoring. BB1 Development LLC provided FLS with a copy of its financial model, and we used it as the foundation for our analysis. FLS then developed our own independent financial analysis. Cost Analysis Public records show that BB1 Development LLC acquired the land for Ocean One for $12 million. The project is planned for 668,643 total square 5 Fishman, Jay et al. (2012), Guide to Business Valuation, Thompson-Reuters, Section 503. 819 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 13 of 24 feet of space inclusive of the rental apartments, retail space, and parking area. Of this, 327,456 are projected to be rentable square feet. Development costs are estimated at $255 per gross square foot and $511 per rentable square foot. These estimates are consistent with other projects FLS is participating in and reasonable based on current cost estimates from RH Means. Total project cost for Ocean One is estimated at $170 million. Calculations for Stabilized NOI for Ocean One Apartment rental rates rose strongly in 2021 and 2022 across the U.S. and in the relevant marketplace for Ocean One in Boynton Beach , as shown in Figure 2. For comparative purposes, FLS chose Pacifica along with 17 other comparable apartment projects as shown in Table 6. Pacifica’s effective rent per square foot jumped from about $1.60 in 2020 to an average of $2.60 in 2022. Comparable rents in the marketplace rose f rom $1.45 per square foot in 2020 to $2.25 by 2022. Rents in other Boynton Beach projects and in similar projects in Palm Beach County followed similar trajectories. However, rental rate escalation stopped in 2022 as rents flattened out. Figure 2. Overall Effective Rents per Square Foot Source: Costar 820 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 14 of 24 Table 6. Comparable Apartment Projects Property Name/Address Yr. Built Units Avg Unit SF Rent/SF 500 OCEAN 101 S Federal Hwy 2018 341 934 $2.59 Avion Riverwalk 630 E Woolbright Rd 2023 319 1,019 $3.10 Pacifica 1100 Audace Ave 2019 324 973 $2.58 Santorini at Renaissance… 1645 Renaissance Comm… 2018 226 830 $2.54 Sea Lofts at Boynton Village 600 Sea Lofts Dr 2020 433 1,007 $2.52 One Boynton 1351 S Federal Hwy 2009 494 1,152 $2.47 Manor Lantana 900 Water Tower Way 2021 348 1,164 $2.40 High Ridge Landing 3609 High Ridge Way 2016 184 1,049 $2.26 Ashley Lake Park 5020 Ashley Lake Dr 1987 300 888 $2.23 Whalers Cove 2301 S Congress Ave 1991 136 1,144 $2.19 Cortland West Boynton 7933 Venture Center Way 2000 264 1,143 $2.12 Verona at Boynton Beach 1575 SW 8th St 2002 216 1,097 $2.09 Seabourn Cove 3501 S Federal Hwy 2012 456 1,302 $2.07 Manatee Bay Apartment… 1632 N Federal Hwy 2014 264 1,169 $2.05 Monteverde at Renaissance… 1625 Renaissance Comm… 2006 219 1,153 $2.00 Latitude Pointe 9873 Lawrence Rd 1989 280 1,061 $1.96 The Cove at Boynton Bea… 100 Newlake Dr 1996 548 1,202 $1.87 Gateway Club 3930 Max Pl 1999 319 1,228 $1.84 Quantum Lake Villas 2700 Quantum Lakes Dr 2002 863 1,195 $1.81 Source: Costar 821 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 15 of 24 Figure 3 highlights how apartment rents shot up starting in mid-2020 and then deescalated after peaking in mid-2021. Rents stopped rising by mid- 2022. As discussed below, rental rates are expected to remain flat over the next few years due to additional supplies of new units and affordability constraints. Figure 3. Growth in Effective Rents per Square Foot shwo Source: Costar The timing of new construction of apartments also affects rent levels. Figure 4 shows the volume of new construction of apartments in the relevant market area for Ocean One. Construction volume ramped up from 2015 - 2017 with annual volumes well above the 400-unit per year average. The delivery of these units kept rents rising very slowly thereafter as reflected in Figures 2 and 3. As new construction volume eased, the restraining influence of new unit deliveries was one of the factors allowing the sharp rise in rents from mid-2020 to mid-2022. Construction volume has rebounded in 2022 and 2023 with more than 600 new units per year expected. This new supply will restrain rental growth in the near term. 822 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 16 of 24 Figure 4. Past and Future Deliveries of Apartment Units Source: Costar Developers strive for rapid lease up of their projects when construction is completed. Pre-leasing efforts have resulted in strong initial occupancy levels as Figure 5 illustrates. Projects delivered last year were fully leased upon delivery. Figure 5. New Construction Occupied by Year Built Source: Costar 823 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 17 of 24 As discussed previously and shown in Table 1, FLS expects Ocean One to price its rents to be competitive in the marketplace and to foster rapid lease up. Full lease up at or soon after delivery is reasonable for a new project delivered to the market like Ocean One assuming competitive rental pricing. Ocean One projects stabilization within 7-months of delivery as of January 2027. Table 7 displays FLS’s projection for net operating income for Ocean One at stabilization in 2027. Cost and revenue figures are in 2023 dollars without adjustment for inflation or escalations. This provides the most reliable basis to estimate NOI, because the calculations are based on current known data along with contemporary estimates. At stabilization, Ocean One is projected to generate $14.9 million in potential rent from its apartment units, retail space, parking, and other ancillary sources. Vacancy is projected at 3% and bad debt at 1% of gross revenue. This results in estimated effective gross rent of $1 4.3 million at stabilization. 824 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 18 of 24 Table 7. Calculation of Net Operating Income for Ocean One Category $ Stabilization Potential Rent $14,876,976 Less Vacancy $446,309 Less Bad Debt $133,893 ========== Effective Gross Revenue Other Income Total Revenues $14,296,774 $571,871 $14,868,645 Operating Expenses $2,676,356 Real Estate Taxes $3,371,328 Management Fees $446,059 ========== Total Expenses $6,439,774 ========== NOI $8,428,902 Source: FLS Operating expenses of $2.7 million are based on an industry standard expense ratio of 18% of effective gross revenue. Real estate taxes of $3.4 million were estimated based on the $177 million taxable values of Ocean One, the assessment ratio in Palm Beach County for commercial properties as per Florida law (allowing for cost of sale and other constitutionally required allowances), and current millage rates. Management fees of 3% of effective gross income are standard in the industry. Total expenses of $6.4 million represent 45% of total revenues. This overall expense ratio is consistent with industry norms.6 Furthermore, it is also comparable to the recent sale of 500 Ocean, a nearby comparable community to Ocean One, which closed in June of 2021 as reported by Costar. On this basis, Ocean One is projected to achieve a stabilized NOI of $8 million. It is this amount that is used to estimate the market value of Ocean One at stabilization using the Cap Rate methodology from the income approach to value. 6 Camden Property Trust Form 10K for December 2020, page 25. 825 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 19 of 24 Determining the Cap Rate As discussed above, the Cap Rate is the ratio of NOI to sales price for income producing properties like Ocean One. Cap Rates are determined in the marketplace. There are many representative sales of apartment projects in the relevant market area. Figure 6 shows the Cap Rates for Palm Beach County and for the U.S. from 2003 through 2022 with projections to 2027. Since 2009 Cap Rates for apartment projects have declined precipitously and are running in the 5% range for the U.S. and at about 4.25% in Palm Beach County. Figure 6. Market Cap Rates Source: Costar Costar projects no material changes to the Cap Rates for apartments in the U.S. or in Palm Beach through 2027. These metrics are applicable to the relevant market in Boynton Beach. The recent sale of 500 Ocean in 2021 confirms this with its Cap Rate of 4.3% reported by Costar. Stabilized Value of Ocean One FLS estimated the value of Ocean One at stabilization using the income approach to value employing the Cap Rate method. FLS valued Ocean One on a fair market basis as a going concern. With a projected NOI at stabilization of $8.429 million and the Cap Rate of 4.50 %, Ocean One has a value at stabilization of $187.309 million. Since stabilization is projected in 2027, the present value of Ocean One is $174.258 million. 826 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 20 of 24 5.3 Financial Analysis and Quantification of the Financial Gap Table 8 shows the calculations for the financial gap analysis. As noted above, Ocean One has stabilized present value of $174.258 million. Without financial support, the profit from development is $4.209 million which is a rate of return of just 2.42%. A 2.42% rate of return is far below market rates and would not justify the development of Ocean One. The market rate of return can be readily determined from the Cap Rate. The profit margin, or more precisely the required market rate of return, is equal to the Cap Rate plus the long-term average expected growth rate in NOI.7 Over time, it is reasonable to project that Ocean One would achieve a long-term 3.0% compound rate of increase in NOI on average. Therefore, the market rate of return is 7.50% (4.50% Cap Rate + 3.0% expected growth rate of NOI). Table 8. Financial Gap Analysis Category Project without TIF Project with TIF Acquisition Costs $12,550,000 $12,550,000 Development Cost $157,499,589 $157,499,589 ============ ============ Total Cost $170,049,589 $170,049,589 Stabilized NOI $8,428,902 $8,428,902 Capitalization Rate 4.50% 4.50% ============ ============ Stabilized Value $187,308,924 $187,308,924 Present Value Stabilized $174,258,392 $174,258,392 Present Value of TIF $0 $7,966,289 ============ ============ Profit $4,208,803 $12,175091 Rate of Return 2.42% 6.99% Rate of Cost 2.48% 7.16% Annual TIF Amount $0 $1,150,000 TIF Term Years 0 10 Source: FLS 7 Fishman, Op. Cit. 827 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 21 of 24 To close this financial gap and to reach the market rate of return of 6.99%, Ocean One will need tax increment funding (“TIF”) of $1,150,000 per year for 10-years once it is stabilized and producing its full increment of tax revenue to the CRA as discussed previously in Section 4. TIF support at this level represents approximately 75% of the incremental ad valorem tax revenue generated by Ocean One for the BBCRA. 6.0 Conclusions and Request for TIF Support 6.1 Summary of Results The development of Ocean One will make substantial contributions to the economy of Boynton Beach, augment the supply of workforce housing, provide a positive fiscal impact on the City’s budget, and generate over $1.5 million per year in revenue to the BBCRA. 6.2 Request for TIF Support Sharply escalating development costs coupled with the recent jump in interest rates has compromised the financial feasibility of Ocean One. To close the financial gap, Ocean One requests that the BBCRA contribute about 75% of the incremental revenue generated by Ocean One totaling $1.5 million per year for ten years following project completion and stabilization. 828 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 22 of 24 Exhibit #1 Fiscal Impact Analysis Provided under separate cover. 829 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 23 of 24 Exhibit #2 Avion Riverwalk Apartments Market Survey by Costar Provided under separate. 830 Economic and Fiscal Impacts and Financial Gap Analysis for Ocean One Page 24 of 24 Exhibit #3 Boynton/Lantana Retail Submarket Market Survey by Costar Provided under separate. 831 FISCAL IMPACT ANALYSIS OCEAN ONE APARTMENT PROJECT BOYNTON BEACH, FL. EXHIBIT 1 August 23, 2023 Prepared for Mr. Jordan Thaler, Acquisitions BB1 Development LLC 888 Biscayne Boulevard, Suite 101 Miami, Florida 33132 2 Fishkind Litigation Services, Inc. 3504 Lake Lynda Drive, Suite 107 Orlando, Florida 32817 407-382-3256 WWW.Fishkindls.com 832 ` Page 2 of 15 ______________________________________________________________________ Fiscal Impact Analysis Ocean One Apartment Project ______________________________________________________________________ 1.0 Introduction and Summary of Results 1.1 Background BB1 Development LLC is planning the development of 371 units of market rate, rental apartments and 25,588 square feet of neighborhood retail space on property that is in City of Boynton Beach, FL, (the “Project”). 1.2 Assignment BB1 Development LLC retained Fishkind Litigation Services, Inc. (“FLS”) to analyze fiscal impact (the cost and revenue effects) of the proposed change on the City of Boynton Beach This report focuses on the fiscal impacts of the proposed change on the City. 1.3 Summary of Results The development of Ocean One Apartments will have very significant, positive, fiscal impacts on the City as shown in Table 1. This analysis is based on the projected development of planned for: 371 market rental apartments and 25,588 square feet of neighborhood retail space absorption over one phase and strong property values produces an annual fiscal surplus of $716,000 after transfers to Boynton Beach CRA. As Table 2 shows, on a cumulative basis the operating surplus is $3.584 million by 2031 growing to $25.091 million by 2061. By 2061 the present value at 5% interest of the net fiscal impact is estimated at $11.738 million. 833 ` Page 3 of 15 Table 1 Summary of Fiscal Impacts Ocean One Mixed Use Project Net Fiscal Impacts for Selected Years Year Assessed Values Ad Valorem Ad Valorem Transferred to BBCRA Total Operating Revenue Total Operating Expenditure Net Fiscal Impact 2027 177,087,194 1,390,134 (1,335,666) 2,251,049 1,534,141 716,907 2031 184,418,709 1,447,687 (1,393,219) 2,251,049 1,534,141 716,907 2036 194,015,408 1,523,021 (1,468,553) 2,251,049 1,534,141 716,907 2046 214,748,175 1,685,773 (1,631,305) 2,251,049 1,534,141 716,907 2056 237,719,798 1,866,100 (1,811,632) 2,251,049 1,534,141 716,907 2061 250,120,839 1,963,449 (1,908,981) 2,251,049 1,534,141 716,907 Table 2 Summary of Fiscal Impacts Ocean One Mixed Use Project Cumulative Net Fiscal Impacts Year Cumulative Impact Interest Rate Years Present Values 2031 $3,584,537 5.0%5 $3,103,834 2036 $7,169,075 5.0%10 $5,535,770 2046 $14,338,150 5.0%20 $8,934,252 2056 $21,507,225 5.0%30 $11,020,625 2061 $25,091,762 5.0%35 $11,738,783 834 ` Page 4 of 15 2.0 Methodology 2.1 Overview The client requested a submission of a fiscal impact report quantifying the costs and revenue impacts on the City’s budget from the proposal to construct the mixed- use project consisting of 371 apartments and 25,558 of retail space on the +/- 3.7 acres located at 114/222 N. Federal Highway. The fiscal impact study is a set of statistical data and information based on new development in a jurisdiction. Its purpose is to legally justify to the City of Boynton Beach the ability to provide capital improvement, mill levy increases, as well as impact fees. The Fiscal Impact Analysis encompasses multiple methods to demonstrate that a development will pay the full costs of all public facilities and services that are required to support the development. The client has requested a study as backing or support for any amendment or change to their subdivision regulations. Fiscal impact analysis seeks to connect planning and local economics by estimating the public costs and revenues that result from change in the land use. This type of analysis is required to meet the full costs of all public facilities and services that are required to support the development and that are required to meet the level of services standards adopted by the City of Boynton Beach. To accomplish consistency in the analysis FLS complies with the guide standards prepared for Sarasota County by AECOM in support of permitting for the Project. Our analysis is conducted according to the 2015 report by AECOM. AECOM outlines several methodologies to conduct the fiscal impact analysis including the per capita approach.1 AECOM notes that the per capita methodology the most used type of analysis. The per capita approach estimates the cost of providing services on a per unit basis. The unit varies depending upon how the services are used and can include: per person, per employee, and per visitor. Similarly, most City and City revenues are appropriately estimated on a per capita basis again depending upon the revenues generated. FLS uses all these factors depending upon the expenditure or revenue category involved. For example, law enforcement and public safety are provided to all residents, visitors, and employees. FLS measures residents, visitors, and employees on a full-time equivalent (“FTE”) basis. However, not all expenditures or all revenues are generated by residents, visitors, and employees. State revenue sharing funds are provided through a population-based formula, so for this revenue item FLS only uses population. FLS’s application of the per capita method for both revenues and expenditures is consistent with AECOM. 1 AECOM (2015), page 2. 835 ` Page 5 of 15 FLS uses all categories of revenue and expenditures included in the City of Boynton Beach budget (but not all fund types as discussed above). The FY2021 actual reported to the State includes 54 revenue line items and 62 expenditure categories. Not all revenues and expenditures relate to the fund types included in our analysis. As discussed above, except for ad valorem tax revenues, each category of revenue and expenditure is included and analyzed using the modified per capita approach. It is impractical to discuss each category. However, FLS has included our fiscal impact analysis model in excel with this report to provide a full and detailed submission of our calculations. Ad valorem revenues are calculated directly based on the development program, product valuation, and do not include any estimates for homestead exemptions. All other revenues are estimated via the per capita, unit, approach with the unit varying as required. Capital impacts are measured by the formulae for impact fees. The city of Boynton Beach does have city parks and recreation facilities impact fees. In addition, the Project pays impact fees to Palm Beach County. 2.2 Operating Revenues Except for ad valorem revenues, which are discussed in more detail below, operating revenues were calculated using the modified per capita method based on the City’s actual for FY2021 as reported to the State of Florida, Division of Banking. Consistent with the AECOM parameters, FLS included the following fund types: (a) general fund; (b) special revenue fund; (c) debt service fund; (d) permanent fund; (e) internal service; (f) pension; and (g) component. FLS excluded the following fund types: (a) debt service; (b) capital projects; and (c) enterprise. The debt service fund relates to prior commitments and is not directly impacted by future growth or the Project. While the Project will contribute to this fund, the impact is relatively small. The impact of the Project on capital funds is calculated separately, so this fund is excluded to avoid double counting. The e nterprise fund is also excluded because enterprise funds are designed to be self-funding. Ad valorem taxes generated by the Project are a function of: (a) the development program for the Project; (b) its projected valuation and absorption; and (c) the City’s adopted millage rates for general revenue totaling 7.85 mills Concerning timing, FLS takes a stricter and more conservative approach then AECOM. FLS recognizes that there is a 4-year lag between the time apartment units are permitted and consuming services, and the time that property is included in the tax roll and paying ad valorem taxes. 836 ` Page 6 of 15 2.3 Operating Expenses Operating expenses are correctly calculated by fund type using the m odified per capita approach. As noted above, the per capita units are carefully tailored to the type of expenditure. We have included impacts from residents and employees measured on an FTE basis and included FTE visitors who also consume these services. 2.5 Capital Revenues / Expenditures As noted previously, Boynton Beach has city parks and recreation facilities impact fee. Impact fees requirement for the Project. All other impact fees are paid to Palm Beach County. The Developer has agreed to provide (a) 90 public parking spaces at an estimated value of $55,500/space for a total of $4.995 million, and (b) $1 million in extraordinary public infrastructure. 3.0 Development Program The fiscal impact analysis is based exclusively on the projected development of Ocean One apartments and retail space. The development program, absorption, is provided in detail in Table.4. As per Table 3 the Project is absorbed in one phase having a property value of more than of $ 170 million . Table 3 Ocean One Mixed Use Project Property Valuation Category Building Type Target Audience Units Average Average Property Multi Family Apartment 8 Stories Market Rate Rental 371 439,718$ 163,135,458$ Category Building Type Target Audience Square Feet Average Property Value Per SF Average Property Value Per Category Commercial/Retail Neighborhood Retail Local Market 25,588 270$ 6,914,131.49 Total 170,049,589$ 837 ` Page 7 of 15 4.0 Fiscal Impact – Operating Revenues and Expenses – Tables 5,6,7,8, and 9 Using the methodology described in Section 2, the fiscal impacts of Ocean One on the City’s operating budget are summarized below in Table 5. The Project produces a fiscal surplus in the amount of $716,907 net of transfers to Boynton Beach CRA, when its value is included in the City’s taxable value base determined by the property appraiser. By 2036 at 10 years the net fiscal impact cumulative total of nearly $7,169,075 The strong growth in net fiscal surpluses is driven by the gains in total taxable values. Table 6 displays the growth in taxable value generated by the Project. Taxable value rises from almost $177 million in 2027 to more than $250 million by 2061. Table 4 Ocean One Development Scenario Real Estate on Tax Roll 2024 2025 2026 2027 2028 Total Multi Family-371 Unit - - - 371 - 371 Commercial/Retail-23,853 SF - - - 25,588 - 25,588 Permits for Construction 2024 2025 2026 2027 2028 Total Multi Family-371 Unit 371 - - - - 371 Commercial/Retail-23,853 SF 25,588 - - - - 25,588 Table 5 Ocean One Mixed Use Project Fiscal Impact - Operating Revenue and Expenditures Year Assessed Value Ad Valorem Ad Valorem Transferred to BBCRA Total Operating Revenue Total Operating Expenditure Net Fiscal Impact Cumulative Net Fiscal Impact 2027 177,087,194 1,390,134 (1,335,666) 2,251,049 1,534,141 716,907 716,907 2031 184,418,709 1,447,687 (1,393,219) 2,251,049 1,534,141 716,907 3,584,537 2036 194,015,408 1,523,021 (1,468,553) 2,251,049 1,534,141 716,907 7,169,075 2046 214,748,175 1,685,773 (1,631,305) 2,251,049 1,534,141 716,907 14,338,150 2056 237,719,798 1,866,100 (1,811,632) 2,251,049 1,534,141 716,907 21,507,225 2061 250,120,839 1,963,449 (1,908,981) 2,251,049 1,534,141 716,907 25,091,762 838 ` Page 8 of 15 Table 6 Ocean One Mixed Use Project Taxable Property Values 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Residential Development Multi Family-371 Unit 170,292,010 171,994,930 173,714,880 175,452,028 177,206,549 178,978,614 180,768,400 182,576,084 184,401,845 186,245,864 Total Taxable Value -Residential 170,292,010 171,994,930 173,714,880 175,452,028 177,206,549 178,978,614 180,768,400 182,576,084 184,401,845 186,245,864 Commercial/Retail Neighborhood Retail 6,795,183 6,897,111 7,000,568 7,105,576 7,212,160 7,320,342 7,430,148 7,541,600 7,654,724 7,769,545 Total Taxable Value -Commercial /Retail 6,795,183 6,897,111 7,000,568 7,105,576 7,212,160 7,320,342 7,430,148 7,541,600 7,654,724 7,769,545 Total Taxable Value 177,087,194 178,892,041 180,715,447 182,557,605 184,418,709 186,298,956 188,198,548 190,117,684 192,056,569 194,015,408 Table 6 Ocean One Mixed Use Project Taxable Property Values 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 Residential Development Multi Family-371 Unit 188,108,322 189,989,405 191,889,299 193,808,192 195,746,274 197,703,737 199,680,774 201,677,582 203,694,358 205,731,302 Total Taxable Value -Residential 188,108,322 189,989,405 191,889,299 193,808,192 195,746,274 197,703,737 199,680,774 201,677,582 203,694,358 205,731,302 Commercial/Retail Neighborhood Retail 7,886,088 8,004,379 8,124,445 8,246,311 8,370,006 8,495,556 8,622,990 8,752,334 8,883,619 9,016,874 Total Taxable Value -Commercial /Retail 7,886,088 8,004,379 8,124,445 8,246,311 8,370,006 8,495,556 8,622,990 8,752,334 8,883,619 9,016,874 Total Taxable Value 195,994,410 197,993,784 200,013,744 202,054,504 204,116,280 206,199,293 208,303,764 210,429,917 212,577,977 214,748,175 Table 6 Ocean One Mixed Use Project Taxable Property Values 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 Residential Development Multi Family-371 Unit 207,788,615 209,866,501 211,965,166 214,084,817 216,225,666 218,387,922 220,571,802 222,777,520 225,005,295 227,255,348 Total Taxable Value -Residential 207,788,615 209,866,501 211,965,166 214,084,817 216,225,666 218,387,922 220,571,802 222,777,520 225,005,295 227,255,348 Commercial/Retail Neighborhood Retail 9,152,127 9,289,409 9,428,750 9,570,181 9,713,734 9,859,440 10,007,331 10,157,441 10,309,803 10,464,450 Total Taxable Value -Commercial /Retail 9,152,127 9,289,409 9,428,750 9,570,181 9,713,734 9,859,440 10,007,331 10,157,441 10,309,803 10,464,450 Total Taxable Value 216,940,741 219,155,909 221,393,916 223,654,999 225,939,399 228,247,362 230,579,133 232,934,961 235,315,098 237,719,798 839 ` Page 9 of 15 Table 7 shown below, presents the key assumptions employed in calculating the taxable values shown previously. Our assumptions related to the assessment ratio and percentage of homes expected to take advantage of the homestead exemption are more conservative than those of AECOM making our analysis more conservative than if we had adopted the AECOM assumptions for these parameters. Using data from Census On-the-Map we determined that there were 28,755 City residents who also work in the city. Since we also included all employees, FLS weighted resident-employees by 0.7626 to avoid double counting. Non-working residents are weighed at 1.0 FTE. Seasonal residents are at 0.34 62 reflecting seasonal demands on City services. Persons per household and total households are from Florida Population Studies. Table 7 Ocean One Mixed Use Project Fiscal Impact Assumptions Taxable Assessment Millage Gerneral Revenue 7.8500 Mills Total 7.8500 Mills Population Equivalent Full-Time Amount Factor Equivalent Population-Working Residents 28,755 76.26%21,927 Population-Non-Working Residents 52,993 100.00%52,993 Population- Seasonal 7,914 34.62%2,739 Total Population (peak season)89,662 77,660 Population (total)81,748 Employment (total)28,851 98.00%28,274 Persons per Household - Single Family 2.49 Persons per Household - Multifamily 2.23 Total Households 31,683 Total Housing Units 36,220 Employment Assumptions Project Neighborhood Retail 41 (1 employee per 588 SF of Retail) Annual growth rate of Residential Property Value 1.0% Annual growth rate of Non-Residential Property Value 1.5% Property Valuation Average Value Multi Family-371 Unit $441,098 Per Unit Commercial /Retail $268 Per Square Foot 840 ` Page 10 of 15 Table 8 summarizes the results of the fiscal analysis for the City’s operating budget. Table 8 Ocean One Mixed Use Project Development Impact Summary 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Residential Units 371 371 371 371 371 371 371 371 371 371 Resident Households 198 198 198 198 198 198 198 198 198 198 Peak Population Resident Population 492 492 492 492 492 492 492 492 492 492 Seasonal Population 68 68 68 68 68 68 68 68 68 68 Employment Retail / Commercial 41 41 41 41 41 41 41 41 41 41 Total Employees 41 41 41 41 41 41 41 41 41 41 - - - - - - - - - - Full-Time Equivalent Visitors - - - - - - - - - - 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Boynton Beach Total Operating Revenues 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 Total Operating Expenditures 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 Net Fiscal Impact 716,907 716,907 716,907 716,907 716,907 716,907 716,907 716,907 716,907 716,907 Years 1 2 3 4 5 6 7 8 9 10 5 Years 10 Years 20 Years 30 Years 35 Years Net Present Value of Operating Impact 3,103,834 5,535,770 8,934,252 11,020,625 11,738,783 841 Page 11 of 15 Detail analysis (Table 9) is presented through 2036 which is a 10-year projection. Table 9 Ocean One Mixed Use Project Fiscal Impact Detail Operating Revenue and Expenses 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Revenues 311000 - Ad Valorem Taxes 1,390,134 1,404,303 1,418,616 1,433,077 1,447,687 1,462,447 1,477,359 1,492,424 1,507,644 1,523,021 Transfer to BBCRA (1,335,666) (1,349,835) (1,364,148) (1,378,609) (1,393,219) (1,407,979) (1,422,891) (1,437,956) (1,453,176) (1,468,553) 341200 - Internal Service Fund Fees and Charges 5,359 5,359 5,359 5,359 5,359 5,359 5,359 5,359 5,359 5,359 341900 - Other General Government Charges and Fees 6,645 6,645 6,645 6,645 6,645 6,645 6,645 6,645 6,645 6,645 342100 - Service Charge - Law Enforcement Services 29,496 29,496 29,496 29,496 29,496 29,496 29,496 29,496 29,496 29,496 342200 - Service Charge - Fire Protection 20,170 20,170 20,170 20,170 20,170 20,170 20,170 20,170 20,170 20,170 342400 - Service Charge - Emergency Management Service Fees/Charges 530 530 530 530 530 530 530 530 530 530 342500 - Service Charge - Protective Inspection Fees 685 685 685 685 685 685 685 685 685 685 343500 - Service Charge - Sewer/Wastewater Utility 1,415 1,415 1,415 1,415 1,415 1,415 1,415 1,415 1,415 1,415 343900 - Service Charge - Other Physical Environment Charges 23,820 23,820 23,820 23,820 23,820 23,820 23,820 23,820 23,820 23,820 347200 - Service Charge - Parks and Recreation 11,382 11,382 11,382 11,382 11,382 11,382 11,382 11,382 11,382 11,382 315100 - State Communications Services Taxes 13,396 13,396 13,396 13,396 13,396 13,396 13,396 13,396 13,396 13,396 316000 - Local Business Tax (Chapter 205) 969 969 969 969 969 969 969 969 969 969 331100 - Federal Grant - General Government 7,999 7,999 7,999 7,999 7,999 7,999 7,999 7,999 7,999 7,999 331200 - Federal Grant - Public Safety - - - - - - - - - - 331310 - Federal Grant - Water Supply System 8,201 8,201 8,201 8,201 8,201 8,201 8,201 8,201 8,201 8,201 331500 - Federal Grant - Economic Environment 483 483 483 483 483 483 483 483 483 483 331900 - Federal Grant - Other 22 22 22 22 22 22 22 22 22 22 334100 - State Grant - General Government 2,047 2,047 2,047 2,047 2,047 2,047 2,047 2,047 2,047 2,047 334500 - State Grant - Economic Environment 463 463 463 463 463 463 463 463 463 463 334700 - State Grant - Culture/Recreation 27,811 27,811 27,811 27,811 27,811 27,811 27,811 27,811 27,811 27,811 335125 - Municipal Revenue Sharing Program - Proceeds 506 506 506 506 506 506 506 506 506 506 335140 - State Revenue Sharing - Mobile Home Licenses 625 625 625 625 625 625 625 625 625 625 335150 - State Revenue Sharing - Alcoholic Beverage Licenses 60,422 60,422 60,422 60,422 60,422 60,422 60,422 60,422 60,422 60,422 335190 - State Revenue Sharing - Other General Government 617 617 617 617 617 617 617 617 617 617 337200 - Local Government Unit Grant - Public Safety 3,534 3,534 3,534 3,534 3,534 3,534 3,534 3,534 3,534 3,534 338000 - Shared Revenue From Other Local Units 1,555 1,555 1,555 1,555 1,555 1,555 1,555 1,555 1,555 1,555 339000 - Payments From Other Local Units In Lieu Of Taxes 5,445 5,445 5,445 5,445 5,445 5,445 5,445 5,445 5,445 5,445 354000 - Fines - Local Ordinance Violation 21,924 21,924 21,924 21,924 21,924 21,924 21,924 21,924 21,924 21,924 359000 - Other Judgments, Fines and Forfeits 63,222 63,222 63,222 63,222 63,222 63,222 63,222 63,222 63,222 63,222 361100 - Interest 714,572 714,572 714,572 714,572 714,572 714,572 714,572 714,572 714,572 714,572 361400 - Gain (Loss) on Sale of Investments 4,894 4,894 4,894 4,894 4,894 4,894 4,894 4,894 4,894 4,894 362000 - Rents and Royalties 3,661 3,661 3,661 3,661 3,661 3,661 3,661 3,661 3,661 3,661 364000 - Disposition of Fixed Assets 1,970 1,970 1,970 1,970 1,970 1,970 1,970 1,970 1,970 1,970 366000 - Contributions and Donations from Private Sources 226,276 226,276 226,276 226,276 226,276 226,276 226,276 226,276 226,276 226,276 368000 - Pension Fund Contributions 45,388 45,388 45,388 45,388 45,388 45,388 45,388 45,388 45,388 45,388 369900 - Other Miscellaneous Revenues 222,750 222,750 222,750 222,750 222,750 222,750 222,750 222,750 222,750 222,750 381000 - Inter-Fund Group Transfers In 496,943 496,943 496,943 496,943 496,943 496,943 496,943 496,943 496,943 496,943 322000 - Building Permits 34,494 34,494 34,494 34,494 34,494 34,494 34,494 34,494 34,494 34,494 323100 - Franchise Fee - Electricity 40,372 40,372 40,372 40,372 40,372 40,372 40,372 40,372 40,372 40,372 323400 - Franchise Fee - Gas 271 271 271 271 271 271 271 271 271 271 323900 - Franchise Fee - Other 1,077 1,077 1,077 1,077 1,077 1,077 1,077 1,077 1,077 1,077 325200 - Special Assessments - Charges for Public Services 62,585 62,585 62,585 62,585 62,585 62,585 62,585 62,585 62,585 62,585 329500 - Other Fees & Special Assessments 4,666 4,666 4,666 4,666 4,666 4,666 4,666 4,666 4,666 4,666 Total Revenues 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 2,251,049 842 Page 12 of 15 Table 9 Ocean One Mixed Use Project Fiscal Impact Detail Operating Revenue and Expenses 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Expenditures 571.10 - Libraries - Personnel Services 19,496 19,496 19,496 19,496 19,496 19,496 19,496 19,496 19,496 19,496 571.30 - Libraries - Operating Expenses 5,099 5,099 5,099 5,099 5,099 5,099 5,099 5,099 5,099 5,099 571.60 - Libraries - Capital Outlay 1,160 1,160 1,160 1,160 1,160 1,160 1,160 1,160 1,160 1,160 572.10 - Parks/Recreation - Personnel Services 39,337 39,337 39,337 39,337 39,337 39,337 39,337 39,337 39,337 39,337 572.30 - Parks/Recreation - Operating Expenses 28,338 28,338 28,338 28,338 28,338 28,338 28,338 28,338 28,338 28,338 572.60 - Parks/Recreation - Capital Outlay 323 323 323 323 323 323 323 323 323 323 579.10 - Other Culture/Recreation - Personnel Services 1,104 1,104 1,104 1,104 1,104 1,104 1,104 1,104 1,104 1,104 579.30 - Other Culture/Recreation - Operating Expenses 1,135 1,135 1,135 1,135 1,135 1,135 1,135 1,135 1,135 1,135 579.60 - Other Culture/Recreation - Capital Outlay 574 574 574 574 574 574 574 574 574 574 554.10 - Housing and Urban Development - Personnel Services 2,376 2,376 2,376 2,376 2,376 2,376 2,376 2,376 2,376 2,376 554.30 - Housing and Urban Development - Operating Expenses 468 468 468 468 468 468 468 468 468 468 559.10 - Other Economic Development - Personnel Services 2,796 2,796 2,796 2,796 2,796 2,796 2,796 2,796 2,796 2,796 559.30 - Other Economic Development - Operating Expenses 11,514 11,514 11,514 11,514 11,514 11,514 11,514 11,514 11,514 11,514 511.10 - Legislative - Personnel Services 1,945.80 1,945.80 1,945.80 1,945.80 1,945.80 1,945.80 1,945.80 1,945.80 1,945.80 1,945.80 511.30 - Legislative - Operating Expenses 784 784 784 784 784 784 784 784 784 784 512.10 - Executive - Personnel Services 14,785 14,785 14,785 14,785 14,785 14,785 14,785 14,785 14,785 14,785 512.30 - Executive - Operating Expenses 30,477 30,477 30,477 30,477 30,477 30,477 30,477 30,477 30,477 30,477 512.60 - Executive - Capital Outlay 1,520 1,520 1,520 1,520 1,520 1,520 1,520 1,520 1,520 1,520 512.90 - Executive - Other Uses 36,979 36,979 36,979 36,979 36,979 36,979 36,979 36,979 36,979 36,979 513.10 - Financial and Administrative - Personnel Services 35,458 35,458 35,458 35,458 35,458 35,458 35,458 35,458 35,458 35,458 513.30 - Financial and Administrative - Operating Expenses 36,764 36,764 36,764 36,764 36,764 36,764 36,764 36,764 36,764 36,764 513.60 - Financial and Administrative - Capital Outlay 248 248 248 248 248 248 248 248 248 248 514.10 - Legal Counsel - Personnel Services 1,238 1,238 1,238 1,238 1,238 1,238 1,238 1,238 1,238 1,238 514.30 - Legal Counsel - Operating Expenses 4,520 4,520 4,520 4,520 4,520 4,520 4,520 4,520 4,520 4,520 515.10 - Comprehensive Planning - Personnel Services 6,495 6,495 6,495 6,495 6,495 6,495 6,495 6,495 6,495 6,495 515.30 - Comprehensive Planning - Operating Expenses 624 624 624 624 624 624 624 624 624 624 518.30 - Pension Benefits - Operating Expenses 236,245 236,245 236,245 236,245 236,245 236,245 236,245 236,245 236,245 236,245 519.10 - Other General Government - Personnel Services 27,214 27,214 27,214 27,214 27,214 27,214 27,214 27,214 27,214 27,214 539.10 - Other Physical Environment - Personnel Services 847 847 847 847 847 847 847 847 847 847 521.60 - Law Enforcement - Capital Outlay 1,579 1,579 1,579 1,579 1,579 1,579 1,579 1,579 1,579 1,579 522.10 - Fire Control - Personnel Services 225,458 225,458 225,458 225,458 225,458 225,458 225,458 225,458 225,458 225,458 522.30 - Fire Control - Operating Expenses 32,744 32,744 32,744 32,744 32,744 32,744 32,744 32,744 32,744 32,744 522.60 - Fire Control - Capital Outlay 5,228 5,228 5,228 5,228 5,228 5,228 5,228 5,228 5,228 5,228 522.90 - Fire Control - Other Uses 1,299 1,299 1,299 1,299 1,299 1,299 1,299 1,299 1,299 1,299 524.10 - Protective Inspections - Personnel Services 27,721 27,721 27,721 27,721 27,721 27,721 27,721 27,721 27,721 27,721 524.30 - Protective Inspections - Operating Expenses 7,683 7,683 7,683 7,683 7,683 7,683 7,683 7,683 7,683 7,683 541.60 - Road/Street Facilities - Capital Outlay 196 196 196 196 196 196 196 196 196 196 Total Expenditures 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 1,534,141 Net Fiscal Impact 716,907 716,907 716,907 716,907 716,907 716,907 716,907 716,907 716,907 716,907 Cumulative 716,907 1,433,815 2,150,722 2,867,630 3,584,537 4,301,445 5,018,352 5,735,260 6,452,167 7,169,075 843 Page 13 of 15 5.0 Fiscal Impact Capital Revenues and Capital Expenses – Tables 10,11 and 12 Boynton Beach does have a city parks and recreation facilities impact fee requirement for the Project. In addition, Developer has agreed to provide (a) 90 public parking spaces at an estimated value of $55,000/space for a total of $4.995 million (Table 11), and (b) $1 million in extraordinary public infrastructure (Table 12). Table 10 Ocean One Mixed Use Project Fiscal Impact - Capital Revenue 2024 2025 Total Capital Revenues City Parks and Recreation Facilities Impact fees 220,745 - 220,745 Total Capital Revenue 220,745$ -$ 220,745$ Parking Spaces Cost /Parking Space Total Public Parking Spaces 90 55,500$ 4,995,000$ Extraordinary Public Infrastructure 1,032,094 Total Developer's Contribution 6,027,094$ DEVELOPER'S CONTRIBUTION Table 11 Ocean One Developer's Contribution Mixed Use Project Parking Spaces Fiscal Impact - Capital Revenue and Expenditures Total Current Parking Garage Spaces 633.00 Additional Spaces Created 32.00 Total New Parking Garage Spaces 665.00 New Parking Spaces (Dedicated to Public)32.00 Private Retail Parking Spaces (Dedicated to Public)58.00 Total Public Parking Spaces 90.00 Total $$ Per Space Baseline Value $4,050,000 $45,000 Location Value (East of US1 near Marina)$540,000 $6,000 Loss of Value for Retail $405,000 $4,500 Total $4,995,000 $55,500 844 Page 14 of 15 Table 12 Ocean One Developer's Contribution Mixed Use Project Extraordindinary Public Infrastructure Fiscal Impact - Capital Revenue and Expenditures Category Qty Unit Unit Cost Total Final Lift of Asphalt Boynton Beach Boulevard 1,500.00 SY 15.00 $22,500 Subtotal $22,500 Sidewalk Construction Category Qty Unit Unit Cost Total 5 Ft. Concrete Sidewalk (4 in.)2,200.00 LF 15.00 $33,000 Subtotal $33,000 Drainage Construction Category Qty Unit Unit Cost Total Stormwater System Inspection with Diver 1.00 LS 6,500.00 $6,500 Increasing Stormwater Capacity (20% Additional Volume)1.00 LS 25,000.00 $25,000 Subtotal $31,500 Utility Relocation Category Qty Unit Unit Cost Total 12" Water Main Extension 1,200.00 LF 115.00 $138,000 6'' Fire line 350 LF 57 $19,950 20" Sanitary Force Main Upgrade 660.00 LS 485.00 $320,100 Fire Hydrant 5.00 LF 7,140.00 $35,700 4" Gas Main Relocation 1.00 LS 19,350.00 $19,350 Subtotal $533,100 Landscape Construction Category Qty Unit Unit Cost Total Landscape & Irrigation 3,000.00 SF $20 $60,000 Street Frontage - Lights 25 EA $5,805 $145,125 Subtotal $205,125 Mobilization (5%)$41,261 MOT (4%)$33,009 Clearing and Grubbing (2%)$16,505 Testing, Surveying and Miscellaneous (1.5%)$12,378 Pavement Marking and Signage (2.5% of Roadway)$563 Design Fees and Permitting (2.5% - Excluding FPL)$20,631 Contingency (10%)$82,523 Subtotal $206,869 Total Public Infrastructure $1,032,094 845 Page 15 of 15 IMPORTANT NOTICE CONCERNING “FISCAL IMPACT ANALYSIS REPORT” 1. Fiscal Impact Analysis Report (“FIAR”) Certain portions of the FIAR have various sections of the analysis that contain forecasted financial performance based upon several current and projected market conditions. These conditions are subject to numerous risks and uncertainties that cannot be determined at this time. Each section of the FIAR contains forecasted data. While presented with numerical specificity, projected information of the type furnished above is based on estimates and assumptions that are inherently subj ect to significant economic and competitive uncertainties and contingencies, all of which are difficult to predict and many of which are beyond the FLS's control. Accordingly, there can be no assurance that such estimates and assumptions will be accurate, and the actual results may be significantly higher or lower than those set forth. 2. Actual Results May Differ from FIAR Due to a variety of risks and uncertainties, actual results may be materially different from the results projected in the FIAR. Accordingly, the FIAR is meant only to serve as a guide and is not intended to be relied upon as to the reasonableness of the underlying facts or assumptions. This FIAR does not contain and is not to be construed as legal, business, investment, or tax advice. 