Extension Downtown / Village of the Arts / Entertainment District Tamiami Trait the Entertainment District, the Village of the Arts, the Front Porch District, the Downtown, and the Riverfront. The extension of some of these east/west cross streets would promote movement between and within all of the Theme Districts and across the Tamiami Trail corridor :at key points, while focusing automobile movement along the corridor and away from residential areas. ADMINISTRATIVE COMPLAINT. EXMIgtt F EXHIBITS pace 9G, PAGE __&>N August 16, 2005 . 2p ep ses ey es re en ee ners sag. ee en a So | a Tamiami Trail Revitalization Strategy ovntown/'Vtege ofthe Ans? Entiteinment she : COMMUNITY SPACE Community spaces could be focused around activity nodes that are within a 10 minute walking radius from residential neighborhoods. There are'several potential locations for these nodes; the most successful would be made accessible to the neighborhoods by the extension of some of the east/west streets to the corridor. CONCENTRATE The activity nodes, located at areas of east/west connectivity to the corridor, can become vivid hubs of urban life as locations for the creation of critical masses of higher-density, mixed-use development, housing diversity, and variation of building types. (see graphic, next page) August 16, 2005 EXHIBIT PAE PAGE 22 Tamiami Trail Revitalization Strategy auto | pedestrian cu” August 16, 2005 EXHIBIT gcc 8% PAGE O33 Ege. Tamiami Trail Revitalization Strategy ee PLACES If properly connected to the neighborhoods and other Theme Districts, these activity nodes could become the kind of gathering places that enhance a sense of community through shared spaces and activities that can potentially bridge physical, cultural, and-economic differences and celebrate the diversity of Bradenton. (see graphic, next page) Pedestrian / Auto rrr SMa | Pedestrian Auto PEDESTRIAN The transition from the automobile-oriented portion of Tamiami Trail (the "Urban Strip") to the pedestrian-oriented portion of Tamiami Trail (the "Urban Village’) occurs just south of 17th Avenue. While able to be redeveloped as spatially distinct districts, the recreation of the rows of royal palm trees would be-appropriate to both, provide visual continuity, and bring back to life an important historical feature of Tamiami Trail within Bradenton. ADMINISTRATIVE COMP LAINT. Tt August 16, 2005 EXHIBIT ¢ e aCe £4 _ 0% __ Page 16 PAGE _@%% Tamiami Trail Revitalization Strategy a DEVELOPMENT AND REDEVELOPMENT ALTERNATIVES CORRIDOR TRANSECT ZONES Based on actual pattern of growth and described opportunities, the Tamiami Trail corridor exhibits different and vivid environments within its social, Urban Core cultural, physical and economic dynamics. Therefore, an alternative is to promote the concept of Corridor Transect Zones taking into consideration the nature of each Urban Village environment within the corridor. The Urban Core, the Urban Village, the Urban Strip and Suburban Strip are proposed as zones with specific planning and design guidelines to enhance their assets. REDEVELOPMENT FOOTPRINT Urban Strip Mixed-Use Zoning should be implemented within the entire redevelopment footprint along Tamiami Trail to promote the different kinds of vitality associated with the ¢ oO different districts, whether automobile or pedestrian-oriented. 3 ‘The Redevelopment Area MUST achieve feasibility through: @ Creation of east/west Road Extensions to enhance connectivity among, neighborhoods and Theme Districts. # Creation of Community Gathering spaces to enhance sense of community. E COMPLAINT August 16, 2005 EXHIBIT EXPNBIT 4 PAGE acs. ewan ce ~ ces sa. - August 16, 2005 EXHIBIT ¢. “ - - 3 ( Tamiami Trail Revitalization Strategy Redevelopment Footprint Use Mixed - Use Zoning to Achieve Compatibility Discontinuity Continuity "building types addiess Aermatives Redevelopment Footprint Redevelopment Area MUST Achieve Buildability Road Extension Community Space Buildable Block Footprints PAGE 2346... ¢- ¢ ¢ 6+ Tamiami Trail Revitalization Strategy Redevelopment Possibility Mid Town - Compact / Pedestrian Friendly @ Creation of Block Footprints that maximize the potential for economically feasible develop- ment. Creation of-compatible-scale interfaces with the existing neighborhoods. REDEVELOPMENT POSSIBILITY Urban Village - Compact/Pedestrian Friendly “Urban Village" @ Higher-density Mix of uses and housing types Plazas and Green Spaces Connectivity through side street extensions Diverse architectural character August 16, 2005 EXHIBIT Lg Page 19 PAGE 27 nd “g- Tamiami Trail Revitalization Strategy witha Ave, Redevelopment Possibility Upiown - Auto Oriented FAS. Urban Strip - Auto-oriented "Urban Strip". @ Lower-density # Mix of uses and housing types @ Single row of parking along street, maximum 4 Double row of Royal Palms on each side of Tamiami Trail DENSITY As density increases toward the Urban Core (north of MLK Boulevard), auto intensity decreases. The “gap” of setbacks (one bay of parking) decreases toward the Urban Core (down to zero setback) while landscaping and intensity of visual elements (i.e., awnings, architectural variety, etc.) increases. The resulting effect promotes the slowing of traffic and encourages pedestrian access and safety within the Urban Village and in the Urban Core. The character of the Urban Strip is thus distinct from the Urban Village and the Urban Core because of this fundamental August 16, 2005 EXHIBIT RET #2 Page 20 PAGE _as3 1207 akg ~ Tamiami Trail Revitalization Strategy parking Urban Core parking Urban Village parking ‘Urban Strip parking “Suburban Strip Tamiami Trait - Urban Core Urban Village Urban Strip t Suburban Strip’ PAGE ADA ADMINISTRATIVE COMPLAINT ABT” ~ eich Tamiami Trail Revitalization Strategy GOAL 1: IMPROVE SECURITY AND THE ENHANCE THE PERCEPTION OF SECURITY. a4 Objective 1.A.: Maintain a highly visible police presence in the corridor and continue to coordinate with Manatee County Sheriff's Office on reducing prostitution and drug activity. Objective 1.B.: Improve lighting in the public and semi-public realms to provide better vis- ibility in the evening hours ("daylighting" of streets and parking lots is not intended). Objective 1.C.: Remove and mitigate blighting influences by: vigorous code enforcement; acquisition and demolition of obsolete motels and/or incentives for private acquisition and demolition of obsolete motels; and relocation and consolidation of social services uses to another location where service delivery will be more éfficient and effective. Objective 1.D.: Reduce the proportion of transient and semi-permanent residents by adding new owner-occupied housing units through the development of a catalytic "“quasi-urban" residential project that is designed to put “eyes on the street." (see Objective 2.B.) Objective 1.£.: Develop and implement a quality rental housing inspection program for structures in the 14th Street Community Redevelopment Area that are more than twenty years old including motels. Objective 1.f.: Require all development/redevelopment projects to incorporate Crime Pre- vention Through Environmental Design (CPTED) principles. GOAL 2: CREATE "ADDRESSES" FOR REDEVELOPMENT. a4 August 16, 2005 Objective 2.A.: Enhance the public realm to create high quality addresses for private invest- ment in redevelopment. Objective 2.B.: Develop a two-phase catalytic project on approximately 10 acres of highly visible property in the Urban Village in order to show the potential for the corridor and to differentiate the corridor in the Bradenton/Manatee County marketplace. = Phase 1: a "quasi-urban" residential project with a secure but transparent "semi-public" realm on five or more acres. Ee EE RY oe ~ oye Tamiami Trail Revitalization Strategy A SPSS SSS = Phase 2: a residential/retail mixed-use project on five or more acres. Public acquisition, condemnation, or public support of private acquisition (e.g., TIF rebates and/or regula- tory incentives) should be used if necessary to expedite land assembly. Objective 2.C.: Prioritize public investments by allocating public funds to enhancement of the public realm around committed redevelopment projects. Objective 2.D.: If necessary to augment the market, create regulatory incentives for redevel- opment of the character and quality anticipated by the plan. Objective 2.£.: Reduce sign "clutter" through code enforcement and regulatory programs that provide incentives for quality signage. Objective 2.F.: Extend the presence of the Village of the Arts to the Tamiami Trail - with emphasis on the Urban Village section of the corridor. GOAL 3: PROTECT AND ENHANCE THE CHARACTER OF EXISTING RESIDENTIAL NEIGHBORHOODS THAT SURROUND THE CORRIDOR. od Objective 3.A.: Amendments to the comprehensive plan and land development regulations should be sensitive to the preservation of the positive character features of the residential neighborhoods that surround the corridor. Objective 3.B.: Functionally relate redevelopment projects to the surrounding neighborhoods. = New residential uses should face existing residential uses; and -m) When market-feasible, small neighborhood-serving retailers could be located in verti- cally mixed-use buildings at corners along 13th and 15th Streets at major cross streets. Objective 3.C.: Redevelopment projects should be designed and massed such that buildings that face residential neighborhoods: mare one (1) to three (3) stories in height; = are residential in character; and = block street-level views of taller buildings within the redevelopment project Objective 3.D.: Continue to support the implementation of existing neighborhood design plans for Village of the Arts and Historic Ballard Park. ADMINISTRATIVE CO’ VIPLAINT August 16, 2005 EXHIBIT £ ExHHE iT af. Page 23 pace 4Q@ oF PAGE ag\_ . ee Tamiami Trail Revitalization Strategy ee # Objective 3.£.: Develop and implement, in partnership with the City’s Grants and Assistance Division, a “good fences make good neighbors” incentive program that promotes the re- moval or replacement of chain link fencing in front yards with a more durable, attractive product, such as white picket, that will contribute to the quaint character of the neighbor- hood. GOAL 4: MAXIMIZE THE IMPACT OF EVERY PUBLIC DOLLAR INVESTED. @ Objective 4.A.: In general, tie public investment in the corridor to committed redevelop- ment projects. @ Objective 4.B.: The 14th Street Community Redevelopment Agency should maximize the coordination of public investment with other ongoing governmental and nonprofit efforts, including: = workforce housing m social services = County redevelopment plans GOAL 5: CREATE A PEDESTRIAN-ORIENTED STREETSCAPE IN THE URBAN CORE AND URBAN VILLAGE CHARACTER DISTRICTS. @ Objective 5.A.: Increase sidewalk and street connectivity with first priority given in the vicin- ity of the catalytic project area. @ Objective 5.B.: Enhance crosswalks at signalized intersections. @ Objective 5.C.: Provide shade, shelter, and amenities at transit-stops. @ Objective 5.D.: Explore the feasibility of alternative multi-modal roadway configurations for the Tamiami Trail to calm traffic, provide an acceptable level of service, and expand right-of- way area for streetscape enhancements. Designate the Urban Core and Urban Village as a multi-modal transportation district and evaluate the appropriateness ‘of establishing them as a Transportation Concurrency Exception Area. # Objective 5.£.: Provide a mix of on-street, surface, and structured parking options. Where feasible, locate surface and structured parking mid-block behind buildings and promote shared use facilities. ADMINISTRATIVE COMPLAINT. EXHIBIT #3 August 16, 2005 PAGE G7 Page 24 EXHIBIT_& rein PAGE ava =: Tamiami Trail Revitalization Strategy INTRODUCTION TO THE MARKET ANALYSIS Siemon & Larsen (“S&L”), part of the Wade Trim “team,” analyzed the market forces that will control the future development and redevelopment of the Tamiami Trail corridor and the market feasibility of various real estate products that have been suggested as appropriate for the corridor. Those products include several different types of “quasi-urban’ residential products and specialty and neighborhood retail and general office. S&L collected and analyzed data from a variety of sources including the City of Bradenton, the U. S. Census and several proprietary business data sources to which the firm subscribes. In addition, S&L has met with local developers and visited the corridor on several occasions. Based on its research and analysis, S&l. believes that the market for residential and retail products is active, sustainable and competitive; and that the success of the proposed redevelopment will depend on the perceived quality and value of the products and a belief that the corridor is poised for a near term upward trajectory. The proposed area of redevelopment contains approximately 230 acres of land on either side of Tamiami Trail from Manatee Avenue on the north to 27th and 28th Avenue West on the south. The existing land uses along Tamiami Trail are a mix of dated motels, miscellaneous commercial uses and an array of social service agencies. On either side of the commercial area are mostly single-family residential structures of varying degrees of quality and condition. The eastern/ northeastern portions of the area lie within the Village of the Arts, a single-family neighborhood that is in active redevelopment as a “walk-to-town” community where artists.can live, work, and sell their wares. The northwestern portion of the area lies within Historic Ballard Park, a near- downtown single-family neighborhood with well-maintained older homes, mature trees, and . streetscape improvements. THE MARKET PLACE On its website, the City describes itself as follows: Located just south of Tampa, Bradenton is a fabulous place to explore our art and historical attractions, have fun in the sun enjoying the beach and all types of water and boat adventures, plus we are a golfeg’s para i August 16, 2005 PAGE _ 2¢9_ EXHIBIT —— EXHIBIT__& PAGE = . ie" August 16, 2005 Tamiami Trail Revitalization Strategy el The City was discovered in 1539, by Hernando DeSoto when he landed on Shaw’s Point to begin his 4,000 mile trek in search of El Dorado, “the lost city of gold.” Each spring we commemorate his landing with a month- long celebration called “The Florida Heritage Festival.” Bradenton is home to numerous businesses, including nationally known ' Tropicana and Champs Sports, and plays host to many fun family attractions. Get started enjoying our warm, friendly atmosphere by touring the South Florida Museum and Bishop Planetarium where you can see Snooty, our longtime resident Manatee. For an exciting vacation adventure or a lifetime of relaxed living, come see how Bradenton has become increasingly cosmopolitan in character while retaining its small-town charm. in summary, the City has an attractive location and climate, and is relatively affordable in comparison to the rest of Manatee County and the Sarasota-Bradenton-Venice ‘metropolitan statistical area (“MSA”). These attributes have made the City an attractive destination for retirees. Almost 30% of the population is 55 or older. DEMOGRAPHICS S&L studied the areas within a one-, three- and five-mile radius around 1707 14th Street West, an addregs that is centrally located in the Study Area. S&L believes that given the regional context of the Study Area (including its proximity to water and its relationship to regional and interstate thoroughfares), it ig reasonableto assume that the market area that would support redevelopment of the Study Area does not extend-substantially more than five (5) miles. Table 1 shows how the population within one (1) mile of the center of the Study Area compares to the populations of Bradenton and Manatee County. ' POPULATION According to ESRI Business Information Systems (“ESRIBIS”), a leading provider of geodemographic information, the population within five (5) miles of the center of the Study Area will grow from 191,477 in 2004 to 216,616 in 2009, an annual growth rate of 2.4%. Annual population growth closer to the center of the Study Area is slightly slower — within a three-mile radius the annual growth rate is projected to be 2.2%, and within one (1) mile, EXHIBIT pena 4 PAGE 2%. PAGE GF oF me Tamiami Trail Revitalization Strategy Table 1. One-Mile Radius, Bradenton, and County Demographics 1-Mile Radius* Bradenton Manatee County mig 2000 16,812 49,504 264,002 2004 a 17,582 . 53,171 ~~" 296,936 2009 49,547 59,815 "342,924 Annual Growth Rate (2004-09) 2.1% 58% Ot*~<—«s~*i‘:*«S CB Median Age (2004) 37.7 429 45.0 Households 7 - - 2000 6,951 "91,3790 112,460 2004 - 7,238 58019 126,382 2009 2—~COt*té«‘“C«:‘C:«*W 8,046 ~~ "95,949 ; 145,904 “Race/Ethnicity (2004) - — White ——~—~—~—”:—CSD%e 741% 7 82.6% Black : "13.7% A7A% "9.8% Other and 2 or more _ 9.1% oo 8.8% _ - 7.6% ° Hispanic Origin (all races). 16.7% nay an’. Se Country of Birth (2000) " ; re “Bom in United States _ 882% 90.0% ———s—=—«90.2% Born outside United States - 11.8% ” 10.0% “Not U.S. Citizen (2000) 7.8% 5.1% * All radii in this report are calculated around 1707 14th Street West. 2.1%. The faster growth rates in areas more distant from the Study Area reflects rapid expansion of the built environment in Manatee County. From 2004 to 2009, the County’s annual population growth rate is projected to be 2.8%. HOUSEHOLD INCOME According to ESRIBIS, the households located within five (6) miles of the center of the Study Area have a combined spending power for retail goods and food and drink of $1.74 billion. In general, the household incomes in the market area tend to climb as the distance from the center of the Study Area increases. Detailed household income information for the three (3) radii studied by S&L are presented in Table 2. ADMINISTRATIVE COMPLAINT. Page 27 fnew oem August 16, 2005 AC = exuipit a HO PAGE _ des e - 2004 to 2009 is projected to be 2.63%, Tamiami Trail Revitalization Strategy Table 2. Year 2004 Household Income Stratification Radius 1.0 miles 3.0 miles 5.0 miles “2004 Households 7238 ~ 42,234 ~~ "80,489 <.$15,000 1,654 229% 7,241 171% 12,077 15.0% $15,000 - $24,999 “Taso 206% + «7,129 «16.9% 11,755 14.6% "$25,000 - $34,999 1150 159% 6829 16.2% 12603 15.7% $35,000 - $49,999 1179 16.3% 7,800 185% 15,012 18.7% $50,000 - $74,999 1061. 147% 7,201 17.1% 14,931 18.6% $75,000 ~ $99,999 405. 5.6% «3,201 78% 7,065 8.8% $100,000 - $149,999 25S 1% +~—~C~«dCSOAASC(‘«‘é «472 5.8% $150,000 - $199,999 27 ~—s«OA% 307 0.7% 1,001 12% $200,000 + 47 0.6% 489 1.2% 1,373 1.7% Average Household income __—_—_—$37,345 $45,699 851,366 Median Household Income $28,533 $34,851 $38,133 Per Capita income $16,410 $19,642 $21,960 Source: ESRIBIS ONE-MILE RADIUS Households within one (1) mile of. the center of the Study Area. have disproportionately low incomes. According to ESRIBIS, the 2004 median household income was $28,533. More than one-quarter of the households earned less than $15,000 in 2004. 43.5% of the households earned less than $25,000. Household income growth from which is slightly less than the regional projection of 2.95%. > 2004 Median Household. Income by Census. Block ‘Group sg Under $15,000 “ $15,000. - $24,999 According to the 2000 U.S. Census, $25,000 ~ $34,999 16.6% of the households in this area were $35,000 - $49,999 Hi $50,000. - $74,999 below the poverty level. More than half B rioocee snlp pMinist RATE CON LAINE August 16, 2005 EXHIBIT ia Page 28 oo PAGE 266 Tamiami Trail Revitalization Strategy of them were “nonfamily households,” that is, single people who live alone or unrelated people who live together. Although poverty statistics have not been officially compiled for 2004, the data suggest that the proportion of households under the poverty line (which varies depending upon household characteristics) has increased slightly since 2000. Put another way, assuming an annual increase in the cost of living of approximately 2.7%, the anticipated economic trajectory for the households within one (1) mile of the center of the Study Area is flat. THREE-MILE RADIUS Within three (3) miles of the center of the Study Area, median household income climbs more than $6,300 to $34,851, which is approximately 75% of the median household income for the region (measured as the Sarasota-Bradenton-Venice MSA). In this area, more than 8 out of 10 households are either low-income or “middle-class,” with a roughly equivalent distribution of households in each income category. FIVE-MILE RADIUS Within five (5) miles of the center of the Study Area, median household income climbs to $38,133, still shy of the region’s median of $46,069, but very close to the statewide median household income. Although there are’still large numbers of low-income households ~ in the five-mile area, the graph that shows the distribution of household income forms a more discernible “bell” shape, that is, the greatest proportions of households are within the middle- income groups. Annual Household Income 4-Mile Radius from Center of Study Area Percent of Households iJ o o oS c=J gsf282 8 8 ao no wo 2 wo eS oOo ond oO 40 ~ a o Annual Household Income Range Annual Household Income 3-Mile Radius from Center of Study Area | oe | 1 ! i |. Percent of Households a x 3 3 7 i i 1 fay i=] 3 wo $35, $50,000 $75, $150,000 +- $200,000 ‘Annual Household tricome 5-Mile Radius from Center of Study Area - 2 o $ a x -) r 8 é ee ee | : , ai | 4 i gee222 28 eee ges 8 8 Annual Household income Range 7 MINISTRA TIE PLAT je 29 August 16, 2005 EXHIBIT__© exnisit ja cio PAGE ASTeAGE 10 Zz OF Tamiami Trail Revitalization Strategy EMPLOYMENT AND MOBILITY Most workers who live within the market area are employed in five (5) categories of industry: 1. construction; 2. manufacturing; 3. retail; 4. education, health, and social services; and 5 . arts, entertainment, recreation, accommodation, and food service. Table 3. Employment and Mobility Radius : i ___ Miles — ___ S-Miles Total Employed Population (2004) _ 40,089 78,486 Employment by Occupation (2004) _ a “white Collar” A. 49.6% Services . ; 21.5% _ “‘aueColar OH Employment by Industry (2000) 7 Construction _ Manufacturing Retail Education / Health / Social Services Arts / Entertainment / Recreation 1 Accommodation / Food Service “Location of Employment (2000) _ Within Manatee County Average Commute Time oe 122. 3 se in Vehicles sles Available to le to Household (2000) Average Two or r more Source: ESRIBIS; U.S. Census August 16, 2005 ADMINISTRATIVE COMPLPAXE30 EXHIBIT __ LUBIT 4 PAGE _O2e¢%e 1O027_OF Re ee ee! i Ce ey Tamiami Trail Revitalization Strategy a ONE-MILE RADIUS Within one (1) mile of the center of the Study Area, the predominant occupations (56.8%) are service and “blue collar” vocations. Approximately 66% of the work force that resides in this area work in the construction, manufacturing, retail, education/health/social services, or arts/ entertainment/recreation/accommodation/food service industries. The average commute to work from this area was 22.3 minutes in 2000. THREE-MILE RADIUS Within three (3) miles of the center of the Study Area, the work force is evenly balanced between “white collar” occupations and “blue collar”/service occupations. Their distribution among the various industries is comparable to the population within the one-mile radius. The average commute to work from this area was 21.5 minutes in 2000. FIVE-MILE RADIUS Although the distribution of the work force among the various industries is comparable to the one-mile and the three-mile radii, within five (5) miles of the center of the Study Area, the majority of the work force is “white collar” in terms of their occupation. The average commute to work from this area was 22 minutes in 2000. HOUSING According to ESRIBIS, there are 95,237 housing units within five (5) miles of the center of the Study Area. Approximately 9% of them (8,496) are within one (1) mile of the center. There is Table 4. Housing Stock (2004, except where indicated) Jabie 4, MOUsIng SIOCK (cUU4, eXCe ee eee Radius i 3-Miles 5-Miles NumberofUnits = st=<“‘*‘“‘*é‘C SCS 95,287. Median Value $122,783 Occupancy 85.2% 83.5% 84.5% Owner Occupancy : / 65.8% “69.4% “Housing Growth 2004-09 35% —-—-—-:11.04% 11.97% Built between 1990 and 2000 (2000 data) . 15.5% 21.6% Median Year Built (2000 data) Source: ESRIBIS; U.S. Census August 16, 2005 EXHIBIT kL wi 7 ‘Pa mee 3 Sha FF, een PAGE 2¢ pace JOY oF me h — Tamiami Trail Revitalization Strategy nl little difference in occupancy rates at the one-, three- and five-mile radii, with the low of 83.5% at three (3) miles and the high of 85.2% within one (1) mile. However, there is substantial difference in the rates of owner-occupancy between the one-mile radius (51.6%) and the more distant radii (65.8% within three (3) miles and 69.4% within five (5) miles). The median value of housing in the five-mile radius is 31% higher than the median value of housing within the one (1) mile radius. The homes that are more distant from the center of the Study Area also tend to be newer. More than one in five homes within the five (5) mile radius was constructed within the last 15 years. However, little of that construction has taken place within the Study Area or its one-mile radius. As of 2000, the median year built for homes within five. (5) miles was 1979, whereas, the median year built within one (1) mile was 1967. By way of further comparison, in 2000, the median year built for the County and the region was 1979, and for the City of Bradenton, 1977. Expenditures on housing (including utilities) within the one-mile radius average $6,964.55, or $580 per month. Within three (3) miles, the expenditures increase to $9,132.33 annually, or $761 per month. At five (5) miles, the expenditures are $10,435.51, or $870 per month. These housing expenditures account for 24% to 27% of the median household income (depending upon the radius studied), suggesting that housing is affordable to the residents within the one-, three- and five-mile radii. According to the 2000 U.S. Census, the character of the housing stock within five (5) miles of the center of the Study Area is predominately single-family detached (37,276 units in 2000) or mobile homes (17,108 units in 2000). Together, these two housing types made up 61.4% of the housing stock in 2000. 6,713 units (7.6%) in the five-mile area were single-family attached (i.e. townhomes or rowhouses). The balance of the housing stock (26,951 units, or 30.4%) was multifamily, evenly distributed among various configurations, from duplex units, to small apartment complexes and condominiums, to buildings with 50 or more units. -Inrecent years, garden apartments have become increasingly popular in Bradenton. Approximately 1,417 units were constructed in the City between 2000 and February 2005. According to City records 3,223 additional units of various types are either under construction or “in the pipeline,” that is, have received at least preliminary approvals. A large number of these units are multifamily units. Based on the information available to S&L, it appears that the pace of housing construction in the Bradenton area is slightly slower than the-rate of household growth. August 16, 2005 aa EXHIBIT < PAGE 2/6 Tamiami Trail Revitalization Strategy a} Table 5. Educational Attainment, Persons 25 Years of Age and Older (2000) Radius . 1-Mile 3-Miles 5-Miles Less than High School Diploma 29.3% 25.4% 22.4% High School Diploma 36.8% 34.0% 33.0% Some College 20.4% 20.9% . 