Fort Lauderdale Hollywood International Airport

FORT LAUDERDALE HOLLYWOOD INTERNATIONAL AIRPORT

RUNWAY EXPANSION

INCRIMENTAL AIRPORT NOISE DIMINUTION-IN-VALUE STUDY

Prepared For:

Jacques Beaumier Broward Country Expansion Project Administrator Noise Mitigation Officer Noise Mitigation Outreach Center 200 E. Dania Beach Blvd., Suite 103 Dania Beach, Florida 33004

Prepared By:

Randall Bell, PhD, MBA, MAI Bell Anderson & Sanders LLC 496 Broadway Laguna Beach, California 92651

Date:

August 14, 2013

Abstract:

This report addresses the Fort Lauderdale – Hollywood International Airport expansion and the net impact of incremental airport noise on surrounding property values.

As airports continue to expand, surrounding housing prices are impacted. This report, (1) sets for an overview of the Ft. Lauderdale Airport expansion project, (2) conducts a literature review of published studies on the topic, most of which conclude that homes under or nearby the flight corridors of international airports experience a diminution in property market values, (3) sets forth this study’s research methods, which are primarily simple- and multiple-regression models, (4) sets forth the research findings, and (5) reconciles the literature with the research findings and summarizes the conclusion of this study.

This report concludes that there is a negative impact from the increased noise levels of with a coefficient of -$61,471 (-21.9% of mean home value), which are partially offset by the mitigation program to install central air-conditioning (3.6%) and impact windows (3.9%).

The net impact of a home outside DNL Noise Contour that is in a 65 DNL Noise Contour as a result of the runway expansion is -14.4%

The net impact of a home in a 65 DNL Noise Contour that is in a 70 DNL Noise Contour as a result of the runway expansion is 1.2%

INTRODUCTION

This study addresses the impact of the Fort Lauderdale – Hollywood International Airport’s expansion on surrounding property values due to increased noise levels. Specifically, this study addresses any negative impact of increased noise levels, along with any positive impact of the installation of central air-conditioning and impact windows for the impacted homes through the airport’s noise mitigation program.

A community's comprehensive plan is essential for researching the effects on surrounding properties.1 More than 23 million passengers fly through Fort Lauderdale-Hollywood International Airport annually. In 2010, FLL ranked 22nd in total passenger traffic in the United States. More than 600 flights fly in and out of the airport daily to more than 60 U.S. cities and international destinations in Canada, the Bahamas, the Caribbean, Mexico, Latin American, and Europe.

According to the Broward County Aviation Department (BCAD) website, the expansion of the Fort Lauderdale – Hollywood International Airport is progressing with the expansion of the south runway and related projects. The overall program consists of three major aspects, (1) land acquisition, (2) expansion of the south runway, and Terminal 4, and (3) gate replacement. DMJM, Inc., is the Program Management Office consultant (PMO) which is responsible for managing the overall program.

The project will extend, shift and lengthen Runway 9R/27L from 5,276 feet to 8,000 feet. It will give the airport two parallel runways that can accommodate larger commercial flights. Parallel runways can increase airport capacity dramatically. This expansion will increase the airport's capacity from 84 flights per hour to 107. Without the runway expansion, delays could reach more than 20 minutes per flight. The South Runway Project is expected to be substantially complete by the third quarter of 2014.2

January 23, 2012 marked the beginning of construction for the South Runway Project at Fort Lauderdale-Hollywood International Airport (FLL). Airport Director Kent George, Broward County Mayor John E. Rodstrom, Jr., and the entire Board of County Commissioners were joined by more than 300 guests to help celebrate the beginning of one of the Country’s most significant aviation construction projects. U.S. Transportation Secretary Ray LaHood and Acting Federal Aviation Administrator Michael Huerta joined to help break ground for the $791 million runway expansion. "This is one of the largest and most important airport construction projects in the country right now," said Secretary LaHood. "Modernizing our airport infrastructure will keep our economy moving forward, and put thousands of Americans back to work." "Fort Lauderdale- Hollywood International Airport is one of the fastest-growing airports in the country," said Acting Administrator Huerta. "The expanded runway will provide additional airport capacity and will help reduce flight delays."

1 Wayne Rasmussen, “Use of the Local Comprehensive Plan in the Appraisal Process,” The Appraisal Journal (Summer, 2011): 223. 2 “FLLAIR – Project History,” Broward County. Accessed July 16, 2013, http://www.broward.org/Airport/FLLair/History/Pages/FLLair.aspx.

The program’s original budget totals $1,165,628,000. The committed budget is $570,147,980 (over $490 million more than a year ago) and the work in place totals $98,454,133 (over $60 million more than a year ago). When construction activity peaks, the project will contribute more than $1 million per day to the local economy. The runway costs are estimated to be $791 million. The project is estimated to create 10,822 temporary jobs during the construction.

Noise mitigation is an important aspect of this project. The approximate cost of the noise mitigation program at the Fort Lauderdale-Hollywood International Airport is $175 million.3

The scope of study included the following:

 Reviewed relevant literature.

 Performed multiple inspections of the subject neighborhoods.

 Considered, reviewed, and incorporated the local market data collected by Patrick Sullivan, SRA. .

 Personally inspected the neighborhoods in the study areas, as well as the surrounding areas.

 Collected test and control market data and performed regression analyses.

 Prepared a summary appraisal report relative to USPAP compliance.

 Made a presentation and obtained input from the airport advisory committee and local residents.

 Significant professional assistance was provided by Patrick Sullivan SRA, who provided local market data and information, James Kearns, SR/WA and Tyler Baird.

3 “Capital Improvement Plan,” Broward County. Accessed July 15, 2013, http://www.broward.org/Airport/FLLair/CapitalImprovement/Pages/Default.aspx.

Artist’s Rendering of Completed Terminals 4

Artist’s Rendering of Completed Runway 5

4 “Capital Improvement Plan,” Broward County. Accessed July 15, 2013, http://www.broward.org/Airport/FLLair/CapitalImprovement/Pages/Default.aspx. 5 “Capital Improvement Plan,” Broward County. Accessed July 15, 2013, http://www.broward.org/Airport/FLLair/CapitalImprovement/Pages/Default.aspx.

Fort Lauderdale – Hollywood International Airport Greenbelt (Partial Closure)

Construction Area Greenbelt area closed

Griffin Rd

Ariel View of Construction Area6

6 “FLL Airport Improvements & Renovations,” Broward County. Accessed July 15, 2013, http://www.broward.org/Airport/FLLair/Pages/Default.aspx.

KEY ISSUES & LITERATURE REVIEW

An Overview of Detrimental Conditions

Airport noise is generally considered to be a detrimental condition. Diminution in value is the difference between the before and after market values of properties that have been damaged or taken.

Hundreds of Detrimental Conditions (DCs) may impact real estate values, including environmental contamination, construction defects, geotechnical issues, eminent domain, economic declines, proximity issues, natural disasters, and many others. While identifying, categorizing, and analyzing these numerous DCs may seem overwhelming, the task becomes manageable when the fundamental stages and market value effects are considered in a logical sequence. The fundamental tools for a DC analysis, the DC Matrix, the DC Model, The Bell Chart, and the Three DC Approaches to Value, are set forth within the book Real Estate Damages.7

On this basis, airport noise is generally categorized as a Class V Condition, which is defined as being an externality or neighborhood condition, and is generally permanent in nature.

Detrimental Conditions Stages

Utilizing the DC Matrix, it is apparent that several issues are relevant in studying airport noise. Based upon this discussion, the DC Matrix as related specifically to this airport study would be, (1) any diminution in value due to the increased noise levels, and (2) any contributing value from the installation of central air-conditioning and impact windows as mitigation measures.

Within the professions of real estate valuation, law, lending, and brokerage, some of the most complex challenges are presented when a property is impacted or damaged by a Detrimental Condition ("DC"). Detrimental Conditions are any situation that can influence property values, such as market conditions, distress sales, stigma, airport noise, construction defects, geotechnical problems, environmental contamination, and natural disasters.

There are literally hundreds of DCs that can influence property values, and many of them can create valuation challenges that go well beyond the scope of the three traditional approaches to value. Initially, the number of DCs and the complexity of each one may seem to be overwhelming. However, an analysis of DCs indicates that they can all be classified into one of 10 basic categories. By applying the appropriate methodologies, the analyst is able to provide the real estate and legal communities with a meaningful and accurate assessment of a specific detrimental condition.

The Bell Chart, which has been published widely by the Appraisal Institute and the International Right of Way association, sets for the ten categories of detrimental conditions:

7 Randall Bell, Real Estate Damages: An Analysis of Detrimental Conditions, (Chicago: Appraisal Institute, 1999).

The subject property is being studied in the context of a detrimental condition analysis. It is useful to review the literature concerning damaged property valuation methodologies, which have evolved into the methodologies used today.

Most of this early material was discussed in the context of environmental contamination, but may have relevance to any type of property damage. These earlier articles, while perhaps outdated from today’s standards, outline the evolution which eventually lead to the current methodologies and standards.

One of the earliest articles on this topic is entitled "Valuation of Contaminated Properties”.8 In this article, Patchin notes that stigma damages are related to "increased risks of ownership, difficulties in financing, and so forth" and that "a valuation tool that utilizes all of these factors is the capitalization rate. Consequently, with its mortgage-equity measurement techniques the capitalization rate appears to offer a means of valuing contaminated property."9 In "Contaminated Properties - Stigma Revisited”, Patchin notes, "the inability to obtain financing, either for the sale of the property or its future development, is one of the most frequent causes of stigma-related value loss."10

In 1994, Patchin noted that the increasing flow of market data (as of 1994) has made the sales comparison approach more viable.11 Prior to this, the sales comparison approach had generally been completely dismissed. Patchin notes "while income techniques are still valid and frequently provide the most accurate indication of value, the sales comparison approach now provides a valuable back-up for the income approach conclusions”.12 Thus, the income approach, with capitalization rate adjustments, remains the primary approach, according to Patchin, but the sales comparison approach could be a secondary method in estimating stigma effects. He is not suggesting that the sales approach be the sole method, however. As he notes, "while market data have not yet developed to the extent that this approach (sales comparison/case study) can be used as a primary indicator of value in most cases, it has become useful as a confirming approach (to the income approach)."13

Mundy in "Stigma and Value" notes, "direct market evidence, such as that provided by comparable sales, is difficult to obtain and often does not offer significant insight into factors that influence the value of contaminated property”.14 Mundy goes on to note that quantifying stigma could "have the following influences on market behavior as measured through the income approach . . . the capitalization rate or discount rate could be influenced by lending institutions' desire to alter the loan-to-value ratio, interest rate, or term of the loan to offset

8 Peter Patchin, "Valuation of Contaminated Property”, The Appraisal Journal (January 1988), pages 7-16. 9 Ibid., page 13. 10 Peter Patchin, "Contaminated Properties - Stigma Revisited”, The Appraisal Journal (April 1991), page 169. 11 Peter Patchin, "Contaminated Properties and the Sales Comparison Approach”, The Appraisal Journal (July 1994), pages 402-409. 12 Ibid., page 403. 13 Ibid., page 403. 14 Bill Mundy, "Stigma and Value”, The Appraisal Journal (January 1992), page 7.

9 perceived risk."15 This gave way to developments with the income approach to valuation. However, since this article was written in 1992, ample environmental data has become available.

This point is reemphasized in "The Impact of Hazardous Materials on Property Value" and "The Impact of Hazardous Material on Property Value: Revisited" where Mundy demonstrates that stigma is most appropriately measured through increases in capitalization and yield (discount) rates. He notes "the increases in risk both to the equity and debt can be accounted for in the discount rate for the contaminated property”.16

This general approach is supported in "Estimating Value Diminution by the Income Approach" in which Richard Neustein demonstrates that the overall capitalization rate reflects the increased risk premium required by investors to offset the condition impacting the property. 17

All of the proceeding articles, while largely outdated today, show an evolution of thought. The current valuation methodologies are now also reviewed.

The Uniform Standards of Professional Practice were updated in 2003 to address more current methodologies that related to environmental issues; however, this discussion can be relevant to a variety of detrimental conditions as well.

Following are relevant excerpts from USPAP AO-9:

The appraisal of properties that may be impacted by environmental contamination involves specialized terms and definitions that might not be used in an appraisal assignment in which the effect of the property’s environmental condition is not analyzed, or when the property is not contaminated.18

Though it is recognized that there are other valid definitions of these and similar terms, for purposes of this Advisory Opinion, the following definitions apply:

Diminution in Value (Property Value Diminution): The difference between the unimpaired and impaired values of the property being appraised. This difference can be due to the increased risk and/or costs attributable to the property’s environmental condition.19

Environmental Contamination: Adverse environmental conditions resulting from the release of hazardous substances into the air, surface water, groundwater or soil. Generally, the concentrations of these substances would exceed regulatory limits established by the appropriate federal, state, and/or local agencies.

15 Ibid., page 12. 16 Bill Mundy, "The Impact of Hazardous Materials on Property Value”, The Appraisal Journal (April 1992), pages 155-162 and "The Impact of Hazardous and Toxic Material on Property Value: Revisited, "The Appraisal Journal, pages 463 - 471, quote from page 465. 17 Richard A. Neustein”, Estimating Value Diminution by the Income Approach," The Appraisal Journal" (April 1992) pages 283-287. 18 USPAP 2010‐2011, Advisory Opinion 9 19 This definition is similar to the AISLIC definition

Environmental Risk: The additional or incremental risk of investing in, financing, buying and/or owning property attributable to its environmental condition. This risk is derived from perceived uncertainties concerning:

the nature and extent of the contamination; estimates of future remediation costs and their timing; potential for changes in regulatory requirements; liabilities for cleanup (buyer, seller, third party); potential for off-site impacts; and other environmental risk factors, as may be relevant.

Environmental Stigma: An adverse effect on property value produced by the market’s perception of increased environmental risk due to contamination. (see Environmental Risk, above)

Impaired Value: The market value of the property being appraised with full consideration of the effects of its environmental condition and the presence of environmental contamination on, adjacent to, or proximate to the property. Conceptually, this could be considered the “as-is” value of a contaminated property.

Remediation Cost: The cost to clean up (or remediate) a contaminated property to the appropriate regulatory standards. These costs can be for the cleanup of on-site contamination as well as mitigation of off-site impacts due to migrating contamination.

Remediation Lifecycle: A cycle consisting of three stages of cleanup of a contaminated site: before remediation or cleanup; during remediation; and after remediation. A contaminated property’s remediation lifecycle stage is an important determinate of the risk associated with environmental contamination. Environmental risk can be expected to vary with the remediation lifecycle stage of the property.

Source, Non-Source, Adjacent and Proximate Sites: Source sites are the sites on which contamination is, or has been, generated. Non-source sites are sites unto which contamination, generated from a source site, has migrated. An adjacent site is not contaminated, but shares a common property line with a source site.

Proximate sites are not contaminated and not adjacent to a source site, but are in close proximity to the source site.

Unimpaired Value: The market value of a contaminated property developed under the hypothetical condition that the property is not contaminated. Relevant Property Characteristics

The appraisal of a property that includes the effects of environmental contamination on its value usually requires data not typically used in an appraisal of an otherwise similar but uncontaminated property or an appraisal of a potentially impacted property using either a hypothetical condition or an extraordinary assumption that it is uncontaminated or not impacted. The inclusion of these additional relevant property characteristics is consistent with Standards Rule 1-2 (e). The relevant property characteristics may include, but are not limited to:

 whether the contamination discharge was accidental or permitted;  the status of the property with respect to regulatory compliance requirements;  the remediation lifecycle stage (before, during, or after cleanup) of the property as of the appraisal date;  the contamination constituents (petroleum hydrocarbons, chlorinated solvents, etc.);

 the contamination conveyance (air, groundwater, soil, etc.);  whether the property is a source, non-source, adjacent or proximate site;  the cost and timing of any site remediation plans;  liabilities and potential liabilities for site cleanup;  potential limitations on the use of the property due to the contamination and its remediation; and  potential or actual off-site impacts due to contaminant migration (for source sites).

Since the appraiser is usually not an expert on the scientific aspects of contamination, experts from other fields will typically provide this information. Appropriate regulatory authorities should also be consulted to confirm the presence or absence of contamination. The appraiser should consider the use of extraordinary assumptions when this information serves as a basis for an opinion of value. The appraiser should also collect similar data for any comparable sales used in the analysis.

Today, the basic framework for valuing real estate damage issues are set forth with the Detrimental Conditions Matrix.20 This matrix was first published in 1998, and is the basis for fundamental changes of the Uniform Standards of Professional Appraisal Practice (USPAP) that were published 2002 and made effective January 1, 2003.

Detrimental Conditions Matrix

Assessment Repair Ongoing

Cost & Cost & Ongoing Costs & Cost Responsibility To Responsibility To Responsibility Assess Damage Repair or Remediate i.e., monitoring

Impact on Use While Impact on Use While Ongoing Impact on Use Use Assessed Repaired or or Remediated Impact on Highest & Best Use

Risk Uncertainty Project Market Factor Incentive Resistance

While the nine quadrants within the matrix may not all be applicable, they should all be considered in the context of every assignment. For airport noise, this typically includes the “repair” or “mitigation” costs to reduce interior noise, as well as ”market resistance” due to the noise itself.

20 Randall Bell, Real Estate Damages: An Analysis of Detrimental Conditions (Chicago: Appraisal Institute, 1999), 8‐15. Also see Randall Bell, "The Impact of Detrimental Conditions on Property Value”, The Appraisal Journal (October 1998): 380‐391.

Specifically, Advisory Opinion 9 of USPAP sets forth the “cost, use and risk” elements, with emphasis added, as follows:

Satisfying SR 1-4 Requirements:

When the appraiser addresses the diminution in value of a contaminated property and/or its unimpaired value, the appraiser must recognize that the value of an interest in impacted or contaminated real estate may not be measurable simply by deducting the remediation or compliance cost estimate from the opinion of the value as if unaffected (unimpaired value). Rather, cost, use and risk effects can potentially impact the value of contaminated property. Cost effects primarily represent deductions for costs to remediate a contaminated property. These costs are usually estimated by someone other than the appraiser, and should include consideration of any increased operating costs due to property remediation. The appraiser should also be aware that the market might not recognize all estimated costs as having an effect on value. Use effects reflect impacts on the utility of the site as a result of the contamination. If the contamination and/or its cleanup rendered a portion of the site unusable, or limited the future highest and best use of the property, then there could be a use effect on value. Risk effects are typically estimated by the appraiser and often represent the most challenging part of the appraisal assignment. These effects are derived from the market’s perception of increased environmental risk and uncertainty. The analysis of the effects of increased environmental risk and uncertainty on property value (environmental stigma) must be based on market data, rather than unsupported opinion or judgment.

In general, the unimpaired value of the property being appraised can be estimated using sales comparison approach [SR 1-4(a)], cost approach [SR 1-4(b)], and income approach [SR 1- 4(c)]. Estimating the effects of environmental contamination on real property value usually involves the application of one or more specialized valuation methods. These methods should be consistent with the requirements related to the valuation approaches in USPAP.

The DC Matrix and USPAP – Advisory Opinion 9 outlines the issues that should be considered with an assignment involving contamination or other real estate damage issue such as airport noise.

Traffic Noise

Noise nuisance has become a national social topic in the Netherlands. Moreover, according to EU-guidelines, determination and enforcement of differentiated noise limits will be delegated from national to local governments in the near future. Theebe conducted a study whereby he estimates the non-linear impact of traffic noise on property prices. The used data set is very extensive; over 100,000 sales transactions are studied, with many individual property characteristics, combined with noise levels for 2 million small 100 by 100 m areas.

In a rising market, this study found that the impact of traffic noise ranges of up to 12 percent, with an average of about 5 percent. The discount varies across sub-markets, and is a non-linear function of the noise level.21

21 Marcel A. J. Theebe, “Planes, Trains, and Automobiles: The Impact of Traffic Noise on House Prices,” Journal of Real Estate Finance and Economics 28, no. 2/3 (2004): 209.

Measuring Airport Noise

Noise is unwanted sound. By that definition, the sound emanating from jet aircraft is considered noise to most people.22 The perceptions and impacts of airport noise must be defined in order for them to be studied. Accordingly, a number of noise measurement methods are used by noise engineers. The impact of airport noise and those related perceptions are typically delineated by “noise contour lines” that vary from airport to airport, depending upon the size of the airport, prevalent wind directions, topography, and so forth. By measuring noise contours, a standard can be derived whereby the impact of noise from different airports can be compared.

Noise is measured in a variety of ways and with various scales. The decibel, or dB(A), is the basic unit of noise measurement; however, the Day Night Average Sound Level (DNL) is the standard Federal metric for determining cumulative exposure of individuals to noise.

The Day-Night Average Sound Level (DNL) represents noise as it occurs over a 24-hour period, with the assumption that noise events occurring at night (10 p.m. to 7 a.m.) are 10 dB louder than they really are. This 10 dB penalty is applied to account for greater sensitivity to nighttime noise, and the fact that events at night are often perceived to be more intrusive because nighttime ambient noise is less than daytime ambient noise.23

DNL normally can be measured with standard monitoring equipment or predicted with computer models. Most aircraft noise studies utilize computer-generated estimates of DNL. Computed values of DNL are often depicted as noise contours reflecting lines of equal exposure around an airport (much as topographic maps indicate contours of equal elevation). DNL contours usually reflect annual average operating conditions, taking into account the average number of flights each day, how often each runway is used throughout the year, and where over the surrounding communities the aircraft normally fly.

In 1981, FAA formally adopted DNL as its primary metric to evaluate cumulative noise effects on people due to aviation activities.

1. Research by the Federal Interagency Committee on Noise (FICON) verified that the DNL metric provides an excellent correlation between the noise level an aircraft

generates and community annoyance to that noise level; 2. DNL is the 24-hour average sound level in decibels (dB). This average is derived from all aircraft operations during a 24-hour period that represents an airport’s average annual operational day; 3. It is important to note that due to the logarithmic nature of noise, the loudest noise levels control the 24-hour average; and 4. DNL adds a 10 dB noise penalty to each aircraft operation occurring during nighttime hours (10 p.m. to 7 a.m.). DNL includes that penalty to compensate for people’s

22 Lester Reingold, “Research not Regulation,” Air Transport World (May, 1995): 79.

23 “Aircraft Noise,” Federal Interagency Committee on Aviation Noise. Accessed June 22, 2013, http://www.fican.org/pdf/aircraft_noise.pdf.

heightened sensitivity to noise during this period. This penalty contributes heavily to an airport’s overall noise profile.24

Noise Mitigation

There are only three ways to mitigate noise: (1) quiet the source, (2) put more distance between the source of the noise and the receptor, and (3) build or create a barrier to the noise. It is often infeasible for homeowners to have control over quieting the source of jet noise, and it is equally impractical to move their house further from the airport. The third choice is often the only option for homeowners who are impacted by airport noise. For example, attics and walls may be insulated and double pane windows may be installed. On an ongoing basis, background music, fountains, or running water may “drown out” some of the noise. Of course, outside activities such as barbecues, sports, swimming, and so forth do not generally benefit from these measures.

It is estimated that airport noise heard within the interior of a property with lightweight construction is reduced from 15 to 30 dBAs.25 The primary problem with double pane or high impact windows is that they must be kept closed to effectively reduce airport noise. With the costs of air-conditioning, this can be a significant factor to a household budget where the climate is mild and where natural breezes would otherwise cool. This is the case in the subject study area, which is located in Florida.

There are many instances where adequate noise mitigation was simply not possible and the highest and best use was indeed impacted. For example, large residential neighborhoods were demolished near Los Angeles International, Sea-Tac, and Phoenix Sky Harbor Airports. At the Las Vegas International Airport, a large subdivision, with noise levels under the 65 DNL levels established by the FAA was purchased and subsequently rented by the County. This reflects the concept that property owners may react more negatively than renters do. While generally there is no impact on the highest and best use of a residential property due to aircraft noise, these instances show that in more extreme situations, the noise issues cannot be mitigated and the highest and best use has changed from residential to some other use.

Market Segments

According to the studies completed for the FAA, detached housing tends to be impacted more than semi-detached or terraced housing. The data suggests that more expensive homes tend to be impacted more than less expensive homes. Rural areas tend to be impacted more than suburban areas, which in turn tend to be impacted more than urban areas. Other research indicates that the number of flights is less important than the loudness and variability of the loudness of single

24 “Environmental Desk Reference for Airport Actions,” Federal Aviation Administration. Accessed July 16, 2013, http://www.faa.gov/airports/environmental/environmental_desk_ref/.

25 Robert S. Stone, Kenneth R. Regier, and Ellwyn Brickson, “The Human Effects of Exposures to Aircraft Noise in a Residential Environment,” Division of Environmental Health, Orange County Health Department (May 19, 1972): 37.

events.26 However, newer, quieter jet designs have somewhat offset this issue.

In studying the “most likely impact” of airport noise on real estate damages, it should be recognized that there are outlying extremes. Like many detrimental conditions, there is a segment of the market that appears to be almost immune to the effects, while at the opposite extreme there is often a segment that will not purchase a property at any cost that is impacted by a detrimental condition. For example, a portion of the population seems more or less imperturbable.27, 28 If located close to an airport or under a flight path, these people are still not seriously disturbed.

Nevertheless, for most people, noise is a significant issue, and there is a segment of the population that will live under a major flight corridor if enticed through a discount on the price.29 However, a slight majority of the market will not purchase a property that is close to a major airport at any discount.30 Similarly, a significant portion of the market will neither purchase a property that is close to a motorway, nor one that is a few miles from a major airport.31 Furthermore, those with special political agendas, such as pro- or anti-airport groups, often selectively cite study results such as these. A proper and unbiased study should consider the net effects of these issues on balance.

Airport Noise vs. Airport Proximity:

Cohen and Coughlin incorporated spatial econometric techniques (proximity to airport noise) where they compared models and estimation methods in a hedonic price framework to examine the impact of noise on 2003 housing prices near the Atlanta airport. In their preferred model, houses located in an area in which noise disrupts normal activities (defined by a day–night sound level of 70–75 decibels) sell for 20.8% less than houses located where noise does not disrupt normal activities (defined by a day–night sound level below 65 decibels). The inclusion of spatial effects magnifies the negative price impacts of airport noise. Finally, after controlling for noise, houses farther from the airport sell for less; the price elasticity with respect to distance is −0.15, implying that airport proximity is an amenity.32

Using hedonic models, Cohen and Coughlin later analyzed the effects of proximity and noise on housing prices in neighborhoods near Hartsfield-Jackson Atlanta International Airport during 1995–2002. Proximity to the airport is related positively to housing prices, but this can be offset by the negative impacts of noise. A general decline in noise boosted housing prices during 1995– 2002. After accounting for proximity, house characteristics, and demographic variables, houses

26 Terrence J. Levesque, “Modeling the Effects of Airport Noise on Residential Housing Markets,” Journal of Transport Economics and Policy (May, 1994): 209. 27 M.E. Paul, “Can Aircraft Nuisance Noise be Measured in Money?” Report of the Commission on The London Airport, H.M.S.O. (1971): 298. 28 These market participants are termed the “survivor population.” 29 This is called the “enticed population.” 30 These market participants are termed the “exodus population.” 31 M.E. Paul, “Can Aircraft Nuisance Noise be Measured in Money?” Report of the Commission on The London Airport, H.M.S.O. (1971): 316. 32 Jeffrey P. Cohen and Cletus C. Coughlin, “Spatial Hedonic Models of Airport Noise, Proximity, and Housing Prices,” Journal of Regional Science 48, no. 5 (2008): 859.

in noisier areas sold for less than houses subjected to less noise. Also, the noise discount is larger during 2000–2002 than 1995–1999.33

In contrast, Salvi applies spatial econometric techniques to measure the impact of airport noise on the price of single-family homes in the Zurich Airport area. This study exploits a large database of geo-referenced noise measurements to investigate the reaction of prices to different noise metrics. The particular institutional setting of Zurich Airport, with changing patterns of runway configurations allows distinguishing the impact of noise at different times of the day. The research documents the impact of airport noise on housing prices. In the base model specification the Noise Discount Index is 0.97% with typical discounts in the range of -2% to - 8%.34

Positive Impacts of Airport Expansion

McMillen provides estimates of the effect of airport noise on property values around Chicago O'Hare. The results indicate that home values were about 9% lower within a 65 dB noise contour band of O'Hare in 1997.

Opponents of airport expansions argue that increased noise will reduce property values and lower tax bases. The results of this research suggest that aircraft are becoming quieter, so an airport can be expanded without causing an automatic drop in local property values or tax bases. Estimates suggest that house prices may rise by an aggregate of as much as $284.6 million in the densely populated area around O'Hare after a new runway is added to the airport.35

Negative Impacts of Airport Noise

While there are studies addressing general noise, the positive effects of airport proximity and other topics, the general body of published literature consistently reflects a real and negative impact on property market values. An article published in the Journal of Transport, Economics and Policy, which utilizes hedonic regression to show that NNI 50 properties sustain a diminution in value ranging from approximately - 7% to -12%.36 While tremendous economic benefits and revenues clearly are associated with a large airport, those under or nearby the flight path tend to suffer a net negative impact.

One of the most important studies published to date was conducted for the Federal Aviation Administration in 1994.37 It studied three airports using a regression analysis: Baltimore/Washington International Airport (BWI), Los Angeles International Air-port (LAX),

33 Jeffrey P. Cohen and Cletus C. Coughlin, “Changing Noise Levels and Housing Prices Near the Atlanta Airport,” Growth and Change (June, 2009): 287. 34 Marco Salvi, “Spatial Estimation of the Impact of Airport Noise on Residential Housing Prices,” Swiss Journal of Economics and Statistics 144, no. 4 (2008): 577. 35 Daniel P. McMillen, “House Prices and the Proposed Expansion of Chicago’s O’Hare Airport,” Economic Perspectives (Quarter 3, 2004): 28. 36 Alan Collins and Alec Evans, “Aircraft Noise and Residential Property Values: An Artificial Neural Network Approach,” Journal of Transport Economics and Policy (May, 1994): 194. 37 Booz‐Allen & Hamilton Inc., “The Effect of Airport Noise on Housing Values: A Summary Report,” Office of Environmental and Energy Federal Aviation Administration (September 15, 1994): 17.

and John F. Kennedy Airport (JFK) in New York. The results indicated a consistent negative impact on residential property market values.

The BWI study had significant limitations, yet reflected homes near airports that would have a market value loss ranging from -$627 to -$14,595 per home. The LAX study was more straightforward. It included a study of both low priced and moderately priced neighborhoods. The study indicated that the adjusted market value of a low priced home was $1,268 less if impacted by airport noise, or -0.07 per dBA above a quiet threshold.38 Moderately priced homes incurred a $60,873 loss if impacted, or 1.12% per dBA above a quiet threshold (which is not specified). Losses of the total home market value ranged from -0.8% for low priced homes and ranged from - 15.7% to -19% for moderately priced homes- as compared to homes without airport noise.

The JFK study includes low, moderately, and high priced homes. It indicates a loss of -0.12% per dBA for low priced homes, -0.46% per dBA for moderately priced homes, and -1.35% per dBA for high priced homes.

The FAA study, while lacking a complete discussion of many issues, yields some significant information. First, entry-level homes are impacted less as compared to moderately priced homes. In fact, the loss in market value low priced homes is generally minimal. This trend could be expected, as high priced homes are often in areas with more desirable neighborhood traits. Second, the study shows that the loss to moderately priced homes is as high as 19%, a significant figure as conventional loans often require a down payment of 20%. In other words, homebuyers who purchase a home without knowledge of plans for an air-port to be built nearby may stand to lose most or all of their equity if an airport is subsequently developed. Further, the reduction in value of a high priced home will be approximately 2.5 times that of a moderately priced home.

Multiple Airport Study

Nelson conducted a meta-analysis (a compilation and comparison of studies) related to the negative relationship between airport noise exposure and residential property values. The effect size in the analysis is the percent depreciation per decibel increase in airport noise, or the noise discount. Twenty hedonic property value studies are analyzed, covering 33 estimates of the noise discount for 23 airports in Canada and the United States. About one-third of the estimates has not been previously reported in the literature or was not included in previous meta-analyses.

The weighted-mean noise discount is 0.58% per decibel. A meta-regression analysis examines the variability in the noise discounts that might be due to country, year, sample size, model specification, mean property value, data aggregation, or accessibility to airport employment and travel opportunities. The analysis indicates that country and model specifications have some effect on the measured noise discount, but the other variables have little systematic effect. The

38 A quiet threshold is generally considered to be that in an otherwise similar neighborhood but without airport noise.

18 cumulative noise discount in the U.S. is about 0.5% to 0.6% per decibel at noise exposure levels of 75 dB or less, while in Canada the discount is 0.8 % to 0.9% per decibel.39

39 Jon P. Nelson, “Meta‐Analysis of Airport Noise and Hedonic Property Values: Problems and Prospects,” Journal of Transport Economics and Policy (July, 2003): 1.

MULTIPLE AIRPORT STUDIES Location Mean Value NDI % Baltimore $170,703 1.07 Los Angeles $449,359 1.26 New York (JFK) $523,900 1.20 New York (La Guardia) $275,942 0.67 Dallas $136,250 0.99 Dallas $119,900 0.80 San Francisco (San Mateo) $150,420 0.50 San Jose $114,450 0.70 Minneapolis $132,270 0.58

Washington, DC (National) $163,871 1.49 Reno $137,603 0.28 Winnipeg $70,104 1.30 St. Louis $81,832 0.56 Rochester (urban) $99,893 0.86 Rochester (suburban) $114,014 0.68 Edmonton $108,730 0.51 Toronto (Mississauga) $89,982 0.87 Toronto (Etobicoke) $108,063 0.95 Reno $178,200 0.37

Washington, DC (National) $149,630 1.06 Buffalo $112,575 0.52 Cleveland $113,894 0.29 New Orleans $119,763 0.40 St. Louis $89,440 0.51 San Diego $175,713 0.74 San Francisco $161,789 0.58 Six Airports $129,236 0.55 Atlanta (blocks) $103,354 0.64 Atlanta (houses) $81,178 0.67 Boston (rentals) n/a 0.81 Montreal $118,985 0.65 Vancouver (houses) $124,076 0.65 Vancouver (condos) n/a 0.90 Chart Setting Forth Multiple Airport Findings. 40 Note that NDI equals the percentage of depreciation per decibel.41

40 Jon P. Nelson, “Meta‐Analysis of Airport Noise and Hedonic Property Values: Problems and Prospects,” Journal of Transport Economics and Policy (July, 2003): 24. 41 Jon P. Nelson, “Meta‐Analysis of Airport Noise and Hedonic Property Values: Problems and Prospects,” Journal of Transport Economics and Policy (July, 2003): 24‐25.

As the Florida market being studied has home values well in excess of these study areas, the data was resorted by mean (average) home values. It was noted that the higher discounts correlated to higher home values generally:

MULTIPLE AIRPORT STUDIES Location Mean Value NDI % Winnipeg $70,104 1.30 Atlanta (houses) $81,178 0.67 St. Louis $81,832 0.56 St. Louis $89,440 0.51 Toronto (Mississauga) $89,982 0.87 Rochester (urban) $99,893 0.86 Atlanta (blocks) $103,354 0.64 Toronto (Etobicoke) $108,063 0.95 Edmonton $108,730 0.51 Buffalo $112,575 0.52 Cleveland $113,894 0.29 Rochester (suburban) $114,014 0.68 San Jose $114,450 0.70 Montreal $118,985 0.65 New Orleans $119,763 0.40 Dallas $119,900 0.80 Vancouver (houses) $124,076 0.65 Six Airports $129,236 0.55 Minneapolis $132,270 0.58 Dallas $136,250 0.99 Reno $137,603 0.28

Washington, DC (National) $149,630 1.06 San Francisco (San Mateo) $150,420 0.50 San Francisco $161,789 0.58

Washington, DC (National) $163,871 1.49 Baltimore $170,703 1.07 San Diego $175,713 0.74 Reno $178,200 0.37 New York (La Guardia) $275,942 0.67 Los Angeles $449,359 1.26 New York (JFK) $523,900 1.20 Boston (rentals) n/a 0.81 Vancouver (condos) n/a 0.90 Resorted by Mean Value Chart Setting Forth Multiple Airport Findings. 42 Note that NDI equals the percentage of depreciation per decibel.43

42 Jon P. Nelson, “Meta‐Analysis of Airport Noise and Hedonic Property Values: Problems and Prospects,” Journal of Transport Economics and Policy (July, 2003): 24. 43 Jon P. Nelson, “Meta‐Analysis of Airport Noise and Hedonic Property Values: Problems and Prospects,” Journal of Transport Economics and Policy (July, 2003): 24‐25.

RESEARCH METHODS

Overview

In a valuation context, statistical studies of market data are considered a refined version of the sales comparison approach, which are often used for larger data sets. In this study, both a simple regression and a multiple regression were utilized.

There are essentially two types of statistical studies, “inferential” statistics and “descriptive” statistics. Inferential statistics draws inferences or conclusions about a population based on observations from a smaller sample. In The Dictionary of Real Estate Appraisal, inferential statistics is defined as, “The process of drawing conclusions about population characteristics through analysis of sample data.”44 Historically, much of statistics dealt with inferential statistics as, prior to the computer age, it was difficult to collect complete data sets. Accordingly, it was necessary to collect samples of a population from which conclusions could be inferred. In this case, complete data sets were available, so inferential statistics are generally of less importance.

Descriptive statistics, as the name implies, describe or summarize data. In The Dictionary of Real Estate Appraisal, descriptive statistics is defined as, “A branch of statistics concerned only with characterizing, or describing, a set of numbers.”45 In the context of descriptive statistics and real estate valuation, there are three fundamental categories of descriptive statistical studies,

1. single variable studies, such as pie charts, histograms or bar charts, 2. simple regression analyses, which includes two variable graphs or scatter diagrams, typically on an “x” axis and “y” axis that demonstrate the relationship between two variables, and 3. multiple regressions, which involves three or more variables and utilize more advanced studies. Graphing three or more variables requires multiple dimensions; it is impossible to visualize these analyses on a table or a chart and requires the use of statistical techniques and charts.

In the context of real estate damage economics, regressions often compare multiple neighborhoods. The subject neighborhood being studied is conventionally called the “test” area, while the comparable neighborhoods are called “control” areas.

Simple linear regression models may be utilized as trend studies. These are often “time-value” models where a single independent variable “time” is graphed on the “x-axis” and the dependent variable “value” is graphed on the “y-axis”. Multiple regressions use tables.

44 Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago, Illinois: Appraisal Institute, 2010): 314. 45 Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago, Illinois: Appraisal Institute, 2010): 312.

Two-Variable Statistics (Simple Regression)

Simple regression analyses are relatively straight-forward statistical models that can be highly effective in setting forth the relationship of two variables, such as price and time, price and size, or other relationships. Because they use two variables, they are commonly graphed on an “x” axis and a “y” axis that show the relationship between these two variables. The dependent variable, usually price, typically goes on the “y axis”, whereas the independent variable, often time or size, typically goes on the “x” axis. In The Cambridge Dictionary of Statistics, correlation is defined as, “A general term for interdependence between pairs of variables.”46 When two variables move together, then they are said to be “correlated.”47

Analysis of continuous or discrete data, usually shown graphically in a scatter diagram, can be greatly enhanced by using a trend line, which is a simple regression. Standard software, such as Excel, will facilitate a simple regression analysis.48

Analysis of detrimental conditions using large data sets often involves the selection of a study area or test area, which is essentially a group of properties associated with some distinct attribute (for example, a neighborhood impacted by contamination, airport noise, construction defects, etc.) that is then compared to one or more otherwise similar control areas for the purpose of determining the impact, if any, of the particular attribute on market pricing.49 Such studies compare the impacted test area to un-impacted but otherwise similar control areas to determine whether a certain attribute has any impact on value or marketability. In a time-series analysis, data can be analyzed for discrete time periods (months, quarters, years, etc.) or continuously over a specified time frame. Discrete time periods often use the mean or median price per period.50

Multiple-Variable Statistics

In contrast to simple regression, a multiple regression is considered a multivariate model, which analyzes the relationship among several independent variables at the same time.51 Multiple regression analysis is a statistical model that expresses the value of a dependent variable, usually price in a real estate context, as a function of two or more independent variables, such as location, site area, age, building size, views, pools and so forth.52

Mathematically, the objective of a multiple regression is to minimize the sum of the squared residuals relative to the data inputted into the study. Yet stated simply, the objective of a multiple regression is to find the relationship, if indeed it exists, between the depending variable and the independent variables, and if it does exist, to what extent they are correlated. In other words, in

46 B.S. Everitt and A. Skrondal, The Cambridge Dictionary of Statistics, 4th ed. (New York, New York: Cambridge University Press, 2010): 107. 47 Marvin L. Wolverton, An Introduction to Statistics for Appraisers (Chicago, Illinois: Appraisal Institute, 2009): 52. 48 Ibid., 5. 49 Ibid., 34‐35. 50 Ibid. 51 Marvin L. Wolverton, An Introduction to Statistics for Appraisers (Chicago, Illinois: Appraisal Institute, 2009): 292. 52 Ibid., 291.

the context of real estate damage economics, the objective is to determine if the price (the dependent variable) is affected by some factor within the marketplace. While regression modeling can be used to estimate value of individual properties, its use in a detrimental condition analysis tends to focus on the coefficients relating to specific independent variables associated with some detrimental condition, such as airport noise, airport zones, environmental contamination and so forth. In The Dictionary of Real Estate Appraisal, coefficient is defined as, “A statistic used as a measure of change, association, or dispersion.”53

Multiple regressions are a mass appraisal technique. Mass appraisal is defined by the Dictionary of Real Estate (5th Edition) as, “The process of valuing a universe of properties as of a given date using standard methodology, employing common data, and allowing for statistical testing, (USPAP, 2010-11 ed.).” Mass appraisal methodologies rely on statistical tools to estimate values of properties in an appropriate class geographic area. The valuation methodologies employed in this approach should be in conformance with Appraisal Foundation, USPAP Standard 6 (2010- 2011), and the Standard on Mass Appraisal of Real Property promulgated by the International Association of Assessing Officers (January 2011).

Variables

Statistics involves the study of issues or “variables.” There are several types of numerical variables that are most relevant to real estate economics. Not all statistic literature utilize the same names and descriptions, but more modern statistical references cite variables coming under one of four categories; specifically, these include the following:

1. Nominal variables, meaning that they have a name, such as water front, impact windows and central air-conditioning. 2. Ordinal variables, which mean that they are ranked, such as “no view, limited view or outstanding view”, or “fair, average, good or excellent condition.”54 Ordinal variables also include number of bedrooms or bathrooms55, or binary or “dummy” variables are those that are simple “yes” or “no” questions, or “have” or “not have” features. For example, a house has or does not have a pool. In The Dictionary of Real Estate Appraisal, “Dummy variables are used in statistics to convert categorical information into numerical data.”56 3. Interval or Continuous variables are features that are measured, such as in inches, feet or square feet.57 In this study this would include the home size. 4. Ratio Variables have a real zero point, such as percentage of yard area or percentage of building to land ratios. No ratio variables were required in this study.

53 Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago, Illinois: Appraisal Institute, 2010): 310. 54 Ibid., 39. 55 Marvin L. Wolverton, An Introduction to Statistics for Appraisers (Chicago, Illinois: Appraisal Institute, 2009): 39. 56 Ibid., 313. 57 Ibid.

Not all variables can be used for the same mathematical functions. For example, a zip code (a nominal variable) cannot be added or multiplied to produce a meaningful number.

Variables can generally be placed into two categories, dependent variables and independent variables. Dependent variables “depend” upon independent variables. With real estate statistical analyses, there is one dependent variable, usually price per unit or price per square foot, where there can be one or more independent variables. In The Dictionary of Real Estate Appraisal, dependent variable is defined as “The variable being estimated.”58 For example, the value of a house (a dependent variable) can depend upon the date of sale, the square footage, the number of bedrooms, the number of bathrooms and the quality, which are all potential independent variables. In this study, the dependent variable is home “price”. In other words, a home’s price depends upon the independent variables.

The independent variables considered in this case are:

1. Sales date 2. Living area 3. Lot area 4. Pool 5. Inside or outside the 65 DNL noise contour area 6. Inside or outside the 70 DNL noise contour area 7. Year built 8. Distress sale (short sale or foreclosure) 9. Gated community 10. Central air-conditioning 11. Dock 12. Water front with open ocean access 13. Water front with fix-bridge ocean access 14. Lakefront 15. Impact windows

Specific Neighborhood Features

There are a variety of externalities that may negatively impact portions of the subject neighborhood study area and were considered. The first is the Florida Power and Light power transmission lines that run from Port Everglades and run southeast from the port thru the Dania Beach area. Second, is the Waste Station on the west end of the airport known as South Broward County Resource Recovery, located at 4400 South State Road 7 in Ft. Lauderdale. Third is a gas transmission line which crosses the Dania Cut off just east of I-95 at 1487 NW 10th Street. The gas transmission line is managed by Teco Peoples Gas. These neighborhood externalities were identified in the market data set.

There are at least four fixed bridges east of Federal Highway. The clearance of these bridges restricts open ocean access to boats with heights of less than nine feet. These factors were considered in the study.

58 Ibid., 312.

Study Area

The general parameters for the study area included the homes located in the 65+ DNL noise contours surrounding the Ft. Lauderdale International Airport, extending outward to include areas that would either be impacted as a result of the runway expansion, as well as areas that would not be impacted. Specifically, the area of study is approximately 21 square miles surrounding the airport. The northern Boundary is approximately S 24 Street, in the greater Fort Lauderdale area. The western Boundary is Florida’s Turnpike near the west end of Dania Beach. The south side is Sterling Road, also in the Dania Beach area. The east side of the study area is the Intracoastal Waterway.

These 21 square miles are also known as range 41, township 50 sections 24, 25 and 36. Included are range 41, township 50 sections 19 through 36. In the middle of this area is the airport with most of the commercial and industrial land use towards the east. The west and center of the areas are generally single-family residential properties. All sales that were identified since 2000 were included in the study area, which ultimately totaled a population of 530 sales transactions, which were all screened by the local appraiser for accuracy.

As a result of suggestions made by local residents at an airport advisory neighborhood meeting, local appraiser Pat Sullivan, SRA conducted an interview with Pompano Beach Airport manager Steven Rocco on June 5, 2013. The interview took place at the airport office located at 100 West Atlantic Boulevard in the City Hall at Pompano Beach.

Mr. Rocco indicated that there were no residential properties in the 65 DNL level. He further indicated that only one commercial/industrial property was located within a 65 DNL corridor. Accordingly, the Pompano Beach market area is not considered to be comparable to the subject neighborhood study areas.

RESEARCH RESULTS

Simple Regression

The simple regression study measures a single independent variable, price per square foot over time, the dependent variable. The study utilized 145 single family residential sales within the 65 and 70 DNL contours against 2,843 sales outside of the noise contours.

All the sales occurred between September 1, 1992 and the current date. The data sets were outputs of MLS and Broward County Assessor public records. Only properties which are coded as single family residential and arm’s length transactions are included. The datasets are then plotted in a graph and polynomial (curved) trend lines to determine how the two datasets varied over time.

The resulting graph shows that since 1992, properties inside the contours lines consistently sold for a significantly lower value than those outside of the contours over the entire span of time. While a simple regression does not incorporate all of the independent variables, in generally indicates a diminution in value of over 15%.

Ft Lauderdale Airport $700

60‐65 DNL Sales Outside DNL Sales 65‐70 DNL Sale $600 Poly. (60‐65 DNL Sales) Poly. (Outside DNL Sales)

$500

$400 SqFt

Price

$300

$200

$100

$‐ Jan‐92 Jan‐93 Jan‐94 Jan‐95 Jan‐96 Jan‐97 Jan‐98 Jan‐99 Jan‐00 Jan‐01 Jan‐02 Jan‐03 Jan‐04 Jan‐05 Jan‐06 Jan‐07 Jan‐08 Jan‐09 Jan‐10 Jan‐11 Jan‐12 Jan‐13 Sale Date

Multiple Regression

The multiple regression addresses the question of whether residential properties located in a the 65 DNL sell for more or less as compared to similar properties located outside the 65 DNL contour area. In all, 530 sales were analyzed over a period since 2000. “Home price” is the dependent variable.

The independent variables considered in this case included sales date, living area, lot area, pool, inside or outside the 65 DNL noise contour area, inside or outside the 70 DNL noise contour area, year built, distress sale (short sale or foreclosure), gated community, central air conditioning, dock, water-front with open ocean access, water-front with fix-bridge ocean access, lakefront and impact windows.

Further analysis indicated that some of these independent variables were not statistically significant in a mass appraisal context. These included lot area, inside or outside the 70 DNL noise contour area, central air-conditioning, dock, and impact windows.

Lot area is normally statistically significant; however, as many of the homes sit on small, ocean- front lots, the price per SqFt did not statistically correlate to larger lots off the water. There was only one sale identified within the 70 DNL noise contour, which is not a valid population size. Central air was skewed due to the fact that over 90% of the properties already have central air and those that do not are disproportionally older homes with a mean value of approximately $169,000, relative to the overall mean home value of approximately $281,000. The “dock” independent variable was considered to pose a multicollinearity (redundancy) issue with the other water-front features already being studied. The impact windows also indicated a low statistical reliability from a mass-appraisal perspective.

Summary Input Table:

The summary input table sets forth all of the market data in. In this study, the variables studied are the sales price (the dependent variable) and the independent variables. The following sets forth a sample of the market data utilized.

Sale Sale Living Area 65 Year Water Water Lake Central Impact No. City Pool Distress Gated Price Date (SqFt) DNL Built Open Fixed Front AC Window 1Dania Beach$ 124,000 02/18/00 1,950 111972000001 0 2Dania Beach$ 84,300 04/27/00 1,007 011955000001 0 3Dania Beach$ 83,100 12/04/00 1,464 011960100000 0 4Ft Lauderdale$ 129,000 12/29/00 1,176 011969000001 0 5Ft Lauderdale$ 122,500 05/04/01 1,608 011998000001 0 6Ft Lauderdale$ 118,000 06/07/01 1,394 011961000001 1 7Dania Beach$ 119,000 07/03/01 1,747 111976000001 0 8 Hollywood$ 375,000 09/05/01 3,198 101998010001 0 9Ft Lauderdale$ 119,000 10/16/01 1,394 111971000000 0 10 Ft Lauderdale$ 50,000 11/21/01 1,147 011954000000 0 11 Ft Lauderdale$ 154,900 08/02/02 1,408 011958100001 0 12 Dania Beach$ 92,000 08/27/02 922 011955000001 0 13 Ft Lauderdale$ 120,000 02/07/03 1,043 011955000001 0 14 Dania Beach$ 115,800 04/05/03 1,479 002004000001 0 15 Dania Beach$ 150,000 04/25/03 1,761 011957000001 0 16 Dania Beach$ 180,000 05/02/03 1,566 011973000001 0 17 Hollywood$ 275,000 05/05/03 2,212 001997010011 0 18 Hollywood$ 305,000 06/05/03 2,237 002000010011 0 19 Hollywood$ 260,000 06/05/03 2,137 002000010001 0 20 Hollywood$ 330,000 06/05/03 2,493 002000010001 0 21 Hollywood$ 301,500 07/05/03 2,237 002000010001 0 22 Dania Beach$ 350,000 07/28/03 1,924 012002000101 0 23 Hollywood$ 363,000 09/05/03 3,669 002003010001 0 24 Dania Beach$ 260,000 09/30/03 1,678 111978000101 0 25 Dania Beach$ 178,000 11/24/03 1,680 012003000001 0 26 Ft Lauderdale$ 209,000 12/10/03 1,219 111961000001 1 27 Hollywood$ 285,000 01/05/04 2,185 002000010001 0 28 Dania Beach$ 325,000 03/31/04 1,942 111973000100 1 29 Ft Lauderdale$ 75,000 04/14/04 644 001941100000 0 30 Ft Lauderdale$ 302,000 04/21/04 2,813 111972000001 0 31 Ft Lauderdale$ 103,000 05/05/04 1,139 001952100001 0 32 Hollywood$ 330,000 05/05/04 2,231 001998010001 0 33 Dania Beach$ 105,000 05/24/04 1,014 011956000001 0 34 Ft Lauderdale$ 359,900 07/05/04 1,517 001955001001 0 35 Ft Lauderdale$ 395,000 07/05/04 1,432 001956101001 1 36 Dania Beach$ 235,000 07/30/04 1,532 011971000001 0 37 Ft Lauderdale$ 215,000 08/02/04 1,483 011972000001 0 38 Ft Lauderdale$ 420,000 08/05/04 2,702 002000010001 0 39 Ft Lauderdale$ 525,000 09/05/04 1,720 001963101001 0 40 Dania Beach$ 357,000 09/05/04 1,966 101978000001 0 41 Ft Lauderdale$ 500,000 10/05/04 1,586 001956001000 0 42 Hollywood$ 348,500 11/05/04 2,237 002001010001 0 53 Ft Lauderdale$ 470,000 01/05/05 1,380 001956001001 0 44 Dania Beach$ 121,500 01/05/05 981 001940000001 0 45 Ft Lauderdale$ 280,000 02/28/05 1,337 011960000000 0 46 Hollywood$ 380,000 03/05/05 2,212 001997010001 0 47 Ft Lauderdale$ 535,000 04/05/05 1,670 001953001001 0 48 Hollywood$ 590,000 04/05/05 3,650 001998010001 0 49 Ft Lauderdale$ 258,000 04/22/05 1,390 011960000001 0 50 Hollywood$ 610,000 05/05/05 3,198 101997010011 0 51 Hollywood$ 525,000 05/05/05 2,882 102000010011 0 52 Hollywood$ 491,500 06/05/05 2,148 101997010011 0 53 Ft Lauderdale$ 287,000 06/27/05 1,296 101956100001 0 54 Ft Lauderdale$ 525,000 07/05/05 1,734 001958001001 0 55 Dania Beach$ 571,500 07/08/05 2,712 002005011001 0 56 Ft Lauderdale$ 310,000 07/20/05 1,483 011972000001 0 57 Dania Beach$ 236,500 08/05/05 1,737 001984000001 0 58 Ft Lauderdale$ 337,000 08/06/05 1,641 001956000001 0

Descriptive Statistics Table:

The descriptive statistics table sets forth a summary of the key statistics for the multiple regressions.

Sale Price Sale Date Living Area (SqFt) Pool 65 DNL Year Built Distress Gated Water‐Open Water‐Fixed Lakefront

Mean$ 281,175 4/19/2009 1,818 0.28 0.12 1972 0.29 0.25 0.21 0.08 0.06 Standard Error$ 6,542 44.95 28.07 0.02 0.01 0.85 0.02 0.02 0.02 0.01 0.01 Median$ 270,000 10/8/2009 1,671 ‐ ‐ 1961 ‐ ‐ ‐ ‐ ‐ Mode $ 300,000 1/14/2013 2,212 ‐ ‐ 1956 ‐ ‐ ‐ ‐ ‐ Standard Deviatio $ 150,618 1,035 646 0.45 0.33 19.48 0.46 0.43 0.40 0.27 0.24 Sample Variance 22,685,846,864 1,070,823 417,642 0.20 0.11 379.49 0.21 0.19 0.16 0.07 0.06 Kurtosis 0.27 (0.09) 2.05 (1.03) 3.34 (1.32) (1.17) (0.62) 0.13 7.50 11.75 Skewness 0.71 (0.68) 1.19 0.99 2.31 0.50 0.92 1.18 1.46 3.08 3.70 Range $ 740,000 4,856 4,189 1.00 1.00 86 1.00 1.00 1.00 1.00 1.00 Minimum$ 35,000 2/18/2000 624 ‐ ‐ 1926 ‐ ‐ ‐ ‐ ‐ Maximum $ 775,000 6/5/2013 4,813 1.00 1.00 2012 1.00 1.00 1.00 1.00 1.00 Sum $ 149,022,757 21,158,687 963,554 148.00 65.00 1,045,142 155.00 131.00 109.00 43.00 32.00 Count 530 530 530 530 530 530 530 530 530 530 530

Central Tendency (Mean, Median and Mode): The first three indicators are mean, median and mode, are different ways of describing “central tendency.” Central tendency asks the question “Is there a single number that best represents the variable in question?”59 These are often these are called the typical or average number. The mean is the most commonly used measurement where the variables are totaled and divided by the number of the population. The mean is the same as the arithmetic average of the data. In this case, the mean selling price for the transactions included in the data set is approximately $281,185. The median is the midpoint between the lowest and highest variable. The mode is the most frequently occurring variable.

Standard Deviation (Variance): The standard deviation is a measurement of dispersion, which essentially states how far the data sits away from the typical or the mean.60 Mathematically it is the positive square root of the variance, but unlike the variance which is a mathematical factor, it is expressed in terms of the units defined, or in this case, it is simply expressed as dollars. The standard deviation is a measure of variability from the mean. Measures of variance generally describe the dispersion of the data, while the standard deviation, though complicated to calculate manually, is often preferred in situations requiring more sophisticated analyses.

If data is normally distributed (represented by a bell-shaped curve), there is a 68% probability that a predicted value will be within one standard deviation of the mean, a 95% probability that a predicated value will be within two standard deviations of the

59 Marvin L. Wolverton, An Introduction to Statistics for Appraisers (Chicago, Illinois: Appraisal Institute, 2009): 70. 60 Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago, Illinois: Appraisal Institute, 2010): 320.

mean, and a probability in excess of 99% that a predicated value will be within three standard deviations of the mean. This information is often used to construct confidence intervals around point estimates. For a normal distribution, approximately 95% of the data would fall within ±2 standard deviations, or in this case, approximately $150,618.

Range: The range simply expresses the highest and lowest variable.61 The range indicator here is the difference between the maximum and the minimum price.

Count: The count is simply the number of transactions analyzed in this analysis. The data set includes 530 total single family residential sales of which 65 are within the 65 and 70 DNL contours.

Summary Output Table:

Excel produces an “Analysis of Variance” (ANOVA) summary output table using a mathematical model that essentially does two things, (1) provides the “answer” to the question, and (2) provides statistical indicators that relate to the reliability of the “answer”. Of the four tables typically utilized in a multiple regression analysis, this is the most involved.

This dataset includes 530 property sales occurring between January 1, 2000 and May, 2013. All the sales are verified MLS transactions, and many were field inspected. Additionally, all the sales had a verified Broward County public record. Only single-family residential, arm’s-length transactions are included in the final dataset.

61 Ibid., 318.

SUMMARY OUTPUT 7

Regression Statistics Multiple R 86% R Square 73% Adjusted R Square 73% Standard Error 78,303 Observations 530

ANOVA df SS MS F Significance F Regression 10 8,818,668,161,891 881,866,816,189 143.83 0.00 Residual 519 3,182,144,829,053 6,131,300,249 Total 529 12,000,812,990,944

Coefficients Standard Error t Stat P‐value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept$ 3,197,430 593,045 5.39 0.00 2,032,366 4,362,494 2,032,366 4,362,494 Sale Date$ (42.16) 3.54 (11.92) 0.00 (49.10) (35.21) (49.10) (35.21) Living Area (SqFt)$ 130.57 7.85 16.63 0.00 115.14 146.00 115.14 146.00 Pool $ 24,672 8,352 2.95 0.00 8,263.61 41,079.44 8,263.61 41,079.44 65 DNL $ (61,471) 11,456 (5.37) 0.00 (83,975) (38,966) (83,975) (38,966) Year Built $ (761) 294 (2.59) 0.01 (1,339) (184) (1,339) (184) Distress $ (61,586) 7,842 (7.85) 0.00 (76,991) (46,180) (76,991) (46,180) Gated $ 36,905 13,411 2.75 0.01 10,559 63,251 10,559 63,251 Water‐Open $ 141,916 9,822 14.45 0.00 122,620 161,212 122,620 161,212 Water‐Fixed $ 107,361 13,143 8.17 0.00 81,541 133,181 81,541 133,181 Lakefront $ 42,768 15,261 2.80 0.01 12,787 72,750 12,787 72,750

Mean: $281,175

Primary Indicators:

Analysis Conclusion: The foremost indicator, which also reflects the “answer” to the study, is the “Coefficients” of -61,471. In this case it reflects that the “study area” (those properties within the 65 DNL noise contour airport area) typically sell for $61,471 less than an otherwise similar property outside of the study area.

Coefficients: Other coefficients are calculated for each independent variable, reflecting a marginal rate of change.62 Coefficients are normally reviewed for expected magnitude and signage. In this case, the coefficient for age is negative, indicating a value change of approximately -$761 per year; the coefficient for gross living area is positive, indicating that each additional square foot is worth approximately $130. Values also increase, as expected, for water frontage, gated communities and pools. Each of these figures makes sense and easily reconcile with the experience and observations of real estate professionals.

R-Squared: The coefficient of determination (r2) ranges from 0% to 100%, reflecting the amount of price variation explained by the model. In this case it reflects 0..073, or 73%. An alternative calculation is Adjusted r2 of 0.73, or 73% which adjusts the coefficient of determination for the number of independent variables, assisting in the identification of extraneous or redundant independent variables. In multiple regression analysis, a low r2

62 Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago, Illinois: Appraisal Institute, 2010): 310.

will normally indicate a significant amount of unexplained variation, although this does not necessarily invalidate the model. However, the r-squared with this airport study indicates a strong, statistically valid study.

Significance F: Significance F measures the probability that the results were obtained purely by chance.63 In this case, there is a near zero chance that these results were obtained purely by chance.

T-Statistic: T-statistics (t-stats) are also calculated for each independent variable and reflect the difference between a sample mean and a hypothesized value of the population mean divided by the standard error of the mean.64 The larger the t-stat, the more one can be confident that the coefficient is meaningful. All of the T-Statistics indicated in this study are valid.

P-Value: The P-value measures the probability that the true value of the coefficient is zero (the significance level).65 An acceptable significance level for coefficients in most applications is 10%, or a P-value of 0.10 or less.

Standard Error: The standard error is the standard deviation of the regression coefficient estimate.66 In this case it is 78,303, which essentially means that the home prices are typically $281,175 (the mean discussed above) plus or minus $78,303. As this is one standard deviation, this would only account for about 68% of the variability in y.

Observations: There are 530 items of market data, or observations in this analysis.67

In this study, the coefficient calculated for the airport study area is -$61,471. In other words, the conclusions of the analysis show that properties located within the airport area do incur a diminution in value of typically of $61,471 or approximately 21.9% of the mean value.

Contributory Value of Central Air-Conditioning

As discussed, the central air variable was skewed in the multiple regression, due to the fact that over 90% of the properties already have central air and those that do not are disproportionally older homes with a mean value of approximately $169,000, relative to the overall mean home value of approximately $281,000.

To determine the contributing value of air-conditioning as a mitigation measure, a paired-sales analysis was conducted. The study area involved homes that sold with central air-conditioning as compared to otherwise similar homes with wall air-conditioning units. All market data involved

63 Randall Bell, Real Estate Damages, 2nd ed. (Chicago, Illinois: Appraisal Institute, 2008): 39. 64 Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago, Illinois: Appraisal Institute, 2010): 321. 65 Ibid. 66 Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago, Illinois: Appraisal Institute, 2010): 320. 67 Ibid., 317.

34 homes in proximity to the airport. The homes selected had similar sales dates, external influences, amenities, age, utility, DNL levels and site characteristics (waterfront, dry lots, pools, etc.). The selected homes had no sales concessions. Adjustments were made for other characteristics based upon typical residential adjustments in the south Florida market.

The first neighborhood is known as the east Dania Beach market. These are homes south of NE 2 street west of SE 6 Avenue north of Stirling Road and east of Federal Highway. In this area, a sale occurred at the home located at 39 SE 7 Street, Dania Beach. This is a 1958 vintage home on a 7,074 SqFt site with a livable area of approximately 1,654 SqFt, per county tax records. This is a typical three-bedroom, two-bathroom home of standard building construction. The home is in good condition, but according to the MLS, it has mostly original kitchen and bathrooms. The home sold on June 21, 2013 for $165,000. There were no sales concessions and no external or functional inadequacies. The home does not have an in-ground pool, but does have a one-car carport.

The comparable home has central air-conditioning and is located at 27 SE 13 Terrace, Dania Beach. The home sold on February 22, 2013 for $182,000. This home has a similar livable area of 1,654 SqFt, per the Broward County Tax records. After adjustment, the contributing value of the air conditioning was estimated to be $9,600.

The second neighborhood to be considered is a modest neighborhood in the near southwest section of Dania Beach. This area comprises mostly residential properties of 600 SqFt to 1,200 SqFt. These are older homes with fair and average quality construction.

A home located at 117 NW 13 Avenue, Dania Beach has wall air-conditioning units. This home sold on May 4, 2012 for $38,000, per MLS and county tax records. The home is approximately 1,133 SqFt on a 6,066 SqFt site. The home is in fair to average condition and built in 1947. There were no sales concessions recorded on MLS. It is a one-story home with no in ground pool and no functional or external inadequacies.

This property was compared to a sale of $51,900 on March 6, 2012 and located at 525 SW 1 Street, Dania Beach. It has central air-conditioning, built in 1956 and is in average condition according to the MLS. The home as a living area of approximately 1,192 SqFt and has no in ground pool, and no functional or external inadequacies. There were no sales concessions noted on MLS. The home is on a 4,921 SqFt site. After adjustments, contributing value of the central air-conditioning was estimated to be $4,400.

The third neighborhood is located in west Dania Beach. The two homes are located just off of Griffen Road and west of Ravenswood Road. Both of these properties are on non-waterfront sites of similar age, comparable quality and did not have in-ground pools. Located at 4975 SW 28 Avenue, is a home with wall unit, which sold on May 10, 2012 for $91,100. The home contains approximately 1,151 SqFt living area on a 11,901 SqFt site. The home was in average to good condition and contained six rooms, three bedrooms and two bathrooms. It has a one-car garage and no in-ground pool. Built in 1950, this is a typical home but on a slightly larger site.

Situated at 4709 SW 28 Avenue, two blocks away, is a home that sold for $90,000 on April 9, 2012. This home contains 1,069 SqFt and was built in 1957. The home is in average condition and contains a one-car garage and a four-car carport. It contains six room, three bedroom, two bathroom home of comparable quality. The home is on a 6,000 SqFt site and backs to a multi- family rental building. This property sold FHA with no sales concessions. After adjustments, the contributing value of central air conditioning was estimated to be $10,900.

The forth neighborhood is a waterfront neighborhood in the Fort Lauderdale area, located northwest of the Fort Lauderdale International Airport. The neighborhood is commonly known as Lauderdale Isles and consists largely of medium to larger size homes on finger canals. These canals lead to the New River, on to the intracoastal waterway and to the Atlantic Ocean. It is an older, established Fort Lauderdale neighborhood with a mixture of properties.

A sale was located of home with a wall-unit at 2512 Sugarloaf Lane. It is a 936 SqFt home on a 7,150 SqFt waterfront finger canal. The site has approximately 65 front feet on the water. It is a two bedroom one bathroom home in average to good condition. The home sold on April 4, 22, 2013 for $246,000 with no sales concessions. The home does have a boat dock but does not contain an in-ground pool. This is an average quality home built in 1956.

A comparable home sold at 2453 Bimini Lane. This home is also in the immediate Lauderdale Isles neighborhood and sold for $245,000 on June 21, 2013. This is also a two bedroom, one bathroom home and contains approximately 936 SqFt of living area. It is in average condition. This home has 60 front feet on the water and a 6,596 SqFt site area. The comparable property is also on a finger canal with ocean access. The home has a private dock and no in-ground pool. There were no sales concessions noted. After adjustments, the contributory value of central air- conditioning was estimated to be $16,050.

These four paired-sales are considered to be representative of typical homes in and around the Fort Lauderdale International airport. Each of the paired-sales properties where from “like kind” comparable residential neighborhoods. The homes were of similar quality, age, DNL levels and utility, and well as had comparable locational characteristics. None of the homes contained in- ground pools. The necessary adjustments were made for differences and considered typical for residential properties in the Broward County market.

The net adjustments for the paired-sales ranged from $4,400 to $16,050 for central air conditioning. The low adjustment was from a modestly-priced residential neighborhood, while the high adjustment was from an upscale waterfront ocean-access neighborhood. The remaining two indicated adjustments of $10,900 and $9,600, and were located in typical residential neighborhoods in Fort Lauderdale and Dania Beach.

Based upon this analysis, the contributing value of central air-conditioning is estimated to be $10,000 for a home with a mean value of approximately $281,179, or 3.6% of home value.

Contributory Value of Impact Windows

A paired-sales analysis was conducted to determine the contributory value, for a typical home, with regards to impact glass windows verses standard windows. Standard windows include awnings, sliding windows with standard glazing, jalousie windows and other basic glass window systems. Impact glass homes provide for a significant reduction in outside noise, additional home security and protection from tropical storms.

The basis of the study was to compare homes in various residential neighborhoods near the airport, one with impact glass and another with standard type windows. This paired-sales analysis utilized homes with similar time periods, external influences, amenities, age, pools, utility, site characteristics (waterfront or dry lots), and DNL levels. The sales had no sales concessions. Adjustments will be made for differing characteristics based upon typical residential adjustments in the south Florida market. It was noted that impact windows are typically not found in modest-priced homes, due to the cost factors. Four paired-sales analyses were conducted.

The first study involved a home in west Dania Beach at 5020 SW 29 Avenue, Dania Beach. This is a 1,492 SqFt home on a 8,101 SqFt site with impact glass windows. The home sold on June 27, 2013 for $141,500. This is a three bedroom, two bathroom home in good condition, built in 1964 with central air-conditioning and open parking.

A sale two streets east is a home at 4935 SW 27 Terrace. This is a similar home that sold two months earlier on April 18, 2013 for $140,000. This is a four bedroom, two bathroom home with standard windows. The home is on a smaller 4,301 SqFt site and built in 1979. This home is larger with 1,690 SqFt and no pool. After adjustments, this indicates a contributory value of the impact windows of $8,800.

The second paired-sale study is located in the north Fort Lauderdale area. A sale occurred at 2591 SW 16 Street with impact glass windows on January 11, 2013 for $170,000. The home is on a 6,361 SqFt site and contains approximately 1,435 SqFt of living area. The home was built in 1974 and contains three bedrooms and two bathrooms. The home had limited upgrades, but has a two car garage and no pool.

Situated five blocks west of this home is a property located at 3075 SW 16 Street. This is a 1,218 SqFt home with three bedrooms and two bathrooms, with standard windows. This home sold on July 24, 2012 for $150,000. This home is smaller in size but on a larger 10,085 SqFt site. The home was in average condition, built in 1976 and has more recent upgrades. It has open parking and an in-ground pool. After adjustments, this indicates a contributory value for the impact windows of $11,500.

The third paired-sale study is located in the east section of Dania Beach at 126 SE 3 Avenue. This home was built in 1976 and contains impact glass windows. The home sold on August 30, 2010 for $260,000 and is in good condition. The home contains approximately 1,645 SqFt of living area and is located on a 8,282 SqFt site. This is a three bedroom two bathroom home with a one car garage and no in-ground pool. This home does have some remodeling.

Located three blocks away is a home at 406 SE 3 Place, Dania Beach with standard windows. This home is on a 6,736 SqFt site and contains approximately 1,499 SqFt of living area. This is a newer home built in 1992 but with less remodeling. This comparable home sold on September 1, 2010 for $250,000 with no in-ground pool. This indicates a contributory value of $10,000 for the impact windows.

The forth paired-sales study is located at 2460 Bimini Lane. It is a home with impact glass windows on a waterfront site with ocean access. This property is on a 70 foot wide site with a total land area of 7,699SqFt. This home was built in 1959 and is in good condition. The home contains approximately 1,225 SqFt, with three bedrooms and two bathrooms. This home has central air-conditioning, a one car garage and no in-ground pool. This home sold on January 3, 2013 for $320,000.

Situated on the same block, at 2543 Bimini Lane, is a smaller home of 936 SqFt with two bedrooms and one bathroom. This home sold on June 21, 2013 for $245,000. This home is on a smaller 6,569 SqFt site and has 60 front feet on the water. The home is considered to be in average condition but, as with the home on Bimini Lane, it has central air-conditioning and no in-ground pool. This home was built in 1955 and has covered parking. After adjustments, this indicates a contributory value of $12,100 for impact windows.

The adjusted values ranged from a low of $8,800 to a high of $12,100 for more expensive waterfront properties. Two other typical neighborhoods indicated contributory values of $10,000 and $11,500. Based on these factors, the adjustment to a mean value for impact glass is $11,000. of approximately $281,179, or 3.9% of home value.

CONCLUSIONS

This study has incorporated a variety of inputs, including multiple inspections of the subject neighborhoods, neighborhood residents’ comments, a review of relevant articles, paired-sales analyses, simple regressions and multiple regressions.

The simple regression, which utilized market data back to 1992, clearly illustrates a distinct delineation between properties above and below the 65 DNL areas. While there is only one property sale within the 70 DNL area, it is noteworthy that is located below both trend lines.

The multiple regression sets forth a coefficient of -$61,471, for homes within the 65 DNL, which equates to 21.9% less than the mean value of homes outside of the 65 DNL area. According to several sources, non-impacted noise areas have a DNL level generally ranging from 45-55 DNL.68 69 70 71 72 73 74 Based upon an un-impacted DNL level of 45-55 DNL, this equates to approximately 1.25% loss for each DNL point increase.