3. The Fishkind Litigation Services Inc. (FLS) Has No Duty to Update FIAR The FIAR is current only as of August,2023. Following delivery of this report, FLS expectations of results may change. FLS may come to believe that the FIAR is no longer accurate. FLS shall not have any obligation to update any corrections or revisions to the FIAR contained herein, even if the FLS believes the forward-looking analysis is no longer accurate. FLS does not intend to update or otherwise revise the FIAR to reflect circumstances existing after the date when made or to reflect the occurrence of future events even if any or all the assumptions underlying the projections are shown to be in error. FLS assumes no responsibility for the accuracy or validity of the FIAR. 846 630 E Woolbright Rd PREPARED BY Hank Fishkind Underwriting Report Avion Riverwalk 319 Unit Apartment Building Boynton Beach, Florida - Outer Boynton Beach Neighborhood Exhibit 2 Exhibit 2 847 SUBJECT PROPERTY Property Details 1 RENT COMPS Map & List 5 Photo Comparison 7 Rent Comps Details 9 Unit Mix Summary 38 Ranking Chart By Bedroom 39 Changes in Rent Comps 43 Rent Trend Charts 47 RentTrend Data 53 CONSTRUCTION Overall Construction Map & Summary 55 Under Construction Map & List 56 Under Construction Details 58 Deliveries Past 12 Months Map & List 59 Delivered Property Details 61 Construction Summary 63 SALE COMPS Map & List 69 Sale Comp Details 71 Sales Volume 91 Sales Pricing 92 Cap Rates 94 Top Buyers & Sellers 95 DEMOGRAPHICS Overview 98 Age & Education 99 Ethnicity 100 MULTI-FAMILY SUBMARKET REPORT Submarket Key Statistics 102 Vacancy 104 Rent 107 Construction 109 630 E Woolbright Rd - Avion Riverwalk 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Exhibit 2 Exhibit 2 848 Sales 112 Sales Past 12 Months 114 Supply & Demand Trends 116 Vacancy & Rent 118 Sale Trends 120 Deliveries & Under Construction 122 MULTI-FAMILY MARKET REPORT Market Key Statistics 124 Vacancy 126 Rent 129 Construction 132 Under Construction Properties 133 Sales 135 Sales Past 12 Months 137 Economy 139 Market Submarkets 144 Supply & Demand Trends 146 Vacancy & Rent 148 Sale Trends 150 Deliveries & Under Construction 152 630 E Woolbright Rd - Avion Riverwalk 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Exhibit 2 Exhibit 2 849 Subject Property 630 E Woolbright Rd - Avion Riverwalk Boynton Beach, Florida - Outer Boynton Beach Neighborhood PROPERTY MANAGER American Land Ventures - Avion Riverwalk (561) 375-5500 PROPERTY - No. of Units:319 Stories:10 Avg. Unit Size:1,019 SF Year Built:May 2023 Parking:- Distance to Transit: Type:Apartments - All Rent Type:Market OWNER Isram Realty & Management Inc. 12 MONTH ABSORPTION Current:118 Units Competitor Total:146 Units Competitor Avg:9.8 Units Submarket Total:493 Units Submarket Avg:0.7 Units ASKING RENTS PER UNIT/SF $2.19 /SF $2.22 /SF $3.16 /SF Current:$3,167 $3.10 /SF Last Quarter:$3,156 $3.09 /SF Year Ago:$3,224 Competitors:$2,464 Submarket:$2,198 VACANCY 1,449 Units 285 Units - Current:63.0%201 Units Last Quarter:65.8%210 Units Year Ago:- Competitors:6.2% Submarket:7.3% UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN Studio 1 574 1 0.3%0 0.0%$2,490 $4.34 $2,340 $4.08 6.0% 1 1 537 8 2.5%0 0.0%$2,104 $3.92 $2,104 $3.92 0.0% 1 1 657 8 2.5%0 0.0%$2,590 $3.94 $2,590 $3.94 0.0% 1 1 768 87 27.3%56 64.4%$2,425 $3.16 $2,425 $3.16 0.0% 1 1 782 36 11.3%18 50.0%$2,450 $3.13 $2,450 $3.13 0.0% 1 1 850 1 0.3%0 0.0%$2,809 $3.30 $2,809 $3.30 0.0% 1 1 856 12 3.8%2 16.7%$3,265 $3.81 $3,265 $3.81 0.0% 2 2 1,050 6 1.9%6 100%$3,325 $3.17 $3,325 $3.17 0.0% 2 2 1,104 8 2.5%6 75.0%$3,345 $3.03 $3,345 $3.03 0.0% 2 2 1,151 16 5.0%15 93.8%$3,305 $2.87 $3,305 $2.87 0.0% 2 2 1,188 20 6.3%4 20.0%$3,730 $3.14 $3,730 $3.14 0.0% 2 2 1,223 36 11.3%33 91.7%$3,530 $2.89 $3,530 $2.89 0.0% 2 2 1,250 1 0.3%1 100%$3,730 $2.98 $3,730 $2.98 0.0% 2 2 1,263 9 2.8%7 77.8%$3,915 $3.10 $3,915 $3.10 0.0% 2 2 1,265 15 4.7%5 33.3%$3,910 $3.09 $3,910 $3.09 0.0% 2 2 1,288 15 4.7%10 66.7%$3,565 $2.77 $3,565 $2.77 0.0% 2 2 1,294 15 4.7%4 26.7%$4,240 $3.28 $4,240 $3.28 0.0% 2 2 1,400 1 0.3%0 0.0%$4,485 $3.20 $4,485 $3.20 0.0% 2 2 1,484 8 2.5%3 37.5%$4,145 $2.79 $4,145 $2.79 0.0% 3 3 1,513 16 5.0%2 12.5%$4,710 $3.11 $4,710 $3.11 0.0% 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 2 Exhibit 2 Exhibit 2 850 Subject Property Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All Studios 574 1 0.3%0 0.0%$2,490 $4.34 $2,340 $4.08 6.0% All 1 Beds 761 152 47.6%76 50.0%$2,492 $3.27 $2,492 $3.27 0.0% All 2 Beds 1,233 150 47.0%94 62.7%$3,691 $2.99 $3,691 $2.99 0.0% All 3 Beds 1,513 16 5.0%2 12.5%$4,710 $3.11 $4,710 $3.11 0.0% Totals 1,020 319 100%172 53.9%$3,167 $3.10 $3,166 $3.10 0.0% Updated July 31, 2023Estimate SITE AMENITIES Cabana Fitness Center Grill Lounge Package Service Pet Play Area Pet Washing Station Pool Roof Terrace Sauna Storage Space Sundeck UNIT AMENITIES Air Conditioning Ceiling Fans Granite Countertops Island Kitchen Oven Walk-In Closets Washer/Dryer Wi-Fi RECURRING EXPENSES Unassigned Garage Parking $0-100 Storage Fee $95 ONE TIME EXPENSES Dog Fee $350 Cat Fee $350 Admin Fee $250 Application Fee $75 PET POLICY Dog Allowed One-Time Fee: $350-350, 2 Maximum Restrictions: NON-Refundable Pet Fees - $ 350 for 1 pet and $ 450 for 2 pets. Breed Restrictions Apply. No Aggressive Breeds Allowed. Pit Bulls Are Not Permitted. Cat Allowed One-Time Fee: $350-350, 2 Maximum Restrictions: NON-Refundable Pet Fees - $ 350 for 1 pet and $ 450 for 2 pets. Breed Restrictions Apply. No Aggressive Breeds Allowed. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 3 Exhibit 2 Exhibit 2 851 Subject Property InteriorPrimary InteriorInterior 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 4 Exhibit 2 Exhibit 2 852 630 E Woolbright Rd PREPARED BY Hank Fishkind Rent Comparables Avion Riverwalk 319 Unit Apartment Building Boynton Beach, Florida - Outer Boynton Beach Neighborhood Exhibit 2 Exhibit 2 853 Rent Comparables Summary 630 E Woolbright Rd - Avion Riverwalk 17 $2,464 $2.22 6.2% No. Rent Comps Avg. Rent Per Unit Avg. Rent Per SF Avg. Vacancy Rate RENT COMP LOCATIONS RENT COMPS SUMMARY STATISTICS Unit Breakdown Low Average Median High Total Units Studio Units One Bedroom Units Two Bedroom Units Three Bedroom Units 124 0 36 0 0 294 3 106 135 50 280 0 85 118 48 548 26 200 296 112 Property Attributes Low Average Median High 1989Year Built Number of Floors Average Unit Size SF Vacancy Rate Star Rating 2 691 0.1% 2009 3 1,104 6.2% 2012 3 1,089 6.2% 2023 5 1,355 15.4% 3.8 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 6 Exhibit 2 Exhibit 2 854 Rent Comparables Summary 630 E Woolbright Rd - Avion Riverwalk Property Name/Address Rating Yr Built Units Avg Unit SF Studio 1 Bed 2 Bed 3 Bed Rent/SF Property Size Asking Rent Per Month Per Unit -Avion Riverwalk 319 1,020 $2,490 $2,492 $3,691 $4,710 $3.10630 E Woolbright Rd 2023 -Aura Delray Beach 292 964 $2,335 $2,560 $3,268 $3,565 $3.002095 W Atlantic Ave 1 2023 -Pacifica 324 973 -$2,181 $2,742 $3,041 $2.571100 Audace Ave 2 2019 -Congress Grove 369 936 $1,972 $2,092 $2,690 $3,344 $2.55250 Congress Park Dr 3 2013 -Seabourn Cove 456 1,302 -$2,587 $3,290 $3,831 $2.423501 S Federal Hwy 4 2012 -The Atlantic at East Delray 228 1,079 -$2,068 $2,719 $3,075 $2.41650 Lavers Cir 5 1996 -Windsor at Delray Beach 188 1,089 -$2,191 $2,810 $3,092 $2.392001 N Federal Hwy 6 2016 -Luma Delray 212 192 -$2,350 $3,033 $3,425 $2.397606 Atlantic Ave 7 2022 -Blu Atlantic 171 1,062 -$1,989 $2,376 $2,949 $2.275550 Nepsa Way 8 2013 -Oasis Delray Beach Apart…324 1,133 -$2,124 $2,546 $3,126 $2.255600 W Atlantic Ave 9 1998 -One Boynton 494 1,152 -$2,072 $2,775 $3,301 $2.241351 S Federal Hwy 10 2009 -High Ridge Landing 184 1,049 -$1,980 $2,252 $2,860 $2.153609 High Ridge Way 11 2016 -Verona at Boynton Beach 216 1,097 -$1,919 $2,396 $2,639 $2.081575 SW 8th St 12 2002 -Cortland West Boynton 264 1,143 -$1,922 $2,431 $2,651 $2.057933 Venture Center Way 13 2000 -Latitude Pointe 280 1,061 -$2,020 $2,064 $2,745 $1.989873 Lawrence Rd 14 1989 -The Cove at Boynton Bea…548 1,202 -$1,805 $2,129 $2,724 $1.80100 Newlake Dr 15 1996 -Gateway Club 319 1,228 -$1,780 $2,147 $2,546 $1.763930 Max Pl 16 1999 -The Heart of Boynton Bea…124 691 -$1,175 --$1.70117 NE 9th Ave 17 2023 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 7 Exhibit 2 Exhibit 2 855 Vacancy 6.2% 1100 Audace Ave 324 Units / 5 Stories Owner: Walton Street Capital, LLC Rent/SF $2.57, Pacifica2 Vacancy - 2095 W Atlantic Ave 292 Units / 5 Stories Owner: Trinsic Residential Group Rent/SF $3.00, Aura Delray Beach1 Vacancy 63.0% 630 E Woolbright Rd 319 Units / 10 Stories Owner: Isram Realty & Management… Rent/SF $3.10, Subject Property Avion Riverwalk Vacancy 8.8% 650 Lavers Cir 228 Units / 3 Stories Owner: Nuveen Rent/SF $2.41, The Atlantic at East Delray5 Vacancy 6.8% 3501 S Federal Hwy 456 Units / 3 Stories Owner: The Dermot Company Rent/SF $2.42, Seabourn Cove4 Vacancy 8.1% 250 Congress Park Dr 369 Units / 4 Stories Owner: Crow Holdings Rent/SF $2.55, Congress Grove3 Vacancy 0% 5550 Nepsa Way 171 Units / 3 Stories Owner: Brause Realty Inc.;Rohdie Gr… Rent/SF $2.27, Blu Atlantic8 Vacancy 6.1% 7606 Atlantic Ave 212 Units / 3 Stories Owner: Principal Development Group… Rent/SF $2.39, Luma Delray7 Vacancy 3.2% 2001 N Federal Hwy 188 Units / 5 Stories Owner: GID Investment Advisors LLC Rent/SF $2.39, Windsor at Delray Beach6 Rent Comparables Photo Comparison 630 E Woolbright Rd 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 8 Exhibit 2 Exhibit 2 856 Vacancy 15.2% 3609 High Ridge Way 184 Units / 3 Stories Owner: Yuksel, Inc. Rent/SF $2.15, High Ridge Landing11 Vacancy 3.0% 1351 S Federal Hwy 494 Units / 5 Stories Owner: Blackstone Inc. Rent/SF $2.24, One Boynton10 Vacancy 4.0% 5600 W Atlantic Ave 324 Units / 3 Stories Owner: Starwood Capital Group Rent/SF $2.25, Oasis Delray Beach Apartm…9 Vacancy 8.2% 9873 Lawrence Rd 280 Units / 3 Stories Owner: Klingbeil Capital Managemen… Rent/SF $1.98, Latitude Pointe14 Vacancy 1.9% 7933 Venture Center Way 264 Units / 3 Stories Owner: Blackstone Inc.;Cortland Rent/SF $2.05, Cortland West Boynton13 Vacancy 10.2% 1575 SW 8th St 216 Units / 3 Stories Owner: Waterton Rent/SF $2.08, Verona at Boynton Beach12 Vacancy - 117 NE 9th Ave 124 Units / 4 Stories Owner: - Rent/SF $1.70, The Heart of Boynton Beach17 Vacancy 4.7% 3930 Max Pl 319 Units / 2 Stories Owner: Northland Rent/SF $1.76, Gateway Club16 Vacancy 8.0% 100 Newlake Dr 548 Units / 3 Stories Owner: Starwood Capital Group Rent/SF $1.80, The Cove at Boynton Beach…15 Rent Comparables Photo Comparison 630 E Woolbright Rd 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 9 Exhibit 2 Exhibit 2 857 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 1 2095 W Atlantic Ave - Aura Delray Beach Delray Beach, Florida - Outer Delray Beach Neighborhood PROPERTY MANAGER Bozzuto - Aura Delray Beach (888) 310-2307 PROPERTY 4.23 Miles Property Size:292 Units, 5 Floors Avg. Unit Size:964 SF Year Built:Aug 2023 Type:Apartments - All Rent Type: Parking:- Distance to Subject: Distance to Transit:- Market OWNER - UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN Studio 1 651 26 8.9%--$2,335 $3.59 $2,335 $3.59 0.0% 1 1 782 62 21.2%--$2,490 $3.18 $2,490 $3.18 0.0% 1 1 822 66 22.6%--$2,625 $3.19 $2,625 $3.19 0.0% 2 2 1,111 62 21.2%--$3,240 $2.92 $3,240 $2.92 0.0% 2 2 1,168 56 19.2%--$3,300 $2.83 $3,300 $2.83 0.0% 3 2 1,374 20 6.8%--$3,565 $2.59 $3,565 $2.59 0.0% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All Studios 651 26 8.9%--$2,335 $3.59 $2,335 $3.59 0.0% All 1 Beds 803 128 43.8%--$2,560 $3.19 $2,560 $3.19 0.0% All 2 Beds 1,138 118 40.4%--$3,268 $2.87 $3,268 $2.87 0.0% All 3 Beds 1,374 20 6.8%--$3,565 $2.59 $3,565 $2.59 0.0% Totals 964 292 100%--$2,895 $3.00 $2,895 $3.00 0.0% Updated July 25, 2023Estimate SITE AMENITIES 24 Hour Access, Business Center, Cabana, Clubhouse, Fitness Center, Gameroom, Grill, Lounge, Maintenance on site, On-Site Retail, Pet Play Area, Pet Washing Station, Property Manager on Site, Tenant Controlled HVAC, Walking/Biking Trails UNIT AMENITIES Air Conditioning, Carpet, Dishwasher, Disposal, Freezer, Heating, Kitchen, Oven, Refrigerator, Stainless Steel Appliances, Tub/Shower RECURRING EXPENSES Dog Rent $25 Cat Rent $25 ONE TIME EXPENSES Dog Fee $500 Cat Fee $500 Admin Fee $350 Application Fee $125 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 10 Exhibit 2 Exhibit 2 858 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk PET POLICY Dog Allowed One-Time Fee: $500-500, $25/Mo, 2 Maximum Restrictions: Breed Restrictions apply. Management has sole discretion to determine whether an animal is a restricted breed and may base its decision on documentation, visual inspection, examination by a veterinarian, and other measures. Cat Allowed One-Time Fee: $500-500, $25/Mo, 2 Maximum 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 11 Exhibit 2 Exhibit 2 859 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 2 1100 Audace Ave - Pacifica Boynton Beach, Florida - Outer Boynton Beach Neighborhood PROPERTY MANAGER Bozzuto - Pacifica (561) 903-0261 PROPERTY 2.59 Miles Property Size:324 Units, 5 Floors Avg. Unit Size:972 SF Year Built:Nov 2019 Type:Apartments - All Rent Type: Parking:- Distance to Subject: Distance to Transit:- Market OWNER Purchased Jul 2021 $92,675,000 ($286,034/Unit) UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 750 76 23.5%8 10.5%$2,032 $2.71 $2,018 $2.69 0.7% 1 1 833 95 29.3%5 5.3%$2,300 $2.76 $2,284 $2.74 0.7% 2 2 1,088 24 7.4%3 12.5%$2,686 $2.47 $2,667 $2.45 0.7% 2 2 1,116 45 13.9%3 6.7%$2,731 $2.45 $2,712 $2.43 0.7% 2 2 1,162 24 7.4%1 4.2%$2,817 $2.42 $2,797 $2.41 0.7% 3 2 1,200 30 9.3%6 20.0%$2,907 $2.42 $2,886 $2.41 0.7% 3 2 1,293 30 9.3%1 3.3%$3,174 $2.45 $3,151 $2.44 0.7% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 796 171 52.8%13 7.6%$2,181 $2.74 $2,165 $2.72 0.7% All 2 Beds 1,121 93 28.7%7 7.5%$2,742 $2.45 $2,722 $2.43 0.7% All 3 Beds 1,247 60 18.5%7 11.7%$3,041 $2.44 $3,019 $2.42 0.7% Totals 973 324 100%27 8.3%$2,501 $2.57 $2,483 $2.55 0.7% Updated August 01, 2023Estimate SITE AMENITIES Conference Rooms, Fitness Center, Gameroom, Grill, Lounge, Pool, Spa UNIT AMENITIES Balcony, Patio, Stainless Steel Appliances, Walk-In Closets, Washer/Dryer RECURRING EXPENSES Dog Rent $15 Cat Rent $15 Other Rent $15 Unassigned Other Parking $50 Storage Fee $25 ONE TIME EXPENSES Dog Fee $500 Cat Fee $500 Other Fee $500 Admin Fee $250 Application Fee $105 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 12 Exhibit 2 Exhibit 2 860 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk PET POLICY Dog Allowed One-Time Fee: $500-500, $15/Mo, 2 Maximum Restrictions: Bozzuto Standard Aggressive Breed List Cat Allowed One-Time Fee: $500-500, $15/Mo, 2 Maximum Other Allowed One-Time Fee: $500-500, $15/Mo, 2 Maximum Restrictions: Standard Bozzuto restricted breed list. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 13 Exhibit 2 Exhibit 2 861 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 3 250 Congress Park Dr - Congress Grove Delray Beach, Florida - Outer Delray Beach Neighborhood PROPERTY MANAGER RangeWater - Congress Grove (561) 237-5956 PROPERTY 4.65 Miles Property Size:369 Units, 4 Floors Avg. Unit Size:936 SF Year Built:Jan 2013 Type:Apartments - All Rent Type: Parking:774 Spaces; 2.1 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Jun 2021 $111,750,000 ($302,846/Unit) UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN Studio 1 537 17 4.6%4 23.5%$1,975 $3.68 $1,958 $3.65 0.9% Studio 1 566 1 0.3%0 0.0%$1,875 $3.31 $1,858 $3.28 0.9% Studio 1 577 2 0.5%1 50.0%$1,999 $3.46 $1,982 $3.43 0.9% 1 1 723 105 28.5%7 6.7%$1,950 $2.70 $1,933 $2.67 0.9% 1 1 725 4 1.1%0 0.0%$2,182 $3.01 $2,164 $2.98 0.8% 1 1 743 2 0.5%0 0.0%$2,270 $3.06 $2,251 $3.03 0.9% 1 1 756 15 4.1%0 0.0%$2,225 $2.94 $2,206 $2.92 0.9% 1 1 760 11 3.0%0 0.0%$2,081 $2.74 $2,063 $2.71 0.9% 1 1 863 43 11.7%4 9.3%$2,380 $2.76 $2,360 $2.73 0.9% 2 2 1,110 110 29.8%7 6.4%$2,630 $2.37 $2,608 $2.35 0.9% 2 2 1,204 8 2.2%1 12.5%$2,990 $2.48 $2,965 $2.46 0.9% 2 2 1,216 18 4.9%2 11.1%$2,975 $2.45 $2,950 $2.43 0.9% 2 2 1,222 15 4.1%3 20.0%$2,575 $2.11 $2,553 $2.09 0.9% 2 2 1,308 4 1.1%1 25.0%$2,905 $2.22 $2,880 $2.20 0.9% 3 2 1,446 14 3.8%0 0.0%$3,344 $2.31 $3,316 $2.29 0.9% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All Studios 542 20 5.4%5 25.0%$1,972 $3.64 $1,955 $3.60 0.9% All 1 Beds 762 180 48.8%11 6.1%$2,092 $2.75 $2,075 $2.72 0.9% All 2 Beds 1,143 155 42.0%14 9.0%$2,690 $2.35 $2,668 $2.33 0.9% All 3 Beds 1,446 14 3.8%0 0.0%$3,344 $2.31 $3,316 $2.29 0.9% Totals 936 369 100%30 8.1%$2,385 $2.55 $2,364 $2.53 0.9% Updated August 01, 2023Estimate SITE AMENITIES 24 Hour Access, Business Center, Clubhouse, Courtyard, Fitness Center, Grill, Lounge, Property Manager on Site, Storage Space, Wi-Fi UNIT AMENITIES Air Conditioning, Balcony, Granite Countertops, Linen Closet, Pantry, Patio, Security System, Stainless Steel Appliances, Tile Floors, Views, Walk-In Closets, Washer/Dryer 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 14 Exhibit 2 Exhibit 2 862 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk RECURRING EXPENSES Dog Rent $20 Cat Rent $20 ONE TIME EXPENSES Dog Fee $500 Cat Fee $500 Admin Fee $350 Application Fee $135 PET POLICY Dog Allowed One-Time Fee: $500-500, $20/Mo, 2 Maximum, 100 lb. Maximum Restrictions: Tosa Inu/Ken, American Bandogge, Cane Corso, Rottweiler, Doberman, Pit Bull, Bull Terrier, Staffordshire Terrier, Dogo Argentino, Boer Boel, Gull Dong, Basenji, Mastiff, Perro de Presa Canario, Fila Brasiliero, Wolf Hybrid, Caucasian Oucharka, Alaskan Malamutes, Kangal, German Shepard, Shepard, Chow, Spitz, Akita, Reptiles, Rabbits and Pot Bellied Pigs. Mixed breeds containing these bloodlines are also prohibited. At Alta Congress, we welcome your pets with open arms! $500 non-refundable pet fee for one pet, required at move in. $750 non-refundable pet fee for two pets, required at move in. Breed Restrictions Apply. Cat Allowed One-Time Fee: $500-500, $20/Mo, 2 Maximum, 50 lb. Maximum At Alta Congress, we welcome your pets with open arms! $500 non-refundable pet fee for one pet, required at move in. $750 non-refundable pet fee for two pets, required at move in. Breed Restrictions Apply. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 15 Exhibit 2 Exhibit 2 863 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 4 3501 S Federal Hwy - Seabourn Cove Boynton Beach, Florida - Outer Boynton Beach Neighborhood PROPERTY MANAGER RKW - Seabourn Cove (561) 944-7781 PROPERTY 1.30 Miles Property Size:456 Units, 3 Floors Avg. Unit Size:1,302 SF Year Built:2012 Type:Apartments - All Rent Type: Parking:425 Spaces; 0.9 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Jan 2021 $143,000,000 ($313,596/Unit) UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 888 156 34.2%5 3.2%$2,587 $2.91 $2,587 $2.91 0.0% 2 2.5 1,403 70 15.4%3 4.3%$3,210 $2.29 $3,210 $2.29 0.0% 2 2.5 1,417 80 17.5%3 3.8%$3,260 $2.30 $3,260 $2.30 0.0% 2 2.5 1,501 66 14.5%6 9.1%$3,410 $2.27 $3,410 $2.27 0.0% 3 2.5 1,719 84 18.4%3 3.6%$3,831 $2.23 $3,831 $2.23 0.0% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 888 156 34.2%5 3.2%$2,587 $2.91 $2,587 $2.91 0.0% All 2 Beds 1,438 216 47.4%12 5.6%$3,290 $2.29 $3,290 $2.29 0.0% All 3 Beds 1,719 84 18.4%3 3.6%$3,831 $2.23 $3,831 $2.23 0.0% Totals 1,302 456 100%20 4.4%$3,149 $2.42 $3,149 $2.42 0.0% Updated August 01, 2023Estimate SITE AMENITIES Fitness Center, Grill, Sauna UNIT AMENITIES Air Conditioning, Ceiling Fans, Crown Molding, Granite Countertops, Heating, Kitchen, Microwave, Walk-In Closets, Washer/Dryer RECURRING EXPENSES Dog Rent $50 Cat Rent $50 Other Rent $50 Unassigned Surface Lot Parking $0-65 ONE TIME EXPENSES Dog Fee $500 Cat Fee $500 Other Fee $500 Admin Fee $350 Application Fee $150 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 16 Exhibit 2 Exhibit 2 864 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk PET POLICY Dog Allowed One-Time Fee: $500-500, $50/Mo, 2 Maximum, 85 lb. Maximum Restrictions: We are a pet-friendly community allowing 2 pets per unit with a combined weight limit of 85 pounds. Qualified service animals are always welcome without additional fees or rent. Veterinary documentation must be provided to include breed, weight once fully grown, and current vaccination records at the time of occupancy. Pet policies are subject to management's discretion. Please call for more information. Caged small animal Cat Allowed One-Time Fee: $500-500, $50/Mo, 2 Maximum, 85 lb. Maximum Restrictions: We are a pet-friendly community allowing 2 pets per unit with a combined weight limit of 85 pounds. Qualified service animals are always welcome without additional fees or rent. Veterinary documentation must be provided to include breed, weight once fully grown, and current vaccination records at the time of occupancy. Pet policies are subject to management's discretion. Please call for more information. Caged small animal Other Allowed One-Time Fee: $500-500, $50/Mo, 2 Maximum, 85 lb. Maximum Restrictions: We are a pet-friendly community allowing 2 pets per unit with a combined weight limit of 85 pounds. Qualified service animals are always welcome without additional fees or rent. Veterinary documentation must be provided to include breed, weight once fully grown, and current vaccination records at the time of occupancy. Pet policies are subject to management's discretion. Please call for more information. Caged small animal 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 17 Exhibit 2 Exhibit 2 865 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 5 650 Lavers Cir - The Atlantic at East Delray Delray Beach, Florida - Outer Delray Beach Neighborhood PROPERTY MANAGER ZRS - The Atlantic at East Delray (561) 220-7409 PROPERTY 5.49 Miles Property Size:228 Units, 3 Floors Avg. Unit Size:1,079 SF Year Built:1996 Type:Apartments - All Rent Type: Parking:528 Spaces; 2.3 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Aug 2017 $54,325,000 ($238,268/Unit) UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 785 24 10.5%2 8.3%$2,097 $2.67 $2,097 $2.67 0.0% 1 1 795 44 19.3%3 6.8%$2,052 $2.58 $2,052 $2.58 0.0% 2 2 1,166 112 49.1%5 4.5%$2,719 $2.33 $2,719 $2.33 0.0% 3 2 1,283 24 10.5%3 12.5%$3,065 $2.39 $3,065 $2.39 0.0% 3 2 1,285 24 10.5%2 8.3%$3,085 $2.40 $3,085 $2.40 0.0% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 791 68 29.8%5 7.4%$2,068 $2.61 $2,068 $2.61 0.0% All 2 Beds 1,166 112 49.1%5 4.5%$2,719 $2.33 $2,719 $2.33 0.0% All 3 Beds 1,284 48 21.1%5 10.4%$3,075 $2.39 $3,075 $2.39 0.0% Totals 1,079 228 100%15 6.6%$2,600 $2.41 $2,600 $2.41 0.0% Updated August 01, 2023Estimate SITE AMENITIES 24 Hour Access, Business Center, Clubhouse, Fitness Center, Laundry Facilities, Maintenance on site, Playground, Property Manager on Site, Sundeck, Waterfront UNIT AMENITIES Air Conditioning, Cable Ready, Dishwasher, Disposal, Kitchen, Microwave, Tub/Shower, Walk-In Closets, Washer/Dryer, Window Coverings RECURRING EXPENSES Dog Rent $25 Cat Rent $25 Free Unassigned Surface Lot Parking ONE TIME EXPENSES Dog Fee $400 Cat Fee $400 Admin Fee $350 Application Fee $100 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 18 Exhibit 2 Exhibit 2 866 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk PET POLICY Dog Allowed One-Time Fee: $400-400, $25/Mo, 2 Maximum, 35 lb. Maximum Non-refundable pet fee of $400 for the first pet plus $200 for an additional pet. Excluded dog breeds include Akita, Alaskan Malamute, American Bull Dog, American Pit Bull Terrier, American or Bull Staffordshire Terrier, Bull Terrier, Chinese Shar... Cat Allowed One-Time Fee: $400-400, $25/Mo, 2 Maximum, 35 lb. Maximum Non-refundable pet fee of $400 for the first pet plus $200 for an additional pet. Excluded dog breeds include Akita, Alaskan Malamute, American Bull Dog, American Pit Bull Terrier, American or Bull Staffordshire Terrier, Bull Terrier, Chinese Shar... 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 19 Exhibit 2 Exhibit 2 867 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 6 2001 N Federal Hwy - Windsor at Delray Beach Delray Beach, Florida - Outer Boynton Beach Neighborhood PROPERTY MANAGER Windsor - Windsor at Delray Beach (833) 200-1688 PROPERTY 2.05 Miles Property Size:188 Units, 5 Floors Avg. Unit Size:1,089 SF Year Built:Oct 2016 Type:Apartments - All Rent Type: Parking:225 Spaces; 1.2 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Dec 2017 $60,350,000 ($321,011/Unit) UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 665 19 10.1%1 5.3%$1,868 $2.81 $1,859 $2.80 0.5% 1 1 792 36 19.1%1 2.8%$2,257 $2.85 $2,246 $2.84 0.5% 1 1 915 30 16.0%5 16.7%$2,315 $2.53 $2,304 $2.52 0.5% 2 2 1,140 6 3.2%1 16.7%$2,622 $2.30 $2,609 $2.29 0.5% 2 2 1,216 47 25.0%5 10.6%$2,810 $2.31 $2,796 $2.30 0.5% 2 2 1,360 2 1.1%0 0.0%$3,380 $2.49 $3,363 $2.47 0.5% 3 2 1,440 44 23.4%4 9.1%$3,068 $2.13 $3,053 $2.12 0.5% 3 2 1,523 2 1.1%1 50.0%$3,585 $2.35 $3,567 $2.34 0.5% 3 2 1,548 2 1.1%0 0.0%$3,130 $2.02 $3,114 $2.01 0.5% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 807 85 45.2%7 8.2%$2,191 $2.71 $2,180 $2.70 0.5% All 2 Beds 1,213 55 29.3%6 10.9%$2,810 $2.32 $2,796 $2.31 0.5% All 3 Beds 1,448 48 25.5%5 10.4%$3,092 $2.14 $3,077 $2.12 0.5% Totals 1,089 188 100%18 9.6%$2,602 $2.39 $2,589 $2.38 0.5% Updated August 01, 2023Estimate SITE AMENITIES Business Center, Clubhouse, Elevator, Fitness Center, Gated, Grill, Pet Play Area, Pool, Storage Space UNIT AMENITIES Air Conditioning, Cable Ready, Carpet, Dishwasher, Disposal, Island Kitchen, Kitchen, Microwave, Patio, Refrigerator, Stainless Steel Appliances, Views, Washer/Dryer RECURRING EXPENSES Dog Rent $30 Cat Rent $30 ONE TIME EXPENSES Dog Deposit $500 Cat Deposit $500 Application Fee $60 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 20 Exhibit 2 Exhibit 2 868 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk PET POLICY Dog Allowed $500 Deposit, $30/Mo, 2 Maximum Restrictions: Windsor Communities does not accept Akitas, Alaskan Malamutes, Chows, Doberman Pinschers, German Shepherds, Mastiffs, Pit Bulls, Presa Canarios, Rottweilers, Shar Peis, Siberian Huskies, Staffordshire Terriers, Wolf Hybrids or any variation or mixes of these breeds. Pet Fee $500.00 per pet. Pet Rent $30.00 per pet. Breed Restrictions Apply. No Weight Limit. Cat Allowed $500 Deposit, $30/Mo, 2 Maximum Restrictions: Windsor Communities does not accept Akitas, Alaskan Malamutes, Chows, Doberman Pinschers, German Shepherds, Mastiffs, Pit Bulls, Presa Canarios, Rottweilers, Shar Peis, Siberian Huskies, Staffordshire Terriers, Wolf Hybrids or any variation or mixes of these breeds. Pet Fee $500.00 per pet. Pet Rent $30.00 per pet. Breed Restrictions Apply. No Weight Limit. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 21 Exhibit 2 Exhibit 2 869 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 7 7606 Atlantic Ave - Luma Delray Delray Beach, Florida - Outer Delray Beach Neighborhood PROPERTY MANAGER Asset Living - Luma Delray (561) 581-0611 PROPERTY 7.77 Miles Property Size:212 Units, 3 Floors Avg. Unit Size:1,355 SF Year Built:Apr 2022 Type:Apartments - All Rent Type: Parking:- Distance to Subject: Distance to Transit:- Market OWNER - UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 -82 38.7%1 1.2%$2,350 -$2,252 -4.2% 2 2 -73 34.4%1 1.4%$2,950 -$2,950 -0.0% 2 2 1,355 30 14.2%1 3.3%$3,235 $2.39 $3,235 $2.39 0.0% 3 2 -27 12.7%1 3.7%$3,425 -$3,425 -0.0% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds -82 38.7%1 1.2%$2,350 -$2,252 -4.2% All 2 Beds 1,355 103 48.6%2 1.9%$3,033 $2.39 $3,033 $2.39 0.0% All 3 Beds -27 12.7%1 3.7%$3,425 -$3,425 -0.0% Totals 1,355 212 100%4 1.9%$2,819 $2.39 $2,781 $2.39 1.3% Updated July 21, 2023Estimate SITE AMENITIES Car Charging Station, Fitness Center, Pet Play Area, Pool, Zen Garden UNIT AMENITIES Balcony, Hardwood Floors, Stainless Steel Appliances, Tub/Shower, Washer/Dryer ONE TIME EXPENSES Admin Fee $350 Application Fee $100 PET POLICY Dog Allowed 2 Maximum Restrictions: Breed restrictions apply Cat Allowed 2 Maximum 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 22 Exhibit 2 Exhibit 2 870 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 8 5550 Nepsa Way - Blu Atlantic Delray Beach, Florida - Outer Delray Beach Neighborhood PROPERTY MANAGER Rohdie - Blu Atlantic (561) 498-2600 PROPERTY 5.60 Miles Property Size:171 Units, 3 Floors Avg. Unit Size:1,062 SF Year Built:2013 Type:Apartments - All Rent Type: Parking:440 Spaces; 2.6 per Unit Distance to Subject: Distance to Transit:- Market OWNER - UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 768 36 21.1%3 8.3%$1,989 $2.59 $1,984 $2.58 0.3% 2 2 1,050 45 26.3%1 2.2%$2,349 $2.24 $2,343 $2.23 0.3% 2 2 1,106 22 12.9%2 9.1%$2,399 $2.17 $2,393 $2.16 0.3% 2 2 1,110 32 18.7%0 0.0%$2,399 $2.16 $2,393 $2.16 0.3% 3 2 1,303 36 21.1%0 0.0%$2,949 $2.26 $2,941 $2.26 0.3% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 768 36 21.1%3 8.3%$1,989 $2.59 $1,984 $2.58 0.3% All 2 Beds 1,082 99 57.9%3 3.0%$2,376 $2.20 $2,370 $2.19 0.3% All 3 Beds 1,303 36 21.1%0 0.0%$2,949 $2.26 $2,941 $2.26 0.3% Totals 1,062 171 100%6 3.5%$2,415 $2.27 $2,409 $2.27 0.3% Updated July 21, 2023Estimate SITE AMENITIES Business Center, Clubhouse, Fitness Center, Laundry Facilities, Lounge, Maintenance on site, Package Service, Playground, Pool, Property Manager on Site, Storage Space, Sundeck, Waterfront UNIT AMENITIES Air Conditioning, Cable Ready, Carpet, Ceiling Fans, Dining Room, Dishwasher, Disposal, Heating, High Speed Internet Access, Kitchen, Microwave, Range, Tub/Shower, Vinyl Flooring, Walk-In Closets, Washer/Dryer, Window Coverings RECURRING EXPENSES Dog Rent $30 Cat Rent $20 Unassigned Garage Parking $200 Free Unassigned Surface Lot Parking Storage Fee $40 ONE TIME EXPENSES Dog Fee $500 Cat Fee $500 Admin Fee $299 Application Fee $99 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 23 Exhibit 2 Exhibit 2 871 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk PET POLICY Dog Allowed One-Time Fee: $500-500, $30/Mo, 2 Maximum Restrictions: Breed restrictions apply. Non-refundable pet fee of $500 for 1 pet or $750 for 2 pets. No Weight Limit Cat Allowed One-Time Fee: $500-500, $20/Mo, 2 Maximum Restrictions: Breed restrictions apply. Non-refundable pet fee of $500 for 1 pet or $750 for 2 pets. No Weight Limit 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 24 Exhibit 2 Exhibit 2 872 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 9 5600 W Atlantic Ave - Oasis Delray Beach Apartments Delray Beach, Florida - Outer Delray Beach Neighborhood PROPERTY MANAGER Highmark - Oasis Delray Beach Apartments (561) 638-0920 PROPERTY 6.16 Miles Property Size:324 Units, 3 Floors Avg. Unit Size:1,133 SF Year Built:1998 Type:Apartments - All Rent Type: Parking:780 Spaces; 2.4 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Jan 2016 $71,548,591 ($222,201/Unit) - Part of Portfolio UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 751 30 9.3%3 10.0%$1,962 $2.61 $1,962 $2.61 0.0% 1 1 841 59 18.2%1 1.7%$2,156 $2.56 $2,156 $2.56 0.0% 1 1 862 29 9.0%0 0.0%$2,228 $2.58 $2,228 $2.58 0.0% 2 2 1,072 45 13.9%3 6.7%$2,403 $2.24 $2,403 $2.24 0.0% 2 2 1,327 75 23.1%0 0.0%$2,631 $1.98 $2,631 $1.98 0.0% 3 2 1,298 43 13.3%0 0.0%$2,700 $2.08 $2,700 $2.08 0.0% 3 3 1,543 43 13.3%0 0.0%$3,551 $2.30 $3,551 $2.30 0.0% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 823 118 36.4%4 3.4%$2,124 $2.58 $2,124 $2.58 0.0% All 2 Beds 1,231 120 37.0%3 2.5%$2,546 $2.07 $2,546 $2.07 0.0% All 3 Beds 1,421 86 26.5%0 0.0%$3,126 $2.20 $3,126 $2.20 0.0% Totals 1,133 324 100%7 2.2%$2,546 $2.25 $2,546 $2.25 0.0% Updated August 01, 2023Estimate SITE AMENITIES Breakfast/Coffee Concierge, Business Center, Car Wash Area, Clubhouse, Controlled Access, Fitness Center, Gameroom, Gated, Grill, Package Service, Pet Play Area, Picnic Area, Property Manager on Site, Renters Insurance Program, Sauna, Spa, Volleyball Court, Walking/Biking Trails, Waterfront UNIT AMENITIES Air Conditioning, Balcony, Cable Ready, Carpet, Ceiling Fans, Dishwasher, Disposal, Granite Countertops, Hardwood Floors, Heating, High Speed Internet Access, Kitchen, Linen Closet, Microwave, Refrigerator, Smoke Free, Sprinkler System, Stainless Steel Appliances, Storage Space, Tile Floors, Views, Walk-In Closets, Washer/Dryer, Wheelchair Accessible (Rooms) RECURRING EXPENSES Free Dog Rent Free Cat Rent ONE TIME EXPENSES Admin Fee $350 Application Fee $50 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 25 Exhibit 2 Exhibit 2 873 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk PET POLICY Dog Allowed 2 Maximum Restrictions: Aggressive dogs or any dog with a bite history will not be accepted. Add. $150 for 2nd pe Cat Allowed 2 Maximum Add. $150 for 2nd pet 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 26 Exhibit 2 Exhibit 2 874 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 10 1351 S Federal Hwy - One Boynton Boynton Beach, Florida - Outer Boynton Beach Neighborhood PROPERTY MANAGER RangeWater - One Boynton (844) 559-1017 PROPERTY 0.20 Miles Property Size:494 Units, 5 Floors Avg. Unit Size:1,152 SF Year Built:2009 Type:Apartments - All Rent Type: Parking:980 Spaces; 2.0 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Aug 2021 $171,000,000 ($346,154/Unit) UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 789 12 2.4%4 33.3%$1,931 $2.45 $1,921 $2.44 0.5% 1 1 890 163 33.0%3 1.8%$2,105 $2.37 $2,095 $2.35 0.5% 1 1 1,032 25 5.1%0 0.0%$1,924 $1.86 $1,915 $1.86 0.5% 2 2 1,103 26 5.3%1 3.9%$2,697 $2.45 $2,684 $2.43 0.5% 2 2 1,153 19 3.8%1 5.3%$2,617 $2.27 $2,605 $2.26 0.5% 2 2 1,222 11 2.2%1 9.1%$2,713 $2.22 $2,700 $2.21 0.5% 2 2 1,227 122 24.7%6 4.9%$2,790 $2.27 $2,777 $2.26 0.5% 2 2 1,262 4 0.8%0 0.0%$2,734 $2.17 $2,721 $2.16 0.5% 2 2 1,432 8 1.6%1 12.5%$3,027 $2.11 $3,012 $2.10 0.5% 2 2 1,437 18 3.6%2 11.1%$2,923 $2.03 $2,909 $2.02 0.5% 2 2 1,479 2 0.4%0 0.0%$2,449 $1.66 $2,437 $1.65 0.5% 3 2 1,249 24 4.9%2 8.3%$2,725 $2.18 $2,712 $2.17 0.5% 3 2 1,368 22 4.5%3 13.6%$2,867 $2.10 $2,853 $2.09 0.5% 3 2 1,580 14 2.8%2 14.3%$2,979 $1.89 $2,965 $1.88 0.5% 3 2 1,870 1 0.2%1 100%$2,962 $1.58 $2,948 $1.58 0.5% 3 2 2,000 2 0.4%1 50.0%$3,985 $1.99 $3,967 $1.98 0.5% 3 2.5 2,000 19 3.8%0 0.0%$4,704 $2.35 $4,682 $2.34 0.5% 3 3 1,870 2 0.4%0 0.0%$3,420 $1.83 $3,404 $1.82 0.5% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 902 200 40.5%7 3.5%$2,072 $2.30 $2,062 $2.29 0.5% All 2 Beds 1,234 210 42.5%12 5.7%$2,775 $2.25 $2,762 $2.24 0.5% All 3 Beds 1,545 84 17.0%9 10.7%$3,301 $2.14 $3,286 $2.13 0.5% Totals 1,152 494 100%28 5.7%$2,580 $2.24 $2,568 $2.23 0.5% Updated August 01, 2023Estimate SITE AMENITIES Basketball Court, Bicycle Storage, Breakfast/Coffee Concierge, Business Center, Clubhouse, Controlled Access, Courtyard, Elevator, Fitness Center, Gated, Grill, Guest Apartment, Laundry Facilities, Maintenance on site, Media Center/Movie Theatre, Package Service, Picnic Area, Property Manager on Site, Recycling, Spa, Wi-Fi 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 27 Exhibit 2 Exhibit 2 875 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk UNIT AMENITIES Air Conditioning, Balcony, Cable Ready, Ceiling Fans, Dishwasher, Disposal, Granite Countertops, Microwave, Oven, Patio, Refrigerator, Security System, Views, Walk-In Closets, Washer/Dryer, Window Coverings RECURRING EXPENSES Dog Rent $20 Cat Rent $20 ONE TIME EXPENSES Dog Fee $500 Cat Fee $500 PET POLICY Dog Allowed One-Time Fee: $500-500, $20/Mo, 2 Maximum, 100 lb. Maximum Restrictions: Tosa Inu/Ken, American Bandogge, Cane Corso, Rottweiler, Doberman, Pit Bull, Bull Terrier, Staffordshire Terrier, Dogo Argentino, Boer Boel, Gull Dong, Basenji, Mastiff, Perro de Presa Canario, Fila Brasiliero, Wolf Hybrid, Caucasian Oucharka, Alaskan Malamutes, Kangal, German Shepard, Shepard, Chow, Spitz, Akita, Reptiles, Rabbits and Pot Bellied Pigs. Mixed breeds containing these bloodlines are also prohibited. Cat Allowed One-Time Fee: $500-500, $20/Mo, 2 Maximum, 50 lb. Maximum 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 28 Exhibit 2 Exhibit 2 876 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 11 3609 High Ridge Way - High Ridge Landing Boynton Beach, Florida - Outer Boynton Beach Neighborhood PROPERTY MANAGER Yuksel Inc- High Ridge Landing (561) 899-4934 PROPERTY 3.32 Miles Property Size:184 Units, 3 Floors Avg. Unit Size:1,049 SF Year Built:Dec 2016 Type:Apartments - All Rent Type: Parking:320 Spaces; 1.7 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Sep 2022 $71,000,000 ($385,870/Unit) UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 833 48 26.1%4 8.3%$1,980 $2.38 $1,960 $2.35 1.0% 2 2 1,087 71 38.6%6 8.5%$2,234 $2.06 $2,212 $2.03 1.0% 2 2 1,138 41 22.3%1 2.4%$2,284 $2.01 $2,261 $1.99 1.0% 3 2 1,219 24 13.0%3 12.5%$2,860 $2.35 $2,831 $2.32 1.0% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 833 48 26.1%4 8.3%$1,980 $2.38 $1,960 $2.35 1.0% All 2 Beds 1,106 112 60.9%7 6.3%$2,252 $2.04 $2,230 $2.02 1.0% All 3 Beds 1,219 24 13.0%3 12.5%$2,860 $2.35 $2,831 $2.32 1.0% Totals 1,049 184 100%14 7.6%$2,261 $2.15 $2,238 $2.13 1.0% Updated July 27, 2023Estimate SITE AMENITIES 24 Hour Access, Business Center, Car Charging Station, Fenced Lot, Fitness Center, Gated, Pond, Pool, Waterfront UNIT AMENITIES Air Conditioning, Balcony, Carpet, Ceiling Fans, Granite Countertops, Heating, Microwave, Patio, Range, Tub/Shower, Washer/Dryer, Wheelchair Accessible (Rooms) ONE TIME EXPENSES Admin Fee $400 Application Fee $85 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 29 Exhibit 2 Exhibit 2 877 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 12 1575 SW 8th St - Verona at Boynton Beach Boynton Beach, Florida - Outer Boynton Beach Neighborhood PROPERTY MANAGER Waterton - Verona at Boynton Beach (561) 210-1700 PROPERTY 1.37 Miles Property Size:216 Units, 3 Floors Avg. Unit Size:1,097 SF Year Built:2002 Type:Apartments - All Rent Type: Parking:440 Spaces; 2.0 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Apr 2022 $80,000,000 ($370,370/Unit) UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 822 36 16.7%5 13.9%$1,920 $2.34 $1,901 $2.31 1.0% 1 1 924 36 16.7%0 0.0%$1,918 $2.08 $1,899 $2.06 1.0% 2 2 1,116 54 25.0%3 5.6%$2,407 $2.16 $2,383 $2.14 1.0% 2 2 1,220 54 25.0%0 0.0%$2,386 $1.96 $2,362 $1.94 1.0% 3 2 1,281 18 8.3%0 0.0%$2,615 $2.04 $2,589 $2.02 1.0% 3 2 1,387 18 8.3%1 5.6%$2,664 $1.92 $2,637 $1.90 1.0% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 873 72 33.3%5 6.9%$1,919 $2.20 $1,900 $2.18 1.0% All 2 Beds 1,168 108 50.0%3 2.8%$2,396 $2.05 $2,372 $2.03 1.0% All 3 Beds 1,334 36 16.7%1 2.8%$2,639 $1.98 $2,613 $1.96 1.0% Totals 1,097 216 100%9 4.2%$2,278 $2.08 $2,255 $2.05 1.0% Updated August 01, 2023Estimate SITE AMENITIES Business Center, Clubhouse, Controlled Access, Fitness Center, Grill, Laundry Facilities, Maintenance on site, Picnic Area, Playground, Property Manager on Site, Putting Greens, Sundeck, Volleyball Court UNIT AMENITIES Air Conditioning, Ceiling Fans, Dishwasher, Disposal, Microwave, Walk-In Closets, Washer/Dryer, Window Coverings ONE TIME EXPENSES Admin Fee $345 Application Fee $90 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 30 Exhibit 2 Exhibit 2 878 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 13 7933 Venture Center Way - Cortland West Boynton Boynton Beach, Florida - Outer Royal Palm Beach/Wellington Neighborhood PROPERTY MANAGER Cortland - Cortland West Boynton (561) 369-2841 PROPERTY 7.03 Miles Property Size:264 Units, 3 Floors Avg. Unit Size:1,143 SF Year Built:2000 Type:Apartments - All Rent Type: Parking:378 Spaces; 1.4 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Sep 2021 $89,900,000 ($340,530/Unit) - Part of Portfolio UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 867 72 27.3%7 9.7%$1,922 $2.22 $1,915 $2.21 0.4% 2 1 1,105 24 9.1%2 8.3%$2,411 $2.18 $2,402 $2.17 0.4% 2 2 1,200 104 39.4%5 4.8%$2,436 $2.03 $2,426 $2.02 0.4% 3 2 1,374 64 24.2%10 15.6%$2,651 $1.93 $2,641 $1.92 0.4% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 867 72 27.3%7 9.7%$1,922 $2.22 $1,915 $2.21 0.4% All 2 Beds 1,182 128 48.5%7 5.5%$2,431 $2.06 $2,422 $2.05 0.4% All 3 Beds 1,374 64 24.2%10 15.6%$2,651 $1.93 $2,641 $1.92 0.4% Totals 1,143 264 100%24 9.1%$2,346 $2.05 $2,337 $2.04 0.4% Updated August 02, 2023Estimate SITE AMENITIES Business Center, Cabana, Clubhouse, Fitness Center, Grill, Laundry Facilities, Package Service, Picnic Area, Pool, Racquetball Court, Smoke Free, Walking/Biking Trails, Wi-Fi UNIT AMENITIES Air Conditioning, Balcony, Ceiling Fans, Dishwasher, Granite Countertops, Microwave, Patio, Security System, Stainless Steel Appliances, Views, Walk-In Closets, Washer/Dryer RECURRING EXPENSES Dog Rent $25 Cat Rent $25 Unassigned Garage Parking $150 ONE TIME EXPENSES Dog Fee $400 Cat Fee $400 Admin Fee $250 Application Fee $99 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 31 Exhibit 2 Exhibit 2 879 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk PET POLICY Dog Allowed One-Time Fee: $400-400, $25/Mo, 2 Maximum Restrictions: Certain aggressive breeds, including mixed breeds, are restricted at all Cortland communities. We do not allow the following aggressive breeds/mixes at our communities, including, but not limited to: Rottweiler, Chow, Presa Carnario, Doberman, Akita, Pit Bulls (Also known as American Staffordshire Terrier, Staffordsire Bull Terrier, or Bull Terrier). We welcome two pets per apartment home. Certain aggressive breeds, including mixed breeds, are restricted at all Cortland communities. Please call our Leasing Office for complete pet policy. Cat Allowed One-Time Fee: $400-400, $25/Mo, 2 Maximum Restrictions: Certain aggressive breeds, including mixed breeds, are restricted at all Cortland communities. We do not allow the following aggressive breeds/mixes at our communities, including, but not limited to: Rottweiler, Chow, Presa Carnario, Doberman, Akita, Pit Bulls (Also known as American Staffordshire Terrier, Staffordsire Bull Terrier, or Bull Terrier). We welcome two pets per apartment home. Certain aggressive breeds, including mixed breeds, are restricted at all Cortland communities. Please call our Leasing Office for complete pet policy. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 32 Exhibit 2 Exhibit 2 880 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 14 9873 Lawrence Rd - Latitude Pointe Boynton Beach, Florida - Bent Tree/Boynton Beach Neighborhood PROPERTY MANAGER Klingbeil - Latitude Pointe (561) 738-4766 PROPERTY 3.30 Miles Property Size:280 Units, 3 Floors Avg. Unit Size:1,060 SF Year Built:1989 Renov 2020 Type:Apartments - All Rent Type: Parking:500 Spaces; 1.8 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Feb 2019 $51,800,000 ($185,000/Unit) UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 760 58 20.7%2 3.5%$2,020 $2.66 $2,020 $2.66 0.0% 2 1 900 58 20.7%4 6.9%$1,925 $2.14 $1,925 $2.14 0.0% 2 2 1,200 144 51.4%4 2.8%$2,120 $1.77 $2,120 $1.77 0.0% 3 2 1,400 20 7.1%4 20.0%$2,745 $1.96 $2,745 $1.96 0.0% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 760 58 20.7%2 3.5%$2,020 $2.66 $2,020 $2.66 0.0% All 2 Beds 1,114 202 72.1%8 4.0%$2,064 $1.85 $2,064 $1.85 0.0% All 3 Beds 1,400 20 7.1%4 20.0%$2,745 $1.96 $2,745 $1.96 0.0% Totals 1,061 280 100%14 5.0%$2,104 $1.98 $2,104 $1.98 0.0% Updated August 02, 2023Estimate SITE AMENITIES Basketball Court, Business Center, Car Wash Area, Clubhouse, Fitness Center, Grill, Picnic Area, Playground, Property Manager on Site, Spa, Tennis Court, Volleyball Court, Waterfront, Wi-Fi UNIT AMENITIES Air Conditioning, Balcony, Cable Ready, Carpet, Dishwasher, Disposal, Eat-in Kitchen, Heating, High Speed Internet Access, Ice Maker, Refrigerator, Smoke Free, Storage Space, Tile Floors, Vaulted Ceiling, Views, Washer/Dryer, Wheelchair Accessible (Rooms) RECURRING EXPENSES Dog Rent $25 Cat Rent $25 Unassigned Garage Parking $95-0 ONE TIME EXPENSES Dog Fee $350 Cat Fee $350 Admin Fee $300 Application Fee $75 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 33 Exhibit 2 Exhibit 2 881 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk PET POLICY Dog Allowed One-Time Fee: $350-350, $25/Mo, 2 Maximum Pet Fee $350 (1) Pet and $600 (2 Pets) along with $25 per month and per pet fee. Cat Allowed One-Time Fee: $350-350, $25/Mo, 2 Maximum Pet Fee $350 (1) Pet and $600 (2 Pets) along with $25 per month and per pet fee. Other Allowed Restrictions: Pets Welcome Upon Approval. Breed restrictions apply. Limit of 2 pets per home. Non-refundable pet fee is $300 for one pet and $600 for two pets. Monthly pet rent of $35 will be charged per pet. Domestic animals, indoor cats only, no exotic animals. Breed restrictions apply; no aggressive breeds, current vet records, and pet photo required prior to move-in. Pet Amenities: Bark Park Pet Waste Stations 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 34 Exhibit 2 Exhibit 2 882 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 15 100 Newlake Dr - The Cove at Boynton Beach Apartments Boynton Beach, Florida - Outer Boynton Beach Neighborhood PROPERTY MANAGER Highmark - The Cove at Boynton Beach Ap… (561) 735-4388 PROPERTY 1.24 Miles Property Size:548 Units, 3 Floors Avg. Unit Size:1,201 SF Year Built:1996 Type:Apartments - All Rent Type: Parking:1650 Spaces; 3.0 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Jan 2016 $94,936,533 ($173,242/Unit) - Part of Portfolio UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 833 32 5.8%0 0.0%$1,827 $2.19 $1,811 $2.17 0.9% 1 1 865 108 19.7%3 2.8%$1,799 $2.08 $1,784 $2.06 0.9% 2 2 1,198 128 23.4%3 2.3%$2,057 $1.72 $2,040 $1.70 0.9% 2 2 1,246 120 21.9%3 2.5%$1,981 $1.59 $1,964 $1.58 0.9% 2 2 1,503 48 8.8%2 4.2%$2,694 $1.79 $2,671 $1.78 0.9% 3 2 1,361 36 6.6%2 5.6%$2,622 $1.93 $2,600 $1.91 0.9% 3 2 1,385 16 2.9%0 0.0%$2,634 $1.90 $2,612 $1.89 0.8% 3 2 1,437 36 6.6%1 2.8%$2,784 $1.94 $2,760 $1.92 0.9% 3 2 1,690 24 4.4%1 4.2%$2,848 $1.69 $2,824 $1.67 0.9% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 858 140 25.5%3 2.1%$1,805 $2.10 $1,790 $2.09 0.9% All 2 Beds 1,267 296 54.0%8 2.7%$2,129 $1.68 $2,111 $1.67 0.9% All 3 Beds 1,459 112 20.4%4 3.6%$2,724 $1.87 $2,701 $1.85 0.9% Totals 1,202 548 100%15 2.7%$2,168 $1.80 $2,150 $1.79 0.9% Updated August 01, 2023Estimate SITE AMENITIES Car Wash Area, Controlled Access, Courtyard, Fitness Center, Gated, Laundry Facilities, Package Service, Playground, Renters Insurance Program, Storage Space, Tennis Court UNIT AMENITIES Air Conditioning, Cable Ready, Carpet, Ceiling Fans, Dishwasher, Kitchen, Satellite TV, Security System, Sprinkler System, Views, Walk-In Closets, Washer/Dryer RECURRING EXPENSES Free Dog Rent Free Cat Rent Storage Fee $75 ONE TIME EXPENSES Admin Fee $350 Application Fee $50 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 35 Exhibit 2 Exhibit 2 883 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk PET POLICY Dog Allowed 2 Maximum, 80 lb. Maximum Restrictions: A maximum of 2 animals are allowed per apartment. Aggressive dogs or any dog with a bite history will not be accepted Pet deposit $250 per pet. Non-Refundable pet fee $500 and $150 additional pet. Pet rent $25 per pet. Cat Allowed 2 Maximum, 80 lb. Maximum Pet deposit $250 per pet. Non-Refundable pet fee $500 and $150 additional pet. Pet rent $25 per pet. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 36 Exhibit 2 Exhibit 2 884 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 16 3930 Max Pl - Gateway Club Boynton Beach, Florida - Outer Boynton Beach Neighborhood PROPERTY MANAGER Northland - Gateway Club (561) 738-7777 PROPERTY 3.79 Miles Property Size:319 Units, 2 Floors Avg. Unit Size:1,228 SF Year Built:1999 Type:Apartments - All Rent Type: Parking:848 Spaces; 2.7 per Unit Distance to Subject: Distance to Transit:- Market OWNER Purchased Jun 2019 Not Disclosed UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 925 72 22.6%5 6.9%$1,780 $1.92 $1,780 $1.92 0.0% 2 2 1,220 100 31.3%1 1.0%$2,135 $1.75 $2,135 $1.75 0.0% 2 2 1,250 66 20.7%5 7.6%$2,165 $1.73 $2,165 $1.73 0.0% 3 2 1,450 48 15.0%4 8.3%$2,465 $1.70 $2,465 $1.70 0.0% 3 2 1,550 33 10.3%1 3.0%$2,665 $1.72 $2,665 $1.72 0.0% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 925 72 22.6%5 6.9%$1,780 $1.92 $1,780 $1.92 0.0% All 2 Beds 1,232 166 52.0%6 3.6%$2,147 $1.74 $2,147 $1.74 0.0% All 3 Beds 1,491 81 25.4%5 6.2%$2,546 $1.71 $2,546 $1.71 0.0% Totals 1,228 319 100%16 5.0%$2,166 $1.76 $2,166 $1.76 0.0% Updated August 01, 2023Estimate SITE AMENITIES Business Center, Clubhouse, Controlled Access, Fitness Center, Grill, Laundry Facilities, Maintenance on site, Package Service, Picnic Area, Playground, Property Manager on Site, Spa, Sundeck, Tennis Court, Waterfront UNIT AMENITIES Air Conditioning, Cable Ready, Carpet, Ceiling Fans, Dining Room, Dishwasher, Disposal, Heating, High Speed Internet Access, Kitchen, Microwave, Range, Security System, Tile Floors, Tub/Shower, Walk-In Closets, Washer/Dryer, Window Coverings RECURRING EXPENSES Dog Rent $25 Cat Rent $25 Unassigned Garage Parking $180-0 ONE TIME EXPENSES Dog Fee $475 Cat Fee $475 Admin Fee $360 Application Fee $100 PET POLICY Dog Allowed One-Time Fee: $475-475, $25/Mo, 3 Maximum Cat Allowed One-Time Fee: $475-475, $25/Mo, 3 Maximum Restrictions: Breed Restrictions apply 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 37 Exhibit 2 Exhibit 2 885 Rent Comparables 630 E Woolbright Rd - Avion Riverwalk 17 117 NE 9th Ave - The Heart of Boynton Beach Boynton Beach, Florida - Outer Boynton Beach Neighborhood PROPERTY MANAGER Centennial - Heart of Boynton Beach Villag… (305) 821-0330 PROPERTY 1.59 Miles Property Size:124 Units, 4 Floors Avg. Unit Size:696 SF Year Built:- Type:Apartments - All Rent Type: Parking:- Distance to Subject: Distance to Transit:- Market/Affordable OWNER - UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN 1 1 691 124 100%--$1,175 $1.70 $1,175 $1.70 0.0% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 691 124 100%--$1,175 $1.70 $1,175 $1.70 0.0% Totals 691 124 100%--$1,175 $1.70 $1,175 $1.70 0.0% Updated July 05, 2023Estimate SITE AMENITIES 24 Hour Access UNIT AMENITIES Air Conditioning, Kitchen, Tub/Shower 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 38 Exhibit 2 Exhibit 2 886 Rent Comparables by Bedroom 630 E Woolbright Rd - Avion Riverwalk $2,177 $2,073 $2,568 $3,036 Studio Comps One Bed Comps Two Bed Comps Three Bed Comps Subject $2,490 Subject $2,492 Subject $3,691 Subject $4,710 1 Bedroom 2 Bedroom 3 BedroomCurrent Conditions in Rent Comps Studio Total Number of Units 46 1,810 2,293 844 Vacancy Rate 8.3%6.1%6.5%5.7% Asking Rent Per Unit $2,177 $2,073 $2,568 $3,036 Asking Rent Per SF $3.61 $2.50 $2.11 $2.10 Effective Rents Per Unit $2,170 $2,061 $2,559 $3,026 Effective Rents Per SF $3.59 $2.49 $2.11 $2.10 Concessions 0.3%0.6%0.4%0.3% Changes Past Year in Rent Comps Studio 1 Bedroom 2 Bedroom 3 Bedroom Year-Over-Year Effective Rent Growth 1.5%-0.7%0.7%0.0% Year-Over-Year Vacancy Rate Change 12 Month Absorption in Units 1.3% 0 -2.9% 59 66 -2.8%-2.9% 21 EXISTING UNITS VACANT UNITS ASKING RENT PER UNIT PER MONTH 12 MONTH ABSORPTION IN UNITS 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 39 Exhibit 2 Exhibit 2 887 Studio Rent Comparables 630 E Woolbright Rd - Avion Riverwalk Property Name/Address Rating Studio Rent Per Unit YearQuarterRent/SF Change in Rent 630 E Woolbright Rd Avion Riverwalk 14.0%0.0%$4.34 $2,490 2095 W Atlantic Ave Aura Delray Beach 2.0%0.0%$3.59 $2,335 250 Congress Park Dr Congress Grove 0.8%0.0%$3.64 $1,972 $1,875 $1,999 $1,000 $1,500 $2,000 $2,500 $3,000 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 40 Exhibit 2 Exhibit 2 888 One Bedroom Rent Comparables 630 E Woolbright Rd - Avion Riverwalk Property Name/Address Rating One Bedroom Rent Per Unit YearQuarterRent/SF Change in Rent 3501 S Federal Hwy Seabourn Cove 20.3%30.2%$2.91 $2,587 2095 W Atlantic Ave Aura Delray Beach 2.0%0.0%$3.19 $2,560 $2,490 $2,625 630 E Woolbright Rd Avion Riverwalk -2.0%0.7%$3.27 $2,492 $2,104 $3,265 7606 Atlantic Ave Luma Delray 0.0%0.0%- $2,350 2001 N Federal Hwy Windsor at Delray Beach -12.4%-8.0%$2.71 $2,191 $1,868 $2,315 1100 Audace Ave Pacifica -0.9%1.3%$2.74 $2,181 $2,032 $2,300 5600 W Atlantic Ave Oasis Delray Beach Apartments -7.7%-7.7%$2.58 $2,124 $1,962 $2,228 250 Congress Park Dr Congress Grove 1.3%-5.3%$2.75 $2,092 $1,950 $2,380 1351 S Federal Hwy One Boynton -7.1%-4.1%$2.30 $2,072 $1,924 $2,105 650 Lavers Cir The Atlantic at East Delray -10.3%-2.7%$2.61 $2,068 $2,052 $2,097 9873 Lawrence Rd Latitude Pointe 8.3%10.7%$2.66 $2,020 5550 Nepsa Way Blu Atlantic -0.8%-4.3%$2.59 $1,989 3609 High Ridge Way High Ridge Landing -3.4%0.0%$2.38 $1,980 7933 Venture Center Way Cortland West Boynton -4.8%-2.5%$2.22 $1,922 1575 SW 8th St Verona at Boynton Beach 1.7%0.1%$2.20 $1,919 $1,918 $1,920 100 Newlake Dr The Cove at Boynton Beach A…-3.5%-4.6%$2.11 $1,805 $1,799 $1,827 3930 Max Pl Gateway Club -0.8%0.0%$1.92 $1,780 117 NE 9th Ave The Heart of Boynton Beach 5.6%0.0%$1.70 $1,175 $500 $1,375 $2,250 $3,125 $4,000 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 41 Exhibit 2 Exhibit 2 889 Two Bedroom Rent Comparables 630 E Woolbright Rd - Avion Riverwalk Property Name/Address Rating Two Bedroom Rent Per Unit YearQuarterRent/SF Change in Rent 630 E Woolbright Rd Avion Riverwalk -2.1%0.2%$2.99 $3,691 $3,305 $4,485 3501 S Federal Hwy Seabourn Cove 10.9%12.8%$2.29 $3,290 $3,210 $3,410 2095 W Atlantic Ave Aura Delray Beach 2.1%0.1%$2.87 $3,268 $3,240 $3,300 7606 Atlantic Ave Luma Delray 4.4%0.0%$2.39 $3,033 $2,950 $3,235 2001 N Federal Hwy Windsor at Delray Beach -6.6%-0.1%$2.32 $2,810 $2,622 $3,380 1351 S Federal Hwy One Boynton -2.6%5.7%$2.25 $2,775 $2,449 $3,027 1100 Audace Ave Pacifica 2.5%2.2%$2.45 $2,742 $2,686 $2,817 650 Lavers Cir The Atlantic at East Delray 9.1%-6.0%$2.33 $2,719 250 Congress Park Dr Congress Grove 1.9%-0.5%$2.35 $2,690 $2,575 $2,990 5600 W Atlantic Ave Oasis Delray Beach Apartments -8.3%0.9%$2.07 $2,546 $2,403 $2,631 7933 Venture Center Way Cortland West Boynton -1.5%-1.6%$2.06 $2,431 $2,411 $2,436 1575 SW 8th St Verona at Boynton Beach 5.5%2.4%$2.05 $2,396 $2,386 $2,407 5550 Nepsa Way Blu Atlantic -1.0%1.0%$2.20 $2,376 $2,349 $2,399 3609 High Ridge Way High Ridge Landing -10.2%0.0%$2.04 $2,252 $2,234 $2,284 3930 Max Pl Gateway Club -0.6%3.6%$1.74 $2,147 $2,135 $2,165 100 Newlake Dr The Cove at Boynton Beach A…-0.7%-13.3%$1.68 $2,129 $1,981 $2,694 9873 Lawrence Rd Latitude Pointe -2.4%3.0%$1.85 $2,064 $1,925 $2,120 $1,000 $2,125 $3,250 $4,375 $5,500 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 42 Exhibit 2 Exhibit 2 890 Three Bedroom Rent Comparables 630 E Woolbright Rd - Avion Riverwalk Property Name/Address Rating Three Bedroom Rent Per Unit YearQuarterRent/SF Change in Rent 630 E Woolbright Rd Avion Riverwalk 0.9%0.0%$3.11 $4,710 3501 S Federal Hwy Seabourn Cove 17.4%15.9%$2.23 $3,831 2095 W Atlantic Ave Aura Delray Beach 2.0%0.0%$2.59 $3,565 7606 Atlantic Ave Luma Delray 3.8%0.0%- $3,425 250 Congress Park Dr Congress Grove 8.8%0.0%$2.31 $3,344 1351 S Federal Hwy One Boynton 5.1%-5.5%$2.14 $3,301 $2,725 $4,704 5600 W Atlantic Ave Oasis Delray Beach Apartments 5.7%0.6%$2.20 $3,126 $2,700 $3,551 2001 N Federal Hwy Windsor at Delray Beach -16.8%-8.2%$2.14 $3,092 $3,068 $3,585 650 Lavers Cir The Atlantic at East Delray -8.9%-5.0%$2.39 $3,075 $3,065 $3,085 1100 Audace Ave Pacifica 8.3%3.3%$2.44 $3,041 $2,907 $3,174 5550 Nepsa Way Blu Atlantic 9.6%12.2%$2.26 $2,949 3609 High Ridge Way High Ridge Landing -2.6%0.0%$2.35 $2,860 9873 Lawrence Rd Latitude Pointe -1.3%0.4%$1.96 $2,745 100 Newlake Dr The Cove at Boynton Beach A…-4.9%-1.1%$1.87 $2,724 $2,622 $2,848 7933 Venture Center Way Cortland West Boynton -17.3%-10.6%$1.93 $2,651 1575 SW 8th St Verona at Boynton Beach 0.2%-1.9%$1.98 $2,639 $2,615 $2,664 3930 Max Pl Gateway Club -6.0%0.1%$1.71 $2,546 $2,465 $2,665 $1,500 $2,500 $3,500 $4,500 $5,500 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 43 Exhibit 2 Exhibit 2 891 Changes in Rent Comparables 630 E Woolbright Rd - Avion Riverwalk VACANCY CHANGES PAST QUARTER & YEAR Past QtrLast YearLast QtrNow Vacancy Levels Change Property Name - Address Rating Units Past Year ----292 -Aura Delray Beach -2095 W Atlantic Ave ----126 -The Heart of Boynton Beach -117 NE 9th Ave 63.0%--2.8%-319 65.8%Avion Riverwalk -630 E Woolbright Rd 6.1%-33.5%-0.6%39.6%212 6.7%Luma Delray -7606 Atlantic Ave 4.0%-4.7%-0.3%8.7%324 4.4%Oasis Delray Beach Apartments -5600 W Atlanti… 6.8%1.0%-0.1%5.8%456 6.9%Seabourn Cove -3501 S Federal Hwy 0.1%-1.5%0%1.6%171 0.1%Blu Atlantic -5550 Nepsa Way 8.1%1.0%0%7.1%369 8.1%Congress Grove -250 Congress Park Dr 1.9%-4.2%0%6.1%264 1.9%Cortland West Boynton -7933 Venture Center Way 15.4%11.2%0%4.2%184 15.4%High Ridge Landing -3609 High Ridge Way 3.0%-3.4%0%6.4%494 3.0%One Boynton -1351 S Federal Hwy 6.2%-0.2%0%6.4%324 6.2%Pacifica -1100 Audace Ave 8.0%-10.1%0%18.1%548 8.0%The Cove at Boynton Beach Apartments -100… 10.4%3.1%0%7.3%216 10.4%Verona at Boynton Beach -1575 SW 8th St 3.2%-0.9%0%4.1%188 3.2%Windsor at Delray Beach -2001 N Federal Hwy 8.2%-1.2%0%9.4%280 8.2%Latitude Pointe -9873 Lawrence Rd 4.7%1.5%0.8%3.2%319 3.9%Gateway Club -3930 Max Pl 8.8%3.5%2.3%5.2%228 6.5%The Atlantic at East Delray -650 Lavers Cir ASKING RENT CHANGES PAST QUARTER & YEAR - STUDIO Past QtrLast YearLast QtrNow Rents Levels Change Property Name - Address Rating Units Past Year $2,335 2.0%0%$2,28926$2,335Aura Delray Beach -2095 W Atlantic Ave $2,490 14.0%0%$2,1851$2,490Avion Riverwalk -630 E Woolbright Rd $1,972 0.7%0%$1,95820$1,972Congress Grove -250 Congress Park Dr 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 44 Exhibit 2 Exhibit 2 892 Changes in Rent Comparables 630 E Woolbright Rd - Avion Riverwalk ASKING RENT CHANGES PAST QUARTER & YEAR - ONE BEDROOM Past QtrLast YearLast QtrNow Rents Levels Change Property Name - Address Rating Units Past Year $2,191 -12.4%-7.9%$2,50185$2,380Windsor at Delray Beach -2001 N Federal Hwy $2,124 -7.7%-7.7%$2,302118$2,301Oasis Delray Beach Apartments -5600 W Atlanti… $2,092 1.3%-5.2%$2,066180$2,208Congress Grove -250 Congress Park Dr $1,805 -3.5%-4.6%$1,871140$1,892The Cove at Boynton Beach Apartments -100… $1,989 -0.7%-4.3%$2,00436$2,079Blu Atlantic -5550 Nepsa Way $2,072 -7.1%-4.1%$2,230200$2,160One Boynton -1351 S Federal Hwy $2,068 -10.3%-2.7%$2,30468$2,125The Atlantic at East Delray -650 Lavers Cir $1,922 -4.8%-2.5%$2,01872$1,972Cortland West Boynton -7933 Venture Center Way $2,560 2.0%0%$2,509128$2,560Aura Delray Beach -2095 W Atlantic Ave $1,780 -0.8%0%$1,79572$1,780Gateway Club -3930 Max Pl $1,980 -3.4%0%$2,04948$1,980High Ridge Landing -3609 High Ridge Way $2,350 0%0%$2,35082$2,350Luma Delray -7606 Atlantic Ave $1,175 5.6%0%$1,113124$1,175The Heart of Boynton Beach -117 NE 9th Ave $1,919 1.7%0.1%$1,88872$1,917Verona at Boynton Beach -1575 SW 8th St $2,492 -2.0%0.7%$2,542152$2,474Avion Riverwalk -630 E Woolbright Rd $2,181 -0.9%1.3%$2,200171$2,153Pacifica -1100 Audace Ave $2,020 8.3%10.7%$1,86558$1,825Latitude Pointe -9873 Lawrence Rd $2,587 20.3%30.2%$2,150156$1,987Seabourn Cove -3501 S Federal Hwy 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 45 Exhibit 2 Exhibit 2 893 Changes in Rent Comparables 630 E Woolbright Rd - Avion Riverwalk ASKING RENT CHANGES PAST QUARTER & YEAR - TWO BEDROOM Past QtrLast YearLast QtrNow Rents Levels Change Property Name - Address Rating Units Past Year $2,129 -0.7%-13.3%$2,145296$2,457The Cove at Boynton Beach Apartments -100… $2,719 9.1%-6.0%$2,493112$2,892The Atlantic at East Delray -650 Lavers Cir $2,431 -1.5%-1.6%$2,468128$2,472Cortland West Boynton -7933 Venture Center Way $2,690 1.9%-0.4%$2,641155$2,702Congress Grove -250 Congress Park Dr $2,810 -6.6%-0.1%$3,00855$2,814Windsor at Delray Beach -2001 N Federal Hwy $2,252 -10.2%0%$2,507112$2,252High Ridge Landing -3609 High Ridge Way $3,033 2.7%0%$2,955103$3,033Luma Delray -7606 Atlantic Ave $1,401 4.9%0%$1,3351$1,401The Heart of Boynton Beach -117 NE 9th Ave $3,268 2.1%0.1%$3,201118$3,266Aura Delray Beach -2095 W Atlantic Ave $3,691 -2.1%0.2%$3,769150$3,685Avion Riverwalk -630 E Woolbright Rd $2,546 -8.3%0.9%$2,776120$2,523Oasis Delray Beach Apartments -5600 W Atlanti… $2,376 -1.0%1.0%$2,40099$2,354Blu Atlantic -5550 Nepsa Way $2,742 2.5%2.2%$2,67493$2,681Pacifica -1100 Audace Ave $2,396 5.5%2.4%$2,272108$2,340Verona at Boynton Beach -1575 SW 8th St $2,064 -2.4%3.0%$2,116202$2,003Latitude Pointe -9873 Lawrence Rd $2,147 -0.6%3.6%$2,159166$2,072Gateway Club -3930 Max Pl $2,775 -2.6%5.7%$2,848210$2,625One Boynton -1351 S Federal Hwy $3,290 10.9%12.8%$2,966216$2,917Seabourn Cove -3501 S Federal Hwy 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 46 Exhibit 2 Exhibit 2 894 Changes in Rent Comparables 630 E Woolbright Rd - Avion Riverwalk ASKING RENT CHANGES PAST QUARTER & YEAR - THREE BEDROOM Past QtrLast YearLast QtrNow Rents Levels Change Property Name - Address Rating Units Past Year $2,651 -17.3%-10.6%$3,20764$2,966Cortland West Boynton -7933 Venture Center Way $3,092 -16.8%-8.2%$3,71648$3,368Windsor at Delray Beach -2001 N Federal Hwy $3,301 5.1%-5.5%$3,14284$3,492One Boynton -1351 S Federal Hwy $3,075 -8.9%-5.0%$3,37548$3,238The Atlantic at East Delray -650 Lavers Cir $2,639 0.2%-1.9%$2,63436$2,691Verona at Boynton Beach -1575 SW 8th St $2,724 -4.9%-1.1%$2,866112$2,754The Cove at Boynton Beach Apartments -100… $3,565 2.0%0%$3,49420$3,565Aura Delray Beach -2095 W Atlantic Ave $4,710 0.9%0%$4,66716$4,710Avion Riverwalk -630 E Woolbright Rd $3,344 8.8%0%$3,07514$3,344Congress Grove -250 Congress Park Dr $2,860 -2.6%0%$2,93524$2,860High Ridge Landing -3609 High Ridge Way $3,425 3.8%0%$3,30027$3,425Luma Delray -7606 Atlantic Ave $1,597 4.3%0%$1,5311$1,597The Heart of Boynton Beach -117 NE 9th Ave $2,546 -6.0%0.1%$2,70881$2,545Gateway Club -3930 Max Pl $2,745 -1.3%0.4%$2,78020$2,735Latitude Pointe -9873 Lawrence Rd $3,126 5.7%0.6%$2,95786$3,107Oasis Delray Beach Apartments -5600 W Atlanti… $3,041 8.3%3.3%$2,80860$2,943Pacifica -1100 Audace Ave $2,949 9.6%12.2%$2,69136$2,629Blu Atlantic -5550 Nepsa Way $3,831 17.4%15.9%$3,26484$3,305Seabourn Cove -3501 S Federal Hwy 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 47 Exhibit 2 Exhibit 2 895 Rent Trends 630 E Woolbright Rd - Avion Riverwalk PROPERTY ATTRIBUTES Avion Riverwalk Rent Comps Boynton Beach 3-5 Star Palm Beach 3-5 Star Existing Units 27,186 166,316 Building Rating Under Construction as % of Inventory 9.1%1.9%5.8% 4,577319 - 3.23.13.9 UNIT MIX Avion Riverwalk Rent Comps Boynton Beach 3-5 Star Palm Beach 3-5 Star Studio - 1 Bath 0%0%1%2% 1 Bedroom - 1 Bath 48%34%32%27% 2 Bedroom - 2 Bath 47%41%43%38% 3 Bedroom - 3 Bath 5%1%1%2% ASKING RENTS PER SF Avion Riverwalk Rent Comps Boynton Beach 3-5 Star Palm Beach 3-5 Star Studio - 1 Bath $4.34 $3.61 $4.54 $3.47 1 Bedroom - 1 Bath $3.27 $2.50 $2.45 $2.59 2 Bedroom - 2 Bath $2.99 $2.09 $2.18 $2.21 3 Bedroom - 3 Bath $3.11 $2.28 $1.65 $2.41 Concessions 0.0%0.4%0.8%0.9% AVERAGE EFFECTIVE RENT GROWTH Avion Riverwalk Rent Comps Boynton Beach 3-5 Star Palm Beach 3-5 Star Current Quarter 0.4%0.5%-0.3%0.0% 1 Year Rent Growth -1.8%0.1%-0.7%-0.6% 3 Year Rent Growth -47.7%36.3%33.5% 5 Year Rent Growth -50.2%42.4%38.7% All-Time Average -4.7%3.5%3.5% VACANCY RATE Avion Riverwalk Rent Comps Boynton Beach 3-5 Star Palm Beach 3-5 Star Current Quarter 63.0%6.2%7.8%8.7% Last Quarter 65.8%6.1%8.0%8.8% 1 Year Ago -9.1%8.7%7.8% 3 Years Ago -9.9%9.2%8.3% 5 Years Ago -6.2%9.9%8.1% 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 48 Exhibit 2 Exhibit 2 896 Rent Trends 630 E Woolbright Rd - Avion Riverwalk STUDIO ASKING RENT PER SQUARE FOOT ONE BEDROOM ASKING RENT PER SQUARE FOOT 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 49 Exhibit 2 Exhibit 2 897 Rent Trends 630 E Woolbright Rd - Avion Riverwalk TWO BEDROOM ASKING RENT PER SQUARE FOOT THREE BEDROOM ASKING RENT PER SQUARE FOOT 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 50 Exhibit 2 Exhibit 2 898 Rent Trends 630 E Woolbright Rd - Avion Riverwalk OVERALL ASKING RENT PER SQUARE FOOT OVERALL EFFECTIVE RENT PER SQUARE FOOT 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 51 Exhibit 2 Exhibit 2 899 Rent Trends 630 E Woolbright Rd - Avion Riverwalk ANNUAL EFFECTIVE RENT GROWTH CONCESSIONS 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 52 Exhibit 2 Exhibit 2 900 Rent Trends 630 E Woolbright Rd - Avion Riverwalk VACANCY RATES OCCUPANCY RATES 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 53 Exhibit 2 Exhibit 2 901 Rent Trends 630 E Woolbright Rd - Avion Riverwalk RENT COMPARABLES HISTORICAL DATA BY YEAR RENT COMPARABLES HISTORICAL DATA BY QUARTER PAST 3 YEARS Rental Rates Per SF Vacancy Year Units EffectiveAsking Growth Concessions Units Percent Change Absorption 2023 4,577 $2.21 -0.9%0.4%285 6.2%-0.4%(5)$2.22 2022 4,577 $2.23 1.4%0.6%305 6.7%2.1%110$2.24 2021 4,365 $2.20 32.9%0.3%200 4.6%-3.7%(45)$2.21 2020 4,365 $1.66 3.4%1.6%361 8.3%-5.5%72$1.69 2019 4,365 $1.60 8.0%0.5%600 13.8%6.8%23$1.61 2018 4,041 $1.48 3.9%2.1%283 7.0%0.3%(32)$1.52 2017 4,041 $1.43 2.7%2.1%271 6.7%-5.8%16$1.46 2016 4,041 $1.39 -0.9%1.9%507 12.5%7.9%120$1.42 2015 3,669 $1.40 6.2%0.7%171 4.7%0.2%(13)$1.41 2014 3,669 $1.32 6.1%0.8%162 4.4%-4.5%30$1.33 Rental Rates Per SF Vacancy Quarter Units EffectiveAsking Growth Concessions Units Percent Change Absorption 2023 Q3 4,577 $2.21 0.5%0.4%285 6.2%0.1%(5)$2.22 2023 Q2 4,577 $2.20 -1.3%0.5%280 6.1%-0.3%13$2.21 2023 Q1 4,577 $2.23 -0.1%0.1%294 6.4%-0.2%12$2.24 2022 Q4 4,577 $2.23 1.0%0.6%305 6.7%-2.4%110$2.24 2022 Q3 4,577 $2.21 -0.2%0.5%415 9.1%-0.4%17$2.22 2022 Q2 4,577 $2.22 0.9%0.1%432 9.4%4.2%8$2.22 2022 Q1 4,365 $2.20 -0.2%0.2%228 5.2%0.6%(28)$2.20 2021 Q4 4,365 $2.20 3.2%0.3%200 4.6%1.0%(45)$2.21 2021 Q3 4,365 $2.14 11.5%0.2%155 3.6%-0.2%7$2.14 2021 Q2 4,365 $1.92 12.3%0.5%163 3.7%-2.1%91$1.93 2021 Q1 4,365 $1.71 2.9%1.7%253 5.8%-2.5%107$1.74 2020 Q4 4,365 $1.66 10.6%1.6%361 8.3%-1.7%72$1.69 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 54 Exhibit 2 Exhibit 2 902 630 E Woolbright Rd PREPARED BY Hank Fishkind Construction Survey Avion Riverwalk 319 Unit Apartment Building Boynton Beach, Florida - Outer Boynton Beach Neighborhood Exhibit 2 Exhibit 2 903 Overall Construction Summary 630 E Woolbright Rd - Avion Riverwalk 232 414 124 0 All-Time Annual Average Delivered Past 8 Quarters Deliveries Next 8 Quarters Proposed Next 8 Quarters MAP OF 24 MONTH DELIVERIES, UNDER CONSTRUCTION, PROPOSED PAST AND FUTURE DELIVERIES 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 56 Exhibit 2 Exhibit 2 904 Under Construction Properties 630 E Woolbright Rd - Avion Riverwalk 1 124 1.4%124 Properties Units Percent of Inventory Avg. No. Units UNDER CONSTRUCTION PROPERTIES UNDER CONSTRUCTION SUMMARY STATISTICS Low Average Median High Property Size in Units 124 124 124 124 Number of Stories 4 4 4 4 Average Unit Size SF 691 691 691 691 Star Rating 3.0 Estimated Delivery Date Sep 2023 Sep 2023 Sep 2023 Sep 2023 Months to Delivery 1 1 1 1 Construction Period in Months 20 20 20 20 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 57 Exhibit 2 Exhibit 2 905 Under Construction Properties 630 E Woolbright Rd - Avion Riverwalk COMPLETIONS WITHIN NEXT 3 MONTHS Property Name/Address Rating Units Stories Start Complete Developer/Owner Jan 2022117 NE 9th Ave The Heart of Boynton Be…124 4 Sep 2023 - -1 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 58 Exhibit 2 Exhibit 2 906 Under Construction Properties 630 E Woolbright Rd - Avion Riverwalk 1 117 NE 9th Ave - The Heart of Boynton Beach Boynton Beach, Florida - Outer Boynton Beach Neighborhood CONSTRUCTION INFO Start Date:Jan 2022 Completion Date:Sep 2023 Build Time:20 Months Time to Delivery:1 Month PROPERTY Property Size:124 Units Stories:4 Average Unit Size:696 SF Rent Type:Market/Affordable SITE AMENITIES 24 Hour Access UNIT AMENITIES Air Conditioning, Kitchen, Tub/Shower 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 59 Exhibit 2 Exhibit 2 907 Deliveries Past 12 Months Summary 630 E Woolbright Rd - Avion Riverwalk 1 319 62.4%$3,167 Properties Units Vacancy Rate Avg. Asking Rent/Unit DELIVERIES IN PAST 12 MONTHS DELIVERIES PAST 12 MONTHS SUMMARY STATISTICS Unit Mix Low Average Median High Property Size in Units 319 319 319 319 Studio Units 1 1 1 1 One Bedroom Units 152 152 152 152 Two Bedroom Units 150 150 150 150 Three Bedroom Units 16 16 16 16 Property Attributes Low Average Median High Number of Stories 10 10 10 10 Average Unit Size SF 1,019 1,019 1,019 1,019 Rating 4.0 Leasing Performance Low Average Median High Vacancy Rate 62.4%62.4%62.4%62.4% Asking Rent Per Unit $3,167 $3,167 $3,167 $3,167 Effective Rent Per Unit $3,166 $3,166 $3,166 $3,166 Asking Rent Per SF $3.11 $3.11 $3.11 $3.11 Effective Rent Per SF $3.10 $3.10 $3.10 $3.10 Concessions 0.3%0.3%0.3%0.3% 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 60 Exhibit 2 Exhibit 2 908 Deliveries Past 12 Months Summary 630 E Woolbright Rd - Avion Riverwalk Property Name/Address Rating Units Stories Start Complete Developer/Owner Jan 22630 E Woolbright Rd Avion Riverwalk 319 10 May 23 - Isram Realty & Management Inc. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 61 Exhibit 2 Exhibit 2 909 Deliveries Past 12 Months 630 E Woolbright Rd - Avion Riverwalk 630 E Woolbright Rd - Avion Riverwalk Boynton Beach, Florida - Outer Boynton Beach Neighborhood PROPERTY MANAGER American Land Ventures - Avion Riverwalk (561) 375-5500 PROPERTY 0.00 Miles Property Size:319 Units, 10 Floors Avg. Unit Size:1,019 SF Year Built:May 2023 Type:Apartments - All Rent Type: Parking:- Distance to Subject: Distance to Transit:- Market OWNER - UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Availability Avg Asking Rent Avg Effective Rent UNIT BREAKDOWN Studio 1 574 1 0.3%0 0.0%$2,490 $4.34 $2,340 $4.08 6.0% 1 1 537 8 2.5%0 0.0%$2,104 $3.92 $2,104 $3.92 0.0% 1 1 657 8 2.5%0 0.0%$2,590 $3.94 $2,590 $3.94 0.0% 1 1 768 87 27.3%56 64.4%$2,425 $3.16 $2,425 $3.16 0.0% 1 1 782 36 11.3%18 50.0%$2,450 $3.13 $2,450 $3.13 0.0% 1 1 850 1 0.3%0 0.0%$2,809 $3.30 $2,809 $3.30 0.0% 1 1 856 12 3.8%2 16.7%$3,265 $3.81 $3,265 $3.81 0.0% 2 2 1,050 6 1.9%6 100%$3,325 $3.17 $3,325 $3.17 0.0% 2 2 1,104 8 2.5%6 75.0%$3,345 $3.03 $3,345 $3.03 0.0% 2 2 1,151 16 5.0%15 93.8%$3,305 $2.87 $3,305 $2.87 0.0% 2 2 1,188 20 6.3%4 20.0%$3,730 $3.14 $3,730 $3.14 0.0% 2 2 1,223 36 11.3%33 91.7%$3,530 $2.89 $3,530 $2.89 0.0% 2 2 1,250 1 0.3%1 100%$3,730 $2.98 $3,730 $2.98 0.0% 2 2 1,263 9 2.8%7 77.8%$3,915 $3.10 $3,915 $3.10 0.0% 2 2 1,265 15 4.7%5 33.3%$3,910 $3.09 $3,910 $3.09 0.0% 2 2 1,288 15 4.7%10 66.7%$3,565 $2.77 $3,565 $2.77 0.0% 2 2 1,294 15 4.7%4 26.7%$4,240 $3.28 $4,240 $3.28 0.0% 2 2 1,400 1 0.3%0 0.0%$4,485 $3.20 $4,485 $3.20 0.0% 2 2 1,484 8 2.5%3 37.5%$4,145 $2.79 $4,145 $2.79 0.0% 3 3 1,513 16 5.0%2 12.5%$4,710 $3.11 $4,710 $3.11 0.0% Totals Avg SF Units Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions All Studios 574 1 0.3%0 0.0%$2,490 $4.34 $2,340 $4.08 6.0% All 1 Beds 761 152 47.6%76 50.0%$2,492 $3.27 $2,492 $3.27 0.0% All 2 Beds 1,233 150 47.0%94 62.7%$3,691 $2.99 $3,691 $2.99 0.0% All 3 Beds 1,513 16 5.0%2 12.5%$4,710 $3.11 $4,710 $3.11 0.0% Totals 1,020 319 100%172 53.9%$3,167 $3.10 $3,166 $3.10 0.0% Updated July 31, 2023Estimate SITE AMENITIES Cabana, Fitness Center, Grill, Lounge, Package Service, Pet Play Area, Pet Washing Station, Pool, Roof Terrace, Sauna, Storage Space, Sundeck 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 62 Exhibit 2 Exhibit 2 910 Deliveries Past 12 Months 630 E Woolbright Rd - Avion Riverwalk UNIT AMENITIES Air Conditioning, Ceiling Fans, Granite Countertops, Island Kitchen, Oven, Walk-In Closets, Washer/Dryer, Wi-Fi RECURRING EXPENSES Unassigned Garage Parking $0-100 Storage Fee $95 ONE TIME EXPENSES Dog Fee $350 Cat Fee $350 Admin Fee $250 Application Fee $75 PET POLICY Dog Allowed One-Time Fee: $350-350, 2 Maximum Restrictions: NON-Refundable Pet Fees - $ 350 for 1 pet and $ 450 for 2 pets. Breed Restrictions Apply. No Aggressive Breeds Allowed. Pit Bulls Are Not Permitted. Cat Allowed One-Time Fee: $350-350, 2 Maximum Restrictions: NON-Refundable Pet Fees - $ 350 for 1 pet and $ 450 for 2 pets. Breed Restrictions Apply. No Aggressive Breeds Allowed. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 63 Exhibit 2 Exhibit 2 911 Construction Summary 630 E Woolbright Rd - Avion Riverwalk UNITS UNDER CONSTRUCTION PROJECTED DELIVERY DATES OF UNITS UNDER CONSTRUCTION 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 64 Exhibit 2 Exhibit 2 912 Construction Summary 630 E Woolbright Rd - Avion Riverwalk CONSTRUCTION DELIVERIES IN UNITS CONSTRUCTION STARTS IN UNITS 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 65 Exhibit 2 Exhibit 2 913 Construction Summary 630 E Woolbright Rd - Avion Riverwalk PERCENT OCCUPIED AT DELIVERY UNITS OCCUPIED IN DELIVERIES OVER TIME 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 66 Exhibit 2 Exhibit 2 914 Construction Summary 630 E Woolbright Rd - Avion Riverwalk NEW CONSTRUCTION OCCUPANCY AFTER DELIVERY BY YEAR BUILT ABSORPTION IN UNITS 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 67 Exhibit 2 Exhibit 2 915 Construction Summary 630 E Woolbright Rd - Avion Riverwalk ASKING RENTAL RATES PER UNIT CONCESSIONS IN DELIVERIES PER YEAR 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 68 Exhibit 2 Exhibit 2 916 630 E Woolbright Rd PREPARED BY Hank Fishkind Sale Comparables Avion Riverwalk 319 Unit Apartment Building Boynton Beach, Florida - Outer Boynton Beach Neighborhood Exhibit 2 Exhibit 2 917 Sale Comparables Summary Avion Riverwalk - 630 E Woolbright Rd 15 $384 $105.4 7.0% Sale Comparables Avg. Price/Unit (thous.)Average Price (mil.)Average Vacancy at Sale SALE COMPARABLES LOCATIONS SALE COMPARABLES SUMMARY STATISTICS Sales Attributes Low Average Median High Sale Price $25,000,000 $105,426,216 $82,750,000 $230,000,000 Price Per Unit $137,362 $384,392 $370,370 $653,198 Cap Rate 3.7%3.7%3.7%3.7% Vacancy Rate at Sale 0%7.0%4.6%28.6% Time Since Sale in Months 1.6 16.5 15.9 23.9 Property Attributes Low Average Median High Property Size in Units 160 274 217 494 Number of Floors 2 4 4 15 Average Unit SF 385 1,008 1,049 1,523 Year Built 1970 2011 2016 2022 Star Rating 3.9 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 70 Exhibit 2 Exhibit 2 918 Sale Comparables Summary Avion Riverwalk - 630 E Woolbright Rd Property Information RatingProperty Name/Address Yr Built Units Vacancy Sale Date Price Price/Unit Price/SF Sale Information 900 Water Tower Way Manor Lantana -1 2021 348 16.4%6/15/2023 $138,000,000 $396,551 $575 3609 High Ridge Way High Ridge Landing -2 2016 184 4.4%9/12/2022 $71,000,000 $385,869 $332 5300-5400 NW Broken Sound… Amalta Broken Sound -3 2022 297 18.5%9/8/2022 $194,000,000 $653,198 $579 1625 Renaissance Commons… Monteverde at Renaissance -4 2007 219 0%7/15/2022 $49,643,240 $226,681 $197 12575 Green Cay Farm Blvd Palm Park Apartments -5 2007 160 0%5/12/2022 $40,250,000 $251,562 $230 1050 Blanche St The District Flats -6 2021 178 6.2%4/25/2022 $78,000,000 $438,202 $451 1575 SW 8th St Verona at Boynton Beach -7 2002 216 4.6%4/6/2022 $80,000,000 $370,370 $308 695 S Olive AKA West Palm -8 2020 217 28.6%4/6/2022 $84,000,000 $387,096 $840 1400 Pine Cir Chelsea Commons Apartments -9 1998 208 1.9%12/21/2021 $58,900,000 $283,173 $259 1000 Audace Ave The District Boynton -10 2017 350 5.7%12/21/2021 $125,850,000 $359,571 $321 600 SeaLofts Dr SeaLofts at Boynton Village -11 2020 433 5.1%12/1/2021 $153,000,000 $353,348 $353 151 SE 3rd Ave South of Atlantic -12 2015 172 2.9%10/29/2021 $82,750,000 $481,104 $481 208 Fern St St Andrews Residence Of Pal…-13 1970 182 0%8/25/2021 $25,000,000 $137,362 $196 1351 S Federal Hwy One Boynton -14 2009 494 5.1%8/25/2021 $171,000,000 $346,153 $533 20940 Uptown Ave Cortland Uptown Boca -15 2020 456 2.2%8/5/2021 $230,000,000 $504,385 $504 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 71 Exhibit 2 Exhibit 2 919 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 1 Manor Lantana - 900 Water Tower Way Lantana, FL 33462 - Outer Boynton Beach Neighborhood SALE Sale Date:6/15/2023 Sale Price:$138,000,000 Price Per Unit:$396,552 Price Per SF:$575 Cap Rate:- PROPERTY Property Size:348 Units, 3 Floors Average Unit Size:1,164 SF Year Built:Dec 2021 Vacancy At Sale:16.4% Parking Spaces:- CONTACTS Buyer:The Praedium Group Seller:Related Development, LLC, Rockpoint FINANCING $75,900,000 from Northwestern Mutual Life Insurance Company: due in 5 yrs UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE Studio 1 648 32 9.2%5 15.6%$2,083 $3.21 $1,923 $2.97 7.7% 1 1 767 56 16.1%9 16.1%$2,358 $3.07 $2,177 $2.84 7.7% 1 1 831 24 6.9%4 16.7%$2,305 $2.77 $2,128 $2.56 7.7% 1 1 979 18 5.2%3 16.7%$2,378 $2.43 $2,196 $2.24 7.7% 2 2 1,081 32 9.2%5 15.6%$2,715 $2.51 $2,507 $2.32 7.7% 2 2 1,111 16 4.6%3 18.8%$2,757 $2.48 $2,546 $2.29 7.7% 2 2 1,169 48 13.8%8 16.7%$2,900 $2.48 $2,678 $2.29 7.7% 2 2 1,361 18 5.2%3 16.7%$3,362 $2.47 $3,104 $2.28 7.7% 2 2 1,525 18 5.2%3 16.7%$3,765 $2.47 $3,476 $2.28 7.7% 2 2 1,704 18 5.2%3 16.7%$3,525 $2.07 $3,255 $1.91 7.7% 3 2 1,455 16 4.6%3 18.8%$3,219 $2.21 $2,972 $2.04 7.7% 3 2 1,583 16 4.6%3 18.8%$3,511 $2.22 $3,242 $2.05 7.7% 3 2 1,692 18 5.2%3 16.7%$3,777 $2.23 $3,487 $2.06 7.7% 3 2 1,873 18 5.2%3 16.7%$4,007 $2.14 $3,700 $1.98 7.7% Totals 1,164 348 100%57 16.4%$2,892 $2.48 $2,671 $2.29 7.7% SITE AMENITIES Clubhouse, Fitness Center, Media Center/Movie Theatre, Pool UNIT AMENITIES Washer/Dryer TRANSACTION NOTES This 348 Unit multi-family property located at 900 Water Tower Way Lantana, FL sold in an Investment sale for $138MM. The Manor Lantana apartments are located in Palm Beach County and sits on 16.12 acres of land. The Praedium Group acquired the property from a JV formed by Related Group and Rockpoint. The parties involved were not available for comment. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 72 Exhibit 2 Exhibit 2 920 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 2 High Ridge Landing - 3609 High Ridge Way Boynton Beach, FL 33426 - Outer Boynton Beach Neighborhood SALE Sale Date:9/12/2022 Sale Price:$71,000,000 Price Per Unit:$385,870 Price Per SF:$332 Cap Rate:3.7% PROPERTY Property Size:184 Units, 3 Floors Average Unit Size:1,049 SF Year Built:Dec 2016 Vacancy At Sale:4.4% Parking Spaces:320 Spaces; 1.7 per Unit CONTACTS Buyer:Yuksel, Inc. Seller:American Landmark Listing Broker:ARA Newmark - Avery Klann, Hampton Beebe, Jackson Huggett… FINANCING $37,500,000 from Western-Southern Life Assurance Company UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE 1 1 833 48 26.1%2 4.2%$2,049 $2.46 $2,049 $2.46 0.0% 2 2 1,087 71 38.6%3 4.2%$2,489 $2.29 $2,489 $2.29 0.0% 2 2 1,138 41 22.3%2 4.9%$2,539 $2.23 $2,539 $2.23 0.0% 3 2 1,219 24 13.0%1 4.2%$2,935 $2.41 $2,935 $2.41 0.0% Totals 1,049 184 100%8 4.4%$2,444 $2.33 $2,444 $2.33 0.0% SITE AMENITIES 24 Hour Access, Business Center, Car Charging Station, Fenced Lot, Fitness Center, Gated, Pond, Pool, Waterfront UNIT AMENITIES Air Conditioning, Balcony, Carpet, Ceiling Fans, Granite Countertops, Heating, Microwave, Patio, Range, Tub/Shower, Washer/Dryer, Wheelchair Accessible (Rooms) TRANSACTION NOTES This report has been verified with a listing broker and the buyer. On September 12, 2022 American Landmark sold the 184-unit apartment community located at 3609 High Ridge Way in Boynton Beach, FL to Yuksel, Inc. for $71 million, or approximately $385,870 per unit. At the time of sale the subject property was called High Ridge Landing. The property was 96% occupied at the time of sale. A 3.7% cap rate was reported. The seller sold the property because they reached the end of their hold period. The buyer is shifting their investment focus from the State of Washington to Florida. This was their up-leg in a 1031 exchange. See CoStar COMP ID# 6130583 and 6144109 for the down-leg transactions. The buyer financed this acquisition with a $37.5 million loan provided by Western-Southern Life Assurance Company. Attempts made to contact the seller were unsuccessful. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 73 Exhibit 2 Exhibit 2 921 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 3 Amalta Broken Sound - 5300-5400 NW Broken Sound Blvd Boca Raton, FL 33487 - Downtown Boca Raton Neighborhood SALE Sale Date:9/8/2022 Sale Price:$194,000,000 Price Per Unit:$653,199 Price Per SF:$579 Cap Rate:- PROPERTY Property Size:297 Units, 6 Floors Average Unit Size:1,119 SF Year Built:Feb 2022 Vacancy At Sale:18.5% Parking Spaces:- CONTACTS Buyer:Cadillac Fairview, Lincoln Property Company Seller:Related Development, LLC, Rockpoint Listing Broker:Cushman & Wakefield - Robert Given, Zachary Sackley UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE 1 1 799 56 18.9%10 17.9%$3,050 $3.82 $3,050 $3.82 0.0% 1 1 817 36 12.1%7 19.4%$2,941 $3.60 $2,941 $3.60 0.0% 1 1 914 2 0.7%0 0.0%$3,299 $3.61 $3,299 $3.61 0.0% 1 1 971 4 1.3%1 25.0%$3,401 $3.50 $3,401 $3.50 0.0% 1 1 1,004 6 2.0%1 16.7%$3,499 $3.49 $3,499 $3.49 0.0% 2 2 1,049 18 6.1%3 16.7%$4,297 $4.10 $4,297 $4.10 0.0% 2 2 1,138 65 21.9%12 18.5%$4,182 $3.67 $4,182 $3.67 0.0% 2 2 1,169 39 13.1%7 18.0%$4,475 $3.83 $4,475 $3.83 0.0% 2 2 1,182 4 1.3%1 25.0%$3,953 $3.34 $3,953 $3.34 0.0% 2 2 1,213 5 1.7%1 20.0%$4,822 $3.98 $4,822 $3.98 0.0% 2 2 1,348 6 2.0%1 16.7%$4,595 $3.41 $4,595 $3.41 0.0% 2 2 1,525 6 2.0%1 16.7%$5,905 $3.87 $5,905 $3.87 0.0% 2 2 1,704 6 2.0%1 16.7%$5,399 $3.17 $5,399 $3.17 0.0% 3 2 1,502 22 7.4%4 18.2%$6,055 $4.03 $6,055 $4.03 0.0% 3 2 1,566 6 2.0%1 16.7%$5,550 $3.54 $5,550 $3.54 0.0% 3 2 1,575 4 1.3%1 25.0%$6,119 $3.89 $6,119 $3.89 0.0% 3 2 1,683 6 2.0%1 16.7%$7,730 $4.59 $7,730 $4.59 0.0% 3 2 1,873 6 2.0%1 16.7%$7,805 $4.17 $7,805 $4.17 0.0% Totals 1,120 297 100%55 18.5%$4,246 $3.79 $4,246 $3.79 0.0% SITE AMENITIES Clubhouse, Courtyard, Fitness Center, Gameroom, Lounge, Pet Care, Pool, Spa 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 74 Exhibit 2 Exhibit 2 922 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk TRANSACTION NOTES Manor Broken Sound, a 297-unit multifamily property at 5300-5400 NW Broken Sound Boulevard in Boca Raton, was sold on September 8, 2022 for $194 million. The buyers have re-branded the community as Amalta. The property was completed in February 2022 and was still in lease-up at the time of sale. The occupancy just prior to the sale was reported as 74%. Financing was not found recorded in connection with this transaction. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 75 Exhibit 2 Exhibit 2 923 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 4 Monteverde at Renaissance - 1625 Renaissance Commons Blvd Boynton Beach, FL 33426 - Renaissance Commons Neighborhood SALE Sale Date:7/15/2022 Sale Price:$49,643,240 Price Per Unit:$226,681 Price Per SF:$197 Cap Rate:- PROPERTY Property Size:219 Units, 6 Floors Average Unit Size:1,240 SF Year Built:2007 Vacancy At Sale:0% Parking Spaces:430 Spaces; 2.0 per Unit CONTACTS Buyer:Angelo Gordon & Co., L.P., ESG Kullen, MRP Realty Seller:ESG Kullen FINANCING $49,240,000 from Mesa West Capital UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE 1 1 811 15 6.8%0 0.0%$1,613 $1.99 $1,609 $1.98 0.2% 2 2 1,122 51 23.3%0 0.0%$1,779 $1.59 $1,775 $1.58 0.3% 2 2 1,188 51 23.3%0 0.0%$1,842 $1.55 $1,838 $1.55 0.3% 2 2 1,289 51 23.3%0 0.0%$1,923 $1.49 $1,918 $1.49 0.2% 3 2 1,488 51 23.3%0 0.0%$2,164 $1.45 $2,158 $1.45 0.3% Totals 1,240 219 100%0 0.0%$1,905 $1.54 $1,901 $1.53 0.2% SITE AMENITIES Bicycle Storage, Elevator, Fitness Center, Gameroom, Gated, Grill, Pool, Property Manager on Site UNIT AMENITIES Air Conditioning, Kitchen, Microwave, Oven, Range, Refrigerator, Tub/Shower, Views, Wheelchair Accessible (Rooms) TRANSACTION NOTES Monteverde at Renaissance at 1625 Renaissance Commons Boulevard in Boynton Beach was sold on July 15, 2022 for $49,643,240. The lender issued a press release reporting that this was a recapitalization and the seller has retained an ownership interest in the property. The 219-unit multifamily building was constructed in 2006 as condominiums. The original developer sold 101 units and the remaining 118 units were sold to a buyer as rentals. The seller acquired the 118 rental units and has since acquired the remaining 101 units from the individual owners and has terminated the condominium association. The buyers obtained financing in the amount of $49.24 million through Mesa West Capital. The lender reported that the buyers will be making improvements to the community amenities but didn't describe the scope of the capital improvement plans. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 76 Exhibit 2 Exhibit 2 924 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 5 Palm Park Apartments - 12575 Green Cay Farm Blvd Boynton Beach, FL 33437 - Outer Royal Palm Beach/Wellington Neighborhood SALE Sale Date:5/12/2022 Sale Price:$40,250,000 Price Per Unit:$251,563 Price Per SF:$230 Cap Rate:- PROPERTY Property Size:160 Units, 3 Floors Average Unit Size:999 SF Year Built:2007 Vacancy At Sale:0% Parking Spaces:- CONTACTS Buyer:Blackstone Real Estate Income Trust, Inc. Seller:Housing Trust Group Listing Broker:Berkadia Commercial Mortgage LLC - Roberto Pesant UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE 1 1 700 16 10.0%0 0.0%$965 $1.38 $965 $1.38 0.0% 2 2 939 84 52.5%0 0.0%$1,166 $1.24 $1,166 $1.24 0.0% 3 2 1,163 60 37.5%0 0.0%$1,353 $1.16 $1,353 $1.16 0.0% Totals 999 160 100%0 0.0%$1,216 $1.22 $1,216 $1.22 0.0% SITE AMENITIES Clubhouse, Elevator, Fitness Center, Gated, Grill, Laundry Facilities, Lounge, Picnic Area, Playground, Walking/Biking Trails UNIT AMENITIES Air Conditioning, Breakfast Nook, Ceiling Fans, Heating, Kitchen, Security System, Walk-In Closets, Washer/Dryer, Wi-Fi TRANSACTION NOTES On May 12th, 2022, the 175,152 square foot /420-unit Palm Park Apartments multifamily community in Boynton Beach, Florida sold for $40,250,000 or $95,833 per unit. Located at 12575 Green Cay Farm Boulevard, this class B apartment complex, delivered in 2007, features a unit mix of one - to three - bedroom units ranging from 700 to 1,163 square feet. Rents range from $965 to $1,353 per unit. The community boasts amenities such as a clubhouse, fitness center and laundry facilities. They buyer, Blackstone Inc, a New York-based publicly traded Real Estate Investment Trust that owns investment properties globally. The details of this transaction were verified via sources deemed reliable. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 77 Exhibit 2 Exhibit 2 925 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 6 The District Flats - 1050 Blanche St West Palm Beach, FL 33401 - West Palm Beach Neighborhood SALE Sale Date:4/25/2022 Sale Price:$78,000,000 Price Per Unit:$438,202 Price Per SF:$451 Cap Rate:- PROPERTY Property Size:178 Units, 4 Floors Average Unit Size:762 SF Year Built:2021 Vacancy At Sale:6.2% Parking Spaces:- CONTACTS Buyer:Pantzer Properties Seller:Eastwind Development, LLC Buyer Broker:Walker & Dunlop LLC - Still Hunter Listing Broker:Walker & Dunlop LLC - Still Hunter FINANCING $50,700,000 from Truist Bank UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE Studio 1 551 25 14.0%2 8.0%$1,922 $3.49 $1,922 $3.49 0.0% 1 1 684 60 33.7%4 6.7%$2,170 $3.17 $2,170 $3.17 0.0% 1 1 716 26 14.6%2 7.7%$2,211 $3.09 $2,211 $3.09 0.0% 1 1 873 20 11.2%1 5.0%$2,340 $2.68 $2,340 $2.68 0.0% 2 2 930 27 15.2%2 7.4%$2,905 $3.12 $2,905 $3.12 0.0% 2 2 982 20 11.2%1 5.0%$2,915 $2.97 $2,915 $2.97 0.0% Totals 762 178 100%11 6.2%$2,356 $3.09 $2,356 $3.09 0.0% TRANSACTION NOTES On April 29, 2022 Pantzer Properties acquired the multifamily property located at 1701 Clare Ave. This 178 unit property sold for $78 million. At the time of the sale this property was 96% occupied. Walker & Dunlop represented both sides of this deal. This information was verified from the public record documents from Palm Beach County and the seller. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 78 Exhibit 2 Exhibit 2 926 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 7 AKA West Palm - 695 S Olive West Palm Beach, FL 33401 - Downtown West Palm Beach Neighborhood SALE Sale Date:4/6/2022 Sale Price:$84,000,000 Price Per Unit:$387,097 Price Per SF:$840 Cap Rate:- PROPERTY Property Size:217 Units, 4 Floors Average Unit Size:387 SF Year Built:Aug 2020 Vacancy At Sale:28.6% Parking Spaces:178 Spaces; 0.8 per Unit CONTACTS Buyer:Electra America, Korman Communities Seller:Transwestern Development Company Listing Broker:Gulfstream RE Advisors - Giovanni Fausone UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE Studio 1 348 15 6.9%4 26.7%$1,534 $4.41 $1,519 $4.36 1.0% Studio 1 351 30 13.8%9 30.0%$1,588 $4.52 $1,572 $4.48 1.0% Studio 1 352 16 7.4%5 31.3%$1,603 $4.55 $1,587 $4.51 1.0% Studio 1 354 15 6.9%4 26.7%$1,680 $4.75 $1,664 $4.70 1.0% Studio 1 359 15 6.9%4 26.7%$1,581 $4.40 $1,565 $4.36 1.0% Studio 1 367 15 6.9%4 26.7%$1,657 $4.52 $1,641 $4.47 1.0% Studio 1 376 15 6.9%4 26.7%$1,797 $4.78 $1,779 $4.73 1.0% Studio 1 377 15 6.9%4 26.7%$1,844 $4.89 $1,825 $4.84 1.0% Studio 1 382 15 6.9%4 26.7%$1,750 $4.58 $1,732 $4.54 1.0% Studio 1 394 30 13.8%9 30.0%$1,762 $4.47 $1,745 $4.43 1.0% Studio 1 396 15 6.9%4 26.7%$1,727 $4.36 $1,710 $4.32 1.0% Studio 1 413 4 1.8%1 25.0%$1,774 $4.29 $1,756 $4.25 1.0% 1 1 410 1 0.5%0 0.0%$2,234 $5.45 $2,212 $5.40 1.0% 1 1 412 1 0.5%0 0.0%$2,033 $4.93 $2,013 $4.89 1.0% 1 1 426 1 0.5%0 0.0%$2,159 $5.07 $2,137 $5.02 1.0% 1 1 433 1 0.5%0 0.0%$2,078 $4.80 $2,057 $4.75 1.0% 1 1 458 1 0.5%0 0.0%$2,123 $4.64 $2,101 $4.59 1.0% 1 1 464 1 0.5%0 0.0%$1,966 $4.24 $1,946 $4.19 1.0% 1 1 465 1 0.5%0 0.0%$2,190 $4.71 $2,168 $4.66 1.0% 1 1 480 1 0.5%0 0.0%$2,301 $4.79 $2,278 $4.75 1.0% 1 1 508 1 0.5%0 0.0%$2,368 $4.66 $2,345 $4.62 1.0% 1 1 509 1 0.5%0 0.0%$2,413 $4.74 $2,389 $4.69 1.0% 1 1 559 1 0.5%0 0.0%$2,569 $4.60 $2,544 $4.55 1.0% 1 1.5 826 1 0.5%0 0.0%$2,882 $3.49 $2,853 $3.45 1.0% 2 1 612 2 0.9%1 50.0%$4,379 $7.16 $4,336 $7.08 1.0% 2 2 812 1 0.5%0 0.0%$3,290 $4.05 $3,257 $4.01 1.0% 2 2 816 1 0.5%0 0.0%$3,081 $3.78 $3,050 $3.74 1.0% 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 79 Exhibit 2 Exhibit 2 927 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE CONTINUED 2 2 823 1 0.5%0 0.0%$3,313 $4.03 $3,280 $3.99 1.0% Totals 385 217 100%62 28.6%$1,763 $4.57 $1,745 $4.53 1.0% SITE AMENITIES Bicycle Storage, Controlled Access, Fitness Center, Lounge, Pool UNIT AMENITIES Views TRANSACTION NOTES This report has been verified with the listing broker and by the attached press release from the buyer. On April 6, 2022 Transwestern Development Company sold the 217-unit apartment community located at 695 South Olive Avenue in West Palm Beach, FL to a joint venture between Korman Communities and Electra America for $84 million, or approximately $387,097 per unit. At the time of sale the subject property was called Current. The property was vacant at the time of sale. The buyer plans to convert the property into a 217-room hotel that will be known as AKA West Palm (CoStar Property ID# 12642647). Attempts made to contact the seller and buyer were unsuccessful. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 80 Exhibit 2 Exhibit 2 928 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 8 Verona at Boynton Beach - 1575 SW 8th St Boynton Beach, FL 33426 - Outer Boynton Beach Neighborhood SALE Sale Date:4/6/2022 Sale Price:$80,000,000 Price Per Unit:$370,370 Price Per SF:$308 Cap Rate:- PROPERTY Property Size:216 Units, 3 Floors Average Unit Size:1,097 SF Year Built:2002 Vacancy At Sale:4.6% Parking Spaces:440 Spaces; 2.0 per Unit CONTACTS Buyer:Waterton Seller:LEM Capital, Robbins Property Associates LLC UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE 1 1 822 36 16.7%2 5.6%$2,015 $2.45 $2,015 $2.45 0.0% 1 1 924 36 16.7%2 5.6%$1,867 $2.02 $1,867 $2.02 0.0% 2 2 1,116 54 25.0%3 5.6%$2,490 $2.23 $2,490 $2.23 0.0% 2 2 1,220 54 25.0%3 5.6%$2,322 $1.90 $2,322 $1.90 0.0% 3 2 1,281 18 8.3%1 5.6%$2,545 $1.99 $2,545 $1.99 0.0% 3 2 1,387 18 8.3%1 5.6%$2,805 $2.02 $2,805 $2.02 0.0% Totals 1,097 216 100%10 4.6%$2,296 $2.09 $2,296 $2.09 0.0% SITE AMENITIES Business Center, Clubhouse, Controlled Access, Fitness Center, Grill, Laundry Facilities, Maintenance on site, Picnic Area, Playground, Property Manager on Site, Putting Greens, Sundeck, Volleyball Court UNIT AMENITIES Air Conditioning, Ceiling Fans, Dishwasher, Disposal, Microwave, Walk-In Closets, Washer/Dryer, Window Coverings TRANSACTION NOTES This report has been verified by information available to the public. On April 6, 2022 a joint venture between Robbins Property Associates LLC and LEM Capital sold the 216-unit apartment community located at 1575 SW 8th Street in Boynton Beach, FL to Waterton for $80 million, or approximately $370,370 per unit. At the time of sale the subject property was called Verona at Boynton Beach. Attempts made to contact the seller and buyer were unsuccessful. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 81 Exhibit 2 Exhibit 2 929 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 9 The District Boynton - 1000 Audace Ave Boynton Beach, FL 33426 - Outer Boynton Beach Neighborhood SALE Sale Date:12/21/2021 Sale Price:$125,850,000 Price Per Unit:$359,571 Price Per SF:$321 Cap Rate:- PROPERTY Property Size:350 Units, 4 Floors Average Unit Size:1,012 SF Year Built:Oct 2017 Vacancy At Sale:5.7% Parking Spaces:400 Spaces; 1.1 per Unit CONTACTS Buyer:Nuveen Seller:Ram Realty Listing Broker:ARA Newmark - Avery Klann, Hampton Beebe, Jackson Huggett,… UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE 1 1 800 140 40.0%8 5.7%$2,430 $3.04 $2,413 $3.02 0.7% 1 1 980 12 3.4%1 8.3%$2,275 $2.32 $2,260 $2.31 0.7% 2 2 1,051 70 20.0%4 5.7%$2,780 $2.65 $2,761 $2.63 0.7% 2 2 1,165 72 20.6%4 5.6%$2,707 $2.32 $2,689 $2.31 0.7% 3 2 1,303 56 16.0%3 5.4%$3,125 $2.40 $3,104 $2.38 0.7% Totals 1,012 350 100%20 5.7%$2,663 $2.63 $2,645 $2.61 0.7% SITE AMENITIES 24 Hour Access, Business Center, Car Charging Station, Clubhouse, Controlled Access, Fitness Center, Lounge, Online Services, Package Service, Pet Washing Station, Playground, Pool, Property Manager on Site, Public Transportation, Smoke Free, Spa, Sundeck UNIT AMENITIES Air Conditioning, Balcony, Ceiling Fans, Freezer, Granite Countertops, Hardwood Floors, Heating, Kitchen, Microwave, Oven, Patio, Range, Refrigerator, Stainless Steel Appliances, Tub/Shower, Walk-In Closets, Washer/Dryer TRANSACTION NOTES On December 21st, 2021 The District Boynton, a 350 unit apartment in Boynton Beach, FL sold for $125,850,000 or $359,571 per unit. The subject property sits on 13. 18 acres of SMU zoned land and was developed in 2017. The property has been stabilized above 90% occupancy since Mid 2019 according to apartments.com research, with 96% occupancy at the time of sale. The current unit mix consists of 152 single bed, 142 two bed, and 56 three bed units with monthly rents between $2,000 to $3,200. Amenities include a clubhouse, a private courtyard with heated saltwater pool and beach entry, a sundeck and 24-hour fitness center. The sellers and developers were Palm Beach Gardens based Ram Realty. NY based Nuveen acquired the property. A mortgage was unavailable at the time of this publication. The details of this transaction were confirmed with sources deemed reliable on both sides of the sale. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 82 Exhibit 2 Exhibit 2 930 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 10 Chelsea Commons Apartments - 1400 Pine Cir Lake Worth, FL 33463 - Outer Greenacres Neighborhood SALE Sale Date:12/21/2021 Sale Price:$58,900,000 Price Per Unit:$283,173 Price Per SF:$259 Cap Rate:- PROPERTY Property Size:208 Units, 2 Floors Average Unit Size:1,522 SF Year Built:1998 Vacancy At Sale:1.9% Parking Spaces:460 Spaces; 2.2 per Unit CONTACTS Buyer:Starwood Real Estate Income Trust, Inc. Seller:Southport Financial Services UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE 2 2 999 79 38.0%1 1.3%$1,539 $1.54 $1,539 $1.54 0.0% 3 2 1,192 30 14.4%1 3.3%$1,648 $1.38 $1,648 $1.38 0.0% 3 2 2,000 49 23.6%1 2.0%$2,350 $1.18 $2,350 $1.18 0.0% 4 2 1,460 25 12.0%0 0.0%$1,854 $1.27 $1,854 $1.27 0.0% 4 2 2,700 25 12.0%0 0.0%$2,350 $0.87 $2,350 $0.87 0.0% Totals 1,523 208 100%4 1.9%$1,881 $1.24 $1,881 $1.24 0.0% SITE AMENITIES Fitness Center, Playground UNIT AMENITIES Air Conditioning, Balcony, Cable Ready, Carpet, Kitchen, Oven, Pantry, Patio, Range, Refrigerator, Tub/Shower, Walk-In Closets, Washer/Dryer, Wheelchair Accessible (Rooms), Window Coverings TRANSACTION NOTES A portfolio of 9 affordable housing communities with a total of 1,534 units were sold on December 21, 2021 for an undisclosed sale price. Seven of the properties in the portfolio traded for a combined $254 million excluding the 2 Utah properties which are in a non-disclosure state. The parties were either unable to be reached or unwilling to discuss the transaction. The sold properties include: Venice Cove Apartments at 721 NW 19th St in Fort Lauderdale, FL; Colony Park at 8215 Belvedere Road in West Palm Beach, FL; Grande Court North Port at 5203 Greenwood Ave in North Port, FL; Hampton Ridge at 11501 Harts Road in Jacksonville, FL; Chelsea Commons at 1400 Pine Circle in Lake Worth, FL; San Marcos Villas at 800 Venetian Isles Drive in West Palm Beach, FL; Forest Glen at 100 Lynn Forest Drive in Durham, NC; Mayflower Harbor at 4125 N 3250 W Lehi, UT; and Rose Cove at 847 N Shepherd Parkway in Farmington, UT. The buyer issued a press release regarding their December acquisition of 17 affordable housing properties that included 3,264 units. The sales were completed in 3 transactions from separate sellers. Please see CoStar COMP ID: 5812083 for additional information regarding the sale of 4 properties in Texas for an undisclosed sale price and COMP ID: 5812086 for additional information regarding the sale of 4 properties in Florida for $134.4 million. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 83 Exhibit 2 Exhibit 2 931 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 11 SeaLofts at Boynton Village - 600 SeaLofts Dr Boynton Beach, FL 33426 - Outer Boynton Beach Neighborhood SALE Sale Date:12/1/2021 Sale Price:$153,000,000 Price Per Unit:$353,349 Price Per SF:$353 Cap Rate:- PROPERTY Property Size:433 Units, 4 Floors Average Unit Size:1,006 SF Year Built:Nov 2020 Vacancy At Sale:5.1% Parking Spaces:808 Spaces; 1.9 per Unit CONTACTS Buyer:The Shidler Group Seller:Rockpoint, The Morgan Group Listing Broker:ARA Newmark - Avery Klann, Hampton Beebe, Jackson Huggett,… FINANCING $79,000,000 from Harbor Group International, LLC: Acquisition & Development UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE 1 1 760 36 8.3%2 5.6%$1,975 $2.60 $1,954 $2.57 1.1% 1 1 792 72 16.6%4 5.6%$2,025 $2.56 $2,003 $2.53 1.1% 1 1 839 54 12.5%3 5.6%$2,075 $2.47 $2,053 $2.45 1.1% 1 1 882 63 14.5%3 4.8%$2,150 $2.44 $2,127 $2.41 1.1% 1 1 888 54 12.5%3 5.6%$2,085 $2.35 $2,063 $2.32 1.1% 2 2 1,066 63 14.5%3 4.8%$2,725 $2.56 $2,696 $2.53 1.1% 2 2 1,191 36 8.3%2 5.6%$2,875 $2.41 $2,844 $2.39 1.1% 3 2.5 1,674 33 7.6%2 6.1%$3,675 $2.20 $3,636 $2.17 1.1% 3 2.5 1,700 22 5.1%1 4.6%$3,800 $2.24 $3,759 $2.21 1.1% Totals 1,007 433 100%22 5.1%$2,441 $2.43 $2,415 $2.40 1.1% SITE AMENITIES Conference Rooms, Elevator, Fitness Center, Gameroom, Grill, Lounge, Pet Care, Playground, Pool, Recycling, Storage Space, Trash Pickup - Door to Door, Zen Garden UNIT AMENITIES Air Conditioning, Balcony, Dishwasher, Granite Countertops, Island Kitchen, Kitchen, Microwave, Oven, Patio, Refrigerator, Stainless Steel Appliances, Tub/Shower, Walk-In Closets TRANSACTION NOTES On 12/1/2021, Cortina III Owner LLC, a partnership between Dallas-based Rockpoint Group and Houston-based Morgan Group, sold the 433 units at 600 Sealofts Drive in Boynton Beach, FL, to The Shidler Group for $153,000,000. Harbor Group International LLC provided the buyer with a $79,000,000 loan towards the purchase. The down payment was $84,000,000. Known as the SeaLofts at Boynton Village, the property spreads across on 19.38-acres in the Outer Boynton Beach multifamily submarket. Amenities include, a pool, a fitness center, a zen garden, a game room, and additional storage space. Neither the seller or the buyer have commented on the transaction. When the information is available, this report will be updated. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 84 Exhibit 2 Exhibit 2 932 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 12 South of Atlantic - 151 SE 3rd Ave Delray Beach, FL 33483 - Downtown Delray Beach Neighborhood SALE Sale Date:10/29/2021 Sale Price:$82,750,000 Price Per Unit:$481,105 Price Per SF:$481 Cap Rate:- PROPERTY Property Size:172 Units, 4 Floors Average Unit Size:908 SF Year Built:Nov 2015 Vacancy At Sale:2.9% Parking Spaces:200 Spaces; 1.2 per Unit CONTACTS Buyer:TA Realty Seller:Mesirow Financial FINANCING $40,560,000 from Prudential Multifamily Mortgage LLC UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE Studio 1 477 3 1.7%0 0.0%$2,164 $4.54 $2,164 $4.54 0.0% Studio 1 553 4 2.3%0 0.0%$2,394 $4.33 $2,394 $4.33 0.0% Studio 1 586 6 3.5%0 0.0%$2,036 $3.47 $2,036 $3.47 0.0% Studio 1 593 6 3.5%0 0.0%$2,279 $3.84 $2,279 $3.84 0.0% Studio 1 642 6 3.5%0 0.0%$2,371 $3.69 $2,371 $3.69 0.0% Studio 1 671 3 1.7%0 0.0%$2,504 $3.73 $2,504 $3.73 0.0% 1 1 706 6 3.5%0 0.0%$2,435 $3.45 $2,435 $3.45 0.0% 1 1 751 4 2.3%0 0.0%$2,325 $3.10 $2,325 $3.10 0.0% 1 1 774 23 13.4%1 4.4%$2,732 $3.53 $2,732 $3.53 0.0% 1 1 775 24 14.0%1 4.2%$2,698 $3.48 $2,698 $3.48 0.0% 1 1 785 6 3.5%0 0.0%$2,681 $3.41 $2,681 $3.41 0.0% 1 1 787 8 4.7%0 0.0%$2,595 $3.30 $2,595 $3.30 0.0% 2 2 1,096 3 1.7%0 0.0%$3,278 $2.99 $3,278 $2.99 0.0% 2 2 1,112 6 3.5%0 0.0%$3,401 $3.06 $3,401 $3.06 0.0% 2 2 1,131 22 12.8%1 4.6%$3,219 $2.85 $3,219 $2.85 0.0% 2 2 1,140 4 2.3%0 0.0%$3,194 $2.80 $3,194 $2.80 0.0% 2 2 1,165 6 3.5%0 0.0%$3,535 $3.03 $3,535 $3.03 0.0% 2 2 1,174 3 1.7%0 0.0%$3,367 $2.87 $3,367 $2.87 0.0% 2 2 1,194 18 10.5%1 5.6%$3,535 $2.96 $3,535 $2.96 0.0% 2 2 1,210 6 3.5%0 0.0%$3,365 $2.78 $3,365 $2.78 0.0% 2 2 1,242 2 1.2%0 0.0%$3,237 $2.61 $3,237 $2.61 0.0% 2 2 1,286 3 1.7%0 0.0%$3,231 $2.51 $3,231 $2.51 0.0% Totals 908 172 100%5 2.9%$2,891 $3.18 $2,891 $3.18 0.0% 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 85 Exhibit 2 Exhibit 2 933 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk SITE AMENITIES Bicycle Storage, Cabana, Controlled Access, Fitness Center, Grill, Lounge, Pool, Spa UNIT AMENITIES Ceiling Fans, Deck, Hardwood Floors, Stainless Steel Appliances, Tub/Shower, Washer/Dryer TRANSACTION NOTES This report has been verified by information available to the public. On October 29, 2021 Mesirow Financial sold the 172-unit apartment community located at 151 SE 3rd Avenue in Delray Beach, FL to TA Realty for $82.75 million, or approximately $481,105 per unit. At the time of sale the subject property was called South of Atlantic. The buyer financed this acquisition with a $40.56 million loan provided by Prudential Multifamily Mortgage LLC. Attempts made to contact the seller and buyer were unsuccessful. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 86 Exhibit 2 Exhibit 2 934 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 13 One Boynton - 1351 S Federal Hwy Boynton Beach, FL 33435 - Outer Boynton Beach Neighborhood SALE Sale Date:8/25/2021 Sale Price:$171,000,000 Price Per Unit:$346,154 Price Per SF:$533 Cap Rate:- PROPERTY Property Size:494 Units, 5 Floors Average Unit Size:1,152 SF Year Built:2009 Vacancy At Sale:5.1% Parking Spaces:980 Spaces; 2.0 per Unit CONTACTS Buyer:Blackstone Real Estate Income Trust, Inc. Seller:RangeWater Real Estate Listing Broker:ARA Newmark - Avery Klann, Hampton Beebe, Jackson Huggett,… UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE 1 1 789 12 2.4%1 8.3%$1,781 $2.26 $1,781 $2.26 0.0% 1 1 890 163 33.0%8 4.9%$1,545 $1.74 $1,545 $1.74 0.0% 1 1 1,032 25 5.1%1 4.0%$2,486 $2.41 $2,486 $2.41 0.0% 2 2 1,103 26 5.3%1 3.9%$2,760 $2.50 $2,760 $2.50 0.0% 2 2 1,153 19 3.8%1 5.3%$2,861 $2.48 $2,861 $2.48 0.0% 2 2 1,222 11 2.2%1 9.1%$2,771 $2.27 $2,771 $2.27 0.0% 2 2 1,227 122 24.7%6 4.9%$2,270 $1.85 $2,270 $1.85 0.0% 2 2 1,262 4 0.8%0 0.0%$2,940 $2.33 $2,940 $2.33 0.0% 2 2 1,432 8 1.6%0 0.0%$2,543 $1.78 $2,543 $1.78 0.0% 2 2 1,437 18 3.6%1 5.6%$2,094 $1.46 $2,094 $1.46 0.0% 2 2 1,479 2 0.4%0 0.0%$2,575 $1.74 $2,575 $1.74 0.0% 3 2 1,249 24 4.9%1 4.2%$2,879 $2.31 $2,861 $2.29 0.6% 3 2 1,368 22 4.5%1 4.6%$2,710 $1.98 $2,693 $1.97 0.6% 3 2 1,580 14 2.8%1 7.1%$2,925 $1.85 $2,907 $1.84 0.6% 3 2 1,870 1 0.2%0 0.0%$2,752 $1.47 $2,735 $1.46 0.6% 3 2 2,000 2 0.4%0 0.0%$3,776 $1.89 $3,753 $1.88 0.6% 3 2.5 2,000 19 3.8%1 5.3%$3,728 $1.86 $3,704 $1.85 0.6% 3 3 1,870 2 0.4%0 0.0%$3,015 $1.61 $2,996 $1.60 0.6% Totals 1,152 494 100%25 5.1%$2,228 $1.93 $2,225 $1.93 0.1% SITE AMENITIES Basketball Court, Bicycle Storage, Breakfast/Coffee Concierge, Business Center, Clubhouse, Controlled Access, Courtyard, Elevator, Fitness Center, Gated, Grill, Guest Apartment, Laundry Facilities, Maintenance on site, Media Center/Movie Theatre, Package Service, Picnic Area, Property Manager on Site, Recycling, Spa, Wi-Fi UNIT AMENITIES Air Conditioning, Balcony, Cable Ready, Ceiling Fans, Dishwasher, Disposal, Granite Countertops, Microwave, Oven, Patio, Refrigerator, Security System, Views, Walk-In Closets, Washer/Dryer, Window Coverings 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 87 Exhibit 2 Exhibit 2 935 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk TRANSACTION NOTES This report has been verified by information available to the public. On August 25, 2021 RangeWater Real Estate sold the 494-unit apartment community located at 1351 South Federal Highway in Boynton Beach, FL to The Blackstone Group Inc. for $171 million, or approximately $346,153 per unit. At the time of sale the subject property was called One Boynton. Amenities include on site restaurant and retail, stainless steel appliances, quartz countertops, multiple swimming pools and a residents lounge. The property last sold for $109.35 million in 2016 (please see CoStar COMPS# 3779937). Attempts made to contact the seller, listing brokers and the buyer were unsuccessful. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 88 Exhibit 2 Exhibit 2 936 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 14 St Andrews Residence Of Palm Beach - 208 Fern St West Palm Beach, FL 33401 - Downtown West Palm Beach Neighborhood SALE Sale Date:8/25/2021 Sale Price:$25,000,000 Price Per Unit:$137,363 Price Per SF:$196 Cap Rate:- PROPERTY Property Size:182 Units, 15 Floors Average Unit Size:597 SF Year Built:1970 Vacancy At Sale:0% Parking Spaces:- CONTACTS Buyer:Rainbow Housing Assistance Corporation, The Related Companies Seller:Diocese of Southeast Florida Listing Broker:Marcus & Millichap - Matthew Kurzmann UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE Studio 0 -5 2.7%0 0.0%$728 -$726 -0.2% Studio 1 544 100 54.9%0 0.0%$711 $1.31 $709 $1.30 0.3% 1 1 644 47 25.8%0 0.0%$941 $1.46 $939 $1.46 0.3% 1 2 700 30 16.5%0 0.0%$1,124 $1.61 $1,121 $1.60 0.2% Totals 597 182 100%0 0.0%$839 $1.41 $837 $1.41 0.3% TRANSACTION NOTES The information for this report has been verified by information available to the public. On September 2, 2021 Diocese of Southeast Florida sold two apartment communities totaling 330 units located in West Palm Beach, FL to a joint venture between Rainbow Housing Assistance Corporation and The Related Companies for $65 million, or approximately $196,969 per unit. The properties are subject to affordability restrictions. Subject Properties: St. James Residence of the Palm Beaches - 148 units located at 400 South Olive Avenue sold for $40 million St. James Residence of the Palm Beaches - 182 units located at 208 Fern Street sold for $25 million Third-party news stories reported the new ownership group plans to renovate the properties and keep the affordability restrictions in place. Attempts made to contact the seller and buyer were unsuccessful. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 89 Exhibit 2 Exhibit 2 937 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk 15 Cortland Uptown Boca - 20940 Uptown Ave Boca Raton, FL 33428 - West Boca Raton Neighborhood SALE Sale Date:8/5/2021 Sale Price:$230,000,000 Price Per Unit:$504,386 Price Per SF:$504 Cap Rate:- PROPERTY Property Size:456 Units, 5 Floors Average Unit Size:1,120 SF Year Built:Nov 2020 Vacancy At Sale:2.2% Parking Spaces:290 Spaces; 0.6 per Unit CONTACTS Buyer:Cortland Seller:Giles Capital Group, Rosemurgy Properties, SPG Realty LLC, Wh… Listing Broker:Cushman & Wakefield - Neal Victor, Robert Given, Troy Ballard,… UnitsBedBathAvg SF Mix %Units Mix %Per Unit Per SF Per Unit Per SF Concessions Unit Mix Vacancy Avg Asking Rent Avg Effective Rent UNIT MIX AT SALE 1 1 718 56 12.3%1 1.8%$2,328 $3.24 $2,328 $3.24 0.0% 1 1 730 14 3.1%0 0.0%$2,186 $2.99 $2,186 $2.99 0.0% 1 1 739 10 2.2%0 0.0%$2,310 $3.13 $2,310 $3.13 0.0% 1 1 786 10 2.2%0 0.0%$2,402 $3.06 $2,402 $3.06 0.0% 1 1 798 4 0.9%0 0.0%$2,428 $3.04 $2,428 $3.04 0.0% 2 2 986 40 8.8%1 2.5%$2,583 $2.62 $2,583 $2.62 0.0% 2 2 1,048 70 15.4%1 1.4%$3,423 $3.27 $3,423 $3.27 0.0% 2 2 1,063 6 1.3%0 0.0%$3,377 $3.18 $3,377 $3.18 0.0% 2 2 1,124 116 25.4%2 1.7%$3,176 $2.83 $3,176 $2.83 0.0% 3 2 1,403 100 21.9%2 2.0%$5,222 $3.72 $5,222 $3.72 0.0% 4 3 1,737 30 6.6%1 3.3%$5,515 $3.18 $5,515 $3.18 0.0% Totals 1,120 456 100%10 2.2%$3,590 $3.20 $3,590 $3.20 0.0% SITE AMENITIES Controlled Access, Elevator, Fitness Center, Gameroom, Gated, Grill, Lounge, Package Service, Pet Play Area, Pet Washing Station, Pool UNIT AMENITIES Ceiling Fans, Dishwasher, Disposal, Granite Countertops, Heating, Kitchen, Microwave, Oven, Range, Refrigerator, Stainless Steel Appliances, Vaulted Ceiling, Views, Walk-In Closets, Washer/Dryer 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 90 Exhibit 2 Exhibit 2 938 Sale Comparables 630 E Woolbright Rd - Avion Riverwalk TRANSACTION NOTES This 456-unit multifamily property sold on August 5th, 2021 for a total of $230 million. The property, originally coined "The Residences At Uptown Boca", was 88% occupied at the time of the sale. Rebranded as "Cortland Uptown Boca", the community and its management team offer amenities including but not limited to communal pool and sundeck access, a movie theater, 24/7 fitness center facilities, and planned resident social events. The seller and original developer, Giles Capital Group, owned the property as part of a joint venture between Rosemurgy Properties, SPG, and Wheelock Street Capital. They were represented in the transaction by a Cushman & Wakefield team led by Robert Givens, Zachary Sackley, Troy Ballard, and Neal Victor. The property was purchased by Cortland at a rate of $504,386 per unit. Additional financial details, such as net income or acquisition financing on the property, could not be disclosed. Unfortunately, the parties involved were not available for comment at the time of publication. The details of this sale comparable report were originally compiled via public record documents from the county register and local news outlets, and further verified via sources deemed reliable. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 91 Exhibit 2 Exhibit 2 939 Sales Volume 630 E Woolbright Rd - Avion Riverwalk PALM BEACH METRO SALES VOLUME IN UNITS BOYNTON BEACH SUBMARKET SALES VOLUME IN UNITS OUTER BOYNTON BEACH NEIGHBORHOOD SALES VOLUME IN UNITS 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 92 Exhibit 2 Exhibit 2 940 Sales Pricing 630 E Woolbright Rd - Avion Riverwalk NATIONAL PRICE INDICES REGIONAL MULTI-FAMILY PRICE INDICES 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 93 Exhibit 2 Exhibit 2 941 Sales Pricing 630 E Woolbright Rd - Avion Riverwalk PRICE PER UNIT TRENDS UNITED STATES SALE PRICE PER UNIT DISTRIBUTION PAST 12 MONTHS PALM BEACH SALE PRICE PER UNIT DISTRIBUTION PAST 12 MONTHS PRICE PER UNIT SUMMARY FOR SALES IN PAST YEAR Geography HighTop 25%AverageMedianBottom 25%LowTransactions $16,047,297United States 14,250 $5,000 $61,540 $172,500 $209,996 $499,266 $2,556,563Palm Beach 77 $29,429 $100,788 $200,000 $335,701 $698,417 $1,318,182Boynton Beach 20 $127,874 $152,389 $182,970 $313,130 $537,621 $1,318,182Outer Boynton Beach 6 $170,213 $188,953 $341,685 $387,805 $857,367 $653,198Selected Sale Comps 15 $137,362 $224,695 $370,370 $384,392 $519,222 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 94 Exhibit 2 Exhibit 2 942 Cap Rates 630 E Woolbright Rd - Avion Riverwalk MARKET CAP RATE UNITED STATES CAP RATE DISTRIBUTION PAST 12 MONTHS PALM BEACH CAP RATE DISTRIBUTION PAST 12 MONTHS CAP RATE SUMMARY STATISTICS IN PAST YEAR Geography HighTop 25%AverageMedianBottom 25%LowTransactions 25.0%United States 5,134 1.0%3.6%5.3%5.7%8.4% 11.5%Palm Beach 36 2.4%3.8%5.1%5.4%7.3% 7.0%Boynton Beach 14 2.4%3.3%4.7%4.7%6.3% 4.2%Outer Boynton Beach 2 3.7%N/A 4.0%4.0%N/A 3.7%Selected Sale Comps 1 3.7%N/A 3.7%3.7%N/A 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 95 Exhibit 2 Exhibit 2 943 Buyers 630 E Woolbright Rd - Avion Riverwalk TOP PALM BEACH MULTIFAMILY BUYERS PAST TWO YEARS Purchased at least one asset in Boynton Beach Multi-Family submarket Properties Bought Company Name Bldgs VolumeUnits Properties Sold Units BldgsVolume Blackstone Inc.8 2,308 $586,071,718 0 0 - Cortland 4 1,814 $543,572,000 2 1,076 $201,572,000 Carroll 4 1,304 $512,476,247 3 1,104 $375,314,243 Starwood Capital Group 6 1,488 $475,558,243 3 551 $165,118,004 Berkshire 1 390 $202,500,000 0 0 - Lincoln Property Company 1 297 $194,000,000 0 0 - Ontario Teachers' Pension Plan 1 297 $194,000,000 0 0 - Prudential Financial, Inc.1 448 $165,118,004 3 1,104 $375,314,243 The Bainbridge Companies 1 304 $161,100,000 0 0 - TPG Global LLC 1 304 $161,100,000 0 0 - Deutsche Bank AG 2 538 $157,500,000 0 0 - The Shidler Group 1 433 $153,000,000 0 0 - The Related Companies 9 859 $149,814,271 3 969 $437,000,000 Pantzer Properties 2 314 $144,500,000 0 0 - Northland 1 352 $138,500,000 4 981 $259,500,000 The Praedium Group 1 348 $138,000,000 0 0 - Morgan Properties 3 622 $132,500,000 0 0 - S2 Capital. LLC 1 359 $127,000,000 0 0 - Teachers Insurance and Annuity Assoc of A…1 350 $125,850,000 0 0 - Harbor Group International, LLC 2 568 $106,000,000 0 0 - Olympus Properties 1 324 $105,000,000 0 0 - Fontainebleau Development 1 40 $102,262,500 0 0 - Greystar Real Estate Partners 1 448 $92,156,000 0 0 - Healthcare of Ontario Pension Plan 1 252 $84,439,605 0 0 - Elco Ltd.1 217 $84,000,000 2 384 $135,200,000 TYPES OF MULTIFAMILY PALM BEACH BUYERS PAST TWO YEARS Company Type Bldgs Billions Avg PricePrice/Unit Average Purchase Units Buying Volume Private 234 13,830 $278,073 $16,434,864$3.85 Institutional 25 5,877 $344,655 $81,021,683$2.03 Private Equity 14 3,593 $287,472 $73,777,854$1.03 REIT/Public 0 0 --- $0 $1 $2 $3 $4 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 96 Exhibit 2 Exhibit 2 944 Sellers 630 E Woolbright Rd - Avion Riverwalk TOP PALM BEACH MULTIFAMILY SELLERS PAST TWO YEARS Sold at least one asset in Boynton Beach Multi-Family submarket Properties Sold Company Name Bldgs VolumeUnits Properties Bought Units BldgsVolume Rockpoint 3 1,078 $485,000,000 0 0 - The Related Companies 3 969 $437,000,000 9 859 $149,814,271 Carroll 3 1,104 $375,314,243 4 1,304 $512,476,247 Prudential Financial, Inc.3 1,104 $375,314,243 1 448 $165,118,004 Northland 4 981 $259,500,000 1 352 $138,500,000 Giles Capital Group 1 456 $230,000,000 0 0 - Rosemurgy Properties 1 456 $230,000,000 0 0 - Schmier & Feurring Properties, Inc.1 456 $230,000,000 0 0 - Wheelock Street Capital 1 456 $230,000,000 0 0 - Heitman 1 390 $202,500,000 0 0 - Cortland 2 1,076 $201,572,000 4 1,814 $543,572,000 Cornerstone Group 4 1,066 $179,921,718 0 0 - Southport Financial Services 3 738 $176,400,000 0 0 - RangeWater Real Estate 1 494 $171,000,000 0 0 - Starwood Capital Group 3 551 $165,118,004 6 1,488 $475,558,243 Klingbeil Capital Management Ltd.1 304 $161,100,000 0 0 - Brookfield Corporation 2 538 $157,500,000 0 0 - The Morgan Group 1 433 $153,000,000 0 0 - Eastwind Development, LLC 2 314 $144,500,000 0 0 - Mann Realty Associates 1 352 $138,500,000 0 0 - Elco Ltd.2 384 $135,200,000 1 217 $84,000,000 Ram Realty 1 350 $125,850,000 0 0 - Brass Enterprises 1 282 $112,000,000 0 0 - Alliance Residential Company 1 280 $106,000,000 0 0 - The Carlyle Group 1 280 $106,000,000 0 0 - TYPES OF MULTIFAMILY PALM BEACH SELLERS PAST TWO YEARS Company Type Bldgs Billions Avg PricePrice/Unit Average Sale Units Selling Volume Private 259 17,263 $283,997 $18,929,125$4.90 Institutional 15 3,468 $328,635 $75,980,483$1.14 Private Equity 7 2,291 $402,506 $131,734,748$0.92 REIT/Public 0 0 --- $0 $1.30 $2.60 $3.90 $5.20 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 97 Exhibit 2 Exhibit 2 945 630 E Woolbright Rd - Avion Riverwalk PREPARED BY Hank Fishkind Demographics 326,000 SF Multi-Family Building Exhibit 2 Exhibit 2 946 Demographic Overview 630 E Woolbright Rd 16,496 1.9 47 $61,969 Population (1 mi)Avg. HH Size (1 mi)Avg. Age (1 mi)Med. HH Inc. (1 mi) DEMOGRAPHIC RADIUS RINGS DEMOGRAPHIC SUMMARY 5 Mile3 Mile1 MilePopulation 181,03571,95416,4962023 Population 182,81673,58217,1472028 Population 1.0%2.3%4.0%Pop Growth 2023-2028 4544472023 Average Age Households 77,86631,2048,1642023 Households 78,54031,8968,4872028 Households 0.9%2.2%4.0%Household Growth 2023-2028 $66,450$63,327$61,969Median Household Income 2.22.21.9Average Household Size 221Average HH Vehicles Housing $316,940$326,242$317,688Median Home Value 198319791976Median Year Built 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 99 Exhibit 2 Exhibit 2 947 Age & Education 630 E Woolbright Rd - Avion Riverwalk POPULATION BY AGE GROUP IN 1 MILE RADIUS POPULATION BY EDUCATION IN 1 MILE RADIUSPOPULATION BY AGE IN 1 MILE RADIUS 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 100 Exhibit 2 Exhibit 2 948 POPULATION BY RACE MILITARY POPULATION Ethnicity 630 E Woolbright Rd 5 Mile3 MileRace1 Mile 2023 Population 118,87472.98%White 45,262 62.90%65.66%12,039 53,94422.71%Black 23,601 32.80%29.80%3,747 4,1642.25%Asian 1,385 1.92%2.30%371 639< 1%American Indian & Alaskan 310 < 1%< 1%66 161< 1%Hawaiian & Pacific Islander 49 < 1%< 1%4 3,2521.63%Other 1,348 1.87%1.80%269 0 2,800 5,600 8,400 11,200 14,000 HISPANIC POPULATION IN 1 MILE RADIUSPOPULATION BY RACE IN 1 MILE RADIUS 5 Mile3 Mile1 Mile 2023 Population 55< 1%Military 14 < 1%< 1%7 88,31799.91%Non-Military Workforce 34,823 99.96%99.94%8,058 0 1,800 3,600 5,400 7,200 9,000 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 101 Exhibit 2 Exhibit 2 949 Boynton/Lantana PREPARED BY Hank Fishkind Retail Submarket Report Palm Beach - FL Exhibit 3 Exhibit 3 950 RETAIL SUBMARKET REPORT Submarket Key Statistics 1 Leasing 2 Rent 5 Construction 6 Sales 10 Sales Past 12 Months 12 Supply & Demand Trends 14 Rent & Vacancy 17 Sale Trends 20 Boynton/Lantana Retail 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Exhibit 3 Exhibit 3 951 Overview Boynton/Lantana Retail 73K 60.7K 3.2%9.0% 12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth Vacancy in the Boynton/Lantana retail submarket is 3.2%, which is essentially the same level it was a year ago. Vacancy has only risen 0.1% during this time. During this period, 73,000 SF has delivered, and 61,000 SF has been absorbed. Total availability, which includes sublease space, is 3.9% of all inventory. Within this submarket, Neighborhood Centers are the largest subtype, with 4.2 million SF in this category. Rents are around $34.00/SF, which is a 9.0% increase from where they were a year ago. In the past three years, rents have increased a cumulative 22.7%. About 120,000 SF is under construction, representing a 1.1% expansion of inventory. In the past 12 months, 24 sales have taken place. Sales have averaged $340/SF, which is also the estimated value for the submarket as a whole. Over the past three years, there have been 116 sales, which have traded for approximately $372 million. The market cap rate for Boynton/Lantana is 5.6%, moderately below its trailing three-year average of 5.9%. KEY INDICATORS Market RentVacancy RateRBACurrent Quarter Availability Rate Net Absorption SF Deliveries SF Under Construction $35.570%1,924,369Malls 0%0 0 0 $38.502.5%989,666Power Center 2.8%(4,317)0 0 $32.615.5%4,239,124Neighborhood Center 6.6%9,078 5,636 4,000 $29.742.5%579,865Strip Center 7.9%(7,203)0 36,936 $33.202.5%3,221,676General Retail 2.4%4,020 0 77,400 --0Other -0 0 0 $33.673.2%10,954,700Submarket 3.9%1,578 5,636 118,336 Forecast Average Historical Average12 MonthAnnual Trends Peak When Trough When 3.6%5.7%0.1%Vacancy Change (YOY)10.1%2009 Q4 2.1%2019 Q1 47,874120,81960.7KNet Absorption SF 458,979 2007 Q1 (177,207)2020 Q4 79,139122,56873KDeliveries SF 625,989 2007 Q4 1,195 2021 Q1 3.7%2.5%9.0%Rent Growth 9.1%2023 Q2 -6.4%2009 Q3 N/A$73.5M$125MSales Volume $168.3M 2022 Q3 $3.6M 2009 Q4 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 2 Exhibit 3 Exhibit 3 952 Leasing Boynton/Lantana Retail NET ABSORPTION, NET DELIVERIES & VACANCY VACANCY RATE 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 3 Exhibit 3 Exhibit 3 953 Leasing Boynton/Lantana Retail AVAILABILITY RATE 4 & 5 STAR MOST ACTIVE BUILDINGS IN SUBMARKET - PAST 12 MONTHS Property Name/Address Rating GLA Deals Leased SF 12 Mo Vacancy 12 Mo Net Absorp SF 8,6544880 Woolbright Rd 8,654 1 0%8,654 10,1358210-8320 Jog Rd 32,972 5 15.4%7,436 1,9251000-1080 Gateway Blvd Publix 45,518 1 2.5%1,925 1,1201015 Gateway Blvd Quantum Village 12,272 1 6.8%(3,045) 4,1711540-1550 SW 8th St Shoppes of Woolbright 4,171 1 80.0%(4,171) 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 4 Exhibit 3 Exhibit 3 954 Leasing Boynton/Lantana Retail 3 STAR MOST ACTIVE BUILDINGS IN SUBMARKET - PAST 12 MONTHS Property Name/Address Rating GLA Deals Leased SF 12 Mo Vacancy 12 Mo Net Absorp SF 4,94211300 S Military Trl 72,282 3 3.6%7,709 5,0907410 Boynton Beach Blvd Hagens Ranch Commons 43,884 2 28.6%5,417 5,240111-155 N Congress Ave Boynton Plaza 108,694 4 2.5%4,500 3,8698831-8899 Hypoluxo Rd Publix at Town Commons 73,175 1 2.1%3,869 9,1638200 S State Road 7 38,203 4 25.4%3,838 5,472457-477 Greynolds Cir 11,669 3 7.5%3,767 3,5454956-4966 Le Chalet Blvd Aberdeen Square 26,176 1 10.0%3,684 1,4844793 N Congress Ave 10,260 1 30.4%1,484 1,0003501-3557 W Boynton Beach Bl… Boulevard Plaza 12,550 1 3.2%1,481 2,715540-570 SW 18th St Sunshine Square 34,975 2 3.0%1,225 6,3276169-6185 S Jog Rd 105,550 1 6.8%666 1,4201660 S Congress Ave 7,337 2 3.9%0 27,0001701-1797 N Congress Ave Catalina Centre 145,230 1 1.1%0 1,3907427-7451 S Military Trl Spectrum Square 27,936 1 0%0 1,2003301 W Boynton Beach Blvd Paz Plaza 14,400 1 1.7%0 2,250201-250 S Ocean Blvd 54,537 1 20.8%(433) 5,6001780 N Congress Ave Shoppes 10 10,500 2 54.1%(3,037) 2,800701 N Congress Ave Shopess at Boynton 42,490 1 14.4%(3,647) 9,2064895 Windward Passage Dr Gables End Plaza 18,311 4 25.1%(6,303) 3,130320-398 N Congress Ave Boynton Commons 168,617 1 6.9%(8,852) 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 5 Exhibit 3 Exhibit 3 955 Rent Boynton/Lantana Retail MARKET RENT GROWTH (YOY) MARKET RENT PER SQUARE FEET 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 6 Exhibit 3 Exhibit 3 956 Construction Boynton/Lantana Retail DELIVERIES & DEMOLITIONS 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 7 Exhibit 3 Exhibit 3 957 Construction Boynton/Lantana Retail 122,676 229,463 118,336 270,341 All-Time Annual Avg. Square Feet Delivered Square Feet Past 8 Qtrs Delivered Square Feet Next 8 Qtrs Proposed Square Feet Next 8 Qtrs PAST 8 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED PAST & FUTURE DELIVERIES IN SQUARE FEET 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 8 Exhibit 3 Exhibit 3 958 Construction Boynton/Lantana Retail RECENT DELIVERIES Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Jan 20229910 S Jog Rd Wawa 5,636 1 Jul 2023 - -1 Mar 20224530 Lantana Rd WaWa 5,636 1 Jun 2023 The Morgan Companies Julie Heberlein2 Dec 20204880 Woolbright Rd 8,654 1 Jun 2023 Stiles Retail Group Carlene Blunt3 Feb 202111600 S Trl Building J4 6,112 1 Mar 2023 - Mack Industrial Inc.4 Feb 20222505 W Woolbright Rd Wawa 3,694 1 Feb 2023 - -5 Sep 202211500 S Military Trl 5,769 1 Jan 2023 - -6 Apr 20224400 Hypoluxo Rd Chipotle 3,000 1 Dec 2022 - L & E International Services, Inc.7 Jun 202211266 S Military Trl 6,000 1 Nov 2022 - Yevgeniy Yermakov8 Apr 20206403 W Boynton Blvd A 7,700 1 Oct 2022 - Carlyle Management Company9 Jan 20228755 Hypoluxo Rd Shoppes at Town Comm…8,013 1 Oct 2022 - -10 Mar 202211800 S Military Trl 20,000 1 Sep 2022 - -11 Jan 20228200 S State Road 7 38,203 1 Apr 2022 - Melrose Center Boynton, LLC12 Dec 20216405 W Boynton Blvd 6,200 1 Apr 2022 - Wawa, Inc.13 Apr 20206405 W Boynton Blvd E 3,500 1 Mar 2022 - Carlyle Management Company14 Apr 20206405 W Boynton Blvd Sprouts 44,448 1 Feb 2022 Mason Construction & Developm… Carlyle Management Company15 Apr 20206405 W Boynton Blvd C 3,500 1 Jan 2022 - -16 Sep 2021S Military 3,445 1 Jan 2022 - Yevgeniy Yermakov17 Sep 2021650 E Woolbright Rd Josie's Ristorante 5,905 1 Jan 2022 - -18 Sep 202110160 Lyons Rd The Learning Experience 6,000 1 Jan 2022 - -19 Jun 20219602 87th Pl S 1,548 1 Oct 2021 - Jobson S Chaves20 UNDER CONSTRUCTION Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Jan 20234966 Le Chalet Blvd 40,000 1 Mar 2024 - -1 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 9 Exhibit 3 Exhibit 3 959 Construction Boynton/Lantana Retail UNDER CONSTRUCTION Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Dec 20228764 Lantana Rd Merchants Walk Building A 17,364 1 Dec 2023 - Ward Real Estate LLC2 Dec 20228764 Lantana Rd Merchants Walk Building B 15,072 1 Jan 2024 - -3 Oct 20228601 Boynton Beach Blvd 15,000 2 Nov 2023 Gary Smigiel ABC Fine Wine & Spirits4 Jul 20231400 Dixie Hwy 10,000 2 Dec 2023 - -5 Apr 20238543 Boynton Beach Blvd 9,400 1 Dec 2023 - -6 Dec 20228764 Lantana Rd Merchants Walk Building C 4,500 1 Jan 2024 - -7 Oct 20181080 Gateway Blvd A'lu Mexican Cuisine 4,000 1 Sep 2023 - Olen Properties8 Jan 20224066 Lantana Rd 3,000 1 Sep 2023 - Marie Kettlene Placide9 PROPOSED Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Aug 20230 Hypoluxo Rd 160,000 1 Aug 2024 - -1 Aug 20234361 Hypoluxo Rd Building G 45,000 1 Feb 2024 - Paul Z. Okean2 Dec 20237395-7555 Boynton Beach… Bld A 19,054 1 Dec 2024 Edgewood Properties SJC Ventures3 Dec 20237395-7555 Boynton Beach… Building E 11,142 1 Dec 2024 Edgewood Properties SJC Ventures4 Nov 20237395-7555 Boynton Beach… Building C 9,375 1 Nov 2024 Edgewood Properties SJC Ventures5 Dec 20237395-7555 Boynton Beach… Building D 9,375 1 Dec 2024 Edgewood Properties SJC Ventures6 Jul 20246455 S Jog Rd The Falls Retail Shops 5,550 1 Dec 2024 - Joel Horowitz7 Aug 20234790 N Congress Ave 4,000 1 Feb 2024 Katz & Associates MMG Equity Partners8 Dec 20237395-7555 Boynton Beach… Building B 2,845 1 Dec 2024 Edgewood Properties SJC Ventures9 Jan 20244361 Hypoluxo Rd Building F 2,500 1 Jan 2025 - -10 Dec 20234361 Hypoluxo Rd 1,500 1 Dec 2024 - -11 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 10 Exhibit 3 Exhibit 3 960 Sales Boynton/Lantana Retail Investors have been especially active in the capital markets in Boynton/Lantana, making it one of the most heavily traded submarkets in the region over the past several years. Annual sales volume has averaged $96.5 million over the past five years, including a 12-month high of $168 million over that stretch. The recorded transaction volume here reached $120 million in the past year. The general retail sector drove that volume. Market pricing, based on the estimated price movement of all properties in the submarket, sat at $343/SF during the third quarter of 2023. That market price is up compared to the third quarter from last year, but the level still falls far short of the average for the region. The market cap rate has shrunk since last year to 5.6%. That is the lowest cap rate in the past five years, which is the same as the metro's average. SALES VOLUME & MARKET SALE PRICE PER SF 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 11 Exhibit 3 Exhibit 3 961 Sales Boynton/Lantana Retail MARKET CAP RATE 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 12 Exhibit 3 Exhibit 3 962 Sales Past 12 Months Boynton/Lantana Retail 25 5.5%$345 24.6% Sale Comparables Avg. Cap Rate Avg. Price/SF Avg. Vacancy At Sale SALE COMPARABLE LOCATIONS SALE COMPARABLES SUMMARY STATISTICS Sales Attributes Low Average Median High Sale Price $400,000 $5,679,827 $2,635,000 $38,867,400 Price/SF $88 $345 $542 $1,887 Cap Rate 4.1%5.5%4.1%8.3% Time Since Sale in Months 0.2 5.4 5.2 11.7 Property Attributes Low Average Median High Building SF 640 14,947 4,299 84,180 Stories 1 1 1 2 Typical Floor SF 640 14,736 3,872 84,180 Vacancy Rate At Sale 0%24.6%0%100% Year Built 1929 1988 1979 2022 Star Rating 2.7 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 13 Exhibit 3 Exhibit 3 963 Sales Past 12 Months Boynton/Lantana Retail Property Name - Address Rating Yr Built Bldg SF Vacancy Price Price/SF Property Sale Date Sale Cap Rate RECENT SIGNIFICANT SALES -1 11300 S Military Trl 2021 72,282 2.8%$38,867,400 $5382/26/2023 - -2 Sprouts 2022 44,448 0%$27,098,650 $6106405 W Boynton Blvd 9/8/2022 - -3 Sears 1976 84,180 100%$7,666,335 $911201 S Dixie Hwy 7/26/2023 - -4 S Military 2022 3,445 0%$6,500,000 $1,8872/21/2023 4.1% -5 Lantana Village Square 1976 69,131 5.2%$6,075,673 $881301-1499 S Dixie Hwy 7/26/2023 - -6 Truist Bank 1964 12,018 0%$6,000,000 $499315 S Federal Hwy 1/3/2023 - -7 A 2022 7,700 0%$5,901,350 $7666403 W Boynton Blvd 9/8/2022 - -8 Chipotle 2022 3,000 0%$3,121,200 $1,0404400 Hypoluxo Rd 3/20/2023 - -9 8880 Lantana Rd 1986 1,620 0%$3,000,000 $1,8527/11/2023 - -10 2250 W Woolbright Rd 1980 4,299 0%$3,000,000 $6982/13/2023 - -11 Family Dollar 2013 9,200 0%$2,720,000 $2961199 Hypoluxo Rd 6/27/2023 - -12 1300 Lantana Rd 1964 15,990 0%$2,550,000 $15912/12/2022 - -13 11266 S Military Trl 2022 6,000 0%$2,132,600 $3552/26/2023 - -14 7-Eleven 1979 2,496 0%$2,100,000 $84111190 S Military Trl 4/18/2023 - -15 101 N Federal Hwy 1929 1,792 0%$2,000,000 $1,1169/16/2022 - -16 1290 Lantana Rd 1973 2,195 0%$1,200,000 $54711/30/2022 - -17 400 Building 1973 4,752 0%$1,140,000 $240400 S Federal Hwy 10/14/2022 - -18 457-477 Greynolds Cir 1982 11,669 0%$1,057,992 $917/26/2023 - -19 Dunkin'1981 3,000 0%$975,000 $3251101 S Dixie Hwy 2/14/2023 - -20 9602 87th Pl S 2021 1,548 0%$900,000 $5813/23/2023 - 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 14 Exhibit 3 Exhibit 3 964 Supply & Demand Trends Boynton/Lantana Retail OVERALL SUPPLY & DEMAND Net AbsorptionInventory % of Inv Construction RatioSFSF Growth % Growth SFYear 2027 57,664 0.5%0.4%41,701 1.411,243,321 2026 55,127 0.5%0.4%40,297 1.411,185,657 2025 48,987 0.4%0.5%54,571 0.911,130,530 2024 108,452 1.0%0.7%81,769 1.311,081,543 2023 53,892 0.5%-0.1%(11,945)-10,973,091 YTD 35,501 0.3%-0.1%(10,318)-10,954,700 2022 155,914 1.4%3.2%345,978 0.510,919,199 2021 106,326 1.0%0.6%59,235 1.810,763,285 2020 1,195 0%-1.7%(177,207)-10,656,959 2019 153,656 1.5%2.7%289,925 0.510,655,764 2018 15,011 0.1%0.1%11,097 1.410,502,108 2017 3,491 0%1.1%119,111 010,487,097 2016 20,342 0.2%1.2%124,588 0.210,483,606 2015 26,874 0.3%1.1%110,011 0.210,463,264 2014 2,198 0%-0.3%(35,658)-10,436,390 2013 33,023 0.3%0.4%41,957 0.810,434,192 2012 67,265 0.7%2.1%222,011 0.310,401,169 2011 7,356 0.1%0.7%77,450 0.110,333,904 MALLS SUPPLY & DEMAND Net AbsorptionInventory % of Inv Construction RatioSFSF Growth % Growth SFYear 2027 9,677 0.5%0.4%8,719 1.11,953,000 2026 9,263 0.5%0.4%8,393 1.11,943,323 2025 8,243 0.4%0.4%6,845 1.21,934,060 2024 2,098 0.1%0.1%1,336 1.61,925,817 2023 (650)0%-0.2%(3,306)-1,923,719 YTD 0 0%---1,924,369 2022 0 0%0.6%11,638 01,924,369 2021 0 0%-0.2%(4,461)-1,924,369 2020 0 0%0.2%3,323 01,924,369 2019 0 0%-0.5%(9,350)-1,924,369 2018 0 0%0.1%1,117 01,924,369 2017 0 0%-0.1%(2,267)-1,924,369 2016 0 0%0.5%10,372 01,924,369 2015 0 0%1.1%20,545 01,924,369 2014 0 0%-0.8%(14,983)-1,924,369 2013 0 0%0.1%1,655 01,924,369 2012 0 0%0.4%8,525 01,924,369 2011 0 0%0.7%12,642 01,924,369 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 15 Exhibit 3 Exhibit 3 965 Supply & Demand Trends Boynton/Lantana Retail POWER CENTER SUPPLY & DEMAND Net AbsorptionInventory % of Inv Construction RatioSFSF Growth % Growth SFYear 2027 (1,374)-0.1%-0.2%(1,918)-983,883 2026 (1,371)-0.1%-0.2%(1,882)-985,257 2025 (1,360)-0.1%-0.1%(964)-986,628 2024 (1,357)-0.1%-0.1%(1,076)-987,988 2023 (321)0%-1.5%(15,314)-989,345 YTD 0 0%-1.3%(13,270)-989,666 2022 0 0%2.7%26,462 0989,666 2021 0 0%1.1%11,363 0989,666 2020 0 0%-2.0%(19,401)-989,666 2019 0 0%9.5%94,324 0989,666 2018 0 0%0%(96)-989,666 2017 0 0%4.3%42,944 0989,666 2016 0 0%-3.9%(38,564)-989,666 2015 0 0%0.8%7,682 0989,666 2014 0 0%-2.0%(19,753)-989,666 2013 0 0%-0.2%(1,815)-989,666 2012 0 0%1.0%10,160 0989,666 2011 0 0%0.3%2,732 0989,666 NEIGHBORHOOD CENTER SUPPLY & DEMAND Net AbsorptionInventory % of Inv Construction RatioSFSF Growth % Growth SFYear 2027 10,691 0.3%0%2,005 5.34,271,730 2026 10,137 0.2%0%1,250 8.14,261,039 2025 8,632 0.2%0.1%4,855 1.84,250,902 2024 546 0%-0.1%(4,634)-4,242,270 2023 14,348 0.3%-0.4%(17,593)-4,241,724 YTD 11,748 0.3%-0.3%(12,927)-4,239,124 2022 59,148 1.4%4.2%176,915 0.34,227,376 2021 48,100 1.2%-0.4%(16,393)-4,168,228 2020 0 0%-2.3%(96,639)-4,120,128 2019 100,661 2.5%2.4%97,103 1.04,120,128 2018 0 0%0.1%3,234 04,019,467 2017 0 0%1.6%64,726 04,019,467 2016 14,979 0.4%2.6%103,789 0.14,019,467 2015 0 0%3.0%120,681 04,004,488 2014 0 0%-0.2%(8,806)-4,004,488 2013 4,127 0.1%0.5%18,221 0.24,004,488 2012 17,265 0.4%3.6%144,190 0.14,000,361 2011 8,814 0.2%0.9%35,425 0.23,983,096 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 16 Exhibit 3 Exhibit 3 966 Supply & Demand Trends Boynton/Lantana Retail STRIP CENTER SUPPLY & DEMAND Net AbsorptionInventory % of Inv Construction RatioSFSF Growth % Growth SFYear 2027 6,137 1.0%0.8%5,100 1.2635,706 2026 5,889 0.9%0.8%4,957 1.2629,569 2025 5,313 0.9%1.5%9,296 0.6623,680 2024 38,697 6.7%4.9%30,413 1.3618,367 2023 (195)0%-0.8%(4,621)-579,670 YTD 0 0%-1.6%(9,345)-579,865 2022 8,013 1.4%3.0%17,657 0.5579,865 2021 9,929 1.8%5.3%30,479 0.3571,852 2020 0 0%-1.1%(6,249)-561,923 2019 11,996 2.2%2.2%12,582 1.0561,923 2018 0 0%0.2%1,370 0549,927 2017 0 0%0.5%2,986 0549,927 2016 0 0%5.6%30,839 0549,927 2015 0 0%-4.9%(27,171)-549,927 2014 0 0%0.5%2,897 0549,927 2013 11,381 2.1%0.5%2,942 3.9549,927 2012 0 0%1.1%5,943 0538,546 2011 0 0%3.9%20,804 0538,546 GENERAL RETAIL SUPPLY & DEMAND Net AbsorptionInventory % of Inv Construction RatioSFSF Growth % Growth SFYear 2027 32,533 1.0%0.8%27,795 1.23,399,002 2026 31,209 0.9%0.8%27,579 1.13,366,469 2025 28,159 0.9%1.0%34,539 0.83,335,260 2024 68,468 2.1%1.7%55,730 1.23,307,101 2023 40,710 1.3%0.9%28,889 1.43,238,633 YTD 23,753 0.7%0.8%25,224 0.93,221,676 2022 88,753 2.9%3.5%113,306 0.83,197,923 2021 48,297 1.6%1.2%38,247 1.33,109,170 2020 1,195 0%-1.9%(58,241)-3,060,873 2019 40,999 1.4%3.1%95,266 0.43,059,678 2018 15,011 0.5%0.2%5,472 2.73,018,679 2017 3,491 0.1%0.4%10,722 0.33,003,668 2016 5,363 0.2%0.6%18,152 0.33,000,177 2015 26,874 0.9%-0.4%(11,726)-2,994,814 2014 2,198 0.1%0.2%4,987 0.42,967,940 2013 17,515 0.6%0.7%20,954 0.82,965,742 2012 50,000 1.7%1.8%53,193 0.92,948,227 2011 (1,458)-0.1%0.2%5,847 -2,898,227 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 17 Exhibit 3 Exhibit 3 967 Rent & Vacancy Boynton/Lantana Retail OVERALL RENT & VACANCY Market Rent Per SF Index % Growth Vs Hist PeakYear Vacancy SF Percent Ppts Chg 2027 175 1.8%21.6%$38.54 420,186 3.7%0.1% 2026 172 2.3%19.5%$37.85 405,412 3.6%0.1% 2025 168 3.0%16.8%$37 391,670 3.5%-0.1% 2024 163 3.7%13.3%$35.90 398,323 3.6%0.2% 2023 157 9.2%9.2%$34.61 371,402 3.4%0.6% YTD 153 9.0%6.3%$33.67 351,303 3.2%0.4% 2022 144 7.2%0%$31.68 305,484 2.8%-1.8% 2021 134 5.9%-6.8%$29.54 495,548 4.6%0.4% 2020 127 4.3%-11.9%$27.91 448,457 4.2%1.7% 2019 121 3.8%-15.6%$26.75 270,055 2.5%-1.3% 2018 117 4.6%-18.7%$25.76 406,324 3.9%0% 2017 112 4.5%-22.3%$24.63 402,410 3.8%-1.1% 2016 107 5.7%-25.6%$23.57 518,030 4.9%-1.0% 2015 101 5.6%-29.6%$22.30 622,276 5.9%-0.8% 2014 96 3.2%-33.4%$21.11 705,413 6.8%0.4% 2013 93 3.2%-35.4%$20.46 667,557 6.4%-0.1% 2012 90 1.1%-37.4%$19.83 676,491 6.5%-1.5% 2011 89 -1.6%-38.1%$19.62 831,237 8.0%-0.7% MALLS RENT & VACANCY Market Rent Per SF Index % Growth Vs Hist PeakYear Vacancy SF Percent Ppts Chg 2027 155 2.0%22.9%$41.08 6,570 0.3%0% 2026 152 2.5%20.4%$40.27 5,639 0.3%0% 2025 148 3.3%17.5%$39.29 4,798 0.2%0.1% 2024 143 3.9%13.8%$38.05 3,428 0.2%0% 2023 138 9.5%9.5%$36.61 2,659 0.1%0.1% YTD 134 8.6%6.4%$35.57 0 0%0% 2022 126 4.6%0%$33.44 0 0%-0.6% 2021 120 4.6%-4.4%$31.96 11,638 0.6%0.2% 2020 115 4.2%-8.6%$30.55 7,177 0.4%-0.2% 2019 110 2.8%-12.3%$29.31 10,500 0.5%0.5% 2018 107 2.8%-14.8%$28.50 1,150 0.1%-0.1% 2017 104 4.6%-17.1%$27.73 2,267 0.1%0.1% 2016 100 5.4%-20.7%$26.51 0 0%-0.5% 2015 95 4.8%-24.8%$25.15 10,372 0.5%-1.1% 2014 90 1.6%-28.2%$24 30,917 1.6%0.8% 2013 89 1.9%-29.4%$23.61 15,934 0.8%-0.1% 2012 87 -0.6%-30.7%$23.17 17,589 0.9%-0.4% 2011 88 -2.3%-30.3%$23.30 26,114 1.4%-0.7% 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 18 Exhibit 3 Exhibit 3 968 Rent & Vacancy Boynton/Lantana Retail POWER CENTER RENT & VACANCY Market Rent Per SF Index % Growth Vs Hist PeakYear Vacancy SF Percent Ppts Chg 2027 176 1.9%22.5%$44.20 26,910 2.7%0.1% 2026 173 2.4%20.2%$43.38 26,303 2.7%0.1% 2025 169 3.1%17.5%$42.37 25,706 2.6%0% 2024 164 3.8%13.9%$41.09 26,072 2.6%0% 2023 158 9.8%9.8%$39.60 26,282 2.7%1.5% YTD 153 9.3%6.7%$38.50 24,551 2.5%1.3% 2022 144 7.2%0%$36.08 11,281 1.1%-2.7% 2021 134 5.5%-6.7%$33.66 37,743 3.8%-1.1% 2020 127 3.8%-11.5%$31.91 49,106 5.0%2.0% 2019 122 3.6%-14.8%$30.74 29,705 3.0%-9.5% 2018 118 4.9%-17.7%$29.68 124,029 12.5%0% 2017 113 4.2%-21.6%$28.30 123,933 12.5%-4.3% 2016 108 5.4%-24.7%$27.16 166,877 16.9%3.9% 2015 103 5.7%-28.6%$25.77 128,313 13.0%-0.8% 2014 97 3.1%-32.4%$24.39 135,995 13.7%2.0% 2013 94 3.9%-34.5%$23.64 116,242 11.7%0.2% 2012 91 2.1%-36.9%$22.75 114,427 11.6%-1.0% 2011 89 -1.0%-38.3%$22.27 124,587 12.6%-0.3% NEIGHBORHOOD CENTER RENT & VACANCY Market Rent Per SF Index % Growth Vs Hist PeakYear Vacancy SF Percent Ppts Chg 2027 177 1.7%21.4%$37.12 266,056 6.2%0.2% 2026 174 2.2%19.4%$36.50 257,675 6.0%0.2% 2025 171 2.9%16.8%$35.72 249,077 5.9%0.1% 2024 166 3.6%13.5%$34.71 245,445 5.8%0.1% 2023 160 9.6%9.6%$33.51 240,239 5.7%0.7% YTD 156 9.2%6.7%$32.61 232,932 5.5%0.6% 2022 146 7.3%0%$30.57 208,257 4.9%-2.9% 2021 136 5.9%-6.8%$28.49 326,024 7.8%1.5% 2020 128 4.2%-12.0%$26.90 261,531 6.3%2.3% 2019 123 3.9%-15.6%$25.80 164,892 4.0%0% 2018 119 5.5%-18.8%$24.83 161,334 4.0%-0.1% 2017 112 4.5%-23.0%$23.54 164,568 4.1%-1.6% 2016 108 5.6%-26.3%$22.52 229,294 5.7%-2.2% 2015 102 6.1%-30.2%$21.33 318,104 7.9%-3.0% 2014 96 3.0%-34.3%$20.09 438,785 11.0%0.2% 2013 93 3.3%-36.2%$19.51 429,979 10.7%-0.4% 2012 90 1.6%-38.2%$18.88 444,073 11.1%-3.2% 2011 89 -1.6%-39.2%$18.59 570,998 14.3%-0.7% 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 19 Exhibit 3 Exhibit 3 969 Rent & Vacancy Boynton/Lantana Retail STRIP CENTER RENT & VACANCY Market Rent Per SF Index % Growth Vs Hist PeakYear Vacancy SF Percent Ppts Chg 2027 184 1.9%21.3%$34.11 15,796 2.5%0.1% 2026 181 2.3%19.1%$33.49 14,868 2.4%0.1% 2025 177 3.1%16.3%$32.72 14,028 2.2%-0.7% 2024 171 3.8%12.8%$31.73 18,128 2.9%1.2% 2023 165 8.7%8.7%$30.57 9,818 1.7%0.8% YTD 161 8.9%5.8%$29.74 14,730 2.5%1.6% 2022 152 8.1%0%$28.12 5,385 0.9%-1.7% 2021 140 6.1%-7.5%$26.02 15,029 2.6%-3.7% 2020 132 5.1%-12.8%$24.53 35,579 6.3%1.1% 2019 126 5.4%-17.0%$23.35 29,330 5.2%-0.2% 2018 120 4.5%-21.2%$22.15 29,916 5.4%-0.2% 2017 114 3.7%-24.6%$21.20 31,286 5.7%-0.5% 2016 110 5.7%-27.3%$20.45 34,272 6.2%-5.6% 2015 104 6.2%-31.2%$19.35 65,111 11.8%4.9% 2014 98 5.5%-35.2%$18.21 37,940 6.9%-0.5% 2013 93 2.2%-38.6%$17.27 40,837 7.4%1.4% 2012 91 0.8%-39.9%$16.90 32,398 6.0%-1.1% 2011 91 -1.9%-40.4%$16.77 38,341 7.1%-3.9% GENERAL RETAIL RENT & VACANCY Market Rent Per SF Index % Growth Vs Hist PeakYear Vacancy SF Percent Ppts Chg 2027 185 1.8%20.9%$38.01 104,854 3.1%0.1% 2026 182 2.3%18.7%$37.33 100,927 3.0%0.1% 2025 178 3.1%16.1%$36.49 98,061 2.9%-0.2% 2024 172 3.7%12.6%$35.41 105,250 3.2%0.3% 2023 166 8.6%8.6%$34.13 92,404 2.9%0.3% YTD 162 9.0%5.6%$33.20 79,090 2.5%-0.1% 2022 153 8.7%0%$31.44 80,561 2.5%-0.9% 2021 141 6.7%-8.0%$28.92 105,114 3.4%0.3% 2020 132 4.6%-13.8%$27.10 95,064 3.1%1.9% 2019 126 4.3%-17.6%$25.91 35,628 1.2%-1.8% 2018 121 4.5%-21.0%$24.84 89,895 3.0%0.3% 2017 116 4.6%-24.4%$23.77 80,356 2.7%-0.2% 2016 111 6.1%-27.7%$22.72 87,587 2.9%-0.4% 2015 104 5.5%-31.9%$21.41 100,376 3.4%1.3% 2014 99 4.2%-35.4%$20.30 61,776 2.1%-0.1% 2013 95 3.7%-38.0%$19.48 64,565 2.2%-0.1% 2012 91 1.3%-40.3%$18.78 68,004 2.3%-0.1% 2011 90 -1.1%-41.0%$18.54 71,197 2.5%-0.3% 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 20 Exhibit 3 Exhibit 3 970 Sale Trends Boynton/Lantana Retail OVERALL SALES Completed Transactions (1) Turnover Avg Price/SFDealsVolumeYear Market Pricing Trends (2) Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate 2027 -----196-$354.51 6.3% 2026 -----181-$326.53 6.7% 2025 -----173-$312 6.8% 2024 -----166-$300.27 6.9% 2023 -----188-$340.15 5.8% YTD $85.1M17 2.6%$297.72$5,316,638 1905.5%$342.73 5.6% 2022 $151.3M29 4.2%$477.12$6,576,739 1805.4%$324.30 5.7% 2021 $124.9M52 7.3%$282.24$3,047,530 1616.3%$290.04 5.9% 2020 $39.4M39 1.1%$449.76$1,515,494 1525.0%$273.80 6.1% 2019 $96.1M29 5.0%$183.30$3,845,220 1425.6%$255.82 6.3% 2018 $38.7M30 4.7%$120.79$1,933,473 1405.9%$253.02 6.3% 2017 $63.2M49 7.9%$159.05$2,431,858 1356.6%$242.97 6.3% 2016 $75.6M29 2.6%$293.03$3,598,823 1306.5%$235.36 6.3% 2015 $75M32 3.6%$201.60$2,420,415 1246.7%$224.52 6.4% 2014 $37.7M24 3.2%$147.61$1,887,445 1127.6%$202.21 6.7% 2013 $38.6M43 3.7%$141.63$1,483,655 996.7%$179.32 7.1% 2012 $104.9M27 5.7%$178.64$4,197,126 967.2%$173.62 7.2% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. MALLS SALES Completed Transactions (1) Turnover Avg Price/SFDealsVolumeYear Market Pricing Trends (2) Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate 2027 -----186-$332.60 6.1% 2026 -----171-$305.89 6.5% 2025 -----163-$291.77 6.6% 2024 -----157-$280.28 6.7% 2023 -----177-$316.65 5.6% YTD -----178-$318.60 5.4% 2022 $01 5.1%--169-$302.13 5.5% 2021 -----152-$271.91 5.7% 2020 -----144-$257.10 5.9% 2019 $4.5M1 5.2%$45.19$4,500,000 135-$241.25 6.1% 2018 -----135-$240.35 6.0% 2017 -----130-$231.38 6.1% 2016 -----126-$224.36 6.1% 2015 -----120-$214.63 6.1% 2014 -----109-$194.19 6.5% 2013 -----97-$173.68 6.8% 2012 -----95-$169.91 6.9% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 21 Exhibit 3 Exhibit 3 971 Sale Trends Boynton/Lantana Retail POWER CENTER SALES Completed Transactions (1) Turnover Avg Price/SFDealsVolumeYear Market Pricing Trends (2) Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate 2027 -----188-$352.23 6.1% 2026 -----173-$324.53 6.5% 2025 -----165-$310.04 6.6% 2024 -----159-$298.34 6.7% 2023 -----180-$337.53 5.6% YTD -----181-$339.79 5.4% 2022 -----172-$322.30 5.5% 2021 $01 0.7%--153-$286.74 5.8% 2020 -----145-$271.89 5.9% 2019 $58.8M7 30.2%$196.99$8,400,000 135-$253.91 6.2% 2018 $7.8M2 19.5%$40.76$3,923,421 135-$252.81 6.1% 2017 -----129-$242.58 6.2% 2016 -----126-$236.54 6.2% 2015 $150K1 2.8%$5.36$150,000 120-$224.81 6.2% 2014 $01 0.7%--108-$202.45 6.6% 2013 -----96-$180.99 7.0% 2012 $5.4M2 9.3%$58.72$2,707,000 93-$175.20 7.1% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. NEIGHBORHOOD CENTER SALES Completed Transactions (1) Turnover Avg Price/SFDealsVolumeYear Market Pricing Trends (2) Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate 2027 -----181-$309.62 6.5% 2026 -----167-$286.46 6.9% 2025 -----160-$274.29 7.1% 2024 -----154-$264.43 7.1% 2023 -----174-$297.26 6.1% YTD $15.8M4 4.0%$93.91$3,943,750 175-$298.91 5.9% 2022 $109.6M8 5.4%$482.16$13,700,000 1666.4%$283.57 6.0% 2021 $88.5M19 11.2%$303.83$6,805,532 1497.2%$255.04 6.2% 2020 $14.7M4 0.4%$997.02$3,672,527 1444.8%$247.20 6.3% 2019 $5.3M4 0.4%$332.91$1,316,250 1355.0%$231.34 6.5% 2018 $9.9M4 4.4%$378.21$9,900,000 1366.1%$233.10 6.4% 2017 $50.2M26 18.8%$139.87$3,584,879 1317.1%$224.97 6.4% 2016 $37.7M4 3.2%$297.99$12,580,245 1286.7%$219.23 6.4% 2015 $12.8M2 1.5%$215.45$6,399,000 122-$209 6.5% 2014 $17.9M6 5.1%$123.68$3,571,631 111-$189.82 6.8% 2013 $11.2M19 6.5%$71.76$1,592,857 994.3%$168.90 7.2% 2012 $85M8 9.4%$226.90$10,622,172 966.8%$164.23 7.3% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 22 Exhibit 3 Exhibit 3 972 Sale Trends Boynton/Lantana Retail STRIP CENTER SALES Completed Transactions (1) Turnover Avg Price/SFDealsVolumeYear Market Pricing Trends (2) Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate 2027 -----218-$370.54 6.1% 2026 -----200-$340.40 6.5% 2025 -----191-$324.92 6.6% 2024 -----184-$312.46 6.7% 2023 -----209-$356.17 5.7% YTD -----211-$359.73 5.4% 2022 $3.7M1 2.5%$256.94$3,700,000 198-$337.07 5.5% 2021 -----173-$294.62 5.8% 2020 $933.3K2 2.4%$70.51$466,667 159-$270.43 6.0% 2019 $3.1M1 1.8%$305.15$3,051,500 1476.8%$250.22 6.3% 2018 $9.6M4 11.8%$148.72$2,404,275 139-$237.10 6.4% 2017 $02 0.7%--133-$226.95 6.5% 2016 $5.1M1 3.5%$266.96$5,105,000 129-$219.56 6.5% 2015 $15M4 13.0%$210.24$3,750,000 1237.6%$208.98 6.5% 2014 $12.1M4 9.0%$245.26$3,034,375 1095.7%$186.29 6.8% 2013 $8M4 8.6%$168.76$1,999,500 977.0%$164.30 7.2% 2012 $5.4M4 13.9%$71.61$1,338,375 94-$159.45 7.3% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. GENERAL RETAIL SALES Completed Transactions (1) Turnover Avg Price/SFDealsVolumeYear Market Pricing Trends (2) Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate 2027 -----219-$422.69 6.1% 2026 -----201-$388.13 6.5% 2025 -----192-$370.46 6.7% 2024 -----184-$356.31 6.7% 2023 -----210-$406.82 5.7% YTD $69.3M13 3.7%$588.46$5,774,267 2125.5%$410.86 5.5% 2022 $38M19 3.6%$504.01$2,711,786 2005.2%$387.81 5.6% 2021 $36.5M32 10.0%$240.75$1,302,743 1795.8%$345.78 5.8% 2020 $23.8M33 3.0%$398.73$1,188,970 1655.6%$318.97 6.0% 2019 $24.5M16 3.7%$243.77$2,042,833 1545.3%$297.41 6.2% 2018 $11.3M20 2.1%$307.25$869,655 1495.8%$289.06 6.2% 2017 $13M21 2.2%$336.65$1,086,667 1435.7%$276 6.3% 2016 $32.7M24 4.2%$291.87$1,925,267 1376.3%$265.11 6.3% 2015 $47.1M25 7.2%$220.60$1,961,870 1316.3%$253.06 6.4% 2014 $7.8M13 2.5%$125.33$704,840 1178.8%$225.72 6.8% 2013 $19.4M20 2.7%$279.13$1,295,135 1037.8%$198.32 7.2% 2012 $9.2M13 1.7%$199.98$834,842 987.7%$190.04 7.3% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. 8/2/2023© 2023 CoStar Group - Licensed to Fishkind Litigation Services - 1278541 Page 23 Exhibit 3 Exhibit 3 973 ABRAMSON & ASSOCIATES, Inc. Real Estate and Public-Private Development Advisory Services 113 Chestnut Street / Newton, MA 02465 / tel: (617) 965-4545 / fax: (617) 965-5431 /www.abramsonassoc.com MEMORANDUM TO: Timothy Tack, P.E., Assistant Director Boynton Beach Community Redevelopment Agency FROM: Barry Abramson SUBJECT: Evaluation of TIRFA Request for Ocean One Project DATE: March 28, 2024 _______________________________________________________________________ EXECUTIVE SUMMARY This memorandum summarizes our evaluation of a request for TIRFA by BB1 Development LLC (“BB1”) for a proposed project – Ocean One, a mixed-use development located at 114/222 N. Federal Highway. The project is to include 371 rental apartments, 24,742 net square feet of retail space and a parking garage to meet the needs of the project with 90 spaces proposed to be operated as “public spaces” available to the public at large with parking revenues to be retained by the project. The developer requests 95% of the total tax increment revenue received by the BBCRA generated by the project for a fifteen-year term commencing upon temporary certificate of occupancy, not to exceed a total of $11.5 million with two years from the effective date of the TIRFA to start construction. The evaluation focuses on the need for the TIF funding and the financial effect to the CRA of the proposed agreement, along with general comments regarding proposed benefits claimed by the developer. The analysis does not consider conformance of the proposed project with planning and zoning requirements such as density and parking sufficiency which should be evaluated by the CRA and City. Based upon our evaluation, we consider the developer’s assumptions to be generally in a range of reasonableness and that, in the current development market, the project has a feasibility gap requiring the requested TIF subsidy. Notwithstanding this conclusion, we note that relatively small variations in assumptions and/or improvements in the development market over the two-year time-frame could significantly reduce, or even, eliminate the subsidy requirement. Total CRA incremental revenues from the project are estimated at approximately $14,000,000. With the vast majority of this revenue following the estimated ten years of operation it would take to reach the $11,500,000 total award, the present value at the start of 2025 is estimated at approximately $7,600,000. 974 2 The City is estimated to receive total incremental tax revenues from the project of approximately $67,000,000 over 50 years of the property’s operation. As these revenues would be primarily back-loaded, following the CRA sunset, their present value as of the start of 2025 is estimated at only $1,500,000. The CRA may wish to explore structuring opportunities with the developer that might result in a lessening of the TIF award should it prove not to be fully required for feasibility. COMMENTS ON PUBLIC BENEFITS Public Parking The proposed 90 public spaces are comprised of 58 of the retail spaces which would otherwise be dedicated to retail tenants (which , if dedicated, would enhance the marketability of such retail space) plus 32 spaces above and beyond the number required by zoning which the developer could otherwise eliminate from the garage to save cost. The public spaces would be operated by the project owner who would retain parking revenues. The developer contends the 90 public spaces have a value to the CRA/City of $5,000,000 ($55,556 per space) based on the developer’s estimate of the cost (including land, soft and financing, as well as hard costs) that the CRA or City would incur to build parking in a new garage. At least with regard to the 58 spaces switched from dedicated to publicly available, we would anticipate at least some of these spaces would be used by visitors to the project’s retail component, as they would if they were dedicated to those tenants. A qualified parking consultant would need to validate cost/value, estimate the extent to which parking revenues would exceed operating costs in a public garage and in the proposed privately-operated garage, and the net effect on area parking supply and demand of the project and the switch of the 58 spaces from dedicated to public and the additional 32 spaces beyond zoning requirement. Other Benefits The developer contends it is providing an estimated $1,000,000 of public infrastructure and will make efforts in the area of local hiring. The CRA and City are best positioned to determine whether these matters are standard or above and beyond the normal requirements and customary contributions of a project of this nature. A consultant report commissioned by the developer claimed various benefits in terms of fiscal and economic impact for the project. These impacts are generally felt on a regional basis. The impact on a relatively small local community such as Boynton Beach would be hard to quantify with any reliability but would be expected to be relatively small. 975 3 Obviously, a significant benefit of the project would be to convert this large, underutilized property to an attractive and productive use consistent with the planning objectives of the CRA and the City. THE TIRFA PROPOSAL The developer is requesting a TIRFA as follows: “Commencing upon the temporary certificate of occupancy (“TCO”), Developer will receive an annual payment equal to 95% of the total tax increment revenue received by the BBCRA generated by the project for a fifteen (15) year term, not to exceed a total of $11.5 million (the “TIRFA Amount”). The proposal calls for the developer to have two years from the effective date of the TIRFA to start construction. EVALUATION OF PROJECT NEED FOR THE TIRFA The developer’s TIRFA request is based on its contention that the project is infeasible under current development market conditions without the TIF subsidy. Specifically, the developer contends that a subsidy equivalent to a present value of approximately $9,500,000 at the time of substantive completion of construction is necessary to achieve the “untrended” return on cost (“ROC”) of 6.0%, necessary to finance the project in the current market. Untrended return on cost is the net operating income of the project (prior to debt) upon stabilization divided by the total development cost, both stated in today’s (2024) dollars. The developer estimates the $11,500,000 of TIF revenues awarded to the project over time, discounted at an annual rate of4.0%, would yield a present value equal to the above-noted target present value. The developer contends that it needs the TIRFA to be able to secure financing which would enable it to start construction within approximately six months. We evaluated the developer’s pro forma, researched and reviewed publicly available market data and insights, held conversations with the developer, the developer’s advisors, the Palm Beach County Property Appraiser’s office, and knowledgeable market participants and analyzed the project’s economics based upon the above and our experience. Based upon this evaluation, we consider the developer’s assumptions to be generally in a range of reasonableness, though we note that relatively small variations within the range of reasonableness can have a dramatic impact on the amount of subsidy required. Notably, estimated hard construction and related costs are based on a construction company’s estimates based on 50% drawings plus an owner-held hard cost contingency and may tighten if value engineering and bidding enable a tightening of early-stage cost cushioning, especially in a construction market in which project starts have been stalled. Permit fees and other upfront exactions are another cost item that could be reviewed. The developer’s estimates were provided by an experienced consultant specializing in this field but have not as yet been reviewed by the City. 976 4 We concur that untrended return on cost is an appropriate metric to estimate feasibility/required gap. ROC is a common measure of development feasibility and profitability. It has the advantages of: being simple, avoiding the vagaries of particular debt and equity financing arrangements (while, inherently, accounting for them in a general ized market-wide way); avoiding speculation about inflation; and being a parameter for which participants in the real estate market are able to provide general market norms (which, of course, should be considered in light of the particulars of the specific location and project). Based on our research, we consider a 6.0% untrended return on cost to be reasonable in the current development market. This ROC is higher than what would have been required at the peak of the market a couple of years ago. Required rates of return can be anticipated to decrease over time if and when interest rates for development financing decrease as a result of reductions in treasury bond interest rates, though there are various factors that might not necessarily result in this being a one:one relationship. A slight variation in the required return on cost would have significant implications for the required subsidy amount, as would variations in other development costs or elements of net operating income. Based on the developer’s assumptions, the project has a feasibility gap requiring subsidy of approximately $9,500,000 which the developer estimated would yield a 5.97% ROC. Our TIF cash flow analysis estimates the proposed TIRFA award, totaling $11,500,000 over time, would yield a present value at the completion of substantial construction, at a 4.0% discount rate, of approximately $9,300,000, yielding a 5.96% ROC. The small differences in present value and ROC are not considered material. Financial Feasibility/Gap Analysis Development Cost Acquisition Cost $12,000,000 Total Hard Costs $111,241,836 $44,629,558 Total Development Cost $167,871,394 Stabilized Operating Income ($2024) Effective Gross Income $14,257,355 General Oper Exps & Property Management $2,730,692 Taxes & Assessments RE Tax after 4% early payment discount @ AV/unit =$275,688 $1,988,483 City Fire Assessment $46,394 City Solid Waste Authority Assessment $41,086 Total Tax & Operating Expenses $4,806,655 Net Operating Income $9,450,700 Required Subsidy Analysis Without Subsidy With Subsidy Net Operating Income $9,450,700 $9,450,700 Development Cost $167,871,394 $167,871,394 Less Subsidy $0 ($9,300,000) Development Cost After Subsidy $167,871,394 $158,571,394 Return on Cost 5.63%5.96% Soft & Other Costs (Incl Predev, Dev OH&Fee, Owner Hard Contingency, TI, Financing Costs, Lease-Up) 977 5 EVALUATION OF THE FINANCIAL EFFECT OF THE TIRFA ON THE CRA AND CITY The estimated assessed/taxable valuations for the project are based on estimates provided by a consultant specializing in this field engaged by the developer, which were consistent with our research of assessments for comparable properties in Boynton Beach and discussion with the county property appraiser’s office. Our analysis (presented on following pages) indicates that the proposed TIRFA would absorb nearly all the CRA tax increment for the first ten years of the project’s operations (i.e. through 2036). Thereafter, the CRA would enjoy the full increment (estimated at approximately $1,500,000 in 2037) through the CRA sunset in 2044. Total CRA incremental revenues from the project are estimated at approximately $14,000,000. Present value to the CRA has been estimated at a discount rate of 4.0%, slightly higher than the AA municipal bond yield which is currently 3.5% for a 20 year-term. Present value to the CRA at the start of 2025 is estimated at approximately $7,600,000. The City is estimated to receive total incremental tax revenues from the project of approximately $67,000,000 over 50 years of the property’s operation. Given these revenues would be primarily back-loaded, following the CRA sunset, the present value at the start of 2025 of these revenues is estimated at only $1,500,000. A discount rate of 4.0% was applied to revenues during the initial period prior to CRA sunset and a 6.0% discount rate was applied to revenues in following years, given greater uncertainty re. market conditions and the property at that point no longer being positioned as a newer prime property in the marketplace. If TIRFA Not Awarded As the CRA considers this TIRFA request, an obvious question is what will happen if it is not granted? There is a possibility that, in the coming couple or few years, the private development market will recover its equilibrium based on some combination of financing rates coming down somewhat, construction costs stabilizing, and rents increasing to a level that supports new development, as has been the case in past boom and bust cycles in Southeast Florida which have shown the resiliency of the market. In that event, while the present developer may have difficulty recouping some of its investment in the cost of its extended holding period interest and other costs, there would be a reasonable chance that the developer or a successor could be able to make this or a comparable project work without a TIF, enabling the CRA to realize all the incremental revenue over that period. Of course, this is a hypothetical. There is no guaranty when the development market will recover or what will happen with this individual property – which has lain fallow for many years and could be burdened by the current developer’s holding out until it can recoup all its costs. Whether or not the present value of incremental revenues to the CRA and City would 978 6 be significantly higher than if the developer can proceed with the project in the near term under the proposed agreement would be a function of the level of risk ascribed to the hypothetical in terms of a discount rate, which would be a subjective determination. POSSIBLE STRUCTURING CONCEPTS The CRA may wish to explore options for structuring the TIRFA so that the award may be reduced in the event it proves not to be fully needed – at the time the construction contract and financing are secured, upon completion of construction, and/or during operations. Developers and financing sources, understandably, would prefer surety and simplicity – a guaranteed award without any adjustments. Still, with so much money at stake , development factors subject to verifiable refinement, and a development market that may show improvement over the near term, and considered more likely than not, over the up to two years the developer proposes the TIRFA allow for it to start construction, there may be opportunities to adjust the TIRFA without unduly hamstringing the developer’s financing efforts, as has been accomplished in other public-private deals. It would be essential to make any adjustments subject to verifiable improvements in the project’s economics so that the developer and financing sources could be assured of achieving a reasonable rate of return. Especially given anticipated (albeit not guaranteed) improvements in development market factors, there may be some adjustments that might not take effect if construction starts in the near term – say the six months following TIRFA approval, but could kick in if the project does not start till later in the proposed two-year window. A few concepts that could be explored with the developer are: • Reduce TIRFA award by amount on a present value basis (or percentage thereof) if actual construction cost is less than currently estimated. This can be determined upon construction contract and again at completion of construction. • Reduce TIRFA award by amount on a present value basis (or percentage thereof) if actual permit fees and other exactions are less than current estimates, which have not been verified at this time. • Adjust above for costs that clearly would be impacted by reduction in construction and permit costs. • Reduce TIRFA award in the form of a CRA participation in net public parking revenues if above developer’s current estimates. • Reduce TIRFA award by some negotiated factor relative to some verifiable measure of financing rates or treasury bond yields. • Adjust TIRFA award on ongoing basis by means of a participation in excess return in cash flow and capital events. 979 OCEAN ONE PROPOSED TIF INCENTIVE CASH FLOW Year of operation:1 2 3 4 5 6 7 8 Calendar Year:2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Annual Ecalation Rate:0.0%0.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0% Taxable Value Prior to Redevelopment 114 N Federal 9,006,248 $9,006,248 $9,276,435 $9,554,729 $9,841,370 $10,136,611 $10,440,710 $10,753,931 $11,076,549 $11,408,846 $11,751,111 222 N Federal 1,410,649 $1,410,649 $1,452,968 $1,496,558 $1,541,454 $1,587,698 $1,635,329 $1,684,389 $1,734,920 $1,786,968 $1,840,577 Total 10,416,897 $10,416,897 $10,729,404 $11,051,286 $11,382,825 $11,724,309 $12,076,039 $12,438,320 $12,811,469 $13,195,813 $13,591,688 Ad Valorem Taxes Prior to Development 114 N Federal 185,579 $185,579 $191,146 $196,881 $202,787 $208,871 $215,137 $221,591 $228,239 $235,086 $242,139 222 N Federal 29,075 $29,075 $29,947 $30,846 $31,771 $32,724 $33,706 $34,717 $35,759 $36,831 $37,936 Total 214,654 $214,654 $221,094 $227,726 $234,558 $241,595 $248,843 $256,308 $263,997 $271,917 $280,075 Estimated Assessed/Taxable Value of Completed Project $102,280,157 $102,280,157 $105,348,562 $108,509,019 $111,764,290 $115,117,218 $118,570,735 $122,127,857 $125,791,693 $129,565,443 $133,452,407 pre-construction construction construction % Valuation of Completed Stabilized Project (if 0%, Prior AV)0%0%0%100%100%100%100%100%100%100%100% Taxable Value of Project $10,416,897 $10,416,897 $10,729,404 $108,509,019 $111,764,290 $115,117,218 $118,570,735 $122,127,857 $125,791,693 $129,565,443 $133,452,407 Project Incremental Value $0 $0 $0 $97,457,733 $100,381,465 $103,392,909 $106,494,696 $109,689,537 $112,980,223 $116,369,630 $119,860,719 City TIF Contribution @ Millage Rate =7.85 $0 $0 $0 $697,719 $718,651 $740,211 $762,417 $785,289 $808,848 $833,113 $858,107 County Contribution @ Millage Rate =4.50 $0 $0 $0 $399,967 $411,966 $424,324 $437,054 $450,166 $463,671 $477,581 $491,908 TIF Revenue Created by Project 12.35 $0 $0 $0 $1,097,686 $1,130,617 $1,164,535 $1,199,471 $1,235,455 $1,272,519 $1,310,694 $1,350,015 TIF Award @ Award Factor =95%$0 $0 $0 $1,042,802 $1,074,086 $1,106,308 $1,139,498 $1,173,682 $1,208,893 $1,245,160 $1,282,514 Cummulative of Above $0 $0 $1,042,802 $2,116,887 $3,223,196 $4,362,693 $5,536,376 $6,745,268 $7,990,428 $9,272,943 @ Award Factor % up to Total $ Amount 95%$11,500,000 $1,042,802 $1,074,086 $1,106,308 $1,139,498 $1,173,682 $1,208,893 $1,245,160 $1,282,514 NPV to TCO - 1/1/27 @ 4.0%$9,297,000 Total Remaining with CRA $14,202,000 $54,884 $56,531 $58,227 $59,974 $61,773 $63,626 $65,535 $67,501 NPV to TCO - 1/1/27 @ 4.0%$8,226,000 NPV to 1/1/25 @ 4.0%$7,605,000 5% of City Operating Millage Retained by City *$1,285,000 $54,884 $56,531 $58,227 $59,974 $61,773 $63,626 $65,535 $67,501 NPV to TCO - 1/1/27 @ 4.0%$876,000 NPV to 1/1/25 @ 4.0%$810,000 City Tax After CRA Sunset @ City Millage *7.85 $65,646,000 $0 $0 $0 $0 $0 $0 $0 $0 NPV to TCO - 1/1/27 @ 6.0%$738,000 NPV to 1/1/25 @ 6.0%$657,000 Total City Before & After CRA Sunset $66,931,000 NPV to TCO - 1/1/27 @ $1,614,000 NPV to 1/1/25 @ $1,467,000 * Not including City Operating Millage on base (pre-project) value Proposed Incentive Award = Award Factor x TIF Revenue created by Project TIF Revenue = 95% of Project Increment x (City + County Millage) less 4% early payment discount 980 8 OCEAN ONE PROPOSED TIF INCENTIVE CASH FLOW Year of operation:9 10 11 12 13 14 15 16 17 18 19 Calendar Year:2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Annual Ecalation Rate:3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0% Taxable Value Prior to Redevelopment 114 N Federal $12,103,644 $12,466,754 $12,840,756 $13,225,979 $13,622,758 $14,031,441 $14,452,384 $14,885,956 $15,332,534 $15,792,510 $16,266,286 222 N Federal $1,895,794 $1,952,668 $2,011,248 $2,071,586 $2,133,733 $2,197,745 $2,263,678 $2,331,588 $2,401,535 $2,473,582 $2,547,789 Total $13,999,439 $14,419,422 $14,852,004 $15,297,564 $15,756,491 $16,229,186 $16,716,062 $17,217,544 $17,734,070 $18,266,092 $18,814,075 Ad Valorem Taxes Prior to Development 114 N Federal $249,403 $256,885 $264,591 $272,529 $280,705 $289,126 $297,800 $306,734 $315,936 $325,414 $335,176 222 N Federal $39,074 $40,247 $41,454 $42,698 $43,979 $45,298 $46,657 $48,057 $49,498 $50,983 $52,513 Total $288,477 $297,131 $306,045 $315,227 $324,683 $334,424 $344,457 $354,790 $365,434 $376,397 $387,689 Estimated Assessed/Taxable Value of Completed Project $137,455,979 $141,579,658 $145,827,048 $150,201,859 $154,707,915 $159,349,153 $164,129,627 $169,053,516 $174,125,122 $179,348,875 $184,729,341 % Valuation of Completed Stabilized Project (if 0%, Prior AV)100%100%100%100%100%100%100%100%100%100%100% Taxable Value of Project $137,455,979 $141,579,658 $145,827,048 $150,201,859 $154,707,915 $159,349,153 $164,129,627 $169,053,516 $174,125,122 $179,348,875 $184,729,341 Project Incremental Value $123,456,540 $127,160,237 $130,975,044 $134,904,295 $138,951,424 $143,119,967 $147,413,566 $151,835,973 $156,391,052 $161,082,783 $165,915,267 $1 City TIF Contribution @ Millage Rate =7.85 $883,850 $910,366 $937,677 $965,807 $994,781 $1,024,624 $1,055,363 $1,087,024 $1,119,635 $1,153,224 $1,250,337 County Contribution @ Millage Rate =4.50 $506,666 $521,866 $537,522 $553,647 $570,257 $587,364 $604,985 $623,135 $641,829 $661,084 TIF Revenue Created by Project 12.35 $1,390,516 $1,432,231 $1,475,198 $1,519,454 $1,565,038 $1,611,989 $1,660,348 $1,710,159 $1,761,464 $1,814,308 $1,250,337 TIF Award @ Award Factor =95%$1,320,990 $1,360,620 $1,401,438 $1,443,481 $1,486,786 $1,531,389 $1,577,331 $1,624,651 $1,673,391 $1,723,592 $1,187,821 Cummulative of Above $10,593,933 $11,954,552 $13,355,990 $14,799,472 $16,286,258 $17,817,647 $19,394,978 $21,019,629 $22,693,019 $24,416,612 $25,604,432 @ Award Factor % up to Total $ Amount 95%$11,500,000 $1,320,990 $906,067 NPV to TCO - 1/1/27 @ 4.0%$9,297,000 Total Remaining with CRA $14,202,000 $69,526 $526,164 $1,475,198 $1,519,454 $1,565,038 $1,611,989 $1,660,348 $1,710,159 $1,761,464 $1,814,308 NPV to TCO - 1/1/27 @ 4.0%$8,226,000 NPV to 1/1/25 @ 4.0%$7,605,000 5% of City Operating Millage Retained by City *$1,285,000 $69,526 $71,612 $73,760 $75,973 $78,252 $80,599 $83,017 $85,508 $88,073 $90,715 NPV to TCO - 1/1/27 @ 4.0%$876,000 NPV to 1/1/25 @ 4.0%$810,000 City Tax After CRA Sunset @ City Millage *7.85 $65,646,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,250,337 NPV to TCO - 1/1/27 @ 6.0%$738,000 NPV to 1/1/25 @ 6.0%$657,000 Total City Before & After CRA Sunset $66,931,000 NPV to TCO - 1/1/27 @ $1,614,000 NPV to 1/1/25 @ $1,467,000 * Not including City Operating Millage on base (pre-project) value Proposed Incentive Award = Award Factor x TIF Revenue created by Project TIF Revenue = 95% of Project Increment x (City + County Millage) less 4% early payment discount 981 9 ASSUMPTIONS AND LIMITING CONDITIONS • Information provided by others for use in this analysis is believed to be reliable, but in no sense is guaranteed. All information concerning physical, market or cost data is from sources deemed reliable. No warranty or representation is made regarding the accuracy thereof, and is subject to errors, omissions, changes in price, rental, or other conditions. • The Consultant assumes no responsibility for legal matters nor for any hidden or unapparent conditions of the property, subsoils, structure or other matters which would materially affect the marketability, developability or value property. • The analysis assumes a continuation of current economic and real estate market conditions, without any substantial improvement or degradation of such economic or market conditions except as otherwise noted in the report. • Any forecasts of the effective demand for space are based upon the best available data concerning the market, but are projected under conditions of uncertainty. • Since any projected mathematical models are based on estimates and assumptions, which are inherently subject to uncertainty and variation depending upon evolving events, The Consultant does not represent them as results that will actually be achieved. • The report and analyses contained therein should not be regarded as constituting an appraisal or estimate of market value. • The analysis was undertaken to assist the client in evaluating and strategizing the potential transaction discussed in the report. It is not based on any other use, nor should it be applied for any other purpose. • Possession of this report or any copy or portion thereof does not carry with it the right of publication nor may the same be used for any other purpose by anyone without the previous written consent of the Consultant and, in any event, only in its entirety. • The Consultant shall not be responsible for any unauthorized excerpting or reference to this report. • The Consultant shall not be required to give testimony or to attend any governmental hearing regarding the subject matter of this report without agreement as to additional compensation and without sufficient notice to allow adequate preparation. 