22.0% Associates Degree 2.9% 4.7% 5.5% Bachelor’s Degree or more : 10.6% 15.0% 17.1% Source: ESRIBIS; U.S. Census In addition, very few of the units are “quasi-urban” in character (e.g., multifamily or attached products that are part of a mixed-use project or otherwise integrated into a mixed-use or multiuse urban fabric). As such, there is a segment of the housing market that is not being addressed by the existing growth in the number of housing units. S&L was able to identify only one notable example of “quasi-urban” development in Bradenton — the 160-unit Bradenton Village complex, an income-restricted community located just east of the Study Area. EDUCATION According to the 2000 U.S. Census, the educational attainment of persons 25 years of age and older generally increases with distance from the center of the Study Area. Within the one-mile radius, two-thirds of the population over 25 years of age has a high-school diploma or less, while one in ten has a bachelor’s or advanced degree. By contrast, within the five-mile radius, 55.4% of the population over 25 years of age has a high-school diploma or less, while 22.6% have a bachelor’s or advanced degree. in all radii, approximately one in five people have attended some college, but have not earned a degree. Asa whole, the City of Bradenton and Manatee County have comparable educational attainment levels. In these jurisdictions, approximately half of adults over 25 years of age have a high- school diploma or less, and one in five have a bachelor’s or advanced degree. RETAIL TRADE S&L analyzed the market segmentation of three (3) geographic areas in and around the Study Area: a “core market area,” a “primary market area,” and a “secondary market area.” The “core market area” of the corridor is that area that is within a one-mile radius of 1707 14th Street West ‘(the approximate center of the Study Area). Retailers located within one (1) mile of the center of August 16, 2005 EXHIBIT. ¢_ ann PAGE gy, PAseE 10% OF b D Tamiami Trail Revitalization Strategy ec the Study Area should expect to capture a majority of the discretionary dollars of the people who live in the “core market area.” The “primary market area” is the area that is within three-miles of 1707 14th Street West. Three miles represents a five- to ten-minute drive, and is a distance Table 6. Retail Market Profile (Selected Retail Market Segments, 2004) Source: ESRIBIS August 16, 2005 EXHIBIT PAGE por (0) of —— Radius 1-Mile 3-Miles 5-Miles Median Disposable Income. $24,799 “"g29,092 ~«~=——«$31,975 Total Retail and Food & Drink : Demand (Retail Potential) $114,195,521 $812,947,947 _$1,742,287,853 Supply (Retail Sales) $159,367,695 $1,524,890,697 — $2,336,313,986 Electronics & Appliance Stores * Demand - $2,080,844 $12,335,853 $31,284,227 Supply "$1,063,477. =: $14,605,395 $18,564,159 Home Improvement and Lawn & Garden Demand $4,200,019. $92,019,629. «$71,585,641 " Supply $8,840,819 $40,049,004 «$49,768,393 Grocery Stores _ — 7 Demand "§19,000562 -$133,778,467 —_-$284,481,513 ~ Supply $9,201,896 $172,168,708 $339,917,804 Specialty Food Stores ~ ~— Demand $209,102 $1,469,197 $3,123,916 Supply ~ $41,057 $1,268,249 $2,799,103 Liquor Stores Demand $318,436 $2,182,531 $4,603,662 Supply $1,516,713 $5,665,459 $9,173,815 Books and Music Demand $726,776 $4,775,799 $10,061,042 Supply $320,949 $2,976,341 $3,795,904 Full-Service Restaurants _ —— Demand $6,823,786 $47,373,758 $100,755,743 Supply _ $10,767,112 $66,930,697 $101,851,059 Limited-Service Eating Establishments Demand $8,832,952 $62,497,043 $133,435, 109 Supply $5,664,663 $49,566,008 $85,127,036 TRS i rab hy ne ADMINIS ’ CHIBST ¢ 3 Nene be Tamiami Trail Revitalization Strategy within which commercial and civic uses are quite convenient. As such, the primary market area (which includes the core market area) is expected to provide the population and resources that will support the lion’s share of the community-serving commercial uses in the corridor. The “secondary market area” is the area that is within five-miles of 1707 14th Street West. Five miles is a ten- to fifteen-minute drive, which S&L believes is approximately the limit with regard to the trip length that people in the region would be willing to drive in order to reach uses in the Study Area. “CORE MARKET AREA” Within the core market area, the total retail demand is $114,195,521. In the overall retail and food & drink market, sales exceed demand by $45,172,174, or almost 40%. Although there are several market niches within the core market area for which demand exceeds supply, the magnitude of the demand is not generally sufficient to support development of the use. Still, S&L believes that with relatively modest residential growth in the core market area, the demand for supermarkets will be sufficient to support a small community-oriented grocery store (25,000 to 30,000 square feet). Limited service restaurant is one market niche that does not require a large “box” to achieve an appropriate economy of scale. S&L believes that the dollars that “leak” from the core market area in the limited service restaurant market could support approximately 13,000 square feet of new limited service restaurant development. That said, much of the “leakage” in the limited service restaurant category is likely attributable to the lunchtime spending of workers who live in the core market area but work in distant locations. Accordingly, for new limited service restaurants to succeed, they must differentiate themselves from the abundant fast-food chains that are in or near the Study Area and appeal to the daytime population of 8,385 employees of businesses within the core market area and those who patronize those businesses. “SECONDARY MARKET AREA” Within the secondary market area, the total demand for retail products and food and. drink is $1.742 billion. The 1,507 businesses located in the area provide a supply of $2.336 billion. Put another way, the secondary market area is, in general, over-retailed. The retail offerings include the DeSoto Square Mall, which is just outside of the core market area. Still, there are opportunities in several retail markets that are currently underserved in the secondary market area, including: Athi August 16, 2008 EXHIBIT_¢E*Herr i iio PAGE gs BACe __/2g = Tamiami Trail Revitalization Strategy 1. home improvement and lawn and garden; 2. books, periodicals, and music; 3. consumer electronics; and 4. limited service restaurant. That said, three “category killers,” one in each of the first three underserved segments of the secondary market area, are located within two (2) miles of the center of the Study Area: Home Depot, located at 2350 Cortez Road West, is two (2) miles away to the Southwest, Books-a- Million, located at 4225 14th Street West, is just 7 _4 miles south on 14th Street West, and Circuit City, located at 4495 14th Street West, is 1.7 miles South on 14th Street West. The presence of these three “category killers” is an obstacle (though not insurmountable) for new competitive products within the Study Area. MARKET AREA SEGMENTATION S&L uses “Tapestry” a proprietary analytical tool provided by ESRIBIS to-analyze the lifestyle preferences of the people in the market area. ESRIBIS uses a complex statistical cluster analysis to identify 65 “Community Tapestry Segments.” These 65 segments have similar traits in terms of demographics and lifestyle/market preferences. “CORE MARKET AREA” The population of the core market area is generally younger, more diverse, less educated, and poorer than the population of the primary and secondary market areas (and the overall City and County populations as well). Compared to their counterparts elsewhere in the City and County, those residents of the Study Area that are in the labor force disproportionately work in “blue- collar” trades and service industries. Three-quarters of the 7,238 core market area households fall into five (5) Tapestry Segments: 1. Simple Living (24%) 2. Great Expectations (19%) 3. Senior Sun Seekers (13%) 4, Rustbelt Traditions (10%) City Dimensions (9%) August 16, 2005 EXHIBIT face pq PAGE ay% LOT of Re Tamiami Trail Table 7. “Tapestry” Profile Revitalization Strategy Radius 1-Mile 3-Miles 5-Miles Senior Sun Seekers* “13% 14% 18% The Elders : a 13% 13% Cozy and Comfortable 3% 8% 6% ~ Great Expectations “19% 10% 5% Home Town _ 2% 5% “5% Simple Living 24% 9% 5% Midife Junction —SssS—S _ 3% 4% City Dimensions 9% 8% 4% Old and Newcomers a 2% 4% * ” Heartland Communities _- ” 4% 7 3% Green Acres <1% — 1% 3% ; Prosperous Empty Nesters - _ 7 1% _ 3% - Rustbelt Traditions 7 10% 5% 3% Industrious Urban Fringe _ - 1% : 4% 2% ~ Source: ESRIBIS * The Tapestry segments are detailed in the Appendix to this report. 2 “PRIMARY MARKET AREA” The population of the primary market area is a few years older, a little less diverse, a little better educated, and a little better off economically than the population of the core market area, but they are still younger, more diverse, less educated, and poorer than the residents of the City and the County in general. Approximately three-quarters of the 42,234 primary market area households fall into nine (9) Tapestry Segments: 1. Senior Sun Seekers (14%) 2. The Elders (13%) 3. Great Expectations (10%) 4. Simple Living (9%) 5. Cozy and Comfortable (8%) SAYRE TD 6. City Dimensions (8%) ADMINISTRATIVE COMPLAINT EXHIBIT ¢ PAGE _ //O _ OF _ ren IE August 16, 2005 EXHIBIT x - Page 37 PAGE as [ ee Wi ls —— . Tamiami Trail Revitalization Strategy 7. Home Town (5%) 8. Rustbelt Traditions (5%) 9.. industrious Urban Fringe (4%) “SECONDARY MARKET AREA” AND BEYOND The population of the secondary market area is older, slightly less diverse, slightly better educated, and slightly better off economically than the population of the primary market area, but they are still just younger, more diverse, less educated, and poorer than the residents of the City and the County in general. Approximately three-quarters of the 80,489 secondary market area households fall into 13 Tapestry Segments: 1. Senior Sun Seekers (18%) 2. The Elders (13%) Cozy and Comfortable (6%) Great Expectations (5%) Home Town (5%) Simple Living (5%) Midlife Junction (4%) City Dimensions (4%) op @ rn Du ew Old and Newcomers (4%) 10. Heartland Communities (3%) 11.Green Acres (3%) 12. Prosperous Empty Nesters (3%) 13.Rustbelt Traditions (3%) Within the secondary market area, there are four (4) other Tapestry Segments that tend to favor quasi-urban housing products and lifestyle-oriented retail. They are Enterprising Professionals (1,783 households}, Aspiring Young Families (1,601 households), Young and Restless (298 households), and Inner City Tenants (1,508 households). Another group, In Style, is not in the August 16, 2005 EXHIBIT Page 38 PAGE afer lho . Tamiami Trail Revitalization Strategy ee secondary market area, but is present in small numbers (907 households) in Manatee County. In total, there are approximately 21,620 households in Manatee County that tend to favor urban/ quasi-urban housing and amenities. Of these, 92% are already located within the secondary market area. Those that earn above the median income for their market segment are the most likely to be in a position to purchase or rent new quasi-urban housing products. ANALYSIS OVERVIEW In recent years, the location of the Study Area has not been a strong point. However, current reinvestment in Downtown (in terms of private-sector projects and road/streetscape improvements), the Village of the Arts community, and the Historic Ballard Park neighborhood may help support redevelopment of the Study Area. As the two adjacent areas redevelop, the Study Area is well-located to be the principal “near- downtown,” “near-Village of the Arts” neighborhood. A large number of properties within the Study Area have not seen significant reinvestment in years, and are.at.a‘stage in their life-cycle that is conducive to redevelopment. The Tamiami Trail Corridor The proximity to Downtown Bradenton and the orientation around a major transportation:corridor makes the Study Area a good candidate for quasi-urban housing products, that is, products that are located within walking distance of urban amenities and offer a low-home-maintenance lifestyle, like residential-over-retail, live-work units, and townhomes that are oriented towards the street. In other parts of the state, many older commercial streets are being transformed by quasi-urban housing products and mixed-use development. Still, S&L believes that the reality and perception of crime in the Study Area must be dealt with before substantial headway can be made in the redevelopment of the Study Area. S&L suggests that the starting point for dealing with the perception and reality of crime in the area should be August 16, 2005 ‘Co Gow Eww & a “& . ee on ae Cn ai Sr Tamiami Trail Revitalization Strategy end the closing and redevelopment of area motels. In terms of demonstrating a changed trajectory for the area to a market more sizeable than the limited number of “urban pioneers,” the more redevelopment that is “committed” in the , Study Area, the higher the chance of success of individual projects. Put another way, S&L suggests an initial catalytic project that encompasses approximately 10 contiguous acres that would show “what can be done” in the corridor. As long as the 10 acres were committed for redevelopment, the project could be developed in several phases to allow the market time to respond to the Small-scale reinvestment properties along the corridor . . has not yet resulted in a noticeable change in the changed condition. S&L suggests that the first trajectory of the Study Area as a whole. S&L believes phase should encompass approximately five int onaont an ay cbires lela needed to catalyze (5) acres, and should be a horizontally mixed- . use project with a mix of approximately 10,000 square feet of retail and a block of townhomes organized in a manner that provides both transparency and security. Depending upon the absorption rate of the product, the next phase could be either more townhomes or a vertically mixed-use product with residential uses over lifestyle-oriented retail shops. Concepts for the suggested catalytic redevelopment initiative are provided in the Implementations section, which begins on Page 60. RESIDENTIAL MARKET There is almost no quasi-urban housing in the Bradenton market area. However, there are a fair number of households in the region that would prefer to live in such housing. S&L believes that a substantial number of these households would be willing and able to pay $150 per square foot or more for such housing. ESRIBIS data for Manatee County, suggests that there are over 10,000 households in the County that lean towards (and could potentially purchase) quasi-urban housing if it is available in the market. Ninety-two percent of them already live within five (5) miles of the Study Area. That is ‘not to say that all of those households have the means or the motivation to move, but it does AL EXHIBIT Awe A August 16, 2005 | eee Tamiami Trail Revitalization Strategy suggest that if an attractive quasi-urban product is introduced, it would not have to capture a significant portion of this potential market in order to be fully absorbed. Moreover, based on the available data regarding the growth in the number of households versus the growth in the number of housing units, S&L believes that if the reality and perception of crime in the Study Area is mitigated and interest rates for home . , . : . An example of a successful mixed-use townhome/office/ loans remain low, new quasi-urban housing _ institutional project on U.S. 7 in Delray Beach, Florida. would be rapidly absorbed by the existing market. RETAIL MARKET The retail market in and around the Study Area is highly competitive. In terms of overall retail supply versus demand, the Study Area and its primary and secondary markets are “over-retailed.” That said, there are several niches within the overall retail market for which spending by residents of the Study Area and its surrounding market areas exceeds the local supply. In these niches, there may be opportunities for new businesses to capture a share of the excess demand: 1. home improvement and lawn and garden; 2. books, periodicals, and music; . q a me. “it 3. consumer electronics; and ie 4. limited service restaurant. S&L cautions that while the market data indicates excess demand in these areas, there are several “category killers” located just outside the Study Area: Home Depot, Books- a-Million, and Circuit City. If additional retail products are to be located in the Study Area An example of Home Depot's emerging line of “urban” stores. A smaller-version of the Hom jot suchas — the one pictured could be supported by the expenditures that “leak” from the secondary market area. to try to capture some of the additional August 16, 2005 EXHIBIT &&# PAGE a f*X LLY oF Tamiami Trail Revitalization Strategy el dollars in the home improvement, books and music, and consumer electronics markets, the success of the new retail products will likely depend upon how well they are differentiated from the established “big-boxes” that are located just down the street, which will in part depend upon the quality and character of their address in the Study Area. For example, some home improvement chains (including Home Depot) are experimenting with a quasi-urban model — a smaller store geared more toward convenience than a full inventory of building materials. Such a model may succeed in the Study Area. Likewise, a Barnes & Noble or Borders store may be sufficiently differentiated from the Books-a-Million discount store to succeed in a redeveloped Study Area. S&L believes that redevelopment within the Study Area that creates an “address” fornew retail, that is, a location with a differentiated and desirable quality and character, will be key to attracting people from the primary and secondary market areas who will have to drive past established competing products to reach the new retail locations in the Study Area. One strategy is to complement and reinforce the character of the Village of the Arts and provide linkages into it. MARKET ANALYSIS CONCLUSION In conclusion, there is no single “magic bullet” that will change the trajectory of the Study Area. The population within the Study Area itself has limited means — a condition that improves ~ somewhat as the distance from the center of the Study Area increases. The perception and reality of crime within the Study Area is a significant limiting factor in terms of the market for redevelopment. The Study Area’s motels tend to feed this perception and reality, and their closure and redevelopment will be an important step in mitigating the problem. That said, S&L believes that there are at least 20,000 households in Manatee County that would prefer to live in quasi-urban housing, a form of housing that is almost completely absent in the Manatee County market. The Study Area is a natural location for this sort of product — it is near ‘downtown Bradenton and inéludes an older neighborhood with a unique character where reinvestment is beginning. Small redevelopment initiatives within the corridor (e.g., one motel at a time) are unlikely to be absorbed quickly, as “urban pioneers” who are willing to take substantial risk will be the only meaningful market. However, if a critical mass of redevelopment is “committed,” a larger market ADMINISTRATIVE COMP LAINT: Di a August 16, 2005 EXHIBIT <— Space TE PAGE _360_ be a ee 2 ie i Tamiami Trail Revitalization Strategy ee ae of households who would like the convenience of quasi-urban housing could be tapped. If just five-percent of that market within Manatee County were attracted to the Study Area (which could be the “only game in town”), it would support a critical mass of 500 housing units. S&L believes that the pace of redevelopment of the Study Area could be substantially accelerated by a catalytic redevelopment project of 10 or more acres that includes a substantial residential component and urban lifestyle-serving retail uses. Based on other offerings in the City of Bradenton, S&L believes that the market would be willing to pay $150 per square foot and up for housing in . such a project, depending upon the size of the units and the amenities. S&L recommends that the first phase of this catalytic redevelopment contain a horizontal mix of uses that includes approximately 10,000 square feet of retail space and townhome units that are designed to be visually integrated into the community, but secured by attractive gates and fences. Depending upon the market absorption of this product, the next phase could be either more townhomes or a vertically mixed-use lifestyle center product with residential over neighborhood-serving specialty retail and restaurants. ADMINIST: August 16, 2005 Page 43 EXHIBIT. <_PAG PAGE 2¢\_ Bea —_:& ol an oa + ot ae al inane — aauaih oo ~ iilaals iia Rakes Sa Tamiami Trail Revitalization Strategy VISION The City of Bradenton is at a crossroads. Like many American cities, it has reached a point in its history where it must redefine itself within the cultural and economic landscape of its region. Among Bradenton's regional strengths is its geographic location between two regional economic centers (Tampa and Sarasota), two bodies of water (the Gulf-of Mexico and the Manatee River), and its connection toa web of inter- useage and intrastate highways, including the Tamiami Trail Heritage Corridor. — Locally, Bradenton's assets include a variety of water, boating and outdoor recreation activities, an | emerging arts culture and one of the ‘ hottest housing markets in the . country. Once a significant State "Spine | Road," Tamiami Trail is the cultural link to Bradenton's heritage. The ~ memory of the Trail's role in oe ae : ; Bradenton's economic and cultural life has been clouded over the years by declining outmoded uses and buildings that are unable to compete in the modern marketplace. The vision of the plan is to re-energize the Tamiami Trail corridor and reinforce the continued reinvestment in the adjacent neighborhoods. The vision is implemented with four key strategies: 1. Rekindle Cultural Heritage / Reclaim the Tamiami Trail 2. Connect Assets / Leverage Village of the Arts 3. Respond to Current Markets / Cater to Quasi-Urban Lifestyle Preferences 4. Invest Wisely / Leverage Public Resources with Private/Public Partnerships ‘: ADMINISTRATIVE COMPLAINT August 16, 2005 PAGE a6 “k 7 & ewe = tk / 8 / 8 ~~ eet 4 ” Bh ~-E eicaalaair— — Citennamat— Tang Elina Bien nen Tamiami Trail Revitalization Strategy NS POSSIBILITIES Redevelopment possibilities for the Study Area emerge when the area's assets are brought into alignment with local and regional market demands. It is estimated that five (5) percent of households in Manatee County would prefer a quasi-urban lifestyle, that is, a lifestyle that includes “in town" or "near town" housing (generally with low maintenance obligations) and easy access to arts, entertainment, restaurants, recreation, shops, and places of work. The Study Area’ has strong potential to be repositioned to deliver these amenities to the emerging quasi- urban lifestyle market segment: @ The Study Area is adjacent to downtown at its southern gateway, providing residents with easy access to a growing array of downtown amenities. @ A unique arts community is emerging in the Village of the Arts neigtiborhood, a historic residential neighborhood that is close to downtown and is experiencing meaningful rein- vestment. @ Housing in the Historic Ballard Park neighborhood is also experiencing substantial reinvest- ment, and City investments in the streetscape have enhanced the attractiveness and historic character of the neighborhood. # Golf and water sports are located nearby. ¢ Even though the corridor has many strengths, along the Tamiami Trail the strengths are presently overshadowed by a critical mass of neglected structures and blighting influences. While the adjacent neighborhoods are stable and appreciating in value, reinvestment in the Tamiami Trail corridor itself has been slow due in large part to the general physical condition of the place, a ADMINISTRATIVE COMPLAINE August 16, 2005 EXHIBIT. PACE __/K of PP PAGE 26>. “eg weg . . ~. ~ § a a a a ene eee eee eCa 5 _- _ emcees nanan Tamiami Trail Revitalization Strategy perception (and reality) of crime, and resulting uncertainty regarding the corridor's ‘market trajectory. the "Quasi-Urban" Market: 1.) ‘Make the place walkable. *Quasi-urban" households like to walk. The experience should be interesting and comfortable. 2.» Provide intes-connectivity. Integrate the residential and commercial fabric of the community with con- nected streets and sidewalks. 3. Provide nodes of activity. Public nodes foster a pe- destrian life of culture, community, and commerce. Nodes of activity cultivate public gathering. 4. Concentrate uses. Pedestrian access is facilitated by concentrating human and building densities. 5. Create places. The urban fabric from public node to neighborhood edge should define a community of place. ADMINISTRATIVE COMPLAINT a August 16, 2005 EXHIBIT L pane , ‘ ; / 9g OF ae PAGE 26 ¢. Tamiami Trail Revitalization Strategy i Although piecemeal redevelopment of the corridor would likely lead to a successful turnaround in the long run, a more aggressive program of larger scale catalytic redevelopment that would simultaneously remove blighting influences and introduce a critical mass of new real estate product into the marketplace that is better aligned with the emerging quasi-urban market. i Urban Core It is anticipated that a highly visible 10+ acre "catalytic" project in the middle of the Urban Village area would jump-start the redevelopment of the corridor by reducing the uncertainty of both developers and their customers. Urban Village LAND USE DISTRICTS The proposed land use plan divides the Study Area into districts based on their distance from Downtown Bradenton. As the distance from downtown increases, the density, intensity, and height of development decreases, and the pattern of development shifts from urban to suburban. Urban Strip Suburban Strip: The subareas are: Urban Core -- areas north of MLK Boulevard Urban Village -- areas between 17th Avenue and MLK Boulevard Urban Strip -- areas between 26th Avenue and 17th Avenue Suburban Strip -- areas south of 26th Avenue Mixed-uses should be permitted along the length of the Tamiami Trail corridor on both sides of the street throughout the Study Area, with the design, character, density and intensity of the projects related to their location in the overall district framework. The mixed-use district should ADMINISTRATIVE COMPLAINT, EXHIBIT 4D August 16, 2005 EXHIB) & Page 47° PAGE 2 fs 1 int an oo / 8 « . " . A £ is g 14% ~ t ee ‘ ~~ ~— - f ~& i a . Tamiami Trail Revitalization Strategy extend one block from either side of the Tamiami Trail (the current C-1 and C-3 zoning along the corridor extends only ¥%2 block in most areas). URBAN CORE Location The Urban Core portion of the Study Area is located north of MLK Boulevard, on the southern edge of Downtown Bradenton. Included in the Urban Core portion of the Study Area is the Historic Ballard Park neighborhood, which is located between the Tamiami Trail, Wares Creek, 7th Avenue, and MLK Boulevard. Character The plan anticipates that the Urban Core will be a mixed-use, architecturally diverse, pedestrian-friendly, and varied-scale “in town" neighborhood. Historic Ballard Park is anticipated to continue to be improved according to the plans developed by John Moody & Associates in 2004. Planning Objective The objective is to create a large urban residential base with ground floor retail uses to enhance the experience at street-level, and opportunities to develop office space on the second and third stories of vertically mixed-use buildings when the market for office development is ready for it. Plan Recommendations Amend the C-1 and C-1A zoning district regulation h | he Study Area. The private sector has already shown some interest in reinvesting in Downtown properties. At present, the key to implementation is reconciliation of the C-1 and C-1A zoning categories with the objectives of the plan. As such, amendments to these zoning districts as they apply within the Study Area are recommended. , ADMINIS TIVE COMPLAINT, extigiy #3 August 16, 2005 EXHIBIT & PAGE | cl OF ___ Page 48__ PAGE 266 oe [ ras joes & we, - ete bl ee oe Recent: Memes ie Somme be fn ‘Romania, Tamiami Trail Revitalization Strategy The: obj ‘for Urban Core.is to create an “in in ‘neighborhood ‘with a substantial residential base and neighborhood-serving retail. The existing C-1 zoning (which covers more than half of the Downtown portion of the Study Area) allows a maximum floor area ratio of 10.0, a maximum residential density of Typical Urban Core cross- 25 units per acre, and a maximum height of 95 feet/8 stories. section The plan recommends increasing the allowable residential density to 40 units per acre in order to bring more households into the downtown, and reducing the nonresidential floor area ratio to 0.5 FAR for retail uses and 1.0 FAR for office uses within the boundaries of the Study Area. This will generally allow for a full "wrap" of neighborhood-serving retail uses on the first floor of the building and several floors of office development. The balance of the building could be used for residential purposes at 40 units per acre. The existing "permitted" intensity of 10.0 FAR is not achievable within the available eight-story building envelope (the maximum possible FAR in 8 stories is 8.0, but since parking areas are not included in the calculation, a self-parked eight-story building would likely have a FAR that is significantly lower than 8.0), and therefore has little meaning as a regulation. In this light, the RAT ATIVE COME! August 16, 2005 f 4 Cas ae [rene ow vee b ewe ho “4 t rn Ser 9 = how ok . Tamiami Trail Revitalization Strategy A tS proposed regulatory amendments would actually create value by allowing property owners to meet strong demand in the residential market, while still retaining a reasonable set of commercial development rights. Surface parking should be hidden from views from public rights-of-way. On-street parking should be required where it is physically possible to provide it. The existing C-1A "downtown fringe district" zoning (which applies to most of the Historic Ballard Park neighborhood) allows a maximum nonresidential floor area ratio of 0.5, a maximum height of 35 feet / two stories, and a maximum residential density of 25 units per acre. The City should consider reducing the density to 12 units per acre and increasing the permitted number of stories to 3 in order to promote redevelopment : of the southeastern portion of Historic Ballard Park with townhomes and live-work units. The City should also consider reducing the front setback from the existing 35 feet to 10 or 15 feet in order to provide a more "urban" character that includes a closer relationship between homes and the street. In order to promote an adequate supply of workforce housing (housing units less than $200,000), a 20% density bonus is recommended in the Urban Core for workforce housing provided to income | qualified households that maintain a homestead.exemption for a period of not less than 5 years. URBAN VILLAGE Location The Urban Village portion of the Study Area is located between MLK Boulevard and 17th Avenue. The area includes the Village of the Arts neighborhood on the east side of the August 16, 2005 Low [Po PAGE 26%-- a can Tamiami Trail Revitalization Strategy Pe i itie re en 7th Avenue and auto-oriented environments are more common ‘south of 17th Avenue. Capture the new market demands for pedestrian development north of 17th Avenue. and celebrate Bradenton's heritage of the 1950s auto era south of 17th Avenue. for nced commercial and social syne extending streets and creating new ones wher mobility through neighborhood permeability and connected destinations. August 16, 2005 Tamiami Trail Revitalization Strategy ore th inthe Villag e have-already been adaptively reused for artist and gallery space. The plan supports continued adaptive reuse of this. unique environment. gathering ng: neighborhoods ‘and assets can unite with the energy and commerce of Tamiami Trail as Bradenton's renewed “Civic Spine". A catalytic project of 10 or more acres would Creating public nodes with concentrations of jump-start the redevelopment within the