The literature sets forth a study by Cohen and Coughlin, wherein they incorporated spatial econometric techniques (proximity to airport noise) where they compared models and estimation methods in a hedonic price framework to examine the impact of noise on 2003 housing prices near the Atlanta airport. In their preferred model, houses located in an area in which noise disrupts normal activities (defined by a day–night sound level of 70–75 decibels) sell for 20.8% less than houses located where noise does not disrupt normal activities (defined by a day–night sound level below 65 decibels). In is interesting to note that the multiple regression in this study is virtually the same, or 21.9%.

Nelson conducted a compilation and comparison of studies related to the negative relationship between airport noise exposure and residential property values covering 33 estimates of the noise discount for 23 airports in Canada and the United States. By re-sorting the data, it was noted that higher median home prices correlated generally with higher discounts of up to 1.49% per decibel.75 This reports conclusion of 1.25% decrease in value, per each DNL point increase, closely correlates to these 33 studies, particularly considering that these homes reconcile better with the higher mean prices set forth within this study.

68 William Albee, Tom Connor, Royce Bassarab, Roger Odegard, and Clint Morrow, “What’s in Your DNL?,” Wyle Laboratories, (October, 2006): 6. 69 Paul D. Schomer, “On Normalizing DNL to Provide Better Correlation with Response,” Sound and Vibration, (December, 2002): 20‐21. 70 Coffman Associates Airport Consultants, “Aircraft Noise and Land Use Compatibility Guidelines,” (Technical Information Paper), 3. 71 Mestre Greve Associates, “Kodiak Airport Environmental Impact Statement,” (July, 2009): 9. 72 Coffman Associates Airport Consultants, “The Measurement and Analysis of Sound,” (Technical Information Paper), 5. 73 Coffman Associates Airport Consultants, “Effects of Noise on People,” (Metromedia Draft Mitigated Negative Declaration), 5.11‐2. 74 Southern California Association of Governments, “Draft Program Environmental Impact Report,” (December, 2011): 3.9‐6. 75 Jon P. Nelson, “Meta‐Analysis of Airport Noise and Hedonic Property Values: Problems and Prospects,” Journal of Transport Economics and Policy (July, 2003): 1.

These findings are consistent with prior findings that were compiled from a variety of studies, which are summarized as follows:76

Relation Between Various Effects of Habitual Environmental Noise and a Composite Noise Rating

Percentage Loss in Value of Housing Due to Reactions to Average Percent of Noise in Each Noise in Each People Rating Noise Economic Economic Environment Neighborhood Neighborhood Unacceptable

25.0% 90%

Legal action

High Economic 60%

Neighbors

Group appeals to

12.5% stop noise

25%

Some complaints

to authorities Estimated

10% Probable

5.0% Average

No complaints

5% to authorities

Low Economic Neighbors

Threshold of

0.0% annoyance 0%

NEF 0 10 20 30 40 50

CNR 65 70 80 90 100 110 115

DNL 60 65 70 75

Source: Commission of London’s Third Airport Papers and Proceedings VII, Part II, and Further Research Team Work 51. DNL and CNL reference added on sale of NEF30 = 65 DNL and NEF40 + 70 DNL.

Based upon these and other factors, in is concluded that those properties that were outside of the 65 DNL noise contours prior to the airport expansion, that will be in a 65 DNL noise contour after the runway expansion, will incur a 21.9% diminution in value. Those properties that are in a 65 DNL noise contour prior to the runway expansion that will be in a 70 DNL noise contour after the expansion will incur a 6.3% diminution in value due to the incremental noise increase.

Offsetting these effect are the contributory value of installing central air conditioning and impact windows, as a noise mitigation effort. The contributory value of central air-conditioning is estimated to be 3.6% and the contributory value of impact windows is estimated to be 4.3%.

Based upon these factors, the effects of the runway expansion and resulting increased noise,

76 Randall Bell, “The Impact of Airport Noise on Residential Real Estate,” The Appraisal Journal, (July, 2001): 321.

40 combined with the mitigating effects of central air-conditioning and impact windows is set forth as follows:

Outside DNL Noise Contour vs. 65 DNL Noise Contour

Outside DNL Noise Contour vs. 65 DNL -21.9% Contributory Value of Central Air-Conditioning: 3.6% Contributory Value of Impact Windows: 3.9% Net Impact on Home Value: -14.4%

65 DNL Noise Contour vs. 70 DNL Noise Contour

Outside DNL Noise Contour vs. 65 DNL -6.3% Contributory Value of Central Air-Conditioning: 3.6% Contributory Value of Impact Windows: 3.9% Net Impact on Home Value: 1.2%

ADDENDA

1. Qualifications

2. Definitions

3. Salient Facts

4. Airport Map Exhibits

5. Assumptions and Limiting Conditions

6. Certification

7. Airport Record of Decision

8. Study Area Map

9. Simple Regression – Summary Input Table

10. Multiple Regression – Summary Input Table

11. Multiple Regression – Descriptive Statistics Table

12. Multiple Regression – Residual Table

13. Multiple Regression – Analysis of Variance “ANOVA” Table

QUALIFICATIONS OF RANDALL BELL, PhD, MBA, MAI

Dr. Bell specializes in real estate damage economics and valuation. This includes environmental, geotechnical, construction defects, natural disasters, eminent domain, leases and other conditions involving a wide variety of property types. He is experienced in complex valuation and diminution- in-value studies and damage issues for government, major corporations, oil and utility companies and property owners.

EDUCATION

Doctoral: Fielding University PhD, Human and Organizational Systems

Dissertation: Post Traumatic Behaviors: The Socioeconomic Reasoning of Homeowners Who Voluntarily Remained in the Aftermath of Hurricane Katrina

Graduate: UCLA MBA Degree - Real Estate

Professional: Appraisal Institute MAI Designation UCLA Certificate in Real Estate, Extension

Undergraduate: BYU BS Degree - Finance and Accounting

LICENSES AND State of California - Certified General RE Appraiser (AG1672) MEMBERSHIPS Appraisal Institute - MAI Designation (M9360) State of California - Real Estate Broker (01111436) International Right of Way Association - Member (06746314) Bureau of National Affairs (BNA) – Advisory Board Member

EXPERT United States District Court Court Appointed Appraiser WITNESS State Superior Courts Tax Appeal Boards United States Bankruptcy Court Arbitration & Mediation

APPRAISAL Instructor - Continuing Education Requirements Current INSTITUTE Appointed to the Regional Ethics and Counseling Panel Elected to the Advisory Council, 1996, 1997 Chairman of the Litigation Seminar Committee, 1994, 1995 Member - Task Force on Advanced Education Standards, 1999 Member – Committee for Statistical & Survey Standards, 1999-2002 Recipient of Year’s Outstanding Article in the Appraisal Journal – Swango Award, 2002, 2008

BOOK AUTHOR

Real Estate Damages: An Analysis of Detrimental Conditions Appraisal Institute - Chicago, Illinois

Real Estate Damages: Applied Economics and Detrimental Conditions Second Edition – Appraisal Institute – Chicago, Illinois

Strategy 360: 10 Steps to Creating a Complete Game Plan for Business & Life Owners Manual Press – Laguna Beach, California

Conversations On Success – Chapter Insight Publishing – Sevierville, Tennessee

Owners Manual Series: Quick-Ref, Home, Property, Business Owners Manual Press – Laguna Beach, California

Disasters: Wasted Lives, Valuable Lessons Tapestry Press, Irvine Texas

PROFESSIONAL BACKGROUND

Dr. Bell is currently a Principal of Bell Anderson and Sanders, LLC, a Consulting group that specializes in real estate damage issues. He founded and led the Real Estate Damages practice of Price Waterhouse in 1997, which later merged to become PricewaterhouseCoopers. He was an independent real estate appraiser, analyst and consultant from 1986 to 1997.

Dr. Bell has completed considerable research in the field of property damages and detrimental conditions. These include Chernobyl, Hiroshima, Hanford Washington Site, the 1960 Chile Earthquake, the 1964 Alaska Earthquake, the World Trade Center Bombing, the Oklahoma City Bombing, the Jarrell Texas Tornadoes, Mt. St. Helen’s Volcano, the Royal Gardens Subdivision destroyed by the Hawaii Volcanoes, Waco Texas, Oklahoma City, Weldon Springs Missouri, Times Beach Missouri, Rocky Flats Colorado, the Manoa Hawaii Landslides, Woburn Massachusetts, Hinckley, California and many others.

His career has been profiled by the Wall Street Journal, Today’s Realtor, the Los Angeles Times, the Associated Press, The San Francisco Chronicle, People Magazine, and The Chicago Tribune and on various television broadcasts by all major networks and CNN. He has been quoted by USA Today, the New York Times, Harper’s Magazine, Time Magazine, and US News and World Report, as well as the media in Europe, Australia and Japan.

SELECTED ASSIGNMENTS

Bikini Atoll Nuclear Testing Sites: Retained by the Nuclear Claims Tribunal to determine the damages caused by radioactive contamination and nuclear fallout as a result of nuclear testing on the Bikini Atoll in the Marshall Islands. This is the largest environmental contamination case in the history of the world. Involved radioactive, cultural resource and natural damage issues. Testified before the Nuclear Claims Tribunal on two occasions.

World Trade Center Site – New York: Retained by the Lower Manhattan Development Corporation (an entity created by the City and State of New York) to determine the value of the WTC site in the aftermath of the September 11th tragedies.

United Flight 93 Crash Site: Computed the impact on value of the coal mining fields where Flight 93 crashed on September 11th. Retained by the property owner.

Hurricane Katrina: Retained as a consulting expert on the Murphy Oil Spill case in the aftermath of Hurricane Katrina, which resulted in oil contamination over large portions of Saint Bernard’s Parish in the aftermath of the hurricane. Retained by Murphy Oil Company.

BP Oil Spill: Retained as a consulting expert on the BP Oil Spill case, the largest oil spill in United States history.

Caribbean Resort Hurricane Damage: Retained as a consulting expert to compute the impact on value of a major Caribbean hotel resort as a result of extensive damage from Hurricane Omar.

Tulum Mexico: Computed the damages caused by a National Park overlay being placed by the Federal Government on a large ocean-front proposed resort site.

Little Gas Shack Oil Spill - Kauai, Hawaii: Computed the damages, if any, caused to multiple commercial properties as a result of a gasoline and oil spill in a resort bay. Retained by an oil company.

LA Metro Mall Landfill: Estimated the effect of an encapsulated landfill on present and future commercial property values. The proposed retail development was to have been constructed on top of a contaminated solid waste landfill.

Honeywell New Jersey Landfill: Computed the proximity damages, if any, resulting from landfill site, in the process of remediation, on adjacent property values. Retained by Honeywell.

Stringfellow: Determined the diminution in value on nearby properties that are in proximity to Stringfellow, which is the largest inactive liquid disposal hazardous waste facility in California.

Tiverton Rhode Island Gas Company: Measured the diminution in value, if any, of nearby residential properties with a site with 1800’s historic and non-recurrent buried coal gasification waste materials which caused ground water contamination below actionable levels.

Doe Run Lead Contamination, Missouri: Class action suit involving Doe Run, which operates the world’s largest secondary lead smelter. Calculated the diminution in value, if any, caused by surface soil contamination which resulted in numerous residential properties in being razed.

Straight Lane Texas House: Case involving the largest house in the United States. Calculated the diminution in value resulting from a massive explosion and subsequent fire. The property is located on what is informally called, “Billionaire Row” in the Dallas Texas area. Field work included inspecting the nation’s largest estate homes from coast to coast.

City of Chico Landfill: Measured any diminution in value from groundwater contamination from burn ash on nearby developments.

Cooper Cameron, Texas: Measured the impact, if any that offsite TCE groundwater contamination that had migrated underneath a high-end neighborhood in the Houston Texas area.

Jack Brown Cleaners, Austin Texas: Measured the impact of PCE and TCE groundwater that had migrated under a condominium project.

Lennar LNR Bankruptcy: Appraised a major portfolio of numerous subdivisions and commercial developments in California, New Jersey, Florida, Texas, Nevada and Arizona for bankruptcy purposes.

Gasoline Pipeline Transfer Site – Arkansas: Studied the impacts, if any, that MTBE soils contamination had on an adjoining property owner.

SunCal Development - Palm Springs Area: Conducted market trends related to a breach of contract case involving a large subdivision.

BFI Landfill – Los Angeles Area: Estimated the value of on operating landfill as if with and without permits and as of three historical dates. This is one of the largest operational landfills in the Los Angeles area.

Staples Center: Retained by the City of Los Angeles to appraise numerous parcels being acquired through eminent domain for the assemblage and development of the Staples Center.

FBI Identified Terrorist Target: Calculated the damages, if any, caused to a large landmark property in the Southern California area which had been identified by the FBI as a specific terrorist target in the aftermath of the attacks of September 11, 2001.

Dole Pineapple Plantation - Hawaii: Computed the diminution in value, if any, resulting from the State’s largest contamination case involving pesticides.

Chevron Service Station: Computed the diminution in value, if any, resulting from a leading underground storage tank (LUST) in the San Diego area. Retained by Chevron.

Monsanto: Retained as a consulting expert in a case where toxins were illegally disposed in a creek and spread throughout a town. Many homes, churches, businesses and schools were deserted or razed. This is considered by some to be the most notorious environmental contamination case in the history of the United States.

Passaic River, New Jersey: Studied the impact contaminated sediments in a major waterway on the surrounding economy. This case involved a NPL Superfund site.

Whitaker Bermite: Analyzed the effect of unexploded ordinance and perchlorate contamination on development property and proximal neighborhoods. Retained by the facility.

ATK Rocket Facility: Analyzed the effect of perchlorates and other chemicals on rural residential property valuations. The facility produces solid-fuel rocket bodies for the Space Shuttle. The contamination impacts the air and soils surrounding the facility. Retained by the facility.

Ko Loco Hawaii Dam Failure: This major dam failure caused fatalities and millions of dollars of property damage to a small village. Assigned to estimate the residual effect of the dam failure on local residential property values.

Big Rock Nuclear Power Plant: Analyzed the impact, if any, that a safe-storage nuclear fuel storage system had on surrounding property values at a decommissioned nuclear power generating facility. Retained by the U.S. Justice Department.

GM - Delphi Plant, Michigan: Involved an underground TCE plume migrating from an auto parts manufacturing facility to under a nearby home neighborhood. Analyzed historic market trends and regression data, as well as developed case studies to estimate the impacts, if any, on value. Retained by Delphi.

Paducah Kentucky Radioactive Contamination: Developed regression data for neighborhoods in proximity to a gaseous diffusion plant which had released radioactive contamination.

Luke Walton Home: Determined the damages, if any, caused to neighbors from parties hosted by NBA player Luke Walton. Retained by Luke Walton.

East Chicago Hazardous Landfill: Computed the value of a hazardous waste landfill in Indiana which is licensed to receive hazardous waste. Included a complete cash flow analysis of the landfill over the expected life of the operations.

Northridge Earthquake: Retained to estimate the damages to numerous properties in several cases resulting from the earthquake. One assignment included determining the diminution in value to high-rise properties in downtown Los Angeles due to weld fracturing and alleged construction defects.

LA Riots: Retained to compute fire damages to numerous properties in one of the worst civil uprisings in the history of the United States.

Guam Landfill: Computed the damages caused by the condemnation of the Tolofufu Falls and Sergeant Youki Cave site for the purpose of constructing the only operational landfill in Guam. Involved cultural resource and natural damage issues. Also involved market research in Guam and Saipan.

Milwaukee Baseball Stadium: Studied the impact on proposed development resulting from a superfund site associated with a baseball stadium. Field research involved visiting and documenting the surrounding uses at every major-league baseball stadium in the United States and Canada.

MID Power Lines, Modesto California: Appraised numerous properties on a power line corridor for eminent domain purposes. Research included issues of EMF, crop dusting impairment, agricultural impacts, conservation easements and hindrance of future development. Retained by the utility company.

Estate Home Construction Defects: Determined the diminution in value caused by various construction defects of large estate homes and condominiums in Beverly Hills, Bel Air, Homby Hills, Santa Monica and West Los Angeles.

Ft Lauderdale Florida Condo Construction Defects: Determined the diminution in value caused by fire pipe leakage and related mold allegations.

Disneyland: Computed the part-take damages caused to Disneyland as a result of a freeway widening project. Retained by Cal-Trans.

Getty Museum: Determined the diminution in value, if any, to a neighboring property nearby the newly constructed Getty Museum in Los Angeles. Retained by the Getty Museum.

Avila Beach Oil Spill. Computed damages caused by a 300,000-gallon spill. According to a front-page article in the Los Angeles Times, Avila Beach is one of California’s largest contamination cases. Contacted by both plaintiff and defendant in the case.

Via Estoril Landslides in Laguna Niguel. Computed damages caused by the sudden 125-foot landslide that destroyed seven ocean-view homes.

Crime Scene Stigma: Consulted in calculated economic damages caused by various crime scenes, including the Jon Benet Ramsey house, the Heaven’s Gate Mansion in Rancho Santa Fe and the OJ Simpson and Nicole Brown Simpson Condominium, Andrew Luster House.

Nebraska Floods: Estimated damages caused by residential construction within a flood zone.

Airport Noise Diminution in Value Studies: Calculated the diminution in value caused by the proposed construction of airports in Hawaii, Washington, California and Texas.

Oil Refinery: Studied the diminution in value resulting from an oil refinery leak in Long Beach. Retained by ARCO.

New Jersey Durham Woods Pipeline Explosion: Researched the attributes of market resistance (stigma) associated with a catastrophic pipeline explosion that destroyed eight apartment buildings.

Hawaii Tank farm Leak: Computed the diminution in value resulting from a tank farm leak in Maui, Hawaii. Retained by Chevron, Shell and Unocal.

ARTICLES AND PAPERS

Project Delay Economics The Appraisal Journal

Analysis of Environmental Case Studies The Appraisal Journal

The Impact of Detrimental Conditions on Property Values The Appraisal Journal

Diminishing Diminution: A Trend in Environmental Stigma Environmental Claims Journal

Basic Due Diligence Environmental Claims Journal

The Impact of Airport Noise on Residential Real Estate The Appraisal Journal

The Impact of Megan’s Law on Real Estate Values Valuation Insights and Perspectives

Ten Standard Classifications of Detrimental Conditions Right of Way Magazine

Quantifying The Diminution In Value Due To Detrimental Conditions: The Theory and Application to Environmentally Contaminated Properties Environmental Claims Journal

Medical Office Building Appraisal The Appraisal Journal

Assessing Diminution in Value – A Methodology for Categorizing Detrimental Conditions Right of Way

Detrimental Conditions: A Profile of Valuation Methodologies with Environmental Contamination, Crime Scene Stigma and Natural Disaster Case Studies Paper presented to the National Symposium of the Appraisal Institute in Washington DC.

Valuation of Contaminated Property The Bureau of National Affairs, Inc.

Contaminated Waterways and Property Valuation The Appraisal Journal

The Impact of Asbestos on Real Estate Values The Appraisal Journal

Climate Change and Real Estate Economics The Bureau of National Affairs, Inc.

SEMINAR AUTHOR

Real Estate Disclosure Seminar: Author and instructor of a one-day seminar published and sponsored by the Appraisal Institute that addresses the responsibility of appraisers, brokers and agents to make a full disclosure of the known conditions associated with a property.

Detrimental Conditions Seminar: Author and instructor of a one-day seminar published and sponsored by the Appraisal Institute. This seminar illustrates a valuation methodology for categorizing numerous Detrimental Conditions (i.e., environmental contamination, natural disasters, geotechnical issues, construction defects, market conditions, imposed conditions, etc.) and quantifying the diminution in value. It was approved in all 50 states by each appraisal licensing agency and the California State Bar for continuing education credit, and has been taught nationwide and internationally.

DIMINUTION-IN-VALUE ISSUES

ADA; Absorption; Airport Noise; Asbestos; Benign Issues; Bonds; Condemnation; Construction Defects; Crime Scene Stigma; Deferred Maintenance; Easements; Earthquake; Economic Decline; EMF; Environmental Contamination; Flood Damage; Geotechnical; Landfills; Litigation; Market Conditions; Natural Disasters; Neighboring Construction; Pipeline Explosion, Riots; Sewage Treatment Plant; Soil Subsidence; Traffic Noise; Tunneling; View Diminution

INTERESTS APPRAISED

Fee Simple Interest; Leased Fee Interest; Lease Hold Interest; Sandwich; Interest; Majority & Minority Fractional Interests

FUNCTIONS OF APPRAISALS

Absorption Studies; Acquisition; Bankruptcy; Bond Financing; Construction Loans; Diminution in Value; Disposition; Divorce Settlement; Donation; Environmental Effect Studies; Estate Settlement; Excess Land; Exchanges; Fair Value Issues; Feasibility Studies; Foreclosure; Ground Lease Renewal; Highest and Best Use Analysis; Income Tax Appeal; Investment Analysis; Judicial Foreclosure; Review Appraisal; Lease Negotiations; Lease Renewals; Litigation Support; Loan Review; Market Trend Studies; Mortgage Lending; Negotiation; Partnership Dissolution; Portfolio Evaluation; Property Tax Appeal; Redevelopment Zone Studies; Refinancing

SPEECHES AND SYMPOSIUM PRESENTATIONS

Stigma and Its Impact or Real Estate Values Keynote Speaker, The National Association of Real Estate Editors, Las Vegas, Nevada

The Valuation of Environmentally-Impacted Properties Brownsfield Symposium, Irvine California

Detrimental Conditions - A Profile of Valuation Methodologies with Environmental, Crime Scene Stigma and Natural Disaster Case Studies The National Symposium of the Appraisal Institute, Washington, DC

Property Damage Analysis for a REO Portfolio Western States Loan Servicing Conference California Mortgage Bankers Association, Las Vegas, NV

The Analysis of Detrimental Conditions Keynote Presentation – International Conference Union Panamericana de Asociaciones de Valuacion, Cusco, Peru

High-Profile Disasters and the Impact on Real Estate Values The National Symposium of the Appraisal Institute, San Antonio, Texas

Real Estate Damages: Analytical Tools and Their Application to High-Profile Case Studies International Real Estate Society Conference, Kuala Lumpur, Malaysia

Standardized Approaches to Valuing Contaminated Properties Los Angeles County Bar Association

Expert Witness Testimony Involving Contaminated Properties Appraisal Institute - Southern California Chapter

Contamination, Natural Disasters & Crime Scene Stigma Orange County Bar Association

Ethics and the Appraiser Appraisal Institute - Southern California Chapter

Diminution in Value: A Focus on Environmental Contamination, Natural Disasters and Stigma Damages San Diego Bar Association

Researching and Reporting Detrimental Conditions Multiple lectures to COMPS, Inc. nationwide

Real Estate Investment Strategies Newport Beach Rotary Club

Environmental Contamination & Natural Disasters Workshop Appraisal Institute - Southern California Chapter

The Valuation of Environmentally Impacted Properties Block Environment & Jeffer, Mangels, Butler & Marmaro

The Impact of an International Airport on Real Estate Values El Toro Reuse Planning Authority

The Financial Analysis of Investment Grade Properties Guest Lecturer at Cal-State Fullerton

The Valuation of Asbestos-Contaminated Properties International Right of Way Association

Airports, Stigma and Property Values Trabuco Canyon Community Association

Technical Aspects of the Appraisal of Medical Properties Appraisal Institute - Los Angeles Chapter

The Appraisal of Estate Homes Appraisal Institute - Southern California, San Diego and Ventura Chapters

Market Resistance Towards Damaged Properties Appraisal Institute - Fresno Chapter

Real Estate Damages Valuation Methodologies Summer Seminar Spectacular – Disneyland Hotel, Southern California Chapter of the Appraisal Institute

High Profile Disasters and Property Damages Orange County Appraisal Society, Orange County Assessor’s Office

The Appraisal: Diminution in Value Methodologies Chicago Title Company, Western Division Claims Conference

Project Delay Economics Southern California Chapter, Appraisal Institute

Due Diligence The Center for Advanced Property Economics Symposium on Property and Environmental Damages, Toronto, Canada

CORRESPONDENCE

Bell Anderson & Sanders LLC Real Estate Damage Economics 496 Broadway Laguna Beach, California 92651

Direct: (949) 497-7607 Office: (949) 497-7600 Fax: (949) 497-7601 E-Mail: [email protected]

DEFINITIONS

Market Value:

The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress. (Appraisal Institute: The Appraisal of Real Estate 13th Edition)

Market Resistance:

The risk, if any, associated with the ongoing stage of a detrimental condition analysis. Market resistance includes the reluctance on part of the real estate market to buy a property that has historically been damaged or tainted. Sometimes called stigma. (Appraisal Institute: Real Estate Damages 2nd Edition)

Stigma

Stigma is essentially jargon or a slang term given to “risk” or “market resistance”. Stigma is defined as “An adverse public perception regarding a property; the identification of a property with a condition (e.g., environmental contamination, a grisly crime) that exacts a penalty on the marketability of the property and may also result in a diminution in value.” (Appraisal Institute: Dictionary of Appraisal, 5th Edition)

Investment Value:

The specific “value of a property to a particular investor based on that person’s (or entity’s) investment requirements”; distinguished from market value, which is impersonal and detached. (Appraisal Institute: The Appraisal of Real Estate 13th Edition)

Exposure Time:

The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal.” Exposure time is different for various types of real estate and value ranges and under various market conditions. (Appraisal Institute: Dictionary of Appraisal, 5th Edition)

Fee Simple Estate:

Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police powers, and escheat. (Appraisal Institute: Dictionary of Appraisal, 5th Edition)

Highest & Best Use:

This may be defined as “the reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, and financially feasible and that results in the highest value.”(Appraisal Institute: The Appraisal of Real Estate 13th Edition) Leased Fee Estate:

The ownership interest held by the lessor, which includes the right to the contract rent specified in the lease plus the reversionary right when the lease expires. (Appraisal Institute: The Appraisal of Real Estate 13th Edition)

Leasehold Estate:

The right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease. (Appraisal Institute: The Appraisal of Real Estate 13th Edition)

Market Rent:

The most probable rent that a property should bring in a competitive and open market reflecting all conditions and restrictions of the lease agreement, including permitted uses, use restrictions, expense obligations, term, concessions, renewal and purchase options and tenant improvements (TIs). (Appraisal Institute: Dictionary of Appraisal, 5th Edition)

Hypothetical Conditions:

That which is contrary to what exists but is supported for the purpose of analysis. (USPAP 2010-2011 Edition, the Appraisal Foundation)

Extraordinary Assumptions:

An assumption, directly related to a specific assignment, which, if found to be false, could alter the appraiser’s opinions or conclusions. (USPAP 2010-2011 Edition, the Appraisal Foundation)

Jurisdictional Exceptions:

An assignment condition established by applicable law or regulation, which precludes an appraiser from complying with a part of USPAP. (USPAP 2010-2011 Edition, the Appraisal Foundation)

Definitions Related to Environmental Conditions:

There are a number of definitions from USPAP AO-9, as related specifically to environmental contamination, set forth within the Fundamentals of Real Estate Damage Economics section of this report.

Class:

A set of items defined by a common characteristic. (Appraisal Institute: Dictionary of Real Estate Appraisal, 5th Edition)

Linear Regression:

A type of statistical analysis used to investigate a linear relationship between a dependent variable and one or more independent variables; used to predict the value of the dependent variable on the basis of the values of the independent variables and to develop an understanding of how a unit change in an independent variable relates to change in the dependent variable. Linear regression models employing a single independent variable are called simple linear regression models. Those employing more than one independent variable are called multiple linear regression models. (The Dictionary of Real Estate Appraisal, 5th Edition)

Regression Analysis

A statistical method that examines the relationship between one or more independent variables and a dependent variable. Regression models can be used to examine the structure of a relationship or to forecast dependent variable values. Simple linear regression has one independent variable, whereas multiple linear regression includes more than one independent variable. (The Dictionary of Real Estate Appraisal, 5th Edition)

SALIENT FACTS

File Identification:

Bell Anderson & Sanders LLC Case No.: 13-1-05-764 Fort Lauderdale Airport Study

Client:

Jacques Beaumier Broward Country Expansion Project Administrator Noise Mitigation Officer Noise Mitigation Outreach Center 200 E. Dania Beach Blvd., Suite 103 Dania Beach, Florida 33004

Intended User & Use This Report:

The intended user of this report is the client. The intended use of this report is by the client for allocation of mitigation costs. This report may not be utilized or relied upon by any other party, nor may it be relied upon by the client for any purpose other than the stated use.

Purpose of the Assignment:

The purpose of the engagement is determine the net impact of surrounding properties due to the expansion of the Fort Lauderdale International Airport.

Type of Value Appraised:

Market Value

Subject Property:

Properties that have an increase in DNL noise contours as a result of the expansion of the Fort Lauderdale International Airport.

Property Rights Evaluated:

Fee Simple

Date of Value:

Current

Date of This Report:

August 14, 2013

Subject Property Sales, Options or Listings:

There are numerous sales and listings in the study area.

Exposure Time:

The exposure time is estimated to be three to six months in the local market.

Prior Sales of the Subject Property:

There have been numerous sales of the subject properties within the prior three years.

Competency:

Randall Bell, PhD, MBA, MAI is experienced with airport cases around the country and has worked in the Florida real estate market on prior assignments. Further competency in the local market has been acquired through local property and neighborhood inspections, as well as by consulting with local market participants, and Patrick Sullivan, SRA. Appropriate steps were taken to competently complete this assignment in accordance with USPAP, which are set forth throughout this report.

Retrospective Value:

A retrospective opinion of value is a value likely to have applied as of a specified historic date.

Type of Report:

This expert report, in combination with supporting documentation, is a summary mass appraisal report.

AIRPORT MAP EXHIBITS

2005 Contour Map: 2005 Baseline Noise Exposure Map of the 60, 65, 70, and 75 DNL contour lines of the Fort Lauderdale Hollywood International Airport as they exist today.

Source: Fort Lauderdale – Hollywood International Airport Environmental Impact Statement

2020 Contour Map: 2020 FAA Preferred Alternative (B1b) Noise Exposure Map showing the contour lines after implementation and construction of the airport expansion project.

Source: Fort Lauderdale – Hollywood International Airport Environmental Impact Statement

2020 Contour Map West Side of the Airport: Enlargement of the previous map. The runway expansion is on the southerly side of the existing airport.

Source: Fort Lauderdale – Hollywood International Airport Environmental Impact Statement

2020 Contour Map South Side of the Airport: Enlargement showing the expansion into the neighborhoods to the south.

Source: Fort Lauderdale – Hollywood International Airport Environmental Impact Statement

ASSUMPTIONS AND LIMITING CONDITIONS

Standards Rule (S.R.) 2-1(c) of the Uniform Standards of Professional Appraisal Practice requires the appraiser to “clearly and accurately disclose all assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions used in the assignment.” In compliance with S.R. 2-1(c), such assumptions and limiting conditions are set forth below. Acceptance or use of any report constitutes acceptance of these assumptions and limiting conditions.

Unless otherwise identified, considered and described within the report:

1. The conclusions and opinions expressed in this report apply to the date of value as specified by the client. The dollar amount of any value opinion or conclusion rendered or expressed in this report is based upon the purchasing power of the United States Dollar existing on the date of value. Any forecasts, projections or operating estimates based on current market conditions are subject to changes with future conditions.

2. In preparing this report, the appraiser was required to rely on information furnished by other individuals, entities or found in previously existing records and/or documents. Such information is presumed to be reliable. However, no warranty, either express or implied, is given by the appraiser for the accuracy of such information and the appraiser assumes no responsibility for information relied upon later found to have been inaccurate. No responsibility is assumed for errors or omissions, or for information not disclosed which might otherwise affect the value estimate or other opinions expressed in this report. The appraiser reserves the right to make such adjustments to the analyses, opinions and conclusions set forth in this report as may be required by consideration of additional data or more reliable data that may become available.

3. The appraiser assumes no responsibility for economic, physical or demographic factors that may affect or alter the opinions in this report if said economic, physical or demographic factors were not present as of the date value. The appraiser is not obligated to predict future political, economic or social trends.

4. The Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute, which include the Uniform Standards of Professional Appraisal Practice (USPAP), govern the disclosure of the contents of this appraisal report. In furtherance of the aims of the Appraisal Institute to develop higher standards of professional performance by its members, the appraiser may be required to submit to its authorized committees copies of this report, associated work file and/or supporting documentation. If the appraiser becomes involved in a legal matter in which disclosure is required as part of a legal process, any information so disclosed will be deemed to have been made public by the appraiser and any information that may have been confidential might no longer be confidential.

5. No opinion or warranty as to the title of the subject property is rendered. Unless a survey was provided to the appraiser and such survey is referenced in the report, data related to

ownership and legal description was obtained from public records and is considered reliable. Title is assumed to be marketable and free and clear of all liens, encumbrances, easements and restrictions, except those specifically discussed in the report, if any. The property is appraised assuming it to be under responsible ownership and competent management, and available for its highest and best use.

6. No soils, geological or hydrology studies were made available to the appraiser unless identified, considered and described in the report. It is assumed that there are no adverse conditions, which such reports would reflect, that affect the property. The appraiser assumes no responsibility for hidden or unapparent conditions of the property, subsoil, groundwater, surface water or structures that render the subject property more or less valuable. No responsibility is assumed for arranging for engineering, geologic, environmental or other studies that may be required to discover such hidden or unapparent conditions.

7. The appraiser has not been provided any information regarding the presence of any material or substance on or in any portion of the subject property or improvements thereon, which material or substance possess or may possess toxic, hazardous and/or other harmful and/or dangerous characteristics. The appraiser did not become aware of the presence of any such material or substance during the appraiser's inspection of the subject property. However, the appraiser is not qualified to detect, investigate or test for the presence of such materials or substances. The presence of such materials or substances may affect the value of the subject property. Unless otherwise indicated, the value estimated in this report is predicated on the assumption that no such material or substance is present on or in the subject property, or in such proximity thereto that it would cause a loss in value. The appraiser assumes no responsibility for the presence of any such substance or material on or in the subject property, nor for any expertise or engineering knowledge required to discover the presence of such substance or material. The intended user is urged to retain an expert in this field, if desired. This report assumes the subject property is in compliance with all federal, state and local environmental laws, regulations and rules.

8. The subject property is appraised assuming it to be in full compliance with all applicable zoning and land use regulations and restrictions, unless a noncompliance has been identified, considered and described in the report.

9. The property is appraised assuming that all required licenses, permits, certificates, consents or other legislative and/or administrative authority from any local, state or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based.

10. The appraiser has made no engineering survey. Except as specifically stated, data relative to size and area of the subject property was taken from sources considered reliable and no encroachment or trespass of the subject property is considered to exist.

11. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, or whether the property is subject to surface entry for the exploration or removal of such materials, except as is expressly stated.

12. Maps, plats and exhibits included in this report are for illustration only to serve as an aid in visualizing matters discussed within the report. They should not be considered as surveys or relied upon for any other purpose, nor should they be removed from, reproduced or used apart from the report.

13. No opinion is expressed for matters that require legal expertise or specialized investigation or knowledge beyond that customarily employed by real estate appraisers.

14. The distribution, if any, of the total valuation in this report between land and improvements applies only under the stated program of utilization. Any opinions of value apply to the entire property. The separate allocations for land and improvements, or the proration or division of the total into fractional interests, must not be used in conjunction with any other appraisal and are invalid if so used.

15. Possession of this report, or a copy of it, does not carry with it the right of publication. This report may not be used for any purpose by any person other than specifically identified intended users, without the written consent of the appraiser. In any event, this report may be used only with proper written qualification and only in its entirety for its stated purpose. Neither all, nor any part, of the contents of this report (including any conclusions as to value, the identity of the appraisers or the firm with which they are connected, or any reference to the Appraisal Institute or the MAI or SRA designations) shall be disseminated by anyone to the public through advertising media, public relations, news media, sales media, or any other public means of communication without prior written consent and approval of the appraiser.

16. Possession of this report by anyone does not require the appraiser’s testimony or attendance in any court or other legal proceeding unless prior arrangements have been made at an additional fee.

17. Except as specifically indicated in the report, no seismic or geologic studies have been provided to the appraiser concerning the geologic and/or seismic condition of the subject property. The appraiser assumes no responsibility for the possible effect on the subject property of seismic activity and/or earthquakes.

18. Unless a termite, dry rot, wet rot, pest or other infestation report was made available to the appraiser and such a report is identified, considered described in the report, it is assumed that there is no related damage or infestation.

19. No consideration has been given in this appraisal as to the value of the property located on the premises considered by the appraiser to be personal property, nor has the appraiser given consideration to the costs of moving or relocating such personal property; only the real property has been considered in this appraisal.

20. Any plans and specifications furnished by the client, upon which the valuation is predicated, are assumed to show the intent of the builder. However, the appraiser assumes no responsibility for their correctness, or for undisclosed modifications thereto. The appraiser makes no warranty as to compliance with the Americans with Disabilities Act, (ADA), if applicable.

21. Competitive institutional financing is assumed to be available.

22. There are no undisclosed restrictions or prohibitions concerning the possible use or development of the property for any purpose for which it is available.

23. No responsibility is assumed for any condition which might affect the valuation, but which is not readily observable from a normal and customary inspection of the premises as typically performed by members of the real estate appraisal profession.

24. No responsibility is accepted for unknown or unlikely issues that may impact the future or highest and best use of the subject property.

25. The appraiser has personally inspected the subject property if so stated and, except as noted in the report, finds no obvious evidence of structural deficiencies or any other detrimental conditions. The appraiser assumes no responsibility for hidden defects or non-conformity with specific governmental requirements, including but not limited to fire, building and safety, earthquake, occupancy codes or other requirements. The appraiser is not a licensed architect or engineer, and assumes no responsibility for disclosing structural or geotechnical deficiencies not readily apparent to the appraiser at the time of inspection.

26. There are a wide variety of detrimental conditions that can impact property values. The appraiser has inspected the subject property on a level that is consistent with the typical responsibilities of the appraisal profession and has noted any significant potential detrimental conditions within the report. However, the appraiser does not have the training or expertise to detect or assess many types of detrimental conditions, which require the services of market analysts, soils, structural, sound, geotechnical or environmental engineers, scientists, urban planners and other specialists in various fields. The appraiser assumes no liability or responsibility for the impact of any detrimental condition. No analysis is made of any detrimental condition that is not specifically identified and considered within the report.

27. The appraiser and the client have an agreement regarding the intended use of the appraisal and report. The agreement states that the appraiser will not be liable for anything beyond the fees paid during the course of this assignment. This report may only be utilized with the acceptance of these assumptions and limiting conditions.

28. If any of the general assumptions and limiting conditions are incorrect, opinions and/or conclusions within the report may be invalid and the appraiser reserves the right to alter

such opinions and/or conclusions. Any appraisal or report may describe or refer to documents relied upon that have been examined and assumed to be accurate. Such an appraisal or report will also describe or refer to extraordinary assumptions and/or hypothetical conditions relied upon by the appraiser, if any.

MASS APPRAISAL CERTIFICATION

I certify that, to the best of my knowledge and belief:

 The statements of fact contained in this report are true and correct.  The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial and unbiased professional analyses, opinions and conclusions.  I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest with respect to the parties involved.  I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment  I have no bias with respect to any property that is the subject of this report or to the parties involved with this assignment.  My engagement in this assignment was not contingent upon developing or reporting predetermined results.  My compensation for completing this assignment is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.  The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice, and the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.  The undersigned has made a personal inspection of the exterior of the properties that is the subject of this report.  No one provided significant mass appraisal assistance to the person signing this certification, except as stated in the prior certification.  The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.  As of the date of this report, I have completed the continuing education program of the Appraisal Institute.

Randall Bell, PhD, MBA, MAI Certified General RE Appraiser (AG001692)

AIRPORT RECORD OF DECISION

U.S. DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration Southern Region Atlanta, Georgia

RECORD OF DECISION

THE DEVELOPMENT AND EXPANSION OF RUNWAY 9R/27L AND OTHER ASSOCIATED AIRPORT PROJECTS AT FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT BROWARD COUNTY, FLORIDA

December 2008

FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT ENVIRONMENTAL IMPACT STATEMENT RECORD OF DECISION

THIS PAGE INTENTIONALLY LEFT BLANK

FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT ENVIRONMENTAL IMPACT STATEMENT RECORD OF DECISION

INTRODUCTION

This Record of Decision (ROD) provides final agency determination and approvals for certain federal actions by the Federal Aviation Administration (FAA) necessary for the implementation of proposed airport development at the Fort Lauderdale- Hollywood International Airport (FLL) in Broward County, Florida. Broward County, the Airport Sponsor, has proposed airport development at FLL to address existing and forecast aviation demand. A description of the Airport Sponsor’s Proposed Action is provided in Section 1 Description of Airport Sponsor’s Proposed Action and Purpose and Need.

The FAA through independent analyses provided in the Final Environmental Impact Statement For the Development and Expansion of Runway 9R/27L and Other Associated Airport Projects at Fort Lauderdale-Hollywood International Airport Broward County, Florida, June 2008, (Final EIS), confirmed that the existing airfield infrastructure at FLL lacks sufficient capacity to accommodate existing and forecast air carrier demand at a level of delay established for FLL.1,2

The FAA identified Alternative B1b3 as its preferred alternative in the Final EIS (see this ROD, Exhibit 1 FAA’s Preferred Alternative (B1b)). Alternative B1b includes the expansion of existing Runway 9R/27L to an 8,000-foot by 150-foot with Engineered Materials Arresting System (EMAS).4 The expanded runway extends to the east and would be elevated to 45 feet MSL over the Florida East Coast (FEC) Railway and U.S. Highway 1. In this ROD, the FAA selects its Preferred Alternative (B1b) for approval and implementation at FLL.

1 The acceptable delay threshold used in the EIS is six minutes per operation. See the Final EIS, Chapter Three Purpose and Need, Section 3.3.1.3, Level of Delay. 2 The most recent FAA Aviation System Performance Metrics (ASPM) data for FLL indicates that although average annual delay decreased between 2005 and 2006 (from 7.25 to 5.33), it increased in 2007 to 5.80 minutes per operation. In 2007, delays exceeded six minutes per operation in February through April, June through July, and December. During these six months average delay was nearly seven minutes per operation. 3 Alternative B1b, the FAA’s Preferred Alternative (B1b), has the same physical alignment, design and configuration as Alternative B1c, the Airport Sponsor’s Proposed Action. However, Alternative B1c considers the implementation of the operational noise abatement actions described in the County’s Airfield Development Program Objective Statement (October 26, 2004), which would limit the use of Runway 9R/27L in 2012. The FAA will not consider the approval of a runway development project with noise abatement runway use procedures that would limit its capacity in the opening year without a study of alternative noise abatement measures such as required under 14 CFR Part 150. The FAA’s Preferred Alternative (B1b) does not include any operational noise abatement actions that would limit the use of Runway 9R/27L. 4 Engineered Material Arresting System (EMAS) is a "soft ground arresting system" consisting of a crushable cellular cement material installed on the runway overrun in a predetermined bed layout. EMAS provides a reliable and predictable capability to stop an aircraft by crushing under the weight of an aircraft providing deceleration and a safe stop. See FAA Order 5200.9, Financial Feasibility and Equivalency of Runway Safety Area Improvements and Engineered Material Arresting Systems.

December 2008 Page i of viii FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT ENVIRONMENTAL IMPACT STATEMENT RECORD OF DECISION

The FAA’s Preferred Alternative (B1b) consists of the following key development actions:

 Expand and elevate Runway 9R/27L to an overall length of 8,000 feet and width of 150 feet with an Engineered Materials Arresting System (EMAS) at both runway ends.  Construct a new full-length parallel taxiway 75 feet wide on the north side of Runway 9R/27L with separation of 400 feet from Runway 9R/27L.  Construct an outer dual parallel taxiway that would be separated from the proposed north side parallel taxiway by 276 feet.  Construct connecting taxiways from the proposed full-length parallel taxiway to existing taxiways.  Construct an Instrument Landing System (ILS) for landings on Runways 9R and 27L. Runway ends 9R and 27L would have a Category I ILS, which includes a Medium Intensity Approach Light System with runway alignment indicator lights (MALSR), localizer, and glideslope.  Decommission and permanently close Runway 13/31, the crosswind runway.  Terminal redevelopment envelope, which would accommodate a 67-77 gate complex and the potential redevelopment of Terminals 2, 3, and 4.

The connected actions associated with the development of the FAA’s Preferred Alternative (B1b) are:

 Close Airport Perimeter Road located within the approach to Runway 9R.  Relocate ASR-9.  Acquire all, or a portion, of the Hilton Fort Lauderdale Airport Hotel (formerly the Wyndham Fort Lauderdale Airport Hotel).  Acquire all, or a portion, of the Dania Boat Sales.

The federal actions requested of the FAA are described in detail in Section 2 Requested Federal Actions and Approvals. The FAA’s reasons for identifying Alternative B1b as its preferred alternative in the Final EIS, required by 40 CFR 1505.2, are summarized in Section 3.3 FAA’s Preferred Alternative (B1b). The FAA is selecting and granting approval of an Airport Layout Plan (ALP) for the FAA’s Preferred Alternative (B1b). The FAA's reasons for selecting the Preferred Alternative (B1b) are discussed in Section 3.4 The Selected Alternative. The mitigation for the Selected Alternative is discussed in Section 4 Summary of Mitigation Measures. A summary of the substantive comments received on the Final EIS is provided in Section 5 Comments on the Final EIS. The FAA's findings, determinations, and certifications for the selected alternative are described in Section 6 Findings, Determinations, and Certifications.

The public and federal, state, and local agencies were provided opportunities to participate in the EIS process and to provide input for FAA consideration in the development of the EIS. Those opportunities for public involvement and agency coordination are described in Section 7 Public Involvement and Agency Coordination. The FAA’s specific conditions to be followed by the Airport Sponsor

December 2008 Page ii of viii FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT ENVIRONMENTAL IMPACT STATEMENT RECORD OF DECISION in the development of the FAA’s Preferred Alternative (B1b) are located in Section 8 Conditions of Approval. The FAA’s decision and order approving FAA’s federal actions for the project is located in Section 9 Decision and Order. Finally, information pertaining to any party seeking to stay the implementation of this ROD is located in Section 10 Right of Appeal.

Information in support of the FAA's decision and the EIS analysis and findings is provided in four appendices to this ROD. The comments received on the Final EIS and the FAA's responses to all substantive comments are provided in Appendix A Comments Received and FAA Responses on the Final EIS. Copies of the pertinent agency correspondence can be reviewed in Appendix B Agency Letters: Concurrence, Certifications, Correspondence.

Typographical errors in the Final EIS have been corrected. The corrected text is provided in Appendix C Final EIS Errata Documents. Information that was inadvertently omitted from the Final EIS is provided in Appendix D Final EIS Addendum Documents. This consisted of letters from Broward County to the FAA. These letters were listed in the introduction to Appendix C of the Final EIS but inadvertently omitted during printing. The letters were posted on Broward County’s web site within one week of publication of the Final EIS, and in addition, the letters were available from the FAA upon request after the EIS was issued.

This ROD completes the FAA’s environmental decision-making process, including disclosure and review by the public and the FAA decision maker of the analysis of alternatives and environmental impacts described in the Final EIS. This ROD has been prepared and issued by the FAA in compliance with the National Environmental Policy Act of 1969 (NEPA) [42 U.S.C. Section 4321, et seq.], the implementing regulations of the Council on Environmental Quality (CEQ) [40 CFR Parts 1500-1508] and FAA directives [Order 1050.1E and Order 5050.4B].

The ROD is also used to demonstrate and document the FAA’s compliance with the procedural and substantive requirements of environmental, programmatic, and related statutes and regulations that apply to FAA decisions and actions on proposed airport projects.

It is the policy of the United States to undertake projects to increase airport capacity to the maximum feasible extent and further for major projects to protect and enhance natural resources and the quality of the environment.5 In Vision 100 Century of Aviation Reauthorization Act Public Law 108-176, the U.S. Congress stressed the importance of airports to the economy and the priority of capacity projects to ease congestion, and the need to assess environmental impacts associated with these projects.6 Congress directs the FAA as part of its overall air commerce missions to encourage the construction of capacity projects at congested airports. Vision 100 required the Secretary of Transportation to implement a process for expedited and coordinated environmental reviews for airport capacity enhancement projects at congested airports and for safety and security projects.

5 49 U.S.C. §47101(a)(6), (7), Policies. 6 49 U.S.C. §47171 et seq.

December 2008 Page iii of viii FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT ENVIRONMENTAL IMPACT STATEMENT RECORD OF DECISION

FLL is a congested airport and therefore this EIS is subject to the environmental streamlining provisions of the Vision 100 Act.7

The FAA coordinated with Federal, state, local, and tribal entities throughout the EIS process, including the U.S. Environmental Protection Agency (EPA), U.S. Army Corps of Engineers (USACE), U.S. Fish and Wildlife Service (USFWS), the National Marine Fisheries Service (NMFS), the Advisory Council on Historic Preservation (ACHP), the Florida Department of Environmental Protection (FDEP), the Florida Division of Historic Resources, the Florida Department of Transportation (FDOT), Broward County (Airport Sponsor), and local municipalities. The FAA also coordinated with the general public to identify and evaluate key issues associated with the proposed action. Section 7 Public Involvement and Agency Coordination describes in detail the FAA’s coordination with the public and federal, state, and local agencies.

Federal, state, local agencies, public individuals, and public organizations, submitted comments on the Draft Environmental Impact Statement (Draft EIS) published in March 2007. The FAA provided responses to those comments in the Final EIS, published in June 2008. The FAA solicited comments on the Final EIS which identified a preferred alternative differing from the Airport Sponsor’s Proposed Action.8 FAA responses to comments on the Final EIS are included in this ROD in Appendix A, Comments Received and FAA Responses on the Final EIS.

The FAA is responsible for the preparation and content of the Draft and Final EIS and this ROD. In developing the EIS, the FAA relied on certain information prepared by outside sources as permitted by 40 CFR §1506.5. In keeping with its oversight responsibility, the FAA consistently exercised control over the scope, content, and development of the EIS. The FAA selected a Third Party Contractor (TPC) to assist in the preparation of the EIS per the guidance contained in 40 CFR § 1506.5(c).

The FAA used its own resources, as well as the resources of the TPC, to independently evaluate any environmental information and other submissions provided by Broward County (the Airport Sponsor) or other entities.

The degree of supervision that the FAA exercised over the TPC, and its participation in the preparation of the EIS, fully maintained the integrity and objectivity of the EIS and ROD.

7 FAA interprets the definition of congested airport in 49 U.S.C. §47175(2) to include airports like FLL that are listed in FAA’s Airport Capacity Benchmark Report of 2004. 8 The Airport Sponsor’s Proposed Action, Alternative B1c, has the same physical alignment, design and configuration as the FAA’s Preferred Alternative (B1b). However, Alternative B1c considers the implementation of the operational noise abatement actions referenced in the County’s Airfield Development Program Objective Statement (October 26, 2004) and specifically described in a memorandum to the FAA in August 2006. These operational noise abatement actions would limit the capacity of Runway 9R/27L in 2012. Broward County has interpreted that the operational noise abatement actions would no longer be in place by 2020.

December 2008 Page iv of viii FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT ENVIRONMENTAL IMPACT STATEMENT RECORD OF DECISION

BACKGROUND

On January 19, 2005 the FAA issued a Notice of Intent to prepare an Environmental Impact Statement for proposed improvements at the Fort Lauderdale-Hollywood International Airport.9 In accordance with FAA Orders 1050.1E and 5050.4B, and CEQ Regulations 40 CFR 1501.7, agency and public scoping meetings were conducted on February 23, 2005.

A public information workshop was conducted as part of the process of completing the Draft EIS to receive comments from the public, review agencies, and other interested parties on February 2, 2006.

In addition to the public information workshop, other public venues were offered at key project milestones for the general public to meet with the FAA to discuss issues important to them. These venues included Project Focus Group meetings and District-Wide Briefings. The Project Focus Groups consisted of small meetings with representatives of community and homeowner association’s surrounding the airport. The Broward County Board of County Commissioners asked the FAA to replace the third round of Focus Group Meetings with three District-wide Briefings to provide a larger venue for public participation.

The FAA issued the Draft EIS for public review and comment on March 30, 2007. The agency held a public information workshop and hearing on May 1, 2007 at the Fort Lauderdale Hollywood Convention Center. In addition to notices in the Federal Register (FR) of the availability of the Draft EIS and public information workshop and hearing, notices were also published in the Sun Sentinel on April 15, 22, and 29, (2007); Broward Herald on April 15, 22, and 29, (2007); and El Heraldo on April 16, 2007. Over 600 people combined attended the public information workshop and hearing.

9 The Airport Sponsor’s proposed redevelopment of Runway 9R/27L was originally proposed in the FLL 1994 Airport Master Plan Update. The Federal environmental process, under the National Environmental Policy Act of 1969 (NEPA), was originally initiated by the FAA for this project in 1996. Since that time, three NEPA documents were published. All FAA NEPA processes ceased in 2003 to allow Broward County to conduct additional planning studies for the expansion of the runway and associated projects. These additional studies resulted in a new proposal by the Sponsor for runway expansion at FLL. All previous EIS documents were terminated and the associated processes were discontinued when the EIS process was reinitiated by the issuance, in January 2005, of the FAA Notice of Intent (NOI) to prepare an EIS and to conduct agency and public scoping. The Draft EIS published in March 2007 and the Final EIS published June 2008 are the result of the FAA NEPA process begun in January 2005.

December 2008 Page v of viii FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT ENVIRONMENTAL IMPACT STATEMENT RECORD OF DECISION

On June 5, 2007, the Broward County Board of County Commissioners sponsored a separate public hearing on the Draft EIS. More than 1,300 people attended. The Mayor of Broward County, on behalf of the Broward County Board of County Commissioners notified the FAA that Alternative B1c was the County’s Preferred Alternative.10

Comments were received on the Draft EIS from federal, state, and local agencies as well as members of the public. The FAA reviewed and prepared responses to all substantive comments received on the Draft EIS.

The FAA published the Notice of Availability for the Final EIS in the FR on June 27, 2008. The Final EIS identified the FAA’s Preferred Alternative and proposed mitigation for noise and land use, which had not previously been disclosed in the Draft EIS. A 30-day comment period on the Final EIS closed on July 28, 2008. Late-filed comments were considered by the FAA to the extent practicable. The FAA reviewed and prepared responses to all substantive comments received on the Final EIS, which are included with this ROD (see Appendix A, Comments Received and FAA Responses on the Final EIS). No comments were received on the Final EIS that warranted further evaluation or analysis of the proposed action or alternatives.

ROD AVAILABILITY

Paper copies and CD copies of this ROD are available for review at various libraries in Broward County, the FAA Headquarters Office in Washington, D.C. and its Southern Regional Office in College Park, Georgia and Airports District Office in Orlando, Florida and at the administrative offices of the City of Cooper City, City of Dania Beach, City of Fort-Lauderdale, City of Hollywood, City of Lauderhill, City of Pembroke Pines, City of Plantation, City of Sunrise, and the Town of Davie, as well as the Fort Lauderdale-Hollywood International Airport. The addresses for these locations are provided in the Final EIS, in Chapter Nine.

The Final EIS is available on Broward County’s website at: http://www.broward.org/airport/community_airportexpansion.htm

This ROD is available on the FAA's web site at: www.faa.gov/airports_airtraffic/airports/environmental/records_decision/ WHAT SHOULD YOU DO?

You should read this ROD to understand the actions that the FAA and the Airport Sponsor will take in order to implement the proposed development and expansion of Runway 9R/27L and associated projects at the Fort Lauderdale-Hollywood International Airport in Broward County, Florida.

10 Letter from Josephus Eggelletion, Mayor Broward County Florida, to Bart Vernace, Assistant Manager, FAA Orlando Airports District Office, RE: Broward County (Sponsor) Preferred Runway Alternative. Dated: August 10, 2007.

December 2008 Page vi of viii FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT ENVIRONMENTAL IMPACT STATEMENT RECORD OF DECISION

WHAT HAPPENS AFTER THIS?

The Airport Sponsor may proceed with the actions to implement the proposed project, as approved, and the FAA may proceed with processing applications for Federal grant-in-aid funding.

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TABLE OF CONTENTS

SECTIONS Page

INTRODUCTION – BACKGROUND – ROD AVAILABILITY ...... i

1. Description of Airport Sponsor’s Proposed Action and Purpose and Need ...... 1

2. Requested Federal Actions and Approvals ...... 7

3. Summary of Alternatives Considered ...... 11 3.1 The Environmentally Preferred Alternative...... 35 3.2 The Proposed Action ...... 36 3.3 The Preferred Alternative ...... 37 3.4 The Selected Alternative...... 51

4. Summary of Mitigation Measures ...... 55 4.1 Noise and Compatible Land Use ...... 55 4.2 Recommended Mitigation for Incompatible Land Use...... 56 4.3 Identification of Incompatible Land Use within 65+ DNL ...... 61 4.4 Identification Of Wetlands And Consideration Of Executive Order 11990, Protection Of Wetlands...... 62

5. Comments on the Final EIS ...... 69

6. Findings, Determinations, and Certifications ...... 71 6.1 Compliance with Laws, Regulations, and Executive Orders...... 71 6.2 Determinations Under 49 U.S.C. Sections 47106 and 47107 ...... 78

7. Public Involvement and Agency Coordination ...... 85 7.1 Public Involvement ...... 85 7.2 Agency Coordination ...... 86

8. Conditions of Approval ...... 89 8.1 Funding Considerations ...... 89 8.2 Implementation Of Mitigation ...... 89

9. Decision and Orders ...... 91

10. Right of Appeal ...... 93

December 2008 Page ix of viii FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT ENVIRONMENTAL IMPACT STATEMENT RECORD OF DECISION

APPENDICES

A Comments Received and FAA Responses on the Final EIS

B Agency Letters: Concurrence, Certifications, Correspondence

C Final EIS Errata Documents

D Final EIS Addendum Documents

TABLES

Table 1 Hourly Capacity Estimates – Total Airfield ...... 15

Table 2 Summary of Alternatives – Net Benefit Analysis ...... 21

Table 3 Summary of Alternatives – Environmental and Cumulative Impacts ...... 23

Table 4 Incompatible Land Use – 2020 FAA’s Preferred Alternative (B1b) ...... 55

EXHIBITS

Exhibit 1 FAA’s Preferred Alternative (B1b) ...... 95

Exhibit 2 FAA’s Preferred Alternative (B1b) Noise Exposure Contour .... 97

Exhibit 3 FAA’s Preferred Alternative (B1b) — West of FLL ...... 99

Exhibit 4 FAA’s Preferred Alternative (B1b) — South of FLL ...... 101

December 2008 Page x of viii FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION

1. DESCRIPTION OF THE AIRPORT SPONSOR’S PROPOSED ACTION AND PURPOSE AND NEED

This section describes the airport sponsor's proposed action, why the proposal is necessary, and the action’s location and information on when the action would occur.

AIRPORT SPONSOR'S PROPOSED ACTION: The Proposed Action includes the redevelopment and extension of Runway 9R/27L to an 8,000-foot by 150-foot elevated runway with EMAS, and associated projects, which are described in the Final EIS, Chapter Two, The Proposal, Section 2.0 Airport Sponsor’s Proposed Project.

The Proposed Action consists of the following key development actions:

 Expand Runway 9R/27L to an overall length of 8,000 feet and width of 150 feet with an Engineered Materials Arresting System (EMAS) at both runway ends. The runway extends to the east without encroaching onto NE 7th Avenue and would be elevated over the Florida East Coast (FEC) Railway and U.S. Highway 1; the western extent of the runway is the Dania Cut-Off Canal.  Construct a new full-length parallel taxiway 75 feet wide on the north side of Runway 9R/27L with separation of 400 feet from 9R/27L.  Construct an outer dual parallel taxiway that would be separated from the proposed north side parallel taxiway by 276 feet.  Construct connecting taxiways from the proposed full-length parallel taxiway to existing taxiways.  Construct an Instrument Landing System (ILS) for landings on Runways 9R and 27L. Runway ends 9R and 27L would have a Category I ILS, which includes a Medium Intensity Approach Light System with runway alignment indicator lights (MALSR), localizer, and glideslope.  Decommission Runway 13/31. Due to the increased elevation of Runway 9R/27L at its intersection with Runway 13/31, Runway 13/31 would be closed permanently.  Terminal Redevelopment Envelope. The terminal redevelopment envelope can accommodate a total of 67 to 77 gates and would accommodate the FAA- forecast levels of passenger-related activity through 2020. For the EIS analysis, Option 2B11 of the FLL Master Plan Update Phase 1 was used as a representative layout of a 67 to 77 gate complex. The terminal redevelopment envelope accommodates the potential redevelopment of Terminals 2, 3, and 4 including aircraft parking positions, taxilanes, and remote parking positions. (The terminal redevelopment envelope is depicted on Exhibit D.2-3 and D.2- 10 in the Final EIS Appendix D.2, Terminal Gate Verification.)

11 Leigh Fisher Associates (now known as Jacobs Consultancy) report dated January 2006, Master Plan Update—Phase I, Draft Final Summary Report. Development Option 2B, Figure 6-24, Figure 6-25 and pp. 6-18 to 6-23.

December 2008 Page 1 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION

During project design, the Airport Sponsor will consider the refinement of the airfield and terminal area elements that include the design, location, and number of taxiway exits, aircraft holding pads, and runway access areas.

The connected actions associated with the development of the Proposed Action are:

 Close Airport Perimeter Road located within the approach to Runway 9R  Relocate Airport Surveillance Radar (ASR-9)  Acquire all, or a portion, of the Hilton Fort Lauderdale Airport Hotel (formerly the Wyndham Fort Lauderdale Airport Hotel)  Acquire all, or a portion, of the Dania Boat Sales

The Airport Sponsor’s Proposed Action, Alternative B1c, has the same physical alignment, design and configuration as the FAA’s Preferred Alternative (B1b). However, Alternative B1c considers the implementation of the operational noise abatement actions referenced in the County’s Airfield Development Program Objective Statement (October 26, 2004) and specifically described in a memorandum to the FAA in August 2006.12 These operational noise abatement actions would limit the capacity of Runway 9R/27L in 2012. Broward County has interpreted that the operational noise abatement actions would no longer be in place by 2020.13

The FAA will not consider the approval of a runway development project with noise abatement runway use procedures that would limit its capacity in the opening year without a study of alternative noise measures such as required under 14 CFR Part 150, Airport Noise Compatibility Planning. Broward County may recommend such noise operational noise abatement measures for Alternative B1b as part of an updates to its Part 150 airport noise compatibility program.

WHY THE PROPOSAL IS NECESSARY: Under 49 USC 47101(a)(7), the FAA is charged with carrying out a policy ensuring “that airport construction and improvement projects that increase the capacity of facilities to accommodate passenger and cargo traffic be undertaken to the maximum feasible extent so that safety and efficiency increase and delays decrease.”14

12 Memorandum from Max Wolfe/Eric Bernhardt, Leigh Fisher Associates (now Jacobs Consultancy), to Virginia Lane, AICP, Environmental Specialist, Federal Aviation Administration. Subject: Sponsor’s Proposed Project Operational Assumptions. Dated: August 22, 2006/Revised: August 24, 2006. 13 The FAA's review of this memorandum and the analysis referenced in this memorandum indicates that Broward County has interpreted that the operational noise abatement actions would no longer be in place in order to maintain acceptable levels of delay as defined by Broward County. Memorandum from Max Wolfe/Eric Bernhardt, Leigh Fisher Associates (now Jacobs Consultancy), to Virginia Lane, AICP, Environmental Specialist, Federal Aviation Administration. Subject: Sponsor’s Proposed Project Operational Assumptions. Dated: August 22, 2006/Revised: August 24, 2006. 14 49 U.S.C. 47101(a)(7). Title 49 Transportation. SUBTITLE VII—AVIATION PROGRAMS PART B— AIRPORT DEVELOPMENT AND NOISE CHAPTER 471—AIRPORT DEVELOPMENT SUBCHAPTER I- AIRPORT IMPROVEMENT § 47101.

December 2008 Page 2 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION

The National Plan of Integrated Airport Systems (NPIAS) supports this policy and underscores the FAA goals identified in the Flight Plan (2004-2008)15 for safety and capacity. The most recent NPIAS (2007-2011)16 report was prepared in accordance with 49 USC Section 47103 and provided to Congress in September 2006. FLL is identified as a large hub in the NPIAS. Large hubs are those airports that each account for at least one percent of total U.S. passenger enplanements17 The nation’s air traffic delay problems tend to be concentrated at the 30 large hub airports where the average delay per aircraft operation was six minutes in 2004. These 30 large hub airports plus five of the busiest medium hub airports are included in FAA’s 10-year plan to increase the capacity and efficiency of the national airspace system, known as the Operational Evolution Plan (OEP).

The U.S. Congress stressed the importance of airports to the economy and required the FAA to implement a process for expedited and coordinated environmental reviews for airport capacity enhancement projects at congested airports and for safety and security projects under Vision 100 Century of Aviation Reauthorization Act Public Law 108-176. FLL is a congested airport within the meaning of Vision 100.18

More recently, in a report entitled Capacity Needs in the National Airspace System 2007-2025, the FAA determined that FLL would need additional capacity within the 2007 timeframe.19

The FLL forecast provided in the FAA Terminal Area Forecast (TAF)20 projects that operations will continue to increase. The projected continued growth will result in a continued shortage of capacity at FLL and increasing levels of delay. A more detailed discussion of capacity and delay at FLL is provided in the Final EIS in Chapter Three, Purpose and Need, Section 3.2 Problem Statement and Section 3.3 Need for the Project.

The FAA received a number of comments on the Final EIS regarding the potential effect of increasing fuel costs on operations at FLL and the reduction in operations nationwide announced by a number of airlines in early 2008. The comments

15 FAA Flight Plan 2004-2008. Internet web site: http://www.faa.gov/apo/strategicplan/FAA_Flight _Plan.pdf#search=%22Flight%20Plan%20(2004-2008)%20for% 20safety%20and%20capacity%22 16 FAA National Plan of Integrated Airport Systems (NPIAS) (2007-2011), submitted to the U.S. Congress September 2006; October 2006. Internet web site: http://www.faa.gov/airports_ airtraffic/airports/planning_capacity/npias/reports/index.cfm 17 FAA’s use of the term hub airport is somewhat different than that of airlines, which use it to denote an airport with significant connecting traffic by one or more carriers. The hub categories used by FAA are defined in Section 40102 of Title 49 of the United States Code (2004). 18 The FAA interprets 49 U.S.C. §47175(2) to refer to FAA's Airport Capacity Benchmark Reports of 2001 and 2004. 19 Capacity Needs in the National Airspace System 2007-2025, An Analysis of Airport and Metropolitan Demands and Operational Capacity in the Future. Federal Aviation Administration. Table E1. May 2007. 20 The 2006 FAA Terminal Area Forecast (TAF) for FLL was used in the EIS analysis. The FAA reviewed the 2007 FAA TAF (when it was published in December 2007) to determine the variance between the 2006 TAF and 2007 TAF projections for FLL. The FAA determined the variance in projected operations was within the FAA’s standard for determining projected forecast consistency (within 10 percent (+/-) for the five-year projection; and within 15 percent (+/-) for the 10-year and beyond forecast projections). See the Final EIS, Chapter Three, Section 3.3.1.1 Projected Operational Demand.

December 2008 Page 3 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION questioned the FAA’s reliance on 2006 operations that did not represent airline changes in response to the fuel cost increase. However, although the price of fuel and economic fluctuations can affect an airport’s operations, these variables have been taken into account by the FAA in the FLL TAF.

The FAA’s TAF is updated annually. In the TAF for FLL, the near term forecast of operations21 is based, in part, on the future schedules of the airlines serving the airport. Airline schedules include anticipated changes in the market such as reductions in operations in response to increased fuel costs. The long term estimates of domestic enplanements are forecast as a function of real yield at the airport22 and employment in the metropolitan area. These enplanement forecasts in turn are translated into operation forecasts using assumptions for average seats per aircraft and load factor. The long term forecasts are not significantly influenced by the short term changes in the price of fuel, rather they are more influenced by regional and national economic and employment indicators.

The FAA is currently preparing the 2008 TAF. Based upon the preliminary 2008 TAF23 for FLL a comparison with the 2006 TAF used in the EIS analysis indicates that the difference in projected operations between the 2006 TAF and the preliminary 2008 TAF for 2012 and 2020 is within an acceptable range.24 The 2008 TAF is anticipated to be published by the FAA in late 2008 or early 2009. In the event that the 2008 TAF forecasted operations, when published, are significantly different from the forecast used in the EIS, the FAA will complete any appropriate additional environmental review. By examining the analysis of capacity and delay issues at FLL, the FAA would fulfill its statutory responsibilities to administer the National Airspace System. The FAA through the independent analyses provided in the EIS, determined that the existing airfield infrastructure at FLL lacks sufficient capacity25 to accommodate existing and forecast air carrier demand at a level of delay established for FLL in the EIS.26,27

The purpose of the proposed action is to provide sufficient capacity for existing and forecast demand at FLL with an acceptable level of delay. The FAA considered the deficiencies at FLL, as discussed in the Final EIS, Chapter Three Purpose and Need, Section 3.2 Problem Statement, and their impact on the FAA’s purpose of

21 Near term would be within a one to two year time frame. Long term would be beyond the two year time frame. 22 Yield is the average amount of revenue the airline would receive per revenue passenger mile. Yield is derived by dividing total passenger revenue by total revenue passenger miles. Real yield means that the dollar amounts have been adjusted to take out inflation over time. 23 Preliminary FAA Terminal Area Forecast for FLL, September 2008. 24 The FAA standard for determining projected forecast consistency defines acceptable when a forecast is within 10 percent (+/-) for the five-year projection. For forecast projections within the 10-year and beyond, a 15 percent (+/-) difference is considered consistent with the FAA's TAF. (FAA Order 5100.38C Airport Improvement Program Handbook, paragraph 428.a. Aviation Forecasting.) 25 As stated in FAA Advisory Circular 150/5060-5, Airport Capacity and Delay, capacity (throughput capacity) is a measure of the maximum number of aircraft operations that can be accommodated on the airport or airport component in an hour. 26 An established delay threshold is typically around four to six minutes of average delay per operation based on data contained in the FAA National Plan of Integrated Airport Systems (NPIAS) (2007-2011). 27 The threshold used in the EIS to define acceptable levels of delay at FLL is six minutes per operation. See the Final EIS, Chapter Three Purpose and Need, Section 3.3.1.3, Level of Delay.

December 2008 Page 4 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION enhancing safety, efficiency, and capacity on both the regional and national level, and has identified the following needs at FLL:

 The need for sufficient airfield capacity, to the extent practicable, to accommodate existing and projected air carrier demand at a level of delay established for FLL in the EIS analysis, which is six minutes of average annual delay per operation;  The need for an enhanced and balanced airfield; and  The need for sufficient gate and apron capacity to address existing and forecast passenger demand and aircraft congestion on the ramp.

LOCATION OF THE PROPOSED ACTION: The proposed action will occur in Broward County, Florida, primarily on airport property that is owned by Broward County.

WHEN THE PROPOSED ACTION WOULD OCCUR: Project initiation and mobilization is expected to begin with the issuance of the ROD. It is projected that construction will begin in 2009. Construction is expected to last between four to six years, with completion occurring in the 2012 to 2014 timeframe.

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2. REQUESTED FEDERAL ACTIONS AND APPROVALS

This section summarizes the actions and approvals the airport sponsor has asked FAA and other federal agencies to give before the sponsor can implement the proposed action.

FAA DETERMINATIONS RELATING TO ELIGIBILITY FOR FEDERAL FUNDS FOR THE PROPOSED PROJECT: FAA determinations relating to eligibility for Airport Improvement Program (AIP) funds and to impose and use Passenger Facility Charges (PFC) funds for the proposed project.

FAA APPROVAL TO AMEND THE ALP TO DEPICT THE PROPOSED ACTION AND ASSOCIATED DETERMINATIONS: FAA approval of an ALP,28 environmental determinations and sponsor assurances and certifications required as conditions of eligibility for grants of federal funding for the proposed project,29 and determinations under other environmental laws, regulations, and executive orders discussed in the EIS.

FAA INSTALLATION AND/OR RELOCATION OF NAVIGATIONAL AIDS ASSOCIATED WITH THE PROPOSED NEW RUNWAY: FAA determination for the installation and/or relocation of navigational aids associated with the new runway.30

FAA APPROVAL OF AIR TRAFFIC CONTROL PROCEDURES AND MODIFICATION OF FLIGHT PROCEDURES FOR THE RUNWAY: The FAA would approve new air traffic control and instrument procedures for FLL to include an expanded runway and the closure of Runway 13/31. These procedures would be flight tested, and published for general use.31

FAA EVALUATION AND DETERMINATION OF AIRSPACE OBSTRUCTIONS: Determinations and actions, through the aeronautical study process of any off- airport obstacles that might be obstructions to the navigable airspace under the standards and criteria of 14 CFR Part 77 Objects Affecting Navigable Airspace32, and an evaluation of the appropriateness of proposals for on-airport development from an airspace utilization and safety perspective based on aeronautical studies conducted pursuant to the standards and criteria of 14 CFR Part 157, Notice of Construction, Alteration, Activation, and Deactivation of Airport.

FAA CERTIFICATION AND OTHER APPROVALS: FAA modification or amendment of existing certificates or specifications is required to comply with FAA design standards and to accommodate, in a safe and efficient manner, the passenger enplanements and aircraft activity forecasts.

 Certification under 14 CFR Part 139, Certification of Airports.

28 49 U.S.C. § 47107(a)(16) 29 49 U.S.C. § 47106(c) 30 49 U.S.C. § 40103 31 49 U.S.C. § 40103 32 49 U.S.C. § 40103(b) and 40113

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 Operating Specifications for scheduled air carriers intending to operate at the airport in the future under FAR 14 CFR Part 121, Certification and Operations: Domestic, Flag, and Supplemental Air Carriers and Commercial Operations of Large Aircraft.