982 6 June 983 984 985 986 987 988 989 990 991 992 993 994 995 996 997 998 999 1000 1001 1002 1003 1004 1005 1006 1007 1008 1009 1010 1011 1012 1013 1014 1015 1016 1017 1018 1019 1020 1021 1022 1023 1024 1025 1026 1027 1028 1029 1030 1031 1032 1033 1034 1035 1036 1037 1038 1039 1040 1041 1042 1043 1044 1045 1046 1047 1048 1049 1050 1051 1052 1053 1054 1055 1056 1057 1058 1059 1060 1061 1062 1063 1064 1065 1066 1067 1068 1069 1070 1071 1072 1073 1074 1075 1076 1077 1078 1079 1080 1081 1082 1083 1084 1085 1086 1087 1088 1089 1090 1091 1092 1093 1094 1095 1096 1097 1098 1099 1100 1101 May 23, 2025 1 888 Biscayne Boulevard, Ste. 101, Miami, FL 33132 |9 West 57th Street, New York, NY 10019 | (o) 305.416.7550 | www.hypdev.com Chair Rebecca Shelton Vice Chair Woodrow Hay Board Member Thomas Turkin Board Member Angela Cruz Board Member Aimee Kelley Boynton Beach Community Redevelopment Agency (“BBCRA”) Timothy Tack, Acting Executive Director 100 E. Ocean Ave Boynton Beach, FL 33435 Re: 114/222 N Federal Highway – Renewed TIF Incentive Application Dear CRA Chair, Vice Chair, Board Members and Acting Executive Director, BB1 Development, LLC (“BB1”) is the owner of +/- 3.71 acres located at 114/222 North Federal Highway (the “Property”). The proposed project, Ocean One (“the Project”), is a mixed-use development including 371 residential units as well as approximately 25,000 SF of retail/commercial space. The Project has approximately 21,000 SF of green space and 36,000 SF of sidewalks and paved areas, accounting for over 35% of the total site area- this includes two separate outdoor seating areas connected to commercial spaces, with a large plaza for the Boynton Beach community to gather off East Ocean Boulevard. Of the 371 units, 200 are housing units below 750 SF, a category of housing encouraged by the Boynton Beach zoning code for the purpose of providing a broader range of housing attainable at different income levels. In addition, the Project is incorporating green elements into the design such as energy efficient air conditioners, cool roof pavers, energy efficient LED lighting fixtures and 100% Energy Star rated appliances. We are pleased to report that on August 16, 2024, BB1 submitted for its building permit and, with cooperation from capital markets, we expect to begin construction this year and to complete the Project in 2027. Due to a change in circumstances in the financial markets, US government action creating uncertainty, rising construction costs, and in order to support the Project’s financial ability to proceed and meet this timeline, we are formally requesting modification of the grant of the Tax Incentive Funding Program (“TIF”) which the CRA awarded on May 14, 2024, which is attached as Exhibit A, and we hereby request that this matter be placed on the CRA agenda for the meeting on June 10th, 2025. 1102 May 23, 2025 2 Current TIF Approval On May 14, 2024, the BBCRA awarded the project $9.0 million in TIF. At the time, BB1 presented that the financial gap plus the additional costs that the Project was taking on to provide City parking and non- typical infrastructure improvements resulted in a financial need of $17.5 million. In the interest of developing the downtown and to the benefit of the City of Boynton Beach, BB1 agreed to dedicate 90 parking spaces on the second floor of the Project’s garage to the public. In the interest of expediency, and in the hope that economic conditions post-pandemic would improve, BB1 presented that it would accept a TIF award capped lower than $17.5 million- to as low as $11.5 million. BBCRA retained expert Barry Abramson to review the request and make a recommendation. Mr. Abramson calculated that based on the $167.8 million projected in Project costs at the time, BB1’s $11.5 million figure was reasonable (we note that had Mr. Abramson used today’s necessary yield of 6.75%, rather than the outdated 6.00% yield metric he used, the $11.5 million would have been significantly higher). While BB1 is appreciative of the support of the CRA, the $9 million award was $2.5m (22%) below the bare minimum $11.5 million that was needed at the time and supported by the CRA’s expert. While gratefully accepting the award and committing to do its best to make it work, BB1 expressed at that public meeting that it could go back and work on cost of construction but may well need to appear again before the CRA Board to reconsider the award. Economic Fundamentals Decline and Increasing Financial Gap Unfortunately, since May 2024 the economy and development fundamentals have not improved and have steadily gotten worse. Construction costs have remained elevated as inflation persists, affecting costs across all industries. The tariff uncertainty is causing projects to stop in their tracks. Interest rates continue to remain high. Compounding issues restricting development, rents in South Florida are stagnating and expenses are rising. Property insurance levels are now significantly higher. The projected Project cost has increased by approximately $7 million to $175 million, and the projected revenues are lower. Based on Mr. Abramson’s methodology, even holding revenues constant, and accepting the outdated 6.00% yield metric he used, the financial gap is now over $20 million. This is illustrated in Exhibit B. BB1 would welcome an upward modification of the original $9.0 million cap to $20.0 million. However, in the interest of an expedient resolution so the project can secure construction financing and be ready to begin construction, BB1 would accept the TIF award capped at $16.0 million and with this award BB1 believes it can begin construction this year.1 1 The BB1 development team has worked closely with the City and CRA staff during site plan approval and after building permit submittal, responding to significant non -code required infrastructure and aesthetic demands set forth by the City. BB1 plans to engage with City staff to address these added costs. Some reduction in these costs is necessary for a viable development budget. Should BB1 achieve some reduction in these costs, it would not impact this TIF request in that BB1 is accepting a $16 million cap on a gap that is over $20 million. 1103 May 23, 2025 3 Timing Given the timing needed to address this TIF request and solidify financing, BB1 would request clarification in the current TIF agreement timing requirements to commence construction. Under Section 3.1 of the TIRFA, BB1 has until June 6, 2026, to commence construction. There appears to be a contradiction in Section 9 which requires commencement by September 2025 (subject to force majeure and extension not to be unreasonably withheld). In light of market conditions, government actions creating uncertainty on tariffs, and the timing needed to address the current TIF request, we would request that the dates are brought into alignment so that Section 9 date is revised to June 6, 2026. Regardless of TIF agreement dates it is BB1’s belief that if this TIF request can be expeditiously finalized it is feasible that construction can commence in 2025. We would also request that the twelve (12) year term of the TIF be increased to fifteen (15) years to accommodate the additional funding. Summary BB1 looks forward to delivering this transformative project to Boynton Beach and providing the needed public parking. BB1 is requesting: 1. The Project be provided with a TIF of $16.0 million, revising the original award of $9.0 million. 2. Timeline clarification to clarify and align the dates in the TIF Agreement to June 6, 2026. 3. Revise the twelve (12) year term of the TIF to be increased to fifteen (15) years to accommodate the additional funding. With the support of CRA and City staff, we are fully committed to delivering a world class residence that will be a home and destination for the Boynton Beach community to enjoy and be proud. Thank you for your consideration. Sincerely, Robert Vecsler Principal and CEO, Hyperion CC: Daniel Dugger, City Manager Andrew Mack, Deputy City Manager Kathryn Matos, Assistant City Manager Adam Temple, Assistant City Manager Kathryn B. Rossmell, Esq., CRA Attorney Bonnie Miskel, Esq. 1104 May 23, 2025 4 Exhibit A Fully Executed TIRFA Agreement attached as separate document. 1105 May 23, 2025 5 Exhibit B Original Budget w/o Subsidy Original Budget w/ Subsidy New Budget w/ New Subsidy NOI $9,450,700 $9,450,700 $9,450,700 Development Cost 167,871,394 167,871,394 175,000,000 Less TIF Subsidy - Present Value - (9,300,000) (1) (16,173,913) (2) Development Cost after Subsidy 167,871,394 158,571,394 158,826,087 Yield on Cost 5.63%5.96%5.95% (1) Mr. Abramson used $9,300,000 to reflect present value of the requested $11,500,000. (2) Using Mr. Abramson's same methodology, $16,173,913 would be used to reflect the present value of what would be a $20,000,000 gap. 1106 Ocean One | Downtown Activation BB1 Development is making an extraordinary commitment to Boynton Beach, activating the downtown with approximately 25,000 SF of commercial retail space. With 21,000 SF of green space and 36,000 SF of sidewalks and paved areas, Ocean One will help transform downtown into a walkable, civic attraction. Approximately $14.0 million of the current $175.0 million budget is allocated to developing the transformative commercial experience, including millions of dollars budgeted for the retail tenants to build out their spaces. 1107 Ocean One | Site Plan 1108 Original Budget w/o Subsidy Original Budget w/ Subsidy New Budget w/ New Subsidy NOI $9,450,700 $9,450,700 $9,450,700 Development Cost 167,871,394 167,871,394 175,000,000 Less TIF Subsidy - Present Value - (9,300,000) (1) (16,173,913) (2) Development Cost after Subsidy 167,871,394 158,571,394 158,826,087 Yield on Cost 5.63%5.96%5.95% (1) Mr. Abramson used $9,300,000 to reflect present value of the requested $11,500,000. (2) Using Mr. Abramson's same methodology, $16,173,913 would be used to reflect the present value of what would be a $20,000,000 gap. Ocean One | Yield on Cost 1109 ABRAMSON & ASSOCIATES, Inc. Real Estate and Public-Private Development Advisory Services 113 Chestnut Street / Newton, MA 02465 / tel: (617) 965-4545 / fax: (617) 965-5431 /www.abramsonassoc.com MEMORANDUM TO: Timothy Tack, P.E., Assistant Director Boynton Beach Community Redevelopment Agency FROM: Barry Abramson SUBJECT: Evaluation of TIRFA Request for Ocean One Project DATE: December 1, 2025 _______________________________________________________________________ EXECUTIVE SUMMARY This memorandum summarizes our evaluation of a request by BB1 Development LLC (“BB1”) submitted May 23, 2025 for the CRA to increase the TIF award for its development project, Ocean One, from the $9,000,000 awarded in June, 2024 to $16,000,000. We concur with BB1’s assertion that the current state of the development market is not as strong as had been anticipated at the time of the award. Our evaluation of the developer’s financial analysis finds its estimates of the project’s operating income and construction cost, the latter decreased from its early 2024 estimate, to be reasonable. However, BB1’s estimated “soft costs” (all project costs other than land purchase and hard cost) have dramatically increased – by $12,000,000, since early 2024, resulting in a net increase in estimated total project cost of over $6,000,000, an amount almost equal to the requested TIF increase. The unusually high estimated soft costs stem, in part, from the extensive costs of carrying the project through a prolonged predevelopment period, which, to some extent, could be considered a sunk cost. It also may, to some extent, be the result of excessive cushioning for risk and/or the developer having a higher cost of doing business. Arguments could be made for and against fully recognizing the estimates of various individual soft cost components but, in general, these costs have risen to a level relative to construction cost that is significantly higher than would typically be expected for this type of project. Taking the developer’s budget at face value, supports its contention that , under current development market conditions, the project would provide a less than acceptable return. With the requested TIF increase, estimated return, while marginally better, would still be below the target level; and incremental tax revenues accruing to the CRA would be delayed five years and their value approximately halved. Alternately, assuming lower soft costs, more typical of this type of project, would be estimated to yield what should be an acceptable return with the already awarded TIF . 1110 2 The CRA’s determination as to whether or not to grant an increase to the award – of the requested or a lesser amount and/or to extend the current June, 2026 construction start deadline for maintaining the award, will be a function of factors such as: • Comparable projects having, over the past year, been awarded TIFs that, on an effective per unit basis, are of a comparable or lower amount than the current Ocean One award, and the success of the first of these in moving forward into construction • The unknown of what the developer would do absent an increase in the award – proceed with development, hoping for market improvement, so as not to lose the already awarded TIF; hold till significantly better market conditions are evident; or sell to another developer who might better be able to make the numbers work • How much the CRA feels the need to further incentivize near -term redevelopment of this this project • The potential precedent impact of granting a TIF increase on other developers • The impact to potential CRA revenues The evaluation summarized above is presented in greater detail in the following sections. EVALUATION FRAMEWORK The proposed project – Ocean One, is a mixed-use development located at 114/222 N. Federal Highway. The project is to include 371 rental apartments, approximately 25,000 net square feet of retail space and a parking garage to meet the needs of the project with 90 spaces to be operated as “public spaces”, available to patrons of the project’s retail component and other project visitors as well as other visitors to the downtown, from which the City is to receive a 20% share of revenues. In a letter dated January 10, 2024, the developer requested 95% of the total tax increment revenue received by the CRA generated by the project for a 15-year term commencing upon temporary certificate of occupancy (“TCO”), not to exceed a total of $11,500,000 with construction to start within two years of the effective date of the TIRFA. In June, 2024, the CRA awarded the project up to $9,000,000 in TIF within 12 years of TCO with a required construction start by June, 20261. BB1 accepted the award, committing to do its best to make the project work, by working on cost of construction but said it might need the CRA Board to reconsider the award. At that time, in addition to hoping to be able to push construction cost down, BB1, like many in the development community, anticipated economic conditions would improve and interest rates significantly decline over the following couple of years, enabling the project to achieve financial feasibility. 1 BB1 notes a discrepancy in the documentation alternately requiring a construction start no later than September, 2025 or June, 2026 and requests that the outside construction start date be clarified as June 6, 2026 (two years from the award date) 1111 3 BB1 now represents that final approval of a building permit is imminent and that it has a construction cost estimate from its selected general contractor based on 95 -98% drawings that it considers highly likely to be the final contract amount, which would enable it to proceed with construction in short order upon securing project financing. However, as stated in its May 23, 2025 letter to the CRA, BB1 represents that, “since May 2024, the economy and development fundamentals have not improved and have steadily gotten worse. Construction costs have remained elevated as inflation persists, affecting costs across all industries. The tariff uncertainty is causing projects to stop in their tracks. Interest rates continue to remain high. Compounding issues restricting development, rents in South Florida are stagnating and expenses are rising. Property insurance levels are now significantly higher. The projected Project cost has increased by approximately $7 million to $175 million, and the projected revenues are lower.” BB1 contends that, even holding revenues constant and a required return on cost of 6.0%, which it considers “outdated”, a $20 million TIF award would be required to fill the financial gap but, while it would welcome an upward modification of the award to that amount (over 15 years), “in the interest of an expedient resolution so the project can secure construction financing and be ready to begin construction, it would accept the TIF award capped at $16 million”, which, at the time of its letter, it believed would enable it to begin construction this year (while maintaining an outside construction start date of June, 2026). BB1’s letter also states that it plans to engage with City staff to get relief from or compensation for non -code required and aesthetic requirements, which, if granted, could partially support feasibility at the requested TIF, though these are estimated to account for less than $2,000,000 and are not assumed in BB1’s pro forma. Our evaluation focuses on the need for and the financial effect to the CRA of the requested TIF funding. To do this, we reviewed BB1’s revised financial analysis and underlying assumptions and evaluated development market conditions affecting the project to determine if they support BB1’s analysis and proposed need for increased subsidy. FINANCIAL EVALUATION OF NEED FOR INCREASED TIF AND CRA TIF REVENUE Our evaluation indicates BB1’s assertion that the current state of the development market is not as strong as had been anticipated at the time of the award to be reasonable. BB1’s current estimates of development cost and operating income are presented in the exhibit on the following page. Note these estimates are presented on an untrended basis, i.e. in $2025. Our evaluation of BB1’s financial analysis finds its estimate of the project’s operating income (rents, other revenues and operating expenses) to be within a range of reasonableness, with the increase in insurance cost since prior estimate considered consistent with market experience. 1112 4 Total $/Unit % of Hard $/Total GSF Fin Area $/Res NSF Development Cost Land Purchase $12,000,000 $32,345 $31 $36 Total Hard Cost (including 1% Art Fee)Hard Cost (GC plus 1% Art Fee)$105,527,999 $284,442 $271 $314 $56,600,204 $152,561 54%$146 $169 Total Development Cost $174,128,204 $469,348 $448 $519 Stabilized Operating Income ($2025)% of EGR Effective Gross Income $14,266,213 $38,453 $36.70 $42.49 General Oper Exps & Property Mgmt $3,027,736 $8,161 21.2%$7.79 $9.02 RE Tax after 4% early payment discount @ AV/unit =$1,988,483 $5,360 13.9%$5.12 $5.92 City Fire Assessment $46,394 $125 0.3%$0.12 $0.14 City Solid Waste Authority Assessment $41,086 $111 0.3%$0.11 $0.12 Total RE Taxes & Assessments $2,075,963 $5,596 95.8%$5.34 $6.18 Total Tax & Operating Expenses $5,103,699 $13,757 35.8%$13.13 $15.20 Net Operating Income $9,162,515 $24,697 64.2%$23.57 $27.29 BB1 Development Cost and Income Estimates Soft & Other Costs Estimated hard cost (construction contract and art fee) has decreased from the prior estimate by approximately 5% – $5,700,000 and, at $284,000 per unit, is in line with comparable projects for which we have information. BB1’s estimated soft costs (all project costs other than land purchase and hard cost2) have dramatically increased – by $12,000,000 since early 2024, resulting in a net increase in estimated total project cost of approximately $6,200,000 (from $167,900,000 to $174,100,000), an amount almost equal to the requested TIF increase. Soft costs have risen from 40% to 53% of hard cost. While this percentage can vary based on the particulars of different projects, we typically see these soft costs in the range of 30% to 40% of hard cost. The unusually high soft costs result, in part, from the extensive costs of carrying the project through a prolonged predevelopment period (including interest and fees on a land acquisition loan) which, to some extent, may be considered a sunk cost. The relatively large component of retail in the project also plays a marginal contributary role in this. The higher than typical soft costs also may, to some extent, be the result of excessive cushioning for risk and/or the developer having a higher cost of doing business than some local developers. Arguments could be made for and against fully accepting the developer’s estimates of various individual soft cost components but, in general, the total soft costs have risen to a level relative to construction cost that is significantly higher than would typically be expected for this type of project. 2 including predevelopment carrying costs, professional fees, developer fee, overhead , administration, construction loan interest and fees, permitting and other governmental fees, real estate taxes, operating deficit reserve, marketing, FF&E, retail tenant improvements and leasing commissions, and owner -held cost contingencies 1113 5 Taking the developer’s budget at face value, supports its contention that, under current development market conditions, the project, with the current $9,000,000 TIF, would yield a return on cost (5.5%) less than the 6.0% that is considered to be the acceptable threshold. With the requested TIF increase to $16,000,000, estimated return, while marginally better (5.66%), would still be below the target level. Incremental tax revenues accruing to the CRA would be delayed five years (with the first year of the full increment going to the CRA pushing out from 2037 to 2042, only three years prior to the CRA sunset) and their value approximately halved from what they would be if the project were to proceed on schedule with the current TIF award. Given annual TIF revenues of approximately $1,000,000, even if not granting the TIF increase were to result in the project being delayed a couple of years, it would still yield higher tax increment revenues to the CRA than if the project were to move forward in the coming year with the requested TIF increase. As a point of comparison, if lower soft costs were to be assumed – reduced to the high end (40% of hard) of what is more typically seen in similar projects, the project would be estimated to yield the target 6.0% return with the already awarded TIF amount of $9,000,000. The above analysis is presented in the exhibit on the following page. • Construction is assumed to start in mid-2026 and the first year of full taxes on the completed project is assumed to be 2029. • The top half of the exhibit presents return on cost after adjusting the development cost by subtracting the net present value (NPV) of the TIF, discounted to the start of the estimated first year of full tax (with start of operations by beginning of that year) assumed to be January, 2029. This assumes a construction start in mid-2026. • The bottom half of the exhibit presents tax increment revenues that would be received by the CRA discounted to January, 2029 and also to January, 2026. No tax increment revenues are presented for scenarios in which the TIF award is set at zero. • In each case, NPV is based on discounting at a safe rate of 4%, assuming the project proceeds in the above time frame. • Three scenarios of development economics are presented – BB1’s 2024 estimates, BB1’s current estimates, and BB1’s current estimates with soft costs reduced to 40% of hard cost. • Alternate scenarios of TIF award amount are presented for each of the above scenarios. 1114 6 Ungroup below for ROC based on Stabl Yr TIF rather than Tot or NPV Required Subsidy Analysis BB1 2025 Est Dev Cost reduced assuming Soft % of Hard =40%Soft % of Hard =54%Soft % of Hard =40% TIF Award Amount $0 $9,000,000 $0 $9,000,000 $16,000,000 $0 $9,000,000 $16,000,000 Ungroup below for ROC calc based on Stabl Yr TIF rather than Tot or NPV Net Operating Income 9,451,000 9,451,000 $9,163,000 $9,163,000 $9,163,000 $9,163,000 $9,163,000 $9,163,000 Development Cost Land Purchase $12,000,000 $12,000,000 $12,000,000 $12,000,000 $12,000,000 $12,000,000 $12,000,000 $12,000,000 Hard (GC+Art Fee)111,242,000 111,242,000 $105,528,000 $105,528,000 $105,528,000 $105,528,000 $105,528,000 $105,528,000 Soft (all other costs)$44,629,000 $44,629,000 $56,600,000 $56,600,000 $56,600,000 $42,211,000 $42,211,000 $42,211,000 ` Total $167,871,000 $167,871,000 $174,128,000 $174,128,000 $174,128,000 $159,739,000 $159,739,000 $159,739,000 Less Subsidy - PV of TIF $0 ($7,560,000)$0 ($7,560,000)($12,150,000)$0 ($7,560,000)($12,150,000) Effective Development Cost After Subsidy $167,871,000 $160,311,000 $174,128,000 $166,568,000 $161,978,000 $159,739,000 $152,179,000 $147,589,000 Return on Cost 5.63%5.90%5.26%5.50%5.66%5.74%6.02%6.21% Paste Sp Values from BATIF F50-72 to 219 appropriate column Financial Effect to CRA, City CRA Tax Increment Revenues Total TI Remaining with CRA $13,271,000 $13,271,000 $6,271,000 $13,271,000 $6,271,000 NPV to TCO - 1/1/29 @ 4.0%$8,262,000 $8,262,000 $3,672,000 $8,262,000 $3,672,000 NPV to 1/1/26 @ 4.0%$7,639,000 $7,639,000 $3,395,000 $7,639,000 $3,395,000 1st full year CRA TI 2037 2037 2042 2037 2042 Total City Before & After CRA Sunset $67,218,000 $67,218,000 $67,218,000 $67,218,000 $67,218,000 NPV to TCO - 1/1/29 @ $1,625,000 $1,625,000 $1,625,000 $1,625,000 $1,625,000 NPV to 1/1/26 @ $1,476,000 $1,476,000 $1,476,000 $1,476,000 $1,476,000 BB1 2024 Est. Dev Cost BB1 2025 Est. Development Cost 1115 7 We note that if BB1 were to sell the land to another developer, it might be at a price enabling the BB1 to recoup some portion of its carrying costs, resulting in a higher land cost for the subsequent developer, though that developer might well have soft costs more toward the lower to mid-point of the 30% to 40% of hard cost range, resulting in a total development cost in the same range as that presented in the 40% soft cost scenario above. We also note that relatively small variations in assumptions and/or improvements in the development market over the near- to mid-term future could significantly impact return, possibly reducing the subsidy requirement. TIF cash flow analysis estimates for the current and requested TIF award are presented at the rear of this transmittal. The project’s 90 “public” parking spaces include 32 more spaces than the developer originally considered adequate to serve its retail. The City is to receive a 20% share of revenues from the 90 spaces “public spaces”. BB1 estimates the City share to equal $34,500 in stabilized $2025. Comparison of Current and Requested TIF Award with Recent TIF Awards Another perspective from which to assess BB1’s request for an increased TIF award is to compare the current and requested TIF award with the two recent comparable projects which have been awarded tax increment financing – The Villages and Town Square. For simplicity, we focus on the initial phase of each of these projects as these phases stand on their own as separately financed projects and comprise a comparable number of units to Ocean One. The Villages, awarded a TIF in January, secured project financing and started construction this past summer. Town Square, awarded a TIF in May, is still working toward that goal. The exhibit on the following page presents for each of these projects and for Ocean One the amount of the TIF award as well as major financial contributions the projects will make to the City – public garage parking and, in the case of Town Square, a workforce housing contribution. These projects each claim public realm and infrastructure improvements, as does Ocean One, but these are not included in the analysis as they are considered customary for major projects seeking City/CRA support. The public garage parking and workforce housing contributions are subtracted from the TIF award to arrive at a net effective TIF subsidy. As can be seen in the exhibit, the net effective award is $14,540 per unit for The Villages and $23,905 per unit for Town Square. After accounting for its parking contribution, the current effective award for Ocean One, at $21,240 per unit, is comparable to (11% less than) that of Town Square and almost 50% higher than that of the Villages. At the requested increase to $16,000,000, the TIF would equal an effective net subsidy of $40,108 per unit – 67% higher than the per unit effective subsidy of Town Center and almost three times the per unit effective subsidy of The Villages. 1116 8 Comparative TIF Projects The Villages Town Square Ocean One Effective Subsidy Phase 1 Phase 1 Current TIF Award Requested TIF Total $/Unit Total $/Unit Total $/Unit Total $/Unit # Residential Units 337 465 371 TIF Award Amount $9,100,000 $27,003 $20,000,000 $43,011 $9,000,000 $24,259 $16,000,000 $43,127 Major Project Contributions to City Public Garage Spaces Provided 120 224 City use:32 32 171 exclusive 53 City Share of Revenues City to receive 20% of revenues City to receive 20% of revenues Attributable Cost @ $35,000 /space*$4,200,000 $6,597,000 $1,120,000 1,120,000 Workforce Housing Contribution $0 $2,250,000 $0 $0 Total Project Contribution $4,200,000 $12,463 $8,847,000 $19,026 $1,120,000 $3,019 $1,120,000 $3,019 $4,900,000 $14,540 $11,153,000 $23,985 $7,880,000 $21,240 $14,880,000 $40,108 Note: Major public contributions excluding various public realm improvements provided by all projects * Allocated cost per space is approximate estimate of marginal hard and soft cost to developer of providing additional garage parking which is lower than cost that would be estimated for City to develop a stand-alone garage which would entail land acquisition and full rather than marginal hard and soft costs weekdays 7:30AM- 6:30PM = 33% of hours/week City to receive 100% of net revenues after opex City to receive all revenue and pay proportinate share of opex TIF Award less Project Contribution = "Net Effective TIF Award" 1117 9 CRA OPTIONS AND CONSIDERATIONS IN RESPONDING TO THE REQUEST The CRA has four primary options in responding to BB1’s request: • Decline to increase the TIF award or extend the current June, 2026 construction start deadline for maintaining the award • Grant an increase in the award of the requested or a lesser amount to marginally improve estimated return and feasibility • Extend the current construction start deadline by a year or more. This would take the pressure off the developer to proceed so as not to lose the award, though it’s carrying costs would continue to mount, providing some pressure to proceed • A combination of the second and third options The CRA’s determination as to which option to select will be a function of the following factors: • Comparable projects having been awarded TIFs over the past year that, on an effective per unit basis, are of a comparable or lower amount than the current Ocean One award, and the success of the first of these projects in moving forward into construction • The unknown of what BB1 would do absent an increase in the award or deadline – o Hold for long term and wait for an upswing in the development and financing markets to provide greater confidence that the developer’s growing investment will be fully supported, and, perhaps, hoping the CRA would eventually increase the TIF award; or o Proceed with the development in the currently required timeframe, incentivized by the prospect of losing the current TIF award and incurring further carrying costs; potentially not recouping all of its upfront investment, but hoping development market improvements over the development period and upon reversionary sale will ultimately make the project reasonably profitable; or o Sell to another developer, perhaps a local developer who could build the project at a lower cost. If this delayed construction start by a year or two, the CRA could still realize higher incremental revenues than would be the case if BB1’s requested TIF increase were to be granted and it started construction in mid-2026. • How much the CRA feels the need to further incentivize near -term redevelopment of this site for this project, taking into account: the desire to see improvement on this prominent site; and the other projects in the pipeline and the CRA’s interest in accelerating or moderating the pace of new development. 1118 10 • The potential precedent impact granting a TIF increase might have on other developers • The impact to and importance to the CRA of potential CRA revenues OTHER POSSIBLE STRUCTURING CONCEPTS If an increase to the award or extension is granted, the CRA may wish to explore options for structuring the TIF so that the award may be reduced in the event it proves not to be fully needed – at the time the construction contract and financing are secured, upon completion of construction, and/or during operations or sale of the completed project. Developers and financing sources, understandably, would prefer surety and simplicity – a guaranteed award without any adjustments. Still, with so much money at stake, development factors subject to verifiable refinement, and a development market that may show improvement over the near term, there may be opportunities to adjust the TIF without unduly hamstringing the developer’s financing efforts, as has been accomplished in other public-private deals. It would be essential to make any adjustments subject to verifiable improvements in the project’s economics so that the developer and financing sources could be assured of achieving a reasonable rate of return. Given the potential for improvement in development market factors, there may be some adjustments that might not take effect if construction starts in the near term – say the six months following a new approval, but could kick in if the project does not start till later within an allowed period if that period is extended . A few concepts that could be explored with the developer are: • Reduce TIF award by amount on a present value basis (or percentage thereof) if actual construction cost is less than currently estimated. This can be determined upon construction contract and, again, at completion of construction • Reduce TIF award by amount on a present value basis (or percentage thereof) if actual verifiable costs, such as permit fees and other exactions, are less than current estimates • Reduce TIF award by some negotiated factor relative to some verifiable measure of financing rates or treasury bond yields • Adjust TIRFA award on ongoing basis by means of a participation in excess return in cash flow and/or reversionary sale or other capital event 1119 11 OCEAN ONE TIF CASH FLOW CURRENT AWARD Year of operation:1 2 3 4 5 6 7 Calendar Year:Stabilized $2025 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Annual Ecalation Rate:Untrended 0.0%0.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0% Taxable Value Prior to Redevelopment 114 N Federal $9,499,958 $9,006,248 9,006,248 $9,006,248 $9,276,435 $9,554,729 $9,841,370 $10,136,611 $10,440,710 $10,753,931 $11,076,549 $11,408,846 222 N Federal $1,489,248 $1,410,649 1,410,649 $1,410,649 $1,452,968 $1,496,558 $1,541,454 $1,587,698 $1,635,329 $1,684,389 $1,734,920 $1,786,968 Total $10,989,206 $10,416,897 10,416,897 $10,416,897 $10,729,404 $11,051,286 $11,382,825 $11,724,309 $12,076,039 $12,438,320 $12,811,469 $13,195,813 Ad Valorem Taxes Prior to Development 114 N Federal $185,579 $185,579 185,579 $185,579 $191,146 $196,881 $202,787 $208,871 $215,137 $221,591 $228,239 $235,086 222 N Federal $29,075 $29,075 29,075 $29,075 $29,947 $30,846 $31,771 $32,724 $33,706 $34,717 $35,759 $36,831 Total $214,654 $214,654 214,654 $214,654 $221,094 $227,726 $234,558 $241,595 $248,843 $256,308 $263,997 $271,917 Estimated Assessed/Taxable Value of Completed Project stabilized Multi-Family $98,097,151 $98,097,151 $98,097,151 $101,040,066 $104,071,268 $107,193,406 $110,409,208 $113,721,484 $117,133,129 $120,647,123 $124,266,536 Retail/Office $5,163,008 $5,163,008 $5,163,008 $5,317,898 $5,477,435 $5,641,758 $5,811,011 $5,985,341 $6,164,902 $6,349,849 $6,540,344 Estimated Assessed/Taxable Value of Completed Project $103,260,159 $103,260,159 $103,260,159 $106,357,964 $109,548,703 $112,835,164 $116,220,219 $119,706,825 $123,298,030 $126,996,971 $130,806,880 pre-construction construction construction % Valuation of Completed Stabilized Project (if 0%, Prior AV)100%0%0%0%100%100%100%100%100%100%100% Taxable Value of Project $103,260,159 $10,416,897 $10,416,897 $10,729,404 $109,548,703 $112,835,164 $116,220,219 $119,706,825 $123,298,030 $126,996,971 $130,806,880 Est RE Tax After Development Multi-Family $1,889,059 $1,889,059 $1,889,059 $1,945,731 $2,004,103 $2,064,226 $2,126,153 $2,189,937 $2,255,635 $2,323,305 $2,393,004 Retail/Office $99,424 $99,424 $99,424 $102,407 $105,479 $108,643 $111,903 $115,260 $118,718 $122,279 $125,948 Est RE Tax After Development $1,988,483 $1,988,483 $1,988,483 $2,048,138 $2,109,582 $2,172,869 $2,238,056 $2,305,197 $2,374,353 $2,445,584 $2,518,951 Project Incremental Value $92,270,953 $0 $0 $0 $98,497,417 $101,452,339 $104,495,910 $107,630,787 $110,859,710 $114,185,502 $117,611,067 City TIF Contribution @ Millage Rate =7.80 $656,379 $0 $0 $0 $700,671 $721,691 $743,342 $765,642 $788,612 $812,270 $836,638 County Contribution @ Millage Rate =4.50 $378,680 $0 $0 $0 $404,233 $416,360 $428,851 $441,717 $454,968 $468,617 $482,676 TIF Revenue Created by Project 12.30 $1,035,059 $0 $0 $0 $1,104,905 $1,138,052 $1,172,193 $1,207,359 $1,243,580 $1,280,887 $1,319,314 TIF Award @ Award Factor =95%$983,306 $0 $0 $0 $1,049,659 $1,081,149 $1,113,584 $1,146,991 $1,181,401 $1,216,843 $1,253,348 Cummulative of Above $0 $0 $1,049,659 $2,130,809 $3,244,392 $4,391,383 $5,572,784 $6,789,627 $8,042,975 @ Award Factor % up to Total $ Amount 95%$9,000,000 $1,049,659 $1,081,149 $1,113,584 $1,146,991 $1,181,401 $1,216,843 $1,253,348 NPV to TCO - 1/1/29 @ 4.0%$7,950,000 Total Remaining with CRA $13,271,000 $55,245 $56,903 $58,610 $60,368 $62,179 $64,044 $65,966 NPV to TCO - 1/1/29 @ 4.0%$7,876,000 NPV to 1/1/26 @ 4.0%$7,282,000 5% of City Operating Millage Retained by City *$1,294,000 $51,753 $55,245 $56,903 $58,610 $60,368 $62,179 $64,044 $65,966 NPV to TCO - 1/1/29 @ 4.0%$882,000 NPV to 1/1/26 @ 4.0%$815,000 City Tax After CRA Sunset @ City Millage *7.80 $65,924,000 $0 $0 $0 $0 $0 $0 $0 NPV to TCO - 1/1/29 @ 6.0%$743,000 NPV to 1/1/26 @ 6.0%$661,000 Total City Before & After CRA Sunset $67,218,000 NPV to TCO - 1/1/29 @ $1,625,000 NPV to 1/1/26 @ $1,476,000 * Not including City Operating Millage on base (pre-project) value TIF Revenue = 95% of Project Increment x (City + County Millage) less 4% early payment discount Incentive Award = Award Factor x TIF Revenue created by Project 1120 12 OCEAN ONE TIF CASH FLOW CURRENT AWARD Year of operation:8 9 10 11 12 13 14 15 16 17 Calendar Year:2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Annual Ecalation Rate:3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0% Taxable Value Prior to Redevelopment 114 N Federal $11,751,111 $12,103,644 $12,466,754 $12,840,756 $13,225,979 $13,622,758 $14,031,441 $14,452,384 $14,885,956 $15,332,534 222 N Federal $1,840,577 $1,895,794 $1,952,668 $2,011,248 $2,071,586 $2,133,733 $2,197,745 $2,263,678 $2,331,588 $2,401,535 Total $13,591,688 $13,999,439 $14,419,422 $14,852,004 $15,297,564 $15,756,491 $16,229,186 $16,716,062 $17,217,544 $17,734,070 Ad Valorem Taxes Prior to Development 114 N Federal $242,139 $249,403 $256,885 $264,591 $272,529 $280,705 $289,126 $297,800 $306,734 $315,936 222 N Federal $37,936 $39,074 $40,247 $41,454 $42,698 $43,979 $45,298 $46,657 $48,057 $49,498 Total $280,075 $288,477 $297,131 $306,045 $315,227 $324,683 $334,424 $344,457 $354,790 $365,434 Estimated Assessed/Taxable Value of Completed Project Multi-Family $127,994,532 $131,834,368 $135,789,399 $139,863,081 $144,058,974 $148,380,743 $152,832,165 $157,417,130 $162,139,644 $167,003,833 Retail/Office $6,736,554 $6,938,651 $7,146,810 $7,361,215 $7,582,051 $7,809,513 $8,043,798 $8,285,112 $8,533,665 $8,789,675 Estimated Assessed/Taxable Value of Completed Project $134,731,087 $138,773,019 $142,936,210 $147,224,296 $151,641,025 $156,190,256 $160,875,963 $165,702,242 $170,673,310 $175,793,509 % Valuation of Completed Stabilized Project (if 0%, Prior AV)100%100%100%100%100%100%100%100%100%100% Taxable Value of Project $134,731,087 $138,773,019 $142,936,210 $147,224,296 $151,641,025 $156,190,256 $160,875,963 $165,702,242 $170,673,310 $175,793,509 Est RE Tax After Development Multi-Family $2,464,794 $2,538,738 $2,614,900 $2,693,347 $2,774,147 $2,857,372 $2,943,093 $3,031,385 $3,122,327 $3,215,997 Retail/Office $129,726 $133,618 $137,626 $141,755 $146,008 $150,388 $154,900 $159,547 $164,333 $169,263 Est RE Tax After Development $2,594,520 $2,672,355 $2,752,526 $2,835,102 $2,920,155 $3,007,760 $3,097,992 $3,190,932 $3,286,660 $3,385,260 Project Incremental Value $121,139,399 $124,773,581 $128,516,788 $132,372,292 $136,343,461 $140,433,764 $144,646,777 $148,986,181 $153,455,766 $158,059,439 City TIF Contribution @ Millage Rate =7.80 $861,737 $887,589 $914,217 $941,644 $969,893 $998,990 $1,028,959 $1,059,828 $1,091,623 $1,124,372 County Contribution @ Millage Rate =4.50 $497,156 $512,071 $527,433 $543,256 $559,554 $576,340 $593,630 $611,439 $629,782 $648,676 TIF Revenue Created by Project 12.30 $1,358,893 $1,399,660 $1,441,650 $1,484,899 $1,529,446 $1,575,330 $1,622,590 $1,671,267 $1,721,405 $1,773,048 TIF Award @ Award Factor =95%$1,290,949 $1,329,677 $1,369,567 $1,410,654 $1,452,974 $1,496,563 $1,541,460 $1,587,704 $1,635,335 $1,684,395 Cummulative of Above $9,333,924 $10,663,601 $12,033,169 $13,443,823 $14,896,797 $16,393,360 $17,934,821 $19,522,525 $21,157,860 $22,842,255 @ Award Factor % up to Total $ Amount 95%$9,000,000 $957,025 NPV to TCO - 1/1/29 @ 4.0%$7,564,000 Total Remaining with CRA $13,271,000 $401,869 $1,399,660 $1,441,650 $1,484,899 $1,529,446 $1,575,330 $1,622,590 $1,671,267 $1,721,405 NPV to TCO - 1/1/29 @ 4.0%$8,262,000 NPV to 1/1/26 @ 4.0%$7,639,000 5% of City Operating Millage Retained by City *$1,294,000 $67,945 $69,983 $72,082 $74,245 $76,472 $78,766 $81,129 $83,563 $86,070 $88,652 NPV to TCO - 1/1/29 @ 4.0%$882,000 NPV to 1/1/26 @ 4.0%$815,000 City Tax After CRA Sunset @ City Millage *7.80 $65,924,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 NPV to TCO - 1/1/29 @ 6.0%$743,000 NPV to 1/1/26 @ 6.0%$661,000 Total City Before & After CRA Sunset $67,218,000 NPV to TCO - 1/1/29 @ $1,625,000 NPV to 1/1/26 @ $1,476,000 * Not including City Operating Millage on base (pre-project) value TIF Revenue = 95% of Project Increment x (City + County Millage) less 4% early payment discount Incentive Award = Award Factor x TIF Revenue created by Project 1121 13 OCEAN ONE TIF CASH FLOW REQUESTED AWARD Year of operation:1 2 3 4 5 6 7 Calendar Year:Stabilized $2025 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Annual Ecalation Rate:Untrended 0.0%0.