Tamiami building mass, human .density, pedestrian Trail corridor. Assemble highly-visible land that commerce, and civic activity along Tamiami Trail is central to the Urban Village in alocation where =~ adjacent to existing residential districts will new or existing streets extend across Tamiami complete the formation of thriving neighborhoods Trail, and, of course where land assembly at this for living, working, playing, shopping and relaxing. level is possible. The catalytic redevelopment project will create the critical mass necessary to ‘attract a larger market segment to the corridor that will provide greater support for sustaining new investment. aan STBative COMPLAINT. August 18, 2008 EXHIBIT 6 exnipit ¢_2____Panes2_— PAGE 270 pace Ie? _ OF — some wk Tamiami Trail Revitalization Strategy ee SS Tamiami Trail. The Village of the Arts is a neighborhood of historic homes that are being adaptively reused for artists’ “live-work" space. Presently more than 30 homes in the neighborhood are being used in this capacity. Character The Urban Village is the fringe of the Urban Core, and is anticipated to develop with the character, lifestyle, and friendliness of avillage. The character of the Urban Village is anticipated to be a combination of mixed- use development at a lower scale than the Urban Core along the Tamiami Trail and preserved and enhanced existing single- family “near downtown" neighborhoods on either side of Tamiami Trail. Planning Objectives Developm in the Urban Village should ultimately create a pedestrian lifestyle with ground floor retail and housing above,.wrapped around public gathering places for group and individual activity. The role of the Urban Village is to provide "near-town" housing opportunities and a quasi-urban lifestyle of walkable neighborhoods and easy access to amenities such as restaurants, cultural uses, and neighborhood supporting retail and services. The key planning objectives are to: # remove blighting influences from the Tamiami Trail; enhance connectivity of streets and sidewalks; @ enhance the profile of the Village of the Arts; Bd provide quasi-urban amenities in the Tamiami Trail corridor that are easily accessible to residents of the adjoining neighborhoods; # promote mixed-use development in the Tamiami Trail corridor that puts commercial uses at TRATIVE COMPLAINT August 16, 2005 EXHIBIT <7 _ ja "7 oFPage 53 PAGE _a.7\_ - FAR for all commercial uses in the corridor), Tamiami Trail Revitalization Strategy nd the ground floor along Tamiami Trail and residential uses that relate to the adjacent neighbor- hoods along other street frontages; and @ reinforce the abutting residential neighborhoods. Plan Recommendations Modify the C-1 Zoning Requirements in the Study Area. Throughout the Urban Village, both sides of the Tamiami Trail are zoned C-1, which allows mixed-use development. Several modifications to the zoning should be made in order to implement the plan. First, in most places, the mixed-use C-1 district extends only ¥2 block away from the Tamiami Trail. | The plan recommends allowing mixed use | development for one block on either side of _ the Tamiami Trail. Second, the district allows a maximum floor | area ratio of 10.0, a maximum residential density of 25 units per acre, andamaximum | height of 85 feet/8 stories. Since the Urban Village is intended to be less intensely developed than the Urban Core, the plan recommends a reduction in floor area ratio to 0.35 FAR for retail-uses plus 0.35 FAR for office uses in the Urban Village. This FAR is approximately double the intensity of the existing condition (which according to the Manatee County Property Appraiser is 0.38 and will allow for a meaningful frontage of commercial uses along the Tamiami Trail.An | increase in residential density within one : block of the corridor to 30 units per acre is recommended in order to bring more new households into the area and allow for residential- over-retail mixed-use configurations when the market is ready for them. YE COMPLAINT August 16, 2005 EXHIBIT. x PAGE Q72X% ok en o. Tamiami Trail Revitalization Strategy Third, the existing C-1 district allows a maximum height of 85 feet/8 stories. However, the plan recommends generally lower buildings in the Urban Village. A maximum height forthe Urban Village mixed-use district of five (5) stories along the Tamiami Trail and three (3) stories along frontages that are opposite existing residential uses is recommended. Limited six- or seven-story elements at intersections that are intended to be nodes of activity along Tamiami Trail should be permitted. Fourth, the district regulations should require residential development along frontages that are opposite existing _| residential uses. This will promote urban design that is integrated with the existing neighborhoods. The existing "permitted" intensity of 10.0 FAR is not achievable within the available eight-story building envelope (the maximum possible FAR in eight stories is 8.0, but since parking areas are not included in the calculation, a self-parked eight-story building would likely have an FAR that is significantly lower than 8.0), and therefore has little meaning as a regulation. In this light, the proposed regulatory amendments would actually create value by allowing property owners to meet strong demand in the residential market, while still retaining a reasonable set of commercial development rights. De he go Trail should bé‘residential in character and relatively dense. ~ In order to promote an adequate supply of workforce housing (housing units less than $200,000), August 16, 2005 EXHIBIT <_ PAGE 37% Tamiami Trail Revitalization Strategy — {, the public open space and the building. These components should be orchestrated to give priority to human environments. The development components of the village district are the stree' INT PAGE AD4, EXHIBIT & August 16, 2005 deel, - 17th Avenue, and provided as funding Tamiami Trail Revitalization Strategy a 30% density bonus is recommended in the Urban Village for workforce housing provided to income qualified households that maintain a homestead exemption for a period.of not less than five (5) years. Continue to Support Cohesive Neighborhoods. The Urban Village's existing residential neighborhoods will continue to benefit from public and private reinvestment according to neighborhood-supported plans and market forces that are already in place. Develop a Catalytic Project. Along Tamiami Trail itself, major redevelopment, including active public sector involvement in redirecting the corridor's physical character and market trajectory, is recommended. Development of a catalytic project in a highly-visible location in the central Urban Village in order to jump-start the redevelopment of the rest of the Urban Village is recommended. This redevelopment program is detailed in the Implementation Section, which begins on Page 60. Complete the Sidewalk Network. North of 13th Avenue, there is a relatively continuous network of sidewalks. Completion of the sidewalk network on both sides of the street throughout the Urban Village to offer pedestrian connectivity within the neighborhoods and between the neighborhoods and Tamiami Trail as it redevelops is recommended. After the catalytic project is underway, priority should be given to installing sidewalks in the Village of the Arts in locations where they are not currently provided. ni ing and Streetscape Treatment I Reflect Characteristics. Continuous sidewalks and street trees should be a requirement in neighborhoods north of permits in neighborhoods south of 17th Avenue. Development within the Urban Strip district should recall memories of Bradenton's 1950s heritage from slow moving automobiles, to streamlined architecture, to drive through, to curb side dining. . August 16, 2005 EXHIBIT < a3 Page &7. PAGE a7 OF ‘Lsdemaditgs” ~t - 4 sees : . L a font ~ 4 ~— Sete Seed i, nee a, Ss Sane) — Ereennererects Tamiami Trail Revitalization Strategy The plan anticipates that the Urban Strip will redevelop in amore suburban pattern than the Urban. Village. The design concept for the Urban Strip is a revival of the palm-lined boulevard that welcomed visitors traveling along. the Tamiami Trail in Bradenton in.the 1950s. The development components of the strip district are the street, the building and the surtace parking lot. These components should be orchestrated to recreate the-scale and character of the’ 1950s URBAN STRIP Location The Urban Strip is located in the area between 26th Avenue and 17th Avenue. Among the more prominent existing uses in the Urban Strip are the Tropical Palms Trailer Park, Kiwanis Hall, Foodway, and Family. Dollar. Character The Urban Strip is the fringe of the Urban Village. The desired character of the Urban Strip is a return to the Tamiami Trail's heritage - a 1950s "strip" with a mix of residential and commercial uses that responds to modern market preferences. Planning Objectives The key planning objective for Tamiami Trail in the Urban Strip is to celebrate the history of Tamiami Trail as a "strip" by restoring the street to a palm tree-lined commercial "boulevard" with retail uses at street level and office and/or residential uses above, and one double-row of parking bays on the Tamiami Trail side of the buildings. August 16, 2005 EXHIBIT Z E PAGE a7é" Tamiami Trail Revitalization Strategy SS Plan Recommendations Apply mixed-use zoning to the Tamiami Trail corridor. The existing C-3 zoning along most of the Tamiami Trail in the Urban Strip generally provides for the setbacks and building forms that could result in development of a commercial "boulevard." However, the regulations in this area should be revised to allow residential and commercial mixed-use up to the three (3) stories / 35 feet in height. Residential densities should be 12 units per acre to allow for townhome development and low-scale residential-over-retail development. Street frontages that face existing neighborhoods should be developed with residential uses. Allow market synergy from a revitalized Urban Village to catalyze redevelopment of the Urban Strip. The revitalization of the Urban Strip will be anchored by the City's active participation in developing a catalytic project in the Urban Village to the north. Minimize the visual impact of off-street parking. Only one bay of parking with specific landscaping requirements should be permitted between the right-of-way and building frontages along Tamiami Trail. On-street parking should be encouraged on side streets. SUBURBAN STRIP Location The Suburban Strip is located South of 26th Avenue. Character , The Suburban Strip area is the fringe of the Urban Strip with the auto-oriented character of "Suburban Florida." Planning Objectives The planning objective for the Suburban Strip is to bring sufficient economic energy into nearby locations to support reinvestment in and revitalization of existing buildings. _ Plan Recommendations Provide public investment in the streetscape when sufficient reinvestment in the adjoining private property is committed. ADMINISTRATIVE COMPLAINT, August 16, 2005 , Rage 50 Tamiami Trail Revitalization Strategy DEVELOPMENT AND REDEVELOPMENT STRATEGIES Redevelopment is the natural order of things in the built environment. Unfortunately, the reality of the market is that redevelopment occurs naturally only when the value of the land is significantly greater that the value of the land and improvements. While low rent retail — tenants of last resort — are undesirable to the community at large, they nevertheless generate income that is valuable to the owner, especially if the owner is not invested in maintenance, repair and improvement. Accelerating the pace of development and redevelopment requires strategies which.overcome or shift market forces to make development and redevelopment economically feasible. There are a variety of strategies that can be employed to achieve a desired redevelopment outcome. RENOVATION OF THE PUBLIC REALM It is axiomatic that real estate products with a “good address” are more valuable than others with less attractive addresses. A good address is comprised of several elements including location and the image and character of the place and the nature of the street. The Tamiami Trail Corridor is blessed with great location, practically in the center of the Bradenton metropolitan area. The image and character of the Corridor as a place leaves much to be desired, as does Tamiami Trail and the local street network. A key redevelopment strategy must be renovation of the image and character of the Tamiami Trail Corridor as a desirable “address.” Elimination of unattractive signage and street landscaping are needed if the image of the area is to be improved. The market is very sensitive to public commitments to change because of the opportunity for wealth creation that is -created when a specific: direction is supported by concrete and visible action. Public investment in = KRESS streetscaping, for example, is far more likely to reposition the image of place than an even larger public investment i Entryway identification is a strategy for demonstrating public in stormwater management, although commitment to reinvestment that has been successfully the latter may be more important inthe __#mplemented in many communities. Ab: COMPLAINT August 16, 2005 EXHIBIT & EXHIBIT 42? Page 60 PAGE _ 473. PAGE Pry — AN yy i Fy pment Tamiami Trail Revitalization Strategy Improvements at intersections where existing setbacks are sufficient to allow pavers could establish a new “vocabulary” for the Trail. The scope of the intersection improvements could be modest so long as they are striking in the character and are distributed throughout the corridor. long run. One way the CRA could demonstrate its “commitment” would be to identify a set of improvements that could be implemented throughout the Corridor. Entryway identification is a strategy that many communities have successfully implemented. While it would be imprudent to install street trees along block faces that are going to be redeveloped in the future, improvements at intersections where existing setbacks are sufficient to allow pavers could establish a new “vocabulary” for the Corridor. The scope of the intersection improvements could be modest so long as they are striking in the character and are distributed throughout the Corridor. Local streets are also in need of upgrade. The formula for great local streets is relatively simple — pedestrian friendly/traffic-calmed travel lanes, parkways with ground cover and street trees and a sidewalk of at least five (5) feet in width that is part of a network of pedestrian ways. A powerful incentive for redevelopment is to provide street renovation funding in support of qualified redevelopment proposals. The incentive is particularly powerful if stormwater management improvements were needed. LAND ASSEMBLY A key strategy in most redevelopment scenarios involves land assembly — consolidation of land ownership to create modern parcels of land that can be efficiently developed. Historical patterns of development created small lots that can not be effectively redeveloped because of land development code requirements, e.g. off-street parking, and because a new store on a single lot ina block of otherwise obsolete store fronts has little or no chance of success. com arte Page 61 August 16, 2005 EXHIBIT Z EXHIB! __Pagest PAGE AI” race _ | 21 oF Renamer eee ei emer saws” pease we an - Sa eae ee ne Cena Oa oe Onan LS See) weet Noman at Tamiami Trail allows for the development of projects © _ the Tamiami Trail frontage to residential along the - Tamiami Trail Revitalization Strategy ee SSS Land assembly involves more than creating useable parcels of land. Land assembly is also a technique for eliminating negative elements from the built environment. A key negative land use in the Tamiami Trail Corridor are obsolete motels that contribute to the reality and perception of crime and unsafe conditions. Strategic land assembly results in the elimination of these negative influences. If the balance of land in the block where a motel is located could be assembled, the enhanced development potential could help to fund the cost of eliminating the motels. Generally, the size and dimensions of a redevelopment parcel have a significant impact on the value of land, e.g. the per square foot value of a 50 x 100 foot lot is less than the per square foot value of 250 x 400 foot block, because of the relative efficiency of redeveloping the parcels. In addition, the assembly of entire blocks along the. | that establish a transition from commercial retail along 4 neighborhood boundary away from the Trail. REDEVELOPMENT MODELS There are several different redevelopment models that ; have the potential for success under existing market - conditions. The simplest, town homes with internal parking, is aes ea internal parking on the first floor, preferably accessible from an alley or:parking area at the rear of the building. relatively risk free in some locations within the corridor. The product has two (2) or three (3) stories with internal parking on the first floor, preferably accessible from an alley or parking area at the rear of the building. Internal parking is important for security — the purchaser or tenant can access his or her unit in a vehicle and enter the home from a secure garage. Vehicular access to parking from the rear is extremely important to create a pedestrian friendly, neighborhood ambiance on the street side of the units. Units typically range from 1,450 square feet up to 2,800 square feet depending on market preference and developer tolerance with regard to absorption rates. The townhouse product is extremely successful in southeast Florida and several segments of the local community are prime candidates for this kind of housing. There are relatively few opportunities for traditional retail in the market place. The market is Tr eprert August 16, 2005 EXHIBIT ___ ‘4 7 osteo PAGE 20 coer __/ 29 OF — peg —_e a - | ns Remotes: pee Went 5 Raeteree etdenire Tamiami Trail Revitalization Strategy well-served in most retail segments, but there are a few opportunities for the Corridor. The CRA should be prepared to provide incentives for retail activities that are particularly important to lifestyle households including bookstores, fresh and gourmet foods — a Trader Joe’s market would be a powerful anchor in the Corridor. MIXED USE Town homes line the side-streets in the horizontally mixed-use A popular and successful redevelopment product is mixed retail and residential uses. These projects range from mid-rise residential (up to nine (9) floors) with a coffee shop on the first floor, to classic residential over retail store fronts. Given the unproven nature of the market, at least the pioneering projects should limit vertically mixed products and focus on two (2) faced projects — retail on the Tamiami Trail and residential on the back of the parcel proposed for development. This product, of course, requires a relatively large parcel of land and is really only viable where the development parcel has frontage on the Tamiami Trail and another north-south street. An example of this product is a 10 - unit townhouse and 21,000 square feet of retail, with townhouses on the side streets and the retail organized around a central plaza. The principal limiting factor for this product is off- street parking. There are many variations on the design — townhouses around the three sides of the site that do not front on Tamiami Trail, however, the square footage of retail is reduced. he final . Oblique view of the plaza that serves as an organizing feature for The final product is a large scale the retail uses that line the Tamiami Trail ADMINISTR. August 16, 2005 EXHIBIT é : 3 PAGE __2%\- on . /3 Y oof we, mk r : , wh Fouek pa pune i [a es es enna fees eee er bee Lhe hel veers, Tamiami Trait Revitalization Strategy vertically mixed use with retail down, residential above and structure parking “wrapped” by townhouses. The minimum lot area for such a product is approximately five (5) acres, making this product a candidate for the first or second phase of a catalytic development. LAND WRITE DOWNS Alternative design that provides access to the surface parking lot from the Tamiami Trail. : Successful redevelopment involves overcoming risk. The perception of the market is that the Tamiami Trail Corridor is an. unproven, but potentially attractive market. The CRA should be prepared to offer incentives to one or more pioneering projects in the form of a land write down. There are many ways that incentives are provided. One means is simply to commit all or a portion of the future tax increment to a qualifying pioneer project. A developer could be awarded a 50% share of future tax increment generated by his or her pioneering project during the first 10 years of the tax increment. For example, if the completed project is projected to have an assessed value of $10 million and will generate $125,000 in tax increment when completed, the CRA could pledge ¥2 of the first ten years of increment to the developer, a pledge with a net present value more than $450,000. Another method involves the use of a long term land lease with a participation rent based on project performance. For example, the CRA acquires land for $3 million and leases the land to the developer at a market rate rent based on a value of $1.5 million, a substantial incentive to the developer. The lease, however, includes a provision for a participation rent if a negotiated percentage of net operating income exceeds the base rent. If the base lease rent was $150,000 and the threshold percentage for participating rent was 15%, the developer, or his successors and assigns, would pay no additional rent so long as net operating income does not exceed $1 million. If, however, net operating income were to rise to $1.75 million, the annual rent to the CRA would increase to $262,500 per year, a rent that would be sufficient to repay any debt incurred by the CRA to acquire the property. Finally, the CRA could simply fund land write downs out of existing and future tax increment as a cost of turning the market. August 16, 2005 EXHIBIT _< PAGE 29a Tamiami Trail Revitalization Strategy CATALYTIC PROJECT The most powerful antidote to what ails the Tamiami Trail Corridor‘is a market-shifting redevelopment project. In many communities, mixed use projects are designed as “lifestyle centers,” places where the emphasis is ona quasi-urban neighborhood lifestyle. The demographics of the area do not support a lifestyle center like Mizner Park in Boca Raton, however, there is clearly support in the market place for lifestyle housing, e.g. near downtown residential neighborhoods to the north and west of the Tamiami Trail Corridor. The importance of a catalytic project is increased by the nature of the redevelopment area. The Corridor is more than one (1) mile long and it will be extremely difficult to achieve a significant change in market perception on a parcel by parcel, incremental basis. At some point the market will turn, but in the mean time, each developer is a pioneer and the absence of momentum exposes the entire enterprise to world events and economic cycles. The preferred redevelopment scenario is an appropriate catalytic project with the power to transform the market's perception of the future of the Corridor and to stimulate second and third generation redevelopment investment. Ideally, the project involves 10 or more acres of land and involves a mix of retail and residential uses with a mix of housing types including mid-rise apartment/condominiums and town homes. if possible, the project should be divided into two or more phases, however, the first phase should involve at least 25,000 square feet of retail and 100 dwelling units. The residential density, based on gross acreage (without regard to the permitted intensity of non-residential uses) should be at least 30 units to the acre to give potential developers flexibility to create a range of unit sizes. The height of the mid-rise should not exceed 100 feet and buildings should be designed so that building height varies substantially. The CRA should be prepared to participate in land assembly for a catalytic project and to provide economic incentives in the form of TIF rebates or other economic incentives to reduce risk and improve the character of the project. REGULATORY RECOMMENDATIONS There is a disconnect between the development form contemplated by this plan and that which is dictated by the City's zoning code. The plan recommends amending the zoning code as it applies within the Study Area as follows: August 16, 2005 EXHIBIT ¢ Pace 177 _ PAGE 28>. re i nn, Co SOS Saeannra | 4 -£ - —t tt a oo to Tamiami Trail Revitalization Strategy a 1. In the Urban Core of the Study Area: A. For the area that is currently zoned C-1, increase permitted residential density to 40 units per acre and reduce permitted nonresidential intensities to accommodate ground-floor retail on all street frontages and limited office development on upper floors. B. Amend the Comprehensive Plan to allow the recommended density. 2. In the Urban Village of the Study Area: A. For the area that is zoned C-1, increase permitted residential density to 30 units per acre and reduce permitted nonresidential intensities to accommodate: 1. ground-floor retail of office along Tamiami Trail and key intersections along side-streets; and 2: limited office development on upper floors. B. Require development along 13th and 15th Streets to be residential in character, with limited neighborhood-serving commercial uses at key intersections with east-west cross- streets. C. Extend the mixed use district outlined in A. and B. above to encompass the area within one block on either side of the Tamiami Trail throughout the Urban Village. D. Amend the Comprehensive Plan to allow the recommended density. 3. In the Urban Strip of the Study Area A. Create a mixed-use district that extends for one block on either side of the Tamiami Trail that allows residential development at 12 units per acre and commercial uses that are arranged to reflect the character of a 1950s “urban strip" or commercial "boulevard," and rezone the affected property to the new designation. B. Ifa parcel of land that is larger than 10 acres (such as the trailer park) becomes available for redevelopment, substantial regulatory flexibility should be applied, including increased densities, to support a market-repositioning product, especially one that contains workforce housing. C. Amend the Comprehensive Plan to allow the recommended density and to allow flexibil- ity with regard to density and intensity for the planned redevelopment of parcels greater than 10 acres in size. wisi HO Page 66 EXHIBIT. (nn "7597 PAGE aay L oF August 16, 2005 “kK Tamiami Trail Revitalization Strategy er PUBLIC INVESTMENT STRATEGY The plan assumes that public resources are limited, and that the impact of every public dollar invested should be maximized. It also assumes that the bulk of the public investment in the public realm will be undertaken by the Bradenton Downtown Development Authority (DDA) / 14th Street Community Redevelopment Agency (CRA) using tax increment financing. The principal investment goal is to create a self-sustaining place that delivers a positive fiscal benefit to the City when. the CRA terminates (see Administration Recommendation number 1). In terms of priority of public investment, the plan recommends: 1. Complete existing streetscape programs for which funds have already been committed in order to provide an areawide baseline for the public realm; provide distinctive identity sig- nage for each subarea of the Study Area; provide corner treatments at intersections along Tamiami Trail. 2. The Urban Village should be the top priority for new public investment: A. First, ensure that a quality, highly-visible catalytic project of a critical mass and scale is developed in the Urban Village in the short run. It is expected that public investments that will mitigate the developer's risk (e.g., land write-downs, TIF rebates, etc.) will be required. B. Second, invest in the public realm to reinforce.the quality and character of the catalytic project. C. Third, invest in the public realm to reinforce the quality and character of other committed redevelopment projects in the corridor that follow the catalytic project. D. Fourth, as revenues become available, install and connect sidewalks throughout the Vil- lage of the Arts. Also consider sponsoring public art in the Village of the Arts, including murals at key points of entry into the Village of the Arts. .3. The Urban Core should be the next priority for new public investment: A. Implement the Historic Ballard Park neighborhood plan. Consider a special assessment to fund implementation. 