APPLICABLE ENVIRONMENTAL LAWS, REGULATIONS, STATUTES, AND POLICIES

In accordance with Federal law and agency guidance, the Final EIS contains the information that the FAA will use to make the following findings, determinations, and certifications for the selected alternative.

DETERMINATIONS WITH REGARD TO ENVIRONMENTAL LAWS, REGULATIONS, AND EXECUTIVE ORDERS

 Determination of general conformity under the Clean Air Act, 42 U.S.C. § 7506(c)(1).  Determination that the Proposed Action is consistent with approved coastal zone management programs, Executive Order 13089, Coral Reef Protection; Coastal Barrier Resources Act, 16 U.S.C. § 3501-3510, and Coastal Zone Management Act, 16 U.S.C. § 1451-1464.  Determinations under 49 U.S.C. § 303(c) [Section 4(f)] with respect to use of any publicly-owned land of a public park, recreation area, or wildlife and waterfowl refuge of national, state or local significance; or land from an historic site of national, State, or local significance.  Findings regarding the potential impact to Federally endangered or threatened and protected species, marine mammals, essential fish habitat and migratory birds, and state-listed species. Endangered Species Act, 16 U.S.C. § 1531-1544. Marine Mammal Protection Act, 16 U.S.C. § 1361-1421h. Related Essential Fish Habitat Requirements of the Magnuson-Stevens Act, as amended by the Sustainable Fisheries Act, 16 U.S.C. § 1855(b)(2). Migratory Bird Treaty Act, 16 U.S.C. § 703-712.  Floodplain determination and findings in accordance with Executive Order 11998, Floodplain Management, and DOT Order 5650.2, Floodplain Management and Protection.  Determination in accordance with Section 106 of the National Historic Preservation Act of 1966. The FAA is required to make a determination related to the potential effect of the proposed actions on properties either listed or eligible to be listed on the National Register of Historic Places that are in the vicinity of the development of the proposed actions. National Historic Preservation Act, 16 § U.S.C. 470(f).  Determination regarding coordination and consultation with Native American representatives in accordance with DOT Order 5301.1, Department of Transportation Programs, Policies, and Procedures Affecting American Indians, Alaska Natives, and Tribes; and FAA Order 1210.20, American Indian and Alaskan Native Tribal Consultation Policy and Procedures.

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 Determination regarding environmental justice in accordance with Executive Order 12898 and DOT Order 5610.2, Environmental Justice.  Determination that water quality requirements will be satisfied in accordance with the Clean Water Act. Clean Water Act, 33 U.S.C. § 1251, et seq.  Determinations in accordance with Executive Order 11990, Protection of Wetlands. Department of Transportation (DOT) Order 5660.1A, Preservation of the Nation’s Wetlands, and Section 404 of the Clean Water Act. 33 U.S.C. 1344. For this project involving new construction that will directly affect wetlands, the FAA must determine that there is no practicable alternative to such construction and that the proposed action includes all practicable measures to minimize harm to wetlands.  Determination regarding actions associated with the project that would require relocation assistance for displaced persons or businesses pursuant to the Uniform Relocation Assistance and Real Property Acquisition Policies Act (42 U.S.C. 4601 et seq.).  Determination regarding the independent and objective evaluation required by the Council on Environmental Quality (40 C.F.R. Section 1506.5).

FAA DETERMINATIONS UNDER 49 USC SECTIONS 47106 AND 47107

 Determination of consistency with existing plans of public agencies for the development of the area surrounding the airport. 49 U.S.C. § 47106(a)(1).  Determination that fair consideration has been given to the interests of communities in or near the project location. 49 U.S.C. § 47106(b)(2).  Determination in accordance with 47106(c)(1)(A) that the Sponsor has provided the following certifications: - an opportunity for a public hearing was given to consider the economic, social, and environmental effects of the location and the location's consistency with the objectives of any planning that the community has carried out; 49 U.S.C. § 47106(c)(1)(A)(i) - the airport management board has voting representation from the communities in which the project is located or has advised the communities that they have the right to petition the Secretary about a proposed project; and 49 U.S.C. § 47106(c)(1)(A)(ii) - with respect to an airport development project involving the location of an airport, runway, or major runway extension at a medium or large hub airport, the airport sponsor has made available to and has provided upon request to the metropolitan planning organization in the area in which the airport is located, if any, a copy of the proposed amendment to the airport layout plan to depict the project and a copy of any airport master plan in which the project is described or depicted; and 49 U.S.C. § 47106(c)(1)(A)(iii)  For this project, which involves the location of a new runway or major runway extension, determination in accordance with 49 U.S.C. § 47106(c)(1)(C) of whether there are significant adverse effects on natural resources,

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determination that no possible and prudent alternative to the project exists, and that the project includes every reasonable step to minimize the significant adverse effects.  Determination that the Airport Sponsor has, or will take, the appropriate action, as pertains to the adoption of zoning laws to the extent reasonable to restrict the use of land next to or near the airport to uses that are compatible with normal airport operations 49 U.S.C. § 47107(a)(10).

LIST OF OTHER FEDERAL, STATE, AND LOCAL PERMITS AND APPROVALS

The following permits and approvals are required by federal agencies (other than the FAA) and state and local agencies for implementation of the FAA’s Preferred Alternative (B1b):

 Issuance of a Clean Water Act Section 404 permit by the U.S. Army Corps of Engineers (USACE) related to potential impacts to jurisdictional streams and wetlands, based upon a determination that there is no practicable alternative to the selected alternative and all practicable measures have been considered to avoid, minimize, and mitigate harm to wetlands.  Issuance of a Clean Water Act Section 404 permit by the USACE for dredge and fill, based upon review and comment by the U.S. Environmental Protection Agency (USEPA), U.S. Fish and Wildlife Service (USFWS), National Marine Fisheries Service (NMFS), and the Florida State Historic Preservation Office (SHPO).  Section 401 Water Quality Certification from the South Florida Water Management District (SFWMD), based upon the FAA determination that standards under the CWA will be met.  Modification to the National Pollutant Discharge Elimination System (NPDES) permit (Section 402 of the Clean Water Act) for proposed construction activities; this would be coordinated through the Florida Department of Environmental Protection.  Modification to the SFWMD Environmental Resource Permit (ERP) No. 06-00339-S for impacts to jurisdictional wetlands. This permit modification constitutes State Water Quality Certification for the Section 404 Permit.

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3. SUMMARY OF ALTERNATIVES CONSIDERED

This section briefly describes the reasonable alternatives the EIS analyzed in detail. It also identifies the environmentally preferred alternative (C1) (40 CFR § 1505.2 (b)), the Airport Sponsor’s proposed action (B1c), and the FAA’s Preferred Alternative (B1b) (FAA Order 5050.4B, paragraph 1007.e. (7)). The Airport Sponsor’s proposed action was described in detail in Section 1, above.

BRIEF DESCRIPTION OF ALTERNATIVES CONSIDERED: The Council on Environmental Quality’s (CEQ) regulations implementing NEPA (40 CFR Parts 1500 through 1508) require that all reasonable alternatives that might accomplish the objectives of a proposed project be identified and evaluated. Therefore, in compliance with NEPA33 and other special purpose environmental laws, the FAA analyzes those alternatives that could achieve the established purposes and needs for the project.

Reasonable alternatives include those that are practical or feasible from a technical and economic standpoint.34 According to CEQ Section 1502.14(c) the FAA, as the lead agency, has a responsibility to explore and objectively evaluate all reasonable alternatives, including those beyond the agency’s jurisdiction.

The analysis of EIS alternatives is an independent examination by the FAA of a reasonable range of alternatives that could meet the identified purposes and needs for the Airport Sponsor’s Proposed Project as described in detail in the EIS. The alternatives that the FAA considered included off-site and on-site alternatives, and a no action alternative. On-site alternatives included non-runway development (i.e., demand management) and runway development alternatives. (To review the range of alternatives considered, see the Final EIS, Chapter Four, Alternatives, Section 4.1.1, Off-Site Alternatives, and Section 4.2.2, On-Site Alternatives.)35

As a requirement of NEPA, a no action alternative must be carried forward in the assessment of environmental impacts.36 With the No Action Alternative, the FLL airfield configuration would remain as it is today, with no additional runways,

33 National Environmental Policy Act of 1969 (NEPA) Part 1502, Environmental Impact Statement, Section 1502.14. 34 46 Federal Register 18026, Memorandum: FORTY MOST ASKED QUESTIONS CONCERNING CEQ’s NATIONAL ENVIRONMENTAL POLICY ACT REGULATIONS, March 16, 1981. 35 After the Final EIS was published DOT and FAA finalized an amended policy on airport rates and charges and limitations on operations at the three NY area airports. These actions are consistent with the dismissal of demand management alternatives for FLL in Section 4.2.2.4 of the Final EIS. In affording airport sponsors greater flexibility to use landing fees to manage congestion, DOT/FAA stated that the amendments were intended “as a mechanism to address delay when capacity projects will not be available in time to prevent increasing delays and in those congested airports where capacity expansion is simply not feasible.” 73FR 40430 July 14, 2008. Similarly, DOT/FAA imposed flight caps at the NY area airports to reduce congestion and delays until the airport sponsor is able to bring needed capacity projects, such as additional taxiway and other improvements, on line. Use of demand management if at all, as a stop gap measure and last resort, is in harmony with congressional policies encouraging airport improvement projects to increase capacity to be undertaken “to the maximum feasible extent” while artificial restrictions on airport capacity, which are not in the public interest, “should be imposed to alleviate air traffic delays only after other reasonably available and less burdensome alternatives have been tried.” 49 U.S.C. 47101(a)(7), (9). 36 Council on Environmental Quality’s (CEQ) regulations implementing NEPA (40 CFR Parts 1500 through 1508), Sec. 1502.14(d) Include the alternative of no action.

December 2008 Page 11 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION extensions, or improvements to any existing runways, and the airfield would be operated in accordance with the current air traffic procedures.37 The No Action Alternative serves as the baseline of comparison for the assessment of future conditions/impacts.

The alternatives analysis identified and evaluated a range of reasonable alternatives that could substantially meet the stated purpose and need for the project. First, the analysis screened both the off-airport and on-airport alternatives that could feasibly address capacity and reduce delay at the FLL at the threshold of six minutes of acceptable delay. None of the off-site alternatives and none of the non- runway on-site alternatives were determined by the FAA to meet the stated purpose and need. (See the Final EIS, Chapter Four, Alternatives, Section 4.1.1, Off-Site Alternatives, and Section 4.2.2, On-Site Alternatives.)38

Next, the on-site runway development alternatives that could address capacity and reduce delay were subjected to a detailed analysis. The analysis considered runway length, airfield throughput capacity,39 constructability,40 and the consideration of “fatal flaws.”41 An alternative that did not meet one or more of these criteria also did not meet purpose and need and therefore was eliminated from further evaluation in the EIS. (For the full discussion of the screening analysis, see the Final EIS, Chapter Four, Alternatives, Section 4.2.2.5, Runway Development Alternatives.)

As a result of the alternatives screening process, the FAA determined that eight of the runway development alternatives could potentially meet the stated purpose and need to increase capacity and reduce delay, and did not appear to have substantial constructability issues or “fatal flaws”. These eight runway development alternatives and the No Action alternative were subjected to detailed environmental analysis in the EIS and are listed below. (See the Final EIS, Chapter Four, Alternatives, Section 4.3, Alternatives to be Assessed for Environmental Impacts.)

37 FAA Environmental Assessment for the Proposed Use of Runways 9R/27L and 13/31 When the Preferred Runway Cannot Efficiently Accommodate Existing Operations at Fort Lauderdale- Hollywood International Airport (FLL). Broward County, Florida. 2008. 38 Given the similarities between PHL and FLL, a peak hour pricing program would not likely work at FLL because the fees would cause reductions in the general aviation and turboprop aircraft that principally use the south runway at FLL during peak periods and do not contribute to delays. Cancellation of these flights would have little impact on congestion on the primary runways and therefore would not significantly reduce delays at FLL. PHL Runway 17-35 Extension Project Final EIS, pages 3-31 and 3-32. 39 As stated in FAA Advisory Circular 150/5060-5, Airport Capacity and Delay, capacity (throughput capacity) is a measure of the maximum number of aircraft operations that can be accommodated on the airport or airport component in an hour. 40 Constructability considers the physical characteristics of each alternative and its direct impact on existing facilities and structures, infrastructure, and natural features. These physical characteristics can affect engineering costs, project schedules, operational safety and efficiency, and construction sequencing or phasing. 41 “Fatal flaws” are discussed in the Final EIS Chapter Four - Alternatives, Section 4.2.2.5.1 Fatal Flaws. “Fatal flaws” in the EIS analysis are associated with direct impacts on existing facilities that would result in substantial redevelopment or inhibit development or maintenance of existing transportation infrastructure. The fatal flaws considered in the alternatives included encroachment of the Dania Cut-Off Canal, Interstate-95, and/or the Seaboard Coast Line Railroad (CSX Transportation); major impacts to the existing terminal core area that would cause significant disruption of airline and passenger service; or impacts to or the relocation of the Florida Power Light (FPL) LaDania Substation.

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 Alternative A (No Action): the airfield configuration would remain as it is today, with no additional runways, extensions, or improvements to any existing runways, and the airfield would be operated in accordance with the current air traffic procedures. Runway 9L/27R is 9,000 feet long by 150 feet wide; Runway 9R/27L is 5,276 feet long by 100 feet wide; and, Runway 13/31 6,930 feet long by 150 feet wide.  Alternative B1: redevelop and extend existing Runway 9R/27L to an 8,600-foot by 150-foot elevated runway; this runway would extend east over the FEC Railway and U.S. Highway 1; Runway 13/31 would be permanently closed  Alternative B1b (FAA’s Preferred Alternative): redevelop and extend existing Runway 9R/27L to an 8,000-foot by 150-foot elevated runway with EMAS; this runway would extend east over the FEC Railway and U.S. Highway 1; Runway 13/31 would be permanently closed (see this ROD, Exhibit 1 FAA’s Preferred Alternative (B1b))  Alternative B1c (Airport Sponsor’s Proposed Action): redevelop and extend existing Runway 9R/27L to an 8,000-foot by 150-foot elevated runway with EMAS; this runway would extend east over the FEC Railway and U.S. Highway 1; includes the implementation of the operational noise abatement actions described in the County’s Airfield Development Program Objective Statement (October 26, 2004),42 and specifically in a memorandum to the FAA in August 2006 which would limit the capacity of Runway 9R/27L in 2012; Broward County has interpreted that the operational noise abatement actions would no longer be in place by 2020;43 Runway 13/31 would be permanently closed  Alternative B4: build a new 6,001-foot at grade runway with EMAS located 340 feet north of existing south runway (to replace existing Runway 9R/27L); Runway 13/31 would remain open  Alternative B5: build a new 7,800-foot elevated runway with EMAS located 320 feet south of existing south runway (to replace existing Runway 9R/27L); this runway would extend east over the FEC Railway and U.S. Highway 1; Runway 13/31 would be permanently closed  Alternative C1: build a new 7,721-foot at grade runway located 850 feet north of existing Runway 9L/27R (a dependent parallel runway to existing Runway 9L/27R); Runway 13/31 would be permanently closed

42 Letter from Tom Jargiello, Director of Aviation, Broward County Aviation Department, Fort Lauderdale-Hollywood International Airport, to Dean Stringer, Manager, FAA Orlando Airports District Office. This letter pertains to the Broward County Board of County Commissioners Goals and Objectives. Dated: November 1, 2004. “This responds to your letter dated December 24, 2003 requesting information necessary for the preparation of the revised Environmental Impact Statement (EIS) for the proposed extension of Runway 9R/27L at the Fort Lauderdale-Hollywood International Airport.” 43 Memorandum from Max Wolfe/Eric Bernhardt, Leigh Fisher Associates (now Jacobs Consultancy), to Virginia Lane, AICP, Environmental Specialist, Federal Aviation Administration. Subject: Sponsor’s Proposed Project Operational Assumptions. Dated: August 22, 2006/Revised: August 24, 2006.

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 Alternative D1: redevelop and extend existing Runway 9R/27L to 8,000 feet and build a new 7,721-foot runway north of existing Runway 9L/27R; Runway 13/31 would be permanently closed; (combination of Alternatives B1b and C1)  Alternative D2: build a new 6,001-foot at grade runway with EMAS located 340 feet north of existing south runway (to replace existing Runway 9R/27L), and build a 7,721-foot at grade runway located 850 feet north of existing Runway 9L/27R; Runway 13/31 would be permanently closed; (combination of Alternatives B4 and C1)

SUMMARY OF OPERATIONAL CAPACITY AND DELAY, IMPACTS TO AIRPORT PROPERTY, AND ENVIRONMENTAL IMPACTS OF THE ALTERNATIVES: In identifying the Preferred Alternative, the FAA considered three major factors. First, it considered the extent to which an alternative could, as a practical matter, meet the stated purpose and need to accommodate existing and projected air carrier demand at a level of delay established for FLL, which is six minutes of average annual delay per operation; to provide sufficient airfield capacity, to the extent practicable; to provide an enhanced and balanced airfield; and, to provide sufficient gate and apron capacity to address existing and forecast passenger demand and aircraft congestion on the ramp.

Second, the FAA considered the extent to which an alternative impacted existing airport property, including airport tenant facilities and the availability of airport property for future development.

Third, the agency considered whether the implementation of an alternative would result in significant adverse environmental impacts, and if so, whether the alternative would meet the requirements of 49 USC §47106(c)(1)(C).

Operational capacity and delay: The first consideration in the identification of FAA’s Preferred Alternative was the extent to which an alternative could increase operational capacity and reduce delay at FLL. For the alternatives that were studied in detail, operational capacity and delay were assessed in the EIS in terms of maximum capacity44, actual throughput or practical capacity,45 and average

44 As stated in FAA Advisory Circular 150/5060-5, Airport Capacity and Delay, capacity (throughput capacity) is a measure of the maximum number of aircraft operations that can be accommodated on the airport or airport component in an hour. It represents a condition of balanced arrival and departure demand that its based on the methodology in the AC. 45 When calculating capacity and delay it is standard industry practice to calibrate capacity to reflect the usability of the actual runway pavement. This is ‘practical capacity’ (also known as ‘actual throughput’). This type of capacity analysis considers factors that can affect runway use and usability (or utility). These factors can include aircraft type and runway length. For example: a 5,000 foot runway at Airport A may have an hourly maximum throughput capacity of 50 operations (based on the maximum number of operations that can occur by aircraft that can use a 5,000-foot runway). If the forecast demand for Airport A includes aircraft that all can operate on such a runway, then the practical capacity for Airport A will be the same as the throughput capacity. However, the forecast demand for Airport B may include only 20 aircraft operations able to use a 5,000-foot runway. Therefore, because of the demand at Airport B the ‘practical capacity’ is 20 operations, not 50. Several major commercial airports in the U.S. have runways of less than 6,000 feet. Some examples include Runway 15L/33R at Baltimore Washington International Airport and Runway 14/32 at Boston Logan International Airport. The ‘practical capacity’ of the runways at these airports is determined by the types of aircraft and number of aircraft operations using such aircraft that can actually operate on a runway 6,000 feet in length.

December 2008 Page 14 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION minutes of delay per operation. The analysis of capacity and average delay was used to determine the extent to which an alternative could meet the stated purpose and need to increase capacity and reduce delay at FLL. 46

A key aspect of operational capacity and delay was the extent of actual throughput or practical capacity provided by an alternative.

Table 1 Hourly Capacity Estimates – Total Airfield, summarizes the maximum and practical hourly capacity of the airport under each alternative. Maximum capacity shown in these tables refers to the capacity estimated from the FAA AC 150/5060-5. By comparison, the practical capacity listed on Table 1 takes into consideration actual demand able to use available runways according to the aircraft types and runway length characteristics of each alternative.

TABLE 1 HOURLY CAPACITY ESTIMATES – TOTAL AIRFIELD Fort Lauderdale-Hollywood International Airport

PRACTICAL MAXIMUM CAPACITY1 CAPACITY2 East Flow West Flow All Weather All Weather VFR IFR VFR IFR Average Average No Action 115 106 105 100 113 84 B1/B1b/B1c/B5 108 104 102 98 107 107 B43 108 104 102 98 107 107 C14 134 116 127 101 131 101 D1 130 113 124 99 128 128 D2 130 113 124 99 128 128 Percent of 75% 6% 18% 1% 100% 100% Annual

1 Maximum capacity presents a condition of balanced arrival and departure demand 2 Practical Capacity takes into consideration actual demand able to use available runways according to the aircraft types and runway length characteristics. 3 Alternative B4 is the only alternative, other than the No Action, under which Runway 13/31 would remain in operation. Even though Runway 13/31 remains open it does not result in an increase in the practical capacity as compared to the other “B” alternatives, because Runway 13/31 crosses Runway 9L/27R and operations are directed to either Runway 13/31 or Runway 9L/27R but not to both runways simultaneously. The airfield operates most efficiently in an east/west configuration; Alternative B4 would have two east/west parallel runways that could accommodate air carrier demand, which is why the practical capacity for Alternative B4 is equal to the other ‘B’ alternatives. 4 The practical capacity for Alternative C1 is lower than all alternatives except for the No Action because no improvements would be made to Runway 9R/27L and the north airfield parallel runway system would operate as a dependent runway system. The 850-foot separation distance between Runway 9L/27R and the new closely spaced parallel runway north of Runway 9L/27R is not sufficient to allow for simultaneous independent arrival operations to occur to both runways. Additionally, existing Runway 9R/27L cannot accommodate air carrier operations due to its length (5,276 feet) and width (100 feet). Because of the dependent north parallel runway system, Alternative C1 will only provide one runway capable of accommodating air carrier arrivals at a time during peak arrival periods and as a result the

46 For a discussion of the operational capacity and delay as assessed in the EIS, see the Final EIS, Chapter Three, Purpose and Need, Section 3.3.1.2 Existing Airfield Capacity, Section 3.3.1.3 Level of Delay, and Appendix F, Net Benefits Analysis.

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airfield’s practical capacity is reduced as compared to all of the other runway development alternatives. Departures on the closely spaced parallel runways would have to be coordinated by FLL Air Traffic Control to meet wake turbulence separation requirements.

Note: The practical capacity of Alternative A is less than the maximum capacity because certain types of aircraft in the forecast fleet and a number of operations will not be able to use existing Runway 9R/27L. Source: FAA Advisory Circular 150/5600-5 and Landrum & Brown analysis, 2008.

For a more detailed discussion of the hourly capacity estimates and actual demand, see the Final EIS, Appendix F Net Benefits Analysis, Section F.4 Capacity Analysis.

Because capacity is a function of delay, many airports plan new runways or runway improvements when approaching six minutes of delay. The delay threshold used in this EIS for establishing the runway capacity of FLL is six minutes per operation because it is within the range of the FAA’s planning guidance and it is acceptable to the Airport Sponsor. A more detailed discussion of delay is provided in the Final EIS in Chapter Three, Purpose and Need, Section 3.3.1.3 Level of Delay.

Average minutes of delay was calculated per operation using a queue modeling methodology. Demand, defined in terms of the number of arrivals and departures in five-minute intervals, was modeled against the estimated capacity of each alternative in VFR and IFR weather conditions for both east and west operating flows. See the Final EIS, Appendix F.5, Demand/Capacity Analysis and Table F-11 and Table F-12 in Appendix F, Net Benefit Analysis. To maintain average delays at the six minutes per operation threshold, there is a need to provide a practical airfield capacity of between 101 and 107 operations per hour.

Airport Property Impacts: The second consideration in the FAA’s identification of the preferred alternative was the extent to which an alternative would impact existing airport tenant leaseholds and facilities and the availability of airport property for relocation of facilities and future development.

To identify the tenant leasehold impacts and potential impacts of relocation on availability of existing and future airport property, the FAA prepared a tenant relocation analysis that considered the airport property within the current FLL boundary owned by Broward County.47 This analysis identified the airport properties and tenant leasehold facilities that could be directly or indirectly48 impacted with the development of an alternative; the potential areas of on-airport

47 The EIS analysis focused on the availability of existing on-airport property and tenant leaseholds depicted by the 2004 FLL Leasehold Identification Map and the assumption that in-kind replacements (in terms of gross leasehold displacements) would be offered by Broward County to tenants that would be displaced with each alternative. While some changes have occurred to on airport tenant leasehold areas since the EIS analysis was prepared, the FAA’s tenant relocation analysis was conducted based on the information contained in the 2004 FLL Leasehold Identification Map and does not include any additional changes resulting from lease renewals or new leaseholds that may have been approved by Broward County since that time. 48 Direct impacts included those tenant facilities that required removal in order to conform to the airfield geometric requirements and/or NAVAID siting criteria. Indirect impacts include tenant facility relocations resulting from airspace encroachments or to allow for a more efficient use of airport property.

December 2008 Page 16 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION property that could accommodate relocated facilities; and was used in the development of a comparative analysis of the projected costs among the various alternatives.49

The tenant relocation analysis was based on information provided to the FAA by Broward County in November 2004.50 It was presented in the Draft EIS in Chapter Four, Alternatives, Section 4.3 Alternatives to Be Assessed for Environmental Impacts, and Appendix E, Airfield Planning Engineering and Constructability Review. 51

In December 2007, the Airport Sponsor submitted comments to the FAA raising concerns about the potential impact to airport properties and tenant leasehold facilities that could occur with the development of Alternative D2. Broward County’s concern was that the “D2 Alternative would result in significant and costly relocation, loss of any future tenant expansion capabilities, complete elimination of any aviation development growth and, when completed in its entirety, create an unbalanced airfield terminal/landside situation.”52 The FAA considered each of these concerns in the Final EIS. The most important points from FAA’s perspective are summarized below.

- Sponsor states Alternative D2 would result in significant and costly relocation The comparative cost estimate for the EIS alternatives was prepared at a planning level of detail and included facility relocation costs.53 The estimated cost of facility relocations addressed in-kind replacement costs (such as utility infrastructure, structure square footage, vehicle and aircraft parking areas). Other costs associated with facility relocation, such as loss of business revenue or employee costs were not included and would be assessed during design and

49 “Facility Relocations” costs for each alternative represent estimated in-kind replacement costs (such as utility infrastructure, structure square footage, vehicle and aircraft parking areas). See the Final EIS, Chapter Four Alternatives, Section 4.4 Projected Costs. 50 FLL Leasehold Identification Map, Broward County Aviation Department, November, 2004. See the Final EIS, Appendix E Airfield Planning, Engineering and Constructability Review, Section E.1.6 Facility Impacts, Table E.1-7 FLL Tenant Leasehold Impact Summary (Non Terminal Impacts) and Exhibit E.1-11 Existing Tenant Leasehold Summary. 51 In response to the Broward County comments on the Draft EIS, the FAA prepared additional information regarding the potential impacts to airport properties. Using the information compiled from the November 2004 FLL Leasehold Identification Map, more detailed text and exhibits were developed to describe the impacts for all of the runway development alternatives. Revised exhibits illustrated the areas that could accommodate the relocated tenant leasehold facilities that would be impacted due to the airfield and/or terminal development considered by each alternative. This additional information was presented to interested parties at airport meetings in October 2007 and was included in the Final EIS. See the Final EIS, Chapter Four, Alternatives, Section 4.3 Alternatives to Be Assessed for Environmental Analysis, Appendix E Airfield Planning, Engineering and Constructability Review, Section E.1.6 Facility Impacts, Exhibits E.1-12-E.1-17; and revised Table E.1-8 FLL Tenant Facility Relocation Summary (Acres) provided in this ROD in Appendix C, Final EIS Errata Documents. 52 Letter from Kent G. George, A.A.E., Director of Aviation, Broward County Aviation Department, Fort Lauderdale-Hollywood International Airport, to Dean Stringer, Manager, FAA Orlando Airports District Office. RE: This letter pertains to Alternative D2 and Broward County’s comments on the tenant relocation, future tenant expansion capabilities, and future aviation development growth. Dated: December 7, 2007. 53 See the Final EIS Chapter Four Alternatives, Section 4.4 Projected Costs, and Appendix E Airfield Planning, Engineering and Constructability Review Section E.1.6 Facility Impacts.

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construction planning.54 Therefore, the potential total cost for facility relocations could be higher than the planning level cost estimates used for the EIS comparative analysis of alternatives. Impacts to on airport businesses, including loss of business revenue and employee costs, were not considered as adverse socioeconomic impacts in the Final EIS because, although there could potentially be some disruption, the alternatives did not cause extensive relocation of community businesses that would create severe economic hardship for the affected communities or substantial loss in the community tax base. For all of the alternatives except for D1 and D2 the businesses and employees could be relocated to airport property. While the north airfield alternatives (C1, D1, and D2) would result in greater in- kind replacement costs for tenant relocations as compared to the south airfield alternatives (B1, B1b/c, and B5), these south airfield alternatives would result in greater costs for airfield construction than the north alternatives in order to elevate the new runway. The EIS comparative analysis of projected costs takes these various factors into consideration.55,56 - Sponsor expressed concern that Alternative D2 would result in a loss of any future tenant expansion capabilities The EIS analysis also provides information regarding potential future airport development opportunities. With the north airfield alternatives future airport development opportunities would be more limited as compared with the south airfield alternatives. The EIS analysis took into consideration the potential surplus and deficiencies of airport property that would result from the development of each alternative. The north runway development alternatives would result in less developable airside and non-airside property as compared with the south runway development alternatives. Because an airport should be as self-sustaining as possible in accordance with grant assurances, it is important for an Airport Sponsor to have sufficient land to the extent possible for aeronautical and non- aeronautical development as a means to generate airport revenue.57 The EIS analysis provided information regarding impacts to airport property and tenant leasehold facilities with the north airfield alternatives. The north airfield alternatives would result in more impacts to airport property and tenant

54 FAA Order 5100.38C Airport Improvement Program Handbook, Chapter 5. Airfield Construction and Equipment Projects, Section 10 Miscellaneous, paragraph 593 Purchase, Relocation, or Demolition of Ineligible Facilities, p. 103. 55 For example, the FAA’s Preferred Alternative (B1b) would result in an estimated $25.6 million for facility relocations and $604.8 million in construction costs, as compared to Alternative C1 which would result in $361.5 million for facility relocations and $129.9 million in construction costs. See the Final EIS, Chapter Four, Section 4.4 Projected Costs. 56 Costs associated with the alternatives proposed at FLL include capital investment costs and annual operation and maintenance (O&M) costs. Detailed capital costs were developed for each alternative and include all costs associated with the construction of the proposed alternative. The comparative cost analysis did not include noise mitigation or wetland mitigation costs. See Final EIS Chapter 4, Alternatives Section 4.4 Projected Costs and Appendix F, Net Benefits Analysis Section F.6.2 Project Costs. 57 49 U.S.C. §47101 (a)(13) and Grant Assurance 24.

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leasehold facilities than the south airfield alternatives. This has the potential to lessen Broward County’s ability to generate aeronautical and non-aeronautical revenue streams at FLL. - Sponsor indicates that Alternative D2 would result in the complete elimination of any aviation development growth The north airfield alternatives would result in a deficiency of airport property available for future development and would substantially reduce the ability for development and/or expansion at FLL. The Sponsor’s Proposed Action would not result in a deficiency of property and would not require acquisition for future development. - Sponsor indicates that when fully constructed, Alternative D2 would create an unbalanced airfield terminal/landside situation As discussed above, the north runway development alternatives would result in the potential for less developable airside and non-airside property as compared with the south runway development alternatives. This could result in an imbalance between developed airfield facilities and the land available for potential development. Because an airport should be as self-sustaining as possible in accordance with grant assurances, it is important for an Airport Sponsor to have sufficient land to the extent possible for aeronautical and non- aeronautical development as a means to generate airport revenue.58

Potential Direct, Secondary (Induced), Environmental, and Cumulative Impacts: In the identification of the FAA’s Preferred Alternative (B1b) at FLL, the third consideration was whether the implementation of an alternative would result in significant adverse impacts to an environmental resource category, and if so whether the alternative would meet the requirements under 49 U.S.C. § 47106(c)(1)(C). The Final EIS analysis discloses the potential environmental impacts for the projected conditions in 2012 and 2020; 2012 was the projected earliest implementation year for the runway development alternatives; and 2020 represented the earliest future condition after full implementation of the alternatives with the development of two runways (Alternatives D1 and D2).

* * * * *

The paragraphs below describe each alternative’s operational capacity and delay; impacts on existing tenant leasehold facilities and availability of airport property; and, potential direct and secondary environmental and cumulative impacts. The runway development alternatives are compared to the No Action Alternative. Tables 2 and 3 provide a summary comparison in tabular form of each alternative’s operational capacity and delay, and environmental impacts. A comparison of impacts on existing tenant leasehold facilities and availability of airport property is provided at Table E.1-8 in Appendix C of this ROD.

 Table 2 Summary of Alternatives – Net Benefit Analysis  Table 3 Summary of Alternatives – Environmental and Cumulative Impacts

58 49 U.S.C. §47101 (a)(13) and Grant Assurance 24.

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December 2008 Page 20 Table 2 RECORD OF DECISION SUMMARY OF ALTERNATIVES - NET BENEFIT ANALYSIS Fort Lauderdale-Hollywood International Airport

ALTERNATIVE

A B1 B1b B1cB4* B5 C1 D1 D2 BENEFITS/COSTS Operational Maximum Hourly Capacity Estimate 1/ Total Airfield 113 107 107 107 107 107 131 128 128 All Weather Average Includes East Flow/West Flow and VFR/IFR2/ conditions

Practical Hourly Capacity Estimate 1/ Total Airfield 84 107 107 107 107 107 101 128 128 All Weather Average Includes East Flow/West Flow and VFR/IFR 2/ conditions

2012: Average Minutes of Delay Per Operation 5/ 5/ 3/ 10.7 1.2 1.2 3.9 2.2 1.2 1.9 N/A N/A

2012: Benefit Over No Action 4/ N/A 9.5 9.5 6.8 8.5 9.5 8.8 N/A 5/ N/A 5/

2020: Average Minutes of Delay Per Operation 3/ 26.2 3.1 3.1 3.1 4.7 3.1 5.0 1.2 1.5

2020: Benefit Over No Action 4/ N/A 23.1 23.1 23.1 21.5 23.1 21.2 25.0 24.7

Costs (Estimates in 2007 Dollars): Construction $ - $ 637,680,200 $ 641,098,000 $ 641,098,000 $ 485,191,000 $ 610,715,300 $ 137,694,800 $ 749,687,200 $ 607,855,700 Airfield Design-$ $ 67,714,300 $ 67,714,200 $ 67,714,200 $ 55,559,100 $ 56,026,300 $ 13,769,500 $ 74,186,400 $ 68,070,400 Land Acquisitions & Facility Relocations 6/ $ - $ 101,337,700 $ 101,337,700 $ 101,337,700 $ 37,389,600 $ 93,410,800 $ 383,217,700 $ 473,361,400 $ 419,639,300 Total Costs: $ - $ 806,732,200 $ 810,149,900 $ 810,149,900 $ 578,139,700 $ 760,152,400 $ 534,682,000 $ 1,297,235,000 $ 1,095,565,400

Benefit/Cost Ratio 7/ Evaluation period: 2007 - 2020 8/ N/A 1.87 1.87 1.66 3.21 1.99 2.95 1.31 2.10 Evaluation period: 2007 - 2030 8/ N/A 3.75 3.75 3.42 5.08 3.99 5.08 3.17 4.01

NOTE: */ A sensitivity analysis was prepared for Alternative B4 for 2012 and 2020 conditions to determine the potential affect of pilot refusal to use the 6,001-foot runway. The analysis results, provided in the Final EIS, Appendix F Net Benefit Analysis , Table F 19, shows the consequence of potential pilot refusal is an increase in delay from 2.2 to 3.1 minutes per aircraft in 2012. In 2020, the delay increases from 4.7 minutes to 10.2 minutes. See the Final EIS, Appendix F Net Benefit Analysis , Section F.6.4 Alternative B4 Sensitivity Analysis .

FOOTNOTES 1/ Maximum capacity presents a condition of balanced arrival and departure demand, arrival peak, and departure peak. Practical capacity takes into consideration actual demand able to use available runways according to the aircraft types and runway length characteristics of each alternative.

2/ VFR: Visual Flight Rules - Rules and procedures specified in Federal Aviation Regulations Part 91 for aircraft operations under visual conditions (i.e. "good" weather). IFR: Instrument Flight Rules - Rules and procedures specified in Federal Aviation Regulations Part 91 for aircraft operations during flight in Instrument Meteorological Conditions (i.e. "poor" weather).

3/ Average minutes of delay was calculated per operation using a queue modeling methodology. Demand, defined in terms of the number of arrivals and departures in five-minute intervals, was modeled against the estimated capacity of each alternative in VFR and IFR weather conditions for both east and west operating flows. See the Final EIS, Appendix F.5 Demand/Capacity Analysis and Table F-11 and Table F-12 in Appendix F Net Benefit Analysis .

4/ Benefit over No-Action was computed by subtracting each alternative's delay from the delay resulting from the No Action Alternative.

5/ Alternatives D1 and D2 would not be fully operational by 2012. In 2012 the noise impacts for Alternative D1 would be the same as Alternative B1b; and for Alternative D2 the noise impacts would be the same as Alternative B4.

6/ For Alternatives B1, B1b, B1c, B5, and D1 the estimated land acquisition cost includes the full acquisition of the Hilton (former Wyndham) Hotel and the Dania Boat Sales. For Alternatives B4 and D2 the estimated land acquisition cost includes the full acquisition of the Dania Boat Sales. Alternative C1 does not require the acquisition of any land.

7/ This analysis quantifies the annual costs and benefits of each alternative through the year 2030. The net present value of costs and benefits was calculated and is expressed in 2007 dollars. Net present value of benefits divided by the net present value of costs yields a benefit/cost ratio that can be used to compare the relative benefit of each alternative. A ratio greater than one (1.0) indicates that the benefits yielded by the project outweigh the costs of developing the project.

8/ Ratio for 2006 - 2020 evaluation period indicates the project’s ability to provide a positive return on investment over a shorter period of time (from the end of construction to 2020) while the 2030 ratio (evaluation period of 2006 - 2030) represents the benefits accrued over the life of the project (from the end of construction to 2030). These ratios provide a comparison of projects that differ significantly in terms of cost, time to be fully implemented, benefits in the near term, and ability to deliver benefits in the long-term.

Source: Landrum & Brown, 2008

Table 3 RECORD OF DECISION SUMMARY OF ALTERNATIVES - ENVIRONMENTAL AND CUMULATIVE IMPACTS Fort Lauderdale-Hollywood International Airport

ALTERNATIVE ENVIRONMENTAL CONSEQUENCES A B1 B1b B1cB4 B5 C1 D1 D2 CUMULATIVE Impact Would Not Impact Would Not Impact Would Not Impact Would Not Impact Would Not Impact Would Not Impact Would Not Impact Would Not Impact Would Not Exceed No Significant Air Quality Exceed Standards Exceed Standards Exceed Standards Exceed Standards Exceed Standards Exceed Standards Exceed Standards Exceed Standards Standards (NAAQS) 1/ Cumulative Impact (NAAQS) 1/ (NAAQS) 1/ (NAAQS) 1/ (NAAQS) 1/ (NAAQS) 1/ (NAAQS) 1/ (NAAQS) 1/ (NAAQS) 1/ Airport Noise Impacts Within 65+DNL 2012: Residential Dwelling Units 2/ 13 632 652 4/ 118 4/ 372 840 28 N/A 5/ N/A 5/ Population (# of persons) 33 1,538 1,593 4/ 285 4/ 973 1,928 71 N/A 5/ N/A 5/ Noise Sensitive Facilities 3/ No Impact No Impact No Impact No Impact No Impact No Impact No Impact N/A 5/ N/A 5/ Area of 65 DNL in Square Miles 5.0 5.6 5.6 5.6 5.3 5.6 4.9 N/A N/A No Significant 2020: Cumulative Impact Residential Dwelling Units 2/ 696 1,046 1,051 4/ 1,051 4/ 477 1,260 285 801 303 Population (# of persons) 1,772 2,447 2,472 4/ 2,472 4/ 1,492 4,235 717 1,926 789 Noise-Sensitive Facilities 3/ No Impact No Impact No Impact No Impact No Impact No Impact No Impact No Impact No Impact Area of 65 DNL in Square Miles 6.0 6.5 6.5 6.5 6.2 6.5 5.5 6.5 6.3 Partial acquisition of the Partial acquisition of the Acquire all or part of the Acquire all or part of the Acquire all or part of the Acquire all of the Hilton Acquire all or part of the Dania Boat Sales Dania Boat Sales No Significant No Direct Impact Hilton Hotel and the Hilton Hotel and the Hilton Hotel and the Hotel and the Dania Boat No Direct Impact Hilton Hotel and the warehouse may be warehouse may be Cumulative Impact Compatible Land Use5/ Dania Boat Sales Dania Boat Sales Dania Boat Sales Sales Dania Boat Sales necessary necessary No Change in Land Use or No Change in Land Use or No Change in Land Use or No Change in Land Use or No Change in Land Use or No Change in Land Use or No Change in Land Use or No Change in Land Use or No Change in Land Use or No Significant Zoning Zoning Zoning Zoning Zoning Zoning Zoning Zoning Zoning Cumulative Impact Impact Would Not Exceed Impact Would Not Exceed Impact Would Not Exceed Impact Would Not Exceed Impact Would Not Exceed Impact Would Not Exceed Impact Would Not Exceed Impact Would Not Exceed Impact Would Not Exceed No Significant Water Quality Standards Standards Standards Standards Standards Standards Standards Standards Standards Cumulative Impact Direct Impact to 15.17 Direct Impact to 15.41 Direct Impact to 15.41 Direct Impact to Direct Impact to Direct Impact to 15.40 Direct Impact to 21.87 Direct Impact to 15.54 No Significant Wetlands No Impact acres acres acres 0.13 acres 21.67 acres acres acres acres Cumulative Impact No Significant No Significant No Significant No Significant No Significant No Significant No Significant No Significant No Significant No Significant Floodplains Impact Impact Impact Impact Impact Impact Impact Impact Impact Cumulative Impact Consistent with Consistent with Consistent with Consistent with Consistent with Consistent with Consistent with Consistent with Consistent with No Significant Coastal Resources FCMP 6/ FCMP 6/ FCMP 6/ FCMP 6/ FCMP 6/ FCMP 6/ FCMP 6/ FCMP 6/ FCMP 6/ Cumulative Impact Fish, Wildlife, & Plants Federally-Listed Species & Critical Habitats May affect, but not likely May affect, but not likely May affect, but not likely May affect, but not likely May affect, but not likely to May affect, but not likely May affect, but not likely No Significant West Indian Manatee No Impact No Impact to adversely affect to adversely affect to adversely affect to adversely affect adversely affect to adversely affect to adversely affect Cumulative Affect May affect, but not likely May affect, but not likely May affect, but not likely May affect, but not likely May affect, but not likely to May affect, but not likely May affect, but not likely May affect, but not likely No Significant Wood Stork No Impact to adversely affect to adversely affect to adversely affect to adversely affect adversely affect to adversely affect to adversely affect to adversely affect Cumulative Affect May affect, but not likely May affect, but not likely May affect, but not likely May affect, but not likely to May affect, but not likely No Significant Smalltooth Sawfish No Impact No Impact No Impact No Impact to adversely affect to adversely affect to adversely affect adversely affect to adversely affect Cumulative Affect May affect, but not likely to No Significant Johnson's Seagrass No Impact No Impact No Impact No Impact No Impact No Impact No Impact No Impact adversely affect Cumulative Affect Surveys for Florida Surveys for Florida Surveys for Florida Surveys for Florida Surveys for Florida Surveys for Florida Surveys for Florida Surveys for Florida Burrowing Owl would be Burrowing Owl would be Burrowing Owl would be Burrowing Owl would be Burrowing Owl would be Burrowing Owl would be Burrowing Owl would be Burrowing Owl would be No Significant State-Listed Species No Impact conducted prior to conducted prior to conducted prior to conducted prior to conducted prior to initiating conducted prior to conducted prior to conducted prior to Cumulative Affect initiating construction initiating construction initiating construction initiating construction construction initiating construction initiating construction initiating construction No Significant Essential Fish Habitat No Impact No Significant Affect No Significant Affect No Significant Affect No Significant Affect No Significant Affect No Significant Affect No Significant Affect No Significant Affect Cumulative Affect No Significant Hazardous Materials No Impact Minimal Impact Minimal Impact Minimal Impact Minimal Impact Minimal Impact Minimal Impact Minimal Impact Minimal Impact Cumulative Impact No Significant Solid Waste No Significant Increase No Significant Increase No Significant Increase No Significant Increase No Significant Increase No Significant Increase No Significant Increase No Significant Increase No Significant Increase Cumulative Increase Socioeconomic, Environmental Justice, & No Significant No Significant Impact No Significant Impact No Significant Impact No Significant Impact No Significant Impact No Significant Impact No Significant Impact No Significant Impact No Significant Impact Childrens' Health & Safety Cumulative Impact Secondary (Induced) and Infrastructure No Significant Surface Transportation No Significant Impact No Significant Impact No Significant Impact No Significant Impact No Significant Impact No Significant Impact No Significant Impact No Significant Impact No Significant Impact Cumulative Impact Economic Impact: Final Demand Employment Not applicable due to no Positive Cumulative Associated with Construction Spending for All Positive Positive Positive Positive Positive Positive Positive Positive construction activity Economic Impact Industries in Region No Significant Public Services No Impact No Significant Impact No Significant Impact No Significant Impact No Significant Impact No Significant Impact No Significant Impact No Significant Impact No Significant Impact Cumulative Impact No Significant Light Emissions & Visual Impacts No Impact No Significant Impact No Significant Impact No Significant Impact No Significant Impact No Significant Impact No Significant Impact No Significant Impact No Significant Impact Cumulative Impact No Adverse Cumulative Natural Resources and Energy No Adverse Affect No Adverse Affect No Adverse Affect No Adverse Affect No Adverse Affect No Adverse Affect No Adverse Affect No Adverse Affect No Adverse Affect Affect No Adverse Cumulative Construction No Impact Temporary Impact Temporary Impact Temporary Impact Temporary Impact No Adverse Affect No Adverse Affect No Adverse Affect No Adverse Affect Affect No Adverse Cumulative Noise No Impact Temporary Impact Temporary Impact Temporary Impact Temporary Impact Temporary Impact Temporary Impact Temporary Impact Temporary Impact Affect No Adverse Cumulative Air Quality No Impact Temporary Impact Temporary Impact Temporary Impact Temporary Impact Temporary Impact Temporary Impact Temporary Impact Temporary Impact Affect No Adverse Cumulative Water Quality No Impact Temporary Impact Temporary Impact Temporary Impact Temporary Impact Temporary Impact Temporary Impact Temporary Impact Temporary Impact Affect No Adverse Cumulative Surface Transportation No Impact Temporary Impact Temporary Impact Temporary Impact Temporary Impact Temporary Impact Temporary Impact Temporary Impact Temporary Impact Affect Table 3 RECORD OF DECISION SUMMARY OF ALTERNATIVES - ENVIRONMENTAL AND CUMULATIVE IMPACTS Fort Lauderdale-Hollywood International Airport

FOOTNOTES 1/ NAAQS: National Ambient Air Quality Standards, established by the U.S. Environmental Protection Agency 2/ Includes single-family homes, multi-family units, and mobile homes. 3/ Includes schools, churches, nursing homes, and libraries Alternative B1b, the FAA’s Preferred Alternative (B1b), has the same physical alignment, design and configuration as Alternative B1c, the Airport Sponsor’s Proposed Action. However, Alternative B1c considers the implementation of the operational noise abatement actions described in the County’s Airfield 4/ Development Program Objective Statement (October 26, 2004), which would limit the use of Runway 9R/27L in 2012. As a matter of policy, the FAA will not consider the approval of a runway development project with noise abatement runway use procedures that would limit its capacity in the opening year without a study of alternative noise abatement measures such as required under 14 CFR Part 150. The FAA’s Preferred Alternative (B1b) does not include any operational noise abatement actions that would limit the use of Runway 9R/27L.Broward County has interpreted that the operational noise abatement

5/ For Compatibile Land Use, the runway development alternatives were examined to determine whether the proposed airport improvements would result in the acquisition or taking of a property, and/or require a change in land use/zoning. 6/ FCMP: Florida Coastal Management Program

Source: Landrum & Brown, 2008 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION

* * * * *

Alternative A (No Action): In terms of all weather hourly averages, Alternative A would provide a practical capacity of 84 operations apart from its maximum capacity of 113 operations. Alternative A would have 10.7 average minutes of delay per operation in 2012; and 26.2 average minutes of delay per operation in 2020.

Based on the EIS tenant relocation analysis, the airport contains an estimated 363 acres of property and tenant leasehold facilities59 outside of the central terminal complex. There would be no displacement of facilities with the No Action alternative. There would be 234.9 acres of airport land available for future development, including 83.9 acres available for future airside development.60 The 234.9 acres includes available airport property west of I-95.

Alternative A would exceed the 24-hour PM2.5 National Ambient Air Quality Standard (NAAQS) in 2012 and 2020. Alternative A would not exceed the NAAQS for any other criteria pollutants in 2012 and 2020. In terms of noise exposure for 2012, there would be 13 residential dwelling units with a total population of 33 within the 65 Day-Night Average Sound Level (DNL) noise contour. No noise- sensitive public facilities (i.e. churches, schools, hospitals, nursing homes, libraries) are located within the 65 DNL noise contour in 2012. In terms of noise exposure for 2020, there would be 696 residential dwelling units with a total population of 1,772 within the 65 DNL noise contour. No noise-sensitive public facilities are located within the 65 DNL noise contour in 2020. Because there is no development or construction, no off-airport property would be acquired; and there would be no changes to land use planning and zoning.

No historic properties or archaeological sites would be affected. There would be no impact to Section 4(f) or Section 6(f) resources. Water quality standards would not be exceeded. There would be no impact to wetlands. There would be no significant impact to floodplains. This alternative would be consistent with the Florida Coastal Management Program. There would be no impacts to federally-listed species and critical habitats. There would be no impact to state-listed species. There would be no impact to essential fish habitat. There are no wild and scenic rivers or farmlands in the Study Area, therefore, there are no impacts under the No Action or any of the development alternatives.

There would be no impact to areas of known hazardous waste contamination. There would be no significant increase in solid waste. Land acquisition would not be necessary; therefore, there would be no residential or business relocations, no change to local traffic patterns, and no loss in community tax base.

59 See the Final EIS Appendix E, Table E.1-7 FLL Tenant Leasehold Impact Summary (Non-Terminal Impacts) for a list of these airport and tenant facilities and Exhibit E.1-11 Existing Tenant Leasehold Summary. These facilities include general aviation (GA) and fixed base operators (FBO), cargo/warehouse facilities, office buildings, parking facilities, Broward County facilities, and vacant undeveloped airport property. The 363.3 acres are located on airport property east of Interstate 95. 60 See this ROD, Appendix C, revised Table E.1-8 Tenant Facility Relocation Summary (acres), Alternative A.

December 2008 Page 25 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION

There would be no disproportionate impact to minority or low-income communities and no effects on children’s health and safety. For secondary induced impacts, there would be no impact to surface transportation infrastructure, no economic affect due to construction spending and activities, and no impact on public services. There would be no visual impact due to light emissions. There would be no adverse affect on energy supply/natural resources. There would be no construction impact.

Alternative A would not result in any significant direct, indirect, or cumulative impacts or affects for any of the environmental impact categories, except for air quality.

Alternative B1: redevelop and extend existing Runway 9R/27L to an 8,600-foot by 150-foot elevated runway. Alternative B1 would improve capacity and reduce delays in comparison to Alternative A. Alternative B1 would provide a maximum and practical all weather average hourly capacity of 107 operations. Alternative B1 would have 1.2 average minutes of delay per operation in 2012; and 3.1 average minutes of delay per operation in 2020.

Based on the EIS tenant relocation analysis, the airport contains an estimated 363 acres of property and tenant leasehold facilities61 outside of the central terminal complex. The Alternative B1 airfield configuration would displace 18.6 acres (five percent) of these existing facilities. After development of the new runway and associated facilities, there would be 134.6 acres of airport land available for future facility development, including 39.4 acres available for future airside development.62

Alternative B1 would improve air quality in comparison to Alternative A, the No Action Alternative. Although emissions of certain pollutants would increase temporarily during construction, Alternative B1 would not cause exceedances of the NAAQS. The concentrations of the criteria pollutants under Alternative B1 would be less than those under the No Action Alternative for both 2012 and 2020. In terms of noise exposure for 2012, there would be 632 residential dwelling units with a total population of 1,538 within the 65 DNL noise contour. No noise-sensitive public facilities (i.e. churches, schools, hospitals, nursing homes, libraries) are located within the 65 DNL noise contour in 2012. In terms of noise exposure for 2020, there would be 1,046 residential dwelling units with a total population of 2,447 within the 65 DNL noise contour. No noise-sensitive public facilities are located within the 65 DNL noise contour in 2020. There would be off-airport property impacts due to the required acquisition of all or a portion of the Hilton (formerly the Wyndham) Fort Lauderdale Airport Hotel and the Dania Boat Sales. This alternative would not require a land use or zoning change and would be consistent with current local land use and zoning documents.

61 See the Final EIS Appendix E, Table E.1-7 FLL Tenant Leasehold Impact Summary (Non-Terminal Impacts) for a list of these airport and tenant facilities and Exhibit E.1-11 Existing Tenant Leasehold Summary. These facilities include general aviation (GA) and fixed base operators (FBO), cargo/warehouse facilities, office buildings, parking facilities, Broward County facilities, and vacant undeveloped airport property. 62 See this ROD, Appendix C, revised Table E.1-8 Tenant Facility Relocation Summary (acres), Alternative B1.

December 2008 Page 26 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION

No historic properties or archaeological sites would be affected. There would be no impact to Section 4(f) or Section 6(f) resources. Water quality standards would not be exceeded. There would be 15.17 acres of impacts to wetlands; this includes 2.81 acres of mangrove wetlands.63 There would be no significant impact to floodplains. This alternative would be consistent with the Florida Coastal Management Program. There are no wild and scenic rivers or farmlands in the Study Area, therefore, there are no impacts. This alternative “may affect but is not likely to adversely affect” three federally-listed species: the West Indian Manatee, the wood stork, and the smalltooth sawfish. Surveys for one state-listed species, the Florida Burrowing Owl, would be conducted prior to initiating construction activities. There would be no significant affect to essential fish habitat.

There would be minimal impact to areas of known hazardous waste contamination. There would be no significant increase in solid waste. The acquisition of all or a portion of the Hilton (formerly the Wyndham) Fort Lauderdale Airport Hotel and the

Dania Boat Sales properties would be required. No residential land acquisition would be necessary. There would be no significant impact to local traffic patterns, and no significant loss in community tax base.

There would be no disproportionate impact to minority or low-income communities and no effects on children’s health and safety. For secondary induced impacts, there would be no significant impact to surface transportation infrastructure, a positive economic affect due to construction spending and activities, and no significant impact on public services. There would be no significant visual impact due to light emissions. There would be no adverse affect on energy supply/natural resources. There would be temporary construction impacts.

Alternative B1 would not result in any significant direct, indirect, or cumulative impacts for any of the environmental impact categories.

Alternative B1b (FAA’s Preferred Alternative): redevelop and extend existing Runway 9R/27L to an 8,000-foot by 150-foot elevated runway with EMAS (see Exhibit 1 FAA’s Preferred Alternative (B1b)). Alternative B1b would provide the same operational and delay benefits as Alternative B1. Alternative B1b would provide a maximum and practical all weather average hourly capacity of 107 operations. It would have 1.2 average minutes of delay per operation in 2012; and 3.1 average minutes of delay per operation in 2020.

Based on the EIS tenant relocation analysis, the airport contains an estimated 363 acres of airport properties and tenant leasehold facilities64 outside of the central terminal complex. The Alternative B1b airfield configuration would displace

63 Mangrove wetlands are considered to be a higher quality wetland, and therefore, are identified and considered independently of total wetland acreage. 64 See the Final EIS Appendix E, Table E.1-7 FLL Tenant Leasehold Impact Summary (Non-Terminal Impacts) for a list of these airport and tenant facilities and Exhibit E.1-11 Existing Tenant Leasehold Summary. These facilities include general aviation (GA) and fixed base operators (FBO), cargo/warehouse facilities, office buildings, parking facilities, Broward County facilities, and vacant undeveloped airport property.

December 2008 Page 27 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION the same percentage of existing facilities and, after development of the new runway and associated facilities, would have the same acreage of land available, including land for airside development, as Alternative B1. 65

Alternative B1b would have slightly different noise and wetland impacts than Alternative B1. In terms of noise exposure for 2012, there would be 652 residential dwelling units with a total population of 1,593 within the 65 DNL noise contour. No noise-sensitive public facilities (i.e. churches, schools, hospitals, nursing homes, libraries) are located within the 65 DNL noise contour in 2012. In terms of noise exposure for 2020, there would be 1,051 residential dwelling units with a total population of 2,472 within the 65 DNL noise contour. No noise-sensitive public facilities are located within the 65 DNL noise contour in 2020.

There would be 15.41 acres of impacts to wetlands; this includes 3.05 acres of mangrove wetlands.66 However, air quality, off-airport property impacts due to acquisition, land use and zoning, historic and archeological, Section 4(f) and 6(f) resource, water quality, floodplain, coastal zone, federally and state-listed species, essential fish habitat, hazardous waste, solid waste, land acquisition, local traffic patterns, community tax base, environmental justice, children’s health and safety, surface transportation infrastructure, economic affects, public services, visual and light emission, energy supply/natural resources, and temporary construction impacts for Alternative B1b are like those of Alternative B1. As noted above, there are no wild and scenic rivers or farmlands in the Study Area, therefore, there are no impacts. Alternative B1b would not result in any significant direct, indirect, or cumulative impacts for any of the environmental impact categories.

Alternative B1c (Airport Sponsor’s Proposed Action): Redevelop and extend existing Runway 9R/27L to an 8,000-foot by 150-foot elevated runway with EMAS; includes the implementation of the operational noise abatement actions in 2012. Broward County has interpreted that the operational noise abatement actions would no longer be in place by 2020.67

Alternative B1c provides the same operational and delay benefits as B1 and B1b except that average minutes of delay in 2012 are higher due to the imposed runway use limitations required by the Airport Sponsor for this alternative. Alternative B1c would provide a maximum and practical all weather average hourly capacity of 107 operations. Alternative B1c would have 3.9 average minutes of delay per operation in 2012; and 3.1 average minutes of delay per operation in 2020.

65 See this ROD, Appendix C, revised Table E.1-8 Tenant Facility Relocation Summary (acres), Alternative B1b/B1c. 66 The installation of the runway approach lights and associated access roads would impact 0.20 acres of W-25a and 0.18 acres to W-25b for Alternative B1b while Alternative B1 only impacts 0.14 acres of W-25a. 67 Memorandum from Max Wolfe/Eric Bernhardt, Leigh Fisher Associates (now Jacobs Consultancy), to Virginia Lane, AICP, Environmental Specialist, Federal Aviation Administration. Subject: Sponsor’s Proposed Project Operational Assumptions. Dated: August 22, 2006/Revised: August 24, 2006.

December 2008 Page 28 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION

Based on the EIS tenant relocation analysis, the airport contains an estimated 363 acres of airport properties and tenant leasehold facilities68 outside of the central terminal complex. The Alternative B1c airfield configuration would have identical impacts to Alternatives B1 and B1b in this area.69

Alternative B1c includes short term runway use limitations that would result in fewer significant noise impacts than Alternatives B1 and B1b in 2012. However, its noise impacts in 2020 and other environmental impacts are otherwise identical to those of Alternative B1b. In terms of noise exposure for 2012, there would be 118 residential dwelling units with a total population of 285 within the 65 DNL noise contour. No noise-sensitive public facilities (i.e. churches, schools, hospitals, nursing homes, libraries) are located within the 65 DNL noise contour in 2012.

Alternative B1c would not result in any significant direct, indirect, or cumulative impacts for any of the environmental impact categories.

Alternative B4: Build a new 6,001-foot at grade runway with EMAS located 340 feet north of existing south runway (to replace existing Runway 9R/27L). Runway 13/31 would remain open. Like Alternatives B1, B1b, and B1c, Alternative B4 would provide a maximum and practical all weather average hourly capacity of 107 operations. Alternative B4 would have 2.2 average minutes of delay per operation in 2012; and 4.7 average minutes of delay per operation in 2020. However, Alternative B4 is the only alternative whose relatively short runway length could cause airlines and pilots to decide to wait to use the longer runway “pilot refusals”, rather than accept a “payload penalty.”70

FAA conducted additional delay analysis for this alternative in response to comments from the Airport Sponsor and airlines about the 6,001-foot runway length. During the EIS process, the Airport Sponsor and several airlines that operate at FLL raised concerns71,72 about the length of the Alternative B4 runway

68 See the Final EIS Appendix E, Table E.1-7 FLL Tenant Leasehold Impact Summary (Non-Terminal Impacts) for a list of these airport and tenant facilities and Exhibit E.1-11 Existing Tenant Leasehold Summary. These facilities include general aviation (GA) and fixed base operators (FBO), cargo/warehouse facilities, office buildings, parking facilities, Broward County facilities, and vacant undeveloped airport property. 69 See this ROD, Appendix C, revised Table E.1-8 Tenant Facility Relocation Summary (acres), Alternative B1b/B1c. 70 Pilot refusals refer to when the pilot in command of an aircraft requests from Air Traffic Control to use a different runway than the one assigned by Air Traffic Control. Payload penalty refers to when an aircraft must reduce the number of passengers, cargo, or fuel that it carries in order to not exceed the maximum weight allowed to take off from a specific runway length. A reduction of passengers or cargo results in reduced revenues. A reduction in fuel results in less distance flown, thus it results in limitations on the markets that can be reached See Appendix F, Net Benefits Analysis Section F.6.4 Alternative B4 Sensitivity Analysis. 71 During the EIS process Broward County raised concerns with the length of the runway in Alternative B4 and the potential necessity for payload penalties on aircraft operations. Therefore, the FAA conducted a sensitivity analysis on Alternative B4 to determine the impact estimated pilot refusals, caused by potential payload penalties, would have on delay. The FAA also received comments on the Draft EIS from several airlines expressing this concern with Alternative B4. 72 “SWA does not support Option B4 since it is the shortest extension scenario and will not provide any payload benefit.” Email to Virginia Lane, FAA Orlando Airports District Office, From: Craig Aldinger, Flight Operations Engineer, Southwest Airlines, Co. Dated: May 1, 2007. (See the Final EIS, Appendix P, Comment Code: EC015). “Delta strongly opposes the B4 alternative as its length combined with significant obstructions will greatly restrict operating capacity, thus, receiving only a small percentage of utilization by Delta

December 2008 Page 29 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION and the potential necessity for payload penalties on aircraft operations. Therefore, the FAA conducted a sensitivity analysis on Alternative B4 operations to determine the impact on delay of potential pilot refusals.

A sensitivity analysis was conducted for Alternative B4 for 2012 and 2020 conditions to determine the potential effect of pilot refusal to use the 6,001- foot runway. The sensitivity analysis assumed that approximately 48 departures (in 2012) and 81 departures (in 2020) going to long-haul destinations, defined as destinations that are 1,000 miles or more from FLL would have to take a payload penalty to use the shorter 6,001-foot south runway. The payload penalty would translate into a reduction of passengers and cargo on these flights. To avoid reducing passengers and cargo, pilots would elect to request the longer Runway 9L/27R for departure. Therefore, the sensitivity analysis assigned 48 departures (in 2012) and 81 departures (in 2020) to the longer north runway to avoid reducing payload. Some flights were reassigned from the north runway to the south runway to avoid an imbalance in runway use due to this assumption. The analysis results, provided in the Final EIS, Appendix F Net Benefit Analysis, Table F-19, shows the consequence of potential pilot refusal is an increase in delay from 2.2 to 3.1 minutes per aircraft in 2012. In 2020, the delay increases from 4.7 minutes to 10.2 minutes.73 See the Final EIS, Appendix F Net Benefit Analysis, Section F.6.4 Alternative B4 Sensitivity Analysis.

Based on the EIS tenant relocation analysis, the airport contains an estimated 363 acres of airport properties and tenant leasehold facilities74 outside of the central terminal complex. Although the Alternative B4 airfield configuration would displace more facilities than the B1, B1b, and B1c alternatives, there would be more airport property available for future development. It would displace 27.6 acres (eight percent) of the existing facilities but after development of the new runway and associated facilities, there would be 199 acres of airport land available for future facility development, including 65.9 acres available for airside development.75

Alternative B4 would have fewer noise impacts in 2012 than Alternatives B1 and B1b, but not Alternative B1c. It would have fewer noise impacts than Alternative B1c in 2020. The impacts of Alternative B4 would be less than Alternatives B1, B1b, and B1c in three other impact categories: off-airport property impacts due to

Air Lines.” Letter to Virginia Lane, FAA Orlando Airports District Office, From: D. Carlos Phillips, Engineer-Technical Development Flight Operations Engineering, Delta Air Lines, Inc. Dated: May 1, 2007. (See the Final EIS, Appendix P, Comment Code: EC017). “While the 6,000 foot runway, 9R/27L is adequate for our mainline aircraft, it would not be the preferred option within our pilot group.” Letter to Virginia Lane, FAA Orlando Airports District Office, From: Chuck Allen, Director-Corporate Affairs, US Airways. Dated: May 21, 2007. (See the Final EIS, Appendix P, Comment Code: LC102) 73 Even a conservative pilot refusal rate of 80 departures per day would result in delay over 10 minutes by 2020 according to the sensitivity analysis. See the Final EIS Appendix F Net Benefits Analysis, Section F.6.4 Alternative B4 Sensitivity Analysis. 74 See the Final EIS Appendix E, Table E.1-7 FLL Tenant Leasehold Impact Summary (Non-Terminal Impacts) for a list of these airport and tenant facilities and Exhibit E.1-11 Existing Tenant Leasehold Summary. These facilities include general aviation (GA) and fixed base operators (FBO), cargo/warehouse facilities, office buildings, parking facilities, Broward County facilities, and vacant undeveloped airport property. 75 See this ROD, Appendix C, revised Table E.1-8 Tenant Facility Relocation Summary (acres), Alternative B4.

December 2008 Page 30 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION acquisition, wetlands, and federally-listed species. In terms of noise exposure for 2012, there would be 372 residential dwelling units with a total population of 973 within the 65 DNL noise contour. No noise-sensitive public facilities (i.e. churches, schools, hospitals, nursing homes, libraries) are located within the 65 DNL noise contour in 2012. In terms of noise exposure for 2020, there would be 477 residential dwelling units with a total population of 1,492 within the 65 DNL noise contour. No noise-sensitive public facilities are located within the 65 DNL noise contour in 2020. There would be off-airport property impacts if the partial acquisition of the Dania Boat Sales is necessary.

There would be 0.13 acres of impacts to wetlands; all of which are mangrove wetlands. This alternative “may affect but is not likely to adversely affect” two federally-listed species; the West Indian Manatee and the wood stork.

Environmental impacts of Alternative B4 would otherwise be similar to those of Alternatives B1, B1b, and B1c. Alternative B4 would not result in any significant direct, indirect, or cumulative impacts for any of the environmental impact categories.

Alternative B5: build a 7,800-foot elevated runway with EMAS located 320 feet south of existing south runway (to replace existing Runway 9R/27L). Like Alternatives B1, B1b, B1c, and B4, Alternative B5 would provide a maximum and practical all weather average hourly capacity of 107 operations. It would have 1.2 average minutes of delay per operation in 2012; and 3.1 average minutes of delay per operation in 2020.

Based on the EIS tenant relocation analysis, the airport contains an estimated 363 acres of airport properties and tenant leasehold facilities76 outside of the central terminal complex. The Alternative B5 airfield configuration would displace slightly fewer facilities and leave more property available for airside development than Alternatives B1, B1b and B1c. It would displace 15.4 acres (four percent) of the existing facilities. After development of the new runway and associated facilities, there would be 98.9 acres of airport land available for future facility development, including 42.6 acres available for airside development.77

Alternative B5 would have environmental impacts similar to those of Alternatives B1, B1b, and B1c, except in the areas of noise, wetlands, federally-listed species, and off airport property impacts. Impacts for these categories would be greater with Alternative B5. In terms of noise exposure for 2012, there would be 840 residential dwelling units with a total population of 1,928 within the 65 DNL noise contour. No noise-sensitive public facilities (i.e. churches, schools, hospitals, nursing homes, libraries) are located within the 65 DNL noise contour in 2012. In terms of noise exposure for 2020, there would be 1,260 residential dwelling units with a total population of 4,235 within the 65 DNL noise contour. No noise-

76 See the Final EIS Appendix E, Table E.1-7 FLL Tenant Leasehold Impact Summary (Non-Terminal Impacts) for a list of these airport and tenant facilities and Exhibit E.1-11 Existing Tenant Leasehold Summary. These facilities include general aviation (GA) and fixed base operators (FBO), cargo/warehouse facilities, office buildings, parking facilities, Broward County facilities, and vacant undeveloped airport property. 77 See this ROD, Appendix C, revised Table E.1-8 Tenant Facility Relocation Summary (acres), Alternative B5.

December 2008 Page 31 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION sensitive public facilities are located within the 65 DNL noise contour in 2020. There would be 21.67 acres of impacts to wetlands; this includes 2.85 acres of mangrove wetlands. There would be no significant impact to floodplains. This alternative “may affect but is not likely to adversely affect” four federally-listed species: the West Indian Manatee, the wood stork, the smalltooth sawfish, and Johnson’s Seagrass.

The acquisition of all of the Hilton (formerly the Wyndham) Fort Lauderdale Airport Hotel and the Dania Boat Sales properties would be required. Alternative B5 would not result in any significant direct, indirect, or cumulative impacts for any of the environmental impact categories.

Alternative C1: Build a 7,721-foot at grade runway located 850 feet north of existing Runway 9L/27R (a dependent parallel runway to existing Runway 9L/27R). Like Alternative A, Alternative C1 has a practical all weather average hourly capacity much lower than its maximum all weather average hourly capacity. Alternative C1 would provide a practical hourly capacity of 101 operations in comparison to a maximum capacity of 131 operations because no improvements would be made to Runway 9R/27L and the north airfield parallel runway system would operate as a dependent runway system. Alternative C1 would have 1.9 average minutes of delay per operation in 2012; and 5.0 average minutes of delay per operation in 2020. Other then Alternative A and Alternative B4, Alternative C1 has the highest level of delay in 2020.

Based on the EIS tenant relocation analysis, the airport contains an estimated 363 acres of airport properties and tenant leasehold facilities78 outside of the central terminal complex. The Alternative C1 airfield configuration would displace almost three-quarters of the existing tenant leasehold acreage, leaving a little more than half the amount of land available for future development under Alternatives B1, B1b, and B1c, including approximately one-fifth the amount available for airside development under these alternatives. It would displace 261.5 acres (72 percent) of these existing facilities. After development of the new runway and associated facilities, there would be 71.9 acres of airport land available for future facility development, including 8.2 acres available for airside development.79

The environmental impacts of Alternative C1 would be similar to those of Alternatives B1, B1b, and B1c, except for noise, off-airport property impacts, wetlands, and federally-listed species. Impacts for these categories would be significantly less with Alternative C1 than with Alternative B1, B1b, and B1c. In terms of noise exposure for 2012, there would be 28 residential dwelling units with a total population of 71 within the 65 DNL noise contour. No noise-sensitive public facilities (i.e. churches, schools, hospitals, nursing homes, libraries) are located within the 65 DNL noise contour in 2012. In terms of noise exposure for 2020, there would be 285 residential dwelling units with a total population of

78 See the Final EIS Appendix E, Table E.1-7 FLL Tenant Leasehold Impact Summary (Non-Terminal Impacts) for a list of these airport and tenant facilities and Exhibit E.1-11 Existing Tenant Leasehold Summary. These facilities include general aviation (GA) and fixed base operators (FBO), cargo/warehouse facilities, office buildings, parking facilities, Broward County facilities, and vacant undeveloped airport property. 79 See this ROD, Appendix C, revised Table E.1-8 Tenant Facility Relocation Summary (acres), Alternative C1.

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717 within the 65 DNL noise contour. No-noise-sensitive public facilities are located within the 65 DNL noise contour in 2020. The development and construction of Alternative C1 would not cause any off-airport property impacts because the airport sponsor would not need to acquire any land from off-airport businesses.

There would be 15.40 acres of impacts to wetlands;80 no mangrove wetlands would be impacted. This alternative “may affect but is not likely to adversely affect” one federally-listed species, the wood stork.

Alternative C1 would not result in any significant direct, indirect, or cumulative impacts for any of the environmental impact categories.

Alternative D1: redevelop and extend existing Runway 9R/27L to 8,000 feet and build a new 7,721-foot runway north of existing Runway 9L/27R (combination of Alternatives B1b and C1). Alternative D1 would provide substantially greater maximum and practical all weather average hourly capacity of 128 operations, compared to all other alternatives, expect for Alternative D2. Alternative D1 would have the same average minutes of delay per operation as Alternative B1, B1b, and B5 in 2012 – 1.2 average minutes of delay per operation; this alternative would not be fully operational in 2012. In 2020, Alternative D1 would have fewer minutes of delay than any other alternative, 1.2 average minutes of delay per operation.

