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Boyle & Drake, Inc. <br />Real Estate Appraisers and Consultants <br />Stephen J. Boyle, ASAI <br />State -Certified General <br />Real Estate Appraiser RZ699 <br />37907 1h Terrace Ste. 202 • Vero Beach, FL 32960 <br />Telephone: (772) 778-7577 <br />Fax: (772) 778-7868 <br />info@boyledrake.com <br />March 23, 2016 <br />Ms. Stefanie -Jo Osborn <br />The Town of Indian River Shores <br />6001 N A 1 A <br />Indian River Shores, F132963 <br />Paul P. Drake, NMI, SRA <br />State -Certified General <br />Real Estate Appraiser RZ27 <br />Re: An Appraisal Report of 5.50± acres located in incorporated Indian River County, <br />Indian River County, Florida, 32963 ' <br />Ms. Osborn: <br />In accordance with your request, we have made an investigation and analysis of the <br />above referenced property. The subject property represents a 5.50± acre tract of vacant <br />land located on the east side of SR AIA with ocean views but no direct ocean frontage. <br />The purpose of this investigation and analysis was to estimate the Fee Simple Market <br />Value of the subject property assuming the zoning and future land use are changed to <br />allow a use consistent with the Highest & Best Use as of February 24, 2016. The client <br />and intended user is the Town of Indian River Shores. The intended use of the report is <br />to determine the current market value for the internal use of our client. <br />i <br />As a result of our investigation and analysis of the information obtained herein, as well as <br />a general knowledge of the real estate valuation procedures, it is our opinion that the <br />Market Value of the Fee Simple Estate of the subject property "as is", as of February 24, <br />2016, was: <br />SEVEN MILLION SEVEN HUNDRED THOUSAND DOLLARS <br />($7,700,000) <br />218 <br />