4. When the market evolves to the point where significant redevelopment is underway in the Urban Core and Urban Village, and dollars are available to. support new retail and office construction in the Urban Strip, enhance the public realm to support committed redevelopment projects in the Urban Strip. August 16, 2005 EXHIBIT &_ : PAGE aaw pace 170 oF ~ ~ ae : . . Tamiami Trail Revitalization Strategy ESTIMATED TAX INCREMENT FINANCE REVENUE GENERATION vv _| moo. capTunep | COUNTY | CITY TOTAL $6,355,781) $112,285,467| _ $59,682,558 $269,318) ei 66 eee SRS fy Ss ra) $684,399] $422,194) YEAR 2006 __| $105,929,686 Be prs $119,022,595 Een $164,626,906| $1,204,246] __$742,879]__$1,047,125 PLANNED TAX INCREMENT REVENUE ALLOCATION “Committed Funds PROJECTED Q = Source: City of Bradenton The net present value of the projected TIF revenue from currently committed redevelopment is $9.5 ‘million. Extension of the CRA for another 30 years would create a net present value of well over $30 million. Total Uncommitted Net Present Value 5. Continue to provide some support for maintenance and improvement of existing structures through CDBG grants and low interest loans for facade improvements. ADMINISTRATION Although the plan anticipates that reinvestment within the Tamiami Trail Corridor will be accelerated by a highly-visible catalytic project, the repositioning of the Study Area as an attractive and sustainable mixed-use corridor surrounded and principally supported by "near-town" and “in-town" housing will likely be an evolutionary process that takes many years. Well-coordinated administration will be key to the efficient leveraging of public resources in the Study Area. In this regard, the plan recommends: August 16, 2005 EXHIBIT PAGE a26é™ aA Tamiami Trail Revitalization Strategy ee re meee eat een TnSrentnnnESSIESnSNAAEpaRRenSENIEEPEPT i SS SESS Ae 1. Extend the life of the CRA/DDA beyond 2013 (pursuant to Section 163.361(1), Fla. Stat.) so that it can: A. continue to use the powers granted by Chapter 163, Part Ill, Florida Statutes in the areas of the Study Area over which the CRA/DDA has jurisdiction, including reinvestment of tax increment funds to support redevelopment; and B. significantly enhance the present value of its future TIF revenue stream, so that it can make significant targeted investments in-the corridor. 2. Conduct a findings of necessity study to determine whether the 14th Street CRA boundaries should be expanded to be coterminous with the Study Ar Area boundaries on the west side of the Tamiami Trail, south of Downtown. 3. Continue to coordinate with the Manatee County CRA, which has jurisdiction over the Tamiami Trail Corridor to the South of the Study Area, to ensure consistent/complimentary investments in streetscape. 4. Monitor redevelopment within the Manatee County 14th Street CRA. To the maximum ex- tent feasible, promote differentiation of the type, quality and character of nonresidential products along the Tamiami Trail from their nearby counterparts in Manatee County. Al- though with appropriate catalytic projects in place, the residential market is expected to be strong, the nonresidential component of the redevelopment strategy will be slowed when dollars are diluted by directly competing products that are located in the same area. FUNDING SOURCES CRA TIF Revenues. It is anticipated that TIF funds will be the principal source.of implementation funds within the Study Area. City Staff projects that based on redevelopment that is already committed and a conservative growth factor for existing development, the 14th Street CRA will generate $13.1 million in TIF revenues between 2006 and 2013 (the date the CRA is presently scheduled to terminate). At a 6.5% discount rate, the present.value of the future TIF revenue-is approximately $9.5 million. If the CRA is extended an additional 30 years, the net present value increases to well over $30 million. Grants. A $300,000 Florida Department of Transportation grant is being used in 2005 to install decorative streetlights along the Tamiami Trail in the Study Area. CDBG block grant money is “being redirected towards the mitigation of blight and the installation of sidewalks in the neighborhoods that surround the Tamiami Trail Corridor. August 16, 2005 EXHIBIT ~ 7 z PAGE _2B%ace _ /P2_ oF Meee : Tamiami Trail Revitalization Strategy ed The City/CRA may qualify for hundreds of thousands of additional dollars from a variety of Brownfields programs administered by EPA, HUD and the State of Florida. Rents. The CRA may acquire land and then convey it to a developer as a long-term land lease. These arrangements can result in significant future cash flows. The CRA may also operate properties that it acquires for redevelopment. ESSENTIAL REVITALIZATION STRATEGY COMPONENTS REDUX The purpose of the Tamiami Trail revitalization strategy is to create a framework for a positive change in trajectory for an area of the City that has been struggling for many years, and to support the continued reinvestment in the residential neighborhoods that are adjacent to the Tamiami Trail Corridor. The essential components of the strategy are: 1. Change the regulatory framework for the corridor to create several districts with distinctive character — an Urban Core district, an Urban Village district, an Urban Strip district, and an Suburban Strip district. The intensity of development lessens with each new district that is further from Downtown. 2. Make a baseline investment in the character of the public realm that tells the private sector that the City is serious about changing the market position of the corridor — begin with signage, street lighting, and decorative corner treatments. 3. Create a catalytic project in the heart of the Urban Village in a prominent location. The _ catalytic project should contain a critical mass of redevelopment that is attractive toa broad group of people who are looking for a quasi-urban lifestyle. 4. Create “addresses” for redevelopment by committing additional public dollars for public realm improvements that benefit qualifying redevelopment projects. 5. Reinforce existing neighborhoods by connecting sidewalks and continuing with grant and loan programs for renovation of existing buildings. August 16, 2005 EXHIBIT : , a . Tir PAGE. 28%. 4 : : Tamiami Trail Revitalization Strategy ec SS APPENDIX: TAPESTRY SEGMENT DESCRIPTIONS The following descriptions of the ESRIBIS Tapestry Segments are derived from material provided by ESRIBIS. Additional information about ESRIBIS Tapestry Segments, including descriptions and methodology, is available at Simple Living. The Simple Living segment has a median age of 40 years, although a high percentage of the segment is 75 years old or older. Most people in this segment are retired seniors who live either alone or in congregate living facilities. Most are tenants in multifam- ily rental housing. The retired people in this segment generally rely on social security benefits as a primary source of income. in terms of interests, the younger part of the Simple Living segment enjoys nightclubs and dancing, while the seniors attend bingo nights and pursue hobbies. Walking, swimming, and golf are popular activities. People in the Simple Living segment watch a lot of television. The more affluent members of Simple Living would likely be interested in “quasi-urban” housing with nearby or integrated lifestyle-oriented retail uses. Great Expectations. In contrast to Simple Living, the Great Expectations segment is fairly young, with a median age of 33 years. A high proportion of this segment are in their twenties. Most of them work in the manufacturing, retail, and service sectors. The level of home own- ership among members of this segment is increasing over time. The average home owned by a person in the Great Expectations segment was built before 1960 and is worth $95,500. Those who rent typically live in small apartment buildings. Members of this segment are not afraid to tackle home repairs. In terms of interests, this segment likes to go to dinner and a movie, attend concerts, and visit theme parks, the zoo, and the beach. A portion of this segment would likely be attracted to “quasi-urban” housing that is near places of work and entertainment. Senior Sun Seekers. As its name implies, Senior Sun Seekers is also an older group, with a median age of 52. Most are retired or are anticipating retirement, and most have relocated to the South from colder climates (although some are still seasonal “snowbirds”). This segment favors growth markets with available seasonal housing, either mobile homes or single-family homes with a median value of $91,500. This segment watches a lot of television and thor- oughly reads the newspaper. They have a limited interest in home repairs. S&L does not believe that a significant number of Senior Sun Seekers would be in the market for “quasi- urban” lifestyle housing. Rustbelt Traditions. The Rustbelt Traditions segment is typically found in industrial cities around the Great Lakes. The median age of this segment is 36. They are the backbone of the August 16, 2005 EXHIBIT <_ a August 16, 2005 Tamiami Trail Revitalization Strategy Psi Sh SSS Sn manufacturing and transportation industries. Most own modest single-family homes with a median value of $93,000. The median income is $43,800. The segment is a mix of families, singles, and single-parent households. In terms of interests, this segment is attentive to home and garden maintenance. They contract for significant improvements, but do the balance of the work themselves. In their spare time, they bowl, fish, and watch television, especially sports programs. S&L does not believe that a significant number of Rustbelt Traditions house- holds would be in the market for “quasi-urban” housing. City Dimensions. City Dimensions is a young, highly diverse segment with a median age of 29. Two-thirds of this segment rent their housing. They are typically sports fans, especially football, basketball, and soccer. They spend more money than most segments on team sports clothing and video game systems. They also like television, especially movies: and news programs. For recreation, this segment enjoys dancing, music performances, and movies. A material part of those at the upper income bracket of the City Dimensions segment would likely be attracted to “quasi-urban” housing, especially rental product. The Elders. The Elders segment has a median age of 73 years. This segment prefers commu- nities that are designed for senior living, primarily in warm climates. Half of all of the people in this market segment live in Florida. More than 80% of the Elders receive social security benefits, and many also have other sources of retirement income. The Elders are interested in golf and news (both cable.news and newspapers). Many also travel. S&L does not believe that a significant portion of The Elders would be in the market for “quasi-urban” lifestyle housing. Cozy and Comfortable. The Cozy and Comfortable segment is composed of families that are nearing retirement. Generally, they are settled, married couples who live in the pre-1970s single-family homes where they raised their children. The homes have appreciated to a me- dian value of $151,000. The median age of the segment is 40 years. The Cozy and Comfortable segment enjoys television, especially the Golf Channel and Home and Garden Television. They-own mutual funds, consult financial planners, and are likely to have asecond mortgage or home equity line. S&L does not believe that a significant number of Cozy and Comfort- able households would be in the market for “quasi-urban” lifestyle housing. Home Town. The Home Town segment is composed of people who are not highly mobile. They generally live in modest owner-occupied single-family homes in low-density suburban areas. Their median home value is $58,900. The Home Town segment works in manufactur- ing, retail, and support services. They shop at discount stores. For entertainment, they enjoy ener a eee Sees} August 16, 2005 Tamiami Trail Revitalization Strategy movies, museums, zoos, reading, and playing cards. Many own pets. S&L does not believe that a significant number of Home Town households would be in the market for “quasi- urban” lifestyle housing. Industrious Urban Fringe. The industrious Urban Fringe segment generally settles on the edge of metropolitan cities. It is a diverse segment with a median household income of $39,000. This segment is typically employed in the manufacturing, construction, retail, and agricultural sectors. Many live in multigenerational households with children. Two-thirds of this segment own their own homes, which are generally older single-family homes with a median value of $105,000. For entertainment, the Industrious Urban Fringe segment enjoys going to movies and listening to Hispanic and contemporary hit radio stations. S&L does not believe that a significant number of Industrious Urban Fringe households would be in the market for “quasi-urban” lifestyle housing. Midlife Junction. The Midlife Junction segment is somewhere between the child rearing years and retirement. Their median age is 40 years. Most are still employed, but are ap- proaching retirement. Approximately one-third of this segment are already receiving retirement income. In general, households in this segment live in owner-occupied housing, but many have decided to shed the responsibilities of caring for a home and moved to apartment buildings. The median household income of the Midlife Junction segment is $42,900. They spend money on dining out, gardening, books, and newspapers. They also enjoy television. S&L believes that Midlife Junction is an key market segment for “quasi-urban” housing. Old and Newcomers. The Old and Newcomers segment lives in neighborhoods ‘that are populated by renters who: are either starting their careers or retiring. As the name of the segment implies, people in:this group.are either young (in their twenties) or above the age of 75. Few households in the Old and Newcomers segment are family households. Old and Newcomers households earn less than the national median household income. They gener- ally live in mid- to high-rise apartment buildings constructed in the 1970s. This segment enjoys reading books, playing racquetball or golf, and jogging or walking. S&L does not believe that a significant number of Old and Newcomers households would be in the market for “quasi-urban’” lifestyle housing. Heartland Communities. The Heartland Communities segment lives in small towns through- out the Midwest and South. More than 75% of the households live in single-family homes that were built before 1960. The median age of the householders is 41 years, while the PAGE _AAXHISIT 4 Tamiami Trail Revitalization Strategy eel median age of the housing stock is 46. This segment is interested in gardening, country music, hunting, and freshwater fishing. They participate in religious and civic activities and local politics. They eat out at family restaurants and fast-food chains. S&L does not believe that Heartland Communities households would be in the market for “quasi-urban” lifestyle housing. Green Acres. The Green Acres segment is described as “a little bit country.” Members of this segment enjoy homes in a pastoral setting on the developing urban fringe. Most are blue- collar baby-boomers, and many have children aged 6 to 17 years. Green Acres households are relatively well-off, with a median household income of $61,200 and a median home value of $168,000. They like to garden and are not afraid to tackle home improvement projects. In their leisure time, Green Acres households watch Home and GardenTelevision, NASCAR races, and professional! football games on television. They also enjoy hiking, hunt- ing, and backpacking. S&L does not believe that Green Acres households would be in the market for “quasi-urban” lifestyle housing. Prosperous Empty Nesters. The Prosperous Empty Nesters segment is generally aged 55 and older. Most households are married couples with no children living at home. They are enjoy- ing the life transition from child rearing to retirement. The segment has a relatively high median household income of $64,000. They spend money on golf, bicycling, skiing, work- ing out, home improvement, and financial investments. They work on political campaigns, join fraternal organizations, and donate to charities. S&L believes that a significant contin- gent of Prosperous Empty Nesters would be interested in high-quality quasi-urban housing if it had a distinctive character and attractive amenities. Enterprising Professionals. The Enterprising Professionals segment is comprised of young, highly-educated working professionals. In general, they are either single or recently married. They prefer newer neighborhoods of townhomes or apartments, and would generally rather rent than own their housing. Median household income for this segment is approximately $65,000. Enterprising Professionals are heavily technology-oriented. They rely-orrcell phones, PDAs and PCs, and like to shop online. With their relatively high incomes and urban lifestyle preferences, Enterprising Professionals are a target market for quasi-urban housing. Aspiring Young Families. Aspiring Young Families are attracted to rapidly growing areas of the South and West. They are primarily young start-up families, married couples, or single parents with children. The median age of this segment is 30 years. Almost half own their own homes, with a large number living in townhouses. Others live in multi-unit rental buildings. August 16, 2005 Page 74: Tamiami Trail Revitalization Strategy i August 16, 2005 This segment spends money on their children and on home projects. They also buy furniture, cameras, and DVD players. They enjoy dining out, movies, baseball and basketball, and theme parks. A portion of the Aspiring Young Families segment would likely be interested in quasi-urban housing if it was affordable and offered family-oriented amenities. Young and Restless. The Young and Restless segment has a median age under 29 years. More than 70 percent of the segment has moved in the past 5 years. Nonfamily households in multiunit apartment complexes are the norm. Young and Restless households use the inter- net for staying in contact with friends and family, shopping, looking for work, and banking. They keep up with trends in lifestyle and entertainment. Young and Restless members enjoy movies (theater and video), working out, and going to bars and nightclubs. S&L believes that the more affluent members of the Young and Restless segment are a target market for quasi- urban housing. inner City Tenants. Inner City Tenants is a diverse segment — a multi-cultural market of renters who live in mid- to high-rise apartment buildings. Their median age is 28 years. Forty- five percent of the households are “nonfamily,” that is, single people or unrelated roommates. - This segment lives a fast-paced lifestyle. They buy convenience foods (at fast-food chains and grocery stores). They enjoy walking, swimming, playing basketball, and aerobics. They also like bars and dance clubs. The top earners in the Inner City Tenants segment are a target market for quasi-urban housing. In Style. The In Style segment lives in affluent neighborhoods of metropolitan areas. They are a suburban segment composed mainly of professional couples with a median age of 38. This segment favors urban housing, such as townhomes. Members of In Style have fewer children than their contemporaries. Labor force participation is high. The In Style. segment contracts out home improvement projects and yard work. They are technologically savvy, work out regularly, and take vitamins. In Style is a prime target market segment for “near downtown” quasi-urban housing with lifestyle amenities. MON Real Estate Appraisers, Inc. T. Mark Amon, SRA, State Cert. Gen. RE Appr. RZ1526 2477 Stickney Point Road Suite 221-B, Sarasota, Florida 34231 Phone: (941) 922-6645 Fax: (941) 922-4486 www.amonreappraisers.com Industrial Summary Appraisal Report 1817-1821 13" Street, West 1112 19" Ave West Bradenton, Florida 34205-7126 Date of Inspection: September 28, 2005 File # 20052079 ADMINISTRATIVE EXHIBIT <~ EXHIBIT # a rev eet a - September 28, 2005 Philip Martin 5705 44" Ave., East Bradenton, FL 34203 ATTENTION: RE: ADDRESS: LEGAL: OWNER OF RECORD: CLIENT: SUBJECT: _Mr. Martin Summary Appraisal Report Opinion of Market Value and attachments of the existing Multi- Family (17 units) property and improvements and site (AKA: Multi-family) 1817-1821 13" Street, West (Manatee Center) & 1112 19" Ave. West Bradenton, FL 34205-7126 See Attached Long Legal PBI Investments, Inc. Martin, Philip Appraisal of multi-family, residential (17 units). improvements, with the putpose of determining the opinion of market value in fee simple ownership of the date of appraisal: September 28, 2005. ADMINISTRATIVE COMPLAINT ExHipiT EXHIBIT #2 PAGE QA SO PAGE _/ 30 _ OF on Dear Mr. Martin, As per your request, I have prepared a Summary Report Opinion of Market Value for the purpose of determining market value for divorce in the fee simple ownership of the existing multi-family property located at 1817-1821 13" Street, West and 1112 19" Ave. West, (Manatee County), Bradenton, FL 34205 - The pertinent information is as follows: 1) Total Leaseable area containing: (B) Buildings: B-1 Units 10-10BR-10BA 1% Floor: 1,907 SF B-2 1st Floor: 1,101 SF B-3 Units 1-2BR-1BA 1° Floor: 1,753 SF B-4 Units 4-4BR-4BA 1* Floor: 1,026 SF B-4 2" Floor: 1,026 SF B-5 Units 1-2BR-1BA 1* Floor: 960 SF B-6 Units 1-2BR-1BA 1* Floor: 542 SF Total Units/Total BR/Total BA 17/20/17 Total Leaseable ‘SF: 8,315 SF Total Area of overall.improvements 8,315 SF Concrete Pave 4,718SF/Asphalt Pave 3,727SF/ 8,445 SF 2) Construction materials of the subject improvements consist of: Concrete Block/Wood/Frame structures Frame, drywall Interior /Plaster Designs-Bungalows-2 Story-Multi-Family Poured concrete slab and. foundation footers Glass aluminum/metal alloy frame windows interior and exterior/wood doors — Tile/carpet/viriyl floors/concrete slabs 3) Units 17, Bedroortis 20; Bathrooms 17 4) Interior: Drywall/Plaster/Wood interior Typical Electrical Wall.and ‘Window. (17) AC/AT-units Vinyl/carpet Floors Wood trims, panel/drywall partitions, painted coated Wood and Metal doors Some Insulation Exterior: Concrete Block, Painted, beam trusses, Wood frame/siding/stucco Fiber shingles roof, aluminum/wood/metal/glass doors and windows rAyRATiy PRATIY EXHIBIT. < PAGE aac PAGE 2-1 ee ue anal Ky Keseness Koay etd an 5) 6) 1) 8) 9) 10) 11) 12) 13) Site improvements include: Central water and sewer Common concrete paving 4,718 SF/asphalt paving 3,727 SF to the front/rear of the property Sod/Flora/landscaping Public street and maintenance Flood Zone Map # 120155.0009C; Flood Zone: C Map Census Tract: 1.03 Map 22C Section 35, Township 34S, Range 17E Zoning: R3A, Residential-Multi-Family Date: 11/83 At time of inspection, existing improvements were-on site. The overall condition : of the improvements was average with normal physical depreciation and no functional or external inadequacies apparent. No needed repairs and deferred maintenance were noted: Effective age of improvements: 30-35 years; Actual age: 51, 53, 58 years (1947-54-53). Estimated Remaining Economic Life: 30-31 years Site size: Mostly Rectangular 202 x 142, 75 x 100 x 60 x 100 = 42,184 SF or .97 AC Sales History of subject property: 10/20/2003; $$380;000 Win2Data Systems. The subject property did not appear to be listed or sold in the . past 12 or 36 months. This subject property site has a secondary thoroughfare access location in a residential neighborhood near CBD of the City of Bradenton. Ingress and egress are available to as well as the exit with multi- residential improvements nearby which reflect good/average marketability and visibility in Southwest Manatee County. Subject property also situates with adequate parking on site. Marketing time appears.to be improving for multi-family properties in the neighborhood. Exposure time appears to be 4-7 months. The appraiser has been advised by the owner that there is soil contamination on site. The appraiser has knowledge of environmental assessments performed. Under ground and above ground tanks not apparent on site. Neighborhood: Marketability: Avg. w/average appeal Built up: 100% Commercial/Professional: 40% Industrial 10% Single family/Multi-family: 50% Vacant/Agricultural 0% EXHIBIT <7) PAGE 27 ieTE ai EXHIBIT # 3 page /5% of 4 14) 15) 16) 17) 18) Assessed Values: Land: $100,856 Improvement: $303,904 Total: $404,760 Taxes 2001: $8,558.17 Neighborhood Boundaries: North: Manatee River South: West Cortez Road West: 26" Street West East: 1* Street Neighborhood Analysis: Supporting and city services are readily available. Marketability for the area appears average. Multi-Family properties are located in area and are average/fair maintained. Current Actual Rents: . B-1, B-2, 5 Units $500-5 Units $560 B-3, 1 Unit $800, B-4, 3 Units $600-1 Unit $700, B-S, 1 Unit $800 B-6, $780. Vacancy 10%. All utilities paid by owner. Monthly income: $10,180. Annual income: $122,160. Recap of major appraisal indicators: Cost Approach: $704,000 Sales Comparison: $707,000 Income Approach: $631,000 Site Value: $337,059 The primary concern and purpose of this summary report is to. give an opinion of Market Value for the overall property in a fee simple ownership without completing a full narrative (self- contained) report. This a summary appraisal report. The Market Value opinion is estimated in conjunction with the initial physical inspection of the subject property located at 1 817-1821 13" Street, West and 1112 19" Ave. West, Bradenton, FL 34205, which was completed on September 28, 2005, and completed on October 17, 2005; Effective Date of Appraisal, September 28, 2005. ADMINISTRATIVE COMPLAINT EXHIBIT & EXHIBIT 47_ - PAGE AAD pace 157, As a result of my investigation and analysis of the subject property that is zoned R3A, City of Bradenton and County of Manatee with its highest and best use as the same; the arrived opinion of market value conclusion of the overall subject property with its “as is” condition at the effective date was: $695,000 SIX HUNDRED NINETY-FIVE THOUSAND DOLLARS “As Is Condition” Respectfully Submitted, es Thomas Mark Amon, SRA State Certified General R.E. Appraiser RZ1526 ADMINISTRATIVE COMPLAINT EXHIBIT OMB HZ PAGE gan L5¢ oF THE APPRAISAL OBJECTIVITY The first and foremost primary objective of this Summary Appraisal is to complete the pertinent task of estimating replacement costs by following finite guildelines set forth in the Professional Ethics and Standards stipulated by the Appraisal Institute. The guidelines of USPAP as outlined in Chapter 11 of the fore-mentioned publications are followed accordingly. FUNCTIONAL PURPOSE OF THE APPRAISER The functional purpose of the appraisal is to orchestrate a Summary Appraisal Report with supporting data in file © utilizing all appraisal criterions, techniques and terminologies. The final result of this Summary Appraisal report will be defined as an Opinion to Market Value of the subject property. PROPERTY RIGHTS APPRAISED The property rights and interest to be appraised in this report is the Fee Simple Ownership Estate; which is defined as: : [An absolute fee; a fee without limitations to any particular class of heirs or restrictions, but subject to the limitations of eminent domain, escheat, police power, and taxation. An inheritable estate.]' PERTINENT EASEMENTS AND ENCROACHMENTS INFLUENCES Existing easements, if any, should be defined in a current survey and should not adversely affect marketability. During inspection no apparent encroachments were observed, but again shall be determined by a current survey. EFFECTIVE AND ACTUAL DATE OF APPRAISAL The effective and actual date of the Appraisal; September 28, 2005, an Opinion of Market Value was derived: September 28, 2005, “As Is” condition. Completion data: October 17, 2005. DEFINITION OF MARKET VALUE Market Value is defined as the most probable price in terms of money with which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the transferring of title from seller to buyer under conditions whereby: 1. Buyer and Seller are typically motivated. 2. Both parties are well informed or well advised, and each acting in what they consider their own best interest. 3. A reasonable time is allowed for exposure in the open market. 4. Payment is made in cash or its equivalent. ; 5. Financing, if any, is on terms generally available in the community at the specified date and typically for property type in its locale. 6. The price represents a normal consideration for the property sold unaffected by special financing amounts and/or terms, services, fees, costs, or credits incurred in the transaction. ' Real Estate Appraisal Terminology Compiled by Byrd N. Boyce, PhD., SRPA. (Massackusetts: Ballinger Publishing, 1981) p: 102. ? Boyce, Real Estate Appraisal Terminology, p: 160. ; ADMINISTRATIV PLAST EXHIBIT ¢ exe ¢ 9 7 PAGE oopace /99 op e) APPRAISAL AND REPORT IDENTIFICATON This appraisal conforms to one of the following definitions: Complete Appraisal (The act or process of estimating value, or an opinion of value, performed without invoking the Departure Rule.) | Limited Appraisal {The act or process of estimating value, or an opinion value, performed under and resulting from invoking the Departure Rule.) This report is one of the following types: (J Self Contained (A written report prepared under Standards Rule 2-2(a) of a Complete or Limited Appraisal performed under STANDARD 1.) Summary (A written report prepared under Standards Rule 2-2(b) of a Complete or Limited Appraisal performed under STANDARD 1.) (J Restricted (A written report prepared under Standards Rule 2-2(c) of a Complete or Limited Appraisal performed under STANDARD 1 for client use only.) . Comments on Appraisal and Report Identification Note any departures from Standards Rules 1-2, 1-3, 1-4, plus any USPAP-related requiring disclosure: This is a Summary Appraisal Report and is intended to comply with the requirements that are prescribed by Standards Rule (b) of the USPAP. This appraisal contains only summary data and documentation that supports and reflects the estimate of market value hypothesis that will be utilized in the analysis process. The supporting data and information that are not found in the actual appraisal form may be located in the office records. The appraisal report process adheres to the current USPAP guidelines as well satisfies the needs and requests if the client for their specific use. The: client delineated in this report has total control and authorized use of this report. The appraiser retains a copy solely for legal purposes and reference. The opinion of the estimate of market value in the appraisal and report was performed in adherence to the guidelines of the USPAP, which resulted in no departures from Standard 1. CLIENT/INTENDED USERS: Martin, Philip. PURPOSE AND SCOPE: to give an opinion of market value of the legally defined subject property. The appraisal report is intended to estimate the market value for the purpose of loan refinances and/or sales/purchases to assist the client in prudent business decisions. If there is any other intent for this report, it will otherwise be defined. EXHIBIT. < PAGE _“>°\ HIGHEST AND BEST USAGE ANALYSIS The highest and best usage analysis is best defined as: ‘That reasonable and probable use that supports the highest present value, as defined, as of the effective date of the appraisal.”