Based on the EIS tenant relocation analysis, the airport contains an estimated 363 acres of airport properties and tenant leasehold facilities81 outside of the central terminal complex. Like Alternative C1, the Alternative D1 airfield configuration would displace approximately three-quarters of existing facilities. It would displace 269.8 acres (74 percent) of these existing facilities. After development of the new runway and associated facilities, there would be a deficit of 32.8 acres of airport land available for future facility development.82 D1 would result in a deficiency of 32.4 acres of airport property available for existing airside tenants (accessible by aircraft).

This alternative would not be fully operational by 2012; the 2012 noise impacts to residential dwelling units would be the same as Alternative B1b. In terms of noise exposure for 2012, there would be 652 residential dwelling units with a total population of 1,593 within the 65 DNL noise contour. No noise-sensitive public facilities (i.e. churches, schools, hospitals, nursing homes, libraries) are located within the 65 DNL noise contour in 2012. In terms of noise exposure for 2020, there would be 801 residential dwelling units with a total population of 1,926 within the 65 DNL noise contour. No noise-sensitive public facilities are located within the 65 DNL noise contour in 2020.

80 The 15.40 acres of impacts to wetlands are due to airport and tenant facility relocations. It may be possible, with further planning, design, and engineering, that these relocated facilities could be relocated on airport property to avoid impacts to wetlands. 81 See the Final EIS Appendix E, Table E.1-7 FLL Tenant Leasehold Impact Summary (Non-Terminal Impacts) for a list of these airport and tenant facilities and Exhibit E.1-11 Existing Tenant Leasehold Summary. These facilities include general aviation (GA) and fixed base operators (FBO), cargo/warehouse facilities, office buildings, parking facilities, Broward County facilities, and vacant undeveloped airport property. 82 See this ROD, Appendix C, revised Table E.1-8 Tenant Facility Relocation Summary (acres), Alternative D1

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There would be 21.87 acres of impacts to wetlands; this includes 3.05 acres of mangrove wetlands. The remaining environmental impacts would be essentially the same as those of Alternatives B1 and B1b.

Alternative D1 would not result in any significant direct, indirect, or cumulative impacts for any of the environmental impact categories.

Alternative D2: build a new 6,001-foot at grade runway with EMAS located 340 feet north of existing south runway and build a 7,721-foot at grade runway located 850 feet north of existing Runway 9L/27R (combination of Alternatives B4 and C1). Alternative D2 would provide the same operational capacity benefits as Alternative D1; maximum and practical all weather average hourly capacity of 128 operations. Alternative D2 would have the same average minutes of delay per operation as Alternative B4 in 2012 – 2.2 average minutes of delay per operation; this alternative would not be fully operational in 2012. In 2020, Alternative D2 would have 1.5 average minutes of delay per operation.

Based on the EIS tenant relocation analysis, the airport contains an estimated 363 acres of airport properties and tenant leasehold facilities83 outside of the central terminal complex. The Alternative D2 airfield configuration would displace slightly more facilities than Alternative D1; 280.5 acres (77 percent) of existing facilities. After development of the new runway and associated facilities, there would be 35.8 acres of non-airside property available for future development, however, there is a deficit of 8.2 acres of airport property available for existing airside access by aircraft.84

This alternative would not be fully operational by 2012; therefore the 2012 noise impacts to residential dwelling units would be the same as Alternative B4. In terms of noise exposure for 2012, there would be 372 residential dwelling units with a total population of 973 within the 65 DNL noise contour. No noise-sensitive public facilities (i.e. churches, schools, hospitals, nursing homes, libraries) are located within the 65 DNL noise contour in 2012. In terms of noise exposure for 2020, there would be 303 residential dwelling units with a total population of 789 within the 65 DNL noise contour. No noise-sensitive public facilities are located within the 65 DNL noise contour in 2020.

There would be 15.54 acres of impacts to wetlands; this includes 0.14 acres of mangrove wetlands. Except for noise and wetlands discussed above, the environmental impacts of Alternative D2 would be like those of Alternative B4.

Alternative D2 would not result in any significant direct, indirect, or cumulative impacts for any of the environmental impact categories.

83 See the Final EIS Appendix E, Table E.1-7 FLL Tenant Leasehold Impact Summary (Non-Terminal Impacts) for a list of these airport and tenant facilities and Exhibit E.1-11 Existing Tenant Leasehold Summary. These facilities include general aviation (GA) and fixed base operators (FBO), cargo/warehouse facilities, office buildings, parking facilities, Broward County facilities, and vacant undeveloped airport property. 84 See this ROD, Appendix C, revised Table E.1-8 Tenant Facility Relocation Summary (acres), Alternative D2.

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3.1 THE ENVIRONMENTALLY PREFERRED ALTERNATIVE: This section identifies the environmentally preferred alternative (40 CFR 1505.2(b)).

In accordance with 40 CFR 1505.2(b), the environmentally preferred alternative must be identified in the ROD. The CEQ 40 Most Asked Questions, Question 6a, defines the environmentally preferred alternative as “the alternative that will promote the national environmental policy as expressed in NEPA’s Section 101. Ordinarily, this means the alternative that causes the least damage to the biological and physical environment; it also means the alternative which best protects, preserves, and enhances historic, cultural and natural resources.”

The EIS analysis discloses the potential environmental impacts for the projected conditions in 2012 and 2020; 2012 was the projected earliest implementation year for the runway development alternatives; and 2020 represented the earliest future condition after full implementation of the alternatives with the development of two runways (Alternatives D1 and D2). Because the ultimate build out year for the full range of alternatives is 2020, the FAA is identifying the environmentally preferred alternative based on 2020 conditions.

Alternative C1 in 2020 would impose the least potential environmental impacts of all of the runway development alternatives. From a NEPA perspective, applying the guidance in Question 6a of the 40 Most Asked Questions, the environmentally preferred alternative is Alternative C1.

The FAA has identified Alternative C1 as the Environmentally Preferred Alternative because it has the least significant impacts in noise and compatible land use in 2020 compared to all other alternatives. It is the only alternative that does not require the acquisition of property off the airport. It avoids impacts on mangrove wetlands, and could potentially avoid impacts to all wetlands through further design.

Noise and Compatible Land Use Impacts: For 2020 conditions, the Alternative C1 noise exposure would result in the least impacts of all the alternatives in terms of residential dwelling units (285) and population (717) within the 65 DNL noise contour. Similar to all other alternatives, no noise-sensitive public facilities (i.e. churches, schools, hospitals, nursing homes, libraries) are located within the Alternative C1 65 DNL noise contour in 2020.

Off-airport Property Impacts: Alternative C1 is the only alternative, other than the No Action alternative, that does not require the acquisition of any off-airport property. Similar to all of the other runway development alternatives, no change is required to the local land use plans or zoning regulations.

Wetlands: Alternative C1 is the only runway development alternative that does not impact mangrove wetlands. There would be 15.40 acres of impacts to wetlands due to relocation of facilities, which could potentially be avoided through further planning, design, and engineering.

Although total wetland impacts for Alternative C1 (15.40 acres) as compared to the FAA’s Preferred Alternative (15.41 acres) are essentially the same, Alternative C1 does not impact any mangrove wetlands as compared to 3.05 acres of mangrove

December 2008 Page 35 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION wetlands for the FAA’s Preferred Alternative (B1b). Significantly, Alternative C1’s wetland impacts are primarily due to airport and tenant facility relocations. It may be possible, with further planning, design, and engineering, to relocate these facilities on airport property so as to avoid any impacts to wetlands. For this reason, Alternative C1 is also environmentally superior to Alternative B4, which would impact 0.13 acres of mangrove wetlands. Because all of the other development alternatives, including Alternative B1b and B4, would affect mangrove wetlands, the FAA has deferred to the expertise of the USACE in determining that Alternative C1 is preferable to Alternative B4 in terms of potential wetland impacts.

Alternative C1 and the other runway development alternatives have similar potential environmental impacts for all other environmental impact categories.

3.2 THE PROPOSED ACTION: The Airport Sponsor’s Proposed Action, described in detail in Section 1 of this ROD, is reviewed below.

The Airport Sponsor presented the FAA with a proposal to expand and elevate Runway 9R/27L to an overall length of 8,000 feet and width of 150 feet. The reconstructed Runway 9R/27L would also be equipped with an Engineered Materials Arresting System (EMAS)85 at both runway ends. The Airport Sponsor’s Proposed Project meets the Airport Sponsor’s goals and objectives as identified in the County’s Airfield Development Program Objective Statement adopted by the Commission on October 26, 2004.86 These goals and objectives included: enhance FLL capacity by accommodating forecast traffic through 2020 in a manner that will maintain an average annual delay level at or below six to ten minutes, decommission the use of Runway 13/31 (crosswind), mitigate noise impacts, and implement residential noise mitigation initiatives.

The Airport Sponsor’s Proposed Action, Alternative B1c, has the same physical alignment, design, and configuration as the FAA’s Preferred Alternative (B1b). However, Alternative B1c considers the implementation of the operational noise abatement actions in 2012 which the Airport Sponsor provided to the FAA in a memorandum describing the sponsor’s proposed project operational assumptions.87 Broward County has interpreted that the operational noise abatement actions would no longer be in place by 2020.88

85 Engineered Material Arresting System (EMAS) is a "soft ground arresting system" consisting of a crushable cellular cement material installed on the runway overrun in a predetermined bed layout. EMAS provides a reliable and predictable capability to stop an aircraft by crushing under the weight of an aircraft providing deceleration and a safe stop. See FAA Order 5200.9, Financial Feasibility and Equivalency of Runway Safety Area Improvements and Engineered Material Arresting Systems. 86 Letter from Tom Jargiello, Director of Aviation, Broward County Aviation Department, Fort Lauderdale-Hollywood International Airport, to Dean Stringer, Manager, FAA Orlando Airports District Office. This letter pertains to the Broward County Board of County Commissioners Goals and Objectives. Dated: November 1, 2004. 87 Memorandum from Max Wolfe/Eric Bernhardt, Leigh Fisher Associates (now Jacobs Consultancy), to Virginia Lane, AICP, Environmental Specialist, Federal Aviation Administration. Subject: Sponsor’s Proposed Project Operational Assumptions. Dated: August 22, 2006/Revised: August 24, 2006. 88 Memorandum from Max Wolfe/Eric Bernhardt, Leigh Fisher Associates (now Jacobs Consultancy), to Virginia Lane, AICP, Environmental Specialist, Federal Aviation Administration. Subject:

December 2008 Page 36 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION

3.3 THE PREFERRED ALTERNATIVE: The FAA identified its Preferred Alternative (B1b) in the Final EIS in accordance with FAA Order 5050.4B, paragraph 1007.e.(7), [40 CFR 1502.14 (e)]. As discussed in Chapter Eight, Section 8.0 Introduction, of the Final EIS, the FAA statutory mission is to provide leadership in planning and developing a safe, efficient national airport system to satisfy the needs of the aviation interests of the United States. In accomplishing this mission, the FAA considers economics, environmental compatibility, and local proprietary rights, and safeguards the public investment.89 This mission guides final agency decisions regarding proposed airport development projects. In identifying the Preferred Alternative, the FAA considered the ability of each alternative to meet the purpose and need for the project, the Airport Sponsor’s goals and objectives, the impacts to existing on-site airport tenants as well as impacts to future growth and development at FLL, and the potential environmental impacts.

The FAA identified Alternative B1b as the FAA’s Preferred Alternative. This alternative redevelops and extends existing Runway 9R/27L to an 8,000-foot by 150-foot elevated runway with EMAS, and would extend east over the FEC Railway and U.S. Highway 1. In addition, Runway 13/31 would be permanently closed.

The FAA’s Preferred Alternative (B1b) differs from the environmentally preferred alternative (Alternative C1) and the Airport Sponsor’s Proposed Action (Alternative B1c). This ROD presents the FAA’s reasons for selecting its preferred alternative (40 CFR 1505.2(b)) for approval and implementation rather than Alternative C1 or the Airport Sponsor’s Proposed Action (Alternative B1c), or any of the other alternatives.

FAA CONSIDERATION OF PURPOSE AND NEED AT FLL

In support of the FAA's statutory responsibility under 49 USC 47101(a)(7), the FAA identified the purpose of the proposed action is to provide sufficient capacity for existing and forecast demand at FLL. The FAA considered the deficiencies at FLL, as discussed in the Final EIS, Chapter Three Purpose and Need, Section 3.2 Problem Statement, and their impact on the FAA’s purpose of enhancing aviation safety, efficiency, and capacity on both the regional and national level, and has identified the following needs at FLL:

Sponsor’s Proposed Project Operational Assumptions. Dated: August 22, 2006/Revised: August 24, 2006. Memorandum is included in Final EIS Appendix C, Airport Sponsors Correspondence. 89 http://www.faa.gov/about/office_org/headquarters_offices/arp/

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FAA CONSIDERATION OF AIRPORT SPONSOR GOALS AND OBJECTIVES

The FAA considered the Airport Sponsor’s goals and objectives as identified in the County’s Airfield Development Program Objective Statement adopted by the Commission on October 26, 2004, in the development of the EIS. These goals and objectives included: enhance FLL capacity by accommodating forecast traffic through 2020 in a manner that will maintain an average annual delay level at or below six to ten minutes, decommission the use of Runway 13/31 (crosswind), mitigate noise impacts, and implement residential noise mitigation initiatives.

FAA CONSIDERATION OF AIRPORT PROPERTY IMPACTS

As noted in this ROD above in Section 3.0, Summary of Alternatives Considered, Airport Property Impacts, the Airport Sponsor submitted comments to the FAA on the Draft EIS raising concerns about the potential impact to airport properties and tenant leasehold facilities, and the availability of airport property for future development as a result of the implementation of one of the north runway alternatives.90,91

To address these issues the FAA prepared and included in the Final EIS a tenant relocation analysis that evaluated the airport property within the current FLL boundary owned by Broward County and identified the tenant leasehold impacts and potential impacts of relocation on the availability of existing and future airport property. This analysis identified the airport properties and tenant leasehold facilities that could be directly or indirectly impacted with the development of an alternative and the potential areas of airport property that could accommodate relocated facilities and future development. This information was used in the was used in the development of a comparative analysis of the projected costs among the various alternatives.

The FAA used this information to determine which alternative was preferable in terms of potential impacts on existing airport property and future development. Notwithstanding the Sponsor’s concerns presented in the December 2007 letter, the FAA determined there was no basis for considering the projected costs of relocating tenant facilities differently than any other project cost in comparing alternatives and identifying the preferred alternative. The analysis in the Final EIS indicates that Alternative B1b still qualifies as the agency’s preferred alternative when this concern is set aside.

90 Letter from Kent G. George, A.A.E., Director of Aviation, Broward County Aviation Department, Fort Lauderdale-Hollywood International Airport, to Dean Stringer, Manager, FAA Orlando Airports District Office. RE: This letter pertains to Alternative D2 and Broward County’s comments on the tenant relocation, future tenant expansion capabilities, and future aviation development growth. Dated: December 7, 2007. 91 See the Final EIS, Chapter Four, Alternatives, Section 4.3 Alternatives to Be Assessed for Environmental Analysis, Appendix E Airfield Planning, Engineering and Constructability Review, Section E.1.6 Facility Impacts, Exhibits E.1-12-E.1-17; and revised Table E.1-8 FLL Tenant Facility Relocation Summary (Acres) provided in this ROD in Appendix C, Final EIS Errata Documents.

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FAA CONSIDERATION OF POTENTIAL ENVIRONMENTAL IMPACTS

The FAA has considered the potential environmental impacts that would occur with each alternative as compared to the FAA’s Preferred Alternative (B1b) for 2020. While the Final EIS analysis discloses the potential environmental impacts for the projected conditions in 2012 and 2020 (2012 was the projected earliest implementation year for the runway development alternatives), 2020 represented the earliest future condition after full implementation of the alternatives with the development of two runways (Alternatives D1 and D2). Therefore, the FAA identified the environmentally preferred alternative based upon 2020 conditions. The potential environmental impacts for each alternative are discussed in Section 3 above under the subheading titled Summary of Operational Capacity and Delay, On-Airport Tenant Facility Impacts, and Environmental and Cumulative Impacts of the Alternatives Considered.

* * * * *

In identifying its Preferred Alternative the FAA has made the following assessments:

 Alternative A (No Action): Alternative A does not meet the purpose of the proposal because it does not address the capacity issues at FLL. The average minutes of delay per operation for 2020 conditions for Alternative A is 26.2 compared to 3.1 minutes of delay per operation for the FAA's Preferred Alternative (B1b). Alternative A would have a practical hourly capacity of 84 operations compared to the FAA's Preferred Alternative (B1b) which would provide 107 operations. Alternative A also does not meet the identified need for sufficient airfield capacity, to the extent practicable, to accommodate existing and projected air carrier demand at a level of delay established for FLL in the Final EIS; it does not meet the need for an enhanced and balanced airfield; and it does not meet the need for sufficient gate and apron capacity to address existing and forecast passenger demand and aircraft congestion on the ramp. Alternative A would not meet the Airport Sponsor’s goals and objectives as identified in the County’s Airfield Development Program Objective Statement adopted by the Commission on October 26, 2004. These goals and objectives included: enhance FLL capacity by accommodating forecast traffic through 2020 in a manner that will maintain an average annual delay level at or below six to ten minutes, decommission the use of Runway 13/31 (crosswind), mitigate noise impacts, and implement residential noise mitigation initiatives. Regarding impacts to airport properties and tenant leasehold facilities, Alternative A would not result in any impacts to existing facilities and would provide available surplus property for future airport facility development. The airport contains an estimated 363 acres of airport properties and tenant leasehold facilities outside of the central terminal complex. There would be no displacement of existing facilities with the Alternative A compared to a displacement of 18.6 acres (five percent) with the FAA’s Preferred Alternative (B1b). There would be 234.9 acres of airport land available for future airport

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and tenant facility development compared to 134.6 acres for the FAA’s Preferred Alternative (B1b). Eighty-four acres would be available for airside development compared to 39 acres for the FAA’s Preferred Alternative (B1b). The FAA has considered the potential environmental impacts that would occur with the Alternative A as compared to the FAA’s Preferred Alternative (B1b). In most of the environmental impact categories no impacts would occur with Alternative A because no construction is associated with this alternative. The impact categories where there is a significant difference between the FAA’s Preferred Alternative (B1b) and Alternative A are air quality, noise, compatible land use, and wetlands. Alternative A exceeds the 24-hour PM2.5 National Ambient Air Quality Standard (NAAQS). Alternative A does not exceed the NAAQS for any other criteria pollutants in 2012 and 2020. The noise and compatible land use impacts for Alternative A in 2020 would be 696 residential dwelling units with a total population of 1,772 within the 65 DNL noise contour. The noise and compatible land use impacts for the FAA’s Preferred Alternative (B1b) in 2020 would be 1,051 residential dwelling units with a total population of 2,472 within the 65 DNL noise contour. There would be no impacts to wetlands due to construction activities because no construction would occur, as compared to 15.41 acres of wetland impacts with the FAA's Preferred Alternative (B1b). In summary, for 2020 conditions, the noise and compatible land use impacts of Alternative A (No Action) are significantly less than the FAA’s Preferred Alternative (B1b). Also, Alternative A would not displace any on-airport tenants and there would be on-airport land available for future tenant development. However, Alternative A does exceed the 24-hour PM2.5 NAAQS and does not meet the purpose and need because it does not address the capacity deficiency at FLL.

 Alternative B1: redevelop and extend existing Runway 9R/27L to an 8,600-foot by 150-foot elevated runway. To avoid an encroachment into the Dania Cut-Off Canal on the west and to NE 7th Avenue to the east, the Alternative B1 proposed runway, at 8,600-feet, would require the use of declared distance92 to achieve a standard runway safety area (RSA) at both runway ends. Due to the increased elevation of Runway 9R/27L at its intersection with Runway 13/31, Runway 13/31 would be permanently closed. Alternative B1 would have a practical hourly capacity of 107 operations which is the same as the FAA's Preferred Alternative (B1b). The average minutes of delay per operation for 2020 conditions for Alternative B1 is 3.1 minutes which is the same as the FAA's Preferred Alternative (B1b). Alternative B1 would meet the purpose of the proposed action to provide sufficient capacity for existing and forecast demand at FLL; and it would meet the identified need for sufficient airfield capacity, the need for an enhanced and balanced airfield, and the need for sufficient gate and apron capacity. However, Alternative B1 would require the use of declared distances in order to meet the FAA’s RSA standard. The FAA’s Preferred Alternative (B1b) would not require the use of declared

92 Declared distance is the distance the airport owner declares available for the airplane’s takeoff run, takeoff distance, accelerate-stop distance, and landing distance requirements.

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distance to meet the FAA’s RSA standard. Eliminating the need for declared distance improves the operational capability of the runway by allowing for the full use of the available runway length. Alternative B1 would meet the Airport Sponsor’s goals and objectives as identified in the County’s Airfield Development Program Objective Statement adopted by the Commission on October 26, 2004. Regarding impacts to airport properties and tenant leasehold facilities, Alternative B1 would result in relatively minimum impacts (five percent) to existing facilities and would provide available surplus property for future airport facility development. The airport contains an estimated 363 acres of airport properties and tenant leasehold facilities outside of the central terminal complex. With Alternative B1 there would be a displacement of 18.6 acres (five percent) of airport properties and tenant leasehold facilities, which is the same as the FAA’s Preferred Alternative (B1b). After development of the new runway and associated facilities, there would be 134.6 acres of airport land available for future facility development, which is the same as the FAA’s Preferred Alternative (B1b). Thirty-nine acres would be available for airside development which is the same as the FAA’s Preferred Alternative (B1b). The FAA has considered the potential environmental impacts that would occur with Alternative B1 compared to the FAA’s Preferred Alternative (B1b). For 2020 conditions, the potential environmental impacts of Alternative B1 are essentially the same as the FAA’s Preferred Alternative (B1b) for all environmental impact categories except for noise, compatible land use, and wetlands. Noise and compatible land use impacts within the 65 DNL noise contour and the wetland impacts for Alternative B1 are slightly less than the FAA’s Preferred Alternative (B1b). In summary, the potential noise, compatible land use, and wetland impacts of Alternative B1 are slightly less than the FAA’s Preferred Alternative (B1b); all other potential environmental impacts are essentially the same. However, Alternative B1 would require the use of declared distances in order to avoid encroachment into the Dania Cut-Off Canal and 7th Avenue and to meet FAA’s RSA standard at both runway ends.

 Alternative B1c (Airport Sponsor’s Proposed Action): Redevelop and extend existing Runway 9R/27L to an 8,000-foot by 150-foot elevated runway with EMAS; includes the implementation of the operational noise abatement actions in 2012. Broward County has interpreted the operational noise abatement actions would no longer be in place by 2020.93 Alternative B1c would meet the purpose of the proposed action to provide sufficient capacity for existing and forecast demand at FLL; and it would meet the identified need for sufficient airfield capacity, the need for an enhanced and

93 Memorandum from Max Wolfe/Eric Bernhardt, Leigh Fisher Associates (now Jacobs Consultancy), to Virginia Lane, AICP, Environmental Specialist, Federal Aviation Administration. Subject: Sponsor’s Proposed Project Operational Assumptions. Dated: August 22, 2006/Revised: August 24, 2006.

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balanced airfield, and the need for sufficient gate and apron capacity; however, the FAA’s Preferred Alternative (B1b) will meet the purpose and needs of the proposal without the implementation of operational noise abatement procedures that would limit capacity in 2012. The implementation of noise abatement runway use procedures in 2012 for Alternative B1c reduces the overall capacity of the airfield in the opening year. The FAA will not consider the approval of a runway development project with noise abatement runway use procedures that would limit its capacity in the opening year without a study of alternative noise measures such as required under 14 CFR Part 150. Alternative B1c would have a practical hourly capacity of 107 operations which is the same as the FAA's Preferred Alternative (B1b). The average minutes of delay per operation for 2020 conditions for Alternative B1c is 3.1 minutes which is the same as the FAA's Preferred Alternative (B1b). Alternative B1c would meet the Airport Sponsor’s goals and objectives as identified in the County’s Airfield Development Program Objective Statement adopted by the Commission on October 26, 2004. Regarding impacts to airport properties and tenant leasehold facilities, Alternative B1 would result in relatively minimum impacts (five percent) to existing facilities, and would provide available surplus property for future airport facility development. The airport contains an estimated 363 acres of airport properties and tenant leasehold facilities outside of the central terminal complex. With Alternative B1c there would be a displacement of 18.6 acres (five percent) of airport properties and tenant leasehold facilities, which is the same as the FAA’s Preferred Alternative (B1b). After development of the new runway and associated facilities, there would be 134.6 acres of airport land available for future facility development, which is the same as the FAA’s Preferred Alternative (B1b). Thirty-nine acres would be available for airside development which is the same as the FAA’s Preferred Alternative (B1b). The FAA has considered the potential environmental impacts that would occur with the Alternative B1c as compared to the FAA’s Preferred Alternative (B1b). Although the noise impacts in 2012 for Alternative B1c are less than the FAA’s Preferred Alternative (B1c), this is a result of the implementation of the noise abatement procedures which would limit capacity. For 2020 conditions, the potential environmental impacts of Alternative B1c are the same as the FAA’s Preferred Alternative (B1b). The 2020 noise and compatible land use impacts for Alternative B1c are the same as the FAA’s Preferred Alternative (B1b). The noise exposure is the same because Broward County has interpreted that the operational noise abatement actions would no longer be in place by 2020. For all other environmental impact categories, the potential environmental impacts of Alternative B1c are essentially the same as the FAA’s Preferred Alternative (B1b).

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In summary, the 2020 potential environmental impacts of Alternative B1c are the same as the FAA’s Preferred Alternative (B1b). However, in the short-term Alternative B1c includes the implementation of operational noise abatement actions and the FAA will not consider the implementation of these noise abatement actions because they would limit capacity of the airfield in 2012. The FAA would not select an alternative that would limit runway capacity without a study of alternative noise abatement measures as part of a study pursuant to 14 CFR Part 150 or similar study.

 Alternative B4: Build a new 6,001-foot at grade runway with EMAS located 340 feet north of existing south runway (to replace existing Runway 9R/27L). Runway 13/31 would remain open. Although Alternative B4 would have the same practical hourly capacity of 107 operations as the FAA's Preferred Alternative (B1b), Alternative B4 is the least effective runway development alternative in terms of reducing delay compared to the other alternatives in 2020. As noted in a previous section of this ROD, during the EIS process, the Airport Sponsor and several airlines that operate at FLL raised concerns with the length of Alternative B4 and the potential necessity for payload penalties on aircraft operations. Therefore, the FAA conducted a sensitivity analysis on Alternative B4 operations to determine the impact on delay of potential pilot refusals. Alternative B4 is the only alternative with a runway length that could result in potential pilot refusal in response to avoiding payload penalties. Without a pilot refusal assumption, average minutes of delay for Alternative B4 is 2.2 minutes per operation in 2012 and 4.7 minutes per operation in 2020, compared to 1.2 and 3.1 minutes per operation, respectively, for the FAA’s Preferred Alternative (B1b). The sensitivity analysis results, discussed above in Section 3 and provided in the Final EIS, Appendix F Net Benefit Analysis, Table F-19, shows that pilot refusals potentially would increase delay from 2.2 to 3.1 minutes per aircraft in 2012. In 2020, the delay would increase from 4.7 minutes to 10.2 minutes.94 See the Final EIS, Appendix F Net Benefit Analysis, Section F.6.4 Alternative B4 Sensitivity Analysis. Alternative B4 would not meet the purpose of the proposed action to provide sufficient capacity for existing and forecast demand at FLL in 2020 based on the sensitivity analysis; and it would not meet the identified need for sufficient airfield capacity, and would not meet the need for an enhanced and balanced airfield. Alternative B4 would not meet the Airport Sponsor’s objective as identified in the County’s Airfield Development Program Objective Statement adopted by the Commission on October 26, 2004 to decommission the use of (crosswind) Runway 13/31.95 However, Alternative B4 would enhance FLL capacity, mitigate noise impacts, and implement residential noise mitigation initiatives.

94 Even a conservative pilot refusal rate of 80 departures per day would result in delay over 10 minutes by 2020 according to the sensitivity analysis. See the Final EIS Appendix F Net Benefits Analysis, Section F.6.4 Alternative B4 Sensitivity Analysis. 95 Decommissioning the crosswind runway was stipulated in the Board’s December 9, 2003, motion and included in the October 2004 Broward County Objective Statement, see Appendix B in this ROD.

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Regarding impacts to airport properties and tenant leasehold facilities, Alternative B4 would result in relatively minimum impacts (eight percent) to existing facilities, and would provide available surplus property for future airport facility development. The airport contains an estimated 363 acres of airport properties and tenant leasehold facilities outside of the central terminal complex. With Alternative B4 there would be a displacement of 27.6 acres (eight percent) of airport properties and tenant leasehold facilities compared to the FAA’s Preferred Alternative (B1b) which would displace 18.6 acres (five percent) of facilities. After development of the new runway and associated facilities, there would be 199 acres of airport land available for future airport and tenant facility development compared to 134.6 with the FAA’s Preferred Alternative (B1b). Sixty-six acres would be available for airside development compared to thirty-nine acres for the FAA’s Preferred Alternative (B1b). The FAA has considered the potential environmental impacts that would occur with Alternative B4 as compared to the FAA’s Preferred Alternative (B1b). For most of the environmental impact categories the impacts are essentially the same for both Alternative B4 and the FAA’s Preferred Alternative (B1b), except for noise, compatible land use, Federally listed species, and wetland impacts. The noise and compatible land use impacts for Alternative B4 are significantly lower when compared to the FAA’s Preferred Alternative (B1b). The noise and compatible land use impacts for Alternative B4 in 2020 would be 477 residential dwelling units with a total population of 1,492 within the 65 DNL noise contour. The noise and compatible land use impacts for the FAA’s Preferred Alternative (B1b) in 2020 would be 1,051 residential dwelling units with a total population of 2,472 within the 65 DNL noise contour. Alternative B4 may affect but is not likely to adversely affect two listed species as compared to three listed species for the FAA’s Preferred Alternative. The wetland impact for Alternative B4 is 0.13 acres of mangrove wetlands compared to 15.41 acres of wetlands with the FAA’s Preferred Alternative (B1b), 3.05 acres of which is mangrove wetlands. In summary, the 2020 potential noise and compatible land use and wetland impacts for Alternative B4 are significantly less than the FAA’s Preferred Alternative (B1b). However, based on the comments received from the Airport Sponsor and the airlines regarding the Alternative B4 runway, the FAA finds that it is reasonable to assume there will be pilot refusal on the 6,001-foot south runway that could result in delays of greater than 10 minutes per operation. Therefore, Alternative B4 would not meet the purpose and need of the proposal based on the sensitivity analysis.

 Alternative B5: build a 7,800-foot elevated runway with EMAS located 320 feet south of existing south runway (to replace existing Runway 9R/27L). Alternative B5 would have a practical hourly capacity of 107 operations which is the same as the FAA's Preferred Alternative (B1b). The average minutes of delay per operation for Alternative B5 is the same as the FAA’s Preferred Alternative (B1b) in 2020. Therefore, Alternative B5 would meet the purpose of

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the proposal and it would also meet the identified need for sufficient airfield capacity, the need for an enhanced and balanced airfield, and the need for sufficient gate and apron capacity. Alternative B5 would meet the Airport Sponsor’s goals and objectives as identified in the County’s Airfield Development Program Objective Statement adopted by the Commission on October 26, 2004. Regarding impacts to airport properties and tenant leasehold facilities, Alternative B1 would result in relatively minimum impacts (four percent) to existing facilities and would provide available surplus property for future airport facility development. The airport currently contains an estimated 363 acres of airport properties and tenant leasehold facilities outside of the central terminal complex. With Alternative B5 there would be a displacement of 15.4 acres (four percent) of airport properties and tenant leasehold facilities compared to the FAA’s Preferred Alternative (B1b) which would displace 18.6 acres (five percent) of facilities. After development of the new runway and associated facilities, there would be 98.9 acres of airport land available for future facility development compared to 134.6 with the FAA’s Preferred Alternative (B1b). Forty-three acres would be available for airside development compared to 39 acres for the FAA’s Preferred Alternative (B1b). The FAA has considered the potential environmental impacts that would occur with Alternative B5 as compared to the FAA’s Preferred Alternative (B1b). For most of the environmental impact categories the impacts are essentially the same for Alternative B5 and the FAA’s Preferred Alternative (B1b), except for noise, compatible land use, Federally listed species, and wetland impacts. The noise and compatible land use impacts for Alternative B5 are greater than the FAA’s Preferred Alternative (B1b). In 2020, the noise and compatible land use impacts for Alternative B5 would be 1,260 residential dwelling units with a total population of 4,235 within the 65 DNL noise contour. For the FAA’s Preferred Alternative (B1b) the noise and compatible land use impacts in 2020 would be 1,051 residential dwelling units with a total population of 2,472 within the 65 DNL noise contour. The noise and compatible land use impacts for Alternative B5 are significantly higher in 2020 compared to the FAA’s Preferred Alternative (B1b). Alternative B5 may affect but is not likely to adversely affect four listed species as compared to three listed species for the FAA’s Preferred Alternative. The wetland impact for Alternative B5 is 21.67 acres compared to 15.41 acres with the FAA’s Preferred Alternative (B1b). The impact to mangrove wetlands are essentially the same for both alternatives. In summary, although Alternative B5 meets the purpose and need of the proposal, the potential environmental impacts of Alternative B5 are greater for the environmental impact categories of noise and compatible land use than the FAA’s Preferred Alternative (B1b). Alternative B5 would also result in greater wetland impacts than the FAA’s Preferred Alternative (B1b).

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 Alternative C1: Build a 7,721-foot at grade runway located 850 feet north of existing Runway 9L/27R (a dependent parallel runway to existing Runway 9L/27R). For Alternative C1, the practical capacity is the lowest and the average minutes of delay is higher than all other alternatives, except for the No Action, because no improvements would be made to Runway 9R/27L and the north airfield parallel runway system would operate as a dependent runway system. Alternative C1 would meet the purpose of the proposed action to provide for existing and forecast demand at FLL; and it would meet the identified need for sufficient airfield capacity, the need for an enhanced and balanced airfield, and the need for sufficient gate and apron capacity. However, Alternative C1 provides the least practical capacity of any of the runway development alternatives. Alternative C1 would provide a practical hourly capacity of 101 operations compared to the FAA’s Preferred Alternative (B1b) which would provide 107 operations. Alternative C1 also has the highest delay of any of the runway development alternatives. Alternative C1 would have 5.0 average minutes of delay per operation in 202096 compared to 3.1 average minutes of

delay per operation for the FAA’s Preferred Alternative (B1b).

For Alternative C1, the 850-foot separation distance between Runway 9L/27R and the new closely spaced parallel runway north of Runway 9L/27R is not sufficient to allow for simultaneous independent arrival operations to occur to both runways. Additionally, existing Runway 9R/27L cannot accommodate air carrier operations due to its length (5,276 feet) and width (100 feet). Because of the dependent north parallel runway system, Alternative C1 will only provide one runway capable of accommodating air carrier arrivals at a time during peak arrival periods. As a result the airfield’s practical capacity is reduced as compared to all of the other runway development alternatives. Departures on the closely spaced parallel runways would have to be coordinated by FLL FAA Air Traffic Control to meet wake turbulence separation requirements. By comparison, the FAA’s Preferred Alternative (B1b) would allow for simultaneous arrival and departure operations on two runways, both of which can accommodate air carrier operations, existing Runway 9L/29R and the expanded Runway 9R/27L. With the configuration of the dependent north parallel runway system of Alternative C1, there would be more runway crossings as compared to the FAA's Preferred Alternative (B1b). The Alternative C1 airfield configuration would require all aircraft using the new north parallel runway to cross an active runway to access the terminal area. In east flow and west conditions, under Alternative C1, every arrival to Runway 8/26 would need to cross the departure runway, Runway 9L/27R. An increase in runway crossings at FLL will increase the complexity of the coordination of air traffic control ground movements.

96 While Alternative C1 would have 5.0 average minutes of delay per operation under all weather conditions, the average minutes of delay under IFR conditions could be as high as 32.2 average minutes of delay in East Flow operations and as high as 79.1 average minutes of delay in West Flow operations. Although IFR conditions occur only 6.9 percent of the year, only the No Action Alternative results in this level of delay under IFR conditions. By comparison, Alternative B1b would have 3.2 average minutes of delay in East Flow operations and 8.3 average minutes of delay in West Flow operations. See the Final EIS, Appendix F Net Benefits Analysis, Table F12 Alternatives Delay Detail – Year 2020.

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To maintain the safe and efficient crossing of runways, additional air traffic control coordination would be required as compared to the FAA's Preferred Alternative (B1b). Alternative C1 would meet the Airport Sponsor’s goals and objectives as identified in the County’s Airfield Development Program Objective Statement adopted by the Commission on October 26, 2004. Regarding impacts to airport properties and tenant leasehold facilities, Alternative C1 would result in substantial impacts (72 percent of tenant leaseholds acreage) to existing facilities. While there would be available land for future airport facility development, the majority of this land is non-airside (45 acres), and located west of Interstate 95. There would be minimum airside land available for future airport development. The airport currently contains an estimated 363 acres of airport properties and tenant leasehold facilities outside of the central terminal complex. With Alternative C1 there would be a substantial displacement of 261.5 acres (72 percent) of airport properties and tenant leasehold facilities compared to the FAA’s Preferred Alternative (B1b) which would displace 18.6 acres (five percent) of facilities. After development of the new runway and associated facilities, there would be 71.9 acres of on-airport land available for future airport property and tenant leasehold facility development compared to 134.6 acres with the FAA’s Preferred Alternative (B1b). Only eight acres would be available for airside development compared to 39 acres for the FAA’s Preferred Alternative (B1b). The FAA has considered the potential environmental impacts that would occur with Alternative C1 as compared to the FAA’s Preferred Alternative (B1b). For most of the environmental impact categories the impacts are essentially the same for both Alternative C1 and the FAA’s Preferred Alternative (B1b), except for noise, compatible land use, Federally listed species, and wetland impacts. The noise and compatible land use impacts for Alternative C1 are significantly less than the FAA’s Preferred Alternative (B1b) In 2020, the noise and compatible land use impacts for Alternative C1 would be 285 residential dwelling units with a total population of 717 within the 65 DNL noise contour. For the FAA’s Preferred Alternative (B1b), the noise and compatible land use impacts in 2020 would be 1,051 residential dwelling units with a total population of 2,472 within the 65 DNL noise contour. Alternative C1 may affect but is not likely to adversely affect one listed species as compared to three listed species for the FAA’s Preferred Alternative. Although total wetland impacts for Alternative C1 (15.40 acres)97 as compared to the FAA’s Preferred Alternative (15.41 acres) are essentially the same, Alternative C1 does not impact any mangrove wetlands as compared to 3.05 acres of mangrove wetlands for the FAA’s Preferred Alternative (B1b).

97 The 15.40 acres of impacts to wetlands are due to airport and tenant facility relocations. It may be possible, with further planning, design, and engineering, that these relocated facilities could be relocated on airport property to avoid impacts to wetlands. However, this would further reduce available airport property for future development.

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In summary, although Alternative C1 meets the purpose and need of the proposal it would provide less capacity and would have a higher level of delay per operation when compared to the FAA’s Preferred Alternative (B1b). Alternative C1 would result in a substantial displacement of existing airport properties and tenant leasehold facilities compared to the FAA’s Preferred Alternative (B1b) and would result in minimum airside land available for future airport development. When compared to the FAA’s Preferred Alternative (B1b), the potential environmental impacts of Alternative C1 in 2020 are less for the categories of noise and compatible land use, and Alternative C1 would not impact any mangrove wetlands.

 Alternative D1: redevelop and extend existing Runway 9R/27L to 8,000 feet and build a new 7,721-foot runway north of existing Runway 9L/27R (combination of Alternatives B1b and C1). Alternative D1 would meet the purpose of the proposed action to provide for existing and forecast demand at FLL; and it would meet the identified need for sufficient airfield capacity, the need for an enhanced and balanced airfield, and the need for sufficient gate and apron capacity. Alternative D1 would provide a practical hourly capacity of 128 operations compared to the FAA’s Preferred Alternative (B1b) which would provide practical hourly capacity of 107 operations. Alternative D1 would have 1.2 average minutes of delay per operation in 2020 compared to 3.1 average minutes of delay per operation for the FAA’s Preferred Alternative (B1b). For Alternative D1 the average minutes of delay is the lowest and the practical capacity is the highest of all of the runway development alternatives because it provides for a three runway system capable of accommodating air carrier demand on all runways. Alternative D1 would meet the Airport Sponsor’s goals and objectives as identified in the County’s Airfield Development Program Objective Statement adopted by the Commission on October 26, 2004. However, regarding impacts to airport properties and tenant leasehold facilities, Alternative D1 would result in substantial impacts (74 percent of tenant leaseholds acreage) to existing facilities. There would be no available land for future airport facility development. The airport contains an estimated 363 acres of airport properties and tenant leasehold facilities outside of the central terminal complex. With Alternative D1 there would be a substantial displacement of 269.8 acres (74 percent) of airport properties and tenant leasehold facilities compared to the FAA’s Preferred Alternative (B1b) which would displace 18.6 acres (five percent) of facilities. After development of the new runway and associated facilities, there would be a deficit of 32.8 acres for the relocation of facilities and no land available for future facility development as compared to the FAA’s Preferred Alternative (B1b) with 134.6 acres of available airport property for future development. There would be a deficit of thirty-two acres for airside development compared to 39 available acres for the FAA’s Preferred Alternative (B1b).98

98 Although there may be ways to potentially reduce the airport property deficiencies noted for Alternatives D1 and D2, available airport property for future development is substantially greater with the FAA’s Preferred Alternative (B1b) as compared to either Alternatives D1 or D2.

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The FAA has considered the potential environmental impacts that would occur with Alternative D1 as compared to the FAA’s Preferred Alternative (B1b). For most of the environmental impact categories the impacts are essentially the same for both Alternative D1 and the FAA’s Preferred Alternative (B1b), except for noise, compatible land use, and wetland impacts. The noise and compatible land use impacts for Alternative D1 are less than the FAA’s Preferred Alternative (B1b). In 2020, the noise and compatible land use impacts for Alternative D1 would be 801 residential dwelling units with a total population of 1,926 within the 65 DNL noise contour. For the FAA’s Preferred Alternative (B1b), the noise and compatible land use impacts in 2020 would be 1,051 residential dwelling units with a total population of 2,472 within the 65 DNL noise contour. The wetland impact for Alternative D1 is 21.87 acres compared to 15.41 acres with the FAA’s Preferred Alternative (B1b). The impacts to mangrove wetlands for Alternative D1 and the FAA’s Preferred Alternative (B1b) are the same, 3.05 acres. In summary, Alternative D1 meets the purpose and need of the proposal and it would provide greater capacity with a lower level of delay per operation when compared to the FAA’s Preferred Alternative (B1b). However, Alternative D1 would result in a substantial displacement of existing on-airport properties and tenant leasehold facilities compared to the FAA’s Preferred Alternative (B1b) and there would be a deficit in available land for existing tenants and no available land for future airport development. When compared to the FAA’s Preferred Alternative (B1b), the potential environmental impacts of Alternative D1 in 2020 are less for the categories of noise and compatible land use and Alternative D1 would impact more wetlands than the FAA’s Preferred Alternative (B1b).

 Alternative D2: build a new 6,001-foot at grade runway with EMAS located 340 feet north of existing south runway and build a 7,721-foot at grade runway located 850 feet north of existing Runway 9L/27R (combination of Alternatives B4 and C1). Alternative D2 would meet the purpose of the proposed action to provide sufficient capacity for existing and forecast demand at FLL; and it would meet the identified need for sufficient airfield capacity, the need for an enhanced and balanced airfield, and the need for sufficient gate and apron capacity. For Alternative D2 the practical capacity and average minutes of delay are similar to Alternative D1 because it provides for a three runway system capable of accommodating air carrier demand on all runways. Alternative D2 would provide a practical hourly capacity of 128 operations compared to the FAA’s Preferred Alternative (B1b) which would provide a practical hourly capacity of 107 operations. In 2020, Alternative D2 would have 1.5 average minutes of delay per operation compared to 3.1 average minutes of delay per operation for the FAA’s Preferred Alternative (B1b). Alternative D2 would meet the Airport Sponsor’s goals and objectives as identified in the County’s Airfield Development Program Objective Statement adopted by the Commission on October 26, 2004.

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However, regarding the impacts to airport properties and tenant leasehold facilities, Alternative D2 would result in substantial impacts (77 percent of tenant leaseholds acreage) to existing facilities. There would be no available land for future airport facility development. The airport contains an estimated 363 acres of airport properties and tenant leasehold facilities outside of the central terminal complex. With Alternative D2 there would be a substantial displacement of 280.5 acres (77 percent) of existing on-airport tenant facilities compared to the FAA’s Preferred Alternative (B1b) which would displace 18.6 acres (five percent) of on-airport tenant facilities. After development of the new runway and associated facilities, there would be 35.8 acres of non-airside property available for future development as compared to the FAA’s Preferred Alternative (B1b) with 97.3 acres of available non airside property for future development. There would be a deficit of eight acres for airside development compared to 39 acres of available airside property for the FAA’s Preferred Alternative (B1b).99 The FAA has considered the potential environmental impacts that would occur with Alternative D2 as compared to the FAA’s Preferred Alternative (B1b). For most of the environmental impact categories the impacts are essentially the same for both Alternative D2 and the FAA’s Preferred Alternative (B1b), except for noise, compatible land use, and wetland impacts. The noise and compatible land use impacts for Alternative D2 are significantly less than the FAA’s Preferred Alternative (B1b). In 2020, the noise and compatible land use impacts for Alternative D2 would be 303 residential dwelling units with a total population of 789 within the 65 DNL noise contour. For the FAA’s Preferred Alternative (B1b), the noise and compatible land use impacts in 2020 would be 1,051 residential dwelling units with a total population of 2,472 within the 65 DNL noise contour. The wetland impact for Alternative D2 is 15.54 acres compared to 15.41 acres with the FAA’s Preferred Alternative (B1b). The impact to mangrove wetlands is 0.14 acres for Alternative D2 compared to 3.05 for the FAA’s Preferred Alternative (B1b). In summary, Alternative D2 meets the purpose and need of the proposal and it would provide greater capacity with a lower level of delay per operation when compared to the FAA’s Preferred Alternative (B1b). However, Alternative D2 would result in a substantial displacement of existing on-airport properties and tenant leasehold facilities compared to the FAA’s Preferred Alternative (B1b) and there would be no airside land available for future airport development. When compared to the FAA’s Preferred Alternative (B1b), the potential environmental impacts of Alternative D2 in 2020 are significantly less for the categories of noise and compatible land use and Alternative D2 would impact less acres of mangrove wetlands than the FAA’s Preferred Alternative (B1b).

* * * * *

99 Although there may be ways to potentially reduce the airport property deficiencies noted for Alternatives D1 and D2, available airport property for future development is substantially greater with the FAA’s Preferred Alternative (B1b) as compared to either Alternatives D1 or D2.

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3.4 THE SELECTED ALTERNATIVE: This section identifies FAA’s Selected Alternative (B1b) (FAA Order 5050.4B, paragraph 1007.e.(7)). The FAA statutory mission is to provide leadership in planning and developing a safe, efficient national airport system to satisfy the needs of the aviation interests of the United States. In accomplishing this mission, the FAA considers economics, environmental compatibility, and local proprietary rights, and safeguards the public investment.100 This mission is given appropriate weight by FAA in any final decisions regarding a proposed action.

The FAA identified Alternative B1b as its preferred alternative in the Final EIS (see this ROD, Exhibit 1 FAA’s Preferred Alternative (B1b)). The FAA’s Preferred Alternative (B1b) as described in Section 3.3 is identified as the selected alternative in this ROD.

All of the factors that led the FAA to identify Alternative B1b as the Preferred Alternative equally support a decision to select it and approve the related Federal actions necessary for its implementation at FLL. In addition, FAA selects Alternative B1b for the following reasons.

First, Alternative B1b is consistent with the FAA’s statutory and policy obligations, specifically the FAA’s legal obligation to plan the kind of airport development necessary to provide a safe, efficient, and integrated system of public-use airports adequate to anticipate and meet the needs of civil aeronautics (49 U.S.C. § 47103).

Second, in making this selection, the FAA was fully aware of the environmental consequences and the benefits as described throughout the Final EIS and this ROD. Additionally, the FAA gave full consideration to all comments regarding the Draft and Final EIS..

The FAA has selected Alternative B1b for approval and implementation because:

 Alternative B1b would meet the identified purpose and need for the proposed action of providing sufficient airfield capacity, facilitating balanced use of the airfield infrastructure, and the need to add sufficient gate and apron capacity to address existing and forecast passenger demand and aircraft congestion on the ramp. It would provide a maximum and practical hourly capacity of 107 operations. It would have 1.2 average minutes of delay per operation in 2012; and 3.1 average minutes of delay per operation in 2020.  Alternative B1b would address the Airport Sponsor’s goals and objectives by enhancing FLL capacity by accommodating forecast traffic through 2020 in a manner that will maintain an average annual delay level at or below six to ten minutes, decommissioning the use of Runway 13/31 (crosswind), and mitigating noise impacts by implementing residential noise mitigation measures.  Alternative B1b would provide airport property to relocate existing on-airport tenants and facilities and surplus property for future airport facility development.

100 http://www.faa.gov/about/office_org/headquarters_offices/arp/

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 Alternative B1b assures that the sponsor will have sufficient land for aeronautical and non-aeronautical development as a means to generate airport revenue consistent with its obligation to be as self-sustaining as possible.101

Some of the other alternatives the FAA considered but did not select had fewer environmental impacts, such as noise impacts or wetland impacts, or may have offered greater capacity or further reduced delay. The alternatives are compared relative to operational capacity and delay and environmental impacts in Table 2 and Table 3 provided at the end of this document. The reasons the FAA did not select the other alternatives are summarized below. For additional detailed discussion of Alternative B4, C1, and D2 see Section 4.4 Identification of Wetlands and Consideration of Executive Order 11990, Protection of Wetlands and Section 6 Findings, Determinations, Certifications.

 Alternative A (No Action): The FAA did not select Alternative A because it does not meet the purpose and need; it does not address the capacity deficiency at FLL. It also causes an exceedance of the NAAQS.  Alternative B1: redevelop and extend existing Runway 9R/27L to an 8,600-foot by 150-foot elevated runway. The FAA did not select Alternative B1 because it would require the use of declared distances in order to avoid encroachment into the Dania Cut Off Canal and 7th Avenue and to meet FAA’s RSA standard. Eliminating the need for declared distance improves the operational capability of the runway by allowing for the full use of the available runway length.  Alternative B1c (Airport Sponsor’s Proposed Action): Redevelop and extend existing Runway 9R/27L to an 8,000-foot by 150-foot elevated runway with EMAS; includes the implementation of the operational noise abatement actions in 2012. Broward County has interpreted that the operational noise abatement actions would no longer be in place by 2020.102 The FAA did not select Alternative B1c because in the short-term it includes the implementation of operational noise abatement actions. The implementation of these noise abatement actions would limit capacity of the airfield in 2012. In 2012, Alternative B1c would have a higher level of delay per operation when compared to the FAA’s Selected Alternative (B1b). The FAA would not select an alternative that would limit runway capacity without a study of alternative noise abatement measures as part of a study pursuant to 14 CFR Part 150 or similar study.

101 49 U.S.C. §47101 (a)(13) and Grant Assurance 24. 102 Memorandum from Max Wolfe/Eric Bernhardt, Leigh Fisher Associates (now Jacobs Consultancy), to Virginia Lane, AICP, Environmental Specialist, Federal Aviation Administration. Subject: Sponsor’s Proposed Project Operational Assumptions. Dated: August 22, 2006/Revised: August 24, 2006.

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 Alternative B4: Build a new 6,001-foot at grade runway with EMAS located 340 feet north of existing south runway (to replace existing Runway 9R/27L). Runway 13/31 would remain open. Based on FAA experience it is reasonable to assume there will be pilot refusals on the 6,001-foot south runway that could result in delays of greater than 10 minutes per operation in 2020. Therefore, the FAA did not select Alternative B4 because it would not meet the purpose and need of the proposal based on the Sensitivity Analysis. In addition, Alternative B4 is the only runway development that would not close the crosswind runway, Runway 13/31 which is an objective of Broward County. Closing the crosswind runway would result in noise reduction and increase available property for future development in the mid-field and West Side areas of the airport property. 103 The FAA has received public comment supporting the closure of Runway 13/31. The Alternative B4 three-runway airfield configuration would require aircraft to cross Runway 13/31 to access the north or south airfield, compared to the FAA’s Selected Alternative B1(b). This increase in runway crossings with Alternative B4 will increase the complexity of the coordination of air traffic control ground movements as usage of Runway 13/31 increases with future demand.  Alternative B5: build a 7,800-foot elevated runway with EMAS located 320 feet south of existing south runway (to replace existing Runway 9R/27L). The FAA did not select Alternative B5 because although it provides the same operational benefit as the FAA’s Selected Alternative, the potential environmental impacts are greater for noise and compatible land use, Federally listed species, and wetlands, than the FAA’s Selected Alternative (B1b).  Alternative C1: Build a 7,721-foot at grade runway located 850 feet north of existing Runway 9L/27R (a dependent parallel runway to existing Runway 9L/27R). The FAA did not select Alternative C1 because it would provide less capacity and would have a higher level of delay per operation when compared to the FAA’s Selected Alternative (B1b). In addition, Alternative C1 would result in a substantial displacement of existing airport properties and tenant leasehold facilities compared to the FAA’s Selected Alternative (B1b) and would result in minimum airside land available for future airport development. Alternative C1 would limit property available to the Airport Sponsor as compared to the FAA’s Selected Alternative for aeronautical and non-aeronautical development as a means to generate airport revenue consistent with its obligation to be as self-sustaining as possible.

103 Decommissioning the crosswind runway was stipulated in the Board’s December 9, 2003, motion and included in the October 2004 Broward County Objective Statement, see Appendix B in this ROD.

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 Alternative D1: redevelop and extend existing Runway 9R/27L to 8,000 feet and build a new 7,721-foot runway north of existing Runway 9L/27R (combination of Alternatives B1b and C1). The FAA did not select Alternative D1 because it would involve substantial displacement of existing on-airport properties and tenant leasehold facilities compared to the FAA’s Selected Alternative (B1b), providing no airside or non- airside land available for future airport development. Alternative D1 would limit property available to the Airport Sponsor as compared to the FAA’s Selected Alternative for aeronautical and non-aeronautical development as a means to generate airport revenue consistent with its obligation to be as self-sustaining as possible.

In addition, when compared to the FAA’s Selected Alternative (B1b), Alternative D1 would impact more wetlands.  Alternative D2: build a new 6,001-foot at grade runway with EMAS located 340 feet north of existing south runway and build a 7,721-foot at grade runway located 850 feet north of existing Runway 9L/27R (combination of Alternatives B4 and C1). Similarly, the FAA did not select Alternative D2 because it would entail substantial displacement of existing on-airport properties and tenant leasehold facilities compared to the FAA’s Selected Alternative (B1b) and there would be no airside and minimal non-airside land available for future airport development. Alternative D2 would limit property available to the Airport Sponsor as compared to the FAA’s Selected Alternative for aeronautical and non-aeronautical development as a means to generate airport revenue consistent with its obligation to be as self-sustaining as possible.

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4. SUMMARY OF MITIGATION MEASURES

In accordance with 40 CFR § 1505.3, FAA Order 5050.4B, and FAA Order 1050.1E, the FAA will take appropriate steps through federal grant assurances and conditions, and ALP approvals to ensure that the Airport Sponsor’s implements mitigation measures identified in the Final EIS and this ROD as conditions of project approval. The FAA will monitor implementation of these measures as necessary to assure that representations made in the Final EIS, Chapter Eight, FAA’s Preferred Alternative (B1b), Section 8.6 FAA’s Preferred Alternative (B1b): Mitigation Of Environmental Impacts, and ROD, with respect to mitigation, are carried out. The approvals contained in this ROD are conditioned on the completion and implementation of all mitigation measures (see Section 8 Conditions and Approvals).

The analysis provided in the Final EIS identified three environmental categories in which the selected alternative would cause significant impacts requiring consideration of mitigation: noise, compatible land use, and wetlands. The FAA finds that these measures constitute all reasonable steps to minimize harm and take all practicable measures to avoid or minimize harm from the selected alternative. This section describes the mitigation measures recommended in the Final EIS.

4.1 NOISE AND COMPATIBLE LAND USE

The mitigation of incompatible land uses for 2020 conditions is recommended within the 65 DNL noise contour of the FAA’s Preferred Alternative (B1b).

Table 4, Incompatible Land Use – 2020 FAA’s Preferred Alternative (B1b), indicates the number of housing units, population, and noise-sensitive public facilities located in each noise exposure contour band.

TABLE 4 INCOMPATIBLE LAND USE - 2020 FAA’S PREFERRED ALTERNATIVE (B1b) Fort Lauderdale-Hollywood International Airport

DNL NOISE CONTOUR ESTIMATED INCOMPATIBLE LAND USE TOTAL 65-70 DNL 70-75 DNL 75+ DNL 65+ DNL Single-Family Units 550 21 0 571 Multi-Family Units 360 30 0 390 Mobile Home Units 90 0 0 90 TOTAL Estimated 1,000 51 0 1,051 Residential Units TOTAL Estimated Population 2,345 127 0 2,472

Noise-Sensitive Public Facilities (School, Church, Nursing Home, 0 0 0 0 Hospital, Library)

Source: Landrum & Brown, 2008

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4.2 RECOMMENDED MITIGATION FOR INCOMPATIBLE LAND USE

The FAA has considered the seven Broward County proposed noise mitigation principles104 in the development of recommended mitigation for the EIS. As explained below in the Summary of Recommended Mitigation for Incompatible Land Use, the FAA has determined that the County’s principles numbered one, two, three, and five are appropriate to address the incompatible land uses within the 2020 65 DNL noise contour of the FAA’s Preferred Alternative (B1b). Only the sound insulation and easement elements of principle number four are appropriate. The following paragraphs discuss the County’s principles and how they could be applied to mitigate incompatible land use as a result of implementing the FAA’s Preferred Alternative (B1b).

1. Apply the long-term/ultimate contour – Apply mitigation principles and identify mitigation eligibility areas using the long-term/ultimate contour of the Runway Alternative approved in the Record of Decision (ROD). The development of recommended mitigation measures will be based on the 65 DNL of the long-term/ultimate (2020) noise contour for the FAA’s Preferred Alternative (B1b). (See Exhibit 2, FAA’s Preferred Alternative (B1b) — 2020 Noise Exposure Contour.) 2. Establish mitigation areas based on neighborhoods – utilizing the contours of the approved project, establish areas eligible for mitigation with the objective of keeping neighborhoods intact by incorporating natural boundaries and neighborhood blocks. The 2020 65 DNL noise contour for the FAA’s Preferred Alternative (B1b) (see Exhibit 2) bisects several neighborhoods/subdivisions. In identifying the areas recommended for mitigation, each eligible neighborhood/subdivision area will be considered as a whole so as not to alter the character of a contiguous residential community. Thus, the FAA will ensure, to the extent practicable, that community cohesion will be maintained when the mitigation strategies are applied. In some cases, this may require a mitigation area to extend beyond the boundary of the 65 DNL noise contour to follow natural geographic boundaries, street patterns, and contiguous neighborhood boundaries. 3. Acquisition of mobile home parks in the +65 DNL noise contour – Relocation of residents and acquisition of the mobile home park/business. Convert the property to a compatible use. In accordance with the Uniform Relocation Assistance and Real Property Acquisition Polices Act of 1970, provide relocation assistance for residents to either County developed affordable housing or other locations. Future use of the acquired property would be controlled by recorded restrictive covenants.

104 Letter from Kent G. George, A.A.E., Director of Aviation, Broward County Aviation Department, to Virginia Lane, FAA Orlando Airport District Office, Subject: Broward County Proposed Noise Mitigation Principles. Dated November 9, 2007.

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The FAA’s role in the mitigation is to determine the properties that are potentially eligible for participation in a mitigation measure. It is the Airport Sponsor’s responsibility to determine which of the eligible mitigation measures would be implemented and the priority and scheduling of the implementation. Mobile homes are not considered compatible with airport noise levels greater than 65 DNL. It is not feasible or cost-effective to apply sound insulation techniques to mitigate high levels of noise in a mobile home. The practicable mitigation option for mobile homes is acquisition of the unit or relocation of the unit outside of the airport’s 65 DNL noise contour. The future use of the acquired property would be controlled by recorded restrictive covenants. Mobile homes, given their mobile nature, are often located on leased land in a mobile home park. Typically, under Part 150 program guidelines mobile home owners are not individually included in an acquisition program unless they own the land on which the mobile home is located. Thus, they are treated as if they are renters. Participation in a noise-based acquisition program for mobile homes would be voluntary on the part of the individual mobile home owner (if they own the land on which the mobile home is located) and on the part of the owner of a mobile home park/business. There are an estimated 90 mobile home units located within the 2020 65 DNL noise contour of the FAA’s Preferred Alternative (B1b) that could potentially be eligible for participation in a voluntary acquisition program. 4. Soundproofing and easements – Soundproofing offered to all eligible single- and multi-family units; in addition, compensation for outdoor impacts will be offered above Uniform Appraisal Standards for Federal Land Acquisitions at a valuation that will be determined at implementation of the program. The FAA’s role in the mitigation is to determine the properties that are eligible for participation in mitigation. It is the Airport Sponsor’s responsibility to determine which of the eligible mitigation programs would be implemented and the priority and scheduling of those mitigation programs. The Airport Sponsor could develop a sound insulation program for eligible single- and multi-family units within the 2020 65 DNL of FAA’s Preferred Alternative (B1b). Such a program would be eligible for federal funding. The FAA encourages that an avigation easement be obtained from the homeowner; however, it is not required for participation in a sound insulation program.105 Once a unit is sound insulated, the land use is considered to be a compatible land use within a 65 DNL noise contour. Homeowner participation in a sound insulation program is voluntary. There are an estimated 571 single-family units and 390 multi-family units located within the 2020 65 DNL noise contour of the FAA’s Preferred Alternative (B1b) that could potentially be eligible for participation in a voluntary sound insulation program.

105 An avigation easement (covenant) runs with the land and all future owners learn of the easement when they buy the property. It is a property right acquired from a land owner that grants the right-of-flight; the right to cause noise, dust, etc., related to aircraft flight.

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Compensation for ‘outdoor impacts’ is not eligible for federal funding. The purchase of an easement for ‘outdoor impacts’ due to aircraft noise does not mitigate the existing land use nor does it make it compatible with airport/aircraft operations based on its location within a DNL noise contour. 5. Purchase assurance/sales guarantee – For those that decline soundproofing, implement a purchase assurance program to acquire the property at Fair Market Value. Future use of the acquired property would be controlled by recorded restrictive covenants. The FAA’s role in the mitigation is to determine the properties that are eligible for participation in a mitigation program. It is the Airport Sponsor’s responsibility to determine which of the eligible mitigation programs would be implemented and the priority and scheduling of the implementation. A purchase assurance/sales guarantee program would be implemented by the Airport Sponsor. For a Purchase Assurance program the airport acts as buyer of last resort, sound-insulates the structure, sells the property, and retains an easement. For a Sales Assistance program, the airport would sound-insulate the structure, guarantee that the property owner will receive the appraised value (or some increment thereof, regardless of final sales value that is negotiated with a buyer), and retain easement. With both of these programs the underlying land use does not change. The residential use remains and, unless the property is sound insulated, it will remain an incompatible land use. Once a unit is sound insulated through participation in the purchase assurance/sale guarantee program the land use is considered to be a compatible land use within a 65 DNL noise contour. Homeowner participation in a purchase assurance/sales guarantee program is voluntary. There are an estimated 571 single-family units and 390 multi-family units located within the 2020 65 DNL noise contour of the FAA’s Preferred Alternative (B1b) that could potentially be eligible for participation in a voluntary purchase assurance/sale guarantee program. 6. Voluntary Acquisition of residentially zoned vacant parcels – Voluntarily acquire residentially-zoned, vacant parcels at Fair Market Value and coordinate with the local communities to change the zoning and land use plan to compatible use. Future use of the acquired property would be controlled by recorded restrictive covenants. The mitigation of noise impacts resulting from the implementation of the FAA’s Preferred Alternative (B1b) would apply to the existing incompatible land uses (‘existing’ structures) located within the 65 DNL noise contour. The consideration of land use measures for undeveloped, vacant parcels is more appropriately addressed by the Airport Sponsor, Broward County, in a 14 CFR Part 150 study. 7. Provide noise mitigation in excess of minimum federal guidelines. While an airport sponsor may propose noise mitigation based upon local land use compatibility guidelines that exceeds federal guidelines, it is unlikely that federal funding would be available due to limited funding and the priority given to mitigation within the 65+ DNL. The 65 DNL noise contour is the noise level at which residential land uses are considered compatible with airport noise under

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federal land use compatibility guidelines.106 It would be more appropriate for Broward Country to address noise mitigation in excess of the minimum federal guidelines in its Part 150 Noise Compatibility Study Update for FLL. For FAA-funded mitigation to be considered beyond the 65 DNL, the local jurisdictions would need to establish a specific DNL (i.e., the 60 DNL noise exposure contour) as their local threshold for compatible land use. Then local land use policies and local land use controls (zoning, comprehensive plans, subdivision regulations, building codes, etc.) would need to be adopted and enforced to control the development of incompatible land uses within the area encompassed by that DNL noise exposure contour. For example, the airport sponsors at both Minneapolis and Cleveland have taken steps to establish DNL 60 dB as their local threshold for compatible land use. Both announced measures to expand their Part 150 residential sound insulation programs to the DNL 60 dB contour band. The Part 150 Update for the Cleveland Hopkins International Airport contains a measure to sound insulate residences within or contiguous to the 60 DNL band of the NCP noise contours. The FAA approved that measure in August, 2000 on the basis that the airport sponsor adopted the DNL 60 dB noise contour as the designation of incompatible land use, thus making the measure fully eligible for AIP or PFC funding.107 The FAA approval is based on the distinction between compatible and incompatible land use. Therefore, airport and local officials must clearly establish a local standard for compatible land use below the FAA DNL 65 dB guideline if they want to apply for FAA funding approval for mitigation projects to achieve their lower standard.108 The footnote to Table 1 – Land Use Compatibility with Yearly Day-Night Average Sound Levels provided in 14 CFR Part 150, Appendix A, states: “The designations contained in this table do not constitute a federal determination that any use of land covered by the program is acceptable or unacceptable under federal, state or local law. The responsibility for determining the acceptable and permissible land uses and the relationship between specific properties and specific noise contours rests with local authorities. FAA determinations under 14 CFR Part 150 are not intended to substitute federally determined land uses for those determined to be appropriate by local authorities in response to locally determined needs and values in achieving noise compatible land uses.” The FAA supports efforts to establish local noise standards and the FAA recognizes those standards in Part 150 noise compatibility programs. As reflected in the 14 CFR Part 150 guidance, local officials may assume the responsibility for establishing a local land use noise compatibility standard for

106 Code of Federal Regulations (CFR) Title 14--Aeronautics and Space, Chapter I--Federal Aviation Administration, Department of Transportation, Part 150--Airport Noise Compatibility Planning. Appendix A, Table 1—Land Use Compatibility With Yearly Day-Night Average Sound Levels. 107 Local Noise Standards for Land Use Compatibility, March 2001, William Albee, Director of Special Projects with the Acoustics Group of Wyle Laboratories, Arlington, VA. [email protected]; [email protected]. Internet site: http://www.wylelabs.com/services/arc/document librarywylewhitepapers/lns.html (Web sit was last accessed: March 28, 2008). 108 Local Noise Standards for Land Use Compatibility, March 2001, William Albee, Director of Special Projects with the Acoustics Group of Wyle Laboratories, Arlington, VA. [email protected]; [email protected]. Internet site: http://www.wylelabs.com/services/arc/document librarywylewhitepapers/lns.html (Web sit was last accessed: March 28, 2008).

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airport noise that reflects the community's opinions and values.109 Currently, the steps necessary to establish land use compatibility at 60 DNL have not been taken by Broward County. Therefore, neither this EIS nor a 14 CFR Part 150 Study would address local land uses as incompatible below the 65 DNL.

Summary of Recommended Mitigation for Incompatible Land Use: The FAA has identified residential units that may be eligible for participation in a compatible land use mitigation measure. Broward County’s responsibility is to decide how to apply the mitigation. The mitigation areas and the mitigation measures identified in the EIS are part of this ROD. The conditions of approval set forth in this ROD in Section 8 (Conditions and Approvals), requires that the Airport Sponsor implement noise mitigation measures addressing the impacts within the 65 DNL noise exposure contour that result from the FAA’s Preferred Alternative (B1b). The participation of the individual home owner and/or property owner will be voluntary in any of the offered mitigation measures.

The above seven mitigation measures are based on the Broward County proposed noise mitigation principles.110 The FAA has determined that the County’s principles numbered one, two, three, and five are appropriate to address the incompatible land uses within the 2020 65 DNL noise contour of the FAA’s Preferred Alternative (B1b). Only the sound insulation and easement elements of principle number four are appropriate. Broward County will determine how any one or a combination of these measures would be implemented.

 The mitigation measures (sound insulation, purchase assurance/sales guarantee, and mobile home mitigation) will address a neighborhood/ subdivision area as a whole to ensure, to the extent practicable, that community cohesion will be maintained when the mitigation strategies are applied; thus, mitigation areas may extend beyond the 65 DNL noise contour to follow natural geographic boundaries, street patterns, and contiguous neighborhood boundaries  Acquisition of mobile home units and the relocation of residents in accordance with the Uniform Relocation Assistance and Real Property Acquisition Policies Act (49 CFR Part 24) with the FAA’s recommendation that the future use of the acquired property be controlled by recorded restrictive covenants  Sound insulation of eligible single-family and multi-family units with the FAA’s recommendation that an avigation easement be acquired  Purchase guarantee/sales assistance (with sound insulation) for eligible single- family and multi-family units with the FAA’s recommendation that an avigation easement be acquired

109 Local Noise Standards for Land Use Compatibility, March 2001, William Albee, Director of Special Projects with the Acoustics Group of Wyle Laboratories, Arlington, VA. [email protected]; [email protected]. Internet site: http://www.wylelabs.com/services/arc/document librarywylewhitepapers/lns.html (Web sit was last accessed: March 28, 2008). 110 Letter from Kent G. George, A.A.E., Director of Aviation, Broward County Aviation Department, to Virginia Lane, FAA Orlando Airport District Office, Subject: Broward County Proposed Noise Mitigation Principles. Dated November 9, 2007.

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4.3 IDENTIFICATION OF INCOMPATIBLE LAND USE WITHIN 65+ DNL

The existing incompatible land use within the 2020 65 DNL noise contour of the FAA’s Preferred Alternative (B1b) consists of single-family, multi-family, and mobile homes. These residential units are located within the City of Dania Beach to the west of the airport along the extended centerline of Runway 9R/27L (see Exhibit 3, FAA’s Preferred Alternative (B1b) — West of FLL) and south of the airport parallel to Runway 9R/27L (see Exhibit 4, FAA’s Preferred Alternative (B1b) — South of FLL). To the north or east of the airport no incompatible land uses are located within the 65 DNL noise contour (see Exhibit 2, FAA’s Preferred Alternative (B1b) — 2020 Noise Exposure Contour).

West of FLL: As shown on Exhibit 3, the incompatible land use within the 65+ DNL west of FLL consists of single- and multi-family structures built in the 1960’s and 1970’s with a median construction year of 1964. These structures are located west of Ravenswood Road to SW 35th Avenue between SW 42nd Street on the north and Griffin Road to the south. The neighborhoods/subdivisions in this area are Broward Heights, Seaboard Park, Marshalls Everglade Subdivision mobile home community, Avon Heights, Avon Park, and Davis Isles.

As shown on the table on Exhibit 3, there are 703 residential units in the 65 DNL noise contour. No existing incompatible use occurs within the 75+ DNL noise contour. There are an estimated 10 residential units within the 70 to 75 DNL noise contour (10 single-family), and 693 residential units within the 65 to 70 DNL noise contour (391 single-family, 260 multi-family, and 42 mobile homes). Within the portion of the 65 DNL noise contour located south of the airport, 57 percent are single-family structures, 37 percent are multi-family structures, and six percent are mobile homes.

The total population of these 703 residential units is estimated at 1,738. An estimated population of 25 is within the 70 to 75 DNL noise contour, and a population of 1,713 is within the 65 to 70 DNL noise contour.

The 42 mobile home units are located in the Marshalls Everglade Subdivision mobile home community located east of SW 24th Avenue, west of Ravenswood Road, and north of Griffin Road. This mobile home community is wholly-owned by one individual and leased space is provided for mobile homes; the mobile home owners do not own the land.

South of FLL: As shown on Exhibit 4, the single-family and multi-family structures directly south of FLL were built in the 1960’s and 1970’s with a median construction year of 1971. These structures are located on the south side of Griffin Road just west of Old Griffin Road between the Dania Cut-Off Canal on the west side, to NW 6th Avenue on the east side. The neighborhoods/subdivisions in this area are Melaleuca Gardens, Nautilis Isle, Argonaut Isle, Florian Isle, and the Ocean Waterway mobile home community.