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0% Taxable Value Prior to Redevelopment 114 N Federal $9,499,958 $9,006,248 9,006,248 $9,006,248 $9,276,435 $9,554,729 $9,841,370 $10,136,611 $10,440,710 $10,753,931 $11,076,549 $11,408,846 222 N Federal $1,489,248 $1,410,649 1,410,649 $1,410,649 $1,452,968 $1,496,558 $1,541,454 $1,587,698 $1,635,329 $1,684,389 $1,734,920 $1,786,968 Total $10,989,206 $10,416,897 10,416,897 $10,416,897 $10,729,404 $11,051,286 $11,382,825 $11,724,309 $12,076,039 $12,438,320 $12,811,469 $13,195,813 Ad Valorem Taxes Prior to Development 114 N Federal $185,579 $185,579 185,579 $185,579 $191,146 $196,881 $202,787 $208,871 $215,137 $221,591 $228,239 $235,086 222 N Federal $29,075 $29,075 29,075 $29,075 $29,947 $30,846 $31,771 $32,724 $33,706 $34,717 $35,759 $36,831 Total $214,654 $214,654 214,654 $214,654 $221,094 $227,726 $234,558 $241,595 $248,843 $256,308 $263,997 $271,917 Estimated Assessed/Taxable Value of Completed Project stabilized Multi-Family $98,097,151 $98,097,151 $98,097,151 $101,040,066 $104,071,268 $107,193,406 $110,409,208 $113,721,484 $117,133,129 $120,647,123 $124,266,536 Retail/Office $5,163,008 $5,163,008 $5,163,008 $5,317,898 $5,477,435 $5,641,758 $5,811,011 $5,985,341 $6,164,902 $6,349,849 $6,540,344 Estimated Assessed/Taxable Value of Completed Project $103,260,159 $103,260,159 $103,260,159 $106,357,964 $109,548,703 $112,835,164 $116,220,219 $119,706,825 $123,298,030 $126,996,971 $130,806,880 pre-construction construction construction % Valuation of Completed Stabilized Project (if 0%, Prior AV)100%0%0%0%100%100%100%100%100%100%100% Taxable Value of Project $103,260,159 $10,416,897 $10,416,897 $10,729,404 $109,548,703 $112,835,164 $116,220,219 $119,706,825 $123,298,030 $126,996,971 $130,806,880 Est RE Tax After Development Multi-Family $1,889,059 $1,889,059 $1,889,059 $1,945,731 $2,004,103 $2,064,226 $2,126,153 $2,189,937 $2,255,635 $2,323,305 $2,393,004 Retail/Office $99,424 $99,424 $99,424 $102,407 $105,479 $108,643 $111,903 $115,260 $118,718 $122,279 $125,948 Est RE Tax After Development $1,988,483 $1,988,483 $1,988,483 $2,048,138 $2,109,582 $2,172,869 $2,238,056 $2,305,197 $2,374,353 $2,445,584 $2,518,951 Project Incremental Value $92,270,953 $0 $0 $0 $98,497,417 $101,452,339 $104,495,910 $107,630,787 $110,859,710 $114,185,502 $117,611,067 City TIF Contribution @ Millage Rate =7.80 $656,379 $0 $0 $0 $700,671 $721,691 $743,342 $765,642 $788,612 $812,270 $836,638 County Contribution @ Millage Rate =4.50 $378,680 $0 $0 $0 $404,233 $416,360 $428,851 $441,717 $454,968 $468,617 $482,676 TIF Revenue Created by Project 12.30 $1,035,059 $0 $0 $0 $1,104,905 $1,138,052 $1,172,193 $1,207,359 $1,243,580 $1,280,887 $1,319,314 TIF Award @ Award Factor =95%$983,306 $0 $0 $0 $1,049,659 $1,081,149 $1,113,584 $1,146,991 $1,181,401 $1,216,843 $1,253,348 Cummulative of Above $0 $0 $1,049,659 $2,130,809 $3,244,392 $4,391,383 $5,572,784 $6,789,627 $8,042,975 @ Award Factor % up to Total $ Amount 95%$16,000,000 $1,049,659 $1,081,149 $1,113,584 $1,146,991 $1,181,401 $1,216,843 $1,253,348 NPV to TCO - 1/1/29 @ 4.0%$12,154,000 Total Remaining with CRA $6,271,000 $55,245 $56,903 $58,610 $60,368 $62,179 $64,044 $65,966 NPV to TCO - 1/1/29 @ 4.0%$3,672,000 NPV to 1/1/26 @ 4.0%$3,395,000 5% of City Operating Millage Retained by City *$1,294,000 $51,753 $55,245 $56,903 $58,610 $60,368 $62,179 $64,044 $65,966 NPV to TCO - 1/1/29 @ 4.0%$882,000 NPV to 1/1/26 @ 4.0%$815,000 City Tax After CRA Sunset @ City Millage *7.80 $65,924,000 $0 $0 $0 $0 $0 $0 $0 NPV to TCO - 1/1/29 @ 6.0%$743,000 NPV to 1/1/26 @ 6.0%$661,000 Total City Before & After CRA Sunset $67,218,000 NPV to TCO - 1/1/29 @ $1,625,000 NPV to 1/1/26 @ $1,476,000 * Not including City Operating Millage on base (pre-project) value TIF Revenue = 95% of Project Increment x (City + County Millage) less 4% early payment discount Incentive Award = Award Factor x TIF Revenue created by Project 1122 14 OCEAN ONE TIF CASH FLOW REQUESTED AWARD Year of operation:8 9 10 11 12 13 14 15 16 17 Calendar Year:2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Annual Ecalation Rate:3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0% Taxable Value Prior to Redevelopment 114 N Federal $11,751,111 $12,103,644 $12,466,754 $12,840,756 $13,225,979 $13,622,758 $14,031,441 $14,452,384 $14,885,956 $15,332,534 222 N Federal $1,840,577 $1,895,794 $1,952,668 $2,011,248 $2,071,586 $2,133,733 $2,197,745 $2,263,678 $2,331,588 $2,401,535 Total $13,591,688 $13,999,439 $14,419,422 $14,852,004 $15,297,564 $15,756,491 $16,229,186 $16,716,062 $17,217,544 $17,734,070 Ad Valorem Taxes Prior to Development 114 N Federal $242,139 $249,403 $256,885 $264,591 $272,529 $280,705 $289,126 $297,800 $306,734 $315,936 222 N Federal $37,936 $39,074 $40,247 $41,454 $42,698 $43,979 $45,298 $46,657 $48,057 $49,498 Total $280,075 $288,477 $297,131 $306,045 $315,227 $324,683 $334,424 $344,457 $354,790 $365,434 Estimated Assessed/Taxable Value of Completed Project Multi-Family $127,994,532 $131,834,368 $135,789,399 $139,863,081 $144,058,974 $148,380,743 $152,832,165 $157,417,130 $162,139,644 $167,003,833 Retail/Office $6,736,554 $6,938,651 $7,146,810 $7,361,215 $7,582,051 $7,809,513 $8,043,798 $8,285,112 $8,533,665 $8,789,675 Estimated Assessed/Taxable Value of Completed Project $134,731,087 $138,773,019 $142,936,210 $147,224,296 $151,641,025 $156,190,256 $160,875,963 $165,702,242 $170,673,310 $175,793,509 % Valuation of Completed Stabilized Project (if 0%, Prior AV)100%100%100%100%100%100%100%100%100%100% Taxable Value of Project $134,731,087 $138,773,019 $142,936,210 $147,224,296 $151,641,025 $156,190,256 $160,875,963 $165,702,242 $170,673,310 $175,793,509 Est RE Tax After Development Multi-Family $2,464,794 $2,538,738 $2,614,900 $2,693,347 $2,774,147 $2,857,372 $2,943,093 $3,031,385 $3,122,327 $3,215,997 Retail/Office $129,726 $133,618 $137,626 $141,755 $146,008 $150,388 $154,900 $159,547 $164,333 $169,263 Est RE Tax After Development $2,594,520 $2,672,355 $2,752,526 $2,835,102 $2,920,155 $3,007,760 $3,097,992 $3,190,932 $3,286,660 $3,385,260 Project Incremental Value $121,139,399 $124,773,581 $128,516,788 $132,372,292 $136,343,461 $140,433,764 $144,646,777 $148,986,181 $153,455,766 $158,059,439 City TIF Contribution @ Millage Rate =7.80 $861,737 $887,589 $914,217 $941,644 $969,893 $998,990 $1,028,959 $1,059,828 $1,091,623 $1,124,372 County Contribution @ Millage Rate =4.50 $497,156 $512,071 $527,433 $543,256 $559,554 $576,340 $593,630 $611,439 $629,782 $648,676 TIF Revenue Created by Project 12.30 $1,358,893 $1,399,660 $1,441,650 $1,484,899 $1,529,446 $1,575,330 $1,622,590 $1,671,267 $1,721,405 $1,773,048 TIF Award @ Award Factor =95%$1,290,949 $1,329,677 $1,369,567 $1,410,654 $1,452,974 $1,496,563 $1,541,460 $1,587,704 $1,635,335 $1,684,395 Cummulative of Above $9,333,924 $10,663,601 $12,033,169 $13,443,823 $14,896,797 $16,393,360 $17,934,821 $19,522,525 $21,157,860 $22,842,255 @ Award Factor % up to Total $ Amount 95%$16,000,000 $1,290,949 $1,329,677 $1,369,567 $1,410,654 $1,452,974 $1,103,203 NPV to TCO - 1/1/29 @ 4.0%$12,154,000 Total Remaining with CRA $6,271,000 $67,945 $69,983 $72,082 $74,245 $76,472 $472,127 $1,622,590 $1,671,267 $1,721,405 NPV to TCO - 1/1/29 @ 4.0%$3,672,000 NPV to 1/1/26 @ 4.0%$3,395,000 5% of City Operating Millage Retained by City *$1,294,000 $67,945 $69,983 $72,082 $74,245 $76,472 $78,766 $81,129 $83,563 $86,070 $88,652 NPV to TCO - 1/1/29 @ 4.0%$882,000 NPV to 1/1/26 @ 4.0%$815,000 City Tax After CRA Sunset @ City Millage *7.80 $65,924,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 NPV to TCO - 1/1/29 @ 6.0%$743,000 NPV to 1/1/26 @ 6.0%$661,000 Total City Before & After CRA Sunset $67,218,000 NPV to TCO - 1/1/29 @ $1,625,000 NPV to 1/1/26 @ $1,476,000 * Not including City Operating Millage on base (pre-project) value TIF Revenue = 95% of Project Increment x (City + County Millage) less 4% early payment discount Incentive Award = Award Factor x TIF Revenue created by Project 1123 15 ASSUMPTIONS AND LIMITING CONDITIONS • Information provided by others for use in this analysis is believed to be reliable, but in no sense is guaranteed. All information concerning physical, market or cost data is from sources deemed reliable. No warranty or representation is made regarding the accuracy thereof, and is subject to errors, omissions, changes in price, rental, or other conditions. • The Consultant assumes no responsibility for legal matters nor for any hidden or unapparent conditions of the property, subsoils, structure or other matters which would materially affect the marketability, developability or value property. • The analysis assumes a continuation of current economic and real estate market conditions, without any substantial improvement or degradation of such economic or market conditions except as otherwise noted in the report. • Any forecasts of the effective demand for space are based upon the best available data concerning the market, but are projected under conditions of uncertainty. • Since any projected mathematical models are based on estimates and assumptions, which are inherently subject to uncertainty and variation depending upon evolving events, The Consultant does not represent them as results that will actually be achieved. • The report and analyses contained therein should not be regarded as constituting an appraisal or estimate of market value. • The analysis was undertaken to assist the client in evaluating and strategizing the potential transaction discussed in the report. It is not based on any other use, nor should it be applied for any other purpose. • Possession of this report or any copy or portion thereof does not carry with it the right of publication nor may the same be used for any other purpose by anyone without the previous written consent of the Consultant and, in any event, only in its entirety. • The Consultant shall not be responsible for any unauthorized excerpting or reference to this report. • The Consultant shall not be required to give testimony or to attend any governmental hearing regarding the subject matter of this report without agreement as to additional compensation and without sufficient notice to allow adequate preparation. 1124 CMUL-2024.08.63878 (Commercial Multi-Family) • Permit application date: August 16, 2024 • Review Cycle #1 completed on: October 3, 2024 • Resubmitted on: November 29, 2024 • Review Cycle #2 disapproved on: December 18, 2024 • Permit Fees: $2,076,890.75 • Permit Fees Paid: $418,250 CSIT-2024.07.60431 (Commercial Site Improvement) • Permit application date: July 22, 2024 • Review Cycle #1 completed on: August 22, 2024 • Resubmitted on: October 31, 2024 • Review Cycle #2 disapproved on: November 22, 2024 • Permit Fees: $43,446.82 • Fees paid: $3,906.44 SPTE-2024.11.71654 (Site Plan Time Extension) • Application date: November 4, 2024 • Review Cycle #1 completed: November 8, 2024 • Resubmitted on: December 12, 2024 • Minor Development Application Approved: December 19, 2024 • Permit Fees: $750 • Fees paid: $750 CTFE-2024.06.54818 (Temporary Construction Fence) • Application Date: June 19, 2024 • Permit Issued on: May 15, 2025 • Permit Fees: $298.50 • Fees Paid: $298.50 1125 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: December 9, 2025 OLD BUSINESS AGENDA ITEM 14.E SUBJECT: Continued Discussion and Consideration of the 2026 CRA Board Meeting Dates SUMMARY: At the November 10, 2025 meeting, the CRA Board made the decision to move the January 2026 meeting to Thursday, January 8, 2026, due to the conflict with the Palm Beach County Days in Tallahassee on January 13-14, 2026. The Board then requested to bring back the discussion of the March 10, 2026, CRA Board Meeting date due to a conflict with Municipal Elections. Alternative dates for the March conflict are as follows: Tuesday, March 10 (2026 Municipal Election Day): Thursday March 5, Monday, March 9 or Thursday, March 19 Also at the November meeting it was discussed that there would be a Joint CRA Board/City of Boynton Beach Commission meeting before the January 8, 2026, CRA Board Meeting and also before the May or June CRA Board Meeting. On November 18, 2025, City and CRA Staff meet to discuss joint infrastructure projects and future meeting dates. Staff is recommending holding the proposed May/June meeting before the CRA Board April 14th meeting to ensure collaboration and coordination in the budgeting process. The CRA Board meetings are held on the second Tuesday of every month at 6:00 p.m. in Commission Chambers at City Hall located at 100 E. Ocean Avenue, Boynton Beach, FL 33435. The following is a list of the CRA Board meeting dates for the period January - December 2026 (see Attachment I): January 8 (Thursday ) February 10 March 10 (Conflicts with 2026 Municipal Election Day) April 14 May 12 June 9 July 14 1126 •Attachment I - 2026 Proposed CRA Board Meeting Dates August 11 September 8 October 13 November 10 December 8 CRA PLAN/PROJECT/PROGRAM: 2016 Boynton Beach Community Redevelopment Plan CRA BOARD OPTIONS: 1. Approve the 2026 CRA Board meeting dates as presented. 2. Approval of alternate dates and times after discussion by the CRA Board. ATTACHMENTS: Description 1127 2026 CRA, CRAB and COBB Calendar January February March S M T W T F S S M T W T F S S M T W T F S 1 2 3 1 2 3 4 5 6 7 1 2 3 4 5 6 7 4 5 6 7 8 9 10 8 9 10 11 12 13 14 8 9 10 11 12 13 14 11 12 13 14 15 16 17 15 16 17 18 19 20 21 15 16 17 18 19 20 21 18 19 20 21 22 23 24 22 23 24 25 26 27 28 22 23 24 25 26 27 28 25 26 27 28 29 30 31 29 30 31 PBC Days: January 13-14 ELECTION: March 10/Runoff March 24 NLC: March 16-18 April May June S M T W T F S S M T W T F S S M T W T F S 1 2 3 4 1 2 1 2 3 4 5 6 5 6 7 8 9 10 11 3 4 5 6 7 8 9 7 8 9 10 11 12 13 12 13 14 15 16 17 18 10 11 12 13 14 15 16 14 15 16 17 18 19 20 19 20 21 22 23 24 25 17 18 19 20 21 22 23 21 22 23 24 25 26 27 26 27 28 29 30 24 25 26 27 28 29 30 28 29 30 31 July August September S M T W T F S S M T W T F S S M T W T F S 1 2 3 4 1 1 2 3 4 5 5 6 7 8 9 10 11 2 3 4 5 6 7 8 6 7 8 9 10 11 12 12 13 14 15 16 17 18 9 10 11 12 13 14 15 13 14 15 16 17 18 19 19 20 21 22 23 24 25 16 17 18 19 20 21 22 20 21 22 23 24 25 26 26 27 28 29 30 31 23 24 25 26 27 28 29 27 28 29 30 30 31 FLC: August 13-15 October November December S M T W T F S S M T W T F S S M T W T F S 1 2 3 1 2 3 4 5 6 7 1 2 3 4 5 4 5 6 7 8 9 10 8 9 10 11 12 13 14 6 7 8 9 10 11 12 11 12 13 14 15 16 17 15 16 17 18 19 20 21 13 14 15 16 17 18 19 18 19 20 21 22 23 24 22 23 24 25 26 27 28 20 21 22 23 24 25 26 25 26 27 28 29 30 31 29 30 27 28 29 30 31 IEDC: October 25-28 NLC City Summit: November 19-21 2026 Holidays – Closed Conference Dates Important Jan 1 New Year’s Day Jan 19 Martin Luther King Jr. Day Feb 16 President’s Day May 25 Memorial Day Jun 19 Juneteenth Jul 3 Independence Day Sep 7 Labor Day Nov 11 Veterans Day Nov 26 Thanksgiving Day Nov 27 Day after Thanksgiving Day Dec 24 Christmas Eve Dec 25 Christmas Day Jan 13-14 PBC Days in Tallahassee Mar 16-18 NLC (Washington, DC) Aug 13-15 FLC (Hollywood, FL) Oct 25-28 IEDC (CRA) (New Orleans, LA) TBD FRA (CRA) Nov 19-21 NLC City Summit (Nashville, TN) Pay Day City Commission Meeting CRA Meeting CRAB Meeting Agenda Review Meeting March 10- Election Day March 24- Runoff Election Day 1128 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: December 9, 2025 NEW BUSINESS AGENDA ITEM 15.A SUBJECT: Discussion and Consideration of Audited Financial Statements - Fiscal Year 2024-2025 SUMMARY: The Fiscal Year 2024-2025 financial auditor ’s annual report and audited financial statements were performed by the independent certified public accounting firm of Richie Tandoc, P.A. Certified Public Accountant & Consultant formerly known as Perez-Abreu, Aguerrebere, Sueiro & Torres PL (PAAST) and are being presented to the CRA Board for their review and approval (see Attachments I & II). The Statutory objective of the required annual audit is to assure that the financial statements of the CRA are fairly represented and in accordance with generally accepted accounting principles and governmental accounting standards as well as for compliance with applicable laws and regulations. During the annual audit, the auditors examined the Agency’s financial records to obtain reasonable assurance that the financial statements are free from any material misstatements. Examples of the types of documents the auditors review and test are: General ledger transactions; bond or loan issuance or refunding; journal entries; adopted budget and budget amendments; operational, administrative, human resource and financial policies and procedures; personnel records; payroll records; Board meeting minutes; and contracts and contract compliance including real estate closings. The audit as performed by Richie Tandoc, P.A. acknowledged the following: No internal control deficiencies No audit findings of noncompliance issues No audit adjustments Cash position is approximately $8.72 million and remains strong at $60.29 million in all funds with sufficient fund balance for working capital and ongoing project funding For the 17th year in a row, the Boynton Beach CRA has received a clean annual audit opinion for the financial operations of the Agency for FY 2024-2025. FISCAL IMPACT: FY 2025-2026 Budget, General Fund, Line item 01-51420-200, $18,000 CRA PLAN/PROJECT/PROGRAM: 1129 •Attachment I - 2025 BBCRA Audit Results •Attachment II - 2025 Financial Statements 2016 Boynton Beach Community Redevelopment Plan CRA BOARD OPTIONS: Accept and approve the Fiscal Year 2024-2025 audited financial statements for the period beginning October 1, 2024 and ending September 30, 2025. ATTACHMENTS: Description 1130 Boynton Beach Community Redevelopment Agency 2025 Audit Results and Required Communications Report to Those Charged With Governance 1131 November 4, 2025 Management and Board Members Boynton Beach Community Redevelopment Agency 100 East Ocean Avenue, 4th Floor Boynton Beach, Florida 33435 Dear Management and Board Members: We are pleased to present the results of our audit of the basic financial statements of the Boynton Beach Community Redevelopment Agency (the Agency) for the year ended September 30, 2025. This report summarizes our audit, the scope of our engagement, and key observations and findings from our audit procedures for the year ended September 30, 2025. This report also contains the communications required by our professional standards and by Government Auditing Standards. The audit was designed to express an opinion on the Agency’s 2025 basic financial statements. In accordance with professional standards, we obtained a sufficient understanding of internal control to plan the audit and to determine the nature, timing, and extent of tests to be performed. However, we were not engaged to and we did not perform an audit of internal control over financial reporting. This report is intended solely for the information and use of those charged with governance of the Agency, and is not intended to be and should not be used by anyone other than these specified parties. We appreciate this opportunity to meet with you to discuss the contents of this report, and to answer any questions that you may have about this report or any other audit-related matters. If you have any questions, please contact Richie C. Tandoc, Partner in charge of the audit, at (305) 567-0150. Very truly yours, 1132 Boynton Beach Community Redevelopment Agency 2025 Audit Results and Required Communications 1 Generally Accepted Auditing Standards and Government Auditing Standards require the auditor to communicate certain matters to those charged with governance that may assist in overseeing management’s financial reporting and disclosure process. Below is a summary of these required communications , and our response to each, as they apply to the Agency as of and for the fiscal year ended September 30, 2025. Required Communication Response Auditors’ Responsibilities Under Generally Accepted Auditing Standards (GAAS) and Government Auditing Standards (GAS) Our responsibility is to express opinions on the Agency’s financial statements based on our audit conducted in accordance with auditing standards generally accepted in the United States and Government Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. In addition, we are required to report on the Agency’s internal control over financial reporting and on compliance and other matters. However, providing assurance on the internal control or compliance with certain provisions of laws, regulations, contracts, and agreements was not an objective of our audits, and accordingly, we do not express such opinions. We have issued an unmodified opinion (i.e. a clean opinion) on the Agency’s basic financial statements for the year ended September 30, 2025. We have also issued our report on the Agency’s internal control over financial reporting and on compliance and other matters for the year ended September 30, 2025. We noted no material weaknesses or material noncompliance issues. Both reports were dated November 4, 2025. Significant Accounting Policies Initial selection of and changes in significant accounting policies or their application and new accounting and reporting standards during the year must be reported. In addition, we must discuss our judgments about the quality, not just the acceptability, of the accounting policies as applied in the Agency’s financial reporting. The Agency’s significant accounting policies are described in Note 1 to the financial statements. Accounting principles selected by management are consistent with those prescribed by government accounting standards, and the Agency’s financial statements and related disclosures are clearly presented in a complete manner. Accounting Estimates The preparation of the financial statements requires the use of accounting estimates. We are required to inform the Board of such accounting estimates and about our conclusions regarding the reasonableness of those estimates. For fiscal year ended September 30, 2025, management’s judgment was called upon to establish the useful lives of capital assets. We have determined that such estimates are reasonable. Methods of Accounting for Significant Unusual Transactions and for Controversial or Emerging Areas We are required to inform those charged with governance about the methods used to account for significant unusual transactions and the effects of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus. We did not identify any significant unusual transactions by the Agency or any significant accounting policies used by the Agency related to controversial or emerging areas for which there is a lack of authoritative guidance. Significant and/or Unadjusted Audit Adjustments We are required to inform those charged with governance about auditor adjustments arising from the audit (whether recorded or not) that could, in our judgment, have a significant effect, individually or in the aggregate, on the Agency’s financial statements. We did not identify any material audit adjustments during our audit of the financial statements as of and for the fiscal year ended September 30, 2025. 1133 Boynton Beach Community Redevelopment Agency 2025 Audit Results and Required Communications 2 Required Communication Response Fraud and Illegal Acts We are required to inform those charged with governance about any and all fraud and illegal acts involving senior management and any fraud and illegal acts (whether caused by management or other employees) that cause a material misstatement of financial resources. We are not aware of any fraud or illegal acts that occurred during the fiscal year involving senior management, or any fraud or illegal acts involving any employee that would cause a material misstatement of the financial statements. Disagreements or Difficulties with Management We are required to inform those charged with governance about any significant disagreements or difficulties encountered with management. We did not encounter any significant disagreements or difficulties with management during the course of the audit. Major Issues Discussed with Management Prior to Retention We are required to inform those charged with governance about any major issues discussed with management prior to retaining us as auditors. We did not discuss any major issues with management prior to retaining us as your auditors. Independence We are required to communicate with those charged with governance, at least annually, the following: 1. Disclose, in writing, all relationships between us and the Agency and its related entities that, in our professional judgment, may reasonably be thought to impede our independence; 2. Confirm in writing that, in our professional judgment, we are independent of the Agency in accordance with generally accepted auditing standards and Government Auditing Standards; and 3. Disclose any non-audit services performed for the Agency. 1. There are no relationships between us and the Agency and its related entities that, in our professional judgment, may reasonably be thought to impede our independence. 2. With regards to our audit of the Agency as of September 30, 2025, we are independent with respect to the Agency, in accordance with Rule 101 of the American Institute of Certified Public Accountants’ Code of Professional Conduct, its interpretations and rulings, and Government Auditing Standards. 3. We have not performed any non-audit services for the Agency during the fiscal year ended September 30, 2025, or thereafter. Management Letter We are required to issue a management letter responding to certain requirements in accordance with the Rules of the Auditor General of the State of Florida. We have issued a management letter in accordance with the Rules of the Auditor General of the State of Florida, dated November 4, 2025. Management Representations We are required to communicate with those charged with governance about representations requested from management. We requested certain representations from management that are included in the management representation letter dated November 4, 2025. 1134 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2025 1135 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) TABLE OF CONTENTS FOR THE YEAR ENDED SEPTEMBER 30, 2025 Page FINANCIAL SECTION: Independent Auditor's Report 1 Management’s Discussion and Analysis (Required Supplementary Information) 3 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position 10 Statement of Activities 11 Fund Financial Statements: Balance Sheet – Governmental Funds 12 Reconciliation of the Balance Sheet – Governmental Funds to the Statement of Net Position 13 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds 14 Reconciliation of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds to the Statement of Activities 15 Notes to the Basic Financial Statements 16 Required Supplementary Information: Budgetary Comparison Schedule (Unaudited) - General Fund 24 Notes to the Budgetary Comparison Schedule 25 COMPLIANCE SECTION: Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards 26 Management Letter in Accordance with the Rules of the Auditor General of the State of Florida 28 Independent Accountant's Report on Compliance with Sections 163.387(6) and (7), Florida Statutes 31 1136 1 INDEPENDENT AUDITOR’S REPORT To the Board of Commissioners Boynton Beach Community Redevelopment Agency: Opinions We have audited the accompanying financial statements of the governmental activities and each major fund, and the aggregate remaining fund information of the Boynton Beach Community Redevelopment Agency (the Agency), a component unit of the City of Boynton Beach, Florida, as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the Agency’s basic financial statements as listed in the table of contents. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the Agency as of September 30, 2025, and the respective changes in financial position thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Agency, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Agency’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. 1137 2 In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we: ▪ Exercise professional judgment and maintain professional skepticism throughout the audit. ▪ Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. ▪ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Agency’s internal control. Accordingly, no such opinion is expressed. ▪ Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. ▪ Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Agency’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated November 4, 2025 on our consideration of the Agency’s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Agency's internal control over financial reporting. Miami, Florida November 4, 2025 1138 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) MANAGEMENT’S DISCUSSION AND ANALYSIS - UNAUDITED SEPTEMBER 30, 2025 3 The Management’s Discussion and Analysis (MD&A) of the Boynton Beach Community Redevelopment Agency (the “Agency” or “CRA”) is designed to provide an objective and easy to read analysis of the financial activities based on currently known facts, decisions, and conditions. The MD&A provides a broad overview, short-term and long-term analysis of the Agency’s activities based on information presented in the financial statements. Specifically, this information is designed to assist the reader in focusing on significant financial issues, provide an overview of the Agency’s financial activity and identify changes in the Agency’s financial position and its ability to address next year’s challenges. Finally, the MD&A will identify any material deviations from the approved budget. The Agency is an independent agency and a component unit of the City of Boynton Beach, Florida (“City”). The Agency has presented its financial statements in accordance with the reporting model required by Governmental Accounting Standards Board Statement No. 34, Basic Financial Statements and Management’s Discussion and Analysis for State and Local Governments. The information contained in this MD&A is only a component of the entire financial statement report. Readers should take time to read and evaluate all sections of the report, including the footnotes and required supplementary information provided. FINANCIAL HIGHLIGHTS For Fiscal Year 2024-2025, the Agency’s tax increment revenues increased by 12% to approximately $24.49 million during the fiscal year. This resulted primarily from increased property values by 12.1% within the CRA district from residential, multi-family, condominiums and commercial properties. The Agency began the fiscal year with a net position balance of approximately $51.58 million. The Agency’s total net revenues for the year ending on September 30, 2025, were approximately $20.57 million, while total expenses were approximately $11.84 million, increasing net position by approximately $8.72 million. The Agency’s guiding document for annual budgeting, programs and projects is the 2016 CRA Redevelopment Plan. The 2016 CRA Redevelopment Plan is organized into six separate districts, each identified according to their character, history, location, land use make-up and intended purpose; 1) the Industrial Craft District; 2) the Heart of Boynton District; 3) the Cultural District; 4) the Boynton Beach Boulevard District; 5) the Downtown District; and 6) the Federal Highway District. While the Redevelopment Plan can be revised, it will remain the planning document used by the CRA until we sunset in 2044. The Agency, in cooperation with the City’s Police Department, continues to fund the Neighborhood Officer Program (NOP) Innovative Policing Initiative. In 2024-2025, the partnership funded four Officers to enhance the Unit’s ability to provide a positive presence in the community. The goal of the program is to address crime holistically within the CRA Districts by promoting an atmosphere that emphasizes a sense of trust, care and community investment. Public safety cultivates personal relationships between police personnel assigned to the neighborhood on foot and bike patrols and additional security patrol, recommendations, and/or resources to the business community. The Agency has partnered with the City of Boynton Beach on the Town Square Project which encompasses approximately eight acres of the total 16.5-acre site. The 55,000 square foot City Hall and Public Library building opened in June 2020 along with the historic Boynton Beach High School building that was adapted and reused as the City’s new Arts & Cultural Center. The Centennial Park & Amphitheater and Kapok Park opened shortly after the city hall building. The open spaces are being enjoyed by the public daily. In addition, the City initiated the production of a Central Energy Plant which has the capacity to service all the public and private buildings within the Town Square Project area with chilled water to lessen the costs associated with running their large air conditioning systems. 1139 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) MANAGEMENT’S DISCUSSION AND ANALYSIS - UNAUDITED SEPTEMBER 30, 2025 4 A total of $26.40 million of Agency funding was expended between fiscal years 2017 through 2024 for the design drawings, permitting and construction of the Town Square Project. These improvements with an additional $3.55 million were expended during Fiscal Year 2024-2025. The CRA has made a commitment through an Interlocal Agreement to provide funding over the next 20 years for the cost of completing the Town Square Project. The Agency had the pleasure of assisting 21 (twenty-one) new businesses, adding over 25,000 square feet of new retail, restaurant, industrial and professional office space within the CRA area with commercial rent subsidy and property improvement grants. Additionally, four existing businesses and two commercial property owners completed property improvements totaling over 95,300 square feet. Approximately $750,786 was awarded during the fiscal year to those businesses. The Economic Development Grant Programs, targeted to existing and new businesses within the CRA district, have proven to be a success. The Agency continued the facilitation of four major development projects during this Fiscal Year. The first is 511-529 E. Ocean Avenue properties for the 115 N. Federal Highway Infill Mixed Use Redevelopment Project. The land assemblage allowed the Agency to issue an RFP/RFQ for development proposals which resulted in the execution of a Purchase and Development Agreement (PDA), Tax Increment Revenue Financing Agreement (TIRFA), and Parking Lease Agreements with BBQ OZ, LLC to develop The Pierce, a new development consisting a minimum of 300 mixed-income apartments, 16,800 square feet of retail, restaurant, and office space, and 150 public parking spaces. As part of the TIRFA, the developer will rent 50% of the units at 80%-120% of the Area Median Income (AMI) for a period of 15 years. At the end of the 15 year term, 30% of the units will be rented at the same AMI for an additional 15 years. At the end of the 30 year term of affordability, 10% of the units will remain subject to the affordability requirements in perpetuity. In May 2025, The Villages, a project spearheaded by Edgewater Capital Investments, commenced construction on their 8-story mixed-use project which includes 336 rental apartments with 8,000 square feet of retail and commercial space, two plazas with a linear park and 120 public parking space. As part of the project, the CRA provided $9.1 million through a TIRFA. As part of the TIRFA, the developer will rent a 1,000 square foot neighborhood coffee shop at 50% market rental rate for 15 years. The CRA would also receive 30% of the parking revenue generated from the 120 public parking spaces. The Agency also partnered with Time Equities Inc. for the mixed-use component of Town Square. The Town Square project is a 16.5 acre mixed-use and governmental complex which has long been identified as the catalyst project for both the Boynton Beach Boulevard and Cultural Districts. Through the TIRFA, the CRA will provide Time Equities a total of $35.2 million for the north and south parcels surrounding City Hall. The mixed-use project includes a total of 898 market rate rental apartment, 23,500 square feet of commercial space and 2,054 parking spaces which include 473 public parking spaces. As part of the TIRFA, the developer committed a total of 4,000 square feet of 50% market rate commercial space for 10 years and provide a total of $200,000 in funding for the interior build-out to the first tenants of the discounted retail space. Additionally, the Ocean One project will play a major role in the development of the Downtown District. The 3.5 acre site includes 371 residential rental units as well as 25,000 square feet of retail and commercial space. In May 2024, the CRA awarded a $9 million TIRFA over a 12-year term. In return, Ocean One will provide 90 public parking spaces with 20 on-street public parking spaces in perpetuity with a 20% parking revenue share. Pulte Home Company, LLC purchased the CRA-owned Cottage District Infill Housing properties at appraised value. In 2023, the CRA Board approved a Purchase and Development Agreement for the redevelopment of the site. The Cottage District project broke ground in March 2025 and includes 41 for-sale, owner occupied units consisting of 19 single-family detached units and 22 townhomes. 1140 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) MANAGEMENT’S DISCUSSION AND ANALYSIS - UNAUDITED SEPTEMBER 30, 2025 5 All homes will be marketed and sold through Palm Beach County's Workforce Housing Program at 60%-80% of the County's Area Media Income. The project which has been a priority site for the construction of new affordable or workforce homeownership is anticipated to be completed early 2026. In response to an increase in construction costs from the COVID-19 pandemic, the Agency provided over $4 million dollars in gap funding for the MLK Jr. Boulevard Mixed-Use Project, Heart of Boynton Village Apartments and Shops. This enabled the construction of the 124 affordable Low-Income Housing Tax Credit (LIHTC) apartments and 8,250 square feet of neighborhood serving commercial uses in the Heart of Boynton District. The three residential buildings received their Certificate of Occupancy in July 2024 and are currently fully occupied. The Heart of Boynton Shops are currently under construction and include an urgent care, a bakery, dentist office, two restaurants, two professional offices and an office for the Neighborhood Officer Program. The beautification of the Boynton Beach Boulevard Corridor from US 1 to I-95 was a necessity to physically transform the entrance to the City’s commercial core. Construction began in May 2024 and was completed in February 2025. The Agency provided $3.1 million in local funding for the improvements which included wider sidewalks, landscaping, accommodations for bicycles and mass transit and a mid-block pedestrian crossing to support the community’s vision for a more complete street on the most significant commercial corridor in the City. The CRA Board directed staff in March 2024 to work with a consultant on an Entry Feature for the CRA owned property located at 1101 N Federal Highway. A consultant was secured in August 2024 and final design was approved by the Board in March 2025. $200,000 was allocated for this project. In July 2025, the CRA sold the CRA-owned properties located at 401-411 E. Boynton Beach Boulevard to Maple Tree Investments LLC as part of a Purchase and Development Agreement to provide a USPS Downtown Station. The relocation of the USPS from 209 N. Seacrest Boulevard will spur future redevelopment at key intersections along Boynton Beach Boulevard. Other redevelopment initiatives funded in fiscal year 2024-2025 include the following: Jaycee Park Design, E. MLK Jr. Blvd Streetscape, Pence Park Design & Permit, Senior Center Design, Harvey Oyer Park Pier Survey & Design, Centennial Park Improvement Design, US 1 Beautification Project, Ocean Avenue Bridge Lighting, and Cottage District Road Improvement Design. The CRA acquired the following properties in this fiscal year: 321 E. MLK Blvd, 419 N. Seacrest Boulevard (potential community co-workspace), 135 N.E. 3rd Avenue, 225 NE 9th Avenue and 323 E. MLK Jr. Boulevard as well as an Approval of the Purchase and Development Agreement for the Inn at Boynton located at 480 W. Boynton Beach Blvd and an approval to fund a purchase located at 670 Oak Street through an Interlocal Agreement with the City of Boynton Beach. OVERVIEW OF THE FINANCIAL STATEMENTS The Agency’s basic financial statements are comprised of the 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the basic financial statements. This report also contains required supplementary information in addition to the basic financial statements themselves. Government-Wide Financial Statements The government-wide financial statements provide readers with a broad overview of the Agency’s finances, in a manner similar to a private-sector business. In addition, the government-wide statements are prepared using the accrual basis of accounting. The Statement of Net position (balance sheet) presents information on the Agency’s assets and liabilities, with the difference between the two reported as net position. 1141 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) MANAGEMENT’S DISCUSSION AND ANALYSIS - UNAUDITED SEPTEMBER 30, 2025 6 The Statement of Activities (income statement) presents information showing how the Agency’s net position changed during the most recent fiscal year. All changes in revenues are reported as soon as underlying events giving rise to the change occur regardless of the timing of related cash flows. The expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods. The government-wide financial statements present functions of the Agency that are principally supported by tax increment financing (governmental activities). The governmental activities of the Agency include general government activities, public safety and redevelopment projects. Thus, the Agency has no business-type activities. The government-wide financial statements are found beginning on page 10 of this report. Fund Financial Statements The governmental fund financial statements provide readers with an overview of each fund and its related function in a traditional format. A fund is a grouping of related accounts that maintain control over resources that are segregated for specific activities or objectives. The Agency, like other state and local governments, uses fund accounting to ensure and demonstrate legal compliance with finance-related legal requirements. The Agency utilizes three funds for the fiscal year ending September 30, 2025, the General Fund, which is a governmental fund, the Debt Service Fund, used for servicing all debt payments and the Projects Fund, from which all capital outlays financed from Bond proceeds or other sources of financing are spent. Governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government- wide financial statements, the governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government’s near-term financing requirements. The focus of governmental funds is narrower than government-wide financial statements, and it is therefore useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By comparing and contrasting, readers may better understand the long-term impact of the Agency’s near-term financing decisions. The “Balance Sheet – Governmental Funds” and “Statement of Revenues, Expenditures, and Change in Fund Balance – Governmental Funds” are reconciled as shown on the “Reconciliation of the Balance Sheet – Governmental Fund to the Statement of Net position” and the “Reconciliation of the Statement of Revenues, Expenditures and Change in Fund Balance – Governmental Funds to the Statement of Activities” to facilitate the comparison between the governmental funds and governmental activities. The Agency adopts an annual appropriated budget for its General Fund. A budgetary comparison schedule provided for the General Fund demonstrates compliance with this budget. The basic governmental funds financial statements can be found beginning on page 12 of this report. The reconciliations between the governmental funds and governmental activities are found on pages 13 and 15. Notes to the Basic Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and the fund financial statements. These notes to the basic financial statements begin on page 16 of this report. In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the Agency’s budget to actual results for the General Fund for the current year. The required supplementary information can be found on page 24 and 25 of this report. 