! ‘Alternatively, that use, from among reasonable, probable, and legal alternative use found to be physically possible, appropriately supported, financially feasible and which results in highest land value.’ In the above highest and best usage terminology, a precise definition is a practical guideline to evaluate an - objective analysis of the property, either vacant (unimproved) mode or (improved) mode. The major land uses in the neighborhood are primarily commercial improvements and residential site improvements. The city zoning ordinance, as discussed previously was R3A. Again, this destination is intended to provide multi-family use activities that are compatible with the residential character in the neighborhood area. The subject property with the rectangular site, if it were unimproved, would have no physical limitation in which perspective improvements would be most profitable. Conformity as of existing use in the surrounding properties would be multi family improvements, with secondary road front amenities. It would be in consensus that the most practical vacant site highest and best uses adhering to the most legal (intended) uses; appropriately supported should be and would be multi- family improvements with secondary road front amenities. The existing improvements of the subject site, mect the stipulated zoning designation of a multi-family building district. The existing improvement harbors a profitable nexus contiguous with usage similar to adjacent parcels. The location of the subject property is good for existing multi-family residential usage. Low volumes (intra neighborhood) of auto traffic pass the improvements, which make it desirable for multi-family usage with secondary road front amenities. It would again be in consensus that the most practical improved site highest and best uses adhering to the most legal (intended) and appropriately supported uses would be multi-family improvements with secondary road front amenities. The subject property does not suffer from location/external obsolescence and is not suffering from underutilization of itnprovements. This is illustrated by the ratio of site to improvements and is consistent with other similar types of existing multi-family, residential improvements in the area, which is typical for the neighborhood. After considerable analysis of the presented pertinent ideology of the Subject property, it is the opinion of the " appraiser that the subject property’s current and present use is the most probable, physically possible, and financially feasible use conforming to the (R3A multi-family, residential zoning designation as defined by the City of Manatee. The highest and best usage of the subject property with its existing improvements utilized would be as multi- family, residential improvements in a downtown, city location. i . . Boyce, Aj isal Te i 126-2 Did ee Smunology..Pp126-27 ADMINISTRATIVE COMPLAINT EXHIBIT_<@ PACE 427 OF 9 ____ PAGE 3° COST APPROACH TO ESTIMATING VALUE The Cost Approach is based upon the “Principle of Substitution”. The following steps illustrate the progression of the approach: ) 2) 3) 4) 5) 6) 7) Estimate the value of the site as if it were vacant and available to be put to its highest and best use. Estimate reproduction costs new of improvements. Estimate all types of accrued depreciation. Subtract the total accrued depreciation from reproduction costs new of improvements. Add the estimate of the present worth of the site improvements. Add the total present worth of all improvements to the estimated site value. Round the figure obtained to the appropriate level. The figure obtained from these calculation steps is involved in the overall opinion of Market Value. ADMINISTRATIVE COMPLAINT EXHIBIT pane PAGE 26> ~~ a i REPRODUCTION COSTS Total rental/leasable area square footage: : 17 Units Multi-Family: 8,315 SF @ $51.84/SF = $431,050 Extras/Upgrades $20,000. Total: 8,315 SF $451,050 Total Replacement Cost New: $451,050 Less physical Depreciation: 30% -$135,315 Deferred Maintenance -$0 Actual Age of Improvements 51, 53, 58 years Effective Age of Improvements 30-35 years Remaining Economic Life 30-31 years Depreciated Value of Improvements $315,735 Site Improvements: Concrete/Asphait Paving 8,445 SF @ $2.00 Impact fees, landscaping, paving, fencing, etc. $35,000 Total Depreciated Costs: $366,059 Estimated Land Value: Rectangular 42,184 SF or .97AC @ $8.00SF $337,472 Total Indicated Value via the Cost Approach: $703,531 . (R)$704,000 $704,000 SEVEN HUNDRED FOUR THOUSAND DOLLARS Site Comparable Sales: 1. 1208 30" Ave.,West, $60,000, 08/11/2005 7,650SF @ $7.84 Per SF, Similar location, Inferior SF. 2.2219 18" Ave., West, $105,000, 08/04/2005 8,932 SF @ $11.76 SF, Superior location and Inferior SF. 3.2112 8" Ave., West, $45,000, 02/18/2005 13,104 SF @ $3.44, Inferior location/smaller in SF Range of price per SF $3.44 - $11.76 @ $8.00. _ THE SALES COMPARISON APPROACH The major objective in this appraisal is to provide and opinion of Market Value for the subject property. The components of this opinion establish the standards of information in the overall analysis. In general, the components indicate the factors to be considered in attempting to judge from market data on sales of competitive or comparable properties; what the subject property is most likely to sell for under specified market conditions for an open market transaction as of the effective date. The Sales Comparison Approach is the approach based on the same premise that has been mentioned; an informed purchaser would pay no more for a property than the cost of acquiring an existing property with similar utility. This is the basic “Principal of Substitution” once again reiterated. The appraiser will verify similar comparable sales utilized in this appraisal report so that the utmost extent of the underlying causes and conditions of each transaction are evaluated. The four (4) comparable sales that will be utilized in the Sales Comparison Approach have similar, superior and/or inferior amenities to the subject property. In applying the Sales Comparison Approach the appraiser: 1) Seeks similar properties for which pertinent sales, listings, offerings and/or rental data are available. 2) Ascertains the conditions of sale, including the price, motivating forces and its bona-fide nature. 3) Analyzes each of the comparable properties’ important attributes in relation to the corresponding attributes of the property being appraised under the-general divisions of time, location, physical characteristics, and terms of sale.- 4) Considers dissimilarities in the characteristics disclosed in step 3 within the terms of their probable effect on the sale price. . 5) Formulates ‘in the light of the comparison made, a hypothesis of the relative value of the property being appraised. Note: The following utilized improved industrial comparable sales were the most current and — best-researched comparable sales in and around the area. Due to the average selection of comparable sales that were mixed use to support market value of: the subject property, a ““minimum diversity of overall net adjustments will result. AES EXHIBIT ¢ © PAGE Das” SALES COMPARISON APPROACH MARKET ANALYSIS SUBJECT: 1817-1821 13" Street, West/ 1112 19" Ave West, Bradenton, FL 34205 Sales Date Sales and Adjusted Price/Per SF $785,000/$739,000 $710,000/$733,000 $619,000/$706,800 $400,000/$650,300 Sales Price Comparable Sales $785,000 7307 Shepherd. Street _ | $710,000 6359 Gateway Drive $619,000 2609 45" Street, West | $400,000 09/09/2005 10/17/2005 04/22/2005 06/03/2005 Indicated Range of Value per Sum Amount: $650,300 - $739,000 and reconciled @ $707,000 Total Leasable Area SF: 8,315 SF @ $85.03/SF = $707,024 (R) $707,000 $707,000 SEVEN HUNDRED SEVEN THOUSAND. DOLLARS ay # COMPARABLE SALES GRID SALE #1 a ei SALE #2 SALE #3 SALE #4 Proximity to Subject Address 1817-21 13" St | 1503 9" Ave., 7307 Shepherd | 6359 Gateway 2609 45" Street | 1112 19" AvW Street Drive West Sales Price N/A $710,000 $619,000 $400,000 Win2Data /MLS | Win2Data Win2Data Win2Data OR2058-1892 | Appr/Broker OR88075 OR2026-1261 $43,611 $177,500 $103,000 $100,000 1/2 Mile 5 Miles 16 Miles 4.22 Miles Northwest Southwest Southeast Southeast 09/09/2005 10/17/2005 04/22/2005 Average Good > -0-> -0- g Average > Good > 42,184 SF 27,791 SF 25,657 SF -97 AC .64 AC 59 AC . +72,000 -180,000 -90,000 E30A E15A45 |E10A 32 E12A39 E20 A 37 Condition 51,53,58 Good Good/Updated Average Average -30,000 40,000 -20,000 Square 8,315 SF 9;248 SF 3,580°SF Footage 17 Units 18 Units 4 Units 4 Units -56,000 +284,000 +219,800 +271,300 Site Improv Asphalt/Conc. | Ashpalt/Conc | Canopy Similar Inferior Canopy Site Improv. Site Improve Carports Similar Similar | Built-ins/ Extras & Upgrades/Sup. Superior ‘Similar Similar Extras Upgrades -30,000 Superior Superior Similar -50,000 Zoning R3A R3A RDD4.5 RMF A-l Multi-Family Multi-Family Multi-Family Multi-Family Agricultual Residential Residential Residential Residential Residential #Bathroom 17.0 18.0 8.0 -1,000 +9,000. AC/HT Wall AC/HT Wall-AC/HT Central Central Central 17.0 units 18.0 unit AC/HT AC/HT AC/HAT -1,000 4.0 unit 6.0 units 4.0 Unit -0- -2,000 } Financing NIA | Private Fin: @ “/ Conv. @ Conv. @ Cash Concessions Market rates Market rates Market rates Net Adj. _ N/A 46,000 +23,000 +87,800 +250,300 Indicated N/A $739,000 $733,000 $706,800 $650,300 Value Range of Indicated Values: $650,300 - $739,000 reconciled @ $707,000 = ® $707,000 EXHIBIT < ¢ PAGE THE INCOME APPROACH The basic principle of the Income Approach is the “Principle of Anticipation.” Under the premise of this principle, anticipated future income and/or revisions are discounted to a present worth figure through the capitalization process. Capitalization is a process for converting earnings into an indication of a given type of value. They may be applied to total net income of real estate or to various possible divisions of a property’s net income. The capitalization process begins with an estimate of net income. This estimate, Net Operating Income (NOD, is basic to the Income Approach. The derived value indication can be no greater than the reliability of this net income projection. The basic steps in translating the net income projection into a value indication are: 1) Identifying the objective of the appraisal, the rights to be appraised, and the date when the analysis is to apply. 2) Estimating potential gross real estate income. 3) Estimating and deducting a vacancy and collection loss allowance to derive effective gross income. 4) Estimating and deducting expenses of operation to derive net operating income. 5) Analyzing the quantity, quality, and durability of the projected income stream. . 6) Selecting an applicable capitalization method and technique. 7) Developing the appropriate rate or rates of return. 8) Completing the necessary computations to derive an economic value indication that is consistent with stated objectives. . " A market value estimated by the Income Approach involves the appraiser in research into market attitudes and perceptions before drawing critical conclusions. Decisions must be made . concerning projected income patterns and amounts, capitalization methods ad techniques, the selection of appropriate rates, arid/or considerations of the capital structure of a value estimate (e.g., land plus building components, mortgage plus equity interests, or leased fee plus leasehold estates.) ADMINISTRATIVE COMPLAINT EXHIBIT. & PAG PAGE 08. ! cand ee j INCOME APPROACH Band of Investment (Discount Rate) Commercial mortgage funds interest rates are obtainable at 7.25% on a 75% loan-to-value ratio, amortized over a 30-year term. The equity yield rate is concluded and extracted from the market analysis to be 10%. Capital recovery is forecasted to occur over 10 years and the estimated proportion of total investment represented by the site is 45%. Current actual rents for the subject was estimated at $10,180 monthly and $122,160 yearly. Market rents for appear similar in the area are from $500 - $800 per unit. Market rent was estimated for the subject improvements @ $600 per unit: 17 units = $122.160 Subject gross rent income; NOI. $63,100. Indicated Overall Rates for the Subject Property: Mortgage Rate Coverage: Equity Rate Coverage Indicated Discounted Rate: Capital Recovery: Indicator/Discount Rate Level Annuity Factor: (7.25%, 10 years) Capital Rate: Level Annuity Factor: 1.000000/.084932 Improvements: -55 Xx 11774 = 06476 Site: -45 x .07937 = 03572 Indicated Overall Rate: (Level Annuity Premise) Value of Subject Property via Capitalization Theory: V=NOU/R $63,100 / 10.00% = $631,000 @ $631,000 Estimated Value of Income Approach Analysis: $631,000 75 x 0725 = 54375 25 x .1000 = .25000 79375 = 7.94% -079375=7.94% 084932 -117741 = 11.77% -1005 = 10.00% SIX HUNDRED THIRTY-ONE THOUSAND DOLLARS EXHIBIT & ADMINIST EXHIBIT # pace —Le- PAGE __ 30%". RATIVE COMPLAINT. . OF ___-—— 16 RECONCILATION AND FINAL MARKET VALUE CONCLUSION The Cost Approach, the Sales Comparison Approach and the Income Approach in this summary appraisal report fall within the relatively narrow estimate of market value: Cost Approach $704,000; Sales Comparison Approach $707,000; and the Income approach, $631,000. The indicated value by the Income Approach lies below the cost/market range of value. This slight disparity in indicated value via the Income Approach is attributable to the fact that commercial properties in the community are bought and-not sold, on the basis of potential rents, but on investment return, and also on the basis of market competition, as revealed in the Sales Comparison Approach. After due consideration and using the Sales Comparison Approach, Cost Approach, and Income Approach as major indicators leading to the opinion of the derived market value conclusion, a reliable report has been orchestrated. Based on the collection of data and analysis and considering all available pertinent data, I am of the opinion that the market value of the existing subject property located at 1817-1821 13" . Street, West and 112 19" Ave. West, Bradenton, FL 34205 (City of Bradenton/Manatee County); which is to be encumbered and in fee simple ownership as of September 28, 2005 is: $695,000 SIX HUNDRED NINTY-FIVE THOUSAND DOLLARS EXHIBIT. <7. PAGE _>\0_ _ [ en | [ny | ney hues eee PERTINENT COMMENTS FOR APPRAISAL The most weight was given to the Market Approach. The Cost Approach was applied and sets the upper limit to the value indicators. The Income Approach was also supportive of the opinion of Market Value but not a major indicator. The comparable sales of multi-family improvements were chosen for the sales comparison approach were the best properties found in and around the subject neighborhood and in the area of Sarasota and Manatee County by the appraiser’s research. The comparable sales used in the Sales Comparison Approach were multi-family properties with some with similar or superior sizes and had moderate adjustments. In the opinion of the appraiser, these were the best sales found nearby and were held reliable. Disclaimer: The appraiser in this report is aware of the subject property being a multi-parcel site. The appraiser was instructed by the client to perform the appraisal as to the overall one property. LEGAL DESCRIPTION: Sce Long Legal Addendum and surveys. VME COMPLAINT. ADMINISTRALY EXHIBIT ¢20 EXHIBIT _\% , CERTIFICATE OF APPRAISAL The appraiser certifies and agrees that: 1) 2) 3) 4) 5) I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the summary report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware. I have made adjustments for these conditions in my analysis of the property value to the extent of the market evidence I possess to support them. I have also commented on the effect of the adverse conditions on the marketability of the subject property. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent upon the appraised value of the property. T have no personal or prospective interest in the property that is subject to this report, and Ihave no present or future prospective personal interest or bias with respect to the participants in this transaction. I did not base either market value in the appraisal report on the-race, color, religion, handicap, familial status, or national origin of either the prospective owners or occupants of the-subject property or the present owners or occupants of the properties in the vicinity of the subject property. That the amount of the fee is not contingent upon reporting a pre-determined value or upon which the analysis, opinions, and conclusions expressed herein‘are based as true _ and correct. To the. best.of:my knowledge and belief the statements or facts contained in this summary report upon which the analysis, opinions, and conclusions expressed hérein are based as true and correct. This summary report.sets forth all of the limiting conditions (imposed by the terms of our assignment or by the undersigned) effecting the analyses, opinions and conclusions contained in this report. I performed this summary in conformity with the Uniform Standards of Professional ’ Appraisal-and Practice that were adopted and promiilgatéd by the Appraisal Standards Board to the Appraisal Foundation and that were in place as.of the effective date of this appraisal with the exception of the departure and provision of those standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate that I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliation section of the appraisal. Ex: oF . EXHIBIT € case) 70. Om PAGE 7?) 8) 9) 10) 11) 12) 13) I have researched the subject market are and have selected a minimum of three recent , sales of properties most similar and proximate to the subject property for consideration in the Sales Comparison Analysis. I have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable property. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report. I believe, to the best of my knowledge, that all statements and information in the summary report are true and correct. I stated in the report only my personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingents and limits specified in this form I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I.did not base the summary report-on a requested minimum valuation, a specific-valuation, of the need to approve a specific mortgage loan. I personally prepared all conclusions and opinions about real estate that were set forth in the summary report. If I relied on significant professional assistance from any individual(s) in the performance of the report of the preparation of the summary report, I have named the individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this summary report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make changes to any item in the summary. Therefore, if an unauthorized change is made to the summary report, I will take no responsibility for it. As of the date of this report, I have completed the requirements of the continuing education program of The Appraisal Institute. Se ~ Signature/Date: 10/18/05 T. Mark Amon, SRA State Certified General R-E. Appraiser RZ1526 EXHIBIT Areata PAGE 16 to LW So ed ed ed Long Legal Addendum EXHIBIT_<_ ADMIN'S ALAIN EXHIBIT — PAGE yt o ___— eer | ‘enaaad eed PN#: 44673.0000/2 44677.0000/3 44675.0000/7 Legal Description Description: See attached Surveys ADMINISTRATIVE CO MPLAINT, EXHIBIT <7 exHiBit as a, el Av Ap Foe PAGE _3\Aerce 1 71 il 883 sail aA 8! ‘ i ? MOLLWOtatiED wd $1 dVA WO Ad ELD ‘ONMUD EMH Waar ‘WHOL. 2KL ON SWLUNNES SH. ‘OM ‘ONY SOREN TUL SARE Yd ROA ® “4 : su suvza 20 Si “oMeNO2 ° HoUNDUMLESO ¥ 40 eis é 2 a a + 18 GEE =. et "Lar ' 3 i ; OGSNSOT WORT. wrouymns, xn E E i i 3 i a E Lj F7avL INIT ONY BOLUS Chates 194 hhoovode “Wri ke.80% IS3A L3RUS Hier Zta Stave VOMIT AOU : SSa¥agV L33HIS OS 0 wr AS x MG Lied eae morZn"a7"m 60.00'CH) Nias oar wows ewgy 7 ADMINISTRATIVE COMPLAINT: EXHIBIT EXHIBIT tod — ify. OF 1012 19TH AVENE. WEST BRATENTON, FLORIDA 34205 ‘Gai DESCRIPTION : BEGIN 660 FEET WES! AND.706 FEET 8 INCHES FEET) THENCE EAST 100 FEET; THENCE NORTH 1665 re THE PLINT OF BEGINNING CERTVICATON : Carrey TAT TS SURVEY WAS MADE UNDER wy RECTION cet ie RAT AT WETS HE. na EMER, STOMOANOS Et RUAN [ LN cape GtP-& LORDA ADMNETRATIE CODE. UIVEY OATE 1_99/17/2003_ ADMINISTRATIVE COMPLAINT EXHIBIT <& * PAGE 32\ ae a cn ee: ewe | Map Addendum EXHIBIT & EXe8i PAGE aq el aS : ee Plat Map sg a mas SDMINISTRATIVE COMPLAINT. are A EXHIBIT _<. PAGE _3a°3 13th Brest west AREA CALCULATIONS SUMMARY Code Desctiption Bre Nat Fotate TOTAL LIVABLE {rounded) 3 Calculations Total (rounded) Building Sketch 1 TRATIVE COMPLAINT, Poe EXHIBIT__<7_ /T4 PAGE 22% 19th Avenue West s1s.20 TOTAL LIVABLE {rounded) 7 Calculations Total (rounded) Building Sketch 2 % NE COMPLAINT ee) enna EXHIBIT <~_ PAGE >a AREA CALCULATIONS SUMMARY wssiption Street Totats TOTAL LIVABLE (rounded) 2 Calculations Total (rounded) Building Sketch 3 EXHIBIT <~_ PAGE >2o° —_—i ee | ed Prepared for: Inter ood yr Amon Real Estate Appraisers, INC. . Gy 90 mode 1621 13th st west www.interflood.com « 1-800-252-6633 Bradenton, FL 34205 Flood Map ADMINISTRATIVE COMPLAINT EXHIBIT <_ PAGE a7. Location Map EXHIBIT PAGE 322 WE COMPLAINT, alamote, inc. 2ar dl; wut a gg te = Zoning Map EXHIBIT__¢ PAGE 3360 = i sitet as ae itt PAGE nora TIVE PY IMR ETS wee ee ELL UP LAINY eu OD oe erates) ER paiote #4 : CHARLOTTE COUNTY County Map Al EXHIBIT EXHIBIT <— PAGE _L8e oF ——— PAGE 33\. 8 National Location Map EXHIBIT_<_ PAGE DDH alee stun heat AGATE SAVE COMPLAINE g: i pace 1% 7_ Og, 2 _—s _— et ores scien isin eons oy Photograph Addendum EXHIBIT << great et we ens tml wom” ae s a 2 . y x 5 I J 2 2 : 2 P Subject Property: 1817-1821 13 St. West EXHIBIT < PAGE 32% — "South Front EXHIBIT << * PAGE 33 Fe [ca ea Oe Subject Property: 1817-1821 13" St. West East Side EXHIBIT & __ PAGE 22° EXHIBIT. <_ PAGE 37>? Subject Property: 1112 19" Ave West ‘Front ADMINISTS: EXHIBIT + . EXHIBIT © pace 142 PAGE >7>8 a: a Subject Property: 1112 19 Ave West West Side ~ ‘ ' VIVE COMELAINE EXHIBIT. <~ EXHIBIT 4 PAGE 373% | eee "Street View EXHIBIT <7” PAGE ™s°e co uu MPLAINT Subject Property: 1112 19" Ave West CUM LAINT, Xe EXHIBIT _< PAGE 343. Appraiser’s | - Qualifications ADNUNISTRATIVE COMPLAIN EXHIBIT ——— EXHIB PAGE _J7Z 1 Ue PAGE >K¥ | | act 659854 STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA BD REAL ESTATE APPRAISAL DATE Nae LICENSE NBR 09/30/2004 loa03i2039 |pzisze The CERTIFIED GENERAL APPRAISER ~ Named below IS CERTIFIED Under the provisions of Chapter -475. FS. Expiration date: NOV 30, 2006 AMON, THOMAS MARK 2477 STICKNEY PT RD #221-B SARASOTA FL 34231 JEB BUSH GOVERNOR DISPLAY AS REQUIRED BY LAW SEQ#1.04093008621 DIANE CARR SECRETARY ADMINISTRATIVE COMPLAINT EXHIBIT # EXHIBIT < pace 200 T. Mark Amon State Certified General Real Estate Appraiser #RZ1526 2477 Stickney Point Road, Suite # 221-B Sarasota, FL 34231 (941) 922-6645 EDUCATION University of Louisville --- May 1977 BA Urban Studies/Planning APPRAISAL COURSES AND SEMINARS Appraisal Institute Cont. Ed: The Road Less Traveled: Special Purpose Properties — June 2005 Appraisal Institute Cont. Ed: National Uniform Standards of Professional Practice- March 2005 Real Estate Cont. Ed: Bob Hogue School of Real Estate — February 2005 (14 hours) Appraisal Institute Cont. Ed: National Uniform Standards of Professional Practice- April 2004 ‘Appraisal Institute Cont. Ed: Appraisal Procedures March 2004 oe Appraisal Institute Cont. Ed: USPAP-Seven Core Law- 2003 ; Appraisal Institute Cont: Ed: FHA Appraisal Inspection from the Ground Up-.2003 ASHI: Général Inspéctions- October 2003. : ec Appraisers: 50A ‘Standards Review: Course 06/98 : 4:6 Reviewing Residential Appraising, FREC-2082- April 1998 Landing Requirements-—July 1997 : A e ing High Value and Historic Homes—June 1997 Appraisal Institute Cont. Ed: Special Purpose Propertiés— tine 1996 : : an *Prior to .1996 several other appraisal courses:and seminars have.been attended. A log of other colifses attended 'is available upon request. | a — - ee SE i Bad bi "ASSOCIATION MEMBERSHIPS _ Pe Appraisal institute SRA, designated member Gulf Coast Florida Chapter of Real Estate Brokers (Active) State of. Florida; License #0340292 - Amon Real Estate Appraisers, Inc. Owner; Residential and Commercial Appraising Amon & O*Connor Real Estate Appraisers, Inc., Owner; Commercial and Residential Appraising. o. Savings of America, Chief Appr.'1984-1985. Review of Resid. Appr, Commercial/Residential Appraising. Fortune Appraisal Services, Inc, Staff Appraiser 1982-1984. ‘Commiercial and Residential Appraising. Key Realty Appraisal Services, Inc., Staff Appraiser, 1982-1984. Multi-Family and Residential Appraising. Sarasota County Property Appraiser, Deputy-Property Appraiser, 1979-1981. Assessment of Multi-Family-and Residential Real Estate. oe i ADMINISTRATIVE. COMPLAINT EXHIBIT # EXHIBIT. £ pace DO], PAGE 266 ad ABL2 = [8b Lo ed MJ. LEE le 7 i — @ eal | . Ee cu é Pre ro [if f fa -22 /A)n ber ___fe fect [oB, Sista | Lom Wdews | pel Frome Ty pa Spe Fiore | ak conenelt ue loner Vogl Lal Vy) Pleere— caudal) tea a fame nee fryer SEM cnvited _ A tale Mle fos pact —— das py Og wy 850 oh gh Fe , | kW whew), Uy tga bm Le java =f til | eV ior Loo lls ville “AA, p Aue For Gl Wrens - Me Be fe tlw | 18! ple carer [Pheapye FP te | coup sha, Let esther hy Lae pC OMA 00 F. OF PAGE 357 PAGE ligase j | 8 ene 606 “st ay HOB Listing Summary Property has great potential. City of Bradenton acknowledges 6 units are able to be built. Existing garages with an apartment above on property. Piease do not bother tenant. Survey is coming... | apartment but do not bother tenant. Drive by... Lot 7 & The E 40 Ft Of Lot 8 Bik 15 Fairview Park Add Pi#40681.0000/9 Legal Description Comments Setting Agent Lisa {. Zimring (06052M) Agent Lisa L Zimring SMB (iD: 06052M) Primary:941-932-6005 Co-Agent : Karen M Neat S82 (1D: 04717M) Primary:941-737-7653 Secondary:941-932-6005 Office Lestie Wells Realty, Inc, (1D:3401) Phone: 941-776-5571, FAX: 941-776-9845 Co-Office Leslie Wells Reaity, Inc. (1D:3401) Phone: 941-776-5571, FAX: 941-776-9845 Property Type Commercial Sale Property Subtype(s) Commercial Sale Status Sold (10/14/05) Area Downtown Bradenton Commission Trans Broker Comp Buyer Agent Comp Non-Rep Comp 2.5% 2.5% 0.0% . Approx Square Feet 27768 Sq Ft Source Owner Provided Price! SqFt 9.00 County Manatee Prop !D 4068100009 Cov Park Space: 0 Pool No Year Built . Publish To internet Yes Cross Street . Listing Date 09/06/05 +7 “Originat Price 280,000 Owner Name Woodson, Richard >. Owner Phone Agent Remarks Call agents for infa. Lisa@932-6005/ Karén@737-7653 Property will be cleaned of all debris. Call for details on Selling Information Selling Office Selling Price 250,000 Selling Date 10/14/05 Listing Price 250,000 Pending Date 09/28/05 SP % LP 100.00 Original Price 280,000 Financing Conventional Leslie Wells Really, Inc. (3404) Seiting Co-Agent Selling Co-Office Listing Type Excl. Right to Self Limited Service No MLS Entry Only Yes ’ # of Units #0 Equity $0 OMInvers \ Zoning RGA ADMINISTRATIVE COMPLAINT EXHIBIT PAGE BEA MLS Page 1 of 3 Remarks 26 Unit lucrative family owned motel known as Classic Inn. Includes 3 bedroom manager quarters with office. Atleast 15 units have kitchenettes. In-house laundry facility available also coin operated washers & dryers in place. Lots of. improvements have been done. Motivated.. — Agent Office Property Type Status - Area Commission Approx Square Feet. County Cov Park Space Year Built Publish To Internet Cross Street - Listing Date Original Price Owner Name ~ Legal Description Directions To Property Jayne DiGiovanni E48 (1D: 03727M) Primary:941-720-2907 Re/Max Gulfstream Realty (ID:13).Phone: 941-758-7777, FAX: 941-746-1108 Commercial Sale Sold (11/21/05) Downtown Bradenton Trans Broker Comp 25% 0 Manatee 0 1941* Yes 07/12/05 1,500,000 Nkrp Inc Property Subtype(s) Buyer Agent Comp 2.5% Sq Ft Source Unknown Prop 10 Pool Owner Phone Listing Summary : . . See Map] Commercial Sale Non-Rep Comp 2.5% Price / SqFt 0.00 4469200002 No y “ Lots 8,9,10,11,12,13,14,15,16; Also The S 20 Ft Of Vac 17th Ave Dr W As Desc*In Or 1103 P 661 PrmcF South on 14th Street West. On left, #1715. : Selling information ‘Selling Price 1,200,000 Selling Date 11/21/05 Listing Price 1,500,000 Pending Date - 10/15/05 SP%LP 80.00 Original Price 1,500,000 Financing Conventional Comments Selling Agent Jayne DiGiovanni (03727M) Selling Office Re/Max Gulfstream Realty (13; Selling Co-Agent Selling Co-Office . “Listing Type Excl. Right to Sell. - Limited Service No MLS Entry Only No # of Units #26 , Equity $0 Zoning C3 Zoning Authority Manatee Lot Dimensions 67714 Sf : Present Loan so Conforming Yes EXH I BIT < PAGE >Yvo auBL A Uae Listing Summary Remarks This 26 Unit Complex Can Only Be Purchased Together With The 12 Units On Manatee Avenue. ) i © yi pbs L Additional Pictures [Pictures (2) Agent : ~ David J'Fletcher 83 (1D: 03977M) Primary:941-727-2800 Office Wa ity (ID:11005) Phone: 941-727-2800, FAX: 941-727-2900 Property Type Commercial Sale Property Subtype(s) Commercial Sale Status Sold (09/08/05) Area : Downtown Bradenton . Commission Jrans Broker Comp Buyer Agent Comp Son-Rep Comp . ; 3 Approx Square Feet 7566 Price / SqFt 2 Le 2. County Manatee Prop ID uaso600002 Cov Park Space 0 Pool Year Built 1924 Publish To Internet No . 24 Cross Street - . ; . 