As shown on the table on Exhibit 4, there are 348 residential units in the 65 DNL noise contour. No existing incompatible use occurs within the 75+ DNL noise contour. There are an estimated 41 residential units within the 70 to 75 DNL noise contour (11 single-family and 30 multi-family), and 307 residential units within the

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65 to 70 DNL noise contour (159 single-family, 100 multi-family, and 48 mobile homes). Within the portion of the 65 DNL noise contour located south of the airport, 49 percent of the units are single-family structures, 37 percent are multi- family structures, and 14 percent are mobile homes.

The total population of these 348 residential units is estimated at 733. An estimated population of 102 is within the 70 to 75 DNL noise contour, and a population of 631 is within the 65 to 70 DNL noise contour.

The 48 mobile home units are located in the Ocean Waterway mobile home community south of FLL between the Dania Cut-Off Canal and Interstate-95. The mobile home owners, the Ocean Waterway Co-Op, Inc., also own the individual mobile home lots.

Implementation and Funding of FAA-Approved EIS Mitigation Measures: Because the noise impacts to incompatible land use are attributable to the implementation of the FAA’s Preferred Alternative (B1b), (inside the 65+ DNL noise exposure contour and those contiguous neighborhoods adjacent to the 65 DNL noise exposure contour), measures to mitigate these impacts are eligible for federal funding. To determine the priority for distributing funds, the FAA follows the planning guidance in FAA Order 5100.39A, Airports Capital Improvement Plan (ACIP), to systematically identify, prioritize, and assign funds to critical airport development and associated capital needs for the National Airspace System (NAS). The ACIP also serves as the basis for distributing grant funds under the Airport Improvement Program (AIP).

In awarding AIP funds, the FAA emphasizes the highest priority projects using the ACIP needs-based plan of funding projects within a three- to five-year period. Programs to improve the compatibility of airports with the surrounding communities (i.e., land use mitigation programs) are subject to the ACIP needs-based planning and prioritization.111 In addition to prioritizing the allocation of funds, FAA Order 5100.39A also provides a numerical rating system to determine the implementation priority phasing of noise mitigation programs. This system requires that program implementation begin within the highest DNL noise contour band. The numerical rating system is provided in FAA Order 5100.39A, Appendix 6, NPIAS-ACIP Standard Descriptions-ACIP Codes and National Priority Ratings.

4.4 IDENTIFICATION OF WETLANDS AND CONSIDERATION OF EXECUTIVE ORDER 11990, PROTECTION OF WETLANDS

Executive Order 11990, as amended, requires all federal agencies to avoid providing assistance for new construction located in wetlands, unless there is no practicable alternative to such construction, and all practicable measures to minimize harm to wetlands are included in the action.

111 FAA Order 5100.39A, Airports Capital Improvement Plan, Paragraph 5.b.(3). 112 See the Final EIS, Appendix M.3, Conceptual Wetland Mitigation Plan and Section 3.2, Secondary Impacts.

December 2008 Page 62 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION no practicable alternative to the wetlands impacts of Alternative B1b is set forth in Section 6, Findings, Determinations, and Certifications below. Therefore, consistent with Executive Order 11990, prior to approval, the FAA must determine that there is no practicable alternative to the wetland impacts of such development. Under CWA Section 404 Guidelines, an alternative is practicable if it is available and capable of being done after taking into consideration cost, existing technology, and logistics in light of overall project purposes. 40 CFR §230.10(a)(2).

The complete avoidance of direct impacts to wetlands is not practicable for any of the runway development alternatives due to the existing airfield geometry, and presence of major transportation corridors and surrounding development. 113,114 However, two of the runway development alternatives would have less direct impacts to wetlands as compared to the FAA's Preferred Alterative (B1b).115 These alternatives are Alternative B4 and Alternative C1.

Alternative B4 would impact 0.13 acres of wetlands, all of which are mangrove wetlands; Alternative C1 would impact 15.40 acres of wetlands, none of which are mangrove wetlands; compared to the FAA's Selected Alternative (B1b) with 15.41 acres of wetlands, of which 3.05 acres are mangrove wetlands. The FAA has determined that Alternative B4 and Alternative C1 are not practicable alternatives to Alternative B1b for the following reasons:

 Alternative B4 has a higher level of delay during all weather conditions as compared to the FAA's Preferred Alternative (B1b) in 2020; average minutes of delay per operation for Alternative B4 is 4.7, 10.2 with the Sensitivity Analysis; average minutes of delay per operation for Alternative B1b is 3.1. Alternative B4 would not meet the basic project purpose to reduce delays as well as Alternative B1b. Alternative B4 has a higher level of delay as compared to the FAA's Preferred Alternative (B1b) in 2020; average minutes of delay per operation for Alternative B4 is 4.7; average minutes of delay per operation for Alternative B1b is 3.1. Moreover, based on the FAA’s EIS analysis which is supported by letters from airlines operating at FLL there is a potential for pilot refusals with the 6,000-foot runway under Alterative B4. Any refusals would cause an increase in the delay beyond the 4.7 average. According to the analysis, pilot refusals on Alternative B4 would result in 10.2 minutes of average delay per operation. Theses pilot refusals would cause this alternative to exceed the acceptable level of delay identified for FLL (six minutes). Alternative B4 is the only runway development that would not meet Broward County’s objective to close the crosswind runway, Runway 13/31. This objective is derived from a continuing effort to ensure that sufficient airport property is available for future aeronautical and non aeronautical development at FLL as well

113 The US Army Corps of Engineers is bound to defer to the FAA and consider only those alternatives that the FAA has determined are reasonable because FLL is a congested airport and this is a capacity project subject to streamlined environmental review under 49 USC §47171(k). 114 The 15.40 acres of impacts to wetlands resulting from Alternative C1 are due to airport and tenant facility relocations. It may be possible, with further planning, design, and engineering, that these relocated facilities could be relocated on airport property to avoid impacts to wetlands. However, whether there are some or no wetlands impacted by Alternative C1 is irrelevant as the FAA has determined that Alternative C1 is not practicable. 115 The wetlands impacts, including impacts to mangrove wetlands, for Alternative B1b and Alternative B1 are essentially the same, at 15.41 acres and 15.17 acres, respectively.

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as to reduce potential noise impacts resulting from use of the crosswind runway. 116 In the furtherance of this objective, Broward County evaluated the decommissioning of Runway 13/31 as part of the Master Plan Update process117 which increases airport property available for future terminal development and support facility development in the mid-field and West Side areas of the airport property. There would be runway crossings of Runway 13/31 with Alternative B4 compared to the FAA's Preferred Alternative (B1b), which closes Runway 13/31. The Alternative B4 three-runway airfield configuration would require aircraft to cross an active runway (13/31) to access the north or south airfield, compared to the FAA’s Preferred Alternative B1(b) which is a two runway configuration with the closure of Runway 13/31. This increase in runway crossings with Alternative B4 will increase the complexity of the coordination of air traffic control ground movements. These crossings could become an operational concern for air traffic control as usage of Runway 13/31 increases with future demand. At some point, ground operations could become sufficiently complex to affect the overall efficiency of aircraft operations on both Runways 13/31 and Runway 9R/27L. To maintain the safe and efficient crossing of runways, additional air traffic control coordination would be required with Alternative B4, as compared to the FAA's Preferred Alternative (B1b). 118  Alternative C1 has a higher level of delay during all weather conditions as compared to the FAA's Preferred Alternative (B1b) in 2020; average minutes of delay per operation for Alternative C1 is 5.0; average minutes of delay per operation for Alternative B1b is 3.1. During IFR conditions, which occur 6.9 percent of the year, Alternative C1 would have delays comparable to the No Action Alternative and much higher than the FAA’s Preferred Alternative. While Alternative C1 would have 5.0 average minutes of delay per operation under all weather conditions, the average minutes of delay under IFR conditions could be as high as 32.2 average minutes of delay in East Flow operations and as high as 79.1 average minutes of delay in West Flow operations. Only the No Action Alternative results in this level of delay under IFR conditions. By comparison, Alternative B1b would have 3.2 average minutes of delay in East Flow operations and 8.3 average minutes of delay in West Flow operations. See the Final EIS, Appendix F Net Benefits Analysis, Table F12 Alternatives Delay Detail – Year 2020. With the configuration of the dependent north parallel runway system of Alternative C1, there would be more runway crossings as compared to the FAA's Preferred Alternative (B1b). The Alternative C1 airfield configuration would

116 Decommissioning the crosswind runway was stipulated in the Board’s December 9, 2003, motion and included in the October 2004 County Objective Statement. 117 Broward County Florida, Master Plan Update – Phase I, Draft Final Summary Report, January 2006, Leigh Fisher Associates, A division of Jacobs Consultancy Inc. Broward County is currently conducting Phase II. 118 Department of Transportation Notice of program renewal. Runway Incursion Information Evaluation Program Federal Register Notice Volume 69. No 138 July 20, 2004; and Memorandum from Rick Marinelli, P.E. Airport Engineering Division, AAS-100, x77669 To: All Regional Airports Division Managers Subject Engineering Brief No. 75: Incorporation of Runway Incursion Prevention into Taxiway and Apron Design, November 19, 2007.

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require aircraft to cross an active runway to access the terminal area. In east flow and west conditions, under Alternative C1, every arrival to Runway 8/26 would need to cross the departure runway, Runway 9L/27R. An increase in runway crossings at FLL will increase the complexity of the coordination of air traffic control ground movements. To maintain the safe and efficient crossing of runways, additional air traffic control coordination would be require as compared to the FAA's Preferred Alternative (B1b). Finally, Alternative C1 would not address the overall project purpose because it would not meet the airport sponsor’s goal of flexibility to allow future growth opportunities. Alternative C1 would result in substantial impacts (72 percent) to existing airport property and tenant leasehold facilities. While there would be available land for future airport facility development, this majority of this land is non-airside (45 acres), and located west of Interstate 95, and there would be minimum airside land available for future airport development. The airport currently contains an estimated 363 acres of airport properties and tenant leasehold facilities outside of the central terminal complex. With Alternative C1 there would be a substantial displacement of 261.5 acres (72 percent) of airport properties and tenant leasehold facilities compared to the FAA’s Preferred Alternative (B1b) which would displace 18.6 acres (five percent) of facilities. After development of the new runway and associated facilities, there would be 71.9 acres of on-airport land available for future airport property and tenant leasehold facility development compared to 134.6 acres with the FAA’s Preferred Alternative (B1b). Only eight acres would be available for airside development compared to 39 acres for the FAA’s Preferred Alternative (B1b). Alternative C1 would reduce Broward County’s ability to generate aeronautical and non-aeronautical revenue streams at FLL and would result in an imbalance between developed airside facilities and the land available for potential development. In sum, Alternative B1b is the development alternative that has the least impacts on wetlands while best achieving the basic aviation purpose of the project of adding capacity and reducing delays without compromising the overall purpose of the project to preserve opportunities for future growth.

Upon determining that there were no practicable alternatives to the wetland impacts, the FAA attempted to minimize and mitigate wetland impacts of the selected alternative. A sequencing process was followed to avoid wetland impacts, followed by minimizing wetland impacts, and finally, by requiring mitigation for unavoidable impacts to the aquatic environment. This sequence is described in the Clean Water Act Section 404 (b)(1) Guidelines (40 CFR, Part 230, Subparts B-F). Subpart B requires the analysis of alternatives that avoid wetland encroachments and states that no discharge shall be permitted unless measures have been taken to minimize potential adverse impacts. The FAA notes that the USACE acknowledges the avoidance and minimization that have occurred over the history of this proposed project.119

119 Letter from Tori K. White, Chief, Palm Beach Gardens Permits Section, U.S. Army Corps of Engineers, Jacksonville District. To: Virginia Lane, FAA Orlando Airports District Office. RE: Palm Beach Gardens Regulatory Section, Fort Lauderdale-Hollywood International Airport Draft EIS, SAJ-1995-4561. Dated: March 6, 2008.

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The avoidance and minimization of impacts to wetlands was considered by Broward County in the development of the Proposed Action. In December 2003, the Broward County Commission approved a modified south runway expansion which was to stay within the confines of 7th Avenue on the east side of the Airport. This configuration avoids impacts to the wetlands located to the east of 7th Avenue. This reduced the overall impacts to wetlands by approximately five acres as compared to the previous proposed project considered in earlier NEPA documents.120 In particular, this configuration greatly reduces impacts to Wetland 25 from approximately 14 acres to less than one-half acre.

In addition, the Proposed Action includes a shortened approach light system in compliance with FAA design standards. This configuration further minimizes impacts to wetlands as compared to a standard approach light system. The shortened approach light system reduces wetland impacts by 0.57 acres and avoids permanent impacts to West Lake Park. Broward County committed to the use of a shortened runway approach light system for the Proposed Action to minimize wetland impacts.121

The runway approach light system would require the installation of cables in the vicinity of the Dania Cut-Off Canal. These cables are proposed to be installed through directional drilling under the Dania Cut-Off Canal or a comparable method. This technique places the cables below the bottom of the canal, which avoids impacts to the canal bottom and avoids impacts to the aquatic habitat adjacent to, and within the canal.

The construction of access road(s) to the approach light system for maintenance has the potential to impede the underlying flow of water. The access road(s) would be designed with sufficient cross-road culverts to allow tidal waters to flow freely. The culvert arrangement would avoid creating measurable secondary hydrologic impacts on the surrounding wetlands. Design and construction options to further reduce potential impacts would be evaluated during the permit process.

The FAA has developed conceptual wetland mitigation based on input from, and in coordination with, the U.S. Army Corps of Engineers (USACE), the South Florida Water Management District (SFWMD), and the U.S. Environmental Protection Agency (EPA), and the National Marine Fisheries Service (NMFS).

The FAA took into consideration the functional values lost by the resource to be impacted in the wetland analysis contained in the EIS and has proposed appropriate compensatory wetland mitigation as identified in the Airport Sponsor’s Conceptual Wetland Mitigation Plan.122 The USACE and SFWMD have acknowledged these considerations and proposed mitigation.123,124

120 The Supplemental Draft Environmental Impact Statement Proposed Expansion of Runway 9R-27L Fort Lauderdale-Hollywood International Airport, February 2002, identified that permanent impacts to approximately 21 acres of wetlands would occur as a result of the Proposed Project. 121 See Appendix E, Airfield Planning, Design, & Constructability Review, Section E.1.5, NAVAID Facilities. 122 See the Final EIS, Appendix M, Conceptual Wetland Mitigation Plan. 123 Letter from Tori K. White, Chief, Palm Beach Gardens Permits Section, U.S. Army Corps of Engineers, Jacksonville District. To: Virginia Lane, FAA Orlando Airports District Office. RE: Palm Beach Gardens Regulatory Section, Fort Lauderdale-Hollywood International Airport Draft EIS, SAJ-1995-4561. Dated: March 6, 2008.

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Based on the availability of mitigation credits that would be available from West Lake Park and based on the USACE and SFWMD comments received to date on the Airport Sponsor’s Conceptual Wetland Mitigation Plan, wetland impacts would be mitigated for the FAA’s Preferred Alternative (B1b). The mitigation proposed in the Airport Sponsor’s Conceptual Wetland Mitigation Plan will be finalized during the USACE Section 404 and SFWMD Environmental Resource Permit (ERP) permitting processes.

Broward County, as the applicant, will apply for all required permits. Broward County has obtained permits from the USACE and the SFWMD that allow for habitat restoration and enhancement within West Lake Park.125 Broward County has provided a letter indicating its commitment to implement the wetland mitigation that would be required for project impacts.126 A Department of the Army permit under Section 404 of the Clean Water Act will be required for this project and a modification to the SFWMD Environmental Resource Permit (ERP) No. 06-00339-S for impacts to jurisdictional wetlands. In response to the NMFS Conservation Recommendations127, the FAA will ensure that the Airport Sponsor, in consultation with NMFS Habitat Conservation Division (HCD), will develop a mitigation and monitoring plan as part of the Section 404 permit process.

In response to the NMFS Conservation Recommendations, the FAA will ensure that the Airport Sponsor, in consultation with NMFS, will develop a mitigation and monitoring plan as part of the 404 permit process. Based on the preceding, NMFS has indicated that the FAA has completed its coordination in accordance with the Magnuson-Stevens Act.128

124 Letter from Sally B. Mann, Director, Office of Intergovernmental Programs, Florida Department of Environmental Projection, to Virginia Lane, FAA Orlando Airports District Office, RE: SAI# FL200806204295C Reference SAI# FL200703223172C. Dated: July 28, 2008. 125 United States Army Corps of Engineers (USACE) Permit Number SAJ-2002-00072 and South Florida Water Management District (SFWMD) Permit Number 06 04016 P. 126 Letter from Marc Gambrill, Broward County Aviation Department, to Virginia Lane, FAA Orlando Airports District Office. Dated December 4, 2007 127 Letter from Paul Weller for Miles M. Croom, Assistant Regional Administrator, Habitat Conservation Division, National Marine Fisheries Service, to Virginia Lane, FAA Orlando Airports District Office. Dated: May 17, 2007 128 Email from Pace Wilbur, Atlantic Branch Chief, Charleston (F/SER47) Southeast Regional Office, NOAA Fisheries, to Virginia Lane, FAA Orlando Airports District Office. Dated: November 25, 2008

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5. COMMENTS ON THE FINAL EIS

The FAA has carefully assessed and considered comments received on the Final EIS in making its decision. Appendix A of this ROD (Comments Received and FAA Responses on the Final EIS) provides copies of comments received on the Final EIS with responses to substantive comments received from federal, state, and local agencies, municipalities, and individuals.

The following is an overview of the most commonly raised issues contained in the comments on the Final EIS:

 FAA's Terminal Area Forecast used in the analysis is obsolete due to increases in jet fuel prices and reduction in airline schedules  FAA's analysis of demand narrowed the focus of purpose and need  FAA's capacity and demand projections were flawed  FAA did not adequately explain the fatal flaw analysis as it related to the alternatives to be evaluated in the environmental consequences chapter of the EIS  Non-runway development alternatives were unreasonably eliminated from further consideration  Air quality analysis and findings are not adequate  Noise modeling and findings are not adequate  The socioeconomic impact analysis and effect of aircraft overflight on property values is inadequate  Cumulative impacts analysis is inadequate  FAA did not provide enough information regarding identification of Alternative B1b as the FAA’s Preferred Alternative  Final EIS does not follow substantive procedural and legal requirements including those required by NEPA, CEQ, and the FAA's own regulations

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6. FINDINGS, DETERMINATIONS, AND CERTIFICATIONS

In accordance with federal law and agency guidance, the FAA makes the following findings, determinations, and certifications for the selected alternative. These findings, determinations, and certifications are based upon the information and analysis contained in the Final EIS and the Administrative Record supporting the EIS.

6.1 COMPLIANCE WITH LAWS, REGULATIONS, AND EXECUTIVE ORDERS

There are a number of federal, state, and local agency approvals and permits that would have to be issued before the FAA’s Preferred Alternative (B1b) could be implemented. These approvals and permits were identified in an Section 2 of this ROD. There are also Executive Orders (EOs) such as those concerning floodplains (EO 11988) and wetlands (EO 11990), that would be applicable to the selected alternative. Section 6.1 summarizes the degree to which the selected alternative is consistent with the laws, regulations, and Executive Orders not specific to FAA's regulatory authority.

 Determination of general conformity under the Clean Air Act, 42 U.S.C. § 7506(c)(1). The FAA has determined that its preferred alternative conforms to the State Implementation Plan for all criteria pollutants including the one hour ozone standard under Section 176(c)(1) of the Clean Air Act, as amended [42 U.S.C. § 7506(C)(1)], as implemented by 40 CFR Part 93. Based upon an estimate of ozone precursor emissions (NOx and VOCs), the preferred alternative would result in emissions below de minimis levels in 2009, 2010, and 2011. It would reduce emissions in comparison to the Future No Action Alternative in 2012 and 2020. This determination is based on analysis contained in the Final EIS in Chapter Five Affected Environment, Section 5.B Air Quality, and Chapter Six Environmental Consequences, Section 6.B Air Quality.

 Determination that the Proposed Action is consistent with approved coastal zone management programs, Executive Order 13089, Coral Reef Protection; Coastal Barrier Resources Act, 16 U.S.C. 3501-3510, and Coastal Zone Management Act, 16 U.S.C. 1451-1464. The Florida Department of Environmental Protection (FDEP) has issued a preliminary determination that the FAA’s Preferred Alternative is consistent with the policies of the Florida Coastal Management Program (FCMP). The state’s issuance of the necessary resource permits to Broward County as airport sponsor will serve as the final finding of consistency with the FCMP. This determination is based on analysis contained in the Final EIS in Chapter Five Affected Environment, Section 5.E.4 Coastal Resources, and Chapter Six Environmental Consequences, Section 6.E.4 Coastal Resources. See correspondence from the Florida Department of Environmental Protection. Dated July 28, 2008, provided in Appendix B, Agency Letters: Concurrence, Certifications, Correspondence.

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 Determination under 49 U.S.C. 303(c) [Section 4(f)] with respect to use of any publicly-owned land of a public park, recreation area, or wildlife and waterfowl refuge of national, state or local significance; or land from an historic site of national, State, or local significance. The FAA has determined there would be no direct or constructive use of any publicly-owned land of a public park, recreation area, or wildlife and waterfowl refuge of national, state or local significance; or land from an historic site of national, State, or local significance, as a result of the implementation of the FAA’s Preferred Alternative (B1b). The FAA’s Preferred Alternative (B1b) would have a temporary construction impact to West Lake Park, which is a Section 4(f) resource, in the event that a temporary slurry pipe is used to transport dredge material from Port Everglades to FLL. The Broward County Parks and Recreation Division informed the FAA that this portion of West Lake Park is not accessible to the public and there are no park programs or activities offered in this portion of the park. There would be no permanent change or alterations to the park and all land disturbed would be fully restored. See Appendix B, Agency Letters: Concurrence, Certifications, Correspondence to review the correspondence from the Broward County Parks and Recreation Division, dated December 12, 2006.129 This determination is based on analysis contained in the Final EIS in Chapter Five Affected Environment, Section 5.D.2, Section 4(f) Properties [Recodified as 49 U.S.C. 303(c)] and Section 6(f) Land and Water Conservation Fund Act and Chapter Six Environmental Consequences, Section 6.D.2, Section 4(f) Properties [Recodified as 49 U.S.C. 303(c)] and Section 6(f) Land and Water Conservation Fund Act.

 Findings and determinations regarding the potential impact to endangered or threatened and protected species, marine mammals, essential fish habitat and migratory birds. Endangered Species Act, 16 U.S.C. 1531-1544. Marine Mammal Protection Act, 16 U.S.C. 1361- 1421h. Related Essential Fish Habitat Requirements of the Magnuson- Stevens Act, as amended by the Sustainable Fisheries Act, 16 U.S.C. 1855(b)(2). Migratory Bird Treaty Act, 16 U.S.C. 703-712. The FAA has determined that the FAA’s Preferred Alternative (B1b) “may affect, but is not likely to adversely affect” Federally-listed endangered or threatened species (i.e. the Smalltooth sawfish), would have no affect on Johnson’s Seagrass, and “may affect, but is not likely to adversely affect” marine mammals (West Indian manatee). FAA has also determined that it is “not likely to affect” state-listed species (Florida Burrowing Owl), and that there would be no significant impacts to essential fish habitat or migratory birds. There are no designated critical habitats within the Study Area. The FAA determined that there would be “no effect” on the other eight Federally-listed animal species and the other 16 state listed animal and 35 state listed plant species that would potentially occur or be present in the Study Area.

129 Although West Lake Park, identified as a 4f property, will receive wetland mitigation as a consequence of this project, the mitigation plan for this park had been previously submitted and permitted. The mitigation set forth in the EIS and ROD will enhance the park as it currently exists, and therefore would not constitute a "use" as contemplated under 4f.

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This determination is based on informal consultation, agency coordination and analysis, including a Biological Assessment contained in the Final EIS in Chapter Five Affected Environment, Section 5.F.1 Fish, Wildlife, and Plants, Chapter Six Environmental Consequences, Section 6.F.1 Fish, Wildlife, and Plants, the Conceptual Wetland Mitigation Plan January 24, 2008, provided in the Final EIS Appendix M, Biological Resources, and Direct, Secondary, and Cumulative Effects on Essential Fish Habitat February 5, 2008 provided in the Final EIS Appendix M, Biological Resources. Agency concurrence/coordination letters are included in this ROD in Appendix B Agency Letters: Concurrence, Certifications, Correspondence. The U.S. Fish and Wildlife Service (USFWS) has concurred with the FAA's determination that the project “may affect, but is not likely to adversely affect” the West Indian manatee. The FAA agrees to follow the Service’s Standard Manatee Construction Conditions during implementation of the project. The USFWS has concurred with the FAA's determination that the project “may affect, but is not likely to adversely affect” the wood stork. The FAA agrees to provide mitigation to offset the loss of wood stork foraging habitat resulting from the project. The number of credits to offset any potential loss of wood stork foraging habitat could be based on the USFWS Draft Wood Stork Foraging Analysis Methodology.130 The National Marine Fisheries Service (NMFS) has concurred with the FAA’s determination that the smalltooth sawfish “are not likely to be adversely affected” by the project. The FAA agrees to use turbidity controls and comply with NMFS’ March 23, 2006, Sea Turtle and Smalltooth Sawfish Construction Conditions131 during implementation of the project. Consultation with the NMFS was conducted pursuant to section 7 of the Endangered Species Act of 1973, as amended (Act) (87 Stat. 884:16 U.S.C. 1531 et seq.). The FAA prepared a Biological Assessment (BA) for potential impacts to the smalltooth sawfish and other species regulated by the NMFS under Section 7(c) of the Endangered Species Act. The NMFS reviewed the BA and concurred with the FAA determination that the smalltooth sawfish “are not likely to be affected” by the Proposed Action.132 The FAA will ensure that the construction will use turbidity controls and comply with the NMFS' March 23, 2006, Sea Turtle and Smalltooth Sawfish Construction Conditions. The FAA provided an Essential Fish Habitat (EFH) assessment in accordance with 50 CFR Section 600.920(e) for an EFH assessment in the Draft EIS. In response to their comments on the Draft EIS, the NMFS provided Conservation Recommendations in accordance with Section 305(b)(4)(A) of the Magnuson-

130 Letter from Paul Souza, Field Supervisor, South Florida Ecological Services Office, U.S. Fish and Wildlife Services, South Florida Ecological Services Office, to Virginia Lane, FAA Orlando Airports District Office, RE: Service Federal Activity Code: 41420-2007-FA-0701. Dated: January 31, 2008. 131 Letter from Roy E. Crabtree, Ph.D., Regional Administrator, National Marine Fisheries Service, to Virginia Lane, FAA Orlando Airports District Office, RE: File: 1514-22.f.1.FL, Ref: I/SER/2008/ 00504. Dated: March 24, 2008. 132 Letter from Roy E. Crabtree, Ph.D., Regional Administrator, United States Department of Commerce, National Oceanic and Atmospheric Administration, National Marine Fisheries Service, Southeast Regional Office. To: Virginia Lane, FAA Orlando Airports District Office. Dated March 24, 2008.

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Stevens Act, and also requested additional information in order to fully evaluate the proposed project.133 The FAA provided the requested additional information and the FAA's response to the NMFS EFH Conservation Recommendations.134 The FAA has fully considered the EFH Conservation Recommendations in accordance with the requirements of Section 305(b)(4)(B) of the Magnuson- Stevens Act. Consistent with the NMFS EFH Conservation Recommendations, a Conceptual Wetland Mitigation Plan to compensate for unavoidable impacts to wetlands and EFH was provided in the Final EIS, Appendix M, Biological Resources. The Conceptual Wetland Mitigation Plan references a monitoring plan for the ecological success of the off-site compensatory mitigation as described in Section Five of the Conceptual Wetland Mitigation Plan. Further refinement of the Conceptual Wetland Mitigation Plan and the monitoring plan are to be addressed by Broward County and the USACE during the Section 404 permitting process. NMFS provided comments on the Final EIS regarding the additional information referenced above.135 The FAA resubmitted the additional information to NMFS for their review and comment and conducted further coordination with NMFS regarding their Conservation Recommendations.136 In response to the NMFS Conservation Recommendations, the FAA will ensure that the Airport Sponsor, in consultation with NMFS HCD, will develop a mitigation and monitoring plan as part of the 404 permit process. Based on the preceding, NMFS has indicated that the FAA has completed its coordination in accordance with the Magnuson-Stevens Act.137 The FAA coordinated with the State of Florida Department of Environmental Protection and the Florida Fish and Wildlife Conservation Commission regarding potential impacts to protected state species. Based on the state’s coordinated review and comment on the Final EIS138, the FAA has determined that the implementation of the FAA’s Preferred Alternative (B1b) would have no effect upon state listed species. Suitable nesting habitat for the Florida burrowing owl has been historically reported on airport property, but no burrowing owl activity on-airport was observed during field surveys conducted for this EIS in November 2004. Implementation of the FAA’s Selected Alternative (B1b) is not likely to result in impacts to the Florida burrowing owl. In accordance with state requirements, the FAA ensures that field surveys would be conducted on-airport

133 Letter from Paul Weller for Miles M. Croom, Assistant Regional Administrator, Habitat Conservation Division, National Marine Fisheries Service, to Virginia Lane, FAA Orlando Airports District Office, RE: F/SER4:JK/pw. Dated: May 17, 2007 134 Letter from Virginia Lane, FAA Orlando Airports District Office, to Jocelyn Karazsia, National Marine Fisheries Service, with enclosure Direct, Secondary, and Cumulative Effects on Essential Fish Habitat. Dated: September 29, 2008. 135 Letter from Paul Weller for Miles M. Croom, Assistant Regional Administrator, Habitat Conservation Division, National Marine Fisheries Service, to Virginia Lane, FAA Orlando Airports District Office, RE: F/SER4:JK/pw. Dated: July 25, 2008 136 Letter from Virginia Lane, FAA Orlando Airports District Office, to Jocelyn Karazsia, National Marine Fisheries Service, with enclosure Direct, Secondary, and Cumulative Effects on Essential Fish Habitat. Dated: September 29, 2008. 137 Email from Pace Wilbur, Atlantic Branch Chief, Charleston (F/SER47) Southeast Regional Office, NOAA Fisheries, to Virginia Lane, FAA Orlando Airports District Office. Dated: November 25, 2008 138 Letter from Sally B. Mann, Director, Office of Intergovernmental Programs, Florida Department of Environmental Projection, to Virginia Lane, FAA Orlando Airports District Office, RE: SAI# FL200806204295C Reference SAI# FL200703223172C. Dated: July 28, 2008.

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within any appropriate habitat to determine the presence or absence of this species no less than 90 days prior to beginning construction of the project to ensure that the species has not recurred.

 Floodplain determination and findings in accordance with Executive Order 11998, Floodplain Management. The environmental decision made by the FAA must also include floodplain findings in accordance with DOT Order 5650.2, Floodplain Management and Protection. The FAA has determined that the FAA’s Preferred Alternative (B1b) would not result in a significant encroachment on a floodplain as defined in DOT Order 5650.2, Floodplain Management and Protection which implements Executive Order 11998, Floodplain Management. This determination is based on analysis contained in the Final EIS in Chapter Five Affected Environment, Section 5.E.3 Floodplains, and Chapter Six Environmental Consequences, Section 6.E.3 Floodplains. With the exception of the No Action Alternative, a floodplain encroachment would occur with any of the runway development alternatives due to the existing airfield geometry and the presence of major transportation corridors and surrounding development. However, none of the runway development alternatives would result in a significant encroachment. The FAA will ensure through special grant conditions that the Airport Sponsor’s final design for the proposed project minimize potential harm to or within the base floodplain. The FAA’s Preferred Alternative (B1b) would conform to applicable state and local floodplain protection standards.

 Determination concerning effects on historic properties in accordance with Section 106 of the National Historic Preservation Act of 1966. [National Historic Preservation Act, 16 U.S.C. 470(f)]. The FAA has determined in accordance with Section 106 of the National Preservation Act of 1966 that there would be no effect of the Preferred Alternative on any properties either listed or eligible to be listed on the National Register of Historic Places as a result of implementation of the FAA’s Preferred Alternative (B1b). The Florida Historic Preservation Officer has concurred with the FAA’s determination that there would be no effect of the Preferred Alternative on any properties either listed or eligible to be listed on the National Register of Historic Places as a result of implementation of the FAA’s Preferred Alternative (B1b).139,140 This determination is based on analysis contained in the Final EIS in Chapter Five Affected Environment, Section 5.D.1 Historic, Architectural, Archeological, and Cultural Resources and Chapter Six Environmental Consequences, Section 6.D.1 Historic, Architectural, Archeological, and Cultural Resources.

139 Letter from Frederick P. Gaske, Director, and State Historic Preservation Officer, to John Whitaker, Janus Research, RE: DHR Project File No. 2005-12090. Dated: December 28, 2005 140 Letter from Frederick P. Gaske, Director, and State Historic Preservation Officer, to Virginia Lane, FAA Orlando Airports District Office, RE: DHR Project File No. 2007-2396- B & 2007-2527-B. Dated: July 17, 2007.

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 Determination regarding coordination and consultation with Native American representatives in accordance with DOT Order 5301.1, Department of Transportation Programs, Policies, and Procedures Affecting American Indians, Alaska Natives, and Tribes; and FAA Order 1210.20, American Indian and Alaskan Native Tribal Consultation Policy and Procedures. Throughout the EIS process, the FAA has coordinated with Native American representatives in accordance with DOT Order 5301.1, Department of Transportation Programs, Policies, and Procedures Affecting American Indians, Alaska Natives, and Tribes; and FAA Order 1210.20, American Indian and Alaskan Native Tribal Consultation Policy and Procedures. This coordination is documented in the Final EIS in Chapter Six Environmental Consequences, Section 6.D.1 Historic, Architectural, Archeological, and Cultural Resources, and Appendix K.1, Historic, Architectural, Archeological, and Cultural Resources. No comments were received by the FAA from Native American representatives during the EIS process.

 Determination regarding environmental justice in accordance with Executive Order 12898 and DOT Order 5610.2, Environmental Justice. The FAA has determined that in accordance with Executive Order 12898 and DOT Order 5610.2, Environmental Justice, no disproportionately high and adverse impacts would occur to minority or low income populations as a result of the implementation of the FAA’s Preferred Alternative (B1b). This determination is based on analysis contained in the Final EIS in Chapter Five Affected Environment, Section 5.H.1.2 Environmental Justice and Chapter Six Environ-mental Consequences, Section 6.H.1.2 Environmental Justice.

 Determination that appropriate water quality requirements will be satisfied in accordance with the Clean Water Act. Clean Water Act, 33 U.S.C. §§ 1251, et seq. The FAA has determined that the FAA’s Preferred Alternative (B1b) would not result in significant adverse water quality impacts for either surface or ground waters. This determination is based on analysis contained in the Final EIS in Chapter Five Affected Environment, Section 5.E.1 Water Quality and Chapter Six Environmental Consequences, Section 6.E.1. Water Quality. All permits in accordance with water quality requirements will be obtained including a Section 401 Water Quality Certification from the South Florida Water Management District (SFWMD) and a modification to the National Pollutant Discharge Elimination System (NPDES) permit (Section 402 of the Clean Water Act) for proposed construction activities; this would be coordinated through the SFWMD.

 Determination by the FAA in accordance with Executive Order 11990, Protection of Wetlands. Any impact to wetlands would necessitate a wetlands determination by the FAA in accordance with the above- mentioned Executive Order and Department of Transportation (DOT) Order 5660.1A, Preservation of the Nation’s Wetlands, and Section 404 of the Clean Water Act. 33 U.S.C. § 1344.

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The FAA has selected the FAA’s Preferred Alternative (B1b) for approval, which will impact 16.83 acres of wetlands (15.41 acres of direct wetland impacts and 1.42 acres of secondary wetland impacts).141 Therefore, consistent with Executive Order 11990, prior to approval, the FAA must determine that there is no practicable alternative to the wetland impacts of such development. Under CWA Section 404 Guidelines, an alternative is practicable if it is available and capable of being done after taking into consideration cost, existing technology, and logistics in light of overall project purposes. 40 CFR §230.10(a)(2). As discussed in Section 4.4 of this ROD, the FAA has determined that there is no practicable alternative to the selected alternative. The FAA then considered whether impacts to wetlands resulting from Alternative B1b could be minimized or mitigated. A sequencing process was followed to avoid wetland impacts, followed by minimizing wetland impacts, and finally, by requiring mitigation for unavoidable impacts to the aquatic environment. The FAA notes that the USACE acknowledges the avoidance and minimization that have occurred over the history of this proposed project.142 The FAA has developed conceptual wetland mitigation based on input from, and in coordination with, the U.S. Army Corps of Engineers (USACE), the South Florida Water Management District (SFWMD), and the U.S. Environmental Protection Agency (EPA), and the National Marine Fisheries Service (NMFS). The FAA took into consideration the functional values lost by the resource to be impacted in the wetland analysis contained in the EIS and has proposed appropriate compensatory wetland mitigation as identified in the Airport Sponsor’s Conceptual Wetland Mitigation Plan.143 The USACE and SFWMD have acknowledged these considerations and proposed mitigation.144,145 The FAA has determined there is no practicable alternative to the selected alternative, consistent with Executive Order 11990, Protection of Wetlands, Executive Order and Department of Transportation (DOT) Order 5660.1A, Preservation of the Nation’s Wetlands, and Section 404 of the Clean Water Act. 33 U.S.C. § 1344. The FAA has taken all steps to ensure that all practicable measure to minimize harm to wetlands were included in the selected alternative.

141 See the Final EIS, Appendix M.3, Conceptual Wetland Mitigation Plan and Section 3.2, Secondary Impacts. 142 Letter from Tori K. White, Chief, Palm Beach Gardens Permits Section, U.S. Army Corps of Engineers, Jacksonville District. To: Virginia Lane, FAA Orlando Airports District Office. RE: Palm Beach Gardens Regulatory Section, Fort Lauderdale-Hollywood International Airport Draft EIS, SAJ-1995-4561. Dated: March 6, 2008. 143 See the Final EIS, Appendix M, Conceptual Wetland Mitigation Plan. 144 Letter from Tori K. White, Chief, Palm Beach Gardens Permits Section, U.S. Army Corps of Engineers, Jacksonville District. To: Virginia Lane, FAA Orlando Airports District Office. RE: Palm Beach Gardens Regulatory Section, Fort Lauderdale-Hollywood International Airport Draft EIS, SAJ-1995-4561. Dated: March 6, 2008. 145 Letter from Sally B. Mann, Director, Office of Intergovernmental Programs, Florida Department of Environmental Projection, to Virginia Lane, FAA Orlando Airports District Office, RE: SAI# FL200806204295C Reference SAI# FL200703223172C. Dated: July 28, 2008.

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 Actions associated with the project that would require relocation assistance for displaced persons or businesses pursuant to the Uniform Relocation Assistance and Real Property Acquisition Policies Act (42 U.S.C. 4601 et seq.). These statutory provisions, imposed by Title II of the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, require that state or local agencies, undertaking federally-assisted projects which cause the involuntary displacement of persons or businesses, must make relocation benefits available to those persons impacted. As disclosed in the Final EIS Chapter Six Environmental Consequences, Section 8.4.1.4 Facility and Infra- structure Impacts, the FAA’s Preferred Alternative (B1b) would require the full or partial acquisition of the Hilton Fort Lauderdale Airport Hotel and the Dania Boat Sales properties. These businesses would be eligible for federal relocation benefits. The FAA’s Preferred Alternative (B1b) would not displace any persons.

 The FAA has given this proposal the independent and objective evaluation required by the Council on Environmental Quality (40 C.F.R. Section 1506.5). As the Final EIS outlined, a lengthy process led to the ultimate identification of the FAA’s Preferred Alternative (B1b), the disclosure of potential impacts, and the recommendation of appropriate mitigation measures. This process began with the FAA’s competitive selection of an independent Third Party Contractor and continued throughout preparation of the Draft and Final EIS, culminating in identification of the selected alternative in this ROD. The FAA provided input, advice, and expertise throughout the planning and technical analysis, along with administrative direction and legal review of the project. From its inception, the FAA has taken a strong leadership role in the environmental evaluation of this project and has maintained the good faith, objectivity, and integrity of the review process.

6.2 DETERMINATIONS UNDER 49 USC SECTIONS 47106 AND 47107

The FAA makes the following determinations for this project based upon the appropriate information and data contained in the EIS and the administrative record. These environmental determinations are prerequisites for agency approval of applications for grants of federal funding.

 Determination of consistency with existing plans of public agencies for the development of the area surrounding the airport. Airport Development Grant Program, 49 U.S.C. 47106(a)(1). It has been the long-standing policy of the FAA to rely heavily upon actions of local planning organizations to satisfy the project consistency requirements of 49 U.S.C. 47106(a)(1) [see, e.g., SOC v. Dole, 787 F.2d 186, 199 (7th Cir.,1986)]. Furthermore, both the legislative history and consistent agency interpretations of this statutory provision make it clear that reasonable, rather than absolute, consistency with these plans is all that is required. In the development of the Broward County Metropolitan Planning Organization (MPO) 2030 Long Range Transportation Plan (LRTP) the MPO determined that the Airport Sponsor’s proposed project, as described in the Fort Lauderdale-

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Hollywood International Airport Master Plan, was consistent with the 2030 LRTP.146 The FAA finds that the FAA’s Preferred Alternative (B1b) is consistent with the existing plans of public agencies authorized by the state in the area in which the airport is located to plan for the development of the area surrounding the airport, and will contribute to the purposes of the 49 U.S.C. 47101 et seq. The FAA is satisfied that it has fully complied with 49 U.S.C. 47106(a)(1). The FAA’s Preferred Alternative (B1b) is consistent with the local comprehensive plans that have been adopted by surrounding jurisdictions as discussed in the Final EIS, Chapter Six, Environmental Consequences, Section 6.C.2.2 Consistency With Local Plans and described in Chapter Five, Affected Environment, Section 5.C.2.2, Land Use Plans, and Appendix J.2, Land Use Policies. The FAA has also reviewed and considered the substantial documentation in the EIS record demonstrating that throughout the environmental process Broward County has shown concern for the impact of the proposed development action on surrounding communities.  Determination that fair consideration has been given to the interests of communities in or near the project location. Airport Development Grant Program, 49 U.S.C. 47106(b)(2). The local planning process (initiated in 1994)147 and the FAA's environmental process for this EIS, which began with a January 19, 2005 Notice of Intent to prepare an environmental impact statement, results in this point of decision. The EIS process provided opportunities for the expression of, and response to, issues put forward by communities in or near the project location. Nearby communities and their residents have had the opportunity to express their views during agency and public scoping meetings in January 2005, at project focus group meetings throughout the EIS process, at an interim public information meeting held in February 2006, during the Draft EIS comment period (March- May 2007), at the FAA public information workshop held concurrent to the public hearing (May 1, 2007), at the FAA public hearing (May 1, 2007), and during the comment period following public issuance of the Final EIS in June 2008. The Airport Sponsor also conducted a separate public hearing after issuance of the Draft EIS in June 2007 to provide area residents the opportunity to express their views regarding the proposed action. The FAA’s consideration of these community views, including those of federal, state, and local officials, public organizations, and public individuals are set forth in the Final EIS in Appendix A Agency Streamlining, Appendix B Public Involvement, Appendix P Response To Comments, and Appendix R Comments Received After Close of the Comment Period; and in this ROD in Appendix A, Comments Received and FAA Responses on the Final EIS. Thus, the FAA has determined that throughout the environmental process, beginning at its earliest planning stages, fair consideration was given to the interest of communities in or near the project location.

146 Broward MPO 2030 Long Range Transportation Plan Update, Adopted December 2004, Amended July 2007. Section 3.4 Review of Relevant Plans and Studies; and Section 3.4.7 Fort Lauderdale- Hollywood International Airport (FLL) Master Plan. 147 Broward County Public Hearing on the Airport Master Plan Update and approval of the plan by the Broward County Board of County Commissioners, April 4, 1994.

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 Determination in accordance with 47106(c)(1)(A) that the Sponsor has provided the following certifications: - an opportunity for a public hearing was given to consider the economic, social, and environmental effects of the location and the location's consistency with the objectives of any planning that the community has carried out; 49 U.S.C. 47106(c)(1)(A)(i)] - the airport management board has voting representation from the communities in which the project is located or has advised the communities that they have the right to petition the Secretary about a proposed project; and 49 U.S.C. 47106(c)(1)(A)(ii)] - with respect to an airport development project involving the location of an airport, runway, or major runway extension at a medium or large hub airport, the airport sponsor has made available to and has provided upon request to the metropolitan planning organization in the area in which the airport is located, if any, a copy of the proposed amendment to the airport layout plan to depict the project and a copy of any airport master plan in which the project is described or depicted; and 49 U.S.C. 47106(c)(1)(A)(iii)] The Airport Sponsor has provided certifications to the FAA that in accordance with 47106 (c)(1)(A): (i) that an opportunity for a public hearing was given to consider the economic, social, and environmental effects of the location and the location's consistency with the objectives of any planning that the community has carried out; (ii) that the airport management board has voting representation from the communities in which the project is located; and (iii) that the Airport Sponsor has made available to and has provided upon request to the metropolitan planning organization in the area in which the airport is located, if any, a copy of the proposed amendment to the airport layout plan to depict the project and a copy of any airport master plan in which the project is described or depicted.148 See Appendix B, Agency Letters: Concurrence, Certifications, Correspondence.  Determination in accordance with 49 U.S.C. 47106(c)(1)(C) to approve major airport development projects having significant adverse impacts on natural resources, including fish and wildlife, natural, scenic, and recreation assets, water and air quality, or another factor affecting the environment, only after finding that no possible and prudent alternative to the project exists and that every reasonable step has been taken to minimize the adverse effect. The FAA has determined that implementation of the FAA’s Preferred Alternative (Alternative B1b) would cause significant adverse effect on natural resources. Specifically, the FAA anticipates that there will be noise, compatible land use and

148 Letter from Kent G. George, A.A.E., Director of Aviation, Broward County Aviation Department, Fort Lauderdale-Hollywood International Airport, to Dean Stringer, Manager, FAA Orlando Airports District Office, RE: Sponsor’s Certification in Accordance with 49 U.S.C. 47106(c)(1)(a)(i), (ii), (iii); and Certification in Accordance with 49 U.S.C. 47107(a)(10). Dated: September 30, 2008.

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wetlands impacts.149 Alternatives B4, C1, and D2 would have fewer environmental impacts for noise, compatible land use, and wetlands, than the Selected Alternative (B1b). All of these alternatives are capable of being built as a matter of sound engineering principles. However, for the reasons explained in detail below, considering the basic purpose and need to increase runway capacity and reduce delays as well as overall project purposes relating to flexibility for future growth, none of these alternatives would be possible and prudent.  Alternative B4 has a higher level of delay as compared to the FAA's Preferred Alternative (B1b) in 2020; average minutes of delay per operation for Alternative B4 is 4.7; average minutes of delay per operation for Alternative B1b is 3.1. Moreover, based on the FAA’s EIS analysis which is supported by letters from airlines operating at FLL, there is potential for pilot refusal of the 6,000- foot runway under Alterative B4. Any refusals increase the delay beyond the 4.7 average. According to the sensitivity analysis, pilot refusals on Alternative B4 would result in 10.2 minutes of average delay per operation. Theses pilot refusals would cause this alternative to exceed the acceptable level of delay identified for FLL (six minutes). In addition, Alternative B4 is the only runway development that would not close the crosswind runway, Runway 13/31 which is an objective of Broward County. Closing the crosswind runway would result in noise reduction and increase available property for future development in the mid-field and West Side areas of the airport property. 150,151 The FAA has received public comment supporting the closure of Runway 13/31. There would be runway crossings of Runway 13/31 with Alternative B4 compared to the FAA's Preferred Alternative (B1b), which closes Runway 13/31. The Alternative B4 three-runway airfield configuration would require aircraft to cross an active runway (13/31) to access the north or south airfield, compared to the FAA’s Preferred Alternative B1(b) which is a two runway configuration with the closure of Runway 13/31. This increase in runway crossings with Alternative B4 will increase the complexity of the coordination of air traffic control ground movements. These crossings could become an operational concern for air traffic control as usage of Runway 13/31 increases with future demand. At some point, ground operations could become sufficiently complex to affect the overall efficiency of aircraft operations on both Runways 13/31 and Runway 9R/27L. To maintain the safe

149 In light of the policy “that airport projects…provide for the protection and enhancement of natural resources and the quality of the environment of the United States” (49 USC §47101(a)(6)), the FAA interprets the phrases “natural resources” and “another factor affecting the environment” to include impacts of noise on people. But for the consideration of noise and compatible land use, the section 47106(c)(1)(C) determination for this project would parallel the determination regarding practicable alternatives for avoiding wetland impacts. 150 Decommissioning the crosswind runway was stipulated in the Board’s December 9, 2003, motion and included in the October 2004 Broward County Objective Statement, see Appendix B in this ROD. 151 Broward County Florida, Master Plan Update – Phase I, Draft Final Summary Report, January 2006, Leigh Fisher Associates, A division of Jacobs Consultancy Inc. Broward County is currently conducting Phase II.

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and efficient crossing of runways, additional air traffic control coordination would be required with Alternative B4, as compared to the FAA's Preferred Alternative (B1b). 152 For these reasons, the FAA has determined that the B4 would not be possible and prudent.  Alternative C1 has a higher level of delay during all weather conditions as compared to the FAA's Preferred Alternative (B1b) in 2020; average minutes of delay per operation for Alternative C1 is 5.0; average minutes of delay per operation for Alternative B1b is 3.1. During IFR conditions, which occur 6.9 percent of the year, Alternative C1 would have delays comparable to the No Action Alternative and much higher than the FAA’s Preferred Alternative. While Alternative C1 would have 5.0 average minutes of delay per operation under all weather conditions, the average minutes of delay under IFR conditions could be as high as 32.2 average minutes of delay in East Flow operations and as high as 79.1 average minutes of delay in West Flow operations. Only the No Action Alternative results in this level of delay under IFR conditions. By comparison, Alternative B1b would have 3.2 average minutes of delay in East Flow operations and 8.3 average minutes of delay in West Flow operations. See the Final EIS, Appendix F Net Benefits Analysis, Table F12 Alternatives Delay Detail – Year 2020. With the configuration of the dependent north parallel runway system of Alternative C1, there would be more runway crossings as compared to the FAA's Preferred Alternative (B1b). The Alternative C1 airfield configuration would require aircraft to cross an active runway to access the terminal area. In east flow and west conditions, under Alternative C1, every arrival to Runway 8/26 would need to cross the departure runway, Runway 9L/27R. An increase in runway crossings at FLL will increase the complexity of the coordination of air traffic control ground movements. To maintain the safe and efficient crossing of runways, additional air traffic control coordination would be require as compared to the FAA's Preferred Alternative (B1b). Finally, Alternative C1 would not address the overall project purpose because it would not meet the airport sponsor’s goal of flexibility to allow future growth opportunities. Alternative C1 would result in substantial impacts (72 percent) to existing airport property and tenant leasehold facilities. While there would be available land for future airport facility development, this majority of this land is non-airside (45 acres), and located west of Interstate 95, and there would be minimum airside land available for future airport development. The airport currently contains an estimated 363 acres of airport properties and tenant leasehold facilities outside of the central terminal complex. With Alternative C1 there would be a substantial displacement of 261.5 acres (72 percent) of airport properties and tenant leasehold facilities compared to the FAA’s Preferred Alternative (B1b) which would displace 18.6 acres (five percent)

152 Department of Transportation Notice of program renewal. Runway Incursion Information Evaluation Program Federal Register Notice Volume 69. No 138 July 20, 2004; and Memorandum from Rick Marinelli, P.E. Airport Engineering Division, AAS-100, x77669 To: All Regional Airports Division Managers Subject Engineering Brief No. 75: Incorporation of Runway Incursion Prevention into Taxiway and Apron Design, November 19, 2007.

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of facilities. After development of the new runway and associated facilities, there would be 71.9 acres of on-airport land available for future airport property and tenant leasehold facility development compared to 134.6 acres with the FAA’s Preferred Alternative (B1b). Only eight acres would be available for airside development compared to 39 acres for the FAA’s Preferred Alternative (B1b). Alternative C1 would reduce Broward County’s ability to generate aeronautical and non-aeronautical revenue streams at FLL. For these reasons, the FAA has determined that the C1 would not be possible and prudent.  Alternative D2, as a combination of Alternatives B4 and C1 provides a higher level of capacity and lower delay than the Selected Alternative (B1b), however, Alternative D2 utilizes all available airport property, with a deficiency of 8.2 acres (airside). There would be insufficient available property for existing airport tenant relocation and no available airport property (airside or non- airside) for future aeronautical development. This significant limitation on the growth and economic structure of this airport resulted in a finding that the D2 alternative would not be possible and prudent. The FAA has determined that the alternatives that may have resulted in lower environmental impacts are not possible and prudent. The FAA therefore made all possible efforts to minimize the adverse environmental impacts of the Selected Alternative (B1b) and mitigate the unavoidable impacts that result. This determination is based on analysis contained in the Final EIS in Chapter Five Affected Environment, Chapter Six Environmental Consequences, Chapter Seven Cumulative Impacts, and Chapter Eight, Mitigation.  Appropriate action, including the adoption of zoning laws, has been or will be taken to the extent reasonable to restrict the use of land next to or near the airport to uses that are compatible with normal airport operations [49 U.S.C. 47107(a)(10)]. The Airport Sponsor has provided written assurance to the FAA, that to the extent reasonable, the Airport Sponsor has taken or will take actions to restrict land uses in the airport vicinity, including the adoption of zoning laws, to ensure the uses are compatible with airport operations.153 See Appendix B, Agency Letters: Concurrence, Certifications, Correspondence.

153 Letter from Kent G. George, A.A.E., Director of Aviation, Broward County Aviation Department, Fort Lauderdale-Hollywood International Airport, to Dean Stringer, Manager, FAA Orlando Airports District Office, RE: Sponsor’s Certification in Accordance with 49 U.S.C. 47106(c)(1)(a)(i), (ii), (iii); and Certification in Accordance with 49 U.S.C. 47107(a)(10). Dated: September 30, 2008.

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7. PUBLIC INVOLVEMENT AND AGENCY COORDINATION

The public and federal, state, and local agencies were afforded opportunities to participate in the EIS process and to provide input for FAA consideration in the development of the EIS. The FAA has considered all comments submitted by the general public and the agencies throughout the EIS process.

As part of this process, the FAA briefed federal, state, and local agencies, as well as the public, on the Airport Sponsor’s Proposed Project and the runway development alternatives carried forward for detailed evaluation in the EIS. In January 2005, the FAA conducted scoping meetings with agencies and the public to identify the issues to be analyzed in the EIS. On February 2, 2006, a public information workshop was held to provide an update on the status of the EIS process and to receive public comments. (See the Final EIS, Appendix B.1, Scoping, and Appendix B.3, Interim Public Workshop.) Both the FAA and the Airport Sponsor provided opportunities for public involvement and also participated in the various public involvement activities.

7.1 PUBLIC INVOLVEMENT

A series of Project Focus Group meetings were held at key milestones throughout the conduct of the EIS. The Project Focus Groups consisted of small meetings with representatives of community and homeowner association’s surrounding the airport. The Project Focus Groups participants represented five communities located in the Study Area: Fort Lauderdale, Plantation, Hollywood, Davie, and Dania Beach. (See the Final EIS, Appendix B.2, Focus Group Meetings.)

Notices of availability of the Draft EIS and the public information workshop and public hearing were published in 2007 in the Federal Register (March 30), the Sun Sentinel (April 15, 22, and 29), Broward Herald (April 15, 22, and 29), and the El Heraldo (April 16). Following the publication of the Draft EIS and prior to the EIS public hearing, the Broward County Board of County Commissioners requested that the FAA conduct a series of three District-wide briefings at locations in their Districts. These briefings consisted of a presentation of the contents of the Draft EIS followed by a question and answer period. On May 1, 2007, a public information workshop and public hearing were held at the Fort Lauderdale Hollywood Convention Center. Over 600 people attended the FAA public information workshop and the FAA public hearing. (See the Final EIS, Appendix B.5, FAA Public Hearing/Workshop.)

The FAA’s comment period on the Draft EIS closed on May 21, 2007. Comments were received on the Draft EIS from federal, state, and local agencies as well as the public. The FAA reviewed and prepared responses to all substantive comments received on the Draft EIS. This information is provided in the Final EIS in Appendix P, Response to Comments.

The FAA continued to receive comments on the information contained in the Draft EIS after the close of the official comment period, May 21, 2007. The FAA's comments to these comments received after the close of the comment period are provided in the Final EIS, Appendix R, Response to Comments Received After the Close of the Draft EIS Comment Period.

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The EPA’s Federal Register Notice on the availability of the Final EIS was published on June 27, 2008. A 30-day agency and public comment period was provided. The FAA has reviewed all comments to determine if any significant or substantial or new issues were raised regarding the analysis or information contained in the Final EIS that had not previously been submitted and considered in the Draft EIS. All comments received were evaluated and considered by the FAA. The responses to those comments are provided in this ROD in Appendix A, Comments Received and FAA Responses on the Final EIS.

The City of Dania Beach made a request to the FAA to submit additional comments to supplement their previous comments provided on the Final EIS. Those comments, received in October 2008, were reviewed by the FAA to determine if any significant or substantial or new issues were raised regarding the analysis or information contained in the Final EIS that had not previously been submitted, considered. These comments are responded to in Appendix A of this ROD.

7.2 AGENCY COORDINATION

The FAA coordinated with federal, state, local, and tribal entities throughout the EIS process, including the United States Environmental Protection Agency (EPA), United States Army Corps of Engineers (USACE), United Stated Fish and Wildlife Service (USFWS), the National Marine Fisheries Service (NMFS), the Advisory Council on Historic Preservation (ACHP), the Florida Department of Environmental Protection (FDEP), the Florida Division of Historic Resources, the Florida Department of Transportation (FDOT), South Florida Water Management District (SFWMD), Broward County, and local municipalities.

Vision 100 Act: It is the policy of the United States to undertake projects to increase airport capacity to the maximum feasible extent and further for major projects to protect and enhance natural resources and the quality of the environment.154 The U.S. Congress stressed the importance of airports to the economy and required the FAA to implement a process for expedited and coordinated environmental reviews for airport capacity enhancement projects at congested airports and for safety and security projects under Vision 100 Century of Aviation Reauthorization Act Public Law 108-176. Congress directs the FAA to encourage the construction of capacity projects at congested airports, but qualifies this with the need to assess environmental impacts associated with these projects. FLL was identified as a congested airport in the FAA's Airport Capacity Benchmark Report of 2004.155 Because the FAA has identified FLL as a congested airport, the EIS is subject to the environmental streamlining provisions of the Vision 100 Act.156

In accordance with the Vision 100 Act, the FAA entered into a Memorandum of Agreement (MOA) with the following agencies: the U.S. Army Corps of Engineers, the U.S. Fish and Wildlife Service, the U.S. Environmental Protection Agency, the Florida Department of Environmental Protection, and Broward County. The MOAs identify agency roles and responsibilities, a methodology for reaching consensus,

154 49 U.S.C. 47101(a)(6), (7), Policies. 155 FAA's Airport Capacity Benchmark Report of 2004. Federal Aviation Administration, September 2004. 156 Vision 100 Century of Aviation Reauthorization Act, Public Law 108-176. December 2003.

December 2008 Page 86 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION and establishes review timeframes and deadlines. The FAA and the MOA signatory agencies have reached consensus on the content of, and the conceptual mitigation identified in, the Final EIS.

Agency Coordination Regarding Impacts to Wetlands: The FAA has consulted with the U.S. Army Corps of Engineers (USACE) and the South Florida Water Management District (SFWMD) regarding wetland impacts and the Airport Sponsor’s Conceptual Wetland Mitigation Plan.157 The FAA notes that the USACE acknowledges the avoidance and minimization that have occurred over the history of this proposed project.158 The SFWMD has commented on the conceptual wetland mitigation plan and permitting requirements under the SFWMD Environmental Resource Permit (ERP) Basis of Review process.159 The FAA has also coordinated the Conceptual Wetland Mitigation Plan with the U.S. Environmental Protection Agency (EPA).160

National Marine Fisheries Service (NMFS): Consultation with the NMFS was conducted pursuant to section 7 of the Endangered Species Act of 1973, as amended (Act) (87 Stat. 884:16 U.S.C. 1531 et seq.). The FAA prepared a Biological Assessment (BA) for potential impacts to the smalltooth sawfish and other species regulated by the NMFS under Section 7(c) of the Endangered Species Act. The NMFS reviewed the BA and concurred with the FAA determination that the smalltooth sawfish “are not likely to be affected” by the Proposed Action.161 The FAA will ensure that the construction will use turbidity controls and comply with the NMFS' March 23, 2006, Sea Turtle and Smalltooth Sawfish Construction Conditions.

In response to the NMFS Conservation Recommendations, the FAA will ensure that the Airport Sponsor, in consultation with NMFS HCD, will develop a mitigation and monitoring plan as part of the 404 permit process. Based on the preceding, NMFS has indicated that the FAA has completed its coordination in accordance with the Magnuson-Stevens Act.162

157 See Appendix M.3 of the Final EIS, Conceptual Wetland Mitigation Plan, Memorandum, To: FLL EIS Administrative Record, From: Mike Tust, Through: Sandra Walters. Subject: Summary of January 31, 2008 telephone conference with Leah Oberlin of the U.S. Army Corps of Engineers (USACE) to discuss analysis and approach of the Federal Aviation Administration’s (FAA’s) ‘Draft’ Conceptual Wetland Mitigation Plan for the Ft. Lauderdale-Hollywood International Airport (FLL) Proposed Runway Expansion Environmental Impact Statement (EIS). Dated: January 31, 2008. 158 Letter from Tori K. White, Chief, Palm Beach Gardens Permits Section, U.S. Army Corps of Engineers, Jacksonville District. To: Virginia Lane, FAA Orlando Airports District Office. RE: Palm Beach Gardens Regulatory Section, Fort Lauderdale-Hollywood International Airport Draft EIS, SAJ-1995-4561. Dated: March 6, 2008. 159 Letter from Sally B. Mann, Director, Office of Intergovernmental Programs, Florida Department of Environmental Projection, to Virginia Lane, FAA Orlando Airports District Office, RE: SAI# FL200806204295C Reference SAI# FL200703223172C. Dated: July 28, 2008 160 Letter from Heinz J. Mueller, Chief, NEPA Program Office, Office of Policy and Management, U.S. Environmental Protection Agency, to Virginia Lane, FAA Orlando Airports District Office, RE: EPA NEPA Comments on FAA’s FEIS, CEQ #20080244; ERP #FAA-E51052-FL. Dated: July 25, 2008. 161 Letter from Roy E. Crabtree, Ph.D., Regional Administrator, United States Department of Commerce, National Oceanic and Atmospheric Administration, National Marine Fisheries Service, Southeast Regional Office. To: Virginia Lane, FAA Orlando Airports District Office. Dated March 24, 2008. 162 Email from Pace Wilbur, Atlantic Branch Chief, Charleston (F/SER47) Southeast Regional Office, NOAA Fisheries, to Virginia Lane, FAA Orlando Airports District Office. Dated: November 25, 2008

December 2008 Page 87 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION

U.S. Fish and Wildlife Service (USFWS): Consultation with the USFWS was conducted pursuant to section 7 of the Endangered Species Act of 1973, as amended (Act) (87 Stat. 884:16 U.S.C. 1531 et seq.). The USFWS has concurred with the FAA's determinations that the project “may affect, but is not likely to adversely affect” the West Indian manatee and the wood stork. See this ROD, Section 6 Findings, Determinations, and Certifications.

December 2008 Page 88 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION

8. CONDITIONS OF APPROVAL

Section 9 of this ROD outlines the FAA’s decision and orders. In granting the approvals contained in Section 9, the FAA incorporates the following conditions.

8.1 FUNDING CONSIDERATIONS

The Airport Sponsor intends to apply for Airport Improvement Program (AIP) funding. This ROD includes the environmental determinations necessary to establish eligibility for approval of grants of federal funding. It does not signify an FAA commitment to provide financial support, which is a separate future decision that will be made in accordance with other applicable federal laws, FAA policies, and procedures. The Airport Sponsor is in the process of finalizing a benefit cost analysis and a financial plan in support of its application for grants of federal funding.

8.2 IMPLEMENTATION OF MITIGATION

In approving this ROD, the FAA is identifying mitigation measures that it deems necessary to avoid or minimize significant environmental impacts associated with approval of the selected alternative.

Section 4 (Summary of Mitigation Measures) of this ROD discusses the mitigation actions that are made conditions of approval of this ROD. (These mitigation measures are discussed greater detail in the Final EIS, Chapter Eight, FAA’s Preferred Alternative and for wetland mitigation in Appendix M.3 Conceptual Wetland Mitigation Plan). The approvals contained in this ROD are specifically conditioned upon full implementation of these mitigation measures.

In accordance with 40 CFR § 1505.3, the FAA will take appropriate steps, through federal grant assurances and conditions, airport layout plan approvals, and contract plans and specifications, to ensure that the mitigation actions outlined in this ROD are implemented during project development, and will monitor the implementation of these mitigation actions as necessary to assure that representations made in the Final EIS with respect to mitigation are carried out. These mitigation measures will be made the subject of special conditions included in any future grants of federal financial assistance to the Airport Sponsor.

The primary responsibility for implementation of the mitigation measures that are conditions of approval of this ROD lies with the Airport Sponsor. The FAA will have oversight responsibility to ensure the mitigation measures are implemented. The FAA finds that these measures constitute all reasonable steps to minimize harm and that they represent all practicable means to avoid or minimize harm to wetlands and other environmental harms from the selected alternative and proposed federal actions.

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December 2008 Page 90 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION

9. DECISION AND ORDERS

In the Final EIS, Chapter Eight, Section 8.4 Identification of FAA’s Preferred Alternative, the FAA identified Alternative B1b as the FAA's “preferred alternative.” The FAA must now select one of the following choices:

 Approve agency actions necessary to implement the proposed project, or  Disapprove agency actions to implement the proposed project.

Approval would signify that applicable federal requirements relating to airport development and planning have been met and would permit Broward County, as the Airport Sponsor, to proceed with the proposed development and be eligible to receive federal funding and/or approval to impose and use Passenger Facility Charges for eligible items. In addition, Broward County is required to comply with its obligations under federal grant assurances upon acceptance of a grant offer. Not approving these agency actions would prevent Broward County from proceeding with the implementation of the FAA’s Preferred Alternative (B1b).

Decision: I have carefully considered the FAA's goals and objectives in relation to the various aeronautical aspects of the proposed project at Fort Lauderdale- Hollywood International Airport discussed in the Draft Environmental Impact Statement and Final Environmental Impact Statement. The review included: the purpose and need that this project would serve; the alternative means of achieving the purpose and need; the environmental impacts of these alternatives; and the mitigation to preserve and enhance the human, cultural, and natural environment.

Under the authority delegated to me by the Administrator of the FAA, I find that the project in this ROD is reasonably supported. I therefore direct that action be taken to carry out the following agency actions discussed more fully in Section 2 of this ROD, Requested Federal Actions and Approvals, including:

1. Eligibility for federal Funds through the Federal Airport Improvement Program (AIP) funding and to impose and use Passenger Facility Charges (PFCs) funding. 2. FAA approval to amend the ALP with the conditions noted in Section 8 of this ROD, Conditions of Approval, for the projects summarized in Section 1 of this ROD, Description of Airport Sponsor’s Proposed Action, which constitutes the selected alternative in this ROD – FAA’s Preferred Alternative (B1b). 3. FAA installation and/or relocation of navigational aids associated with the FAA’s Preferred Alternative (B1b). 4. The FAA would amend the existing and/or develop new air traffic control procedures for FLL to include an expanded runway and the closure of Runway 13/31. The FAA would have to approve the amended and/or new instrument procedures, verify them through flight testing, and publish the procedures for general use. 5. FAA evaluation, determinations, and actions, through the aeronautical study process of any off-airport obstacles that might be obstructions to the navigable airspace under the standards and criteria of 14 CFR Part 77

December 2008 Page 91 FORT LAUDERDALE- H OLLYWOOD FAA RECORD OF D ECIS ION INTER I'o/A TI ONAL A IRPORT ------

151 Objects Affecting Navigable Airspace , and the evaluation of the appropriateness of proposals for on-airport development from an airspace • utilization and safety perspective based on aeronautical studies conducted pursuant to the standards and criteria of 14 CFR Part 157, Notice of Construction, Alteration, Activation, and Deactivation ofAirport. 6. FAA certification and other appro·1als. FAA modification or amendment of existing certificates or specifications is required to comply with FAA design standards and to accommodate, in a safe and efficient manner, the passenger enplanements and aircraft activity forecasts. • Certification under FAR 14 CFR Part 139, Certification of Airports. • Operat1ng specifications for scheduled air carriers intending to operate at the airport in the future under FAR 14 CFR Part 121, Certification and Operations: Domestic, Flag, and Supplemental Air Carriers and Commercial Operations of Large Aircraft.

Approved:

Murphy Date Reg ion Administrator • FAA Southern Region

161 • 49 u.s.c. § 40 103(b) a11d 40 113

December ZOOB Page 92 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION

Objects Affecting Navigable Airspace163, and the evaluation of the appropriateness of proposals for on-airport development from an airspace utilization and safety perspective based on aeronautical studies conducted pursuant to the standards and criteria of 14 CFR Part 157, Notice of Construction, Alteration, Activation, and Deactivation of Airport. 6. FAA certification and other approvals. FAA modification or amendment of existing certificates or specifications is required to comply with FAA design standards and to accommodate, in a safe and efficient manner, the passenger enplanements and aircraft activity forecasts.  Certification under FAR 14 CFR Part 139, Certification of Airports.  Operating specifications for scheduled air carriers intending to operate at the airport in the future under FAR 14 CFR Part 121, Certification and Operations: Domestic, Flag, and Supplemental Air Carriers and Commercial Operations of Large Aircraft.

Approved:

______Douglas R. Murphy Date Regional Administrator FAA Southern Region

163 49 U.S.C. § 40103(b) and 40113

December 2008 Page 92 FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT FAA RECORD OF DECISION

10. RIGHT OF APPEAL

This ROD presents the FAA’s final decision and approvals for the actions identified, including those taken under the provisions of 49 U.S.C. Subtitle VII, Parts A and B. This decision constitutes a final order of the FAA Administrator subject to review by the Courts of Appeals of the United States in accordance with the provisions of 49 U.S.C. § 46110. Any party seeking to stay the implementation of the ROD must file an application with the FAA prior to seeking judicial relief, as provided in Rule 18(a), Federal Rules of Appellate Procedure.

