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i <br />Boyle & Drake, Inc. <br />Ms. Stefanie -Jo Osborn <br />the Town of Indian River Shores <br />March 23, 2016 <br />Page ii <br />Extraordinary Assumption(s): None <br />Hypothetical Condition(s) <br />1.. The subject property currently has a future land use designation of OS/R, Open <br />Space Recreation, as a result of being owned by the Municipality. According to <br />the Town of Indian River Shores, The future land use would be changed to allow <br />low or medium density residential development before it would be offered for <br />sale. For the purpose of this report, we have assumed the future land use would <br />permit medium density residential development. <br />21. The subject property does not have direct oceanfront as a parcel of land owned by <br />j Indian River County separates the subject from direct frontage. For the purpose if <br />this report, we have assumed the parcel of land owned by Indian River County <br />could be purchased, or an easement granted in favor of the subject, to allow the <br />property owner(s) right of use. <br />The use of a Hypothetical Conditions)may affect assignment results. <br />This is an Appraisal Report report that is intended to comply with the reporting <br />requirements set forth under Standard Rule 2-2(a) of the Uniform Standards of <br />Professional Appraisal Practice for an Appraisal Report. As such, it does include <br />summary discussions of the data, reasoning, and analyses that were used in the appraisal <br />process to develop the appraiser's opinion of value. Supporting documentation <br />concerning the data, reasoning, and analyses is retained in the appraiser's file. The <br />information contained in this report is specific to the needs of the client and for the <br />intended use stated in this report. The appraiser is not responsible for unauthorized use of <br />this report. <br />Additionally, this appraisal report is prepared in accordance with the appraisal guidelines <br />of the Uniform Standards of Professional Appraisal Practice (USPAP), as approved by <br />the Appraisal Standards Board of the Appraisal Foundation and FIRREA Title XI, 12 <br />CFR Part 323 (FDIC) and 12 CFR Part 34 (RTC). <br />Your attention is directed to the limiting conditions and underlying assumptions upon <br />which the value conclusions are contingent. An Executive Summary has been included <br />for your convenience. It has been a pleasure to serve you in this matter. <br />219 <br />