4 \4 Listing Date 10/03/03 : L _ Original Price 2,500,000 « . Owner Name 3wg Inc Owner Phone Legal Description LOTS 8,9,10 BLK K WHITE BEAR PARK P1#34396.0000 Selling Information ‘Selling Price 1,250,000 Selling Date 09/08/05 Listing Price 2,500,000 . Pending Date 03/01/04. SP%LP 50.00 Original Price 2,500,000 Financing Conventional Comments . . | Selling Agent Stan H Rutstein (04804M) Selling Office Wagner Realty (11005) Selling Co-Agent Selling Co-Office Listing Type Excl. Right to Sell Limited Service ~ No MLS Entry Only ~ No # of Units : #0 Equity $2500000 Zoning - R3a ‘ Zoning Authority City/County Lot Dimensions 1965659 nao Present Loan - $0 ; MPLAINT. Conforming . Yes ‘| . Es Representation Trans Broker EXH IBIT S ae = PAGE as\ ” Listing Summary Remarks 7-Unit Apartment Complex currently operating on a weekly basis. Tenants pay electric and cable, Always leased. Good condition. Must call listing agent for appointment to view. DO NOT DISTURB TENANTS! Fape 1 ur See Ma! bra L. Cooper PHA (ID: 01170N) Primary:941-730-1700 Secondary:941-730-1700 Other:941-957-3730 Agent Office Michael Saunders & Conipany (1D:80200) Phone: 941-383-7591, FAX: 941-387-7877 Property Type Commercial Sale : Property Subtype(s) Commercial Sale Status Sold (04/29/05) Area West Bradenton Area Commission Trans Broker Comp Buyer Agent Comp Non-Rep Comp ° 3% 3% 0% Approx Square Feet 0 Sq Ft Source Tax Roll Price {SqFt 0.00 _ County Manatee Prop 1D . 4511100002 . Cov Park Space 0. Pool No Year Built 1948" Publish To Internet Yes Cross Street . Listing Date 12/01/04 at Original Price 398,000 . . OwnerName Cannon, Warren H Owner Phone 941-730-1700 Legal Description Beg 20 FtE & 25 Ft S Of Nw Cor Of The Se1/4 Of Nw1/4 Of Se1/4 Of Sec 35;:Th E 307.65 Ft, Th S 206.4 Directions To Property Off 9th Street West in Bradenton across from NAPA Store. Selling Information Selling Price 419,775 Selling Date 04/29/05 Listing Price 439,000 Pending Date 04/01/05 SP %LP 95.62 Original Price 398,000 Financing Conventional Buyer is realtor and selling price Comments reflects credit.of 3.5% commission. . : ; Selling Agent Samuel S Smith (01783M)" Selling Office S$ Smith Appraisals (894) Selling Co-Agent _. Selling Co-Office , Listing Type Excl. Right to Sell Limited Service No MLS Entry Only No # of Units #0 ‘ Equity $0 Zoning RBA . ADNIMIGTRATIVE Zoning Authority City of Bradenton PALE EO BP ‘ Lot Dimensions 8002 Sf . Ex; L Present Loan $0 . EXHIBIT _< or Of. GE PAGE > PAGE AVAL vage 1 O13 | Listing Summary : | Remarks 7-Unit Apartment Complex currently operating on a weekly basis. Tenants pay electric and cable. Always leased. Good condition. Must call listing agent for appointment to view. DO NOT DISTURB TENANTS! 197 Zin Ae Agent Debra. Cooper FMB (1D: 01170N) Primary:941-730-1700 Secondary:941-730-1700 Other.941-957-3730 Office Michael Saunders & Company (1D:80200) Phone: 941-383-7591, FAX: 941-387-7877 Property Type - Commercial Sale 7 Property Subtype(s) . Commercial Sale Status Sold (04/29/05) Area West Bradenton Area Commission Trans Broker Comp Buyer Agent Comp Non-Rep Comp 3% 3% 0% Approx Square Feet 0 Sq Ft Source Tax Roll Price / SqFt 0.00 _ County Manatee Prop {iD . 4511100002 Cov Park Space 0 Pool No Year Built + 4948* Publish To Internet Yes Cross Street: Listing Date 12/01/04 Original Price 398,000 : Owner Name Cannon, Warren H Owner Phone 941-730-1700 Legal Description | Beg 20 Ft E & 25 Ft S Of Nw Cor Of The Se1/4 Of Nw1/4 Of Se1/4 Of Sec 35; Th E 307.65 Ft,-Th S 206.4 Directions To Property Off 9th Street West in Bradenton across from NAPA Store. : Selliig Information “ Selling Price 419,775 Selling Date 04/29/05 Listing Price 439,000 - Pending Date 04/01/05 SP % LP . 95.62 Original Price 398,000 Financing Conventional Buyer is realtor and selling price Comments reflects credit.of 3.5% commission. : . Selling Agent Selling Office Smith Appraisals (894) Selling Co-Office - Selling Co-Agent es Listing Type Excl. Right to Self Limited Service , No MLS Entry Only No # of Units oe #0 : . Equi 0 6 Ree Ane bya x Zaning aaa . . ADMINISTRAG & COMP LAINE Zoning Authority “City of Bradenton- Lot Dimensions - 8002 Sf . “ Present Loan © $0. EXHIBIT ‘a PAGE 209 OF PAGE 353 YLiw fago ruts | . : Listing Summary : ; | 10-unit small motel property. Units rented on weekly basis. Clean property with great cash flow. Must schedule viewing with listing agent. See Map| Agent Debra L. Cooper HHS (1D: 01170M) Primary:941-730-1700.Secondary:941-730-1700 Other-941-957-3730 Office Michael Saunders & Company (1D:80200) Phone: 941-383-7591, FAX: 941-387-7877 Property Type Commercial Sale Property Subtypo(s) Commercial Sale Status Expired (06/30/05) Area Downtown Bradenton Commission © Trans Broker Comp Buyer Agent Comp Non-Rep Comp, 3% 3% 0% Approx Square Feet 1050* Sq Ft Source Tax Roll Price / SqFt County Manatee Prop ID 4469500054 f Cov Park Space Q Pool No Year Built ~ 4947" 1) cover" Publish To Internet Yes Cross Street Listing Date 12/01/04 cat Original Price 495,000 Expiration Date 06/30/05 Owner Name Cannon, Warren H Owner Phone . 941-730-1700 Legal Description Lots 22,23 East Tamiami Park. Less Right-of-way For 14th Street West. Pi#44695.0000/5 Listing Type Excl. Right to Sell . Limited Service No MLS Entry Only No # of Units #0 Equity . $0 Zoning C3 Zoning Authority City of Bradenton Lot Dimensions ~ 13560 Sf Present Loan “~ $0 Conforming . Yes Representation Trans Broker co Property Details #of Buildings ~ #0 # of Stories . #0 Land Yes Owner Management . + Yes Anes a EXHIBIT__& PAGE _3S¢. LS . oo os Page 2 of 3 Conforming Yes Representation Trans Broker : Property Details # of Buildings: #0 # of Stories #0 Land Yes Owner Management Yes AMPS . #0 # of Electric Meters #0 # of Water Meters #0 Construction Concrete Block Condition : Good Additional Information Seating Capacity #0 # of Rooms #0 # Conference Rooms #0 R.E. Included _Yes Lot & Acreage Details $/Ft. of Frontage $0 $iAcre $0 $/Sq. Foot $0 Acreage #0 Sq. Ft. of Land #0 Lot Type . Multi Family | Multi Famity / Appts Details | # of Apartments 6-24 Industrial Buildings Details Ceiling Height 0 : Financial Information Total Value $211051 Land Value - $0. Improved Value $0 Owner Financed No Exchanging No Minimum Down Pmt $0 Real Estate Tax $4516 Tax Year 2004 Financial Analysis - Gross Income ~ $27300 : Gross Operating Inc. - $25935 ; re ~ Net Operating Inc. $9198 . Conc Return 0% Vacancy Pct 0% Cap Rate 0% Total Expenses - $16737 Operating Expenses Management Exp $0 Acct/Legal Exp $0 Advertising Exp “- $0 Contract Services . $0 Insurance Exp ~ $0 R.EJPers Prop Tax $0 Garbage Exp | : $0 . Supplies Exp $0 Utilities Ex $0 - Maint Repairs Exp sO _ ADMINISTRATIVE COMPLAINT Misc. Expense : : - $0 ‘ ; % $0 Total Operating Exp ——- PAGE __o/ PAGE _3y PROPERTY APPRAISER 4469500054 1801.14TH STW. Sales Account# Date Sale Amount Vacant/Improved Indicator Qualification Code Book . Page Grantee Name Grantor Name Deed Type FIRST FIDELITY REALTY GRO [rors] » 4469500054 03-OCT-2005 $470,000 Improved 00 2067 7404 ; FIRST FIDELITY REALTY GROUP LLC CANNON; WARREN H WD-WARRANTY DEED EXHIBIT & PAGE _2y6_ zl 7 rey COM EXHIBIT. 4 j a pace AI _ oF Manatee County PROPERTY APPRAIS RECORD DETAILS Profile 4467300002 Owner Name © “Page lor HELP CONTACT US Other Counties > Links > Manatee County > Stat: Address Account Advanced Map Search Values 1817 13TH STW Sales Residential Commercial Out Buildings Permits Land Agriculture i» Sketch Exemptions Full Legal Map Legend MAIN, BA BASE,768 SaFt., Manatee County PROPERTY APPRAISER RECORD DETAILS Profite 4467500007 * Owner Name PB) INVESTMENT INC mar ~ Options HEE. Re C POR,192 SaFt., CURRENT REGORD aa rn Print This email This Page 1 of 1 HELP CONTACTUS Other Counties > Links > Manatee County > Stat: Home Property Search Address Account Advanced “Values 1412 19TH AVE W 71 Sales Residential Commercial Out Buildings Permits Land Agriculture >» Sketch Exemptions Full Legal Map Legend MAIN, BA BASE,980 Sqft., PBJ INVESTMENT INC Options EH BA BASE SP SCRNP,88 Saft., ” Map Search CURRENT RECORD. Lhd am Return To Search Results. 2d Print This 1 Emait This EXHIBIT < PAGE SF. Manatee County : Page 1 of 1 HELP CONTACT US Other Counties > Links > Manatee County > Stat PROPERTY SPPRAISER Home — Property Search ; RECORD DETAILS . OwnerName Address Account Advanced Map Search Profile 4467500007 Values 4412 19TH AVE W PBJ INVESTMENT INC Sales CURRENT RECQRD Residential x Liked nn Commercial ° Out Buildings : Permits Land Agriculture i» Sketch Exemptions @ print This Full Legal Email This Map Legend . Options MAIN, BA BASE, 1592 Saft., ~ Page 1 of 1 PROPERTY APPRAISER 4467700003 . 1821 13TH STW . PB] INVESTMENT INC togend EXHIBIT_<~_ MAIN, BA BASE, 1690 Sqft., 8H BA BASE ,1095 Saft., PAGE _>SB BRA 03 0 POR, 897 SaFt., = manatee Country Page lo HELP CONTACTL Other Counties > Links > Manatee County > ¢ PROPERTY. APPRAISER Home Property Search RECORD DETAILS ° Owner Name Address Account Advanced Map Search Profile 4467300002 Values 1817 13TH STW PBJ INVESTMENT INC Sales . CURRENT RECORD Residential a [Pof2 Ral tos | # , Commerciat Out Buildings Permits Land N Agricutt N“ gticulture N » Sketch a oa . Exemptions & print this Ng Email This < : Full Legal Map Legend Options MAIN, BA BASE,480 Saft., S82 P3 CRPT 1240 SaFt., -—_ . EXHIBIT. <_ PAGE Bs” Tape 2UL«6 IVE on titing Summary “| Listing #4067500 1821 W 13th St, Bradenton, FL 34208 Expired (04/06/00) Dom: 183 - $499,000 (LP) - SqFt: Lot Sz: Area: 11 Yr: | PricelSqFt: 0.00 40673, & 40674 | If A Party Wishes To Purchase The Entire 18 Unit A : Package At A Reduced Price,Resulting In A Savings Of :: 25,000 o Robert C Wolter E43) (ap; 03170M) Primary:941:778-4800 Office A Paradise Inc REALTOR (ID:4) Phone: 941-778-4800, FAX: 941-778-7090 Property Type Commercial Sale- ‘Property Subtype(s) Commercial Saie Status Expired (04/06/00) : Area Downtown Bradenton Commission Trans Broker Comp Buyer Agent Comp Non-Rep Comp 3.25 3.25 ie} Approx Square Feet 0 Price | SqFt . 0.00 County Manatee PropiD 4467700003 Cov Park Space 25 Pool att Year Built: . Publish To Internet Yes Cross Street . ~ Listing Date 10/06/99 Original Price 499,000 . Expiration Date 04/06/00 Owner Name : Owner Phone Legal Description LONG LEGAL Listing Type . Excl, Right to Sell Limited-Service No # of Units : #0 __ Equity - $499000 "Zoning ~ R3a Zoning Authority. . Manatee Lot Dimensions 200x200 Present Loan $0 Conforming . No. : ‘ Representation Single Agent __ Property Details EXHIBIT &_ PAGE 2&0. MLS . . . “Page | of Listing Summary _ . - 1821 W 13th St, Bradenton, FL 34208- Expired (04/06/00) DOM: 183 Sq Ft: Lot Sz: Area: 11 _ Yr: 1965 : $265,000 (LP) ' Price/SqFt: 0.00 Remarks (This Motel Can Be Purchased Along With Mis No's | 40671 ,&40673 See 40675. Or Seperatly. Call For ! Additional Info. Dr. Cornerof 19th Ave,& 13th St. Approx Square Feet County : Cov Park Space Year Buitt Publish To Internet Cross Street Listing Date Original Price Owner Name Legal Description Listing Type Limited Service # of Units _ Equity . Zoning Zoning Authority Lot Dimensions Present Loan Conforming Representation Property Details Robert C Wolter EQ (1D: 03170M) Primary:941-778-4800 A Paradise Inc REALTOR (ID:4) Phone: 941-778-4800, FAX: 941-778-7090 Commercial Sale Expired (04/06/00) Downtown Bradenton Trans Broker Comp 3.25 0 Manatee 15 1965 Yes 10/06/99 265,000 LONG LEGAL Excl. Right to Sell No #10 $265000 R3a Manatee 100x152 $0 No Single Agent ‘ PAGE 24\. Property Subtype(s) Commercial Sale Buyer Agent Comp Non-Rep Comp 3.25 (¢] Price ! SqFt _ 0.00 Prop ID * 4467700003 Pool ay? Expiration Date 04/06/00 Owner Phone ZY PAGE Ae or Listing #40671 * $170,000 (LP) Beds: 3 Baths: 3 (3 0) (FH) SqFt: Lot Sz: 21781sqft : Price/SqFt: 0.00 Area: 11 Yr: 1950 Remarks There Are A Total Of Six Units In Two Buildings With A | Total Monthly Income Of App.2500.00 Mo. Also See MIs : No's 40673,40674,Or.-40675 To Purchase Entire _ Package Of 18 Units For 499,000 Additional Pictures Pictures (2) | Unit A - Efficiency : Unit A - # Bedrooms : Unit A - Full Baths Agent Office. . Property Type Duplex.and Triplex Property Subtype(s) © Duplex and Triplex Status Expired (04/06/00) Area Downtown Bradenton County Manatee Prop ID 4467500007 Listing Type Excl. Right to Sell Map Top Coordinate J Map Side Coordinate 12 Listing Date 10/06/99 . . 7“ : Commission Trans Broker Comp Buyer Agent Comp Non-Rep Comp. 3.25. 3.25 ~ 0 Publish To Internet Yes : Original Price 170,000 Expiration Date : 04/06/00 Limited Service No Range Price No Effective Yr Built « 0 Lot Dimensions 100x167 Zoning R3a Representation Single Agent | Unit A - Half Baths Hi | Unit A - Sq. Ft. _ 0 UnitA-MonthlyInc +” $400 ! Unit B - Efficiency “Yes | Unit B - # Bedrooms #1 ! Unit B - Full Baths #1 | Unit B - Half Baths #4 | Unit B - Sq. Ft. 0 | Unit B -.Monthly Inc $400 : Unit C - Efficiency Yes > ! Unit -# Bedrooms _ # . . : Unit C - Full Baths ! Unit C - Half Baths | Unit C - Sq. Ft. : Unit C - Monthly Inc i Num. of Fireplaces | Num. of Ceiling Fans #0 | Construction . Frame, Concrete Block Asphit/Fbrgiss Shngt Vinyl Window Unit, Multiple Multiple Central Sewer Central Water i | Gross Prop Taxes $2222 | Special Assessments $0.00 ! : Negotiable _.._EityiGounty _ PAGE 263. EXHIBIT. & AvAta Listing Summary __ _ _ Listing #40673 . , 4817 W 13th St, Bradenton, FL 34208 Expired (04/06/00) DOM: 183 : _ $90, 000 (LP) Beds: 4 Baths: 2 (2 0) (FH) SqFt: Lot Sz: 21779sqft Area: 11 Yr: 1954 _PricelSaFt: 5. 00 Remarks i This is A Seperated Duplex With Two Individual Free . | Standing Homes. Also See Mis No's 40671,40674 Or _ 40675 To Purchase Entire Package Of 18 Units For : 499.000 Additional Pictures Agent : Robert C Wolter A (1D: 03170M) Primary:941-778-4800 Office A Paradise Inc REALTOR (1D:4) Phone: 941-778-4800, FAX: 941-778-7090 : Property Type Duplex and Tripiex Property Subtype(s) Duplex and Triplex Status Expired (04/06/00) , Area Downtown. Bradenton County . Manatee . Prop iD 4467300002 Listing Type Excl. Right to Sell Map Top Coordinate J Map Side Coordinate 12 Listing Date 10/06/99 ° Commission Trans Broker Comp Buyer Agent Comp : Non-Rep Comp ; 3.25 : “2 3.26 ~ 0° Publish To Internet Yes oo . . Original Price 90,000 Expiration Date 04/06/00 Limited Service No . : Range Price No Effective Yr Built“ . 0 Lot Dimensions 60x200 Zoning R3a Representation Single Agent “Type of Dwelling : . Unit information ’ | Unit A - Efficiency No . | Unit A -# Bedrooms #2 | Unit A-Full Baths — #0 AVAL . . rage 2 Or. Unit A - Half Baths #0 : Unit A - Sq. Ft. . 0 , Unit A - Monthly Inc : $520 i Unit B - Efficiency No | Unit B -# Bedrooms #2 ' Unit B - Full Baths #1 _ Unit B - Half Baths #1 | Unit B -Sq. Ft. fo) : Unit B - Monthly Inc $560 | Unit C -# Bedrooms #0 ' Unit C - Full Baths #1 : : . | Unit C - Half Baths #41 ° | Unit C - Sq. Ft. 0 Unit C-Monthly inc ___ 90 oo : . Addi Features & Utilities | Num. of Fireplaces #0 : Num. of Ceiling Fans #0 } Construction Frame, Concrete Block * Roof Material : Asphit/Fbrgiss Shng! ": Flooring Vinyl ! Cooling Window Unit, Multiple : Heating Multiple | Sewer Type Central Sewer iWaterSupply ___ Central Water _ _ _. ee i ; Financial Information i Gross Prop Taxes . $1209 } Special Assessments $0.00 : Possession ; Negotiable . Tax Description ===—=—s_————__CCity/Coounty . oe _ ee oe ete ng enema nn enna fo oe _ - en nnn enn nen Office Information : Variable Rate Comm No : Bonus $0 Showing Lister Must Accmpny, Call Office, 24HoursNotice EXHIBIT < PAGE és BK 1875 PG 6333 noc stwes $2660.00 DKT # 1855620 FILED AND RECORDED 10/20/2003.8:22:08 AM 1 of 1 R.B. SHORE CLERK GF CIRCUIT COURT KANATEE COUNTY FL. Prepared by and retum to: Jacob C. Dykxhoorn ” : PRaPeterson & Myers, PA 130 East Central Avenue P. O. Box 1079 Lake Wales, FL 33859-1079 File Number: BLOL1W-3 Parcel Identification No. 44677.0000/3 et al {Space Above This Line For Recording Data] Warranty Deed This. Deed is made this 10th day of October, 2003, between Lucy T. Bloemsma, a single person, whose post office address is 1516 60th Street East, Bradenton, FL 34208 ("Grantor")*, and PBJ Investment, Inc., a Florida corporation, whose post office address is 1531 N.E. 35th St., Oakland Park, FL 33334 (“Grantee")*. * singular or plural, as context requires. * “Grantor” and “Grantee” are used for The Grantor, for and in consideration of the sum of Ten and no/100 Dollars ($10.00) and other good and valuable considerations paid or given to the Grantor by the Grantee, the receipt whereof is hereby acknowledged, has granted, bargained, and sold to the Grantee, and Grantee's heirs and assigns forever, the following described land, situate, lying and being in Manatee County, Florida, to-wit: v Parcel 1 [Tax Parcel #44677.0000/3]: Begin 760 feet West and 721 feet and 8 inches South of the Northeast corner of the Southwest quarter of Section 35, Township 34 South, Range 17 East, Manatee County, Florida, for the point of beginning; thence West 100 feet; thence South 151.50 feet; thence East 100 feet; thence North 151.50 feet to the point of beginning. Parcel 2 [Tax Parcel #44675.0000/7]: Begin 660 feet West and 706 feet and 8 inches South of the Northeast corner of the Southwest quarter of Section 35, Township 34 South, Range 17 East, Manatee County, Florida, for the point of beginning; thence run West 100 feet; thence South 166.5 feet; thence East 100 feet; thence North 166.5 feet to the point of beginning. Parcel 3 [Tax Parcel #44673.0000/2]: Begin 660 feet West and 646 feet and 8 inches South of the Northeast corner of the Southwest quarter of Section 35, Township 34 South, Range 17 East, Manatce County, Florida, for the point of beginning; thence run West 200 feet; thence South 75 feet; renee East 100 feet; thence North 15 feet; thence East 100 feet; thence North 60 feet to the point of. eginning. SUBJECT TO restrictions, reservations and easements of record, if any, and taxes for the year 2003 and subsequent years. The Grantor. does hereby fully warrant the title to said land, and will defend the same against lawful claims of all persons whomsoever, except as set forth above. In Witness Whereof, Grantor has hereunto set Grantor's hand and seal as of the day and year first above written. » Signed, sealed and delivered in our presence: ot -(Seal) icy T. Bloemsma State of Florida County of Manatee The foregoing instrument was acknowledged before me this / C'> day of October, 2003 by Lucy T. Bloemsma, who [_} is personally known or bq has produced a driver's license as identification. JMO@ see W Don Veo (Notary Seal] Notary Public Printed Name: /_(C. Pde rine. WH Woenihs My Commission Expires: A. favats ATE a iVLLD . Lage bur: “Listing Summary _ isting #506304 "1503 W 9th Ave, Bradenton, FL 34205 Sold (0909105) DOM: 55 800,000 (LP) Sq Ft: 9248 Lot Sz: $785,000 (SP) ; : PricelSqFt: 84.88 Area: 11 Yr: 1953 » SP % LP: 98.13 Remarks investor Alert! Apartment complex with 3 ‘buildings - 18 . a - ccceamel _ units near downtown Bradenton. 7 unit building : consisting of 1, 2 and 3 BR apartments. 10 unit building : consisting of 9 efficiencies and a 1 BR/1BTH apartment. : Free standing 2BR/1BTH house. Great care has gone _ into this owner tga business with seller financing up to 400k. Additional Pictifres (1D: 05098M) Primary:941-920-0236 Gina M.Utiano EZ} aD: 04404M) Primary:941-920-0276 Wagner Realty (ID:11008) Phone: 941-741-2500, FAX: 941-741-8177 Wagier Realty (ID:11007) Phone: 941-358-7990, FAX: 941-358-7950 Commercial Sale Property Subtype(s) Commercial Sale Sold (09/09/05) Downtown Bradenton : Trans Broker Comp. Buyer Agent Comp Non-Rep Comp 3% 3% 0% -s- Approx Square Feet 9248 . Sq Ft Source Unknown Price / SqFt 84.88 County Manatee : . Prop ID _ 4377800059 Cov Park Space [e} "Pool No Year Built 1953 Publish To Internet Yes Cross Street Listing Date -03/08/05 Original Price . 800,000 Owner Name On File Owner Phone Agent Remarks Schedule with lister 941-920-0236. Property being sold as is with right to inspect. Legal.Description Lot 1 Bik 2, Fowler's Addition To Bradenton, Florida, Also The'N 50.00 Ft Of Lot 4, Bik 2 J.W. Fowle - «Directions To Property - 14th Street West to Sth Ave. West then right to property. . Selling information Selling Price 785,000 Selling Date 09/09/05 Listing Price 800,000 Pending Date - 05/02/05 SP % LP 98.13 Originat Price - 800,000 Financing . Other Comments Selling Agent Peter i. fs } Selling Office SellingCo-Agent Selling Co-Office EXHIBIT_& . PAGE 387. MLS . w rage tulu - Listing Summary Listing #94497 : . 1503 W 9th Ave, Bradenton, FL 34205 Sold (09/26/03) DOM: 77 $525,000 (LP) Sq Ft: 7251 Lot Sz: - | $360,000 (SP) ; ‘PricelSqFt: 49.65 Area: 11 Yr: 1922 SP % LP: 68:57 Great Opportunity To Reuse As Weekly/Monthly Rentals Or Redevelop This Large Lot For New Apartments/Condos. Property Needs Work, Some Work Already Started - Agent Kenneth C Hughes B33 (D: 05259M) Primary:941-727-2800 Office Wagner Reaity (ID: 14005) Phone: 941-727-2800, FAX: 941-727-: 2900 ____ Property Type Commercial Sale Property Subtype(s) Commercial Sale . Status . Sold (09/26/03) Area Downtown Bradenton Commission qrans Broker Comp Buyer Agent Comp Non-Rep Comp 3 ~. Approx Square Feet 7251 Price / SqFt 49.65 County - Manatee Prop ID 4377500059 Cov Park Space 18 Pool No — Year Built 1922 Publish To Internet Yes ~ Cross Street Listing Date 07/07/03 — . Original Price 525,000 Owner Name Pegasus Property Investment Gr Owner Phone Agent Remarks - . 2 Story Building Is Currently Not Used. Legal Description LOT 1 BLK 2, FOWLER'S ADDITION TO BRADENTON, FLOR — Directions To Property 14th Street West To 9th Avenue West-go West Selling Information Setling Price -_ 360,000 ao Selling Date 09/26/03 | Listing Price _ §25,000 Pending Date 09/22/03 ~ 1 SP %LP “68.57 Original Price 525,000 . Financing Cash Comments Selling Agent : Kenneth C Hughes (05259M) Selling Office Wagner Realty (11005) — [Selling Co-Agent Selling Co-Office : Listing Type . Excl. Right to Selt . Limited Service NO, 7 “ — MLS Entry Only No | EXHIBIT <__ V4 EXHIBIT 7 i “Vage 1 of PROPERTY APP 4377500059 1503 9TH AVE W 1 CAP PROPERTY HOLDINGS LLC Sales [iof3] gE . Account# 4377500059 ; Date 08-SEP-2005 Sale Amount $785,000 Vacant/Improved Indicator improved Qualification Code 00° Book 2058 ‘Page 1892 Grantee Name YOUR BEST CHOICE INC - Grantor Name ARIDA, MARCO A Deed Type WD-WARRANTY DEED _EXHIBIT_& PAGE eA pace 224 cs ee MLS . . ’. “Page 1 of Listing Summary Listing #43237 : : 1503 W 9th Ave, Bradenton, FL 34205 Sold (07/21/00) DOM: 148 $479,000 (LP) Sq Ft: Lot Sz: $410,000 (SP) . Price/SqFt: 0.00 Area: 11 Yr: 1960 SP % LP: 85.59 : Remarks A Total Of 19 Units Including Efficiancies & 1 Bed Units Also Includes A House. Good Location Rents Can Be Improve. Must See. Agent Ronald W Watters Ba (ID: 01893M) Primary:941-747-4332 Office Wagner Realty (I1D:11005) Phone: 941-727-2800, FAX: 941-727-2900 Property Type Commercial Sale Property Subtype(s) Commercial Sale Status Sold (07/21/00) Area Downtown Bradenton Commission Trans Broker Comp Buyer Agent Comp Non-Rep Comp 3. 5 : Approx Square Feet i Price / SqFt 0.00 County Manatee | Prop IO 4377500006 -Cov Park Space 0 Pool No Year Built 1960 Publish To internet Yes ~ Cross Street 15TH STREET Listing Date 02/01/00 Original Price 479,000 Owner Name Owner Phone Legal Description . LULO Selling Information Seiling Price 410,000 - Selling Date . 07/21/00 Listing Price 479,000 Pending Date 06/28/00 SP%LP . : 85.59 lf Original Price 479,000 -| Financing © ~ Comments mo Selling Agent Alice C Ohme (01625M) Selling Office Wagner Realty (11006) Selling Co-Agent . Selling Co-Office Listing Type . Excl. Right to Sell : ‘ Limited Service No | AUMIUNIOT AA NF ‘ # of Units #19 cupir Equity ; $429000 ; EXHIBIT | es Zoning Multi Fami EXHIBIT Lo PAGE P22 OF ’ PAGE _37o_ Area: 21 Status: Sold County: Manatee Map Letter/#: — E-3 Pool Y/N: N Waterfront Y/N: N “Remarks: Great investment duplexes Larid anid Site Information. Subdivision: Whitfield Estates Community: Neighborhood: Property ID: 66892.0000/1 Subdivision Code: 450 Sec/Twn/Rng: Buyer Comp: 3 Trans Comp: 3 > Selling Agent: Joe Boguszewskt PA / 32544391 Selling Office: Coldwell Banker Res R E Inc. / CBC 02 Sold Remarks: Directions: Whitfield Avenue to Shepherd (West of 41) Agent Private Remarks: Non Rep Comp: 3 Seller Credit: : Sold Finance: CONV Bonus: Owner Phone: List Price: Low List Price: ADOM: SqFt Living Area: Total SqFt: LP/SqFt: YB/Cond: 1973 $749,500 Zoning: RDD4.5/WR Legal: $1/2 OF LOT 2, LOTS 3 & 4 &N1/2 OF LOT 5 LESS ELY OR Book/Page: Lot SqFt: 10875 Acre: Half< Lot Dim: Lot Desc: _ Water Desc: . Water Supply: Central Water Sewer: Central Sewer Water View: . Water Access: . . Interior Information Total # Units: Unit. Type: Average Rent: Quantity: Unit Type: Average Rent: Quantity: Efficiencies: : 2 Bed/2 Bath: 1 Bed/1 Bath: 3 Bed/1 Bath: 2 Bed/1 Bath: 3 Bed/2 Bath: Unit: EFF: 8D: BA: Mnth Inc: Rooms: Equipment Included: A > B c D ; : Cooling: Central Electric Heating: Central Electric Energy: Floor Desc: Carpet Interior Features: Exterior Information Architectural Style: Duplex Construction: . Concrete Block Roof: Asphalt / Fiberglass #Parking Spaces: CovPkType: Window Desc: - Exterior Features: . Pool Desc: : : : ‘ Community Information. . HOA Fee Required Y/N: HOA Fee/Pay Schedule: Mgmt Co: Mgmt Co Phone: Available Information: Schools Elementary/Middie/High:* Other / Other / Other . . * Disclaimer - Verify with School Board for Current Boundaries --Financial and Special Information Deposits: Security Deposit: Lease Terms: Gross Tax: $6,080 Tax Year: Tax Desc: County cop: Annual CDD: Other Annual: Special Assessment: Furnishings: Spec Info: . _ Realtor Information at List Agent: Joe Boguszewski PA Lister ID: 32544391 Lister Phone: Lister Cell: Lister Emalt: . . Lister Fax: ColList Name: CoList 1D: . CoList Phone: “" CoList Celt: Office Name: Coldwell Banker Res R E Inc Office Address: 423 St Armands Circle Office Phone: 941-388-3966 Office ID: CBC 02 Rep: ‘Office City/St/Zip: , FL 34236-1408 Office Fax: 941-386-3231 List Type: Exclusive Right ToTerms: Possession: Immediately Call Center: Internet Ok: N ‘ IDX Address Display: Limited Service: N | NonRep: MLS Only: Y = Range Price: Listing Date: 10/12/2005 Original LP: $749,500 Previous LP: Price Change Date: Pending Date: | Contract Date: 10/14/05 Expire Date: W/O Date/Cond: Sold Date: 10/17/05 Sold Price: $710,000 pom: 2 cDOM: PDOM: ~ SP/SqFt: ~ LP/SP Ratio: 94.00% LP %Change: 0.00% SP/Tax Mkt Vatue Ratio: Showing: Contact Call Center . Owner Name: ROSANDER, MATS PAGE 737\ “495 P20. oF List Pri $949,000 Low List Price: $949,000 ADOM: = 130 Pool Y/N: N SqFt Liv Area: 3250 / Owner Pre Half Bath: Waterfront Y/N: N Total SqFt: #CovPark/Desc: 8/DttCpt Furnished: Unfurnished LP/SqFt: $292 #UnCovPark: 2 Minlse/Yr: 2 Weeks / 25 YB/Cond: 1966 Pets/#/Size: Y/1/ Smalt Unit Level: istGround Eff: N End Unit: Y |. Great investment opportunity. $5000 income per month. Large 6 plex.All units are rented ‘Land and Site-Information Condo Name: Other Community: Neighborhood: Property ID: 0103-16-0041 : Condo Cede: Other Sec/Twn/Rng: Zone: MF Legal: Gateway-Harbor OR Book/ Page: Lot SqFt: © Security Features: Water Desc: Unit View: View Exposure: Water Access: Suilder: Model: ‘Anterior Information Approximate Dimensions - Living Rm: Kitchen: Main Bed: Balcony: Screen Porch: Great Rm: Breakfast: 2 Bed: Bonus Rm: taundry/Util: Dining Rm: Den: 3 Bed: Media Rm: # Ceiling Fans: Family Rm: Office: 4 Bed: Fla Rm: FP/FP Desc: Bedroom Desc: Main Bedroom Main Level Equipment: ‘Dishwasher, Microwave Oven, Refrigerator, Smoke Detectors Main Bath Desc: Combined Tub/Shower, Spa Hydro M Floor Desc: Carpet, Ceramic . €nergy: Central Heat/Cool Living Area: Main Level Interior Features: Combo Living/Dining Rm, Kitchen Updated, Open Plan, Solid Surface Counter, Window Coverings Architectural Styfe: Garden Down Other Parking: 1 + Space, Other Exterior Features: Common Laundry, French Doors Amenities: Restrictions: Tenant-No Pets ‘Exterior Information Construction: Concrete Block/Stucco Window Desc: Single Hung Roof Responsibility: Condo ?Busi #2 __ = Payments per year refers to the total number of mortgage payments (including principal and interest) for typical mortgage loan financing for the type of property being analyzed. This analysis considers the number of payments per year at 12. Initial Finance/Closing Costs (sometimes referred to as "soft costs") include all costs typically incurred by a buyer in the course of securing mortgage financing for, and closing, the purchase of an income producing property. These costs may include such things as: origination fee, points, legal fee, appraisal fee, survey costs, etc. Typically, Initial Finance/Closing Costs are not considered as part of the initial equity investment, and do not alter the initial Loan-to-Value Ratio. They do, however, affect the total return realized by the equity investor, and may reasonably be considered as an operating expense that occurs only in the first year of an investment holding period. In income capitalization analyses, operating income and expense amounts are typically considered as being annual ordinary annuity amounts. That is, they are regarded as being amounts realized at the end of _ each year of a specified holding period —- rather than at the beginning of each year of the holding period. The initial finance/closing costs, on the other hand, are typically realized at the beginning (in advance) of the Ist year of the holding period. To maintain consistency in the analyses, it is therefore necessary to convert the initial finance/closing costs to a year end amount. This analysis accomplishes this task by multiplying the actual initial finance/closing costs amount by a factor equal to one, plus the equity yield rate, This process recognizes that an investor would be entitled to earn a reasonable return on these costs - ~ equal to the return on equity investment. The initial finance/closing costs used in this analysis are 3.000000%. Total Property Appreciation (or Depreciation) is the overall change in property value that occurs from the time of property acquisition to the date of sale or refinance. This is a lump sum amount expressed as a percent of initial total property value. For this analysis, projected total property appreciation is 24.999997%. Total Property Appreciation % per Year is the compound annual rate of change in total property value that is projected to occur from the time of property acquisition to the date of sale or refinance. This amount is also expressed as a percent of initial total property value. Consistent with the preceding Total Property Appreciation (or Depreciation) conclusion, projected total property appreciation % per year is 2.256518%. Change in Gross Potential Operating Income refers to the projected constant annual rate of change in Gross Potential Operating Income (GPI). It is a compound annual rate of change based on estimated GPI at the beginning of the investment holding period, and is applied to GPI for each year of the holding period. It is expressed as a percent of initial GPI. The projected annual change in gross potential income used in this analysis is 1.000000%. Change in Operating Expenses per Year refers to the projected constant annual rate of change in Total Operating Expenses. It is a compound annual rate of change based on estimated Total Operating Expenses at the beginning of the investment holding period, and is applied to each Operating Expense input for each year of the holding period. It is expressed as a percent of initial Total Operating Expenses. The projected annual change in operating expenses used in this analysis is 1.000000%. Costs of Refinance or Sale at end of Holding Period refers to the projected total costs which is likely to be incurred when the subject property is either refinanced or sold. It is a lump sum (percentage) amount ADMINISTRATIVE COMPLAINT EXHIBIT 6 EXHIEr PAGE >77\. | based on the projected Value at the end of the selected Holding Period. The analysis projects costs of sale or refinance at end of the holding period at 3.000000%. 