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~~ Environmental Impact Statement RECORD OF DECISION ~ Fort Lauderdale-Hollywood International Airport Prepared by The Corradino Group FAA's Preferred Alternative (Blb) Stranahan River SW 4th Avenue 4th SW

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ARBOR DRARBOR !( 28THSW WAY !( !( !( !( !( !(!( !( !( !( !( !( !(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( SW!( 24TH CT !(!( !( !( !(!(!( !( !(!(!(!(!(!(!(!(!( !( !( !( !( !( !(!( !(!( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !(!( !( !( !(!(!( !( !(!(!(!( !( !( !(!( !(!( !( !( !( !( !( !( !(!(!( !( !( !( !(!( !(!( !( !(!(!(!(!(!(!(!(!(!( Everglades !( !(!( !(!(!(!(!(!(!(!( !( RIVERLAND!( !( !( !( RD!(!( !( !( !( !( !( !( !( !( !( !( !( !( SW !(25TH ST !(

!( !( !( !( !( CATCAY LN !( !( !(!(!( !( SW SW 43RD TER !( !( !(!(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !(!( !(!( !( !(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !(!( !(!( !(!(!(!(!( !(!( !( !( !( !( Riverland!( !( !(!(!( !( !( !(Road!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( SW 26THAVE !(!(!(!( !( !( !( !( !(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(BIMINILN !( !( !( !( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !( !( !( !( !( !( !( !(!( !(!( !( !( !( !( !( !( !( !( !(!( !( !( !( !(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !(!( !( !( !( !( !( !( !( !( SW25TH TER !( !(!( !( !( !( !( !( !(!( !(!( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( SW 18THTER SW 26TH ST !(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !(!( !( SW 26TH ST !( !( !( !(

!( !( !( !( !( !( !(!(!( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( EISENHOWER BLVD !( !( !( !( 15THSE AVE !( !( !( !(!(!( !(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(

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Florida Turnpike !( !( !(!( !(!( !( !( !( I595 !(!( !( !(!( !( !( !(!(!(!( !( !(!(!(!(!(!( !( !( I595 !( !( !( 13 !( !(!(!(!( N PERIMETER RD SE 19THAVE SE18TH AVE SW 11TH AVE SW 11TH 70 DNL SW 34TH ST SW 9THAVE SW 34TH CT SE 36TH ST

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!(!( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !(!( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!( !( !( !( !(!(!(!(!(!( NE 10TH ST !( !( !( !( !( SW 38THTER !( !( !( !(!(!( !( !( !( !( !( !(

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!( SW 42ND TER !( !( !( !( !( !( !( !( !( !( SW 42ND AVE SW 42ND 75 DNL !( !( SW AVE 43RD !( !( !( !(!(!(!(!(!(!(!(!(!(!( !(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( SW 29THTER !(!(!( !(!(!( !( !( !( TAYLOR LN !( !(!( !( !( !(!( !(!(!(!(!(!(!(!(!( !( !( !( !(!(!( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !(

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!( !( TERSW 46TH !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!( !( !( !(!( SW 46TH LN !( !( !( !( !( !(!(!( !( !( !( !( !( !( !( !( NW!( !( 9TH ST !( !( !( !( !( !( !( !( !( !( Ocean !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !(!(!( !( !( !( !( !( !( !( !( !( !(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!( SW 39THTER !( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !(!(!( !(!( !( !( !( !( !( !( !( !( !( !(!( !(!(!(!(!( !( !( !( !(!( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !(!(!(!( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !(!( !( !( !(!(!(!(!(!( !( !( !( !( !( !( !(!( !( !( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!( !(!( !( !( !( !( !(!( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !(!(!(!(!(!(!( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( DANIA!( !( !( BEACH !( !( !( !( !( !( !( NW!( !( !( 8TH!( !( !( !( !(ST!( !(!(!( !(!( !( !(!( !( !( !( !( !( SW!( !( 49TH!(!(!(!(!(!(!(!(!(!( !(ST!(!(!( !(!( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!( !(!( NW!( !( !(8TH!(!(!(!(!( !( !(ST!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( 70 DNL !( !( !( !( !( !( !( !( !(!( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !(!( !(!( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !( !( !( !( !( !( !(!( SW!( 49TH!(!( !(!(!(!(!(!(!( PL !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!( !( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( SW 27THAVE !( !( !( !( !(!( !( !( !( !( !( !( !( !( !(!(!( !(!( !( !(!(!(!( !(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!( !( !(!( !( !( !( !( !( !( !(!(!(!( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( DOMINICA!( !( !(!( !(!(!(!(!(!(!(!(!(!( !( !(ST !( !( !( !( !(!(!(!(!( !( !(!(!(!(!(!(!(!(!(!(!(!(!( !(!(!(!(!(!( !(!(SW!(!(!(!(!(!( !(49TH!(!(!(!(!(!(!(!(!( CT!( !( !(!(!(!(!(!(!(!( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !(!( !( !( !(!( !( !( !( !( !(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!( !( !( !( !(!(!(!(!(!(!(!(!(!(!(!( !(!( !(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !(!(!(!( !(!(!(!(!( !( !(!(!( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!( !(!(!( Dania Cut Off Canal !(!(!(!(!(!(!(!(!(!( !(!(!(!( !( !( !( !( !(!(!(!( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!( !(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( SW 50TH!(!( !( ST !( !(!( !( !(!(!(!(!(!(!(!(!( Old Griffin Road !( !( !( !(

SW 44THTER SW 50TH CT !( !( !(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(

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!(!(!(!( !( !( !( SW 29THAVE !( !(!(!(!(!(!( !( !( West !(!(!(!(!(!(!(!( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!( !( SW 29THTER !( !( !( !( !( !( !(!(!(!(!(!( !(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( SW!( !( 51ST!( CT!( !( !( !( !( !( !( !( !( !( !(!( SW!(!( 51ST!(!( !( ST!(!(!( !( !( !( !( !( !( !( !( !(!(!( !(!( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !(!(!( !( !( !(!(!(!(!(!(!(!( !( !( !(!(!(!(!(!(!( NW!( !( !(3RD!( !( !(!( !(TER!( !( !( !( !( !( !( !( !( !(!( !(!( !( !( !( !(!(!(!(!( SW 33RDAVE !( !( !(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!( !(!(!( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!( !( SW 51ST!(!(!(!(!(!(!(!(!(!(!(!( !(!(PL!(!(!(!( !( !(!( !( !( !( !( !( !(!( !(!( !(!(!(!( !( !(!( !( !(!(!( !( !( !( !( !( !(!(!(!( !( !(!(!(!(!(!( Lake

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!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!( !( !( !( !( !( !( NE2ND AVE !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( NE 2ND ST !( !( SW 52ND CT!( !( !( !( !( !( !(!( !(!( !( !( !( !( !( !( !( !( !( SW 53RD CT !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!( !( !(NW!( !( 2ND!( !( ST!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !(!(!(!( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!( !( !( !( !( !(!( SW 53rd Court !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( NBEACH RD !( !(!(!(!(!( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!( !(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!( !( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!( SW!( !(54TH!(!(!(!(!(!(!(!(!(!( ST !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( 91 !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!( !( !( !(!(!(!(!( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !(!(!(!(!(!(!(!(!( !( !(!(!(!(!(!( !( !( !( !( !( NW 14TH WAY !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !( !(!( !( !( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(SW!(!(!( !( 54TH ST!( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !(!( !( !( !( !(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !(!(!(!( !( SW 54TH ST !( !( !( !( !(!(!(!(!(!(!( !(!( !( !(!( !(!( !( !( !( !( !( NE!( 1ST!(!( !(ST!( !( !( !( !(!( !( !(!(!(!( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !(!(!(!(!(!(!( !( !( !( NW 4THAVE !( !( !( !( !(!(!( ! !( !( !( !( !( !( !(!(!( !(!( !( !(!( !( !( !( !(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!( !( ( !( !( !( !( !(!( !(!( !(!( !( !( !( !(!(!( !( !(!( !( !(!( !(!( !(!( !( !( !( !( !( !( !( !( !(!(!(!( !( !(!(!(!(!(!(!(!(!(!(!( !( !( !( NW!( !( 1ST ST !( !( !( !( !( !( !( !( !( !( !( !( !(!( !(!( !( !(!( !(!(!(!(!( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!( !( !(!( !(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!( !( !( !( !( !( !( !( !(!( !( !( !( !(!(!(!(!(!(!(!(!(!(!(!( !( !( TIGERTAIL BLVD !( !( !( FEDERALN HWY !( NE!( 1ST TER SW!( !(54TH!( !( !( CT !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !(!(!( !(!( E!( !( !(MARINA!(!(!(!(!(!(!(!(!(!(!(!(!(!( DR !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( NW!( 6THAVE !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!( !(!( !( !( !( !(!(!( !( !( !( !( !( !( !( !( !( SW40TH AVE !( !( !( !( !( !( !(!( !( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !(!( !(!( !( !( !( !( !( !( !( !( NW 8THAVE !( !(

!( !( !( !( !( !( !( !( !( !( !( !( !(!( !(!( !(!( !( !( !( !( !( !( !( !(!(!( !(!( !( !( !( Dania Beach Boulevard !( !( !( !( !( !( !( !( RD BRYAN !( !( !( !( !( !( !( !( !( !( !( HOLLYWOOD!( !( !( OAKS!( !( !( !( !(DR!( !( !( !( !( !(!(!(!( !(!( !( !(!(!(!(!( !(!(!(!(!(!(!(!(!(!(!(!(!( !(!( !( !( !( !( !( !( !( E DANIA BEACH BLVD !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !(!(!(!( !(!( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !(!( !(!(!(!(!(!( !(!(!(!( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !(!( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !(!(!(!(!(!(!(!(!(!(!(!( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( LAKEE DR !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!( !(!(!(!(!(!( !( !( !( !( !( !( !( SW1ST AVE !( !( !( !( !( !( !( !( !(!( !(!( !( !( !( !( !( !( !( !( !( !( BALBOA!(!( !(!(!( !( ST !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( SE!( PARK!(!(!(!( !(!(!(!( !(ST !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( W MARINA!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!( !(DR!( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !( !( !( !( !( !(!(!(!(!(!( !( !( !(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!( !(!(!(!(!(!( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !(!( !(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !(!(!(!( !( !( !( !( !( !(!(!(!(!( !(!( !(!( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !( SE 1ST!( !( !( !(ST !( !(!(!( !( SW!( !( !(57TH!( !( PL!( !( !( !( !( !( !( !( !( !( !( !( SW 1ST!(!( !( !( !(ST !( !( !( !( !( !( !( !( DE SOTO!( !( ST !( !( !( !( !(!( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !( !( !( !( !( !( !( !( !(!(!(

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!( !( !( WOODLAND LN !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!( !( !( !( !(!( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !(!(!( !( !( !( !( !( !( !(!(!(!(!(!(!(!( !(!(!( !( !( !( !(PARK RD !( !( !( !( !( !( !( !( !( !( !( Legend !(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( SE 1ST!( TER!( !( !( !( !( !( !( !( !(!( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!( !(!(!( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( ELM ST !( !( !( !(!( !( !( !( !( !( !(!(!(!(!(!(!(!( !(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !(!( !( !( !( !( !( !(!(!( !( !( !(!(!(!( !( !( !( !( !(!(!( !( !( !( !( !( !( !( !( !( !(!(!( !( !( !( !( LAGOON DR !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( SW 58TH MNR!(!(!(!(!(!(!(!(!( !( !(!( !( !(!( !( !( !(!(!(!(!( !(!(!(!(!(!( !( !( SW 59TH !(ST !( !( !( !( !( !(!(!(!(!(!( SW 3RD!(AVE !( !(!(!(!(!( !( !( !( !(!(!( !( !( !( !( !( !( !( !(!( !( !( !( !( !(!(!(!(!( !( !( !( !( !( !( !( !(!( !( !( !( !( CT N 32ND !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !(

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!(!(!(!(!(!( !( !( !( !( !( !(!(!(!( !( !(!(!(!(!(!(!(!(!(!( !( !( !( AVE 5THSE Single-Family !( !( !( !( !( !( !( !(!(!(!( !( !( !( !( !(!(!( !( !( !( !( !(!(!(!(!(!( !( !(!( ! !( !( !( !( !( !( ( !( !( !( !( !(!( !( !( !( !( !( !( !( !(!( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !(!(!( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !( !(!( !( !( !( !( !( !(!( !( !( !( !( !(!(!(!(!(!(!( !( !(!( !( !( !( !( !( !( !(!( !(!( !( !( !( !(!( !( !(!(!(!(!( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !(!(!( !( SW 23RDAVE !( !( !( !( !( !( !(!( !( SW 59TH!(!( !( CT!( !( !( SW !(59TH!( !( PL !( !( !( !(!(!(!( !(!(!(!(!(!(!(!( !( !( !( !( !( PERRY ST !( !( !( !( !( !( !(!(!( !( !( STIRLING RD!( !( !( !(!( !(!( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!( !( !(!( !( !( !( !( !( !( !( !( !( !( !(!( !( !(N 36TH AVE!( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !(!( !( !(!( !(!( N 40TH AVE!( !( !(!( !(!( !( !( !(!(!(!( !(!( !( !(!( !(!( !(!(!( !(!( !( !( !( !( SW 20TH WAY !(!( !( !(!(!( !( SE 3RD!(!(!( ST!(!(!(!(!(!( !( !( !( DR BIGCYPRESS !( !(!( !(!( !(!(!( !( !( !( !( !( !(!( !( !( !(!(!(!(!(!( !(!(!(!(!(!(!( Multi-Family !( !( !( Stirling Road !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( SW 3RD!( !( ST!( !( !(!(!(!( ! !( !( !( !( !( ( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !(!(!(!(!( !(!( !( !( !(!(!(!(!( !(!(!(!(!(!(!( !(!( EVANS ST !( !( N!( 41ST!( !( !( !(CT!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!( !(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( N 30TH TER !( !( !( !( !( !(!(!(!(!( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( SW 3RD!(!(!(!( ST!( !( !(!(!(!(!(!(!( !( !( !( !( !( !(!(SE!(!(!(!( !(3RD!(!(!(!(!(!(!(!( !(TER!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !(!(!(!( !( !( !( !( !( !( !( !(!(!(!( !( !(!(!(!( !( N 41ST!( !( !( ST!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !(!( !( !( !( !( !( !( !( !( !(!(!( !( !( ALLEN ST !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!( !(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !(!( !(!( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!( !( !( !( !(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !(!( !( !( !(!(!( !( !( !( !( SE 3RD!( !(!(!(!(!( !(PL!(!( !( Mobile Home !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!( !( !( !( !(!(!( !( !(!(!(!(!(!(!(!(!(

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N 59THN TER RECORD OF DECISION !(!(!(!(!( !( !(!(!(!( !( !( !(!(!(!(!( N 58TH AVE !( !( !( !( !(!(!(!( !( !(!(!(!(!(!(!(!(!( !( !( !( !(!(!(!( !( !( !(!(!( !(!(!(!( !(!( !( !( !( !( !( !(!(!(!(!( !( !( !( !( !( !(!(!( !( !( !( !( !( !( !( Environmental Impact Statement 10/2/2008 Prepared by Landrum & Brown THOMAS ST !( !( !(!(!(!(!(!(!(!(!(!( !( !( !( !( !(!( !( !( !( LEE!( ST!(!(!( !( !(!(!( !( !(!(!(!(!( !( !( !(!( !( !(!( !( !(!( !( !( !( !( !( !( !( !(

N SR7 N FAA's Preferred!(!(!(!(!( !( Alternative!( !( !( !( !( !( (B1b) - !( !( !( !( !(!( !( !( !( !( !( !( !( Filename:C:\Data\env_fll\GIS\GIS\ArcView\ !( !( !( !(!( !( !( !(!(!(!( !( !(!(!(!(!(!(!(!(!( !( !( !( !( !( !(!(!(!( !( !( !( !(!(!(!( !(!(!(!( !( !(!( !(!( !( !( !( !( !( !( !( !( LEE ST !( !( !(!(!( !( !( !( !( !( !( !(!( Thomas Street PARK LN !(!(!( !( !(!(!(!(!(!(!( !( !( !( !( !( !( !(!(!(!(!( !( !( !(!(!( !( 2 !(!(!(!(!( !(!(!( !( THOMAS ST N 28TH AVE !( !(!(!(!(!(!(!( !(!(!(!( !( MXDs\ROD_2_2020 Alternative B1b Contour !(!( !(!(!(!(!(!(!(!(!(!(!( !( !( !(!(!(!( Fort Lauderdale-Hollywood International Airport !(!(!( !( !(!(!(!( !(!( !(!(!( !( !( !(!( !(!(!(!(!(!(!(!( !( !( !(!( !( !( !( !( !( .mxd fll2020b1b SCOTT ST 2020!( Noise!( Exposure!(!(!(!(!( !(!(!(!(!(!(!(!(!(!(!(!( Contour!( !(!(!(!( SCOTT ST !(!(!( !(!(!( !( !(!(!(!( !( !(!(!(!( N14TH AVE !( !( N16TH AVE !( !( !(!( LEE ST !( !(!(!(!(!(!( !( W LAKE DR

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SW 37TH AVE 37TH SW !( TER 38TH SW !( !( !( !( !( !( !(!( !(!( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!( !( !(!( !(!( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !(!(!( !(!( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( SW!( !(46TH!(!(!(!(!( CT !( !( !( !( !( !( !( !( !( !( !(!(!(!(!( !( !( !( !( !( !(!( !( !( !( !(!( !( !(!( !( !( !( !( !( !( !(!(!(!(!(!(!( !( !( !( !( !(!(!(!(!(!( SW 47TH ST 65 DNL New Runway Pavement

!( !( !( !( !(!( AVE 26TH SW !( !( !( !( AVE 35TH SW !( !( !( !( !( !( !( !( !(!(!(!(!(!( !(!(!( !( !( !( !( !( !( !(!(!(!(!( !( !( !(!(!( !(!(!(!(!( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( SERVICE RD !( !( DR 34TH SW !( !( !( !(!( !( !( !( !( !( !( !( !(!(!( !(!(!( !( !( AVE 32ND SW !( !( !( !( !( !( !( !( !( !( !(!(!(!(!( !(!( !( !( TER 29TH SW !(!( !(

SW 33RD AVE 33RD SW !(!(!( !( !( !( SW 34TH AVE 34TH SW !(!(!( !(!( !( NW 10TH ST !(!( !(!(!(!( AVE 25TH SW !( !( !(!(!(!(!( !( !( !( !( !( !( !( !( !( !(!(!( !( !( TER 25TH SW !( !( !( !( !(!(!( !( !( !( !( !( !( !(!(!(!( !( !( AVE 24TH SW !( City Limits !(!(!(!(!( !(!( !( !( !( !( !( !(!( !( !( !( OLD GRIFFIN!(!(!( RD !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( GRIFFIN RD !( !( !(!(!(!(!(!(!(!(!(!(!(!(!( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !( !(!( !( Water !( !(!( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !(!( NW!(!( 9TH!(!(!(!(!(!( ST!(!( !( !( !(!( !( !( !( !( !( !( !( !( !(!(!( !( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !(SW!( 49TH ST !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( I95 !( !(!( !(!( !( !( !( !( !( !( !( !( !(!(!(!( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !(!(!(!(!(!( !( !( !(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( SW 49TH ST !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( FLL Property!( !(!( !(Boundary!(!(!( !( !( !( !( !( !( !( !( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( DANIA!( !( !( BEACH !( !(!( !(!( !( !(!( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !(!(!(!(!( !( !( !(!( !( !( !( !(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( AVE 27TH SW !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!( !(!( !( !( !( !( !( !( !(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!( !(!(!( !( !( !( !( !( !( !( !( !( !( !(!(!(!( !(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( 0 !( 1,500!(!( !( !(!(!(!(!( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !(!( !( !( !( !( !( !( !( !(!(!(!( !( HOLLYWOOD!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !(!( !(!(!( !(!(!( !(!(!( !( !( !( !( !( !(!(!(!( !(!( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(Feet!(!(!(!(!(!(!(!(!(!( !(!( !( !( !( !( !(!(!(!(!( !( !(!(!(!(!( !( !( !( !( !( !( !( !( !( SW TER30TH !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!( !( !( !( !(!(!(!(!(!(!(!(!(!( !( !( !(!(!(!( !(!(!(!( !( !(!(!( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!( !(!(!(!( !( !( !( !( !( !(!( !(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !(!( !( !( !( !( !( !( !( !( !( ANCHOR CT !(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!( !( !( !(!( !( !( !( SW 32NDAVE !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!( !( !( !( !( !(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( LN HIGHBORNE Old Griffin Road !( !(!( !( !(!( !( !(!( !( !(!(!( !( !( !( !( !( !(!(!(!(!(!(!( !( !( !( !(!( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( INAGUA!(!(!(!(!(!(!(!(!( !(ST!(!(!(!(!(!(!( ± !( !( !( !(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !(!(!(!(!(!(!(!(!( !( !( !( !( !( !(!(!(!( !( !( !( SW 32NDTER !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!( !( !( !( !( !(!(!(!( !( !(!(!( !( !( !(!(!( !( !(!( !( !( !( AVE SW 29TH !( !( !(!(!( !(!(!(!(!(!(!(!( !(!( !( !(!(!( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!( !(!(!(!( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!( !( SW 29THTER !( !( !( !( !( !( !(!(!(!(!(!(!( !( !( !(!(!(!(!(!(!( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( MARINER CT !( !(!(!(!(!(!(!(!(!( !(!(!(!(!(!(!(!( !(!( !( !( SW 51ST ST!( !( SW 51ST ST !( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!( !(!(!(!(!(!(!(!(!(!(!(!(!( !(!( !( !(!(!(!( !(!(!( !(!(!( !( !(!(!(!(!(!(!(!( !( !(!(!( !(!(!(!( !(!( !( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !(!(!( !(!(!( JAMAICA ST !( SW 32ND WAY !( !( !( !( !( !(!(!(!( !(!(!(!(!(!( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!( !( !(!( !( !( !( !(!(!(!(!(!(!(!(!(!( !( !( !( AVE 26TH SW !( !( !(!( !(!(!(!(!(!(!(!(!(!(!(!(!(!( Exhibit:

!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( AVE SW 28TH !( !( !(!(!(!( SW TER SW 28TH !( !( !( !( RECORD OF SW 29TH WAY DECISION!( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !(!( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !(!(!( !( !( !(!(!(!(!(!(!(!( !( !( !(!(!(!(!(!(!( !( !( !( !( !( Environmental!( !(!( !(!(!( Impact Statement!( !( !(!(!(!(!( !( 10/2/2008 Prepared!( by Landrum &!( Brown !( !( !( !( !( !( !( !( !( !(!(!(!(SW!(!(!(!(!(!( !(51ST!(!(!(!(!(!(!(!( PL !( !( !( !( !( !( !( !( AVE SW 31ST !( !( !(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( Filename:C:\Data\env_fll\GIS\GIS\ArcView\!( !( !( !( !( !( !( !( !( !( !( !(!(!(!( !( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!( !( !(!( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( TER SW 27TH !(FAA's!( Preferred!( !( Alternative (B1b) – West of FLL !(!(!( !( !( !( !( !( !(!(!(!(!( !( !( !( !( !( !( !( !( !( MXDs\ROD_3_2020!(!(!(!(!(!(!(!(!(!(!( !( Alternative B1b Contour!( !( !( !( !( !(!(!(!(!(!(!(!( !( !( !( !( !(SW!( !( !( 52ND!(!(!(!(!(!(!(!(!( !(ST NW!( 33RD!( !( !(ST!( !( !( !( !( FortHOLLYWOOD Lauderdale-Hollywood!( !( International Airport!( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !(!( !( !( !( !( !( -West of FLL.mxd!( fll_2020b1b !( !(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( SW !(38THAVE !( !( !( !( !( !(!( !( !( !(!(!(!(!(!(!(!(!( SW 51ST ST!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(SW 53RD ST!( !( !( !( !(!(!(!(!(!(!(!(!(!(!( !( SW!( !(52ND!( CT!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( RD BRYAN !( !( !(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!( !( !(!(!(!( !( !(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !(!( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( DANIA !(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !(!(!(!(!(!(!(!(!(!(!( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !(!( !( !( !(!(!( BEACH !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !(!( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( SW 53rd Court !( !( !( !( !( !( !( !( !(!(!(!( !( !( !( !( !( !( !( !( !( !( !(!(!(!( 95 !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!( !(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!( !(!(!(!(!(!(!(!( !( !( !( !(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !(!(!(!(!(!(!(!(!( !( !(!(!(!(!(!(!(!(!(!(!( !( !( !( !( ¨¦§ !( !( !( !( !( !( !(!( !( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( SW 12TH TER SW 39TH ST FORT LAUDERDALE DANIA BEACH MCINTOSH RD

SE 41ST ST SW 40TH ST TERMINAL DR SW 18TH AVE SW 18TH SW 41ST ST LEE WAGENER BLVD Fort Lauderdale - SE 42ND ST Hollywood SW 2ND AVE International Airport

SW 43RD ST

NE 7TH AVE 7TH NE SE 46TH ST

SW 16THAVE TAYLOR RD

E PERIMETER RD

I95 S PERIMETER RD ACCESS RD NW 13TH AVE S FEDERAL HWY I95 NE 10TH ST SERVICE RD NW 10TH ST GRIFFIN RD NAUTILUS ISLE !( !( !( !( !( !( !( !(!( !(!(!(!(!( !( !( !(!( !( !( !(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( 75 DNL !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !(!(!(!(!(!( !( !( !( !( !( !( !(!( !(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( TAYLOR LN !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !(NW!(!(!( 9TH!(!(!(!(!(!( ST!(!( !( !( !( !( !( !( !( !( !( !( !(!(!(!( !(!( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !(!(!(!(!(!( !(!( !( !( !( !( !( !( !( !( !( !( !( !(!( !(!(!(!(!( 70 DNL !( !(!( !( !( !( !(!(!( !( !( !( !( !(!(!(!(!(!(!(!( !(!( !( !( !( NW 8TH ST !( !( NW 8TH!( ST !( !( !( !( !( !( !( !( !( !( !( !(!( !( !(!(!( !( !( !( !(!(!(!(!(!(!(!(!(!( !(!( !( !(!(!(!(!(!( !( !(!(!( !( !( !( !( !( !( !( !( HOLLYWOOD !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !(!( !(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!(!( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!( !( !( 65 DNL !( !( !( !( !( !( !( !( DOMINICA!( !(!(!(!(!(!(!(!(!(!(!(!(!(!( !(ST !( !( !( !( !( NW 7TH ST !( !( !(!(!( !(!(!( !( !( !( !(!(!(!(!( !( !(!(!(!(!(!(!(!(!(!(!(!(!( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!( !(!( !( !( !(!( !( !( !( !( !(!(!( !(!(!(!(!(!(!(!(!(!(!(!(!(!(!( Dania Cut Off Canal !( !(!( !( !(!(!(!(!(!(!(!(!( !(!(!(!(!(!(!( !(!(!(!(!( !(!( !( !( !( !( !( NW 10THAVE NW !( !( !( !(!( !(INAGUA!( !(!(!(!(!(!(!(!(!(!(!( !(ST!(!(!(!(!(!( !( !( !( !( !( !( !( !(!(!( !( !( !( !(!(!(!(!(!(!( OLD GRIFFIN!(!( RD !( !( !( NE 3RD TER !(!(!(!(!(!(!(!(!(!( !(!(!(!(!(!(!(!( !(!( !( !( !( !( !( !( !( !( !(!(!( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( JAMAICA ST !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( DANIA BEACH !( !( !( !( !( !( !( !( !( !( !( !(GULFSTREAM RD !( !( !( !( !( !( !( !( !( !(NW!( !( !(3RD!(!( TER!( !( !( !( !( !( !(!( !( !(!(!( !( !( !( !( !(!( !( !( !( !( !( !(!(!( !(!(!(!( !( !( !(!( !( !( !( !( NE!( !( !(3RD!(!( !(!( !(ST!( !( !(!(!(!( !( NE1ST CT !( !( West !( !( !( !( !( !( NW!( 3RD!( !( !(ST!(!(!(!( !(NW!( 3RD!( !( !( ST!( !(!(!( !( !( !( !( Lake !( !(!(!(!( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!( Park !( !( !( !( !( !(!(!(!(!(!( !(!( !(CT 2ND NE !(!(!(!( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( NE!(!( 2ND!(!(!(!( !(PL!(!(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( AVE 3RD NE !( !( !(!(!(!( !(!( !(!( !( !( !( !( !( !( !( !( !( !( !( !( AVE 2ND NE !( !( !( !( !(!(!(!(!( !( !( !(!( !(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!( !( !( !( !( !( NE 2ND ST !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( Legend !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( NW 2ND ST !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( NE1ST CT !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( Single-Family !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( (! !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( 95 !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(

!( !( HWY FEDERAL N !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!(!( Multi-Family § !( !( !( !( AVE 12TH NW !( !( !( NW!( 7THAVE !( !( !( !( !( !(!(!(!( !( (! ¨¦ !( !( !( !( !( !( !( !( !( !( !( !( !( !( NW 4TH AVE !(!(!( !( !( !( !( !( !( !(!(!(!( !( !( !( NE!( 1ST!(!( ST!(!( !( !( !( !(!( !( !(!(!(!( !( !( !( !( !( !(!(!(!( !( Mobile Home !( !( !( !( !( !( !( !( !( !( !(!(!(!( !( (! NW 1ST!( ST !( AVE 1ST NW !( !( !( !( !( NW 5THAVE !(!(!( !(!(!( !(!(!( !( NW!( 8THAVE !( !( !( NW 6THAVE !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!( !( !( !( !( !( !( !( !( NE!( 1ST TER !(!(!(!( !( NW 14THNW WAY !( !( !(!( !( !( !( !( !( !( New Runway Pavement !( !( !( !( NW HILL ST !(

BRYAN RD BRYAN !( !( !( !( !(!(!( !( !( !( !( AVE 1ST NE

!( !( !( !( !( !( !( !( !( !( !( 10THCT NW !( !( !( !( !( !( City Limits !( !(!(!( !(!( !( !( !( E DANIA BEACH BLVD Dania Beach Boulevard !( !(!( !( !( !( !( W DANIA BEACH BLVD!( !( !( !(!( Water W DANIA BEACH BLVD !( !( !( !( !( !( !(!(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!(!(!( !(!(!(!(!( FLL Property Boundary !( !( !( !( !( S FEDERAL HWY !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !( SW1ST AVE !(!(!(!(!(!( !(!(!( !( !( !( !( !( !( !( !( !( !( SW12TH AVE !( !( !( !( !( !(!(!( !( !( !( !( !( !( !( !( SE 1ST!( !( !(ST!( !(!( !(!( SW 1ST!( ST!( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( 0 1,500 !(!(!( !( !( SW 4THAVE !( !( !( !( !( !( !( !( !(!(!( !( !( !( SW1ST CT !( !( !( !( !( !( !( !( !( !( !( Feet STIRLING RD RAMP !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(!( !( !( !( !( !( !( !( !( !( !( !( !( !( !( !(

!( !( AVE 3RD SE !( !( !( !( !( !( !( !( !( SW 3RD AVE DANIA!( !( !( !( !( !(!(!( !(!( !( !( !( !( ± !( !( !( !(

!( !( !( AVE 5TH SE !( !(!(!(!( !( !( !( !(!( !( !( !( !( !(!( !( !( !( BEACH !( !( !( !( !(!(!(!(!(!( !( !( !( !( Exhibit: STIRLING RD !(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( RECORD OF!( DECISION!( !(!(!(!(!(!( !( !(!(!(!(!( Environmental Impact Statement !( 10/2/2008!( Prepared!( by Landrum & Brown!( !( !( !( !( !( !( !( !( !( !( !( SE 2ND TER Filename:C:\Data\env_fll\GIS\GIS\ArcView\!( !(!(!(!(!(!(!( !( !(!(!(!(!( !( !( !( !( !( !( !( !( !( !( MXDs\ROD_4_2020!( !(!( lternative B1b!( Contour-!( !( !( !( FAA's!( Preferred Alternative (B1b) – South of FLL 4

!( RD PHIPPEN !( !( !( Fort Lauderdale-Hollywood International Airport !( !( !(!( !(!(!(!(!(!( !( !( !( !( !( South!( of FLL.mxd fll_2020b1b!( !( !( !(!(!(!(!(!(!( !( !( !( !( !(!( !( !( !( !( !( !( !(!( !( !(!(!( !( !( SE 3RD!(!(!(!( !(ST!( !(!(!(!(!(!( !( HOLLYWOOD !(!( !( !( SW 3RD !(ST !( !(!(!(!(!(!(!(!(!(!( !(!(!(!( SW 2ND PL !( !( !( !( !( !( !( !(!(!(!( !(!( !( !( !( !(!(!(!(!( !(!(!(!(!(!( !( !( !( !(!( !( !( !( !( !( !( !(!( !( !( !( !(!(!(!(!(!(!(!(!(!( !(!(!(!(!( !( !( !( !( !( !( !( !( !(!(!(!(!(!( !( !( !( !( !(!(!( !( !( !( !(!(!(!(!(!(!( !( !( !( !( !( !(!(!(!(!(!(!(!( !(!(!(!(!(!(!(!(!(!( !(!(!( !(!(!( !( !( !( !( !( !( !( !(!(!(!( !( !(!( !( !(!( !( !( !( !( !( !( !( !( !(!( !( !( !( !(!(!(!(!(!(!(!(!(!(!( !( !( !( !( !( !( !( !(!(!(!(!(!(!(!(!(!( !(!(!(!(!(!(!(!(!(!( !( !( !(!(!(!(!(!(!(!(!( !( !( !( !(!(!(!( !( !( !( !( !(!(!( !( !( !( !(!(!(!(!(!(!( !(!(!( !( !( !( !( !(!( !( !(!(!(!(!(!(!(!(!(!( !(!(!( !( !( !( !( !( !( !(!(!(!( !(!(!(!(!( !( !( !( !( !( !( !( !( !( !( !( !(!(!( !( !( !(!(!( !( !( !( !( !(

STUDY AREA MAP

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SIMPLE REGRESSION – SUMMARY INPUT TABLE

Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 2624 KEY LARGO LN 1,990 $ 130,000 09/01/1992$ 65.33 Outside 2500 SW 34 AVE 1,368 $ 65,000 09/01/1992$ 47.51 Outside 5201 SW 31 AVE 1,471 $ 75,000 09/01/1992$ 50.99 Outside 919 NAUTILUS ISLE 1,990 $ 130,000 09/01/1992$ 65.33 Outside 2417 CAT CAY LN 1,954 $ 60,000 10/01/1992$ 30.71 Outside 2472 SW 30 AVE 3,128 $ 165,000 10/01/1992$ 52.75 Outside 4549 SW 34 TER 2,247 $ 110,000 11/01/1992$ 48.95 Outside 5534 SW 28 TER 990 $ 65,000 11/01/1992$ 65.66 Outside 2530 WHALE HARBOR LN 2,499 $ 156,000 12/01/1992$ 62.42 Outside 5870 SW 33 AVE 3,967 $ 134,000 12/01/1992$ 33.78 Outside 3910 SW 56 ST 3,389 $ 241,000 12/01/1992$ 71.11 Outside 1101 SW 31 ST 1,553 $ 63,400 01/01/1993$ 40.82 Outside 1071 SW 31 ST 1,202 $ 69,000 01/01/1993$ 57.40 Outside 4433 SW 37 AVE 1,554 $ 148,000 01/01/1993$ 95.24 Outside 4930 SW 28 AVE 1,534 $ 70,000 01/01/1993$ 45.63 Outside 4991 SW 29 WAY 1,815 $ 88,000 01/01/1993$ 48.48 Outside 2550 RIVERLANE TER 3,809 $ 325,000 02/01/1993$ 85.32 Outside 4632 SW 38 TER 1,891 $ 115,000 02/01/1993$ 60.81 Outside 2701 SW 58 MNR 1,229 $ 73,000 03/01/1993$ 59.40 Outside 613 NW 10 ST 1,752 $ 70,000 03/01/1993$ 39.95 Outside 4540 SW 30 WAY 1,901 $ 87,500 04/01/1993$ 46.03 Outside 2611 SW 50 ST 1,333 $ 55,000 04/01/1993$ 41.26 Outside 2636 SUGARLOAF LN 1,576 $ 187,000 05/01/1993$ 118.65 Outside 2431 WHALE HARBOR LN 2,199 $ 100,000 05/01/1993$ 45.48 Outside 4641 SW 25 AVE 1,398 $ 60,000 05/01/1993$ 42.92 Outside 1309 NW 10 ST 1,430 $ 105,000 05/01/1993$ 73.43 Outside 2811 SW 9 AVE 1,201 $ 67,500 06/01/1993$ 56.20 Outside 5811 SW 36 TER 3,407 $ 228,000 06/01/1993$ 66.92 Outside 4984 SW 24 AVE 1,122 $ 64,000 06/01/1993$ 57.04 Outside 22 NW 14 AVE 954 $ 12,000 06/01/1993$ 12.58 Outside 814 NW 10 AVE 1,538 $ 96,000 06/01/1993$ 62.42 Outside 819 SW 28 ST 939 $ 63,000 07/01/1993$ 67.09 Outside 2406 SUGARLOAF LN 2,075 $ 99,000 08/01/1993$ 47.71 Outside 1668 SW 24 ST 644 $ 45,500 08/01/1993$ 70.65 Outside 5811 SW 37 AVE 3,018 $ 195,000 08/01/1993$ 64.61 Outside 4885 SW 24 AVE 1,181 $ 59,000 08/01/1993$ 49.96 Outside 2821 SW 58 MNR 1,505 $ 86,500 09/01/1993$ 57.48 Outside 2543 OKEECHOBEE LN 1,489 $ 134,000 10/01/1993$ 89.99 Outside 2545 RIVERLANE TER 3,815 $ 375,000 10/01/1993$ 98.30 Outside 4614 SW 30 WAY 2,019 $ 132,000 10/01/1993$ 65.38 Outside 5516 SW 28 TER 1,080 $ 77,000 10/01/1993$ 71.30 Outside 2518 OKEECHOBEE LN 1,557 $ 154,000 11/01/1993$ 98.91 Outside 3420 RIVERLAND RD 1,494 $ 80,000 11/01/1993$ 53.55 Outside 5840 SW 37 TER 4,467 $ 346,300 11/01/1993 $ 77.52 Outside 2643 NASSAU LN 1,877 $ 125,000 12/01/1993$ 66.60 Outside 2764 SW 46 CT 1,262 $ 56,000 12/01/1993$ 44.37 Outside 2805 SW 58 MNR 1,516 $ 83,000 12/01/1993$ 54.75 Outside 525 NE 3 ST 2,715 $ 123,000 12/01/1993$ 45.30 Outside 684 NE 1 ST 1,629 $ 95,000 12/01/1993$ 58.32 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 5038 SW 40 AVE 1,275 $ 65,000 01/01/1994$ 50.98 Outside 2407 NASSAU LN 2,268 $ 122,100 02/01/1994$ 53.84 Outside 2637 OKEECHOBEE LN 1,564 $ 165,000 02/01/1994$ 105.50 Outside 180 NE 6 CT 1,578 $ 86,000 02/01/1994$ 54.50 Outside 4640 SW 28 WAY 1,964 $ 90,000 03/01/1994$ 45.82 Outside 4944 SW 26 TER 1,372 $ 77,000 03/01/1994$ 56.12 Outside 5191 SW 28 AVE 2,100 $ 87,000 03/01/1994$ 41.43 Outside 821 NW 7 AVE 1,590 $ 122,500 04/01/1994$ 77.04 Outside 617 NE 2 ST 1,956 $ 110,000 04/01/1994$ 56.24 Outside 2431 SW 28 AVE 3,409 $ 344,500 05/01/1994$ 101.06 Outside 1420 SW 28 ST 793 $ 57,000 05/01/1994$ 71.88 Outside 4530 SW 34 DR 1,702 $ 135,000 05/01/1994 $ 79.32 Outside 5951 SW 32 TER 3,890 $ 210,000 05/01/1994$ 53.98 Outside 2716 SW 46 PL 1,387 $ 70,200 06/01/1994$ 50.61 Outside 5765 PARK RD 1,194 $ 73,000 06/01/1994$ 61.14 Outside 2630 MARATHON LN 1,796 $ 120,000 07/01/1994$ 66.82 Outside 4761 SW 24 AVE 1,657 $ 71,100 07/01/1994$ 42.91 Outside 642 NE 2 PL 2,209 $ 130,000 07/01/1994$ 58.85 Outside 525 NW 10 ST 1,431 $ 50,000 08/01/1994$ 34.94 Outside 5200 SW 28 TER 1,901 $ 90,500 09/01/1994$ 47.61 Outside 3121 SW 44 ST 2,007 $ 151,500 10/01/1994$ 75.49 Outside 114 NW 11 AVE 2,906 $ 67,000 10/01/1994$ 23.06 Outside 5810 SW 37 AVE 2,625 $ 170,000 10/27/1994 $ 64.76 Outside 174 NE 6 CT 1,754 $ 95,500 11/01/1994$ 54.45 Outside 2530 GULFSTREAM LN 1,605 $ 160,000 11/23/1994$ 99.69 Outside 4481 SW 35 AVE 2,170 $ 161,500 12/02/1994$ 74.42 Outside 1930 SW 28 ST 3,292 $ 100,000 12/13/1994$ 30.38 Outside 2624 SW 49 CT 1,273 $ 68,500 12/30/1994$ 53.81 Outside 3951 SW 56 CT 2,820 $ 58,000 01/09/1995$ 20.57 Outside 2420 SW 15 AVE 714 $ 29,500 02/01/1995$ 41.32 Outside 4617 SW 35 AVE 2,827 $ 155,000 02/06/1995$ 54.83 Outside 5201 SW 31 AVE 1,353 $ 73,500 03/02/1995$ 54.32 Outside 638 NE 2 PL 1,922 $ 118,000 03/17/1995$ 61.39 Outside 119 SE 1 AVE 710 $ 260,000 03/29/1995$ 366.20 Outside 5500 WOODLAND LN 3,081 $ 30,000 04/04/1995 $ 9.74 Outside 5628 PARK RD 1,320 $ 83,000 04/26/1995$ 62.88 Outside 185 NE 6 CT 1,677 $ 94,000 04/28/1995$ 56.05 Outside 5821 SW 37 AVE 2,810 $ 187,000 05/12/1995$ 66.55 Outside 40 NW 13 AVE 1,248 $ 55,000 05/23/1995$ 44.07 Outside 2406 OKEECHOBEE LN 1,357 $ 118,000 05/26/1995$ 86.96 Outside 189 NE 6 CT 1,681 $ 89,500 06/01/1995$ 53.24 Outside 2543 SUGARLOAF LN 1,449 $ 108,000 06/13/1995$ 74.53 Outside 1101 SW 32 CT 1,075 $ 75,000 06/28/1995$ 69.77 Outside 838 ARGONAUT ISLE 1,450 $ 95,000 06/30/1995$ 65.52 Outside 5201 SW 31 AVE 1,485 $ 80,000 08/24/1995$ 53.87 Outside 2631 TORTUGAS LN 2,170 $ 152,500 08/31/1995$ 70.28 Outside 2620 SW 34 AVE 2,273 $ 105,400 09/08/1995$ 46.37 Outside 1421 ARGONAUT ISLE 1,958 $ 181,000 09/18/1995$ 92.44 Outside 4640 SW 34 AVE 1,241 $ 78,000 09/21/1995$ 62.85 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 5597 PARK RD 1,080 $ 77,000 09/22/1995$ 71.30 Outside 5201 SW 31 AVE 1,353 $ 81,000 09/27/1995$ 59.87 Outside 2443 NASSAU LN 1,527 $ 136,000 09/29/1995$ 89.06 Outside 4341 SW 34 LN 2,000 $ 135,000 09/29/1995$ 67.50 Outside 208 NE 2 CT 1,939 $ 119,500 10/19/1995$ 61.63 Outside 3360 SW 44 ST 1,495 $ 88,000 11/01/1995$ 58.86 Outside 4966 SW 25 AVE 1,130 $ 65,000 11/09/1995$ 57.52 Outside 2436 SW 30 TER 3,043 $ 200,000 11/20/1995$ 65.72 Outside 2418 KEY LARGO LN 1,284 $ 131,000 11/21/1995$ 102.02 Outside 630 NE 3 ST 2,098 $ 118,000 12/01/1995$ 56.24 Outside 1261 SW 32 ST 1,480 $ 112,000 12/05/1995$ 75.68 Outside 292 NW 13 CT 1,160 $ 32,000 12/07/1995 $ 27.59 Outside 1370 NW 3 ST 1,160 $ 32,000 12/07/1995$ 27.59 Outside 4470 SW 34 AVE 1,497 $ 84,000 12/14/1995$ 56.11 Outside 1421 NAUTILUS ISLE 1,357 $ 130,000 12/18/1995$ 95.80 Outside 807 SW 27 ST 939 $ 69,300 01/04/1996$ 73.80 Outside 815 SW 27 ST 1,336 $ 87,900 01/10/1996$ 65.79 Outside 4581 SW 38 TER 1,823 $ 138,900 01/24/1996$ 76.19 Outside 1431 SW 27 CT 933 $ 35,300 02/20/1996$ 37.83 Outside 5613 PARK RD 1,029 $ 73,000 02/20/1996$ 70.94 Outside 5196 SW 28 AVE 1,457 $ 93,000 02/22/1996$ 63.83 Outside 3031 SW 47 ST 1,482 $ 62,100 02/29/1996$ 41.90 Outside 4641 SW 34 AVE 1,681 $ 136,000 03/25/1996 $ 80.90 Outside 4433 SW 34 TER 1,753 $ 93,500 03/27/1996$ 53.34 Outside 5421 SHADY OAK LN 3,904 $ 450,000 03/27/1996$ 115.27 Outside 1311 SW 30 ST 887 $ 45,000 03/29/1996$ 50.73 Outside 614 NW 8 ST 1,290 $ 82,000 04/26/1996$ 63.57 Outside 2435 RIVERLANE TER 4,141 $ 230,000 05/08/1996$ 55.54 Outside 2507 TORTUGAS LN 1,689 $ 150,000 05/10/1996$ 88.81 Outside 629 NE 2 PL 1,968 $ 133,000 05/10/1996$ 67.58 Outside 3211 SW 9 AVE 1,340 $ 64,900 05/13/1996$ 48.43 Outside 2648 MARATHON LN 2,740 $ 192,500 05/21/1996$ 70.26 Outside 2542 SUGARLOAF LN 2,854 $ 193,500 05/22/1996$ 67.80 Outside 1430 SW 29 ST 1,115 $ 60,000 05/24/1996 $ 53.81 Outside 4630 SW 30 WAY 2,180 $ 150,000 05/28/1996$ 68.81 Outside 214 NE 2 CT 1,924 $ 118,500 05/28/1996$ 61.59 Outside 4700 SW 25 TER 1,342 $ 70,000 05/29/1996$ 52.16 Outside 5823 PARK RD 1,194 $ 80,500 05/30/1996$ 67.42 Outside 5201 SW 31 AVE 1,411 $ 75,000 06/11/1996$ 53.15 Outside 2741 SW 12 TER 1,233 $ 77,000 07/18/1996$ 62.45 Outside 3821 SW 47 CT 2,770 $ 155,000 07/19/1996$ 55.96 Outside 5820 SW 36 TER 3,481 $ 250,000 07/31/1996$ 71.82 Outside 5310 SW 34 TER 2,606 $ 185,900 07/31/1996$ 71.34 Outside 5287 SW 34 TER 2,231 $ 176,600 07/31/1996$ 79.16 Outside 5298 SW 34 TER 2,870 $ 195,000 08/06/1996 $ 67.94 Outside 203 NE 3 AVE 1,158 $ 105,500 08/06/1996$ 91.11 Outside 5312 SW 34 WAY 2,231 $ 169,900 08/20/1996$ 76.15 Outside 3471 SW 52 ST 2,231 $ 155,200 08/21/1996$ 69.57 Outside 807 SW 26 CT 1,263 $ 90,500 08/23/1996$ 71.65 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 4495 SW 38 TER 1,569 $ 135,000 08/23/1996$ 86.04 Outside 4621 SW 25 TER 1,711 $ 85,000 08/26/1996$ 49.68 Outside 3040 SW 47 ST 1,486 $ 52,000 08/26/1996$ 34.99 Outside 5201 SW 31 AVE 1,353 $ 85,000 08/26/1996$ 62.82 Outside 2413 SW 34 AVE 1,278 $ 75,800 08/27/1996$ 59.31 Outside 204 NE 2 AVE 1,897 $ 36,000 08/28/1996$ 18.98 Outside 2612 FLAMINGO LN 1,550 $ 110,000 08/30/1996$ 70.97 Outside 5921 SW 36 TER 2,674 $ 189,000 08/30/1996$ 70.68 Outside 5322 SW 34 TER 2,305 $ 180,400 08/30/1996$ 78.26 Outside 814 ARGONAUT ISLE 2,031 $ 169,900 08/30/1996$ 83.65 Outside 2518 SUGARLOAF LN 1,627 $ 157,500 09/05/1996$ 96.80 Outside 3453 SW 53 CT 2,227 $ 204,900 09/12/1996 $ 92.01 Outside 3480 SW 52 ST 2,231 $ 158,000 09/30/1996$ 70.82 Outside 120 NW 13 AVE 1,177 $ 58,000 10/08/1996$ 49.28 Outside 1260 SW 29 ST 1,302 $ 68,000 10/10/1996$ 52.23 Outside 2652 FLAMINGO LN 1,691 $ 215,000 10/11/1996$ 127.14 Outside 5323 SW 34 TER 3,198 $ 217,000 10/11/1996$ 67.85 Outside 5335 SW 34 TER 3,198 $ 226,800 10/22/1996$ 70.92 Outside 3349 LAUREL OAK ST 4,198 $ 405,000 10/23/1996$ 96.47 Outside 3491 SW 52 ST 2,886 $ 215,300 10/24/1996$ 74.60 Outside 3311 SW 58 ST 7,327 $ 480,000 10/29/1996$ 65.51 Outside 5641 OAKVIEW TER 4,714 $ 528,700 10/29/1996$ 112.16 Outside 5311 SW 34 TER 3,198 $ 245,100 10/31/1996 $ 76.64 Outside 5372 SW 34 WAY 3,198 $ 278,000 11/05/1996$ 86.93 Outside 5359 SW 34 TER 2,231 $ 182,700 11/07/1996$ 81.89 Outside 5538 SW 28 TER 1,080 $ 80,000 11/07/1996$ 74.07 Outside 4417 SW 38 TER 2,519 $ 159,900 11/11/1996$ 63.48 Outside 3156 SW 49 ST 1,042 $ 92,100 11/13/1996$ 88.39 Outside 2412 NASSAU LN 2,432 $ 159,000 11/14/1996$ 65.38 Outside 5201 SW 31 AVE 1,353 $ 81,500 11/15/1996$ 60.24 Outside 3120 SW 49 ST 1,042 $ 87,600 11/18/1996$ 84.07 Outside 3132 SW 49 ST 1,051 $ 89,900 11/18/1996$ 85.54 Outside 225 NW 8 AVE 1,158 $ 69,500 11/18/1996$ 60.02 Outside 5264 SW 34 WAY 2,360 $ 195,500 11/19/1996 $ 82.84 Outside 4913 SW 31 TER 1,051 $ 85,800 11/19/1996$ 81.64 Outside 4909 SW 31 TER 1,042 $ 92,200 11/19/1996$ 88.48 Outside 3160 SW 49 ST 1,042 $ 88,500 11/19/1996$ 84.93 Outside 4946 SW 32 AVE 1,111 $ 101,900 11/19/1996$ 91.72 Outside 5040 SW 32 WAY 1,985 $ 136,900 11/22/1996$ 68.97 Outside 118 SW 5 CT 1,078 $ 39,300 11/22/1996$ 36.46 Outside 2519 MARATHON LN 1,550 $ 140,000 11/23/1996$ 90.32 Outside 5072 SW 32 WAY 2,212 $ 154,800 11/26/1996$ 69.98 Outside 4942 SW 31 TER 1,027 $ 84,800 12/03/1996$ 82.57 Outside 4950 SW 31 TER 1,053 $ 82,100 12/06/1996$ 77.97 Outside 4955 SW 32 AVE 1,111 $ 93,600 12/09/1996$ 84.25 Outside 4955 SW 31 TER 1,042 $ 84,900 12/10/1996$ 81.48 Outside 4921 SW 31 TER 1,022 $ 86,700 12/10/1996$ 84.83 Outside 4932 SW 31 TER 1,027 $ 80,600 12/11/1996$ 78.48 Outside 4911 SW 32 AVE 1,085 $ 97,100 12/11/1996$ 89.49 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 208 SE 1 TER 1,566 $ 90,000 12/16/1996$ 57.47 Outside 4956 SW 32 AVE 1,304 $ 113,900 12/17/1996$ 87.35 Outside 4978 SW 32 AVE 1,304 $ 109,700 12/17/1996$ 84.13 Outside 4998 SW 32 AVE 1,265 $ 107,300 12/18/1996$ 84.82 Outside 4959 SW 32 AVE 1,111 $ 93,600 12/18/1996$ 84.25 Outside 614 NE 2 PL 1,435 $ 97,800 12/18/1996$ 68.15 Outside 4920 SW 31 TER 1,053 $ 82,900 12/19/1996$ 78.73 Outside 5358 SW 34 TER 2,886 $ 190,000 12/23/1996$ 65.84 Outside 3261 SW 51 ST 2,148 $ 153,000 12/23/1996$ 71.23 Outside 3281 SW 51 ST 2,212 $ 150,800 12/23/1996$ 68.17 Outside 2512 SW 55 ST 1,294 $ 83,000 12/23/1996$ 64.14 Outside 4964 SW 33 AVE 1,985 $ 132,000 12/24/1996 $ 66.50 Outside 4952 SW 31 TER 1,051 $ 84,100 12/26/1996$ 80.02 Outside 4907 SW 32 AVE 1,265 $ 99,500 12/26/1996$ 78.66 Outside 5345 SW 34 AVE 3,198 $ 204,000 12/27/1996$ 63.79 Outside 3030 RIVERLAND RD 1,709 $ 132,000 12/31/1996$ 77.24 Outside 2164 SW 47 ST 2,260 $ 85,000 12/31/1996$ 37.61 Outside 4954 SW 33 AVE 2,212 $ 140,900 12/31/1996$ 63.70 Outside 1825 SW 30 ST 2,126 $ 115,000 01/02/1997$ 54.09 Outside 4934 SW 33 AVE 2,212 $ 143,000 01/08/1997$ 64.65 Outside 3252 SW 51 ST 3,198 $ 272,600 01/15/1997$ 85.24 Outside 4764 SW 35 AVE 1,984 $ 125,000 01/21/1997$ 63.00 Outside 2524 GULFSTREAM LN 1,444 $ 172,000 01/24/1997 $ 119.11 Outside 4999 SW 32 AVE 1,269 $ 99,200 01/27/1997$ 78.17 Outside 1416 SW 27 ST 922 $ 58,000 01/28/1997$ 62.91 Outside 144 SE 3 AVE 2,131 $ 169,000 01/30/1997$ 79.31 Outside 2489 CAT CAY LN 1,403 $ 59,700 01/31/1997$ 42.55 Outside 4918 SW 33 AVE 2,148 $ 147,000 02/06/1997$ 68.44 Outside 2425 MARATHON LN 1,494 $ 160,000 02/20/1997$ 107.10 Outside 5665 LIVE OAK TER 3,866 $ 425,900 02/21/1997$ 110.17 Outside 4943 SW 31 TER 1,042 $ 90,300 02/25/1997$ 86.66 Outside 5284 SW 34 AVE 3,198 $ 236,500 02/27/1997$ 73.95 Outside 5911 SW 33 TER 4,791 $ 428,000 03/10/1997$ 89.33 Outside 4979 SW 31 TER 1,042 $ 92,200 03/11/1997 $ 88.48 Outside 3312 SW 51 ST 2,231 $ 199,400 03/12/1997$ 89.38 Outside 2442 WHALE HARBOR LN 2,211 $ 137,500 03/13/1997$ 62.19 Outside 1401 SW 32 ST 2,198 $ 37,500 03/14/1997$ 17.06 Outside 3448 SW 51 ST 1,985 $ 141,500 03/17/1997$ 71.28 Outside 3350 SW 50 ST 2,212 $ 138,000 03/21/1997$ 62.39 Outside 5560 SW 28 TER 1,080 $ 84,000 03/26/1997$ 77.78 Outside 4495 TREASURE COVE DR 1,002 $ 67,000 03/27/1997$ 66.87 Outside 2443 OKEECHOBEE LN 1,553 $ 158,000 03/28/1997$ 101.74 Outside 3380 SW 50 ST 1,985 $ 151,100 03/28/1997$ 76.12 Outside 1200 SW 28 ST 1,265 $ 70,000 04/03/1997$ 55.34 Outside 5073 SW 28 AVE 1,598 $ 92,000 04/04/1997 $ 57.57 Outside 3116 SW 50 ST 1,042 $ 85,000 04/09/1997$ 81.57 Outside 2454 SUGARLOAF LN 2,528 $ 131,000 04/14/1997$ 51.82 Outside 4516 SW 34 TER 1,479 $ 85,000 04/15/1997$ 57.47 Outside 5201 SW 31 AVE 1,353 $ 70,000 04/17/1997$ 51.74 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 3361 SW 52 CT 2,231 $ 162,400 04/25/1997$ 72.79 Outside 3150 SW 50 ST 1,042 $ 89,000 04/25/1997$ 85.41 Outside 3104 SW 50 ST 1,053 $ 84,400 04/28/1997$ 80.15 Outside 3232 SW 51 ST 2,231 $ 190,400 04/29/1997$ 85.34 Outside 4971 SW 32 AVE 1,111 $ 93,700 04/29/1997$ 84.34 Outside 4696 SW 35 AVE 1,837 $ 124,000 04/30/1997$ 67.50 Outside 5330 SW 33 WAY 2,606 $ 192,200 04/30/1997$ 73.75 Outside 4956 SW 31 TER 1,053 $ 79,100 04/30/1997$ 75.12 Outside 5220 SW 26 AVE 1,914 $ 112,000 04/30/1997$ 58.52 Outside 5636 OAKMONT AVE 4,397 $ 517,000 05/06/1997$ 117.58 Outside 3433 SW 52 CT 3,198 $ 224,600 05/07/1997$ 70.23 Outside 4934 SW 32 AVE 1,111 $ 102,500 05/09/1997 $ 92.26 Outside 3480 SW 51 ST 2,148 $ 148,000 05/15/1997$ 68.90 Outside 2550 SW 29 WAY 2,982 $ 167,000 05/16/1997$ 56.00 Outside 3261 SW 53 ST 2,872 $ 277,100 05/23/1997$ 96.48 Outside 3184 SW 50 ST 1,042 $ 86,200 05/27/1997$ 82.73 Outside 4971 SW 31 TER 1,025 $ 91,300 05/27/1997$ 89.07 Outside 3165 SW 50 ST 1,042 $ 89,200 06/03/1997$ 85.60 Outside 2619 WHALE HARBOR LN 2,532 $ 240,000 06/04/1997$ 94.79 Outside 5041 SW 29 AVE 1,914 $ 90,000 06/05/1997$ 47.02 Outside 3349 SW 44 CT 1,573 $ 115,000 06/06/1997$ 73.11 Outside 5357 SW 34 AVE 3,198 $ 205,000 06/06/1997$ 64.10 Outside 3120 SW 50 ST 1,051 $ 83,500 06/06/1997 $ 79.45 Outside 2625 MARATHON LN 1,344 $ 156,000 06/09/1997$ 116.07 Outside 4927 SW 32 WAY 2,147 $ 136,000 06/12/1997$ 63.34 Outside 3324 OAK HILL ST 3,392 $ 349,000 06/16/1997$ 102.89 Outside 3135 SW 50 ST 1,051 $ 86,400 06/23/1997$ 82.21 Outside 3176 SW 49 ST 1,025 $ 89,500 06/23/1997$ 87.32 Outside 5017 SW 33 AVE 2,212 $ 151,800 06/24/1997$ 68.63 Outside 4970 SW 34 TER 1,985 $ 156,000 06/25/1997$ 78.59 Outside 3251 SW 53 ST 2,886 $ 239,300 06/27/1997$ 82.92 Outside 4975 SW 32 AVE 1,111 $ 92,300 06/30/1997$ 83.08 Outside 3416 SW 49 ST 2,212 $ 206,600 07/02/1997$ 93.40 Outside 2537 KEY LARGO LN 1,325 $ 102,000 07/03/1997 $ 76.98 Outside 4957 SW 33 TER 1,985 $ 136,900 07/03/1997$ 68.97 Outside 2549 TORTUGAS LN 2,217 $ 190,000 07/07/1997$ 85.70 Outside 2431 MARATHON LN 2,802 $ 132,000 07/11/1997$ 47.11 Outside 3301 SW 53 ST 3,411 $ 278,000 07/15/1997$ 81.50 Outside 5145 SW 26 AVE 1,622 $ 97,000 07/17/1997$ 59.80 Outside 3362 SW 51 ST 2,886 $ 242,000 07/18/1997$ 83.85 Outside 5637 PARK RD 1,194 $ 78,000 07/21/1997$ 65.33 Outside 3142 SW 50 ST 1,051 $ 85,000 07/23/1997$ 80.88 Outside 3188 SW 50 ST 1,025 $ 85,000 07/23/1997$ 82.93 Outside 4975 SW 34 TER 1,985 $ 135,000 07/25/1997$ 68.01 Outside 614 NW 7 ST 2,413 $ 97,000 07/25/1997 $ 40.20 Outside 2554 OKEECHOBEE LN 2,373 $ 185,000 08/01/1997$ 77.96 Outside 4950 SW 34 TER 2,212 $ 175,500 08/05/1997$ 79.34 Outside 4914 SW 33 AVE 1,985 $ 139,000 08/07/1997$ 70.03 Outside 3336 OAK HILL ST 3,882 $ 398,000 08/21/1997$ 102.52 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 3340 SW 50 ST 2,148 $ 159,800 08/25/1997$ 74.39 Outside 4907 SW 33 TER 2,212 $ 144,000 08/26/1997$ 65.10 Outside 3369 SW 50 ST 2,148 $ 152,000 08/28/1997$ 70.76 Outside 2701 SW 58 MNR 1,533 $ 107,000 09/02/1997$ 69.80 Outside 5895 SW 32 TER 3,519 $ 184,000 09/03/1997$ 52.29 Outside 4908 SW 33 WAY 1,985 $ 144,000 09/03/1997$ 72.54 Outside 3372 SW 49 ST 1,985 $ 170,200 09/05/1997$ 85.74 Outside 3201 SW 51 ST 3,198 $ 215,000 09/08/1997$ 67.23 Outside 4944 SW 34 TER 1,985 $ 157,000 09/17/1997$ 79.09 Outside 3220 SW 50 ST 1,125 $ 100,300 09/17/1997$ 89.16 Outside 2466 SW 54 ST 1,276 $ 79,900 09/18/1997$ 62.62 Outside 5633 LIVE OAK TER 4,793 $ 470,500 09/19/1997 $ 98.16 Outside 3154 SW 50 ST 1,051 $ 87,900 09/22/1997$ 83.63 Outside 5029 SW 32 TER 1,304 $ 108,100 09/22/1997$ 82.90 Outside 4471 SW 34 DR 1,615 $ 121,500 09/23/1997$ 75.23 Outside 3454 SW 53 CT 2,606 $ 160,700 09/24/1997$ 61.67 Outside 4983 SW 32 AVE 1,098 $ 91,100 09/25/1997$ 82.97 Outside 5009 SW 32 TER 1,309 $ 102,500 09/25/1997$ 78.30 Outside 5005 SW 32 TER 1,309 $ 103,300 09/25/1997$ 78.92 Outside 5001 SW 32 TER 1,111 $ 95,900 09/25/1997$ 86.32 Outside 4633 SW 28 WAY 1,597 $ 75,000 09/29/1997$ 46.96 Outside 1209 SW 31 ST 987 $ 65,000 09/30/1997$ 65.86 Outside 3289 HOLLYWOOD OAKS DR 4,289 $ 475,000 09/30/1997$ 110.75 Outside 2697 SW 51 CT 1,981 $ 115,000 09/30/1997$ 58.05 Outside 602 NW 7 ST 1,430 $ 92,000 09/30/1997$ 64.34 Outside 710 NW 6 AVE 1,227 $ 94,000 10/01/1997$ 76.61 Outside 3281 SW 53 ST 3,198 $ 309,000 10/09/1997$ 96.62 Outside 1405 NAUTILUS ISLE 1,687 $ 120,000 10/17/1997$ 71.13 Outside 3337 HOLLYWOOD OAKS DR 4,226 $ 453,500 10/22/1997$ 107.31 Outside 5689 OAKMONT AVE 4,309 $ 505,000 10/22/1997$ 117.20 Outside 5548 SW 28 TER 1,080 $ 76,000 10/23/1997$ 70.37 Outside 5385 SW 33 TER 3,198 $ 190,000 10/24/1997$ 59.41 Outside 4932 SW 33 WAY 2,212 $ 198,200 10/27/1997$ 89.60 Outside 2618 GULFSTREAM LN 1,675 $ 159,900 10/30/1997$ 95.46 Outside 5201 SW 31 AVE 1,424 $ 70,000 10/30/1997$ 49.16 Outside 4946 SW 33 TER 2,212 $ 156,100 11/04/1997$ 70.57 Outside 613 NE 2 PL 1,708 $ 130,000 11/04/1997$ 76.11 Outside 3230 SW 50 ST 1,125 $ 92,500 11/10/1997$ 82.22 Outside 3484 SW 44 ST 1,562 $ 129,900 11/13/1997$ 83.16 Outside 5201 SW 31 AVE 1,399 $ 88,000 11/13/1997 $ 62.90 Outside 3441 SW 52 ST 3,198 $ 240,000 11/13/1997$ 75.05 Outside 4616 SW 35 AVE 1,374 $ 133,000 11/14/1997$ 96.80 Outside 202 NE 5 AVE 1,573 $ 115,000 11/18/1997$ 73.11 Outside 4970 SW 33 TER 2,212 $ 149,900 11/19/1997$ 67.77 Outside 5554 SW 28 TER 1,172 $ 80,000 11/19/1997$ 68.26 Outside 4701 SW 34 AVE 1,153 $ 89,500 11/21/1997$ 77.62 Outside 1121 SW 32 ST 1,222 $ 65,200 11/24/1997$ 53.36 Outside 3300 HOLLYWOOD OAKS DR 4,884 $ 480,000 11/24/1997$ 98.28 Outside 837 SW 27 ST 1,032 $ 73,500 11/25/1997$ 71.22 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 4958 SW 33 WAY 2,212 $ 148,000 11/25/1997$ 66.91 Outside 2407 MARATHON LN 1,837 $ 125,000 11/28/1997$ 68.05 Outside 2250 SW 47 ST 2,417 $ 142,000 12/01/1997$ 58.75 Outside 3244 SW 53 CT 2,597 $ 164,500 12/05/1997$ 63.34 Outside 5314 SW 33 AVE 3,198 $ 221,300 12/08/1997$ 69.20 Outside 5384 SW 33 TER 2,231 $ 159,000 12/09/1997$ 71.27 Outside 5313 SW 32 WAY 3,198 $ 213,000 12/11/1997$ 66.60 Outside 4950 SW 33 TER 2,212 $ 147,000 12/11/1997$ 66.46 Outside 5649 N PARK RD 1,319 $ 86,000 12/12/1997$ 65.20 Outside 236 NW 12 CT 1,619 $ 73,000 12/12/1997$ 45.09 Outside 2530 ANDROS LN 2,614 $ 225,000 12/15/1997$ 86.07 Outside 1091 SW 32 ST 1,215 $ 48,300 12/17/1997 $ 39.75 Outside 3191 SW 50 ST 1,042 $ 91,000 12/22/1997$ 87.33 Outside 4962 SW 32 TER 1,111 $ 94,300 12/22/1997$ 84.88 Outside 5319 SW 33 WAY 2,647 $ 202,400 12/23/1997$ 76.46 Outside 2732 SW 55 ST 1,080 $ 80,000 12/23/1997$ 74.07 Outside 2650 SW 13 AVE 1,680 $ 93,000 12/29/1997$ 55.36 Outside 5128 SW 32 AVE 3,650 $ 293,800 12/29/1997$ 80.49 Outside 2431 ANDROS LN 1,719 $ 160,700 12/30/1997$ 93.48 Outside 622 NE 2 PL 2,374 $ 135,000 12/30/1997$ 56.87 Outside 5636 PARK RD 1,322 $ 95,000 01/16/1998$ 71.86 Outside 214 NE 2 PL 1,962 $ 140,000 01/16/1998$ 71.36 Outside 121 NE 2 AVE 2,032 $ 108,000 01/16/1998 $ 53.15 Outside 1414 SW 27 ST 618 $ 35,000 02/02/1998$ 56.63 Outside 5371 SW 32 TER 3,650 $ 245,000 02/09/1998$ 67.12 Outside 2625 OKEECHOBEE LN 1,951 $ 191,000 02/16/1998$ 97.90 Outside 4944 SW 32 TER 1,085 $ 92,200 02/19/1998$ 84.98 Outside 3234 SW 53 CT 2,886 $ 189,000 02/20/1998$ 65.49 Outside 719 NW 8 AVE 1,296 $ 80,000 02/24/1998$ 61.73 Outside 4926 SW 33 TER 1,985 $ 149,000 02/27/1998$ 75.06 Outside 515 NE 2 PL 1,659 $ 113,000 03/04/1998$ 68.11 Outside 2490 CAT CAY LN 2,388 $ 190,000 03/10/1998$ 79.56 Outside 914 NAUTILUS ISLE 1,502 $ 147,500 03/13/1998$ 98.20 Outside 2448 FLAMINGO LN 1,528 $ 122,000 03/18/1998 $ 79.84 Outside 3210 SW 50 ST 1,265 $ 102,800 03/23/1998$ 81.26 Outside 4937 SW 32 TER 1,598 $ 124,700 03/23/1998$ 78.04 Outside 3470 SW 52 ST 2,597 $ 199,000 03/25/1998$ 76.63 Outside 2610 SW 50 ST 1,258 $ 30,000 03/26/1998$ 23.85 Outside 4929 SW 32 TER 1,598 $ 124,300 03/27/1998$ 77.78 Outside 2454 GULFSTREAM LN 1,369 $ 165,000 03/31/1998$ 120.53 Outside 5917 SW 37 AVE 1,931 $ 165,000 03/31/1998$ 85.45 Outside 3400 SHADY OAK ST 4,440 $ 431,000 04/09/1998$ 97.07 Outside 4911 SW 33 TER 2,212 $ 146,000 04/09/1998$ 66.00 Outside 4920 SW 33 TER 2,148 $ 161,900 04/14/1998$ 75.37 Outside 2437 FLAMINGO LN 1,516 $ 171,000 04/15/1998 $ 112.80 Outside 4497 SW 35 AVE 2,219 $ 120,000 04/15/1998$ 54.08 Outside 817 NW 10 AVE 1,666 $ 105,000 04/15/1998$ 63.03 Outside 4867 SW 34 AVE 1,985 $ 152,500 04/17/1998$ 76.83 Outside 2708 SW 55 ST 1,080 $ 79,000 04/17/1998$ 73.15 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 5960 SW 32 TER 1,601 $ 90,000 04/20/1998$ 56.21 Outside 4847 SW 34 AVE 2,105 $ 149,500 04/21/1998$ 71.02 Outside 4572 SW 29 TER 1,631 $ 88,500 04/22/1998$ 54.26 Outside 4949 SW 33 WAY 2,148 $ 189,300 04/23/1998$ 88.13 Outside 4900 SW 29 AVE 2,083 $ 92,400 04/23/1998$ 44.36 Outside 2640 SW 30 TER 3,174 $ 399,000 04/24/1998$ 125.71 Outside 4935 SW 33 AVE 1,985 $ 139,000 04/24/1998$ 70.03 Outside 806 SW 27 ST 1,107 $ 83,500 04/29/1998$ 75.43 Outside 1201 NW 2 ST 1,529 $ 55,000 04/29/1998$ 35.97 Outside 3031 SW 46 CT 1,446 $ 90,000 04/30/1998$ 62.24 Outside 2424 NASSAU LN 2,895 $ 165,000 05/08/1998$ 56.99 Outside 3395 SW 49 ST 2,148 $ 167,400 05/08/1998 $ 77.93 Outside 3363 SW 49 ST 1,985 $ 137,000 05/12/1998$ 69.02 Outside 5212 SW 32 AVE 2,872 $ 202,100 05/12/1998$ 70.37 Outside 5156 SW 32 AVE 2,886 $ 207,700 05/19/1998$ 71.97 Outside 4931 SW 33 TER 2,212 $ 153,900 05/19/1998$ 69.58 Outside 2613 GULFSTREAM LN 2,275 $ 141,000 05/20/1998$ 61.98 Outside 5511 WOODLAND LN 4,834 $ 335,000 05/21/1998$ 69.30 Outside 4917 SW 32 TER 1,349 $ 111,500 05/27/1998$ 82.65 Outside 4939 SW 33 AVE 2,148 $ 154,800 05/29/1998$ 72.07 Outside 3337 LAUREL OAK ST 4,251 $ 432,000 06/12/1998$ 101.62 Outside 5382 SW 32 AVE 3,198 $ 193,700 06/12/1998$ 60.57 Outside 1429 NAUTILUS ISLE 1,497 $ 130,000 06/12/1998 $ 86.84 Outside 4925 SW 32 TER 1,490 $ 123,300 06/15/1998$ 82.75 Outside 2472 SW 30 TER 2,574 $ 217,500 06/16/1998$ 84.50 Outside 4974 SW 32 TER 1,111 $ 97,500 06/18/1998$ 87.76 Outside 2757 SW 47 ST 1,347 $ 75,000 06/25/1998$ 55.68 Outside 4931 SW 34 TER 1,985 $ 147,900 06/26/1998$ 74.51 Outside 4919 SW 32 AVE 1,111 $ 93,500 06/29/1998$ 84.16 Outside 5525 SW 24 AVE 1,138 $ 78,500 06/29/1998$ 68.98 Outside 761 NW 12 AVE 2,113 $ 171,000 06/29/1998$ 80.93 Outside 3010 SW 15 AVE 1,332 $ 85,000 06/30/1998$ 63.81 Outside 4902 SW 32 TER 1,309 $ 107,300 06/30/1998$ 81.97 Outside 337 NE 3 AVE 2,044 $ 234,000 07/02/1998 $ 114.48 Outside 1829 SW 29 ST 1,331 $ 80,000 07/08/1998$ 60.11 Outside 2619 OKEECHOBEE LN 2,176 $ 174,000 07/15/1998$ 79.96 Outside 3408 SW 24 CT 1,308 $ 60,000 07/16/1998$ 45.87 Outside 5512 PARK RD 1,287 $ 85,500 07/17/1998$ 66.43 Outside 3421 SW 52 ST 3,198 $ 225,000 07/20/1998$ 70.36 Outside 4986 SW 32 TER 1,111 $ 93,700 07/21/1998$ 84.34 Outside 5324 SW 32 WAY 2,886 $ 227,300 07/27/1998$ 78.76 Outside 3347 SW 49 ST 2,212 $ 151,200 07/29/1998$ 68.35 Outside 3416 SW 51 ST 2,212 $ 147,000 07/30/1998$ 66.46 Outside 5366 SW 33 WAY 3,198 $ 212,000 07/31/1998$ 66.29 Outside 124 NW 11 AVE 677 $ 35,000 07/31/1998$ 51.70 Outside 5690 OAKMONT AVE 4,997 $ 613,500 08/03/1998$ 122.77 Outside 5700 OAKDALE TER 5,035 $ 635,000 08/03/1998$ 126.12 Outside 5096 SW 28 TER 1,908 $ 104,000 08/07/1998$ 54.51 Outside 2625 TORTUGAS LN 2,036 $ 205,000 08/11/1998$ 100.69 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 1300 SW 32 ST 2,355 $ 135,000 08/11/1998$ 57.32 Outside 5299 SW 34 TER 2,606 $ 207,000 08/18/1998$ 79.43 Outside 2513 GULFSTREAM LN 1,405 $ 162,000 08/24/1998$ 115.30 Outside 2420 RIVERLANE TER 3,697 $ 81,000 08/25/1998$ 21.91 Outside 4920 SW 34 TER 1,985 $ 159,900 08/27/1998$ 80.55 Outside 5201 SW 31 AVE 1,399 $ 85,000 08/28/1998$ 60.76 Outside 2524 WHALE HARBOR LN 1,660 $ 215,000 08/31/1998$ 129.52 Outside 5325 SW 32 WAY 3,198 $ 218,000 09/01/1998$ 68.17 Outside 314 NE 5 AVE 2,585 $ 250,000 09/04/1998$ 96.71 Outside 4834 SW 34 TER 2,212 $ 157,400 09/11/1998$ 71.16 Outside 211 SE 1 TER 1,248 $ 97,600 09/17/1998$ 78.21 Outside 4601 SW 25 TER 1,339 $ 87,000 09/23/1998 $ 64.97 Outside 2789 SW 47 ST 1,354 $ 85,000 09/29/1998$ 62.78 Outside 3445 HOLLYWOOD OAKS DR 4,982 $ 626,900 09/29/1998$ 125.83 Outside 5077 SW 33 WAY 2,212 $ 168,500 10/02/1998$ 76.18 Outside 5329 SW 33 TER 3,198 $ 260,700 10/09/1998$ 81.52 Outside 4872 SW 32 TER 1,621 $ 130,300 10/09/1998$ 80.38 Outside 4884 SW 26 AVE 1,334 $ 82,000 10/09/1998$ 61.47 Outside 830 SW 26 CT 1,126 $ 70,000 10/19/1998$ 62.17 Outside 5341 SW 33 TER 2,886 $ 262,700 10/22/1998$ 91.03 Outside 2642 SUGARLOAF LN 1,663 $ 222,500 10/26/1998$ 133.79 Outside 4827 SW 34 AVE 2,148 $ 163,200 10/30/1998$ 75.98 Outside 5364 SW 33 TER 2,597 $ 177,900 10/30/1998$ 68.50 Outside 5546 SW 28 TER 902 $ 79,000 11/02/1998$ 87.58 Outside 3421 HOLLYWOOD OAKS DR 5,316 $ 530,400 11/04/1998$ 99.77 Outside 5616 PARK RD 1,364 $ 93,500 11/04/1998$ 68.55 Outside 5340 SW 33 TER 3,198 $ 239,500 11/09/1998$ 74.89 Outside 3210 RIVERLAND RD 2,585 $ 162,500 11/18/1998$ 62.86 Outside 4944 SW 33 AVE 2,212 $ 147,500 11/19/1998$ 66.68 Outside 4813 SW 32 TER 1,349 $ 103,500 11/20/1998$ 76.72 Outside 1353 NW 3 ST 1,160 $ 50,000 11/23/1998$ 43.10 Outside 5365 SW 33 TER 2,606 $ 185,000 11/30/1998$ 70.99 Outside 5294 SW 33 WAY 2,231 $ 198,200 11/30/1998$ 88.84 Outside 4950 SW 26 TER 1,360 $ 94,500 11/30/1998$ 69.49 Outside 1237 SW 28 ST 756 $ 59,000 12/02/1998$ 78.04 Outside 2721 SW 34 AVE 2,239 $ 173,000 12/07/1998 $ 77.27 Outside 2542 OKEECHOBEE LN 1,563 $ 175,000 12/08/1998$ 111.96 Outside 5660 OAKVIEW TER 5,527 $ 93,800 12/08/1998$ 16.97 Outside 2507 BIMINI LN 1,656 $ 155,000 12/09/1998$ 93.60 Outside 5004 SW 40 AVE 1,275 $ 78,900 12/11/1998$ 61.88 Outside 5268 SW 32 AVE 2,231 $ 165,000 12/14/1998$ 73.96 Outside 342 NE 2 CT 2,196 $ 275,000 12/14/1998$ 125.23 Outside 2673 MARATHON LN 1,728 $ 166,600 12/15/1998$ 96.41 Outside 5308 SW 32 AVE 3,198 $ 267,800 12/15/1998$ 83.74 Outside 5350 SW 33 AVE 2,317 $ 189,400 12/15/1998$ 81.74 Outside 125 NE 1 CT 1,304 $ 111,000 12/15/1998$ 85.12 Outside 5372 SW 32 WAY 2,231 $ 166,500 12/16/1998 $ 74.63 Outside 2624 TORTUGAS LN 2,103 $ 208,000 12/17/1998$ 98.91 Outside 5603 PARK RD 1,078 $ 77,000 12/17/1998$ 71.43 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 3307 SW 49 ST 1,985 $ 138,000 12/18/1998$ 69.52 Outside 5438 SW 25 AVE 1,311 $ 90,000 12/18/1998$ 68.65 Outside 4805 SW 32 TER 1,510 $ 115,100 12/21/1998$ 76.23 Outside 4829 SW 32 TER 1,470 $ 118,400 12/22/1998$ 80.54 Outside 5375 SW 33 AVE 3,198 $ 226,400 12/29/1998$ 70.79 Outside 5208 SW 33 WAY 3,831 $ 335,400 12/29/1998$ 87.55 Outside 4817 SW 32 TER 1,470 $ 114,900 12/29/1998$ 78.16 Outside 215 SE 1 TER 2,521 $ 160,000 12/30/1998$ 63.47 Outside 2549 MARATHON LN 1,555 $ 177,000 12/31/1998$ 113.83 Outside 5334 SW 34 TER 3,198 $ 268,000 12/31/1998$ 83.80 Outside 4600 SW 34 TER 2,438 $ 135,000 01/11/1999$ 55.37 Outside 3920 SW 56 CT 4,069 $ 265,000 01/20/1999 $ 65.13 Outside 4905 SW 32 TER 1,598 $ 117,000 01/20/1999$ 73.22 Outside 2630 NASSAU LN 2,324 $ 150,000 01/21/1999$ 64.54 Outside 4920 SW 32 TER 1,600 $ 117,000 01/25/1999$ 73.13 Outside 5900 SW 33 AVE 1,810 $ 177,000 01/29/1999$ 97.79 Outside 5344 SW 32 AVE 3,650 $ 242,000 01/29/1999$ 66.30 Outside 4941 SW 32 TER 1,598 $ 123,400 02/01/1999$ 77.22 Outside 5641 SW 24 AVE 1,347 $ 115,000 02/12/1999$ 85.37 Outside 168 NE 6 CT 1,681 $ 121,800 02/18/1999$ 72.46 Outside 5841 SW 24 AVE 1,351 $ 115,000 02/19/1999$ 85.12 Outside 2618 SUGARLOAF LN 1,511 $ 165,000 02/23/1999$ 109.20 Outside 109 NE 2 PL 1,922 $ 160,000 02/24/1999 $ 83.25 Outside 737 NW 10 AVE 1,780 $ 190,000 02/24/1999$ 106.74 Outside 818 SW 26 CT 1,096 $ 87,500 02/25/1999$ 79.84 Outside 4417 SW 35 AVE 1,244 $ 118,000 02/25/1999$ 94.86 Outside 4854 SW 34 TER 2,195 $ 155,000 02/26/1999$ 70.62 Outside 5240 SW 32 AVE 3,650 $ 299,000 03/04/1999$ 81.92 Outside 3643 ESTATE OAK CIR 3,865 $ 483,200 03/05/1999$ 125.02 Outside 5296 SW 34 AVE 2,606 $ 216,000 03/10/1999$ 82.89 Outside 2700 SW 15 AVE 748 $ 64,000 03/17/1999$ 85.56 Outside 2448 SUGARLOAF LN 1,987 $ 175,500 03/19/1999$ 88.32 Outside 1520 SW 25 ST 1,082 $ 139,000 03/25/1999$ 128.47 Outside 530 NW 8 ST 1,925 $ 114,000 03/25/1999 $ 59.22 Outside 1031 SW 32 ST 1,448 $ 108,500 03/31/1999$ 74.93 Outside 4663 SW 34 TER 2,709 $ 44,000 04/01/1999$ 16.24 Outside 701 NW 12 AVE 2,339 $ 232,000 04/01/1999$ 99.19 Outside 1413 ARGONAUT ISLE 1,659 $ 145,000 04/05/1999$ 87.40 Outside 2916 SW 9 AVE 1,872 $ 127,000 04/07/1999$ 67.84 Outside 1731 SW 30 PL 2,908 $ 190,000 04/08/1999$ 65.34 Outside 4961 SW 29 WAY 1,613 $ 125,000 04/08/1999$ 77.50 Outside 4951 SW 34 TER 2,212 $ 165,000 04/19/1999$ 74.59 Outside 5751 SW 24 AVE 1,263 $ 115,000 04/19/1999$ 91.05 Outside 1071 SW 32 ST 1,371 $ 79,900 04/20/1999$ 58.28 Outside 809 NW 10 AVE 1,640 $ 109,000 04/23/1999$ 66.46 Outside 4970 SW 29 WAY 1,691 $ 115,000 04/29/1999$ 68.01 Outside 2990 SW 45 ST 1,692 $ 97,000 04/30/1999$ 57.33 Outside 5448 ESTATE OAK CIR 5,485 $ 610,200 04/30/1999$ 111.25 Outside 4676 SW 37 AVE 1,827 $ 145,000 05/07/1999$ 79.37 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 5331 SW 33 WAY 2,231 $ 202,500 05/10/1999$ 90.77 Outside 5743 SW 24 AVE 1,263 $ 115,000 05/10/1999$ 91.05 Outside 609 NW 10 ST 1,870 $ 112,300 05/14/1999$ 60.05 Outside 3331 SW 58 ST 5,157 $ 535,000 05/17/1999$ 103.74 Outside 5320 SW 32 AVE 2,606 $ 185,000 05/19/1999$ 70.99 Outside 1021 SW 31 ST 1,042 $ 67,600 05/21/1999$ 64.88 Outside 2465 BIMINI LN 1,472 $ 157,000 05/26/1999$ 106.66 Outside 5681 OAKVIEW TER 4,618 $ 582,900 05/26/1999$ 126.22 Outside 2524 FLAMINGO LN 1,573 $ 85,000 05/27/1999$ 54.04 Outside 2641 SW 12 TER 1,135 $ 88,500 05/28/1999$ 77.97 Outside 2642 KEY LARGO LN 1,439 $ 160,000 06/01/1999$ 111.19 Outside 104 SE 3 AVE 1,538 $ 108,000 06/08/1999 $ 70.22 Outside 3379 SW 50 ST 2,212 $ 220,000 06/11/1999$ 99.46 Outside 2549 SUGARLOAF LN 1,958 $ 190,000 06/15/1999$ 97.04 Outside 2660 SW 13 AVE 842 $ 81,100 06/23/1999$ 96.32 Outside 4716 SW 35 AVE 1,679 $ 135,000 06/24/1999$ 80.41 Outside 983 NAUTILUS ISLE 3,034 $ 240,000 06/28/1999$ 79.10 Outside 2512 BIMINI LN 1,894 $ 195,000 06/29/1999$ 102.96 Outside 3831 SW 56 ST 4,063 $ 12,000 06/29/1999$ 2.95 Outside 3332 SW 51 ST 2,231 $ 231,000 06/29/1999$ 103.54 Outside 3356 LAUREL OAK ST 4,181 $ 442,000 07/06/1999$ 105.72 Outside 810 NW 10 AVE 1,549 $ 112,000 07/13/1999$ 72.30 Outside 1000 SW 32 ST 1,625 $ 10,000 07/15/1999 $ 6.15 Outside 4640 SW 25 TER 1,645 $ 107,500 07/16/1999$ 65.35 Outside 814 NW 6 AVE 1,540 $ 104,000 07/20/1999$ 67.53 Outside 2406 BIMINI LN 1,593 $ 131,000 07/28/1999$ 82.23 Outside 2536 WHALE HARBOR LN 1,690 $ 158,000 07/28/1999$ 93.49 Outside 2601 SW 29 WAY 2,168 $ 126,500 07/28/1999$ 58.35 Outside 2720 SW 55 ST 1,080 $ 86,000 07/28/1999$ 79.63 Outside 4967 SW 32 WAY 1,985 $ 159,000 07/29/1999$ 80.10 Outside 1730 SW 30 PL 1,891 $ 115,000 07/30/1999$ 60.81 Outside 5601 OAKMONT AVE 4,498 $ 557,100 08/06/1999$ 123.86 Outside 2543 GULFSTREAM LN 1,487 $ 170,000 08/16/1999$ 114.32 Outside 618 NE 2 PL 2,293 $ 120,000 08/18/1999 $ 52.33 Outside 5117 SW 27 TER 1,432 $ 105,000 08/26/1999$ 73.32 Outside 5589 PARK RD 902 $ 82,000 09/09/1999$ 90.91 Outside 1300 SW 31 ST 954 $ 84,000 09/10/1999$ 88.05 Outside 1030 SW 28 ST 1,480 $ 90,000 09/14/1999$ 60.81 Outside 714 NW 12 AVE 2,397 $ 202,000 09/22/1999$ 84.27 Outside 706 NW 14 AVE 2,596 $ 240,000 09/29/1999$ 92.45 Outside 2437 GULFSTREAM LN 1,368 $ 153,500 09/30/1999$ 112.21 Outside 4473 TREASURE COVE DR 1,179 $ 80,000 10/04/1999$ 67.85 Outside 117 NW 5 AVE 1,049 $ 44,900 10/04/1999$ 42.80 Outside 4351 SW 34 LN 1,861 $ 157,000 10/15/1999$ 84.36 Outside 4860 SW 25 AVE 1,213 $ 80,000 10/15/1999 $ 65.95 Outside 5501 WOODLAND LN 3,270 $ 210,000 10/28/1999$ 64.22 Outside 2475 CAT CAY LN 1,684 $ 129,500 11/03/1999$ 76.90 Outside 2773 SW 47 ST 1,296 $ 75,000 11/10/1999$ 57.87 Outside 1760 SW 30 ST 1,437 $ 128,500 11/29/1999$ 89.42 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 729 NW 10 AVE 1,924 $ 200,000 11/30/1999$ 103.95 Outside 110 NE 2 PL 1,573 $ 106,000 12/01/1999$ 67.39 Outside 4914 SW 31 TER 1,053 $ 90,000 12/03/1999$ 85.47 Outside 2614 SW 30 TER 3,181 $ 440,000 12/08/1999$ 138.32 Outside 4947 SW 33 TER 2,212 $ 169,000 12/10/1999$ 76.40 Outside 1823 SW 29 ST 1,268 $ 85,000 12/14/1999$ 67.03 Outside 4913 SW 32 WAY 2,148 $ 198,900 12/15/1999$ 92.60 Outside 4904 SW 33 AVE 2,212 $ 183,500 12/17/1999$ 82.96 Outside 2681 KEY LARGO LN 1,178 $ 147,500 12/27/1999$ 125.21 Outside 525 NE 2 ST 1,520 $ 140,000 12/27/1999$ 92.11 Outside 2748 SW 46 PL 1,678 $ 112,000 12/29/1999$ 66.75 Outside 1421 SW 32 ST 2,039 $ 116,500 12/30/1999 $ 57.14 Outside 2741 SW 47 ST 1,378 $ 103,000 12/30/1999$ 74.75 Outside 3005 SW 25 ST 3,479 $ 380,500 01/10/2000$ 109.37 Outside 4549 SW 35 AVE 1,297 $ 132,000 01/14/2000$ 101.77 Outside 1518 SW 25 ST 588 $ 30,000 01/24/2000$ 51.02 Outside 5201 SW 31 AVE 1,485 $ 94,000 01/24/2000$ 63.30 Outside 5500 SW 28 TER 1,080 $ 89,000 01/28/2000$ 82.41 Outside 5680 ROYAL OAK WAY 4,047 $ 400,000 02/08/2000$ 98.84 Outside 2618 NASSAU LN 1,291 $ 145,000 02/15/2000$ 112.32 Outside 1131 SW 32 ST 1,022 $ 88,500 02/17/2000$ 86.59 Outside 513 NE 2 ST 1,712 $ 125,000 02/25/2000$ 73.01 Outside 2519 FLAMINGO LN 1,408 $ 150,000 02/29/2000 $ 106.53 Outside 2636 MARATHON LN 1,483 $ 165,000 02/29/2000$ 111.26 Outside 900 SW 30 ST 1,719 $ 61,000 03/06/2000$ 35.49 Outside 2518 NASSAU LN 1,621 $ 172,500 03/09/2000$ 106.42 Outside 5190 SW 28 TER 1,335 $ 91,000 03/15/2000$ 68.16 Outside 3168 SW 50 ST 1,022 $ 100,500 03/16/2000$ 98.34 Outside 733 NW 10 AVE 1,799 $ 215,000 03/21/2000$ 119.51 Outside 5680 MANOR OAK AVE 4,316 $ 526,300 03/22/2000$ 121.94 Outside 3830 SW 54 ST 2,720 $ 275,000 03/27/2000$ 101.10 Outside 2425 WHALE HARBOR LN 2,485 $ 95,000 03/29/2000$ 38.23 Outside 820 SW 30 ST 1,583 $ 84,700 03/29/2000$ 53.51 Outside 3442 SHADY OAK ST 3,477 $ 453,500 03/29/2000$ 130.43 Outside 2660 GULFSTREAM LN 1,467 $ 200,000 03/31/2000$ 136.33 Outside 5061 SW 29 WAY 1,642 $ 134,900 03/31/2000$ 82.16 Outside 5510 SW 25 AVE 1,618 $ 110,000 04/03/2000$ 67.99 Outside 2535 CAT CAY LN 1,971 $ 123,000 04/07/2000$ 62.40 Outside 1208 SW 31 ST 1,381 $ 76,500 04/07/2000$ 55.39 Outside 4496 SW 38 TER 1,712 $ 150,000 04/07/2000$ 87.62 Outside 4449 SW 37 AVE 1,757 $ 122,400 04/07/2000$ 69.66 Outside 2604 SW 55 ST 1,405 $ 70,000 04/07/2000$ 49.82 Outside 691 NW 12 AVE 4,137 $ 340,000 04/13/2000$ 82.19 Outside 4608 SW 28 AVE 2,432 $ 139,000 04/14/2000$ 57.15 Outside 4960 SW 34 TER 1,985 $ 225,000 04/17/2000$ 113.35 Outside 2442 CAT CAY LN 1,633 $ 190,000 04/19/2000$ 116.35 Outside 5840 PARK RD 1,288 $ 76,200 04/24/2000$ 59.16 Outside 5097 SW 34 TER 2,148 $ 192,000 04/25/2000$ 89.39 Outside 4681 SW 35 AVE 1,404 $ 122,000 04/28/2000$ 86.89 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 228 SE PARK ST 1,156 $ 42,500 05/02/2000$ 36.76 Outside 2513 WHALE HARBOR LN 1,773 $ 155,000 05/09/2000$ 87.42 Outside 4973 SW 33 WAY 1,985 $ 210,000 05/16/2000$ 105.79 Outside 3409 SW 25 ST 1,536 $ 106,700 05/30/2000$ 69.47 Outside 122 NE 1 CT 1,157 $ 129,000 05/31/2000$ 111.50 Outside 4943 SW 33 WAY 2,148 $ 287,500 06/02/2000$ 133.85 Outside 5681 OAK GARDEN TER 3,533 $ 432,800 06/05/2000$ 122.50 Outside 3621 ESTATE OAK CIR 4,189 $ 482,500 06/05/2000$ 115.18 Outside 2830 SW 45 ST 2,060 $ 10,500 06/06/2000$ 5.10 Outside 4926 SW 32 WAY 1,985 $ 174,000 06/07/2000$ 87.66 Outside 3041 SW 46 CT 1,256 $ 85,500 06/09/2000$ 68.07 Outside 4981 SW 32 TER 1,111 $ 109,000 06/13/2000$ 98.11 Outside 4824 SW 32 TER 1,511 $ 140,000 06/16/2000$ 92.65 Outside 5600 WOODLAND LN 4,889 $ 452,800 06/21/2000$ 92.62 Outside 334 NE 2 CT 1,643 $ 330,000 06/24/2000$ 200.85 Outside 4401 SW 33 AVE 1,573 $ 96,500 06/29/2000$ 61.35 Outside 5025 SW 35 TER 2,137 $ 157,000 06/29/2000$ 73.47 Outside 5361 SW 34 WAY 3,198 $ 264,900 06/30/2000$ 82.83 Outside 5001 SW 35 TER 2,137 $ 151,900 06/30/2000$ 71.08 Outside 4979 SW 35 TER 2,137 $ 157,200 06/30/2000$ 73.56 Outside 5720 SW 37 TER 3,810 $ 410,000 07/03/2000$ 107.61 Outside 4973 SW 35 TER 2,030 $ 148,000 07/06/2000$ 72.91 Outside 3543 SW 49 CT 2,030 $ 152,000 07/10/2000$ 74.88 Outside 5049 SW 35 TER 2,137 $ 152,000 07/11/2000$ 71.13 Outside 3351 SW 57 PL 6,368 $ 735,000 07/18/2000$ 115.42 Outside 56 NW 14 AVE 1,575 $ 65,000 07/18/2000$ 41.27 Outside 5558 SW 28 TER 990 $ 104,500 07/24/2000$ 105.56 Outside 4961 SW 35 TER 2,030 $ 153,000 07/26/2000$ 75.37 Outside 3566 SW 50 ST 2,858 $ 204,000 07/26/2000$ 71.38 Outside 3576 SW 50 ST 2,030 $ 155,000 07/27/2000$ 76.35 Outside 2467 CAT CAY LN 1,519 $ 123,000 07/28/2000$ 80.97 Outside 5400 WOODLAND LN 4,883 $ 120,000 08/01/2000$ 24.58 Outside 4944 SW 35 TER 2,320 $ 166,500 08/01/2000$ 71.77 Outside 3584 SW 49 PL 2,237 $ 169,000 08/02/2000$ 75.55 Outside 3550 SW 51 ST 2,030 $ 188,400 08/03/2000$ 92.81 Outside 4969 SW 35 WAY 2,702 $ 227,700 08/03/2000$ 84.27 Outside 5860 SW 33 AVE 1,857 $ 170,000 08/04/2000$ 91.55 Outside 4975 SW 35 WAY 2,137 $ 174,200 08/04/2000$ 81.52 Outside 3901 SW 56 CT 3,453 $ 285,000 08/07/2000$ 82.54 Outside 4949 SW 35 TER 2,030 $ 154,000 08/11/2000$ 75.86 Outside 3575 SW 50 ST 2,237 $ 197,900 08/15/2000$ 88.47 Outside 3551 SW 49 ST 2,251 $ 181,100 08/18/2000$ 80.45 Outside 4967 SW 35 TER 2,137 $ 159,000 08/21/2000$ 74.40 Outside 2542 WHALE HARBOR LN 1,548 $ 206,500 08/22/2000$ 133.40 Outside 4951 SW 35 WAY 2,237 $ 177,700 08/22/2000$ 79.44 Outside 4950 SW 35 TER 2,137 $ 167,600 08/22/2000$ 78.43 Outside 2554 MARATHON LN 1,488 $ 220,000 08/28/2000$ 147.85 Outside 5390 SW 32 WAY 2,231 $ 198,000 08/28/2000$ 88.75 Outside 830 SW 30 ST 1,242 $ 87,000 08/29/2000$ 70.05 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 4908 SW 35 TER 2,354 $ 165,000 08/29/2000$ 70.09 Outside 4987 SW 35 WAY 2,264 $ 184,100 08/31/2000$ 81.32 Outside 4837 SW 32 TER 1,349 $ 117,500 09/02/2000$ 87.10 Outside 4957 SW 35 WAY 2,030 $ 175,000 09/08/2000$ 86.21 Outside 2941 SW 19 AVE 1,019 $ 10,800 09/12/2000$ 10.60 Outside 5075 SW 35 WAY 2,363 $ 169,600 09/12/2000$ 71.77 Outside 2424 BIMINI LN 1,875 $ 245,000 09/15/2000$ 130.67 Outside 4730 SW 26 TER 1,276 $ 70,200 09/15/2000$ 55.02 Outside 203 NE 1 ST 1,293 $ 129,000 09/15/2000$ 99.77 Outside 4517 SW 34 TER 1,266 $ 42,200 09/19/2000$ 33.33 Outside 3588 SW 49 CT 2,030 $ 168,300 09/19/2000$ 82.91 Outside 2630 SW 13 AVE 1,119 $ 75,000 09/29/2000 $ 67.02 Outside 4900 SW 31 TER 1,042 $ 98,000 09/29/2000$ 94.05 Outside 828 SW 25 ST 980 $ 70,000 10/03/2000$ 71.43 Outside 4940 SW 34 TER 2,212 $ 209,000 10/05/2000$ 94.48 Outside 3672 ESTATE OAK CIR 3,744 $ 465,400 10/06/2000$ 124.31 Outside 3564 SW 49 PL 2,237 $ 178,600 10/06/2000$ 79.84 Outside 4912 SW 32 WAY 1,985 $ 182,000 10/10/2000$ 91.69 Outside 4915 SW 36 AVE 2,889 $ 239,400 10/13/2000$ 82.87 Outside 2487 BIMINI LN 1,555 $ 199,500 10/18/2000$ 128.30 Outside 3579 SW 49 CT 2,237 $ 179,400 10/19/2000$ 80.20 Outside 3484 SW 53 CT 3,546 $ 215,000 10/23/2000$ 60.63 Outside 5140 SW 28 AVE 977 $ 164,000 10/23/2000 $ 167.86 Outside 5820 SW 37 TER 4,333 $ 328,500 10/26/2000$ 75.81 Outside 1446 NAUTILUS ISLE 2,112 $ 214,000 10/26/2000$ 101.33 Outside 1445 NAUTILUS ISLE 2,241 $ 220,000 10/27/2000$ 98.17 Outside 830 NW 8 AVE 1,503 $ 130,000 10/27/2000$ 86.49 Outside 1141 SW 30 ST 1,203 $ 72,500 10/31/2000$ 60.27 Outside 5747 PARK RD 1,292 $ 108,000 11/09/2000$ 83.59 Outside 1423 SW 30 ST 924 $ 88,000 11/13/2000$ 95.24 Outside 991 SW 32 CT 1,353 $ 65,000 11/17/2000$ 48.04 Outside 3339 SW 49 ST 2,212 $ 161,000 11/17/2000$ 72.78 Outside 5739 PARK RD 1,194 $ 100,000 11/27/2000$ 83.75 Outside 1502 SW 25 ST 1,186 $ 60,000 11/28/2000 $ 50.59 Outside 5323 SW 38 AVE 2,493 $ 242,000 11/28/2000$ 97.07 Outside 5285 SW 38 AVE 2,137 $ 218,100 11/29/2000$ 102.06 Outside 5292 SW 38 AVE 2,030 $ 165,500 11/29/2000$ 81.53 Outside 822 SW 26 CT 1,562 $ 110,000 11/30/2000$ 70.42 Outside 5235 SW 38 AVE 2,783 $ 234,600 11/30/2000$ 84.30 Outside 5311 SW 38 AVE 2,030 $ 210,300 11/30/2000$ 103.60 Outside 3801 SW 52 ST 2,060 $ 172,300 11/30/2000$ 83.64 Outside 5282 SW 38 AVE 2,237 $ 174,000 11/30/2000$ 77.78 Outside 5717 PARK RD 1,194 $ 90,000 12/06/2000$ 75.38 Outside 5268 SW 38 AVE 2,897 $ 240,400 12/08/2000$ 82.98 Outside 5191 SW 38 AVE 2,783 $ 228,000 12/13/2000$ 81.93 Outside 5201 SW 38 AVE 2,237 $ 199,000 12/13/2000$ 88.96 Outside 5211 SW 27 TER 1,069 $ 45,000 12/13/2000$ 42.10 Outside 5740 OAKDALE TER 4,758 $ 590,000 12/14/2000$ 124.00 Outside 5265 SW 38 AVE 2,237 $ 218,000 12/14/2000$ 97.45 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 2501 SW 29 WAY 3,156 $ 318,000 12/15/2000$ 100.76 Outside 5245 SW 38 AVE 2,237 $ 208,400 12/15/2000$ 93.16 Outside 5364 SW 38 AVE 2,858 $ 256,300 12/18/2000$ 89.68 Outside 3849 SW 53 PL 2,137 $ 164,000 12/22/2000$ 76.74 Outside 4807 SW 34 AVE 2,212 $ 180,000 12/26/2000$ 81.37 Outside 3837 SW 53 PL 2,237 $ 175,000 12/27/2000$ 78.23 Outside 3821 SW 53 PL 2,874 $ 220,300 12/28/2000$ 76.65 Outside 4953 SW 32 WAY 1,985 $ 183,000 12/29/2000$ 92.19 Outside 5345 SW 38 AVE 2,330 $ 279,900 12/29/2000$ 120.13 Outside 3844 SW 53 ST 2,858 $ 227,600 12/29/2000$ 79.64 Outside 5358 SW 38 AVE 2,858 $ 234,500 12/29/2000$ 82.05 Outside 5378 SW 38 AVE 2,237 $ 175,000 12/29/2000 $ 78.23 Outside 2424 MARATHON LN 1,540 $ 200,000 01/02/2001$ 129.87 Outside 316 NE 1 CT 1,342 $ 115,000 01/03/2001$ 85.69 Outside 5379 SW 38 AVE 2,783 $ 242,100 01/04/2001$ 86.99 Outside 5370 SW 38 WAY 2,237 $ 225,000 01/04/2001$ 100.58 Outside 133 NW 11 AVE 1,208 $ 58,000 01/05/2001$ 48.01 Outside 4630 SW 34 AVE 1,610 $ 106,700 01/08/2001$ 66.27 Outside 3231 SW 53 ST 3,198 $ 299,900 01/08/2001$ 93.78 Outside 3880 SW 53 CT 2,858 $ 225,300 01/11/2001$ 78.83 Outside 3433 HOLLYWOOD OAKS DR 4,555 $ 652,500 01/15/2001$ 143.25 Outside 815 NW 7 ST 1,423 $ 218,000 01/16/2001$ 153.20 Outside 5382 SW 33 AVE 2,606 $ 230,000 01/17/2001$ 88.26 Outside 5500 SW 25 AVE 1,294 $ 99,000 01/19/2001$ 76.51 Outside 5359 SW 38 WAY 2,237 $ 193,200 01/22/2001$ 86.37 Outside 110 PHIPPEN RD 1,029 $ 78,000 01/24/2001$ 75.80 Outside 1061 SW 31 ST 1,245 $ 105,000 01/26/2001$ 84.34 Outside 5481 ESTATE OAK CIR 4,145 $ 609,800 02/06/2001$ 147.12 Outside 3312 HOLLYWOOD OAKS DR 3,714 $ 451,000 02/14/2001$ 121.43 Outside 2481 CAT CAY LN 1,595 $ 124,000 02/15/2001$ 77.74 Outside 2612 MARATHON LN 1,892 $ 245,000 02/15/2001$ 129.49 Outside 5362 SW 38 WAY 2,030 $ 170,400 02/26/2001$ 83.94 Outside 5280 SW 38 WAY 2,237 $ 183,000 02/27/2001$ 81.81 Outside 3862 SW 53 ST 2,237 $ 185,400 02/28/2001$ 82.88 Outside 5252 SW 38 WAY 2,137 $ 173,400 02/28/2001$ 81.14 Outside 4548 SW 29 TER 2,458 $ 163,000 03/02/2001$ 66.31 Outside 3851 SW 52 ST 2,858 $ 238,100 03/09/2001$ 83.31 Outside 5732 PARK RD 1,310 $ 107,000 03/15/2001$ 81.68 Outside 2702 SW 55 ST 1,078 $ 104,500 03/15/2001$ 96.94 Outside 5041 SW 29 WAY 1,787 $ 138,000 03/18/2001 $ 77.22 Outside 5030 SW 29 AVE 1,594 $ 110,000 03/20/2001$ 69.01 Outside 817 NW 7 AVE 1,670 $ 145,000 03/26/2001$ 86.83 Outside 3138 SW 50 ST 1,042 $ 109,000 03/29/2001$ 104.61 Outside 5344 SW 38 WAY 2,237 $ 202,000 03/29/2001$ 90.30 Outside 2507 SUGARLOAF LN 2,400 $ 263,000 03/30/2001$ 109.58 Outside 5382 SW 38 WAY 2,858 $ 226,700 03/30/2001$ 79.32 Outside 3172 SW 49 ST 1,042 $ 114,000 04/11/2001$ 109.40 Outside 2507 OKEECHOBEE LN 1,555 $ 265,000 04/12/2001$ 170.42 Outside 3314 LAUREL OAK ST 4,222 $ 542,500 04/12/2001$ 128.49 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 4934 SW 34 TER 2,212 $ 228,000 04/12/2001$ 103.07 Outside 4410 SW 34 TER 2,296 $ 276,000 04/16/2001$ 120.21 Outside 3661 ESTATE OAK CIR 4,769 $ 438,000 04/16/2001$ 91.84 Outside 5770 OAKTREE AVE 4,511 $ 627,100 04/19/2001$ 139.02 Outside 2421 SW 34 AVE 1,671 $ 142,000 04/20/2001$ 84.98 Outside 4481 SW 34 TER 1,769 $ 173,000 04/30/2001$ 97.80 Outside 2797 SW 46 ST 1,891 $ 70,000 05/01/2001$ 37.02 Outside 5334 SW 38 WAY 2,858 $ 231,500 05/03/2001$ 81.00 Outside 5372 SW 38 AVE 2,237 $ 215,000 05/08/2001$ 96.11 Outside 2624 NASSAU LN 1,490 $ 170,000 05/12/2001$ 114.09 Outside 4978 SW 35 TER 2,237 $ 225,000 05/14/2001$ 100.58 Outside 3822 SW 49 CT 2,394 $ 176,000 05/16/2001 $ 73.52 Outside 5729 LIVE OAK TER 3,482 $ 439,700 05/17/2001$ 126.28 Outside 5576 SW 28 TER 902 $ 91,000 05/18/2001$ 100.89 Outside 4581 SW 37 AVE 2,263 $ 210,000 05/21/2001$ 92.80 Outside 4967 SW 31 TER 1,042 $ 123,000 05/21/2001$ 118.04 Outside 4531 SW 34 DR 1,373 $ 138,900 05/24/2001$ 101.17 Outside 3802 SW 49 CT 2,263 $ 193,900 05/25/2001$ 85.68 Outside 4921 SW 38 WAY 2,120 $ 176,000 05/25/2001$ 83.02 Outside 4939 SW 31 TER 1,051 $ 122,000 05/30/2001$ 116.08 Outside 4848 SW 32 TER 1,309 $ 125,000 05/30/2001$ 95.49 Outside 2788 SW 46 CT 1,344 $ 119,500 05/31/2001$ 88.91 Outside 2430 CAT CAY LN 1,585 $ 249,000 06/05/2001$ 157.10 Outside 4630 SW 25 TER 1,374 $ 100,000 06/06/2001$ 72.78 Outside 523 NW 8 ST 1,830 $ 164,900 06/06/2001$ 90.11 Outside 3910 SW 58 ST 4,805 $ 240,000 06/07/2001$ 49.95 Outside 1673 SW 30 ST 1,978 $ 175,000 06/08/2001$ 88.47 Outside 2857 GRIFFIN RD 1,724 $ 195,000 06/08/2001$ 113.11 Outside 575 SW 1 ST 1,221 $ 94,900 06/11/2001$ 77.72 Outside 4416 SW 28 TER 2,606 $ 300,000 06/12/2001$ 115.12 Outside 3832 SW 49 CT 2,394 $ 180,900 06/12/2001$ 75.56 Outside 3840 SW 48 CT 2,394 $ 185,400 06/15/2001$ 77.44 Outside 2437 MARATHON LN 1,621 $ 250,000 06/22/2001$ 154.23 Outside 1313 SW 31 ST 1,368 $ 85,000 06/22/2001 $ 62.13 Outside 4931 SW 32 AVE 1,098 $ 108,900 06/25/2001$ 99.18 Outside 2437 KEY LARGO LN 1,782 $ 279,000 06/26/2001$ 156.57 Outside 4870 SW 37 TER 2,394 $ 217,900 06/28/2001$ 91.02 Outside 2680 SW 30 TER 3,035 $ 685,000 07/02/2001$ 225.70 Outside 4465 SW 38 TER 1,937 $ 61,000 07/13/2001$ 31.49 Outside 1545 SW 27 CT 614 $ 98,000 07/17/2001$ 159.61 Outside 3774 SW 49 PL 2,527 $ 209,600 07/18/2001$ 82.94 Outside 3724 SW 49 PL 2,263 $ 190,700 07/19/2001$ 84.27 Outside 4920 SW 29 AVE 1,915 $ 131,000 07/20/2001$ 68.41 Outside 4941 SW 38 WAY 2,263 $ 193,900 07/23/2001$ 85.68 Outside 3714 SW 49 PL 2,394 $ 177,200 07/26/2001 $ 74.02 Outside 1236 SW 32 ST 1,620 $ 145,000 07/27/2001$ 89.51 Outside 809 NW 6 AVE 1,142 $ 159,000 07/27/2001$ 139.23 Outside 3817 SW 49 CT 2,527 $ 217,400 07/30/2001$ 86.03 Outside 309 NE 5 CT 2,250 $ 345,000 07/31/2001$ 153.33 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 3313 LAUREL OAK ST 3,336 $ 405,200 08/02/2001$ 121.46 Outside 3312 WATER OAK ST 4,387 $ 533,400 08/06/2001$ 121.59 Outside 4911 SW 27 AVE 1,556 $ 138,500 08/06/2001$ 89.01 Outside 3336 HOLLYWOOD OAKS DR 4,589 $ 735,000 08/13/2001$ 160.17 Outside 5323 SW 32 TER 3,198 $ 340,000 08/14/2001$ 106.32 Outside 4451 SW 34 AVE 1,832 $ 221,000 08/16/2001$ 120.63 Outside 3204 SW 53 CT 2,148 $ 196,000 08/16/2001$ 91.25 Outside 4995 SW 31 TER 1,042 $ 122,000 08/16/2001$ 117.08 Outside 2525 SW 34 AVE 1,377 $ 185,000 08/17/2001$ 134.35 Outside 5020 SW 33 TER 2,212 $ 209,000 08/20/2001$ 94.48 Outside 5540 SW 28 TER 990 $ 97,000 08/27/2001$ 97.98 Outside 4963 SW 32 AVE 1,265 $ 136,000 08/30/2001$ 107.51 Outside 2512 MARATHON LN 1,957 $ 245,000 08/31/2001$ 125.19 Outside 2424 WHALE HARBOR LN 1,594 $ 295,000 08/31/2001$ 185.07 Outside 4723 SW 34 TER 2,273 $ 292,000 08/31/2001 $ 128.46 Outside 3328 LAUREL OAK ST 3,358 $ 457,500 09/06/2001$ 136.24 Outside 3722 SW 49 ST 2,527 $ 183,000 09/07/2001$ 72.42 Outside 4866 SW 32 TER 1,600 $ 148,000 09/19/2001$ 92.50 Outside 3775 SW 50 ST 2,527 $ 207,500 09/21/2001$ 82.11 Outside 4540 SW 34 AVE 1,380 $ 110,500 09/24/2001$ 80.07 Outside 1310 SW 30 ST 1,104 $ 110,000 09/25/2001$ 99.64 Outside 2756 SW 47 ST 1,502 $ 106,100 10/01/2001$ 70.64 Outside 5385 SW 34 WAY 2,231 $ 199,000 10/01/2001$ 89.20 Outside 4964 SW 38 WAY 2,120 $ 189,000 10/01/2001$ 89.15 Outside 2701 SW 58 MNR 1,080 $ 120,000 10/01/2001$ 111.11 Outside 4925 SW 33 AVE 2,212 $ 68,400 10/09/2001 $ 30.92 Outside 3826 SW 50 ST 2,263 $ 195,900 10/09/2001$ 86.57 Outside 5355 SW 34 WAY 2,231 $ 210,000 10/10/2001$ 94.13 Outside 3578 SW 49 CT 2,030 $ 214,000 10/10/2001$ 105.42 Outside 3777 SW 50 CT 2,527 $ 214,700 10/11/2001$ 84.96 Outside 4995 SW 32 AVE 1,111 $ 129,900 10/12/2001$ 116.92 Outside 5000 SW 29 WAY 1,596 $ 141,500 10/14/2001$ 88.66 Outside 3817 SW 50 CT 2,527 $ 208,600 10/15/2001$ 82.55 Outside 3816 SW 50 ST 2,527 $ 205,200 10/16/2001$ 81.20 Outside 3321 SW 51 ST 2,148 $ 247,000 10/17/2001$ 114.99 Outside 136 SE 2 CT 1,782 $ 155,000 10/24/2001$ 86.98 Outside 2570 SW 29 WAY 3,354 $ 400,000 10/26/2001 $ 119.26 Outside 4680 SW 27 AVE 1,141 $ 135,000 10/29/2001$ 118.32 Outside 4884 SW 32 TER 1,309 $ 140,000 10/31/2001$ 106.95 Outside 2431 BIMINI LN 1,286 $ 230,000 11/05/2001$ 178.85 Outside 5650 OAKTREE AVE 4,543 $ 658,000 11/05/2001$ 144.84 Outside 3700 SW 51 ST 2,563 $ 232,900 11/07/2001$ 90.87 Outside 3691 ESTATE OAK CIR 5,699 $ 865,600 11/08/2001$ 151.89 Outside 1401 NW 7 ST 2,408 $ 352,500 11/09/2001$ 146.39 Outside 1304 SW 31 ST 1,470 $ 85,800 11/13/2001$ 58.37 Outside 3820 SW 51 ST 2,263 $ 199,800 11/16/2001$ 88.29 Outside 203 NE 2 CT 1,158 $ 165,000 11/16/2001$ 142.49 Outside 226 NE 5 AVE 1,276 $ 118,000 11/16/2001 $ 92.48 Outside 5052 SW 38 WAY 2,394 $ 198,700 11/21/2001$ 83.00 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 2701 SW 58 MNR 1,088 $ 122,000 11/29/2001$ 112.13 Outside 4535 SW 28 WAY 1,972 $ 160,000 11/30/2001$ 81.14 Outside 4480 SW 37 AVE 1,428 $ 200,000 11/30/2001$ 140.06 Outside 4941 SW 34 TER 2,148 $ 239,000 11/30/2001$ 111.27 Outside 5315 SW 33 AVE 3,820 $ 357,500 11/30/2001$ 93.59 Outside 680 NE 1 ST 1,629 $ 130,000 11/30/2001$ 79.80 Outside 3201 SW 53 ST 2,231 $ 240,000 12/03/2001$ 107.58 Outside 3818 SW 50 CT 2,263 $ 197,000 12/04/2001$ 87.05 Outside 2442 OKEECHOBEE LN 1,664 $ 275,900 12/06/2001$ 165.81 Outside 3001 SW 9 AVE 1,832 $ 105,000 12/14/2001$ 57.31 Outside 344 NE 2 CT 1,781 $ 375,000 12/17/2001$ 210.56 Outside 3260 SW 44 ST 2,517 $ 195,000 12/19/2001 $ 77.47 Outside 3719 SW 51 ST 2,263 $ 226,400 12/20/2001$ 100.04 Outside 3935 SW 53 CT 3,005 $ 285,000 12/27/2001$ 94.84 Outside 4948 SW 33 WAY 1,985 $ 232,000 12/28/2001$ 116.88 Outside 2421 SW 29 WAY 3,020 $ 350,000 12/31/2001$ 115.89 Outside 4941 SW 29 TER 1,379 $ 121,000 12/31/2001$ 87.74 Outside 5514 SW 28 TER 1,080 $ 105,000 12/31/2001$ 97.22 Outside 4749 SW 35 AVE 1,622 $ 179,000 01/04/2002$ 110.36 Outside 5532 ESTATE OAK CIR 4,491 $ 740,500 01/09/2002$ 164.89 Outside 5710 OAKTREE AVE 5,023 $ 750,000 01/10/2002$ 149.31 Outside 5030 SW 29 WAY 1,819 $ 139,900 01/11/2002$ 76.91 Outside 2666 KEY LARGO LN 1,275 $ 240,000 01/14/2002 $ 188.24 Outside 2503 ANDROS LN 1,153 $ 192,000 01/25/2002$ 166.52 Outside 3324 WATER OAK ST 4,400 $ 620,900 01/25/2002$ 141.11 Outside 3631 ESTATE OAK CIR 5,574 $ 686,500 01/28/2002$ 123.16 Outside 3747 SW 50 CT 2,527 $ 213,000 01/28/2002$ 84.29 Outside 5810 SW 33 LN 5,635 $ 590,000 01/29/2002$ 104.70 Outside 4949 SW 32 TER 1,349 $ 145,000 01/29/2002$ 107.49 Outside 601 NW 3 TER 964 $ 40,100 01/30/2002$ 41.60 Outside 825 NW 8 AVE 1,677 $ 163,000 02/02/2002$ 97.20 Outside 815 SW 26 CT 1,794 $ 125,000 02/04/2002$ 69.68 Outside 4890 SW 37 TER 2,263 $ 215,000 02/08/2002$ 95.01 Outside 3829 SW 51 ST 2,527 $ 231,200 02/12/2002$ 91.49 Outside 2521 SW 29 WAY 2,816 $ 237,500 02/14/2002$ 84.34 Outside 4986 SW 31 TER 1,125 $ 122,600 02/15/2002$ 108.98 Outside 3401 SW 26 CT 1,943 $ 230,000 02/20/2002$ 118.37 Outside 3300 WATER OAK ST 4,505 $ 664,100 02/21/2002$ 147.41 Outside 2512 FLAMINGO LN 1,886 $ 199,000 02/22/2002$ 105.51 Outside 5512 SW 28 TER 902 $ 108,000 02/25/2002$ 119.73 Outside 2630 TORTUGAS LN 1,786 $ 325,000 02/28/2002$ 181.97 Outside 3729 SW 51 ST 2,527 $ 217,100 02/28/2002$ 85.91 Outside 4857 SW 24 AVE 860 $ 90,000 03/04/2002$ 104.65 Outside 201 NE 3 AVE 2,307 $ 40,000 03/04/2002$ 17.34 Outside 3301 OAK HILL ST 4,510 $ 595,200 03/05/2002 $ 131.97 Outside 604 NE 3 ST 3,138 $ 88,000 03/05/2002$ 28.04 Outside 4942 SW 33 WAY 2,212 $ 215,000 03/07/2002$ 97.20 Outside 4971 SW 37 AVE 2,263 $ 235,500 03/07/2002$ 104.07 Outside 149 NW 14 AVE 947 $ 45,000 03/07/2002$ 47.52 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 3945 SW 53 CT 3,038 $ 320,700 03/15/2002$ 105.56 Outside 5761 LIVE OAK TER 4,204 $ 553,500 03/18/2002$ 131.66 Outside 5653 OAKMONT AVE 4,030 $ 580,000 03/19/2002$ 143.92 Outside 4610 SW 30 WAY 1,532 $ 117,000 03/22/2002$ 76.37 Outside 3727 SW 50 CT 2,263 $ 213,900 03/22/2002$ 94.52 Outside 818 NW 3 ST 880 $ 74,900 03/22/2002$ 85.11 Outside 3323 SW 49 ST 2,148 $ 235,000 03/26/2002$ 109.40 Outside 3830 SW 51 ST 2,249 $ 205,600 03/26/2002$ 91.42 Outside 4433 SW 27 TER 1,396 $ 200,000 03/27/2002$ 143.27 Outside 4845 SW 32 TER 1,598 $ 156,500 03/27/2002$ 97.93 Outside 109 NE 2 AVE 1,501 $ 120,000 03/29/2002$ 79.95 Outside 2536 MARATHON LN 1,846 $ 265,000 04/01/2002 $ 143.55 Outside 4968 SW 33 AVE 1,985 $ 206,000 04/03/2002$ 103.78 Outside 2649 NASSAU LN 2,067 $ 325,000 04/10/2002$ 157.23 Outside 23 NW 14 CT 600 $ 68,000 04/10/2002$ 113.33 Outside 1090 SW 32 ST 1,407 $ 37,400 04/14/2002$ 26.58 Outside 1021 SW 32 ST 1,367 $ 155,000 04/18/2002$ 113.39 Outside 4560 SW 25 TER 1,387 $ 98,000 04/22/2002$ 70.66 Outside 3021 SW 46 CT 1,654 $ 124,000 04/29/2002$ 74.97 Outside 5831 SW 33 LN 4,090 $ 564,000 04/29/2002$ 137.90 Outside 4994 SW 31 TER 1,027 $ 124,000 04/29/2002$ 120.74 Outside 3405 SW 26 ST 1,258 $ 180,000 04/30/2002$ 143.08 Outside 4991 SW 37 AVE 2,263 $ 218,600 04/30/2002 $ 96.60 Outside 4871 SW 35 TER 2,278 $ 230,000 04/30/2002$ 100.97 Outside 5088 SW 38 WAY 2,263 $ 218,500 05/02/2002$ 96.55 Outside 3342 SW 51 ST 2,886 $ 375,000 05/07/2002$ 129.94 Outside 2401 BIMINI LN 1,787 $ 315,000 05/09/2002$ 176.27 Outside 5630 OAKTREE AVE 4,478 $ 590,000 05/13/2002$ 131.76 Outside 5679 ROYAL OAK WAY 5,126 $ 745,000 05/14/2002$ 145.34 Outside 4903 SW 31 TER 1,042 $ 132,000 05/16/2002$ 126.68 Outside 821 SW 25 ST 1,052 $ 110,000 05/17/2002$ 104.56 Outside 4983 SW 31 TER 1,051 $ 134,000 05/20/2002$ 127.50 Outside 4976 SW 38 WAY 2,263 $ 212,800 05/21/2002$ 94.03 Outside 5201 SW 31 AVE 1,353 $ 120,000 05/22/2002 $ 88.69 Outside 5651 SW 24 AVE 1,263 $ 109,900 05/22/2002$ 87.02 Outside 3183 SW 50 ST 1,051 $ 129,900 05/28/2002$ 123.60 Outside 612 NW 7 ST 1,826 $ 188,000 05/28/2002$ 102.96 Outside 1549 SW 30 PL 2,375 $ 365,000 05/30/2002$ 153.68 Outside 4919 SW 31 TER 1,051 $ 139,000 05/30/2002$ 132.25 Outside 4874 SW 38 WAY 2,394 $ 203,200 05/30/2002$ 84.88 Outside 4884 SW 38 WAY 2,263 $ 211,100 05/30/2002$ 93.28 Outside 4922 SW 38 WAY 2,263 $ 204,700 05/30/2002$ 90.46 Outside 4925 SW 35 TER 2,886 $ 301,000 05/30/2002$ 104.30 Outside 4548 SW 33 AVE 1,863 $ 115,000 05/31/2002$ 61.73 Outside 5611 SW 24 AVE 1,379 $ 105,000 05/31/2002 $ 76.14 Outside 5201 SW 31 AVE 1,489 $ 139,000 06/05/2002$ 93.35 Outside 1410 SW 29 ST 1,391 $ 145,000 06/07/2002$ 104.24 Outside 2443 MARATHON LN 2,069 $ 295,000 06/10/2002$ 142.58 Outside 4982 SW 38 WAY 2,527 $ 226,600 06/14/2002$ 89.67 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 610 NW 7 ST 1,674 $ 167,500 06/18/2002$ 100.06 Outside 1011 SW 29 ST 1,072 $ 114,000 06/20/2002$ 106.34 Outside 5081 SW 28 AVE 2,789 $ 165,000 06/20/2002$ 59.16 Outside 5201 SW 31 AVE 1,353 $ 129,000 06/21/2002$ 95.34 Outside 822 NW 8 AVE 1,707 $ 167,000 06/21/2002$ 97.83 Outside 4916 SW 38 WAY 2,394 $ 217,100 06/24/2002$ 90.69 Outside 2606 OKEECHOBEE LN 1,580 $ 327,500 06/25/2002$ 207.28 Outside 201 NE 1 ST 1,427 $ 151,000 06/26/2002$ 105.82 Outside 5057 SW 37 AVE 2,263 $ 221,000 06/28/2002$ 97.66 Outside 4660 SW 37 AVE 2,760 $ 318,300 07/02/2002$ 115.33 Outside 3930 SW 53 CT 3,399 $ 311,000 07/08/2002$ 91.50 Outside 5373 SW 32 WAY 2,231 $ 225,000 07/10/2002 $ 100.85 Outside 2525 TORTUGAS LN 1,467 $ 255,000 07/16/2002$ 173.82 Outside 5159 SW 27 AVE 1,044 $ 69,900 07/17/2002$ 66.95 Outside 5030 SW 40 AVE 1,275 $ 102,900 07/18/2002$ 80.71 Outside 3387 SW 49 ST 2,148 $ 275,000 07/18/2002$ 128.03 Outside 143 SE 2 CT 2,037 $ 215,000 07/18/2002$ 105.55 Outside 5001 SW 37 AVE 2,394 $ 223,000 07/22/2002$ 93.15 Outside 5349 SW 32 WAY 3,760 $ 397,500 07/24/2002$ 105.72 Outside 5345 SW 32 AVE 2,231 $ 239,000 07/24/2002$ 107.13 Outside 4976 SW 31 TER 1,051 $ 123,500 07/25/2002$ 117.51 Outside 5015 SW 37 AVE 2,263 $ 223,100 07/25/2002$ 