1142 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) MANAGEMENT’S DISCUSSION AND ANALYSIS - UNAUDITED SEPTEMBER 30, 2025 7 GOVERNMENT-WIDE FINANCIAL ANALYSIS As noted earlier, net position may serve over time as a useful indicator of a government’s financial position. In the case of the Agency, assets exceeded liabilities by approximately $39.31 million at the close of the most recent fiscal year. However, the largest portion of the Agency’s total assets, 37%, is reflected in its capital assets. Summary of Net Position September 30, 2025 2024 Assets Current and other assets $ 40,134,885 $ 24,557,655 Capital assets 23,097,098 31,797,299 Total assets 63,231,983 56,354,954 Deferred outflows of resources 119,752 239,505 Liabilities Current liabilities 579,707 2,578,062 Long-term liabilities 2,474,355 2,441,160 Total liabilities 3,054,062 5,019,222 Net position Invested in capital assets, net of related debt 22,977,346 29,302,794 Restricted for: Capital projects 33,893,363 19,070,941 Debt service 273,498 230,912 Unrestricted 3,153,466 2,970,590 Total net position $ 60,297,673 $ 51,575,237 The Agency has restricted assets for various capital projects. Governmental Activities Governmental activities increased the Agency’s net position by approximately $8.72 million. Key elements of this increase are detailed as follows: Summary of Changes in Net Position Year Ended September 30, 2025 2024 Revenues Program Revenues Charges for services $ 2,227,316 $ 2,273,845 General Revenues Tax increment revenues 24,487,029 21,555,333 Transfers and gain/loss on disposal of capital assets, net (7,207,290) (186,199) Other revenues 1,059,682 1,063,487 Total revenues 20,566,737 24,706,466 1143 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) MANAGEMENT’S DISCUSSION AND ANALYSIS - UNAUDITED SEPTEMBER 30, 2025 8 Summary of Changes in Net Position Year Ended September 30, 2025 2024 Expenses General government 4,637,029 4,713,396 Redevelopment projects 6,965,245 9,411,595 Interest on long-term debt 242,027 295,895 Total expenses 11,884,301 14,420,886 Change in net position 8,722,436 10,285,580 Net position beginning of year 51,575,237 41,289,657 Net position end of year $ 60,297,673 $ 51,575,237 Tax increment revenues increased by approximately $2.93 million during fiscal year 2025, the result of increased taxable values. Year-to-year expenses decreased by approximately $2.54 million. This was due primarily to the increase in redevelopment projects and increase in loss on sale of capital assets. FINANCIAL ANALYSIS OF THE AGENCY’S FUNDS The focus of the Agency’s governmental funds is to provide information on near-term inflows, outflows and balances of expendable resources. Such information is useful in assessing the Agency’s financing requirements. In particular, unreserved fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year. At the end of fiscal year 2025, the Agency’s governmental funds reported an ending fund balance of approximately $39.56 million, of which approximately $26 thousand is nonspendable, $2.22 million is committed, $34.70 million is assigned and $2.60 million is unassigned funds. GENERAL BUDGETARY HIGHLIGHTS In fiscal year 2024-2025, actual total revenues were favorable under budgetary estimates by approximately $763 thousand, and actual total expenditures were favorable under budgetary estimates by $1.28 million. Refer to page 24 for budgetary comparison schedule. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets During the year end September 30, 2025, the Agency spent approximately $1.98 million in capital assets. This includes approximately all for properties acquired in the CRA district targeted redevelopment plan for the downtown district Long-Term Debt At the end of fiscal year 2025, the Agency has total bond debt outstanding of approximately $2.26 million. Of this amount, approximately $1.53 million represents the 2012 refunding Revenue Bonds and $725 thousand represents the 2015 Revenue Bonds. 1144 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) MANAGEMENT’S DISCUSSION AND ANALYSIS - UNAUDITED SEPTEMBER 30, 2025 9 ECONOMIC FACTORS AFFECTING NEXT YEAR’S BUDGET Assessed property valuations within the community redevelopment district increased approximately 12.2% versus prior year resulting in an increase in tax increment revenues of $2.93 million, net of estimated adjustments for tax roll certifications. The Agency’s Board approved the 2024-2025 budget including utilization of tax increment revenues for several projects including key acquisition funding, funding for the Town Square project, infrastructure improvements, community police program, Heart of Boynton initiatives and the continuation of business and economic incentive programs. REQUEST FOR INFORMATION This financial report is designed to provide a general overview of the Agency’s finances. Questions concerning any of the information provided in this report or requests for additional information should be addressed to Vicki Hill, Finance Director at 100 E Ocean Avenue, 4th Floor, Boynton Beach, Florida 33435. 1145 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) STATEMENT OF NET POSITION SEPTEMBER 30, 2025 Governmental Activities ASSETS Cash and cash equivalents 39,853,654$ Accounts receivables 5,134 Deposit 250,000 Prepaids 26,097 Capital assets, net of accumulated depreciation: Land 17,856,853 Furniture and equipment 40,148 Renovations 529,204 Construction in progress 41,708 Building 3,995,212 Land improvements 633,973 Total assets 63,231,983 DEFERRED OUTFLOW OF RESOURCES Deferred amount on refunding 119,752 LIABILITIES Accounts payable and accrued expenses 564,811 Deposits payable 14,896 Long-term liabilities: Due within one year 2,255,000 Due in more than one year Compensated absences 219,355 Total liabilities 3,054,062 NET POSITION Net investment in capital assets 22,977,346 Restricted for: Capital projects 33,893,363 Debt service 273,498 Unrestricted 3,153,466 Total net position 60,297,673$ The notes to the basic financial statements are an integral part of this statement. 10 1146 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) STATEMENT OF ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30, 2025 Program Revenues Net (Expense) Expenses Charges for Services Revenue and Changes in Net Assets Functions/Programs Governmental Activities: General government 4,637,029$ 2,227,316$ (2,409,713)$ Redevelopment projects 6,965,245 (6,965,245) Interest on long-term debt 242,027 (242,027) Total 11,844,301$ 2,227,316$ (9,616,985)$ General Revenues: Tax increment revenue 24,487,029$ Transfers and gain on sale of capital assets, net (7,207,290) Interest and other income 1,059,682 Total general revenues 18,339,421 Change in net position 8,722,436 Net position - beginning of year 51,575,237 Net position - end of year 60,297,673$ The notes to the basic financial statements are an integral part of this statement. 11 1147 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) BALANCE SHEET - GOVERNMENTAL FUNDS SEPTEMBER 30, 2025 General Fund Projects Fund Debt Service Fund Total Governmental Funds ASSETS Cash and cash equivalents 5,539,869$ 34,040,287$ 273,498$ 39,853,654$ Accounts receivables 5,134 - - 5,134 Deposit 250,000 250,000 Prepaids 26,097 - - 26,097 Total assets 5,571,100$ 34,290,287$ 273,498$ 40,134,885$ LIABILITIES AND FUND BALANCES Liabilities: Accounts payable and accrued expenses 167,887$ 396,924$ -$ 564,811$ Deposits payable 14,896 - - 14,896 Total liabilities 182,783 396,924 - 579,707 Fund Balances: Nonspendable 26,097 - - 26,097 Restricted - - - - Commited 814,874 1,135,316 273,498 2,223,688 Assigned 1,943,258 32,758,047 - 34,701,305 Unassigned 2,604,088 - - 2,604,088 Total fund balances 5,388,317 33,893,363 273,498 39,555,178 Total liabilities and fund balances 5,571,100$ 34,290,287$ 273,498$ 40,134,885$ The notes to the basic financial statements are an integral part of this statement. 12 1148 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION FOR THE YEAR ENDED SEPTEMBER 30, 2025 Fund balance - governmental funds 39,555,178$ Amounts reported for governmental activities in the statement of net asset are different because: Capital assets used in governmental activities are not reported in the governmental funds. Capital assets - net of accumulated depreciation 23,097,098 Deferred outflow of resources - reported as deferred amount on refunding 119,752 Long-term liabilities are not reported in the governmental funds. Compensated absences (219,355) Bonds and notes payable (2,255,000) Net position of governmental activities 60,297,673$ The notes to the basic financial statements are an integral part of this statement. 13 1149 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2025 General Fund Projects Fund Debt Service Fund Total Governmental Funds REVENUES Tax increment revenue 24,487,029$ -$ -$ 24,487,029$ Charges for services 2,227,316 - - 2,227,316 Interest and other income 219,829 800,417 39,436 1,059,682 Total revenues 26,934,174 800,417 39,436 27,774,027 EXPENDITURES General government 4,387,821 - - 4,387,821 Redevelopment projects - 6,965,245 - 6,965,245 Debt service: Principal - - 2,192,000 2,192,000 Interest and other charges - - 122,275 122,275 Capital outlay - 1,975,000 - 1,975,000 Total expenditures 4,387,821 8,940,245 2,314,275 15,642,341 22,546,353 (8,139,828) (2,274,839) 12,131,686 OTHER FINANCING SOURCES (USES) Proceeds from sale of capital assets - 3,251,899 - 3,251,899 Transfers in - 19,710,351 2,317,425 22,027,776 Transfers out (22,027,776) - - (22,027,776) Total other financing sources (uses) (22,027,776) 22,962,250 2,317,425 3,251,899 Net change in fund balances 518,577 14,822,422 42,586 15,383,585 Fund balances - beginning of year 4,869,740 19,070,941 230,912 24,171,593 Fund balances - end of year 5,388,317$ 33,893,363$ 273,498$ 39,555,178$ Excess (deficiency) of revenues over (under) expenditures The notes to the basic financial statements are an integral part of this statement. 14 1150 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDIXTURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30, 2025 Net changes in fund balances - total governmental funds 15,383,585$ Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlay expenditures. However, in the statement of activities, the cost of those assets is depreciated over their estimated useful lives. Expenditures for capital assets 1,975,000 Less current year depreciation expense (216,013) Disposal of capital assets (10,459,189) For governmental funds, the issuance of long-term debt provides current financial resources and the repayment of long-term debt consumes current financial resources. Neither transaction, however, has any effect on net assets. Also, governmental funds report the effect of premiums, discounts, and similar items when debt is first issued, whereas these amounts are deferred and amortized in the statement of activities. Principal payments on long-term debt 2,192,000 Amortization on deferred amount on refunding (119,752) Some expenses reported in the statement of activities do not require the use of current financial resource and, therefore, are not reported as expenditures in governmental funds. Net change in long-term compensated absences. (33,195) Change in net position of governmental activities 8,722,436$ The notes to the basic financial statements are an integral part of this statement. 15 1151 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) NOTES TO THE BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2025 16 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This summary of the Boynton Beach Community Redevelopment Agency (the “Agency”) significant accounting policies is presented to assist the reader in interpreting the basic financial statements. The policies are considered essential and should be read in conjunction with the basic financial statements. The accounting policies of the Agency conform to U.S. generally accepted accounting principles applicable to governmental units. This report, the accounting systems and classification of accounts conform to standards of the Governmental Accounting Standards Board (GASB), which is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The following is a summary of the more significant policies. A. Organization and reporting entity The Agency is a component unit established by the City of Boynton Beach, Florida (the “City”) under the authority granted by Florida Statutes 163, Section III. The purpose of the Agency is to promote and guide physical and economic redevelopment in the City and part of Palm Beach County, Florida (the “District”). The Agency is a legally separate entity established by Ordinance number 83-41 of the City on December 20, 1983. The Agency has adopted GASB Statement No. 61, The Financial Reporting Entity: Omnibus—an amendment of GASB Statements No. 14 and No. 34, for the purpose of evaluating whether it has any component units. Based on the criteria therein, the Agency has determined that there are no component units that meet criteria for inclusion in the Agency’s financial statements. The Agency is governed by a board comprised of elected officials. The City is considered to be financially accountable for the Agency and in accordance with GASB Statement No. 61, and therefore the Agency is considered to be a blended component unit in the City’s comprehensive annual financial report. B. Reporting model The Agency’s basic financial statements consist of government-wide statements, including a statement of net position and a statement of activities, and fund financial statements which provide a more detailed level of financial information. Government-wide financial statements The statement of net position and the statement of activities report information on all of the activities of the Agency. Governmental activities are reported separately from business-type activities which rely on fees charged to external parties as their primary revenues. The Agency has no business-type activities. The statement of net position reports the Agency’s financial position as of the end of the fiscal year. In this statement, the Agency’s net position is reported in three categories: net investment in capital assets; restricted net position; and unrestricted net position. The statement of activities presents a comparison between direct expenses and program revenues for each function of the Agency. Direct expenses are those that are clearly identifiable with a specific function. Program revenues include charges for services that are directly related to a given function and grants and contributions that are restricted to meeting the operational or capital requirements of a particular function. Tax increment revenue and other items not meeting the definition of program revenue are reported instead as general revenue. 1152 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) NOTES TO THE BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2025 17 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) B. Reporting model (Continued) Fund financial statements For the fiscal year ending September 30, 2025, the Agency reports three major funds, the General Fund, the Debt Service Fund, and the Projects Fund. The General Fund is classified as a governmental fund and accounts for all financial resources controlled by the Agency. The Debt Service Fund is used to account for the accumulation of resources for the annual payment of principal and interest on long-term obligation debt. The Projects Fund accounts for financial resources to be used for redevelopment programs and the acquisition or construction of capital projects. The governmental fund statement includes reconciliations with brief explanations to better identify the relationship between the government-wide statements and the statements for the governmental fund. C. Measurement focus and basis of accounting The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. The governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Agency considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when the related fund liability is incurred. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only when payment is due. D. Cash, cash equivalents and investments Cash and cash equivalents are defined as short-term highly liquid investments that are both readily convertible to known amounts of cash and have an original maturity of three months or less from the date of purchase. Cash and cash equivalents consist of petty cash and deposits with financial institutions qualified as public depositories under Florida law. All deposits are insured by federal depository insurance and/or collateralized with securities held in Florida’s multiple financial institution collateral pool as required by Chapter 280, Florida Statutes. Investments made locally consist of amounts placed in obligations of United States Government Agencies and Instrumentalities and are reported at fair value. The Agency is authorized to invest in direct obligations of the United States of America or any agency thereof, interest bearing time or demand deposits with any qualified depository institution, commercial paper, bankers’ acceptances, state and/or local government taxable debt, mutual funds, repurchase agreements and the State Treasurer’s investment pool, which has the characteristics of a money market fund. E. Capital assets Capital assets are defined by the Agency as assets with an initial, individual cost of $5,000 or more and an estimated useful life of more than one year. These assets are recorded at historical cost. Donated capital assets are recorded at acquisition value at the date of donation. Capital assets are depreciated using the straight-line method over the assets’ estimated useful lives of all reported capital assets, except land and land improvements. The estimated useful life of furniture, fixtures and equipment is four to ten years. 1153 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) NOTES TO THE BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2025 18 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) F. Fund equity / net position Fund equity GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, establishes criteria for classifying fund balances into specifically defined classifications and clarifies definitions for governmental fund types. Fund balances for governmental funds are reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent, as follows: ▪ Nonspendable fund balance - amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. ▪ Restricted fund balance - amounts that are restricted to specific purposes when constraints placed on the use of resources are either by (a) externally imposed by creditors (such as debt covenants), grantors, contributors, or laws or regulations of other governments; or (b) imposed by law through constitutional provisions or enabling legislations. ▪ Committed fund balance - amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the government's highest level of decision-making authority. ▪ Assigned fund balance - amounts that are constrained by the government's intent to be used for specific purposes, but are neither restricted nor committed. ▪ Unassigned fund balance - amounts that have not been assigned to other funds and that have not been restricted, committed, or assigned to specific purpose within the general fund. When both restricted and unrestricted amounts are available for use, it is the Agency's practice to use restricted resources first. Additionally, the Agency would first use committed, then assigned, and lastly unassigned amounts of unrestricted fund balance. Net position The government-wide financial statements utilize a net position presentation. Net position can be categorized as net investment in capital assets, restricted, or unrestricted. The first category represents capital assets, less accumulated depreciation and net of any outstanding debt associated with the acquisition of capital assets. Restricted net position represents amounts that are restricted by requirement of debt indenture or enabling legislation. Unrestricted net position represents the net position component of the Agency which is not restricted for any project or purpose. When both restricted and unrestricted resources are available for use, it is the Agency’s policy to use unrestricted resources first, and then restricted resources as they are needed. G. Bond premiums, discounts and issuance costs In the government-wide financial statements, bond premiums and discounts are deferred and amortized over the life of the bonds using the straight-line method. Bonds payable are reported net of the applicable bond premium or discount. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts are reported as other financing uses. Issuance costs are reported as debt service expenditures in the fund financial statements and redevelopment projects expense in the government- wide financial statements. 1154 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) NOTES TO THE BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2025 19 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) H. Deferred outflows of resources The statement of financial position reports a separate section for deferred outflows of resources representing a consumption of net position that applies to a future period and is not recognized as an outflow of resources in the current period. The Agency has only one item that qualifies for reporting in this category, the deferred charge on refunding reported in the government-wide statement of net position. A deferred charge on refunding results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the life of refunded debt. I. Revenue sources Tax increment revenues are the primary source of revenue for the Agency. Tax increment revenues are collected from two governmental entities that levy property taxes within the legally defined redevelopment area of the Agency, which is the City of Boynton Beach, Florida and Palm Beach County, Florida. J. Compensated absences It is the Agency’s policy to permit employees to accumulate earned but unused vacation and sick pay. Employees may, depending on their level of service and policy of the Agency, be paid for various amounts of their total accrued leave by the end of each fiscal year, upon termination or retirement. The Agency accrues a liability for leave hours that meet the criteria for payment at the eligible employees’ current rates of pay. K. Interfund Transactions Transactions between funds during the fiscal year consisted of amounts due for reimbursements (reported as due from other funds and due to other funds) and transfers. L. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. 2. CASH, CASH EQUIVALENTS AND INVESTMENTS All of the Agency’s bank deposits are insured by the Federal Deposit Insurance Corporation or collateralized in accordance with Florida Security for Public Deposits Act (the “Act”). Under the Act, every qualified public depository shall deposit with the Treasurer eligible collateral having a market value equal to 50% of the average daily balance for each month that all public deposits are in excess of any applicable deposit insurance. If the public deposits exceed the total amount of the regulatory capital accounts of a bank or the regulatory net worth of a savings association, the required collateral shall have a market value equal to 125% of the deposits. The Agency’s investment policy is designed to ensure the prudent management of funds, and the availability of operating and capital funds when required, while earning a competitive return within the policy framework. The primary objectives, in order of priority, of investment activity shall be safety, interest rate risk, liquidity and yield. As of September 30, 2025, the Agency does not have any investments. 1155 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) NOTES TO THE BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2025 20 3. CAPITAL ASSETS Capital assets activity for the year ended September 30, 2025, is as follows: Balance at 9/30/2024 Additions/ Transfers Deletions/ Transfers Balance at 9/30/2025 Capital assets, not being depreciated: Land $ 23,923,604 $ 1,975,000 $ (8,041,750) $ 17,856,854 Construction in progress 41,708 - - 41,708 Total capital assets, not being depreciated 23,965,312 1,975,000 (8,041,750) 17,898,562 Capital assets, being depreciated: Building 7,329,793 - (2,605,554) 4,724,239 Renovations 1,090,247 - - 1,090,247 Land improvements 1,121,310 - - 1,121,310 Leasehold improvements 24,676 - - 24,676 Furniture and equipment 207,623 - - 207,623 Vehicle 15,850 - - 15,850 Total capital assets, being depreciated 9,789,499 - (2,605,554) 7,183,945 Less accumulated depreciation for: Building (799,032) (118,111) 188,116 (729,027) Renovations (525,678) (35,366) - (561,044) Land improvements (431,830) (55,507) - (487,337) Leasehold improvements (24,676) - - (24,676) Furniture and equipment (160,446) (7,029) - (167,475) Vehicle (15,850) - - (15,850) Total accumulated depreciation (1,957,512) (216,013) 188,116 (1,985,409) Total capital assets, being depreciated, net 7,831,987 (216,013) (2,417,438) 5,198,536 Total capital assets, net of accumulated depreciation $ 31,797,299 $ 1,758,987 $(10,459,188) $ 23,097,098 Depreciation expense of $216,013 was charged to general government for fiscal year 2025. 4. LONG-TERM LIABILITIES At September 30, 2025, bonds and loans payable consist of the following: BONDS: 2012 Tax Increment Refunding Revenue Bonds dated October 18, 2012, due in annual principal installments of $143,000 to $1,530,000 through October 1, 2026, bearing an interest rate of 2.56%. $ 1,530,000 2015 Tax Increment Refunding Revenue Bonds, dated March 26, 2015 due in annual principal installments of $360,000 to $725,000 through October 1, 2026, bearing an interest rate of 3.3%. 725,000 $ 2,255,000 1156 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) NOTES TO THE BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2025 21 4. LONG-TERM LIABILITIES (Continued) The annual requirements to amortize bonds and loans payable outstanding as of September 30, 2025, are as follows: 2012 Tax Increment 2015 Tax Increment Fiscal Refunding Revenue Bonds Refunding Revenue Bonds Totals Year(s) Principal Interest Principal Interest Principal Interest 2026 $ 1,530,000 $ 39,168 $ 725,000 $ 23,925 $ 2,255,000 $ 63,093 The changes in long-term liabilities for the year ended September 30, 2025 are summarized as follows: Balance at 9/30/24 Additions Deletions Balance at 9/30/25 Due within one year Bonds payable $ 4,447,000 $ - $ (2,192,000) $ 2,255,000 $ 2,255,000 Compensated absences 186,160 33,195 - 219,355 - Total long-term liabilities $ 4,633,160 $ 33,195 $ (2,192,000) $ 2,474,355 $ 2,255,000 5. FUND BALANCES At September 30, 2025, the Agency reported the following governmental fund balances: ▪ Nonspendable fund balance - These amounts cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. ▪ Committed fund balance - these amounts can only be used for specific purposes pursuant to constraints imposed by the Board of the Agency. The items cannot be removed unless the Board removes it in the same manner it was implemented. ▪ Assigned fund balance - these amounts are approved and constrained by the Agency's intent to be used for specific purposes, but are neither restricted nor committed. ▪ Unassigned fund balance - These amounts have not been assigned to other funds and have not been restricted, committed, or assigned for a specific purpose. Below is a table of fund balance categories and classifications, by fund, at September 30, 2025: General Fund Projects Fund Debt Service Fund Nonspendable $ 26,097 $ - $ - Committed 814,874 1,135,316 273,498 Assigned 1,943,258 32,508,047 - Unassigned 2,604,088 - - Total $ 5,388,317 $ 33,643,363 $ 273,498 6. INTERFUND TRANSFERS During the fiscal year ending on September 30, 2025, the General Fund transferred $19,710,351 to the Project Fund and $2,317,425 to the Debt Service Fund. The transfers made to the Project Fund were to fund the costs of ongoing redevelopment projects. The transfers made to the Debt Service Fund were to fund the annual debt service expenditures on the bonds and loans payable. 1157 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) NOTES TO THE BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2025 22 7. HOMEBUYER ASSISTANCE PROGRAM The Agency established the Homebuyer Assistance Program to assist local residents with the purchase of a home by providing a subsidy in an amount not to exceed $50,000 per homeowner. The subsidy is secured by a mortgage, which is required to be paid back only under certain circumstances outlined in the mortgage agreement. The mortgage is forgiven if the homeowner remains in the home during the full term outlined in the agreement. The number of mortgages receivable outstanding on September 30, 2025 total $553,872. Given the nature of these loans, collection is uncertain, and therefore an allowance for uncollectible mortgages has been established at 100% of the value of the mortgages receivable outstanding. Consequently, these mortgages are not recognized on the financial statements. 8. RISK MANAGEMENT The Agency is exposed to various risks of loss related to torts, theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The Agency purchases commercial insurance for the risks of loss to which it is exposed. Policy limits and deductibles are reviewed by management and established at amounts to provide reasonable protection from significant financial loss. Settlements did not exceed insurance coverage in the past three fiscal years. 9. COMMITMENTS AND CONTINGENCIES Economic development programs The Agency established Economic Development Programs to promote the redevelopment of and retain existing businesses located in the CRA area as well as attract new businesses to Boynton Beach. These programs for commercial businesses include property improvement and rent reimbursement. During fiscal year ended September 30, 2025, the Agency closed and disbursed $750,786 in Economic Development Grants. 10. RETIREMENT CONTRIBUTIONS The Agency participates in a 401(a) defined contribution retirement plan and a 457(b) deferred compensation plan (the “Plans”). The Plans are qualified under Sections 401(1), 403 (a) and 501(a) of the Internal Revenue Code. The Plans are administered by independent trustees. All employees who meet the requirements are qualified to participate. Employees make voluntary contributions to the 457(b) plan. The Agency’s required contribution is 28.5% of the total salaries of qualified participants. Employer contributions to both plans in fiscal year 2025 totaled $285,011. 11. RELATED PARTY TRANSACTIONS The Agency is a blended component unit of the City of Boynton Beach, Florida. For the year ended September 30, 2025, the Agency’s tax increment revenues include $15,552,185 received from the City. The CRA reimbursed the City $23,825 after receiving the Final Adjustment Certified Tax Rolls on March 28, 2025. In addition, the Agency reimbursed the City for services performed on behalf of the Agency such as recording, information technology services, Clean & Safe program, landscape and maintenance services, festival expenses, human resource and payroll services, facility rental and permitting fees paid during the year. Payments to the City for these services during the year ended September 30, 2025 totaled $4,703,285. 1158 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) NOTES TO THE BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2025 23 12. SUBSEQUENT EVENTS The Agency evaluated subsequent events through November __, 2025, the date the financial statements were available to be issued and does not believe that there are any such events or transactions that require disclosure. 13. NEW PRONOUNCEMENTS ISSUED The following pronouncements were recently issued, but were not yet effective for the Agency’s fiscal year ended September 30, 2025. Management will evaluate the effect that the following pronouncements will have on its financial statements as they become effective: ▪ GASB Statement No. 103, Financial Reporting Model Improvements ▪ GASB Statement No. 104, Disclosure of Certain Capital Assets 1159 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) BUDGETARY COMPARISON SCHEDULE (UNAUDITED) - GENERAL FUND FOR THE YEAR ENDED SEPTEMBER 30, 2025 Original Budget Final Budget Actual Variance with Final Budget - Positive (Negative) REVENUES Tax increment revenue 24,279,354$ 24,279,354$ 24,487,029$ 207,675$ Charges for services 1,300,000 1,300,000 2,227,316 927,316 Interest and other income - - 219,829 219,829 Other Financing Sources (uses)- 2,118,706 - (2,118,706) Total revenues 25,579,354 27,698,060 26,934,174 (763,886) EXPENDITURES General government 5,670,284 5,670,284 4,387,820 1,282,464 Total expenditures 5,670,284 5,670,284 4,387,820 1,282,464 19,909,070 22,027,776 22,546,354 518,578 OTHER FINANCING SOURCES (USES) Transfers out (19,909,070) (22,027,776) (22,027,776) - Total other financing sources (uses) (19,909,070) (22,027,776) (22,027,776) - Net change in fund balances -$ -$ 518,578 518,578$ Fund balances - beginning of year 4,869,740 Fund balances - end of year 5,388,318$ Excess of revenues over expenditures The notes to the Budgetary Comparison Schedule are an integral part of this schedule. 24 1160 BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF BOYNTON BEACH, FLORIDA) NOTE TO THE BUDGETARY COMPARISON SCHEDULE SEPTEMBER 30, 2025 25 1. BUDGETARY INFORMATION The Agency is required to establish a budgetary system and an approved annual budget for the General Fund, Debt Service Fund and Project Fund. The Agency’s budgeting process is based on estimates of cash receipts and cash expenditures which are approved by the Board. In accordance with generally accepted accounting principles, budgetary comparison information is disclosed only for the General Fund. The budget is adopted on the modified accrual basis of accounting, consistent with generally accepted accounting principles, except for compensated absences. Compensated absences are budgeted only to the extent expected to be paid, rather than on the modified accrual basis. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board. The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. 1161 26 INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS To the Board of Commissioners Boynton Beach Community Redevelopment Agency: We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and each major fund of the Boynton Beach Community Redevelopment Agency (the Agency), a component unit of the City of Boynton Beach, Florida, as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the Agency’s basic financial statements, and have issued our report thereon dated November 4, 2025. Report on Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Agency's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Agency's internal control. Accordingly, we do not express an opinion on the effectiveness of the Agency's internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified. Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether the Agency's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. 1162 27 Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Miami, Florida November 4, 2025 1163 28 Management Letter in Accordance with the Rules of the Auditor General of the State of Florida To the Board of Commissioners Boynton Beach Community Redevelopment Agency: Report on the Financial Statements We have audited the financial statements of the Boynton Beach Community Redevelopment Agency (the Agency), a component unit of the City of Boynton Beach, Florida, as of and for the fiscal year ended September 30, 2025, and have issued our report dated November 4, 2025. Auditor's Responsibility We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and Chapter 10.550, Rules of the Florida Auditor General. Other Report Requirements We have issued our Independent Auditors’ Reports on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards. Disclosures in that report, which is dated November 4, 2025, should be considered in conjunction with this management letter. Prior Audit Findings Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report. Corrective action has been taken to address the finding and recommendation that was reported in the preceding annual financial audit report. Official Title and Legal Authority Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. Such disclosures are made in note 1 to the Agency’s financial statements. Financial Condition and Management Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, requires that we report the results of our determination as to whether or not the Agency has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and identification of the specific condition(s) met. In connection with our audit, we determined that the Agency did not meet any of the conditions described in Section 218.503(1), Florida Statutes. Pursuant to Sections 10.554(1)(i)5.c. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures as of September 30, 2025. It is management’s responsibility to monitor the Agency’s financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same. 1164 29 Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations. Property Assessed Clean Energy (PACE) Programs As required by Section 10.554(1)(i)6.a., Rules of the Auditor General, a statement is required as to whether a PACE program authorized pursuant to Section 163.081 or Section 163.082, Florida Statutes, did or did not operate within the Agency’s geographical boundaries during the fiscal year under audit. The Agency did not have a PACE program operate within its geographical boundaries during the fiscal year under audit. Specific Information As required by Section 218.39(3)(a), Florida Statutes, and Section 10.554(1)(i)7, Rules of the Auditor General, the Agency reported: a. A total of 9 employees were compensated in the last pay period of the Agency’s fiscal year. b. A total of 0 independent contractors to whom nonemployee compensation was paid in the last month of the Agency’s fiscal year. c. Compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency totaled $1,112,012 for the fiscal year. d. Compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency totaled $4,450 for the fiscal year. e. The Agency has no construction projects with a total cost of at least $65,000 approved by the Agency that is scheduled to begin on or after October 1 of the fiscal year being reported f. A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the Agency amends a final adopted budget under Section 189.016(6), Florida Statutes, as follows: Original Budget Final Budget Actual Variance with Final Budget - Positive (Negative) REVENUES Tax increment revenue 24,279,354$ 24,279,354$ 24,487,029$ 207,675$ Charges for services 1,300,000 1,300,000 2,227,316 927,316 Interest and other income - - 219,829 219,829 Other Financing Sources (uses)- 2,118,706 - (2,118,706) Total revenues 25,579,354 27,698,060 26,934,174 (763,886) EXPENDITURES General government 5,670,284 5,670,284 4,387,821 1,282,463 Total expenditures 5,670,284 5,670,284 4,387,821 1,282,463 19,909,070 22,027,776 22,546,353 518,577 OTHER FINANCING SOURCES (USES) Transfers out (19,909,070) (22,027,776) (22,027,776) - Total other financing sources (uses) (19,909,070) (22,027,776) (22,027,776) - Net change in fund balances -$ -$ 518,577 518,577$ Fund balances - beginning of year 4,869,740 Fund balances - end of year 5,388,317$ Excess of revenues over expenditures 1165 30 Additional Matters Section 10.554(1)(i)3., Rules of the Auditor General, requires that we address noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance. In connection with our audit, we did not have any such findings. Purpose of this Letter Our management letter is intended solely for the information and use of the Florida Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, and the Board of Directors and management of the Agency, and is not intended to be and should not be used by anyone other than these specified parties. Miami, Florida November 4, 2025 1166 31 Independent Accountant's Report on Compliance with Sections 163.387(6) and (7), Florida Statutes To the Board of Commissioners Boynton Beach Community Redevelopment Agency: We have examined the Boynton Beach Community Redevelopment Agency (the Agency), a Component Unit of the City of Boynton Beach, Florida compliance with Sections 163.387(6) and (7), Florida Statutes regarding the redevelopment trust fund during the year ended September 30, 2025. Management is responsible for the Agency's compliance with those requirements. Our responsibility is to express an opinion on the Agency's compliance based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Agency's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Agency's compliance with specified requirements. In our opinion, the Agency complied, in all material respects, with the aforementioned requirements for the year ended September 30, 2025. This report is intended solely for the information and use of the Florida Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, and the Board of Directors and management of the Agency, and is not intended to be and should not be used by anyone other than these specified parties. Miami, Florida November 4, 2025 1167 COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING OF: December 9, 2025 NEW BUSINESS AGENDA ITEM 15.B SUBJECT: Discussion and Consideration of Discussion Topics for January 8, 2026 Joint CRA Board/City of Boynton Beach Commission Meeting SUMMARY: At the November 9, 2025 CRA Board Meeting, the Board approved the January 8, 2026 Joint CRA Board/City of Boynton Beach Commission Meeting. This agenda item is for your discussion as to the specific topics to be addressed at the January 8th workshop. 1168