1ST YEAR INCOME & EXPENSES: Gross Potential Operating Income (GPI) is the total income that the property could be expected to produce at full (100%) occupancy, with no deduction for possible collection loss. As illustrated by the following income and expense summary, projected GPI for the first (1st) year of the projected holding period is $63,100.00. Vacancy & Collection (V&C) Loss refers to the periodic loss of potential gross operating income due to a projected stabilized rate of vacancy or uncollected rents (etc.) over an entire holding period. It is usually stated as a percentage of potential gross operating income. When the purpose of analysis is to obtain an indicated Market Value, determination of the appropriate allowance for this consideration should be based on the typical rates of vacancy and/or collection loss for the type of property being analyzed. In this regard, a reasonable allowance for V & C Loss is typically warranted -- even if the. property being analyzed has a history of 0% V & C Loss, or is leased (at full occupancy) for the foreseeable future. This is true, for instance, where typical operations of similar properties reflect losses of potential gross income due to these causes. The V & C Loss used in this analysis was.calculated by Amon and the NOI utilized reflects any Vacancy and Collection considered by Amon. ; Effective Gross Operating Income (EGI) is the gross income amount actually realized from operation of a property. It is calculated by deducting vacancy and collection loss from potential gross operating income. As illustrated by the following income and expense summary, projected Effective Gross Operating Income for the first (1st) year of the projected holding period is $63,100.00: Variable Operating Expenses refers to those operating expenses which are often directly influenced by occupancy and/or collection levels for the property being analyzed. Variable Operating Expenses typically include such expense categories as: Accounting, Administration, Advertising, Contract Services, Repair & Maintenance, Management, Utilities, Etc. In other words, Variable Operating Expenses include any legitimate operating expense (other than Fixed Operating Expenses and Reserves for Replacement) which would typically be incurred in operating an income producing property under sound management practices. As illustrated by the following income and expense summary, Variable Operating Expenses for the first (1st) year of the holding period are projected at Assumption of 1% annual increase. Fixed Operating Expenses refers to those operating expenses which are not usually influenced by occupancy and/or collection levels for the property being analyzed. Since the Assessed Value of a property, and its resulting property tax liability, is not usually considered to be effected by variations in occupancy levels, Property Tax is generally considered to be a Fixed Operating Expense. Likewise, Real Estate Insurance expense is generally regarded as being a Fixed Expense since it is relatively unaffected by yearly variations in a property's occupancy level. As illustrated by the following income and expense summary, Fixed Operating Expenses for the first (1st) year of the holding period are projected at Assumption made based on Amon NOI. EXHIBIT <__ PAGE 20. The Replacement Reserves (Reserves) Operating Expense category is a projected allowance for periodic replacement of short lived component parts of real estate improvements. This expense category accounts for those reasonably anticipated future expenses that normally occur less frequently than once a year. In projecting the appropriate replacement reserves allowance, care has been taken to avoid duplication of normal repair & maintenance expenses. Expenses for such things as roof repairs, interior and/or exterior painting, and other normal maintenance items are typically not considered under replacement reserves. As illustrated by the following income and expense summary, projected Reserves for the first (1st) year of the holding period are projected at Assumption made based Amon NOL, Net Operating Income (NOI) is that annual income amount left over after all operating expenses have been deducted from effective gross operating income. As shown below, this income capitalization analysis does not consider annual debt service or income tax as operating expenses. NOI for the first (1st) year of the holding period is projected at $41,110.83. Stabilized Net Operating Income (Stabilized NOD) is a stream of level income amounts that has a : present value equal to the present value of a series of uneven income amounts -- when both income streams are discounted at the same rate, over the same period of time. In this context, the word Stabilized specifically refers to NOI and simply signifies that the pattern of income is level (stable) -- or that it has been changed from one with variable or uneven amounts, to one with level or stable (equal) amounts. It does not imply anything about the pattern of operating performance levels for the property being analyzed. As shown below, the calculated Stabilized NOI income used in this analysis is $62,072.68. Year 1 Income and Expense Summary Per Month Per Year Year 1 Gross Potential Income $5,258.33 $63,100.00 Vacancy and Collection Loss .000000% $.00 Year 1 Effective Gross Income $63,100.00 Operating Expenses % of EGI Per Year Variable -000000% $.00 Fixed -000000% $.00 Reserves -000000% $.00 Total Operating Expense % ° Initial Finance/Closing Costs $21,989.17 Year 1 Net Operating Income $41,110.83 Stabilized Net Operating Income for Holding Period $62,072.68 An Overall Capitalization Rate (OAR) is a ratio of one year's Net Operating Income to the Value of the property that produces that income. It is used in the Income Capitalization Approach to convert anticipated future income into an indicated value. When the rate is applied directly to the forecast income (dividing the income by the rate), the procedure is called "Direct Capitalization". An OAR can be obtained by various generally accepted methods and/or techniques. These include: the Comparative Method, Band-of-Investment Techniques, the Built-Up Rate Method, Yield Analysis Methods, and others. Regardless of how its obtained, an OAR is nothing more than a measure of the relationship between a property’s Value and its NOI for one (particular) year. ADMINISTRATIVE COf EXHIBIT. 6 exuisit # PAGE 33\_ pace _&28_ oF _ __ In this analysis, the OAR has been calculated and verified by several different methods -- including the mortgage equity band of investment technique illustrated below: : 75.000000% X 8.186115% plus 25.000000% X _3.683752% equals 7.060524% An Equity Dividend Rate (Re) is a ratio of one year's Equity Dividend to the Value of initial Equity Investment. Equity Dividend is the operating income balance, after operating expenses and mortgage payments (principal & interest) have been deducted from effective gross operating income. Equity Dividend is sometimes referred to as cash flow or cash-on-cash. Based on the previously reported data, the stabilized equity dividend rate was calculated for this analysis at 3.683752%. Equity Yield Rate (Ye) is the interest rate (or internal rate of return) for the equity investor. It is also the discount rate at which the Present Value of all anticipated future Cash Flow amounts equal the Value of initial Equity Investment. It reflects consideration of annual Cash Flow amounts and equity appreciation (or depreciation). With consideration of the calculated-equity dividend rate (noted above) and the projected equity appreciation (reported below), the equity yield rate calculated for this analysis is 11.163651%. Overall Yield Rate (Yo) is an interest rate similar to the Equity Yield Rate, but based on annual Net Operating Income (NOI) amounts rather than annual Cash Flow amounts. It is also the discount rate at which the Present Value of all anticipated future NOI amounts, plus reversion equals the initial Total Property Value. It reflects consideration of annual NOI amounts and total property appreciation (or depreciation). With consideration of the previously calculated overall capitalization rate and projected total property appreciation, the overall yield rate calculated for this analysis is 8.493389%. Mortgage Constant (Rm) is the ratio of uniform annual mortgage payments (principal and interest) to the initial loan amount. It is analogous to a mortgage capitalization rate. Like most other Income Capitalizers, the appropriate Mortgage Constant for an Income Capitalization Analysis can be computed in (at least) several different ways. These include: Dividing the constant annual mortgage payment by the initial loan amount, Adding the sinking fund factor to the mortgage interest rate, Using conventional "installment to amortize $1" formula, etc: - Using the projected Nominal Interest Rate and Amortization Term data, the appropriate mortgage constant for this analysis has been calculated at 8.186115%. AD : é five, LE EY 3 Exuisry 4 3 5 EXHIBIT_& PAGE __ 97 G- PAGE 33 ee Terminal Cap Rate (T-Ro) is the ratio of projected NOI for the 1st year immediately following an investment holding period, to the property's Value at the end of the holding period. Based on the projected net operating income and property appreciation data, the calculated terminal capitalization for this analysis is 6.342633%. TOTAL EQUITY APPRECIATION: © Total Equity Appreciation (or depreciation) is the total change in equity value that occurs over the term of an investment holding period. Based on consideration of projected total property appreciation, initial equity investment, and equity balance at the end of the projected holding period, total equity appreciation has been calculated for this analysis at 126.068938%. Total NOI Change is the total change in Net Operating Income that occurs over the full term of an investment holding period. Based on the projected gross potential operating income and operating expense previously reported, the total NOI change for this analysis is 69.545708%. Annual NOI Change is the compound annual rate of change in NOI that corresponds to Total NOI Change that occurs over the full term of an investment holding period. The calculated annual NOI change for this analysis is 5.421376%,. DATA SUMMARY & MARKET VALUE RESULTS: Market/Prop. Performance Data Income Capitalizers Loan-To-Value Ratio 75.000000% Overall Cap Rate (Ro) 7.060524% Debt Coverage Ratio 1.150000 Equity Dividend Rate (Re) 3.683752% Nominal Interest Rate 7.250000% Equity Yield Rate (Ye) 11.163651% Amortization Term (Years) 30 Overall Yield Rate (Yo) 8.493389% Holding Period (Years) 10 Mortgage Constant (Rm) 8.186115% Payments Per Year 12 Terminal Cap Rate (T-Ro) 6.342633% Initial Finance/Closing Costs 3.000000% Total Equity Appreciation 126.068938% Total Property Appreciation 24,999997% Total NOI Change 69.545708% Total Property Appreciation Per Year 2.2565 18% Annual NOI Change 5.421376% Change in GPI Per Year 1.000000% Change in Operating Expense Per Year 1.000000% Cost of Refinance or Sale at End of Holding 3.000000% Period Market Value Results Market Value by Direct Capitalization $879,151.05 Initial Loan Amount $659,363.29 Initial Equity $219,787.76 Annual Debt Service $53,976.24 Annual Equity Dividend $8,096.44 Market Value at end of Holding Period $1,098,938.78 Sale or Refinance Cost at end of Holding Period $32,968.16 Mortgage Balance at end of Holding Period $569,098.76 Equity Balance at end of Holding Period he dewci ive. (S496 870.86), c ExHBIT #2 EXHIBIT _&... PAGE 274, OF PAGE 323 Year 1 Income and Expense Summary Per Month Per Year Year 1 Gross Potential Income $5,258.33 $63,100.00 Vacancy and Collection Loss .000000% $.00 Year 1 Effective Gross Income . $63,100.00 Operating Expenses % of EGI Per Year Variable .000000% $.00 Fixed -000000% $.00 Reserves -000000% $.00 Total Operating Expense : % Initial Finance/Closing Costs $21,989.17 Year 1 Net Operating Income $41,110.83 Stabilized Net Operating Income for Holding Period $62,072.68 Year 2 Income and Expense Summary : Per Month Per Year Year 2 Gross Potential Income $5,310.92 $63,731.00 Vacancy and Collection Loss .000000% $.00 Year 2 Effective Gross Income $63,731.00 Operating Expenses % of EGI Per Year Variable -000000% $.00 Fixed -000000% $.00 Reserves .000000% $.00 Total Operating Expense % Year 2 Net Operating Income : $63,731.00 Year 3 Income and Expense Summary Per Month Per Year Year 3 Gross Potential Income $5,364.03 $64,368.31 Vacancy and Collection Loss .000000% $.00 Year 3 Effective Gross Income $64,368.31 Operating Expenses % of EGI Per Year Variable: .000000% $.00 Fixed .000000% $.00 Reserves .000000% $.00 Total Operating Expense % Year 3 Net Operating Income $64,368.31 COMPLAINT Year 4 Income and Expense Summary PAGE 2386 Per Month .- Per Year Year 4 Gross Potential Income $5,417.67 $65,011.99 Vacancy and Collection Loss -000000% $.00 Year 4 Effective Gross Income $65,011.99 Operating Expenses % of EGI Per Year Variable -000000% $.00 Fixed -000000% $.00 Reserves -000000% $.00 . Total Operating Expense % . Year 4 Net Operating Income $65,011.99 Year 5 Income and Expense Summary Per Month Per Year Year 5 Gross Potential Income $5,471.84 $65,662.11 Vacancy and Collection Loss ; -000000% $.00 ‘Year 5 Effective Gross Income $65,662.11 Operating Expenses % of EGI Per Year Variable -000000% $.00 Fixed -000000% $.00 Resérves -000000% $.00 Total Operating Expense % . Year 5 Net Operating Income $65,662.11 Year 6 Income and Expense Summary Per Month Per Year Year 6 Gross Potential Income $5,526.56 $66,318.73 Vacancy and Collection Loss -000000% $.00 Year 6 Effective Gross Income $66,318.73 Operating Expenses % of EGI Per Year Variabie .000000% $.00 Fixed. -000000% $.00 Reserves .000000% $.00 Total Operating Expense % Year 6 Net Operating Income $66,318.73 ALAWHINIS LAL EY £ ON Tob ; EXHIBIT_< | —=— pace QYO__ oF Year 7 Income and Expense Summary Per Month Per Year Year 7 Gross Potential Income $5,581.83 $66,981.92 Vacancy and Collection Loss .000000% $.00 Year 7 Effective Gross Income . $66,981.92 Operating Expenses % of EGI Per Year Variable -000000% $.00 Fixed -000000% $.00 Reserves .000000% $.00 Total Operating Expense % Year 7 Net Operating Income $66,981.92 Year 8 Income and Expense Summary Per Month Per Year Year 8 Gross Potential Income $5,637.64 $67,651.74 Vacancy and Coilection Loss -000000% $.00 Year 8 Effective Gross Income $67,651.74 Operating Expenses % of EGI Per Year Variable -000000% $.00 Fixed -000000% $.00 Reserves -000000% $.00 Total Operating Expense % Year 8 Net Operating Income $67,651.74 Year 9 Income and Expense Summary . Per Month Per Year Year 9 Gross Potential Income $5,694.02 $68,328.25 Vacancy and Collection Loss -000000% $.00 Year 9 Effective Gross Income $68,328.25 Operating Expenses % of EGI Per Year Variable -000000% $.00 Fixed .000000% $.00 Reserves -000000% $.00 Total Operating Expense % Year 9 Net Operating Income $68,328.25 ADMINISTRATIVE COMPLAINT EXHIBIT 42 | EXHIBIT & Pace PAGE 326 —~A( er Year 10 Income and Expense Summary Per Month Per Year Year 10 Gross Potential Income $5,750.96 $69,011.53 Vacancy and Collection Loss -000000% $.00 Year 10 Effective Gross Income $69,011.53 Operating Expenses % of EGI Per Year Variable ; -000000% $.00 Fixed .000000% $.00 Reserves -000000% $.00 Total Operating Expense % Year 10 Net Operating Income $69,011.53 Year 11 Income and Expense Summary : Per Month Per Year Year 11 Gross Potential Income $5,808.47 $69,701.65 Vacancy and Collection Loss .000000% $.00 Year 11 Effective Gross Income $69,701.65 Operating Expenses % of EGI Per Year Variable .000000% $.00 Fixed -000000% ~ $.00 Reserves -000000% $.00 Total Operating Expense % . : Year 11 Net Operating Income $69,701.65 SiRATIVE COMPLAINT. EXHIBIT. < PAGE 387. DISCOUNTED CASH FLOW ANALYSIS: "Discounted Cash Flow Analysis" is the income capitalization technique of converting anticipated periodic future Cash Flow amounts to a present value that will provide a specified rate of return on investment. The term Cash Flow, typically refers to the amount of net operating income available to an equity investor, after payment of annual debt service (mortgage principal and interest). Thus, in simplest terms, it is annual Net Operating Income minus annual Debt Service. In the last year of an investment holding period, Cash Flow also includes the investor's net proceeds (reversion) from sale or refinance of the investment property. Cash Flow is also sometimes referred to as Cash-on-Cash, and (when it includes reversion) is appropriately called Equity Yield. The rate of return on investment for the equity investor is analogous to the interest (or yield) rate fora mortgage lender. It is a compound annual rate of return that reflects consideration of all-annual income amounts realized (or anticipated) by the equity investor. The generally accepted name for this rate of return is Equity Yield Rate. : The process of converting anticipated periodic future Cash Flow amounts to a present value, essentially involves an arithmetic process of reverse compounding. For example: At an annual compound interest (yield) rate of 10%, a $1.00 investment will have a future value of about $1.21 —- two years after the date of initial investment. This result can be calculated by multiplying the original investment of $1 by 110% _ and then multiplying again by 110%. To reverse this compounding process, the future value amount of $1.21 is divided by 110% -- then the result is again divided by 110%. This reverse compounding process is called Discounting. ; The Discount Rate used in Discounted Cash Flow Analysis is the Equity Yield Rate for the particular investment property being analyzed. Discounted Cash Flow Analysis at a Discount Rate of 11.163651% Cash Fiow Present Value Factor Present Value Year 1 -$12,865.41 _ 899575 -$11,573.39 Year 2 $9,754.76 © 809235 $7,893.89 Year 3 $10,392.07 -727967 $7,565.08 Year 4 $11,035.75 654860 $7,226.88 Year 5 $11,685.87 589096 $6,884.10 Year 6 $12,342.49 529936 $6,540.73 Year 7 $13,005.68 AT6NT $6,200.02 Year 8 $13,675.50 428842 $5,864.63 Year 9 $14,352.01 385776 : $5,536.66 Year 10 $511,907.10 : 347034 $177,649.15 Init. Mort. : $659,363.29 Total $879,151.03 AOMINISTRAISE COMPLAINT, EXHIBIT <7 EXHIBIT #7 PAGE Sap race 242 or OVERALL RESULTS SUMMARY: Overall Results Summary Stabilized NOI for 10 Year Hold. Period Overall Cap Rate @ Stabilized NOI Equity Div. Rate @ Stabilized NOI Equity Yield Rate @ Stabilized NOI Term. Cap Rate @ 11th Year NOI Year 1 GrossPotential Op. Income Year 1 V & C Loss $62,072.68 7.060524% 3.683752% 11.163651% 6.342633% $63,100.00 -000000% Year 1 Effective Gross Op. Income Year 1 Operating Expenses Initial Finance/Closing Costs Year 1 Net Operating Income Overall Cap Rate @ Year 1 NOI Gross Inc. Multiplier @ Year | NOI EGI Multiplier @ Year 1 NOI $63,100.00 $21,989.17 $41,110.83 4.676216% 13.932660 13.932660 ADNMEAISTR EXHIBIT. & _ EXHIBIT PAGE 232°\ Income Capitalization Analysis Re: Martin Property Income and Expense Analysis To obtain a reliable indication of a property's Market Value from the Income Capitalization Appt ch; it is necessary to gather, verify, analyze, and reconcile all reasonably available data that may influence thas property's value. Since Market Value isa short term value, the data considered in a market value — income capitalization analysis must be pertinent (or adjusted) to the effective date of analysis. This income capitalization analysis is based on consideration of the following data that reflect market conditions and factors that particularly pertain to the market value of the subject property. The reported market rate data are based on information from the lender and/or investor segments of the investment real estate market. The property performance data are based on past, current, and prospective future operations of the subject property and/or favorably comparable properties, plus information from various parties considered to be knowledgeable and well informed regarding current market conditions for such properties. The reported income and expense data are based on consideration and analyses of past, ‘current, and probable future income for the subject property -- as well as favorably comparable properties. All data used in this analysis are particularly relative to 05-10-2006. MARKET/PROPERTY PERFORMANCE DATA: Loan-to-Value.Ratio (M) is the relationship of loan amount to total property value (or a surrogate of value such as appraised value, sale price, etc.).. It is usually stated as a decimal fraction or a percentage and is calculated by dividing the loan amount by total property value. This analysis uses a probable Loan- to-Value Ratio. of 75.000000%. Debt Coverage Ratio (DCR) is the relationship of annual net operating income to annual debt and interest payments. Sometimes referred to as annual debt service coverage ratio, annual debt service ratio, debt coverage, etc., it is usually stated as a.decimal fraction and is often calculated by dividing annual net ; operating income by annual debt service. This analysis considers the probable Debt Coverage Ratio to be 1.250000. Nominal Interest Rate is that annual rate that is usually stated (named) in discussions related to typical mortgage lending transactions. Unlike the effective interest rate, the nominal rate does not reflect the effect of periodic compounding. The nominal interest rate for this analysis is 7.500000%. ~: - Amortization Term is that period of time over which a loan is fully repaid. It is typically stated as a given number of years during which periodic payments will be paid. The total number of payment periods in the full amortization term (together with the effective periodic interest rate, and principal loan amount) serves as the basis for calculating the required periodic payment amounts. The amortization term used for this analysis is 30 Years. An Investment Holding Period is that period of tinie from acquisition of an investment property until that same property is either sold or refinanced. When an investment property is refinanced, its financial characteristics are changed, and the resulting (changed) property effectively represents a new investment -- with a new Investment Holding Period. The term "Investment Holding Period" does not necéssarily refer to the time span of ownership of a particular property interest (such.as fee interest, etc.). This analysis is based on a holding period of 10 Years. EXHIBIT. © __ PAGE “SA0_ Payments per year refers to the total number of mortgage payments (including principal and interest) for typical mortgage loan financing for the type of property being analyzed. This analysis considers the number of payments per year at 12. . Initial Finance/Closing Costs (sometimes referred to as "soft costs") include all costs typically incurred by a buyer in the course of securing mortgage financing for, and closing, the purchase of an income producing property. These costs may include such things as: origination fee, points, legal fee, appraisal fee, survey costs, etc. Typically, Initial Finance/Closing Costs are not considered as part of the initial equity investment, and do not alter the initial Loan-to-Value Ratio. They do, however, affect the total return realized by the equity investor, and may reasonably be considered as an operating expense that occurs only in the first year of an investment holding period. In income capitalization analyses, operating income and expense amounts are typically considered as being annual ordinary annuity amounts. That is, they. are regarded as being amounts realized at the end of each year of a specified holding period -- rather than at the beginning of each year of the holding period. The initial finance/closing costs, on the other hand, are typically realized at the beginning (in advance) of the 1st year of the holding period. To maintain consistency in the analyses, it is therefore necessary to convert the initial finance/closing costs to a year end amount. This analysis accomplishes this task by ' multiplying the actual initial finance/closing costs amount by a factor equal to one, plus the equity yield rate. This process recognizes that an investor would be entitled to earn a reasonable return on these costs - - equal to the return on equity investment. The initial finance/closing costs used in this analysis are 3.000000%. Total Property Appreciation (or Depreciation) is the overall change in property value that occurs from the time of property acquisition to the date of sale or refinance. This is a lump sum amount expressed as a percent of initial total property value. For this analysis, projected total property appreciation is 24.999997%,” Total Property Appreciation % per Year is the compound annual rate of change in total property value that is projected to occur from the time of property acquisition to the date of sale or refinance. This amount is also expressed as a percent of initial total property value. Consistent with the preceding Total Property Appreciation (or Depreciation) conclusion, projected total property appreciation % Per year is 2.256518%. at Change in Gross Potential Operating Income refers to the projected constant annual rate of change in Gross Potential Operating Income (GPI). It is a compound annual rate of change based on estimated GPI at the beginning of the investment holding period, and is applied to GPI for each year of the holding . period. It is expressed as a percent of initial GPI. The projected annual change in gross potential income used in this analysis is 1.000000%. Change in Operating Expenses per Year refers to the projected constant annual rate of change in Total Operating Expenses. It is a compound annual rate of change based on estimated Total Operating Expenses at the beginning of the investment holding period, and is applied to each Operating Expense input for each year of the holding period. It is expressed as a percent of initial Total Operating Expenses. The projected annual change in operating expenses used in this analysis is 1.000000%. Costs of Refinance or Sale at end of Holding Period refers to the projected total costs which is likely to be incurred when the subject property is either refinanced or sold. It is a lump sum (percentage) amount based on the projected Value at the end of the selected Holding Period. The analysis projects costs of sale Yh ELA, EXHigiT we IN, EXHIBIT << Stet 22 AGE ONY og PAGE 34\ ° FT or refinance at end of the holding period at 1.000000%. 1ST YEAR INCOME & EXPENSES: Gross Potential Operating Income (GPI) is the total income that the property could be expected to produce at full (100%) occupancy, with no deduction for possible collection loss. As illustrated by the following income and expense summary, projected GPI for the first (1st) year of the projected holding period is $113,832.00. Vacancy & Collection (V&C) Loss refers to the periodic loss of potential gross operating income due to a projected stabilized rate of vacancy or uncollected rents (etc.) over an entire holding period. It is usually stated as a percentage of potential gross: operating income. When the purpose of analysis is to obtain an indicated Market Value, determination of the appropriate allowance for this consideration should be based on the typical rates of vacancy and/or collection loss for the type of property being analyzed. In this regard, a reasonable allowance for V & C Loss is typically warranted -- even if the property being analyzed has a history of 0% V & C Loss, or is leased (at full occupancy) for the foreseeable future.-This is true, for instance, where typical operations of similar properties reflect losses-of potential gross income due to these causes. The V & C Loss used in this ’ analysis is Included in Income data provided by client showing Federal Tax Return NOI Effective Gross Operating Income (EGI) is the gross income.amount actually realized from operation of a © property. It is catculated by deducting vacancy and collection loss from potential gross operating income. As illustrated by the following income and expense summary, projected Effective Gross Operating Income for the first (1st) year of the projected holding period is $113,832.00. Variable Operating Expenses refers to those operating expenses which are often directly influenced by occupancy and/or collection levels for the property being analyzed. Variable Operating Expenses typically include such expense categories as: Accounting, Administration, Advertising, Contract Services, Repair & Maintenance, Management, Utilities, Etc. In other words, Variable Operating Expenses include any legitimate operating expense (other than Fixed Operating Expenses and Reserves for Replacement) which would typically be incurred in operating an income producing property under sound management practices. As illustrated by the following income and expense summary, Variable Operating Expenses for the first (1st) year of the holding period are projected at $44,815.66. ne Fixed Operating Expenses refers to those operating expenses which are not usually influenced by - occupancy and/or collection levels for the property being analyzed. Since the Assessed Value of a property, and its resulting property tax liability, is not usually considered to be effected by variations in occupancy levels, Property Tax is generally considered to be a Fixed Operating Expense. Likewise, Real Estate Insurance expense is generally regarded as being a Fixed Expense since it is relatively unaffected by yearly variations in a property's occupancy level. As illustrated by the following income and expense summary, Fixed Operating Expenses for the first (1st) year of the holding period are projected at All expenses are included in expense summary as variable. The Replacement Reserves (Reserves) Operating Expense category is a projected allowance for periodic replacement of short lived component parts of real estate improvements. This expense category accounts for those reasonably anticipated future expenses that normally occur less frequently than once a year. MUNISTRATIVE COMPLAINT EXHIBIT_< &*HiBT 4.2 PAGE 2aa2 ‘ In projecting the appropriate replacement reserves allowance, care has been taken to avoid duplication of normal repair & maintenance expenses. Expenses for such things as roof repairs, interior and/or exterior painting, and other normal maintenance items are typically not considered under replacement reserves. As illustrated by the following income and expense summary, projected Reserves for the first (1st) year of the holding period are projected at Included in Variable Income and Expense Sumuuacy. Net Operating Income (NOD) is that annual income amount left over after all operating expenses have been deducted from effective gross operating income. As shown below, this income capitalization analysis does not consider annual debt service or income tax as operating expenses. NOI for the first (1st) yéar of the holding period is projected at $47,002.90. . Stabilized Net Operating Income (Stabilized NON) is a stream of level income amounts that has a present value equal to the present value of a series of uneven income amounts -- when both income streams are discounted at the same rate, over the same period of time. In this context, the word Stabilized specifically refers to NOI and simply signifies that the pattern of income is level (stable) -- or that it has been changed from one with variable or uneven amounts, to one : with level or stable (equal) amounts: It does not imply anything about the pattern of operating performance levels for the property being analyzed. - As shown below, the calculated Stabilized NOI income used in this analysis i is $67,839.63. Year 1 Income and Expense Summary Per Month Per Year Year 1 Gross Potential Income $9,486.00 $113,832.00 Vacancy and Collection Loss -000000% $.00 Year 1 Effective Gross Income $113,832.00 Operating Expenses : %. of EGI Per Year Variable 39.370000% $44,815.66 Fixed .000000% $.00 Reserves -000000% - $.00 Total Operating Expense ~ 39.370000% $44,815.66 Initial Finance/Closing Costs $22,013.45 Year 1 Net Operating Income ; $47,002.90 Stabilized Net Operating Income for Holding Period . $67,839.63 An Overall Capitalization Rate (OAR) is a ratio of one year's Net Operating Income to the Value of the property. that produces that income. : It is used in the Income Capitalization Approach to convert anticipated future income into an indicated value. When the rate is applied directly to the forecast income (dividing the income by the rate), the procedure is called “Direct Capitalization". An OAR can be obtained by various generally accepted methods and/or techniques. These include: the Comparative Method, Band-of-Investment Techniques, the Built-Up Rate Method, Yield Analysis Methods, and others. Regardless of how its obtained, an OAR is nothing more than a measure of the ‘relationship between a property’s Value and its NOI for one (particular) year. In this analysis, the OAR has been calculated and verified by several different methods -- including the mortgage equity band of investment technique illustrated below: AWE HOD fun bay ve EAI AY - EXHIBIT zx EXHIBIT # PAGE. Ay ACE 248 oF 75.000000% X — 8.390574% plus 25.000000% X — 6.292931% equals 7.866163% : Rounded to 8% for Direct Capitalization Estimate An Equity Dividend Rate (Re) is a ratio of one year's Equity Dividend to the Value of initial Equity Investment. Equity Dividend is the operating income balance, after operating expenses and mortgage payments (principal & interest) have been deducted. from effective gross operating income. Equity Dividend is sometimes referred to as cash flow or cash-on-cash. Based on the previously reported data, the stabilized equity dividend rate was calculated for this analysis at 6.292931%. . ‘Equity Yield Rate (Ye) is the interest rate (or internal rate of return) for the equity investor. It is also the _ discount rate at which the Present Value.of all anticipated future Cash Flow amounts equal the Value of initial Equity Investment. It reflects consideration of annual Cash Flow amounts and equity appreciation (or depreciation). With consideration of the calculated equity dividend rate (noted above) and the projected equity appreciation (reported below) , the equity yield rate calculated for this analysis is 13.444903%. Overall Yield Rate (Yo) is an interest rate similar to the Equity Yield Rate, but based on annual Net Operating Income (NOT) amounts rather than annual Cash Flow amounts. It is also the discount rate. at which the Present Value of all anticipated future NO] amounts, plus reversion equals the initial Total Property Value. It reflects consideration of annual NOI amounts and total property appreciation (or depreciation). With consideration of the previously calculated overall capitalization rate and projected total property appreciation, the overall yield rate calculated for this analysis is 9.399815%. Mortgage Constant (Rm) is the ratio of uniform annual mortgage payments (principal! and interest) to the initial loan amount. It is analogous to a mortgage capitalization rate. ~ Like most other Income Capitalizers, the appropriate Mortgage Constant for an Income Capitalization Analysis can be computed in (at least) several different ways. These include: Dividing the constant annual mortgage payment by the initial loan amount, Adding the sinking fund factor to the mortgage interest rate, Using conventional "installment to amortize $1" formula, etc. Using the projected Nominal Interest Rate and Amortization Term data, the appropriate mortgage constant for this analysis has been calculated at 8.390574%. Terminal Cap Rate (T-Ro) is the ratio of projected NOI for the Ist year immediately following ar investment holding period, to the property's Value at the end of the holding period. . ADMINISTRATIVE COMPLAINT EXHIBIT_€ 5 C_ EXHIBIT #2. PAGE Sages re a Based on the projected net operating income and property appreciation data, the calculated terminal ‘capitalization for this analysis is 7.071883%. TOTAL EQUITY APPRECIATION: - Total Equity Appreciation (or depreciation) i is the total change i in equity value that occurs over the term of an investment holding period. Based on consideration of projected total property appreciation, initial equity investment, and equity. balance at the end of the projected holding period, total equity appreciation has been calculated for this analysis at 134.615027%. Total NOI Change is s the total change in Net Operating Income that occurs over the full term of an investment holding period. Based on the projected gross potential operating income and operating expense previously reported, the total NOI change for this analysis is 62. 196335 7%. Annual NOI Change is the compound annual rate of change in NOI that corresponds to Total NOI Change that occurs over the full term of an investment holding period. The calculated annual NOI change for this analysis is 4.955235%. DATA SUMMARY & MARKET VALUE RESULTS: Market/Prop. Performance Data Income Capitalizers Loan-To-Value Ratio 75.000000% Overall Cap Rate (Ro) 7.866163% Debt Coverage Ratio 1.250000 Equity Dividend Rate (Re) 6.292931% * Nominal Interest Rate . 7.500000% Equity Yield Rate (Ye) 13.444903% Amortization Term (Years) 30 Overall Yield Rate (Yo) 9.3998 15% Holding Period (Years) 10 Mortgage Constant (Rm). 8.390574% Payments Per Year . 12 Terminal Cap Rate (T-Ro) 7.071883% Initial Finance/Closing Costs 3,000000% Total Equity Appreciation 134.615027% Tota! Property-Appreciation 24.999997% Total NOI Change -62.196335% Total Property Appreciation Per Year 2.256518% Annual NOI Change 4.955235% Change in GPI Per Year 1.000000% “ Change in Operating Expense Per Year : 1.000000% Cost of Refinance or Sale at End of Holding _1.000000% Period : ~ Market Value Results Market Value by Direct Capitalization $862,423.41 Initial Loan Amount $646,817.56 Initial Equity : $215,605.85 Annual Debt Service oO : : $54,271.71 Annual Equity Dividend . . $13,567.93 Market Value at endof Holding Period | $1,078,029.24 Sale or Refinance Cost at end of Holding Period $10,780.29 Mortgage Balance at end of Holding Period $561,405.22 Equity Balance at end of Holding Period . . $505,843.73 IS PRAY . . AU WNEs | ie: = COMPLAINT sO ~ EXHIBIT_<_ &*#8IT pire PAGE Bas **GE __290 —220__ oF Year 1 Income and Expense Summary Per Month Per Year Year 1 Gross Potential Income $9,486.00 $113,832.00 Vacancy and Collection Loss -000000% $.00 Year 1 Effective Gross Income $113,832.00 Operating Expenses % of EGI Per Year Variable 39,370000% $44,815.66 Fixed -000000% $.00 Reserves : .000000% $.00 Total Operating Expense 39.370000% $44,815.66 Initial Finance/Closing Costs $22,013.45 Year 1 Net Operating Income . $47,002.90 Stabilized Net Operating Income for Holding Period $67,839.63 Year 2 Income and Expense Summary : Per Month Per Year Year 2 Gross Potential Income $9,580.86 $114,970.32 Vacancy and Collection Loss -000000% $.00 Year 2 Effective Gross Income $114,970.32 Operating Expenses % of EGI Per Year Variable ~ 39.370000% $45,263.81 Fixed .000000% $.00 Reserves .000000% $.00 Total Operating Expense 39.370000% $45,263.81 Year 2 Net Operating Income $69,706.50 Year 3 Income and Expense Summary Per Month Per Year Year 3 Gross Potential Income $9,676.67 $116,120.02 Vacancy and Collection Loss .000000% $.00 _ Year 3 Effective Gross Income: $116,120.02 Operating Expenses % of EGI Per Year Variable 39.370000% $45,716.45 Fixed -000000% $.00 Reserves -000000% $.00 Total Operating Expense 39.370000% $45,716.45 Year 3 Net Operating Income $70,403.57 EXHIBIT. & PAGE 396 Year 4 Income and Expense Summary PAGE “3°7_ Per Month Per Year Year 4 Gross Potential Income $9,773.44 $117,281.22 Vacancy and Collection Loss .000000% $.00 Year 4 Effective Gross Income $117,281.22 Operating Expenses % of EGI Per Year Variable 39.370000% $46,173.62 Fixed .000000% $.00 Reserves .000000% $.00_ Total Operating Expense 39.370000% $46,173.62 Year 4 Net Operating Income $71,107.60 Year 5 Income and Expense Summary : Per Month .Per Year Year 5 Gross Potential: Income $9,871.17 $118,454.03 Vacancy and-Collection Loss -000000% $.00 Year 5 Effective Gross Income $118,454.03 Operating Expenses % of EGI Per Year Variable 39.370000% $46,635.35 Fixed .000000% $.00 Reserves. -000000% $.00 . Total Operating Expense 39.370000% $46,635.35 Year 5 Net Operating Income $71,818.68 Year 6 Income and Expense Summary Per Month Per Year _ Year 6 Gross Potential Income $9,969.88 $119,638.57 Vacancy and Collection Loss -000000% $00. Year 6 Effective Gross Income $119,638.57 Operating Expenses % of EGI Per Year Variable 39.370000% $47,101.71 Fixed .000000% $.00 Reserves -000000% $.00 Total Operating Expense 39.370000% $47,101.71 Year 6 Net Operating Income $72,536.87 EXHIBIT <__ Year 7 Income and Expense Summary PAGE _>~@ Per Month Per Year Year 7 Gross Potential Income $10,069.58 - $120,834.95 Vacancy and Collection Loss -000000% $.00 Year 7 Effective Gross Income $120,834.95 Operating Expenses - % of EGI Per Year Variable 39.370000% $47,572.72 Fixed .000000% $.00 > Reserves -000000% $00 Total Operating Expense 39.370000% $47,572.72 Year 7 Net Operating Income $73,262.23 Year 8 Income and Expense Summary Per Month Per Year Year 8 Gross Potential Income $10,170.28 $122,043.30 Vacancy and Collection Loss .000000% $.00 Year 8 Effective Gross Income _ : $122,043.30 Operating Expenses % of EGI Per Year Variable 39.370000% $48,048.45 Fixed .000000% $.00 Reserves -000000% - $.00 Total Operating Expense 39.370000% =. $48,048.45 Year 8 Net Operating Income - $73,994.85 Year 9 Income and Expense Summary : ° 7 Per Month Per Year Year 9 Gross Potential Income $10,271.98 $123,263.74 Vacancy and Collection Loss .000000% © $.00 Year 9 Effective Gross Income $123,263.74 Operating Expenses _ % of EGI Per Year Variable 39:370000% © $48,528.93 Fixed -000000% - $.00 Reserves : -000000% . $.00 ~ Total Operating Expense 39.370000% $48,528.93 Year 9 Net Operating Income : $74,734.80 ; Z ADMINISTRATIVE COMPLAINT EXHIBIT_£ EXHIBIT #O . PAGE _ 26.2. Year 10 Income and Expense Summary Per Month Per Year Year 10 Gross Potential Income $10,374.70 $124,496.37 Vacancy and Collection Loss -000000% $.00 Year 10 Effective Gross Income $124,496.37 Operating Expenses % of EGI Per Year Variable 39.370000% $49,014.22 Fixed .000000% $.00 Reserves .000000% $.00 Total Operating Expense 39.370000% $49,014.22 Year 10 Net Operating Income $75,482.15 Year 11 Income and Expense Summary Per Month Per Year Year 11 Gross Potential Income $10,478.44 $125,741.33 Vacancy and Collection Loss -000000% $.00 Year 11 Effective Gross Income $125,741.33 Operating Expenses % of EGI Per Year | Variable 39,370000% $49,504.36 Fixed .000000% $.00 Reserves .000000% $.00 Total Operating Expense 39.370000% $49,504.36 Year 11 Net Operating Income $76,236.97 ADMINISTRATIVE COMPLAINT EXHIBIT #2 EXHIBIT CPAGE 254 oF PAGE 2”A%N DISCOUNTED CASH FLOW ANALYSIS: “Discounted Cash Flow Analysis" is the income capitalization technique of converting anticipated periodic future Cash Flow amounts to a present value that will provide a specified rate of return on investment. The term Cash Flow, typically refers to the amount of net operating income available to an equity investor, after payment of annual debt service (mortgage principal and interest). Thus, in simplest terms, it is annual Net Operating Income minus annual Debt Service. ‘In the last year of an investment holding period, Cash Flow also includes the investor's net proceeds (reversion) from sale or refinance of the investment property. Cash Flow is also sometimes referred to as Cash-on-Cash, and (when it includes reversion) is appropriately called Equity Yield. The rate of return on investment for the equity investor is analogous to the interest (or yield) rate for a mortgage lender. It is a compound annual rate of return that reflects consideration of all annual income amounts realized (or anticipated) by the equity investor. The generally ‘accepted name for this rate of return is Equity Yield Rate. The process of converting anticipated periodic future Cash Flow amounts to a present.value, essentially involves an arithmetic process‘of reverse compounding. For example: At an annual compound interest (yield) rate of 10%, a $1.00 investment will have a future value of about $1.21 -- two years after the date of initial investment. This result can be calculated by multiplying the original investment of $1 by 110% and then multiplying again by 110%. To reverse this compounding process, the future value amount of $1.21 is divided by 110% -- then the result is again divided by 110%. This reverse compounding process is called Discounting. : The Discount Rate used in Discounted Cash Flow Analysis is the Equity Yield Rate for the particular investment property being analyzed. Discounted Cash Flow Analysis at a Discount Rate of 13.444903% Cash Flow Present Value Factor Present Value Year 1 -$7,268.81 881485 -$6,407.35 Year 2 $15,434.80 -777016 $11,993.09" ~ Year 3 $16,131.86 -684928 $11,049.17 _. Year 4 $16,835.90 603754 $10,164.74 Year 5 $17,546.97 532200 $9,338.50 Year 6 . $18,265.16 * 469127 $8,568.67 Year 7 $18,990.53 413528 ~ $7,853.12 Year 8 $19,723.15 - 364519 $7,189.46 Year 9 $20,463.10 321318 $6,575.16 Year 10 $527,054.30 .283237 $149,281.31 Init. Mort. $646,817.56 Total * . $862,423.43 ADMINI STRAT WE co MP LAINE t ‘ EXHIB: < . PAGE oo OVERALL RESULTS SUMMARY: Overall Results Summary Stabilized NOI for 10 Year Hold. Period $67,839.63 Year | Effective Gross Op. Income $113,832.00 Overall Cap Rate @ Stabilized NOI 7.866163% Year | Operating Expenses $44,815.66 Equity Div. Rate @ Stabilized NOI 6.292931% initial Finance/Closing Costs $22,013.45 Equity Yield Rate @ Stabilized NOI 13.444903% Year 1 Net Operating Income $47,002.90 Term. Cap Rate @ 11th Year NOI 7.071883% Overall Cap Rate @ Year 1 NOI 5.450107% Year 1 GrossPotential Op. Income $113,832.00 Gross Inc. Multiplier @ Year 1 NOI 7.576283 Year 1 V & C Loss .000000% EGI Multiplier @ Year 1 NOI 7.576283 EXHIBIT 6 _ PAGE he provided Ms. Ney with a verbal apptaisal on October 12%: 2002;- ADMINISTRATIVE. COMPLAINT 5 EXHIBIT #5 pane oF and later provided a written appraisal to Ms. Ney by e-mail while Ms..Ney was out of town on an extended vacation. :‘.12..° Respondent's failure to provide a written appraisal to ; Ms. Ney constitutes culpable negligence and a breach of trust in a business transaction in violation of Section 475.624(2), Florida Statutes (2001) .— The business purpose of the transaction was to obtain a written appraisal suitable for the ‘broker to show potential purchasers of the property and thereby facilitate the sale of the property. It would be credulous to find, as néspondent testified, that Ms. Ney paid Respondent $500 for. the verbal statements Respondent provided to Ms. Ney on October. 12, 2002. Respondent 's testimony demonstrated ample business acumen for him to understand the business purpose for the $500 he received from Ms. Ney. . 13. Respondent's failure to provide an appraisal to Ms. Ney caused Ms. Ney to suffer financial harm, including the cost of a second appraisal and the delay. in. the sale of the property. “Ms. Ney. subsequent ly obtained a written appraisal from a second _ appraiser. The written appraisal valued the property as. of November 25, 2002, at $775,000. The appraiser signed the appraisal on January 7, 2003. The written appraisal contains approximately 10 limiting conditions not included in. the verbal. _ statements Respondent. claims in his testimony that he provided to Ms. Ney on October 12, 2002. Lo ADMINISTRATIVE COMPLAINT. 14. Ms. Ney listed the property with the broker sometime «» + in February or March of 2003.* The’ broker listed the property: at<; a listing sale price based on the written. appraisal provided: by the second appraiser. Ms. Ney eventually completed the sale of | the property. 15. Between October 12, 2002, and January 7, 2003, Ms. Ney was unable to sell the property. The property was. unusual, and the broker needed an appraisal to establish a listing price. Respondent understood that Ms. Ney wanted to list the property as soon as possible but could not do so without a written. appraisal. ee See ee et Recon Ui Sacun 16. On several’ occasions, during’ November and December of. 2002, the broker's assistant attempted to contact Réspondent to obtain a written appraisal. Respondent did not respond. Respondent testified unpersuasively that he was unaware that Ms. Ney had not received the appraisal by e-mail or that the broker had tried to céntact’ Respondent. ~~ CONCLUSIONS OF LAW 17. DOAH has jurisdiction over the parties and the subject matter of this proceeding pursuant to Section 120.57(1), Florida Statutes (2004). The parties received adequate notice of the © aditinistrative hearing- © ° -"%!- “4g. ‘The burden ‘of proof in this“proceeding- ision i.° Petitioner. Florida Department of Transportation v. J.W.C. ADMINISTRATIVE COMPLAINT 7 EXHIBIT 4.7 PAGE 7 oF - Company, Inc., 396 So. 2d 778 (Fla. 1st DCA 1981); Balino v.. ‘Department of Heath and Rehabilitation Services, 348 So. 2d 349 ...- (Fla. lst DCA 1977). Petitioner must show by clear and convincing evidence that Respondent committed the acts. alleged in the Administrative Complaint and the reasonableness of any ‘proposed penalty. Ferris v. Turlington, 510 So. 2d 292 (Pla. 1987). - 19. Petitioner satisfied its burden of proof. The evidence is clear and convincing that the verbal statements made ‘ by Respondent on October 12, 2002, do not satisfy. the (USPAP) requirements for an appraisal. _ Section 475.628, Florida “statutes (2002), requires Respondent to_comply with the requirements of USPAP. The trier of fact found Respondent 's unsupported testimony that he provided a written appraisal to Ms. Ney by e-mail to: be neither credible nor persuasive. 20. Section 475.624, Florida Statutes (2001), authorizes the Florida Real Estate Appraisal Board {the Board) to. take disciplinary action against the license of Respondent for the violations Respondent committed. The authorized discipline includes revocation, suspension, imposition of an administrative fine not to exceed $5000 for each count, and a reprimand. (21. For a violation of Subsection 475.624(16), Florida Statutes (2001), Florida Administrative Code Rule 6171-8.002 prescribes a maximum penalty of a: fine not greater than $1,000 . ADMINISTRATIVE COMPLAINT. EXHIBIT #2 PAGE JO oF and suspension of Respondent's license for no more than one year. For a violation of Subsection 475.624(2), Florida-" 3.) 62.7 Statutes (2001), the rule prescribes a maximum penalty ofa fine not greater than $1,000 and revocation of Respondent's license. 22. In its Proposed Recommended Order, Petitioner seeks a fine of $2,000 and suspension of Respondent's license for ' 60 days. Petitioner submitted no evidence of any previous discipline against Respondent's license. The proposed penalty is reasonable when all of the surrounding facts and circumstances are considered. . RECOMMENDATION ~ Based upon the foregoing Findings of Fact and Conclusions -of Law, it is, RECOMMENDED that the Board enter a Final Order finding that Respondent violated Subsections 475.624(16) and 475.624(2), Florida Statutes (2001); imposing an administrative fine of $2,000; and suspending Respondent's license for 60 days. ADMINISTRATIVE COMPLAINT. EXHIBIT #_7- PAGE () OF DONE AND ENTERED this 28th day of January, 2004, in Tallahassee, Leon County,. _COPIES FURNISHED: Don Alan Moore Post Office Box 1339 Bradenton, Florida Alfonso Santana, Department of Business and -. Professional Regulation 400 West Robinson Street, Florida: DANIEL MANRY Administrative Law Judge Division of Administrative Hearings The DeSoto Building. 1230 Apalachee Parkway Tallahassee, Florida 32399-3060 (850) 488-9675 SUNCOM 278-9675 Fax Filing (850) 921-6847 www.doah.state.fl.us Filed with the Clerk of the Division of Administrative Hearings this 28th day of January, 2004. Suite 801, North . Orlando, Florida 32801-1757 Nancy P. Campiglia, General Counsel Department of Business and Professional Regulation Northwood Centre °1940 North Monroe Street Tallahassee, Florida Jason Steele, Director Division of Real Estate 32399-2202 Department of Business and Professional Regulation 400 West Robinson Street, 32801-1772 Orlando, Florida Suite 802, North ADMINISTRATIVE COMPLAINT 7 EXHIBIT #O page Le OF NOTICE OF RIGHT TO. SUBMIT EXCEPTIONS: All parties have the right to.submit written exceptions within 15 days from the date of this Recommended Order. Any exceptions to this Recommended Order should be filed with the agency that will issue the Final Order in this case. ADMINISTRATIVE COMPLAINT EXHIBIT #45” PAGE __/? oF Peony Bx £° STATE OF FLORIDA sN Bn DEPARTMENT OF BUSINESS & PROFESSIONAL macurant “ 2 FLORIDA REAL ESTATE APPRAISAL BOARD 7 Ait * 4 FLORIDA DEPARTMENT OF BUSINESS & a PROFESSIONAL REGULATION, DIVISION OF REAL ESTATE, Petitioner, v. CASE NO. 2002015120 ALAN D. MOORE, Respondent. / ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Alan D. Moore (“Respondent"), and alleges: ESSENTIAL ALLEGATIONS OF MATERIAL FACT 1. Petitioner is a state government licensing and regulatory agency charged with the responsibility and duty to prosecute Administrative Complaints pursuant to the laws of the State of Florida, including Section 20.165 and Chapters 120, 455 and 475 of the Florida Statutes, and the rules promulgated thereunder. 2. Respondent is currently a Florida state-certified general real estate appraiser having been issued license 252 in accordance with Chapter 475 Part I of the Florida Statutes. 3. The last license the State issued to Respondent was as a state-certified general real estate appraiser at 401 Cortez Road W #405, Bradenton, Florida 34207. 4. Respondent accepted an assignment to appraise Pauline Ney’s real property. AUHVILNIS bd wk GUM iL AN EXHISIT # pace 2. OF ___ FDBPR v. Alan D. Moore Case No. 20002015120 Administrative Complaint 5. Respondent accepted and negotiated a check in the amount of $500 for said assignment. A copy of the check is attached hereto and incorporated herein as Exhibit 1. 6. Without good cause, Respondent failed to communicate the report to his client. COUNT I Based upon the foregoing, Respondent has failed to communicate an appraisal without good cause in violation of Section 475.624(16), Florida Statutes. COUNT IL Based upon the foregoing, Respondent is guilty of fraud, misrepresentation, concealment, false promises, false pretenses, dishonest conduct, culpable negligence, or breach of trust in any business transaction in violation of Section 475.624(2), Florida Statutes. WHEREFORE, Petitioner respectfully requests the Florida Real Estate Appraisal Board, or the Department of Business and Professional Regulation, as may be appropriate, to issue a Final Order as final agency action finding the Respondent(s) guilty as charged. The penalties which may be imposed for violation(s) of Chapter 475 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration or certificate for a period not to exceed ten (10) years; imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication, or any combination of the foregoing which may apply. See Section ADMINIS TKADIVE CUMPLAINT EXHIBIT #0 PAGE (5 OF FDBPR v. Alan D. Moore Case No. 20002015120. Administrative Complaint 475.624, Florida Statutes and Rule 61J1-8.002, Florida Administrative Code. The penalties which may be imposed for violation(s) of Chapter 455 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate, suspension of the license, registration, or certificate for a period not to exceed ten (10) years; imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs, issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication; restriction of practice; injunctive or mandamus relief; imposition of a cease. and desist order; or any combination of the foregoing which may apply. See Section 455.227, Fla. Statutes and Florida Administrative Code Rule 61J1-8.002. SIGNED this_(, _ day of Qupat , 2003. Florida Department of Business and Professional Regulation By: Jason Steele ; PERCE . Director, Division of Real Estate Pepagep,. a . FILED , oy OF Beat Botany lation ATTORNEY FOR PETITIONER A. Santana, Senior Attorney Fla. Bar No. 318360 Division of Real Estate Legal Section 400 W. Robinson Street, N801 Orlando, Florida 32801-1757 (407) 481-5632 (407) 317-7260 - FAX QV COMPLAINT, FDBPR v. Alan D. Moore ; "Case No. 20002015120 Administrative Complaint PCP: MC/CK/CW 8/03 NOTICE TO RESPONDENTS PLEASE BE ADVISED that mediation under Section 120.573 of the Florida Statutes, is not available for administrative disputes involving this type of agency action. PLEASE BE FURTHER ADVISED that pursuant to this Administrative Complaint you may request, within the time proscribed, a hearing to be conducted in this matter in accordance with Sections 120.569 and 120.57 of the Florida Statutes; that you have the right, at your option and expense, to be represented by counsel or other qualified representative in this matter; and that you have the right, at your option and expense, to take testimony, to call and cross-examine witnesses, and to have subpoena and subpoena duces tecum issued on your behalf if a formal hearing is requested. PLEASE BE FURTHER ADVISED that if you do not file an Election of Rights form or some other responsive pleading with the Petitioner within twenty-one (21) days of receipt of this Administrative Complaint, the Petitioner will file with the Florida Real Estate Appraisal Board a motion requesting an informal hearing and entry of an appropriate Final Order which may result in the suspension or revocation of your real estate license or registration. Please see the enclosed Explanation of Rights and Election of Rights form. 4 ADMINISTRATIVE COMPLAINT. EXHIBIT 7 E If oe Pauline S. Ney FA, Box 150 Ellenton, Fi. y to th “Seer of 34222 3136 - 3 vate LQ-/2 = % 2. eum . r i $ 460.03 | ADMINISTRAT } EXHIBIT PAGE _+t- iG > — 2eld zo/st7ar Uva SA Tran 00197 10/15/2002 09:23 Entity WL. CC 0001465 Tie 00001 Account R/TA 540570135 Cash Check OM ORL FL reseseaneseet $500.00 . ADMINISTRATIVE COMA ee ERATIVE COMPLAL } T PAGES EXHIBIT 4 ; PAGE 16 ws cabo pee ERE LY