98.59 Outside 5680 OAK GARDEN TER 5,581 $ 896,300 07/29/2002 $ 160.60 Outside 981 SW 31 ST 1,233 $ 145,000 07/31/2002$ 117.60 Outside 5640 OAK GARDEN TER 5,104 $ 600,000 08/06/2002$ 117.55 Outside 3950 SW 53 CT 3,730 $ 404,700 08/07/2002$ 108.50 Outside 1140 SW 28 ST 1,559 $ 155,000 08/09/2002$ 99.42 Outside 1141 SW 29 ST 1,344 $ 152,500 08/09/2002$ 113.47 Outside 1131 SW 29 ST 1,072 $ 142,500 08/09/2002$ 132.93 Outside 3560 SW 48 CT 2,858 $ 260,000 08/09/2002$ 90.97 Outside 5911 SW 33 LN 4,216 $ 540,000 08/10/2002$ 128.08 Outside 2555 FLAMINGO LN 1,593 $ 320,000 08/15/2002$ 200.88 Outside 4963 SW 31 TER 1,051 $ 125,000 08/15/2002$ 118.93 Outside 3600 ESTATE OAK CIR 22,415 $ 757,000 08/16/2002 $ 33.77 Outside 3403 SW 52 CT 3,198 $ 343,800 08/20/2002$ 107.50 Outside 1577 SW 30 PL 2,697 $ 205,000 08/23/2002$ 76.01 Outside 4947 SW 32 WAY 2,148 $ 238,000 08/23/2002$ 110.80 Outside 4955 SW 33 AVE 2,212 $ 242,000 08/23/2002$ 109.40 Outside 5225 SW 38 AVE 2,858 $ 347,200 08/23/2002$ 121.48 Outside 818 NW 7 AVE 1,258 $ 155,000 08/23/2002$ 123.21 Outside 1060 SW 32 ST 1,245 $ 154,000 08/26/2002$ 123.69 Outside 5201 SW 31 AVE 1,485 $ 140,000 08/26/2002$ 94.28 Outside 951 NAUTILUS ISLE 1,812 $ 290,000 08/26/2002$ 160.04 Outside 3313 WATER OAK ST 4,531 $ 617,000 08/27/2002$ 136.17 Outside 3841 SW 52 ST 2,237 $ 248,000 08/28/2002 $ 110.86 Outside 4936 SW 32 WAY 2,212 $ 225,000 08/29/2002$ 101.72 Outside 3985 SW 53 CT 3,767 $ 358,200 08/29/2002$ 95.09 Outside 4971 SW 29 WAY 1,736 $ 165,000 08/30/2002$ 95.05 Outside 5631 SW 24 AVE 1,481 $ 127,500 09/06/2002$ 86.09 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 2517 CAT CAY LN 1,258 $ 180,000 09/10/2002$ 143.08 Outside 4970 SW 31 TER 1,079 $ 125,000 09/20/2002$ 115.85 Outside 4705 SW 34 TER 2,236 $ 385,000 09/24/2002$ 172.18 Outside 4982 SW 32 AVE 1,125 $ 137,000 09/25/2002$ 121.78 Outside 4700 SW 25 AVE 1,357 $ 117,000 09/27/2002$ 86.22 Outside 3439 SW 51 ST 1,985 $ 264,000 10/01/2002$ 133.00 Outside 1622 SW 25 ST 2,284 $ 365,000 10/07/2002$ 159.81 Outside 4406 SW 38 TER 2,102 $ 325,000 10/07/2002$ 154.61 Outside 3337 OAK HILL ST 4,378 $ 569,100 10/09/2002$ 129.99 Outside 3241 SW 51 ST 2,934 $ 345,000 10/09/2002$ 117.59 Outside 1700 SW 30 ST 1,363 $ 165,000 10/10/2002$ 121.06 Outside 2801 SW 58 MNR 1,490 $ 139,000 10/11/2002$ 93.29 Outside 915 NAUTILUS ISLE 1,784 $ 325,000 10/15/2002$ 182.17 Outside 4611 SW 34 AVE 1,659 $ 250,000 10/17/2002$ 150.69 Outside 3567 SW 51 ST 2,237 $ 267,500 10/21/2002$ 119.58 Outside 4731 SW 25 AVE 1,288 $ 132,500 10/24/2002$ 102.87 Outside 2407 BIMINI LN 1,572 $ 288,000 10/25/2002$ 183.21 Outside 4933 SW 32 WAY 2,212 $ 255,000 10/25/2002$ 115.28 Outside 5841 SW 37 AVE 2,450 $ 258,000 10/30/2002$ 105.31 Outside 3301 LAUREL OAK ST 4,473 $ 577,200 10/30/2002$ 129.04 Outside 1201 SW 29 ST 821 $ 91,000 11/07/2002$ 110.84 Outside 641 NE 2 ST 1,876 $ 227,500 11/08/2002$ 121.27 Outside 4548 SW 37 AVE 1,458 $ 260,000 11/13/2002$ 178.33 Outside 3734 SW 49 PL 2,394 $ 236,300 11/13/2002$ 98.71 Outside 2454 WHALE HARBOR LN 1,425 $ 295,000 11/15/2002$ 207.02 Outside 4963 SW 32 WAY 2,212 $ 252,000 11/19/2002$ 113.92 Outside 635 NE 3 ST 1,939 $ 250,000 11/19/2002$ 128.93 Outside 2448 CAT CAY LN 2,048 $ 380,000 11/20/2002$ 185.55 Outside 260 NW 13 CT 1,881 $ 101,000 11/21/2002$ 53.69 Outside 1339 SW 30 ST 1,203 $ 160,000 11/22/2002$ 133.00 Outside 5040 SW 40 AVE 1,382 $ 116,400 11/22/2002$ 84.23 Outside 3800 SW 53 ST 2,030 $ 242,500 11/22/2002$ 119.46 Outside 3723 SW 49 PL 2,263 $ 320,000 11/25/2002$ 141.41 Outside 3348 OAK HILL ST 4,197 $ 560,500 11/26/2002 $ 133.55 Outside 5216 SW 38 AVE 2,237 $ 245,000 11/26/2002$ 109.52 Outside 1450 SW 29 ST 931 $ 137,500 11/27/2002$ 147.69 Outside 3706 SW 50 ST 2,263 $ 252,000 12/04/2002$ 111.36 Outside 3325 WATER OAK ST 4,437 $ 756,900 12/12/2002$ 170.59 Outside 1505 SW 32 ST 2,685 $ 185,500 12/18/2002$ 69.09 Outside 1200 SW 29 ST 1,085 $ 141,000 12/19/2002$ 129.95 Outside 3900 SW 53 CT 3,667 $ 373,000 12/19/2002$ 101.72 Outside 3970 SW 53 CT 3,669 $ 370,400 12/19/2002$ 100.95 Outside 5042 SW 40 AVE 1,382 $ 117,000 12/23/2002$ 84.66 Outside 4940 SW 29 WAY 1,854 $ 153,000 12/23/2002 $ 82.52 Outside 2725 TREASURE COVE CIR 2,006 $ 275,000 12/27/2002$ 137.09 Outside 3921 SW 56 ST 3,361 $ 586,000 12/27/2002$ 174.35 Outside 3871 SW 54 ST 2,428 $ 269,000 12/30/2002$ 110.79 Outside 5320 SW 34 AVE 2,886 $ 330,000 12/30/2002$ 114.35 Outside 2612 SW 55 ST 1,307 $ 145,000 12/30/2002$ 110.94 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 129 NW 11 AVE 760 $ 73,000 12/31/2002$ 96.05 Outside 802 SW 25 ST 1,068 $ 40,000 01/09/2003$ 37.45 Outside 2631 OKEECHOBEE LN 2,742 $ 260,000 01/15/2003$ 94.82 Outside 3341 SW 51 ST 1,985 $ 269,000 01/22/2003$ 135.52 Outside 5708 PARK RD 1,304 $ 130,000 01/23/2003$ 99.69 Outside 120 NW 6 AVE 1,570 $ 12,000 01/27/2003$ 7.64 Outside 4942 SW 24 AVE 1,168 $ 98,000 01/28/2003$ 83.90 Outside 5760 MANOR OAK AVE 4,930 $ 763,700 01/30/2003$ 154.91 Outside 2706 TREASURE COVE CIR 2,006 $ 259,900 02/06/2003$ 129.56 Outside 3530 SW 51 ST 2,264 $ 307,000 02/07/2003$ 135.60 Outside 609 NE 2 ST 1,791 $ 172,500 02/07/2003$ 96.31 Outside 102 NE 2 AVE 1,582 $ 190,000 02/10/2003$ 120.10 Outside 5641 OAK GARDEN TER 4,859 $ 628,400 02/12/2003$ 129.33 Outside 4935 SW 31 TER 1,042 $ 140,000 02/14/2003$ 134.36 Outside 5181 SW 28 TER 1,112 $ 152,000 02/14/2003$ 136.69 Outside 4713 SW 34 TER 1,751 $ 245,000 02/20/2003$ 139.92 Outside 3733 SW 49 PL 2,120 $ 255,000 02/20/2003$ 120.28 Outside 2449 OKEECHOBEE LN 1,859 $ 300,000 02/21/2003$ 161.38 Outside 2436 BIMINI LN 1,096 $ 250,000 02/24/2003$ 228.10 Outside 3833 SW 49 PL 2,527 $ 285,000 02/26/2003$ 112.78 Outside 4840 SW 29 AVE 1,169 $ 144,000 02/27/2003$ 123.18 Outside 4800 SW 34 AVE 1,985 $ 262,000 02/28/2003$ 131.99 Outside 4533 SW 37 AVE 1,633 $ 335,000 03/03/2003$ 205.14 Outside 5368 SW 34 AVE 2,664 $ 330,000 03/04/2003$ 123.87 Outside 2644 SW 14 AVE 942 $ 120,000 03/07/2003$ 127.39 Outside 172 NE 6 CT 1,677 $ 174,800 03/11/2003$ 104.23 Outside 4600 SW 33 AVE 947 $ 55,000 03/17/2003$ 58.08 Outside 5891 SW 37 TER 5,081 $ 677,000 03/17/2003$ 133.24 Outside 1041 SW 32 ST 1,413 $ 155,000 03/20/2003$ 109.70 Outside 2678 MARATHON LN 1,351 $ 295,000 03/26/2003$ 218.36 Outside 1312 SW 31 ST 833 $ 134,500 03/26/2003$ 161.46 Outside 4596 SW 29 TER 1,408 $ 289,000 03/26/2003$ 205.26 Outside 2607 OKEECHOBEE LN 2,311 $ 352,500 03/28/2003$ 152.53 Outside 5212 SW 38 WAY 2,237 $ 267,000 03/28/2003 $ 119.36 Outside 2650 SW 51 CT 1,401 $ 168,000 03/28/2003$ 119.91 Outside 207 NE 2 CT 2,210 $ 230,000 03/28/2003$ 104.07 Outside 2630 SW 12 TER 1,193 $ 159,200 03/31/2003$ 133.45 Outside 802 ARGONAUT ISLE 1,946 $ 370,000 03/31/2003$ 190.13 Outside 5711 PARK RD 1,194 $ 143,500 04/14/2003$ 120.18 Outside 3448 SW 49 ST 2,148 $ 104,500 04/15/2003$ 48.65 Outside 5201 SW 31 AVE 1,485 $ 153,000 04/16/2003$ 103.03 Outside 2631 MARATHON LN 2,603 $ 425,000 04/21/2003$ 163.27 Outside 4671 SW 35 AVE 1,573 $ 250,000 04/22/2003$ 158.93 Outside 5221 SW 38 WAY 2,030 $ 250,000 04/24/2003$ 123.15 Outside 3430 SW 26 CT 2,046 $ 240,000 04/25/2003 $ 117.30 Outside 2607 NASSAU LN 1,324 $ 315,000 04/28/2003$ 237.92 Outside 2655 GULFSTREAM LN 1,451 $ 305,000 04/30/2003$ 210.20 Outside 2537 NASSAU LN 1,555 $ 339,000 04/30/2003$ 218.01 Outside 3861 SW 56 CT 4,753 $ 460,000 04/30/2003$ 96.78 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 5375 SW 38 WAY 2,237 $ 285,000 05/01/2003$ 127.40 Outside 4948 SW 31 TER 1,051 $ 143,000 05/07/2003$ 136.06 Outside 3434 HOLLYWOOD OAKS DR 5,224 $ 917,100 05/12/2003$ 175.56 Outside 235 NW 14 CT 2,157 $ 157,500 05/15/2003$ 73.02 Outside 1070 SW 31 ST 1,492 $ 155,000 05/16/2003$ 103.89 Outside 5615 SW 24 AVE 1,400 $ 152,000 05/16/2003$ 108.57 Outside 4869 SW 29 TER 2,027 $ 50,000 05/19/2003$ 24.67 Outside 4990 SW 32 AVE 1,111 $ 155,000 05/28/2003$ 139.51 Outside 4451 SW 34 DR 1,723 $ 280,000 05/30/2003$ 162.51 Outside 4870 SW 29 TER 1,266 $ 173,000 05/30/2003$ 136.65 Outside 817 NW 6 AVE 1,293 $ 163,000 05/30/2003$ 126.06 Outside 5021 SW 29 TER 2,440 $ 225,000 06/04/2003$ 92.21 Outside 2408 SW 34 AVE 1,401 $ 184,000 06/05/2003$ 131.33 Outside 4716 SW 34 TER 2,167 $ 348,500 06/05/2003 $ 160.82 Outside 5201 SW 31 AVE 1,353 $ 144,000 06/09/2003$ 106.43 Outside 4929 SW 31 TER 1,051 $ 145,000 06/09/2003$ 137.96 Outside 5590 SW 28 TER 902 $ 130,000 06/09/2003$ 144.12 Outside 824 SW 29 ST 1,066 $ 145,000 06/12/2003$ 136.02 Outside 229 NW 6 AVE 1,600 $ 103,000 06/12/2003$ 64.38 Outside 5317 SW 38 AVE 2,237 $ 283,000 06/13/2003$ 126.51 Outside 2667 KEY LARGO LN 1,809 $ 375,000 06/16/2003$ 207.30 Outside 3370 SW 50 ST 1,985 $ 230,000 06/16/2003$ 115.87 Outside 4974 SW 31 TER 1,027 $ 137,000 06/16/2003$ 133.40 Outside 1110 SW 28 ST 1,040 $ 137,900 06/20/2003$ 132.60 Outside 3710 SW 48 CT 2,120 $ 246,000 06/20/2003 $ 116.04 Outside 1373 NW 3 ST 1,160 $ 13,000 06/20/2003$ 11.21 Outside 2400 CAT CAY LN 1,449 $ 310,000 06/23/2003$ 213.94 Outside 2724 TREASURE COVE CIR 2,006 $ 335,900 06/23/2003$ 167.45 Outside 2518 TORTUGAS LN 2,501 $ 392,500 06/24/2003$ 156.94 Outside 5285 SW 34 WAY 2,606 $ 300,000 06/26/2003$ 115.12 Outside 5381 SW 34 AVE 3,650 $ 355,000 07/01/2003$ 97.26 Outside 5741 OAKMONT AVE 4,817 $ 900,000 07/02/2003$ 186.84 Outside 2481 ANDROS LN 1,465 $ 250,000 07/10/2003$ 170.65 Outside 2419 WHALE HARBOR LN 2,404 $ 187,000 07/10/2003$ 77.79 Outside 4881 SW 34 TER 2,148 $ 310,000 07/11/2003$ 144.32 Outside 2430 OKEECHOBEE LN 1,584 $ 351,500 07/16/2003$ 221.91 Outside 807 SW 28 ST 939 $ 140,000 07/16/2003$ 149.09 Outside 4836 SW 32 TER 1,621 $ 181,200 07/18/2003$ 111.78 Outside 646 NE 3 ST 2,035 $ 270,000 07/18/2003$ 132.68 Outside 3715 SW 50 ST 2,120 $ 252,000 07/21/2003$ 118.87 Outside 2407 CAT CAY LN 1,759 $ 239,000 07/22/2003$ 135.87 Outside 2436 MARATHON LN 1,498 $ 315,000 07/22/2003$ 210.28 Outside 2721 TREASURE COVE CIR 2,006 $ 390,000 07/25/2003$ 194.42 Outside 4913 SW 27 TER 1,042 $ 165,000 07/25/2003$ 158.35 Outside 5530 SW 28 TER 990 $ 130,000 07/28/2003$ 131.31 Outside 2648 NASSAU LN 2,014 $ 360,000 07/29/2003$ 178.75 Outside 5736 PARK RD 1,263 $ 145,000 07/29/2003$ 114.81 Outside 2744 TREASURE COVE CIR 2,026 $ 305,000 07/30/2003$ 150.54 Outside 2490 BIMINI LN 1,449 $ 333,000 07/31/2003$ 229.81 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 5528 SW 28 TER 1,078 $ 121,000 07/31/2003$ 112.24 Outside 5201 SW 31 AVE 1,098 $ 135,500 08/01/2003$ 123.41 Outside 2493 BIMINI LN 1,488 $ 350,000 08/04/2003$ 235.22 Outside 2701 SW 34 AVE 2,100 $ 224,000 08/11/2003$ 106.67 Outside 4921 SW 29 WAY 1,613 $ 189,900 08/11/2003$ 117.73 Outside 5742 OAKMONT AVE 4,297 $ 750,000 08/12/2003$ 174.54 Outside 3975 SW 53 CT 3,298 $ 343,000 08/12/2003$ 104.00 Outside 2424 ANDROS LN 1,584 $ 200,000 08/14/2003$ 126.26 Outside 2524 NASSAU LN 1,493 $ 325,900 08/15/2003$ 218.29 Outside 3319 SW 51 ST 2,212 $ 245,000 08/15/2003$ 110.76 Outside 4633 SW 35 AVE 1,214 $ 180,000 08/19/2003$ 148.27 Outside 4717 SW 35 AVE 1,239 $ 270,000 08/22/2003 $ 217.92 Outside 2515 SW 30 TER 2,591 $ 387,000 08/25/2003$ 149.36 Outside 2723 TREASURE COVE CIR 2,026 $ 299,900 08/25/2003$ 148.03 Outside 4951 SW 29 AVE 1,275 $ 165,000 08/25/2003$ 129.41 Outside 2536 TORTUGAS LN 1,708 $ 370,000 08/26/2003$ 216.63 Outside 5950 SW 33 AVE 3,200 $ 360,000 08/28/2003$ 112.50 Outside 4922 SW 32 WAY 1,985 $ 295,000 08/29/2003$ 148.61 Outside 3176 SW 50 ST 1,051 $ 147,000 08/29/2003$ 139.87 Outside 725 NW 10 AVE 1,794 $ 250,000 08/29/2003$ 139.35 Outside 830 NW 6 AVE 1,316 $ 202,000 09/04/2003$ 153.50 Outside 1021 SW 29 ST 1,000 $ 181,000 09/05/2003$ 181.00 Outside 5050 SW 35 TER 2,702 $ 376,000 09/05/2003 $ 139.16 Outside 2500 SW 29 WAY 3,204 $ 425,000 09/08/2003$ 132.65 Outside 4924 SW 31 TER 1,053 $ 141,000 09/10/2003$ 133.90 Outside 1550 SW 30 PL 2,938 $ 275,000 09/12/2003$ 93.60 Outside 837 SW 26 CT 1,281 $ 174,000 09/12/2003$ 135.83 Outside 1100 SW 32 ST 1,408 $ 50,100 09/16/2003$ 35.58 Outside 2443 TORTUGAS LN 1,766 $ 365,000 09/18/2003$ 206.68 Outside 3728 SW 50 CT 2,263 $ 292,000 09/18/2003$ 129.03 Outside 3587 SW 51 ST 2,137 $ 270,000 09/25/2003$ 126.35 Outside 15 SE 1 AVE 919 $ 75,000 09/29/2003$ 81.61 Outside 2541 CAT CAY LN 1,919 $ 300,000 09/30/2003$ 156.33 Outside 210 SE 1 TER 1,524 $ 225,000 10/06/2003 $ 147.64 Outside 4560 SW 29 TER 1,223 $ 102,000 10/09/2003$ 83.40 Outside 5728 PARK RD 1,260 $ 150,000 10/10/2003$ 119.05 Outside 1401 SW 29 ST 851 $ 150,000 10/14/2003$ 176.26 Outside 4407 SW 37 AVE 1,705 $ 325,000 10/15/2003$ 190.62 Outside 5061 SW 33 WAY 2,148 $ 321,000 10/15/2003$ 149.44 Outside 3550 SW 48 CT 2,016 $ 250,000 10/16/2003$ 124.01 Outside 5205 SW 38 WAY 2,137 $ 260,300 10/20/2003$ 121.81 Outside 4609 SW 28 AVE 1,330 $ 149,000 10/24/2003$ 112.03 Outside 2507 WHALE HARBOR LN 1,645 $ 222,500 10/28/2003$ 135.26 Outside 4953 SW 33 WAY 2,212 $ 325,000 10/28/2003$ 146.93 Outside 736 NW 12 AVE 1,922 $ 399,000 10/30/2003 $ 207.60 Outside 2418 TORTUGAS LN 2,347 $ 400,000 10/31/2003$ 170.43 Outside 3840 SW 51 ST 1,947 $ 265,000 10/31/2003$ 136.11 Outside 4874 SW 34 TER 2,212 $ 300,000 11/03/2003$ 135.62 Outside 5598 SW 28 TER 902 $ 133,000 11/03/2003$ 147.45 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 3821 SW 49 ST 2,394 $ 280,000 11/04/2003$ 116.96 Outside 3382 SW 49 ST 2,148 $ 325,000 11/05/2003$ 151.30 Outside 2429 CAT CAY LN 1,437 $ 200,000 11/07/2003$ 139.18 Outside 5069 SW 34 TER 2,212 $ 310,000 11/07/2003$ 140.14 Outside 4696 SW 32 AVE 1,414 $ 130,000 11/11/2003$ 91.94 Outside 2537 FLAMINGO LN 1,997 $ 315,000 11/14/2003$ 157.74 Outside 1512 SW 30 ST 1,161 $ 200,700 11/14/2003$ 172.87 Outside 4940 SW 26 TER 1,372 $ 147,000 11/14/2003$ 107.14 Outside 3712 SW 49 ST 2,120 $ 260,000 11/17/2003$ 122.64 Outside 2448 WHALE HARBOR LN 1,647 $ 360,000 11/24/2003$ 218.58 Outside 5373 SW 34 WAY 2,231 $ 353,500 11/24/2003$ 158.45 Outside 137 SE 2 AVE 1,155 $ 175,000 11/25/2003$ 151.52 Outside 5201 SW 31 AVE 1,353 $ 125,000 11/26/2003$ 92.39 Outside 4331 SW 34 LN 2,410 $ 320,000 12/01/2003$ 132.78 Outside 120 SW 7 AVE 1,579 $ 145,000 12/03/2003$ 91.83 Outside 106 NE 2 PL 1,416 $ 187,000 12/05/2003$ 132.06 Outside 4891 SW 35 TER 2,453 $ 265,000 12/09/2003$ 108.03 Outside 814 NW 7 AVE 1,436 $ 183,000 12/09/2003$ 127.44 Outside 3420 SW 52 ST 2,886 $ 350,000 12/10/2003$ 121.28 Outside 5215 SW 38 AVE 2,237 $ 348,000 12/12/2003$ 155.57 Outside 2548 WHALE HARBOR LN 1,995 $ 399,000 12/15/2003$ 200.00 Outside 3838 SW 50 CT 2,263 $ 283,000 12/15/2003$ 125.06 Outside 5276 SW 34 WAY 2,886 $ 407,500 12/16/2003$ 141.20 Outside 3463 SW 53 CT 2,606 $ 335,000 12/17/2003$ 128.55 Outside 3371 SW 49 ST 2,212 $ 277,500 12/19/2003$ 125.45 Outside 5367 SW 33 WAY 2,886 $ 374,000 12/19/2003$ 129.59 Outside 230 NW 7 AVE 1,381 $ 160,000 12/19/2003$ 115.86 Outside 3662 RIVERLAND RD 1,693 $ 309,600 12/22/2003$ 182.87 Outside 5201 SW 31 AVE 1,098 $ 139,500 12/23/2003$ 127.05 Outside 3573 SW 49 PL 2,030 $ 253,000 12/30/2003$ 124.63 Outside 2461 SW 58 MNR 1,095 $ 135,000 12/30/2003$ 123.29 Outside 1328 SW 30 ST 1,436 $ 268,000 01/02/2004$ 186.63 Outside 2710 TREASURE COVE CIR 2,006 $ 330,000 01/02/2004$ 164.51 Outside 5317 SW 33 TER 2,557 $ 321,000 01/02/2004$ 125.54 Outside 5910 SW 33 LN 3,790 $ 610,000 01/06/2004$ 160.95 Outside 98 SW 5 AVE 1,329 $ 103,000 01/09/2004$ 77.50 Outside 2249 SW 47 ST 1,001 $ 158,000 01/12/2004$ 157.84 Outside 3738 SW 50 CT 2,263 $ 280,000 01/12/2004$ 123.73 Outside 4710 SW 27 AVE 955 $ 134,900 01/14/2004$ 141.26 Outside 4918 SW 33 WAY 2,148 $ 305,400 01/21/2004$ 142.18 Outside 5940 SW 37 TER 7,396 $ 645,000 01/22/2004$ 87.21 Outside 5201 SW 31 AVE 1,411 $ 151,000 01/22/2004$ 107.02 Outside 4969 SW 33 WAY 2,360 $ 420,000 01/27/2004$ 177.97 Outside 4980 SW 29 AVE 1,476 $ 173,400 01/27/2004$ 117.48 Outside 1230 SW 29 ST 979 $ 181,000 02/03/2004 $ 184.88 Outside 2637 SW 50 ST 1,137 $ 142,000 02/03/2004$ 124.89 Outside 2537 OKEECHOBEE LN 2,067 $ 382,000 02/04/2004$ 184.81 Outside 2537 GULFSTREAM LN 3,410 $ 299,900 02/06/2004$ 87.95 Outside 1001 SW 32 CT 1,082 $ 129,000 02/06/2004$ 119.22 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 1351 DANIA BEACH BLVD 3,311 $ 15,000 02/06/2004$ 4.53 Outside 5004 SW 32 WAY 2,148 $ 310,000 02/17/2004$ 144.32 Outside 4936 SW 31 TER 1,053 $ 157,500 02/17/2004$ 149.57 Outside 4940 SW 31 TER 1,051 $ 151,500 02/18/2004$ 144.15 Outside 141 SE 2 AVE 1,805 $ 206,000 02/20/2004$ 114.13 Outside 2649 MARATHON LN 1,587 $ 365,000 02/23/2004$ 229.99 Outside 5379 SW 33 WAY 2,872 $ 365,000 02/23/2004$ 127.09 Outside 4601 SW 34 DR 1,938 $ 289,900 02/25/2004$ 149.59 Outside 140 SE 2 CT 1,714 $ 265,000 02/25/2004$ 154.61 Outside 5361 SW 32 WAY 2,872 $ 355,000 02/26/2004$ 123.61 Outside 721 NW 10 AVE 1,868 $ 385,000 02/27/2004$ 206.10 Outside 3834 SW 49 PL 2,527 $ 382,200 03/01/2004 $ 151.25 Outside 4946 SW 31 TER 1,025 $ 151,500 03/04/2004$ 147.80 Outside 4464 SW 38 TER 2,615 $ 340,000 03/05/2004$ 130.02 Outside 2437 BIMINI LN 1,036 $ 310,000 03/16/2004$ 299.23 Outside 3740 SW 51 ST 2,527 $ 350,000 03/16/2004$ 138.50 Outside 1540 SW 27 CT 435 $ 115,000 03/23/2004$ 264.37 Outside 5065 SW 24 AVE 1,141 $ 184,000 03/25/2004$ 161.26 Outside 2501 CAT CAY LN 1,374 $ 239,000 03/29/2004$ 173.94 Outside 2648 KEY LARGO LN 1,513 $ 360,000 03/29/2004$ 237.94 Outside 2413 OKEECHOBEE LN 1,917 $ 392,000 03/30/2004$ 204.49 Outside 2405 RIVERLANE TER 3,749 $ 646,000 03/30/2004$ 172.31 Outside 4927 SW 32 AVE 1,098 $ 175,000 03/30/2004$ 159.38 Outside 5066 SW 24 AVE 1,128 $ 158,000 03/31/2004$ 140.07 Outside 33 NW 7 AVE 1,603 $ 133,000 03/31/2004$ 82.97 Outside 5164 SW 28 AVE 837 $ 139,900 04/01/2004$ 167.14 Outside 4493 TREASURE COVE DR 1,220 $ 150,000 04/02/2004$ 122.95 Outside 4967 SW 32 AVE 1,265 $ 176,000 04/12/2004$ 139.13 Outside 4842 SW 32 TER 1,472 $ 198,000 04/13/2004$ 134.51 Outside 410 NW 3 TER 2,203 $ 150,000 04/14/2004$ 68.09 Outside 2519 WHALE HARBOR LN 1,375 $ 205,000 04/15/2004$ 149.09 Outside 4581 SW 34 TER 1,333 $ 290,000 04/15/2004$ 217.55 Outside 336 NE 2 CT 1,588 $ 525,000 04/15/2004$ 330.60 Outside 2660 SW 12 TER 1,114 $ 187,000 04/16/2004$ 167.86 Outside 4994 SW 32 TER 1,111 $ 167,500 04/20/2004$ 150.77 Outside 4997 SW 32 TER 1,085 $ 150,500 04/21/2004$ 138.71 Outside 5595 N PARK RD 902 $ 133,000 04/21/2004$ 147.45 Outside 2524 OKEECHOBEE LN 1,582 $ 325,000 04/22/2004$ 205.44 Outside 3172 SW 50 ST 1,042 $ 174,000 04/22/2004$ 166.99 Outside 1408 SW 32 ST 1,542 $ 258,200 04/23/2004$ 167.44 Outside 3397 HOLLYWOOD OAKS DR 4,190 $ 700,000 04/23/2004$ 167.06 Outside 3583 SW 49 PL 2,030 $ 285,000 04/23/2004$ 140.39 Outside 2398 SW 28 TER 2,471 $ 670,000 04/26/2004$ 271.15 Outside 1572 SW 30 PL 2,434 $ 175,000 04/28/2004$ 71.90 Outside 836 SW 26 CT 1,065 $ 225,000 04/28/2004$ 211.27 Outside 3409 SW 25 CT 1,426 $ 250,500 04/29/2004$ 175.67 Outside 3776 SW 50 ST 2,394 $ 297,000 04/29/2004$ 124.06 Outside 5001 SW 29 TER 1,332 $ 150,500 04/29/2004$ 112.99 Outside 2431 NASSAU LN 2,407 $ 360,000 04/30/2004$ 149.56 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 3450 SW 25 CT 1,842 $ 260,000 04/30/2004$ 141.15 Outside 3730 SW 51 ST 2,263 $ 323,500 05/05/2004$ 142.95 Outside 610 NE 3 ST 1,585 $ 235,000 05/05/2004$ 148.26 Outside 5201 SW 31 AVE 1,485 $ 165,000 05/06/2004$ 111.11 Outside 2525 GULFSTREAM LN 1,681 $ 360,000 05/07/2004$ 214.16 Outside 5201 SW 31 AVE 1,353 $ 162,500 05/11/2004$ 120.10 Outside 3453 SW 52 CT 3,198 $ 435,000 05/11/2004$ 136.02 Outside 5608 PARK RD 1,387 $ 195,000 05/11/2004$ 140.59 Outside 5201 SW 31 AVE 1,353 $ 80,000 05/14/2004$ 59.13 Outside 5706 OAKMONT AVE 6,193 $ 1,075,000 05/19/2004$ 173.58 Outside 1817 SW 29 ST 1,189 $ 188,500 05/21/2004$ 158.54 Outside 5286 SW 34 TER 2,870 $ 375,000 05/24/2004 $ 130.66 Outside 2613 OKEECHOBEE LN 1,825 $ 485,000 05/25/2004$ 265.75 Outside 4610 SW 27 AVE 783 $ 108,000 05/25/2004$ 137.93 Outside 3315 SW 51 ST 1,985 $ 285,000 05/26/2004$ 143.58 Outside 2931 SW 46 CT 1,778 $ 230,000 05/28/2004$ 129.36 Outside 4953 SW 32 TER 1,309 $ 207,000 05/28/2004$ 158.14 Outside 503 NE 2 PL 2,396 $ 318,000 06/01/2004$ 132.72 Outside 1828 SW 29 ST 977 $ 157,000 06/04/2004$ 160.70 Outside 3930 SW 56 ST 3,625 $ 670,000 06/07/2004$ 184.83 Outside 2587 SW 30 AVE 2,570 $ 630,000 06/14/2004$ 245.14 Outside 106 NE 2 AVE 2,447 $ 295,000 06/15/2004$ 120.56 Outside 3364 SW 49 ST 1,985 $ 318,000 06/16/2004 $ 160.20 Outside 4951 SW 31 TER 1,051 $ 177,500 06/21/2004$ 168.89 Outside 5105 SW 27 TER 2,404 $ 35,000 06/21/2004$ 14.56 Outside 4650 SW 25 TER 1,374 $ 119,000 06/22/2004$ 86.61 Outside 5360 SW 34 WAY 2,231 $ 385,000 06/24/2004$ 172.57 Outside 2519 OKEECHOBEE LN 1,817 $ 431,100 06/29/2004$ 237.26 Outside 2724 SW 47 ST 1,260 $ 164,000 06/29/2004$ 130.16 Outside 5201 SW 31 AVE 1,353 $ 37,500 06/29/2004$ 27.72 Outside 3312 OAK HILL ST 3,708 $ 667,000 06/30/2004$ 179.88 Outside 4982 SW 31 TER 1,042 $ 159,000 06/30/2004$ 152.59 Outside 3158 SW 50 ST 1,051 $ 160,000 06/30/2004$ 152.24 Outside 171 NE 6 CT 1,655 $ 200,000 06/30/2004 $ 120.85 Outside 823 SW 28 ST 1,038 $ 189,000 07/02/2004$ 182.08 Outside 3803 SW 49 PL 2,394 $ 326,000 07/02/2004$ 136.17 Outside 4954 SW 31 TER 1,051 $ 173,000 07/06/2004$ 164.61 Outside 4891 SW 28 AVE 4,902 $ 265,000 07/08/2004$ 54.06 Outside 5601 PARK RD 902 $ 110,000 07/08/2004$ 121.95 Outside 5811 SW 24 AVE 1,388 $ 168,600 07/12/2004$ 121.47 Outside 5811 SW 33 LN 4,018 $ 882,000 07/13/2004$ 219.51 Outside 3814 SW 49 PL 2,263 $ 315,000 07/13/2004$ 139.20 Outside 5813 SW 24 AVE 1,263 $ 135,000 07/16/2004$ 106.89 Outside 824 SW 26 ST 1,190 $ 235,000 07/20/2004$ 197.48 Outside 806 SW 26 CT 1,826 $ 232,000 07/20/2004$ 127.05 Outside 4710 SW 34 TER 2,024 $ 435,000 07/20/2004$ 214.92 Outside 3431 SW 52 ST 3,198 $ 450,000 07/20/2004$ 140.71 Outside 5621 SW 24 AVE 1,263 $ 169,500 07/21/2004$ 134.20 Outside 5632 PARK RD 1,322 $ 184,000 07/21/2004$ 139.18 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 970 NAUTILUS ISLE 1,901 $ 374,000 07/23/2004$ 196.74 Outside 4987 SW 31 TER 1,051 $ 166,000 07/26/2004$ 157.94 Outside 5148 SW 28 TER 1,648 $ 274,400 07/26/2004$ 166.50 Outside 5338 SW 33 AVE 2,606 $ 372,800 07/27/2004$ 143.05 Outside 4480 SW 34 AVE 1,665 $ 180,000 07/29/2004$ 108.11 Outside 529 NE 2 PL 1,448 $ 293,500 07/29/2004$ 202.69 Outside 4919 SW 33 AVE 1,985 $ 304,000 07/30/2004$ 153.15 Outside 4632 SW 34 TER 1,130 $ 243,000 08/05/2004$ 215.04 Outside 5259 SW 38 WAY 2,858 $ 365,000 08/09/2004$ 127.71 Outside 2710 SW 12 TER 1,014 $ 180,000 08/11/2004$ 177.51 Outside 1111 SW 31 ST 1,734 $ 170,000 08/11/2004$ 98.04 Outside 3561 SW 49 ST 2,858 $ 400,000 08/11/2004 $ 139.96 Outside 1414 SW 32 ST 1,592 $ 262,000 08/12/2004$ 164.57 Outside 1420 SW 31 ST 714 $ 164,800 08/17/2004$ 230.81 Outside 4641 SW 34 DR 1,483 $ 319,000 08/17/2004$ 215.10 Outside 5334 SW 32 TER 3,198 $ 465,000 08/17/2004$ 145.40 Outside 3815 SW 53 PL 2,030 $ 295,000 08/17/2004$ 145.32 Outside 3828 SW 50 CT 2,394 $ 310,000 08/20/2004$ 129.49 Outside 1090 SW 31 ST 1,379 $ 255,000 08/24/2004$ 184.92 Outside 4929 SW 33 WAY 2,212 $ 374,000 08/27/2004$ 169.08 Outside 5593 PARK RD 1,080 $ 192,000 08/27/2004$ 177.78 Outside 210 SE PARK ST 1,626 $ 295,000 08/30/2004$ 181.43 Outside 3571 SW 49 ST 2,030 $ 313,000 08/31/2004 $ 154.19 Outside 2394 SW 28 TER 2,599 $ 725,000 09/01/2004$ 278.95 Outside 3265 SW 51 ST 1,985 $ 347,000 09/02/2004$ 174.81 Outside 2430 BIMINI LN 1,488 $ 512,000 09/07/2004$ 344.09 Outside 3461 SW 52 ST 2,597 $ 393,000 09/10/2004$ 151.33 Outside 5133 SW 27 TER 1,113 $ 175,000 09/10/2004$ 157.23 Outside 714 NW 7 AVE 2,118 $ 125,000 09/13/2004$ 59.02 Outside 2781 SW 46 CT 1,265 $ 203,000 09/14/2004$ 160.47 Outside 2728 SW 55 ST 902 $ 175,500 09/14/2004$ 194.57 Outside 922 NAUTILUS ISLE 1,616 $ 385,000 09/15/2004$ 238.24 Outside 4608 SW 29 TER 833 $ 148,000 09/17/2004$ 177.67 Outside 5849 SW 36 TER 2,279 $ 400,000 09/28/2004$ 175.52 Outside 3336 SW 57 PL 4,908 $ 690,000 09/29/2004$ 140.59 Outside 5640 OAKVIEW TER 4,296 $ 770,000 09/29/2004$ 179.24 Outside 138 NE 2 AVE 1,528 $ 261,800 09/30/2004$ 171.34 Outside 2901 SW 9 AVE 2,067 $ 252,000 10/01/2004$ 121.92 Outside 4417 SW 34 TER 1,718 $ 335,000 10/01/2004$ 194.99 Outside 3144 SW 49 ST 1,051 $ 186,000 10/01/2004$ 176.97 Outside 800 SW 26 CT 1,253 $ 211,000 10/04/2004$ 168.40 Outside 5861 SW 37 AVE 2,773 $ 325,000 10/05/2004$ 117.20 Outside 5447 SW 24 AVE 1,138 $ 180,000 10/08/2004$ 158.17 Outside 5841 SW 33 TER 4,970 $ 1,030,000 10/13/2004$ 207.24 Outside 1131 SW 32 CT 1,339 $ 210,000 10/15/2004$ 156.83 Outside 801 NW 6 AVE 1,405 $ 185,000 10/18/2004 $ 131.67 Outside 4430 SW 34 DR 1,565 $ 300,000 10/20/2004$ 191.69 Outside 609 NE 2 PL 2,039 $ 305,000 10/25/2004$ 149.58 Outside 1503 SW 30 PL 1,779 $ 275,000 10/27/2004$ 154.58 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 5201 SW 31 AVE 1,485 $ 193,000 10/27/2004$ 129.97 Outside 5328 SW 33 TER 2,606 $ 387,500 10/29/2004$ 148.70 Outside 4992 SW 31 TER 1,051 $ 179,500 10/29/2004$ 170.79 Outside 517 NE 2 ST 2,054 $ 325,000 10/29/2004$ 158.23 Outside 3050 SW 47 ST 1,618 $ 230,000 11/05/2004$ 142.15 Outside 4841 SW 32 TER 1,470 $ 225,000 11/05/2004$ 153.06 Outside 521 NE 2 ST 1,866 $ 320,000 11/05/2004$ 171.49 Outside 5833 SW 33 AVE 2,810 $ 572,500 11/11/2004$ 203.74 Outside 221 NW 8 AVE 1,413 $ 164,900 11/12/2004$ 116.70 Outside 2442 BIMINI LN 1,829 $ 500,000 11/15/2004$ 273.37 Outside 2420 SW 29 WAY 2,913 $ 415,000 11/15/2004$ 142.46 Outside 1411 SW 31 ST 1,338 $ 239,000 11/15/2004 $ 178.62 Outside 1415 SW 30 ST 1,041 $ 180,000 11/16/2004$ 172.91 Outside 417 OLD GRIFFIN RD 1,612 $ 110,000 11/18/2004$ 68.24 Outside 4411 SW 33 AVE 1,495 $ 220,000 11/19/2004$ 147.16 Outside 4987 SW 32 AVE 1,265 $ 215,000 11/19/2004$ 169.96 Outside 3577 SW 51 ST 2,493 $ 390,000 11/19/2004$ 156.44 Outside 3342 LAUREL OAK ST 3,766 $ 800,000 11/21/2004$ 212.43 Outside 3850 SW 51 ST 2,263 $ 360,000 11/30/2004$ 159.08 Outside 3755 SW 50 ST 2,120 $ 329,000 11/30/2004$ 155.19 Outside 2607 FLAMINGO LN 1,449 $ 426,000 12/01/2004$ 294.00 Outside 4968 SW 32 TER 1,265 $ 220,000 12/01/2004$ 173.91 Outside 2732 SW 46 CT 1,142 $ 220,000 12/02/2004 $ 192.64 Outside 5002 SW 40 AVE 1,345 $ 185,900 12/02/2004$ 138.22 Outside 2475 ANDROS LN 1,588 $ 530,000 12/03/2004$ 333.75 Outside 4800 SW 32 TER 1,304 $ 223,000 12/03/2004$ 171.01 Outside 5285 SW 34 AVE 2,872 $ 440,000 12/06/2004$ 153.20 Outside 3578 SW 51 ST 2,237 $ 309,000 12/10/2004$ 138.13 Outside 134 NE 1 CT 1,280 $ 289,000 12/13/2004$ 225.78 Outside 915 NW 7 ST 2,093 $ 395,000 12/13/2004$ 188.72 Outside 4391 SW 34 LN 1,898 $ 402,000 12/15/2004$ 211.80 Outside 2454 SW 30 TER 3,531 $ 53,700 12/16/2004$ 15.21 Outside 4521 SW 34 DR 2,014 $ 387,000 12/16/2004$ 192.15 Outside 5201 SW 31 AVE 1,603 $ 220,000 12/21/2004 $ 137.24 Outside 827 SW 28 ST 939 $ 165,000 12/23/2004$ 175.72 Outside 959 NAUTILUS ISLE 1,544 $ 380,000 12/29/2004$ 246.11 Outside 3850 SW 53 ST 2,137 $ 337,000 12/30/2004$ 157.70 Outside 105 NE 2 AVE 2,015 $ 306,000 01/06/2005$ 151.86 Outside 613 NE 2 ST 2,273 $ 336,500 01/07/2005$ 148.04 Outside 4907 SW 31 TER 1,051 $ 186,000 01/11/2005$ 176.97 Outside 837 NW 8 AVE 1,877 $ 277,500 01/12/2005$ 147.84 Outside 1431 SW 30 ST 940 $ 200,000 01/14/2005$ 212.77 Outside 4917 SW 33 TER 2,148 $ 413,000 01/14/2005$ 192.27 Outside 4910 SW 29 AVE 1,023 $ 180,000 01/14/2005$ 175.95 Outside 5701 OAKDALE TER 5,172 $ 1,245,000 01/18/2005 $ 240.72 Outside 838 NW 8 AVE 1,915 $ 260,000 01/20/2005$ 135.77 Outside 5221 SW 28 TER 907 $ 153,500 01/21/2005$ 169.24 Outside 2765 SW 58 MNR 1,523 $ 140,000 01/26/2005$ 91.92 Outside 1130 SW 30 ST 1,399 $ 230,000 01/28/2005$ 164.40 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 4680 SW 25 AVE 1,162 $ 173,443 01/31/2005$ 149.26 Outside 5687 PARK RD 1,357 $ 187,000 01/31/2005$ 137.80 Outside 225 NW 6 AVE 1,636 $ 249,900 01/31/2005$ 152.75 Outside 5091 SW 26 AVE 1,657 $ 185,000 02/02/2005$ 111.65 Outside 2748 SW 46 CT 1,414 $ 203,000 02/07/2005$ 143.56 Outside 713 NW 10 AVE 2,178 $ 218,600 02/07/2005$ 100.37 Outside 3121 SW 9 AVE 1,421 $ 225,000 02/08/2005$ 158.34 Outside 5085 SW 24 AVE 1,402 $ 229,000 02/09/2005$ 163.34 Outside 2712 SW 55 ST 902 $ 193,800 02/09/2005$ 214.86 Outside 3146 SW 50 ST 1,051 $ 193,000 02/15/2005$ 183.63 Outside 5715 SW 24 AVE 1,263 $ 181,000 02/18/2005$ 143.31 Outside 5190 SW 27 TER 1,514 $ 227,000 02/22/2005 $ 149.93 Outside 643 NE 3 ST 2,025 $ 350,000 02/24/2005$ 172.84 Outside 5358 SW 32 TER 2,231 $ 353,143 02/25/2005$ 158.29 Outside 3149 SW 50 ST 1,042 $ 194,500 02/25/2005$ 186.66 Outside 3812 SW 49 CT 2,394 $ 370,000 02/25/2005$ 154.55 Outside 1414 ARGONAUT ISLE 2,141 $ 465,000 02/25/2005$ 217.19 Outside 1110 SW 31 ST 1,672 $ 241,700 02/28/2005$ 144.56 Outside 4907 SW 35 TER 2,137 $ 315,000 02/28/2005$ 147.40 Outside 5030 SW 24 AVE 1,396 $ 225,000 02/28/2005$ 161.17 Outside 818 NW 12 AVE 1,431 $ 241,900 02/28/2005$ 169.04 Outside 1422 ARGONAUT ISLE 1,967 $ 370,000 03/01/2005$ 188.10 Outside 3379 SW 49 ST 1,985 $ 360,000 03/03/2005 $ 181.36 Outside 1360 NW 2 TER 1,437 $ 140,000 03/03/2005$ 97.43 Outside 1000 SW 31 ST 1,596 $ 205,000 03/04/2005$ 128.45 Outside 2720 TREASURE COVE CIR 2,006 $ 464,900 03/05/2005$ 231.75 Outside 5716 PARK RD 1,296 $ 230,000 03/07/2005$ 177.47 Outside 809 NW 9 AVE 2,134 $ 295,000 03/07/2005$ 138.24 Outside 2678 GULFSTREAM LN 2,099 $ 600,000 03/11/2005$ 285.85 Outside 1830 SW 30 ST 2,242 $ 425,000 03/11/2005$ 189.56 Outside 2708 SW 46 CT 1,544 $ 265,000 03/11/2005$ 171.63 Outside 5711 SW 24 AVE 1,345 $ 175,000 03/11/2005$ 130.11 Outside 4930 SW 29 AVE 1,516 $ 185,000 03/12/2005$ 122.03 Outside 529 NW 8 ST 1,950 $ 255,000 03/14/2005 $ 130.77 Outside 5301 SW 38 AVE 2,237 $ 439,900 03/15/2005$ 196.65 Outside 242 NW 7 AVE 1,047 $ 94,000 03/16/2005$ 89.78 Outside 2525 MARATHON LN 2,688 $ 618,500 03/17/2005$ 230.10 Outside 4916 SW 35 TER 2,237 $ 420,000 03/17/2005$ 187.75 Outside 3730 SW 47 CT 1,422 $ 417,000 03/18/2005$ 293.25 Outside 235 NE 2 PL 1,886 $ 625,000 03/18/2005$ 331.39 Outside 4951 SW 33 TER 2,148 $ 451,000 03/24/2005$ 209.96 Outside 5609 PARK RD 1,029 $ 200,000 03/24/2005$ 194.36 Outside 2531 GULFSTREAM LN 1,488 $ 585,000 03/28/2005$ 393.15 Outside 2436 SUGARLOAF LN 1,548 $ 530,000 03/28/2005$ 342.38 Outside 1370 SW 32 ST 2,225 $ 370,000 03/28/2005$ 166.29 Outside 3360 SW 50 ST 1,985 $ 380,000 03/28/2005$ 191.44 Outside 830 ARGONAUT ISLE 1,815 $ 450,000 03/29/2005$ 247.93 Outside 826 NW 8 AVE 1,483 $ 270,000 03/30/2005$ 182.06 Outside 2548 NASSAU LN 1,283 $ 483,000 03/31/2005$ 376.46 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 5201 SW 31 AVE 1,353 $ 233,000 03/31/2005$ 172.21 Outside 4909 SW 33 AVE 2,257 $ 391,000 03/31/2005$ 173.24 Outside 31 NW 6 AVE 1,355 $ 155,000 03/31/2005$ 114.39 Outside 5457 SW 24 AVE 1,138 $ 220,000 04/05/2005$ 193.32 Outside 4405 SW 35 AVE 1,685 $ 330,000 04/08/2005$ 195.85 Outside 3434 SW 53 CT 2,886 $ 450,000 04/08/2005$ 155.93 Outside 2508 SW 9 AVE 710 $ 165,000 04/11/2005$ 232.39 Outside 2531 WHALE HARBOR LN 1,229 $ 233,000 04/13/2005$ 189.59 Outside 401 NW 3 TER 1,538 $ 24,000 04/13/2005$ 15.60 Outside 1815 SW 29 ST 1,123 $ 154,800 04/15/2005$ 137.85 Outside 1325 SW 30 ST 1,688 $ 245,000 04/15/2005$ 145.14 Outside 4633 SW 25 AVE 1,331 $ 145,000 04/15/2005 $ 108.94 Outside 2531 FLAMINGO LN 1,646 $ 569,900 04/18/2005$ 346.23 Outside 3124 SW 49 ST 1,042 $ 225,000 04/18/2005$ 215.93 Outside 4910 SW 38 WAY 1,947 $ 375,000 04/20/2005$ 192.60 Outside 4953 WHITE MANGROVEWAY 1,473 $ 221,900 04/27/2005$ 150.64 Outside 3355 SW 49 ST 2,148 $ 413,000 04/28/2005$ 192.27 Outside 4969 WHITE MANGROVEWAY 1,473 $ 227,000 04/28/2005$ 154.11 Outside 4949 WHITE MANGROVEWAY 1,301 $ 213,000 04/28/2005$ 163.72 Outside 3778 SW 50 CT 2,263 $ 440,000 05/02/2005$ 194.43 Outside 4985 SW 27 TER 515 $ 203,000 05/03/2005$ 394.17 Outside 3038 RED MANGROVE LN 1,473 $ 253,000 05/03/2005$ 171.76 Outside 2507 ANDROS LN 1,171 $ 500,000 05/04/2005$ 426.99 Outside 3070 RED MANGROVE LN 1,301 $ 195,000 05/04/2005$ 149.88 Outside 3078 RED MANGROVE LN 1,473 $ 207,000 05/04/2005$ 140.53 Outside 3046 RED MANGROVE LN 1,473 $ 235,000 05/06/2005$ 159.54 Outside 4978 WHITE MANGROVEWAY 1,473 $ 248,000 05/10/2005$ 168.36 Outside 4934 WHITE MANGROVEWAY 1,473 $ 248,000 05/11/2005$ 168.36 Outside 4902 WHITE MANGROVEWAY 1,473 $ 212,000 05/11/2005$ 143.92 Outside 4938 WHITE MANGROVEWAY 1,473 $ 217,000 05/12/2005$ 147.32 Outside 4942 WHITE MANGROVEWAY 1,301 $ 190,000 05/12/2005$ 146.04 Outside 4906 WHITE MANGROVEWAY 1,473 $ 248,000 05/12/2005$ 168.36 Outside 4922 WHITE MANGROVEWAY 1,473 $ 227,000 05/12/2005$ 154.11 Outside 3349 WATER OAK ST 4,625 $ 745,000 05/23/2005$ 161.08 Outside 3067 RED MANGROVE LN 1,301 $ 200,000 05/24/2005$ 153.73 Outside 4941 WHITE MANGROVEWAY 1,301 $ 237,500 05/24/2005$ 182.55 Outside 4933 WHITE MANGROVEWAY 1,473 $ 232,500 05/24/2005$ 157.84 Outside 4921 WHITE MANGROVEWAY 1,301 $ 221,400 05/24/2005$ 170.18 Outside 4917 WHITE MANGROVEWAY 1,301 $ 215,000 05/24/2005$ 165.26 Outside 837 NW 10 AVE 1,608 $ 270,000 05/25/2005$ 167.91 Outside 1316 SW 30 ST 899 $ 250,000 05/26/2005$ 278.09 Outside 3349 OAK HILL ST 4,254 $ 689,500 05/26/2005$ 162.08 Outside 3456 SHADY OAK ST 4,393 $ 850,000 05/28/2005$ 193.49 Outside 4952 SW 32 WAY 1,985 $ 415,714 05/31/2005$ 209.43 Outside 800 NW 8 ST 1,724 $ 282,857 05/31/2005$ 164.07 Outside 3300 OAK HILL ST 4,082 $ 851,000 06/03/2005$ 208.48 Outside 5029 SW 37 AVE 1,947 $ 395,714 06/03/2005$ 203.24 Outside 4760 SW 24 AVE 1,349 $ 235,714 06/07/2005$ 174.73 Outside 3060 SW 47 ST 1,602 $ 262,500 06/10/2005$ 163.86 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 3062 RED MANGROVE LN 1,473 $ 300,000 06/13/2005$ 203.67 Outside 705 NW 7 ST 1,412 $ 489,000 06/14/2005$ 346.32 Outside 1010 SW 32 ST 1,350 $ 243,000 06/15/2005$ 180.00 Outside 4600 SW 34 DR 1,558 $ 420,000 06/15/2005$ 269.58 Outside 5388 SW 34 AVE 2,231 $ 385,000 06/15/2005$ 172.57 Outside 3322 SW 51 ST 3,198 $ 640,000 06/15/2005$ 200.13 Outside 3162 SW 50 ST 1,042 $ 205,000 06/15/2005$ 196.74 Outside 4918 WHITE MANGROVEWAY 1,473 $ 292,500 06/17/2005$ 198.57 Outside 3251 SW 51 ST 2,872 $ 440,000 06/20/2005$ 153.20 Outside 4932 SW 32 WAY 2,212 $ 384,500 06/20/2005$ 173.82 Outside 3820 SW 48 CT 2,527 $ 450,000 06/20/2005$ 178.08 Outside 3754 SW 49 PL 2,263 $ 399,900 06/20/2005$ 176.71 Outside 4416 SW 35 AVE 2,386 $ 400,000 06/22/2005$ 167.64 Outside 4633 SW 28 AVE 1,344 $ 287,000 06/27/2005$ 213.54 Outside 4972 SW 31 TER 1,051 $ 195,000 06/27/2005$ 185.54 Outside 3555 SW 49 CT 2,137 $ 420,000 06/29/2005$ 196.54 Outside 5201 SW 31 AVE 1,424 $ 233,000 06/30/2005$ 163.62 Outside 3325 HOLLYWOOD OAKS DR 4,153 $ 845,000 06/30/2005$ 203.47 Outside 4991 SW 25 AVE 1,648 $ 235,000 06/30/2005$ 142.60 Outside 4959 SW 31 TER 1,042 $ 236,500 07/01/2005$ 226.97 Outside 4910 SW 29 TER 1,572 $ 300,000 07/01/2005$ 190.84 Outside 3061 SW 44 ST 2,825 $ 460,300 07/07/2005$ 162.94 Outside 3071 SW 44 ST 2,712 $ 571,500 07/08/2005$ 210.73 Outside 5310 SW 32 TER 3,198 $ 610,000 07/12/2005$ 190.74 Outside 3081 SW 44 ST 2,825 $ 538,200 07/13/2005$ 190.51 Outside 4412 SW 38 TER 2,225 $ 380,000 07/13/2005$ 170.79 Outside 325 NE 3 AVE 2,789 $ 750,000 07/14/2005$ 268.91 Outside 3309 SW 49 ST 2,148 $ 460,000 07/15/2005$ 214.15 Outside 5323 SW 34 WAY 2,872 $ 537,500 07/20/2005 $ 187.15 Outside 4610 SW 34 AVE 1,512 $ 257,500 07/21/2005$ 170.30 Outside 2524 ANDROS LN 2,250 $ 462,500 07/22/2005$ 205.56 Outside 5711 SW 32 TER 2,761 $ 930,000 07/22/2005$ 336.83 Outside 3710 SW 51 ST 2,263 $ 455,000 07/28/2005$ 201.06 Outside 5202 SW 38 AVE 2,858 $ 475,000 07/29/2005$ 166.20 Outside 1611 SW 26 ST 1,596 $ 435,000 08/01/2005$ 272.56 Outside 3831 SW 52 ST 2,858 $ 455,000 08/01/2005$ 159.20 Outside 3221 SW 53 ST 3,650 $ 712,000 08/03/2005$ 195.07 Outside 4954 WHITE MANGROVEWAY 1,473 $ 320,000 08/03/2005$ 217.24 Outside 4830 SW 32 TER 1,600 $ 300,000 08/04/2005$ 187.50 Outside 3051 SW 44 CT 2,698 $ 418,800 08/09/2005$ 155.23 Outside 2765 SW 46 CT 1,235 $ 220,000 08/10/2005$ 178.14 Outside 2606 FLAMINGO LN 1,509 $ 367,500 08/15/2005$ 243.54 Outside 3674 RIVERLAND RD 2,092 $ 447,000 08/15/2005$ 213.67 Outside 5951 SW 37 TER 4,551 $ 800,000 08/15/2005$ 175.79 Outside 3586 SW 50 ST 2,237 $ 430,000 08/19/2005$ 192.22 Outside 4991 SW 32 AVE 1,111 $ 256,000 08/20/2005$ 230.42 Outside 3240 SW 50 ST 1,111 $ 225,000 08/23/2005$ 202.52 Outside 2732 TREASURE COVE CIR 2,006 $ 515,000 08/24/2005$ 256.73 Outside 5001 SW 29 WAY 1,581 $ 117,600 08/24/2005 $ 74.38 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 4948 SW 33 AVE 1,985 $ 410,000 08/31/2005$ 206.55 Outside 3724 RIVERLAND RD 1,761 $ 405,000 09/02/2005$ 229.98 Outside 3080 SW 44 CT 2,974 $ 452,300 09/06/2005$ 152.08 Outside 4926 SW 32 AVE 1,111 $ 283,000 09/07/2005$ 254.73 Outside 525 NE 2 PL 1,608 $ 385,000 09/07/2005$ 239.43 Outside 5201 SW 31 AVE 1,353 $ 255,800 09/08/2005$ 189.06 Outside 1511 SW 30 PL 3,232 $ 575,000 09/12/2005$ 177.91 Outside 2730 SW 55 ST 902 $ 225,000 09/12/2005$ 249.45 Outside 122 NE 2 AVE 1,252 $ 389,000 09/16/2005$ 310.70 Outside 5910 SW 33 AVE 3,796 $ 620,000 09/20/2005$ 163.33 Outside 3700 SW 47 CT 1,690 $ 560,000 09/21/2005$ 331.36 Outside 4960 SW 29 WAY 1,818 $ 302,000 09/26/2005 $ 166.12 Outside 41 SW 8 AVE 1,073 $ 180,000 09/26/2005$ 167.75 Outside 5201 SW 31 AVE 1,485 $ 275,700 10/04/2005$ 185.66 Outside 4931 SW 35 TER 2,886 $ 490,000 10/06/2005$ 169.79 Outside 4900 SW 25 AVE 1,380 $ 265,000 10/07/2005$ 192.03 Outside 208 NW 14 CT 996 $ 175,000 10/07/2005$ 175.70 Outside 4611 SW 25 TER 1,374 $ 275,000 10/18/2005$ 200.15 Outside 846 NW 10 AVE 1,524 $ 250,000 10/19/2005$ 164.04 Outside 3700 SHADY RIDGE LN 4,710 $ 1,500,000 10/24/2005$ 318.47 Outside 4878 SW 32 TER 1,472 $ 305,000 10/28/2005$ 207.20 Outside 193 NE 6 CT 1,681 $ 278,000 11/02/2005$ 165.38 Outside 2606 MARATHON LN 1,386 $ 690,000 11/04/2005 $ 497.84 Outside 2620 SW 13 AVE 2,129 $ 335,000 11/04/2005$ 157.35 Outside 714 NW 10 AVE 2,060 $ 312,000 11/05/2005$ 151.46 Outside 5020 SW 40 AVE 1,275 $ 240,000 11/08/2005$ 188.24 Outside 4961 SW 34 TER 2,342 $ 410,000 11/08/2005$ 175.06 Outside 3361 SW 44 CT 1,417 $ 461,500 11/15/2005$ 325.69 Outside 317 NE 2 CT 3,682 $ 745,000 11/15/2005$ 202.34 Outside 4401 SW 30 WAY 2,681 $ 580,700 11/18/2005$ 216.60 Outside 5056 SW 24 AVE 1,281 $ 260,000 11/18/2005$ 202.97 Outside 4701 SW 25 AVE 1,372 $ 224,000 11/29/2005$ 163.27 Outside 4970 SW 38 WAY 2,527 $ 496,000 11/30/2005$ 196.28 Outside 5044 SW 40 AVE 1,275 $ 252,000 12/02/2005 $ 197.65 Outside 5200 SW 27 TER 1,843 $ 270,000 12/02/2005$ 146.50 Outside 615 NW 8 ST 1,701 $ 350,000 12/02/2005$ 205.76 Outside 3040 SW 44 CT 2,681 $ 441,500 12/07/2005$ 164.68 Outside 4932 SW 32 TER 1,309 $ 310,000 12/13/2005$ 236.82 Outside 105 NW 1 AVE 1,739 $ 200,000 12/14/2005$ 115.01 Outside 2549 GULFSTREAM LN 2,900 $ 525,000 12/16/2005$ 181.03 Outside 3301 HOLLYWOOD OAKS DR 4,704 $ 1,150,000 12/16/2005$ 244.47 Outside 5022 SW 40 AVE 1,275 $ 255,000 12/20/2005$ 200.00 Outside 3811 SW 47 CT 1,125 $ 379,000 12/28/2005$ 336.89 Outside 5201 SW 31 AVE 1,353 $ 265,000 12/28/2005$ 195.86 Outside 4814 SW 34 TER 2,212 $ 464,000 12/28/2005$ 209.76 Outside 4633 SW 32 AVE 1,053 $ 405,000 12/29/2005$ 384.62 Outside 815 SW 28 ST 1,108 $ 256,900 12/30/2005$ 231.86 Outside 2450 SW 58 MNR 1,278 $ 375,000 12/30/2005$ 293.43 Outside 1338 SW 30 ST 638 $ 223,000 01/17/2006$ 349.53 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 4617 SW 24 AVE 1,176 $ 269,000 01/23/2006$ 228.74 Outside 715 NW 9 AVE 1,890 $ 290,000 01/24/2006$ 153.44 Outside 4610 SW 34 DR 1,133 $ 470,000 01/31/2006$ 414.83 Outside 4960 SW 32 AVE 1,125 $ 270,000 02/09/2006$ 240.00 Outside 4480 SW 38 TER 1,813 $ 385,000 02/10/2006$ 212.36 Outside 1061 SW 32 ST 1,192 $ 275,000 02/16/2006$ 230.70 Outside 827 SW 27 ST 1,574 $ 295,000 02/17/2006$ 187.42 Outside 2611 SW 52 CT 1,611 $ 280,000 02/17/2006$ 173.81 Outside 5551 SW 24 AVE 1,263 $ 240,000 02/22/2006$ 190.02 Outside 4601 SW 25 AVE 1,836 $ 300,000 02/24/2006$ 163.40 Outside 4945 SW 32 TER 1,470 $ 275,000 02/24/2006$ 187.07 Outside 186 NE 6 CT 1,578 $ 300,000 02/28/2006 $ 190.11 Outside 5111 SW 27 TER 1,500 $ 300,000 03/01/2006$ 200.00 Outside 5960 SW 37 TER 3,583 $ 841,500 03/02/2006$ 234.86 Outside 717 NW 9 AVE 1,468 $ 300,000 03/06/2006$ 204.36 Outside 4736 SW 24 AVE 1,136 $ 275,000 03/08/2006$ 242.08 Outside 2927 SW 18 TER 2,094 $ 411,800 03/09/2006$ 196.66 Outside 1401 OLD GRIFFIN RD 855 $ 375,000 03/13/2006$ 438.60 Outside 2544 SW 14 AVE 1,561 $ 320,000 03/14/2006$ 205.00 Outside 2532 SW 14 AVE 1,561 $ 357,400 03/14/2006$ 228.96 Outside 2516 SW 14 AVE 1,561 $ 317,900 03/14/2006$ 203.65 Outside 2528 SW 14 AVE 1,561 $ 350,000 03/14/2006$ 224.22 Outside 2536 SW 14 AVE 1,561 $ 359,400 03/14/2006 $ 230.24 Outside 5574 SW 28 TER 1,172 $ 260,000 03/14/2006$ 221.84 Outside 2756 SW 46 CT 1,500 $ 31,500 03/15/2006$ 21.00 Outside 3371 SW 44 ST 938 $ 584,000 03/16/2006$ 622.60 Outside 5184 SW 27 TER 1,557 $ 275,000 03/16/2006$ 176.62 Outside 4510 SW 34 AVE 1,789 $ 345,000 03/17/2006$ 192.85 Outside 2947 SW 18 TER 1,820 $ 379,200 03/22/2006$ 208.35 Outside 2933 SW 18 TER 1,777 $ 427,000 03/23/2006$ 240.29 Outside 3108 SW 50 ST 1,040 $ 217,000 03/29/2006$ 208.65 Outside 3040 SW 46 CT 1,446 $ 276,000 03/30/2006$ 190.87 Outside 5639 ROYAL OAK WAY 4,622 $ 1,187,500 03/31/2006$ 256.92 Outside 5333 SW 34 AVE 2,231 $ 435,000 03/31/2006 $ 194.98 Outside 911 NW 7 ST 1,856 $ 600,000 04/03/2006$ 323.28 Outside 5462 SW 25 AVE 1,294 $ 257,500 04/05/2006$ 199.00 Outside 2532 SW 14 AVE 1,561 $ 330,400 04/07/2006$ 211.66 Outside 2941 SW 18 TER 1,777 $ 395,800 04/10/2006$ 222.73 Outside 5064 SW 38 WAY 2,120 $ 449,000 04/10/2006$ 211.79 Outside 5850 SW 32 TER 3,539 $ 740,000 04/12/2006$ 209.10 Outside 2544 SW 14 AVE 1,561 $ 395,000 04/14/2006$ 253.04 Outside 2508 SW 14 AVE 1,561 $ 355,000 04/14/2006$ 227.42 Outside 2520 SW 14 AVE 1,561 $ 318,300 04/14/2006$ 203.91 Outside 2524 SW 14 AVE 1,561 $ 359,900 04/14/2006$ 230.56 Outside 806 SW 25 ST 1,070 $ 234,000 04/18/2006 $ 218.69 Outside 2518 WHALE HARBOR LN 1,835 $ 649,900 04/20/2006$ 354.17 Outside 2416 SW 34 AVE 1,752 $ 325,000 04/20/2006$ 185.50 Outside 4950 SW 32 TER 1,111 $ 265,000 04/20/2006$ 238.52 Outside 2455 WHALE HARBOR LN 1,409 $ 344,000 04/21/2006$ 244.14 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 703 NW 8 AVE 1,516 $ 320,000 04/21/2006$ 211.08 Outside 2508 SW 14 AVE 1,561 $ 301,000 04/24/2006$ 192.83 Outside 3051 SW 46 CT 1,639 $ 120,000 04/25/2006$ 73.22 Outside 845 NW 9 AVE 1,546 $ 298,000 04/25/2006$ 192.76 Outside 1406 NW 3 ST 1,058 $ 190,000 04/26/2006$ 179.58 Outside 121 SW 1 CT 2,021 $ 328,900 04/26/2006$ 162.74 Outside 2516 SW 14 AVE 1,561 $ 328,700 04/27/2006$ 210.57 Outside 2504 SW 14 AVE 1,561 $ 308,700 04/28/2006$ 197.76 Outside 5600 OAK GARDEN TER 3,863 $ 980,000 05/01/2006$ 253.69 Outside 2654 GULFSTREAM LN 1,178 $ 525,000 05/03/2006$ 445.67 Outside 3813 SW 49 PL 2,263 $ 475,000 05/04/2006$ 209.90 Outside 2504 SW 14 AVE 1,561 $ 320,000 05/05/2006 $ 205.00 Outside 4859 SW 29 TER 1,437 $ 315,000 05/09/2006$ 219.21 Outside 125 NE 2 AVE 1,500 $ 325,000 05/11/2006$ 216.67 Outside 4424 SW 28 TER 1,381 $ 390,000 05/16/2006$ 282.40 Outside 974 NAUTILUS ISLE 3,638 $ 580,000 05/16/2006$ 159.43 Outside 2512 SW 14 AVE 1,561 $ 375,000 05/18/2006$ 240.23 Outside 2512 SW 14 AVE 1,561 $ 387,900 05/18/2006$ 248.49 Outside 2512 SW 14 AVE 1,561 $ 318,100 05/18/2006$ 203.78 Outside 3232 SW 53 ST 3,650 $ 715,000 05/23/2006$ 195.89 Outside 5504 PARK RD 1,311 $ 107,000 05/25/2006$ 81.62 Outside 1306 SW 30 ST 888 $ 210,000 05/26/2006$ 236.49 Outside 3348 HOLLYWOOD OAKS DR 4,569 $ 985,000 05/26/2006$ 215.58 Outside 106 PHIPPEN WAITERS RD 1,348 $ 265,000 05/26/2006$ 196.59 Outside 818 NW 8 AVE 1,553 $ 335,000 05/26/2006$ 215.71 Outside 5011 SW 29 WAY 1,687 $ 300,000 05/28/2006$ 177.83 Outside 2430 SW 54 ST 2,055 $ 185,000 05/30/2006$ 90.02 Outside 3082 RED MANGROVE LN 1,301 $ 315,000 05/30/2006$ 242.12 Outside 5831 SW 37 AVE 2,516 $ 495,000 05/31/2006$ 196.74 Outside 4955 SW 34 TER 2,148 $ 475,000 05/31/2006$ 221.14 Outside 4823 SW 32 TER 1,598 $ 339,500 05/31/2006$ 212.45 Outside 4511 SW 30 WAY 1,308 $ 300,000 06/01/2006$ 229.36 Outside 4565 SW 37 AVE 1,535 $ 595,000 06/02/2006$ 387.62 Outside 4967 SW 33 TER 2,596 $ 565,000 06/02/2006$ 217.64 Outside 3282 SW 51 ST 3,216 $ 625,000 06/13/2006$ 194.34 Outside 3152 SW 49 ST 1,051 $ 257,500 06/20/2006$ 245.00 Outside 2555 NASSAU LN 1,895 $ 590,000 06/26/2006$ 311.35 Outside 5612 PARK RD 1,322 $ 262,000 06/26/2006$ 198.18 Outside 5504 SW 28 TER 990 $ 245,000 06/26/2006$ 247.47 Outside 4968 SW 31 TER 1,042 $ 215,000 06/27/2006$ 206.33 Outside 210 NE 2 CT 2,023 $ 440,000 06/27/2006$ 217.50 Outside 3164 SW 49 ST 1,025 $ 240,000 06/28/2006$ 234.15 Outside 2601 SW 13 AVE 1,309 $ 355,000 07/07/2006$ 271.20 Outside 826 NW 6 AVE 1,438 $ 300,000 07/11/2006$ 208.62 Outside 27 NW 5 AVE 2,128 $ 76,500 07/15/2006 $ 35.95 Outside 2448 BIMINI LN 1,802 $ 625,000 07/18/2006 $ 346.84 Outside 4610 SW 26 TER 1,570 $ 410,000 07/18/2006$ 261.15 Outside 4964 SW 34 TER 2,212 $ 415,000 07/25/2006$ 187.61 Outside 3348 WATER OAK ST 4,158 $ 810,000 07/27/2006$ 194.81 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 2631 SUGARLOAF LN 1,905 $ 600,000 08/04/2006$ 314.96 Outside 3809 SW 51 ST 2,527 $ 440,000 08/04/2006$ 174.12 Outside 3440 SW 52 ST 3,198 $ 635,000 08/08/2006$ 198.56 Outside 5681 MANOR OAK AVE 4,233 $ 1,000,000 08/14/2006$ 236.24 Outside 3341 SW 52 CT 3,650 $ 715,000 08/15/2006$ 195.89 Outside 4860 SW 32 TER 1,472 $ 315,000 08/18/2006$ 213.99 Outside 5201 SW 31 AVE 1,424 $ 213,000 08/21/2006$ 149.58 Outside 212 NE 2 CT 1,721 $ 385,000 08/21/2006$ 223.71 Outside 4991 SW 28 AVE 1,277 $ 230,000 08/25/2006$ 180.11 Outside 4966 SW 31 TER 1,051 $ 225,000 08/28/2006$ 214.08 Outside 128 MONROE UDELL ST 1,076 $ 600,000 08/28/2006$ 557.62 Outside 5043 SW 37 AVE 2,576 $ 450,000 08/30/2006$ 174.69 Outside 2413 NASSAU LN 1,811 $ 605,000 08/31/2006$ 334.07 Outside 3060 SW 44 CT 2,744 $ 614,800 08/31/2006$ 224.05 Outside 3905 SW 58 ST 1,349 $ 320,000 09/08/2006$ 237.21 Outside 1341 SW 30 ST 1,164 $ 257,000 09/12/2006$ 220.79 Outside 5454 SW 25 AVE 1,294 $ 245,000 09/13/2006$ 189.34 Outside 213 NE 2 AVE 2,313 $ 310,000 09/15/2006$ 134.03 Outside 1714 SW 24 ST 480 $ 110,000 09/20/2006$ 229.17 Outside 4741 SW 25 TER 1,435 $ 150,000 09/25/2006$ 104.53 Outside 3991 SW 54 ST 2,550 $ 250,000 09/25/2006$ 98.04 Outside 3272 SW 51 ST 2,886 $ 560,000 09/27/2006$ 194.04 Outside 222 NW 8 AVE 856 $ 162,800 09/28/2006 $ 190.19 Outside 2411 SW 27 AVE 3,951 $ 1,000,000 09/29/2006$ 253.10 Outside 4956 SW 32 TER 1,111 $ 250,000 10/03/2006$ 225.02 Outside 5541 SW 24 AVE 1,347 $ 220,000 10/04/2006$ 163.33 Outside 4487 TREASURE COVE DR 972 $ 248,000 10/06/2006$ 255.14 Outside 5021 SW 29 WAY 1,657 $ 337,500 10/10/2006$ 203.68 Outside 2642 OKEECHOBEE LN 5,772 $ 785,000 10/11/2006$ 136.00 Outside 5357 SW 38 AVE 2,506 $ 475,000 10/12/2006$ 189.55 Outside 5351 SW 38 WAY 2,858 $ 510,000 10/12/2006$ 178.45 Outside 4903 SW 32 WAY 2,212 $ 375,000 10/19/2006$ 169.53 Outside 5753 SW 24 AVE 1,263 $ 199,000 10/25/2006$ 157.56 Outside 4891 SW 38 TER 2,120 $ 400,000 10/26/2006 $ 188.68 Outside 3991 SW 54 CT 4,101 $ 910,000 10/30/2006$ 221.90 Outside 2424 SUGARLOAF LN 1,901 $ 675,000 11/02/2006$ 355.08 Outside 4931 SW 38 WAY 2,120 $ 432,500 11/06/2006$ 204.01 Outside 2411 SW 28 AVE 3,499 $ 760,000 11/10/2006$ 217.20 Outside 5385 SW 38 AVE 2,314 $ 420,000 11/10/2006$ 181.50 Outside 4481 SW 34 DR 1,483 $ 400,000 11/17/2006$ 269.72 Outside 4928 SW 31 TER 1,051 $ 220,000 11/17/2006$ 209.32 Outside 5295 SW 33 WAY 2,606 $ 480,000 11/20/2006$ 184.19 Outside 5353 SW 33 TER 2,872 $ 550,000 11/29/2006$ 191.50 Outside 4531 SW 28 WAY 1,170 $ 257,500 12/04/2006$ 220.09 Outside 1550 SW 30 ST 1,177 $ 239,600 12/05/2006 $ 203.57 Outside 2442 NASSAU LN 1,607 $ 650,000 12/08/2006$ 404.48 Outside 4908 SW 33 AVE 2,212 $ 350,000 12/12/2006$ 158.23 Outside 801 NW 3 TER 1,037 $ 165,000 12/12/2006$ 159.11 Outside 3301 WATER OAK ST 4,431 $ 1,190,000 12/14/2006$ 268.56 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 5594 SW 28 TER 902 $ 218,000 12/14/2006$ 241.69 Outside 4982 WHITE MANGROVEWAY 1,473 $ 341,000 12/15/2006$ 231.50 Outside 3211 SW 53 ST 3,198 $ 650,000 12/19/2006$ 203.25 Outside 5340 SW 38 WAY 2,237 $ 430,000 12/19/2006$ 192.22 Outside 2413 WHALE HARBOR LN 1,689 $ 340,000 12/20/2006$ 201.30 Outside 1060 SW 31 ST 1,493 $ 305,000 12/20/2006$ 204.29 Outside 3737 SW 50 CT 2,527 $ 447,000 12/21/2006$ 176.89 Outside 5671 PARK RD 1,418 $ 293,000 12/22/2006$ 206.63 Outside 1821 SW 29 ST 1,724 $ 380,000 12/27/2006$ 220.42 Outside 4961 SW 29 AVE 1,083 $ 220,000 12/29/2006$ 203.14 Outside 5721 OAKVIEW TER 9,508 $ 1,850,000 12/31/2006$ 194.57 Outside 4761 SW 26 TER 1,120 $ 222,000 01/10/2007$ 198.21 Outside 5013 SW 32 TER 1,111 $ 239,000 01/18/2007 $ 215.12 Outside 4388 SW 34 LN 1,737 $ 290,000 01/19/2007$ 166.95 Outside 810 SW 27 ST 1,687 $ 230,000 01/26/2007$ 136.34 Outside 120 NW 11 AVE 1,570 $ 227,000 01/29/2007$ 144.59 Outside 3324 HOLLYWOOD OAKS DR 5,995 $ 1,100,000 02/12/2007$ 183.49 Outside 2540 SW 14 AVE 1,561 $ 344,000 02/15/2007$ 220.37 Outside 5260 SW 27 AVE 1,836 $ 252,000 02/15/2007$ 137.25 Outside 4974 SW 34 TER 2,212 $ 410,000 02/16/2007$ 185.35 Outside 4621 SW 26 TER 1,748 $ 338,000 03/01/2007$ 193.36 Outside 4911 SW 29 AVE 982 $ 210,000 03/02/2007$ 213.85 Outside 2530 SUGARLOAF LN 1,984 $ 680,000 03/07/2007$ 342.74 Outside 2716 SW 34 AVE 2,182 $ 320,000 03/22/2007$ 146.65 Outside 3568 SW 49 CT 2,237 $ 440,000 03/23/2007$ 196.69 Outside 222 NE 5 AVE 2,965 $ 435,000 03/23/2007$ 146.71 Outside 2511 BIMINI LN 1,467 $ 450,000 03/26/2007$ 306.75 Outside 3311 SW 53 ST 2,148 $ 480,000 03/26/2007 $ 223.46 Outside 5211 SW 28 AVE 1,073 $ 200,000 03/28/2007$ 186.39 Outside 5201 SW 31 AVE 1,399 $ 220,000 03/30/2007$ 157.26 Outside 4915 SW 33 AVE 2,212 $ 358,000 04/11/2007$ 161.84 Outside 4617 SW 38 TER 1,605 $ 390,000 04/18/2007$ 242.99 Outside 5201 SW 31 AVE 1,485 $ 240,000 04/19/2007$ 161.62 Outside 5601 MANOR OAK AVE 4,795 $ 998,000 04/24/2007$ 208.13 Outside 2402 SW 54 ST 1,409 $ 210,000 04/26/2007$ 149.04 Outside 516 NW 3 ST 1,452 $ 249,000 04/27/2007$ 171.49 Outside 509 NW 3 PL 1,882 $ 300,000 04/30/2007$ 159.40 Outside 5970 SW 32 TER 2,796 $ 515,000 05/01/2007$ 184.19 Outside 5821 SW 33 LN 4,732 $ 1,150,000 05/01/2007 $ 243.03 Outside 219 NW 12 CT 1,534 $ 300,000 05/03/2007$ 195.57 Outside 325 NE 5 CT 2,488 $ 900,000 05/03/2007$ 361.74 Outside 214 NE 1 CT 2,367 $ 390,000 05/08/2007$ 164.77 Outside 4972 SW 35 TER 2,237 $ 365,500 05/09/2007$ 163.39 Outside 2456 SW 58 MNR 1,238 $ 205,000 05/09/2007$ 165.59 Outside 833 NW 9 AVE 1,799 $ 335,000 05/10/2007$ 186.21 Outside 821 NW 10 AVE 1,822 $ 300,000 05/11/2007$ 164.65 Outside 114 SE 3 AVE 1,798 $ 425,000 05/11/2007$ 236.37 Outside 5201 SW 31 AVE 1,353 $ 231,000 05/12/2007$ 170.73 Outside 117 NW 11 AVE 1,737 $ 235,000 05/17/2007$ 135.29 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 5339 SW 33 AVE 2,872 $ 460,000 05/22/2007$ 160.17 Outside 4928 SW 33 AVE 2,148 $ 375,000 05/22/2007$ 174.58 Outside 2554 TORTUGAS LN 1,493 $ 414,000 05/23/2007$ 277.29 Outside 4721 SW 25 TER 1,046 $ 199,000 05/23/2007$ 190.25 Outside 3081 SW 44 CT 2,974 $ 605,000 05/23/2007$ 203.43 Outside 707 NW 8 AVE 1,780 $ 256,000 05/23/2007$ 143.82 Outside 5536 PARK RD 1,305 $ 260,000 05/29/2007$ 199.23 Outside 4408 SW 34 TER 2,410 $ 678,000 05/30/2007$ 281.33 Outside 3841 SW 47 CT 1,514 $ 474,000 05/31/2007$ 313.08 Outside 5600 OAKVIEW TER 4,814 $ 850,000 06/01/2007$ 176.57 Outside 5348 SW 34 WAY 3,198 $ 650,000 06/04/2007$ 203.25 Outside 4905 SW 31 TER 1,025 $ 212,500 06/04/2007 $ 207.32 Outside 2513 SW 34 AVE 2,071 $ 390,000 06/07/2007$ 188.31 Outside 2764 SW 47 ST 1,181 $ 245,000 06/11/2007$ 207.45 Outside 981 SW 32 ST 1,162 $ 229,000 06/13/2007$ 197.07 Outside 27 NW 6 AVE 1,355 $ 232,000 06/14/2007$ 171.22 Outside 2725 SW 47 ST 1,323 $ 260,000 06/20/2007$ 196.52 Outside 3132 SW 50 ST 1,051 $ 209,900 06/20/2007$ 199.71 Outside 3726 SW 50 ST 2,527 $ 395,000 06/20/2007$ 156.31 Outside 3340 SW 59 ST 4,484 $ 954,000 06/21/2007$ 212.76 Outside 4741 SW 25 AVE 1,436 $ 262,500 06/24/2007$ 182.80 Outside 3173 SW 50 ST 1,042 $ 220,000 06/25/2007$ 211.13 Outside 2436 CAT CAY LN 1,516 $ 400,000 06/26/2007 $ 263.85 Outside 207 NW 7 AVE 1,840 $ 253,000 06/27/2007$ 137.50 Outside 2549 OKEECHOBEE LN 1,714 $ 492,000 06/29/2007$ 287.05 Outside 3250 SW 50 ST 1,111 $ 246,000 06/29/2007$ 221.42 Outside 3140 SW 49 ST 1,051 $ 240,000 07/02/2007$ 228.35 Outside 5723 SW 24 AVE 1,288 $ 270,000 07/02/2007$ 209.63 Outside 4965 SW 24 AVE 1,151 $ 225,000 07/03/2007$ 195.48 Outside 2630 SUGARLOAF LN 1,407 $ 550,000 07/07/2007$ 390.90 Outside 715 NW 7 ST 1,770 $ 425,000 07/09/2007$ 240.11 Outside 5011 SW 29 TER 1,481 $ 338,000 07/11/2007$ 228.22 Outside 5690 OAKTREE AVE 4,470 $ 1,015,000 07/13/2007$ 227.07 Outside 4885 SW 26 AVE 624 $ 160,000 07/13/2007 $ 256.41 Outside 117 NE 2 AVE 1,570 $ 287,500 07/13/2007$ 183.12 Outside 240 NW 7 AVE 1,098 $ 145,714 07/19/2007$ 132.71 Outside 5381 SW 38 WAY 2,237 $ 400,000 07/20/2007$ 178.81 Outside 5287 SW 38 WAY 2,237 $ 395,000 07/24/2007$ 176.58 Outside 3313 SW 49 ST 2,212 $ 390,000 07/26/2007$ 176.31 Outside 5322 SW 32 TER 2,231 $ 391,500 07/27/2007$ 175.48 Outside 1341 NW 2 ST 1,529 $ 262,000 07/27/2007$ 171.35 Outside 4939 SW 33 WAY 2,148 $ 489,800 07/30/2007$ 228.03 Outside 4740 SW 25 TER 1,543 $ 270,000 08/06/2007$ 174.98 Outside 5210 SW 34 TER 2,231 $ 385,000 08/06/2007$ 172.57 Outside 280 NW 14 WAY 1,688 $ 287,000 08/07/2007$ 170.02 Outside 4894 SW 38 WAY 1,947 $ 385,000 08/10/2007$ 197.74 Outside 4985 SW 32 TER 1,111 $ 205,000 08/13/2007$ 184.52 Outside 3224 SW 53 CT 3,198 $ 562,500 08/15/2007$ 175.89 Outside 5016 SW 38 WAY 2,394 $ 365,000 08/16/2007$ 152.46 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 2772 SW 47 ST 1,351 $ 270,000 08/21/2007$ 199.85 Outside 3451 SW 52 ST 2,231 $ 390,000 08/24/2007$ 174.81 Outside 3599 HOLLYWOOD OAKS DR 4,824 $ 1,250,000 08/29/2007$ 259.12 Outside 4801 SW 32 TER 1,598 $ 260,000 08/31/2007$ 162.70 Outside 5830 SW 36 TER 3,338 $ 575,000 09/05/2007$ 172.26 Outside 4941 SW 29 WAY 1,773 $ 295,000 09/10/2007$ 166.38 Outside 1250 SW 29 ST 886 $ 190,000 09/19/2007$ 214.45 Outside 2630 KEY LARGO LN 1,526 $ 400,000 09/20/2007$ 262.12 Outside 5074 SW 35 TER 2,237 $ 360,000 09/20/2007$ 160.93 Outside 4437 HIDDEN HARBOUR TER 2,063 $ 503,300 09/21/2007$ 243.97 Outside 2655 MARATHON LN 1,678 $ 530,000 09/24/2007$ 315.85 Outside 5550 WOODLAND LN 3,786 $ 617,000 09/28/2007$ 162.97 Outside 4443 HIDDEN HARBOUR TER 2,292 $ 486,500 10/03/2007$ 212.26 Outside 4430 HIDDEN HARBOUR TER 2,623 $ 608,300 10/03/2007$ 231.91 Outside 2506 BIMINI LN 1,244 $ 450,000 10/05/2007$ 361.74 Outside 4400 HIDDEN HARBOUR TER 2,531 $ 584,200 10/10/2007$ 230.82 Outside 5275 SW 34 WAY 2,886 $ 417,000 10/15/2007$ 144.49 Outside 4517 SW 35 AVE 1,947 $ 505,000 10/18/2007$ 259.37 Outside 5382 SW 34 TER 2,872 $ 400,000 10/30/2007$ 139.28 Outside 3565 FOREST VIEW CIR 3,153 $ 795,000 10/31/2007$ 252.14 Outside 5544 SW 28 TER 902 $ 190,000 11/05/2007$ 210.64 Outside 4637 SW 24 AVE 2,526 $ 303,000 11/06/2007$ 119.95 Outside 1410 SW 28 ST 1,416 $ 234,000 11/07/2007$ 165.25 Outside 4483 TREASURE COVE DR 1,220 $ 345,000 11/09/2007$ 282.79 Outside 3070 SW 44 CT 2,698 $ 360,000 11/14/2007$ 133.43 Outside 301 NE 5 CT 4,240 $ 750,000 11/24/2007$ 176.89 Outside 3744 SW 49 PL 2,263 $ 355,000 11/26/2007$ 156.87 Outside 606 NW 8 ST 1,704 $ 252,000 11/27/2007$ 147.89 Outside 5286 SW 34 WAY 2,231 $ 412,000 11/28/2007$ 184.67 Outside 4407 HIDDEN HARBOUR TER 2,063 $ 482,100 12/05/2007$ 233.69 Outside 2666 GULFSTREAM LN 1,604 $ 460,400 12/10/2007$ 287.03 Outside 3721 SW 47 CT 1,733 $ 357,571 12/14/2007$ 206.33 Outside 3746 SW 50 ST 2,120 $ 355,000 12/21/2007$ 167.45 Outside 5701 SW 24 AVE 1,345 $ 230,000 12/28/2007$ 171.00 Outside 5810 SW 33 TER 4,275 $ 720,000 01/04/2008 $ 168.42 Outside 2460 CAT CAY LN 1,637 $ 412,300 01/16/2008$ 251.86 Outside 2442 KEY LARGO LN 1,498 $ 350,000 01/25/2008$ 233.64 Outside 2781 SW 47 ST 1,256 $ 245,000 01/28/2008$ 195.06 Outside 2648 OKEECHOBEE LN 1,710 $ 525,000 02/08/2008$ 307.02 Outside 5961 SW 32 TER 2,909 $ 685,000 02/08/2008$ 235.48 Outside 1700 SW 24 ST 2,006 $ 360,000 02/15/2008$ 179.46 Outside 2544 SW 14 AVE 1,561 $ 314,500 02/15/2008$ 201.47 Outside 2892 HIDDEN HARBOUR CT 2,167 $ 498,800 02/21/2008$ 230.18 Outside 4981 SW 35 WAY 2,030 $ 320,000 02/21/2008$ 157.64 Outside 4902 SW 31 TER 1,022 $ 180,000 02/29/2008 $ 176.13 Outside 3086 RED MANGROVE LN 1,301 $ 240,000 03/05/2008$ 184.47 Outside 4991 SW 27 TER 762 $ 135,000 03/06/2008$ 177.17 Outside 509 NE 2 PL 1,657 $ 250,000 03/11/2008$ 150.88 Outside 2465 ANDROS LN 1,605 $ 425,000 03/13/2008$ 264.80 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 4518 SW 27 TER 1,694 $ 235,000 03/14/2008$ 138.72 Outside 4976 SW 32 AVE 1,265 $ 249,000 03/31/2008$ 196.84 Outside 3827 SW 50 CT 2,394 $ 299,500 04/04/2008$ 125.10 Outside 5801 SW 33 AVE 3,121 $ 655,000 04/08/2008$ 209.87 Outside 2884 HIDDEN HARBOUR CT 2,063 $ 495,400 04/09/2008$ 240.14 Outside 1371 SW 32 ST 1,810 $ 225,000 04/10/2008$ 124.31 Outside 3050 SW 44 CT 2,698 $ 369,000 04/11/2008$ 136.77 Outside 3196 SW 50 ST 1,052 $ 180,000 04/11/2008$ 171.10 Outside 690 NE 1 ST 1,578 $ 205,000 04/14/2008$ 129.91 Outside 3735 SW 50 ST 2,120 $ 332,000 04/16/2008$ 156.60 Outside 4831 SW 29 AVE 2,127 $ 200,000 04/18/2008$ 94.03 Outside 3400 RIVERLAND RD 1,523 $ 303,600 04/21/2008 $ 199.34 Outside 125 NW 7 AVE 2,555 $ 270,000 04/21/2008$ 105.68 Outside 1440 SW 28 ST 1,058 $ 195,000 04/23/2008$ 184.31 Outside 4974 WHITE MANGROVEWAY 1,473 $ 180,000 04/23/2008$ 122.20 Outside 2625 NASSAU LN 2,261 $ 516,500 04/28/2008$ 228.44 Outside 1405 NW 7 ST 2,511 $ 401,000 04/30/2008$ 159.70 Outside 5357 SW 32 AVE 2,231 $ 320,000 05/09/2008$ 143.43 Outside 5346 SW 34 TER 2,231 $ 310,000 05/14/2008$ 138.95 Outside 2845 HIDDEN HARBOUR CT 2,292 $ 520,000 05/15/2008$ 226.88 Outside 5235 SW 38 WAY 2,137 $ 285,000 05/15/2008$ 133.36 Outside 3313 HOLLYWOOD OAKS DR 4,294 $ 1,100,000 05/20/2008$ 256.17 Outside 3762 RIVERLAND RD 1,413 $ 242,800 05/23/2008$ 171.83 Outside 2512 TORTUGAS LN 1,858 $ 315,000 05/27/2008$ 169.54 Outside 5701 ROYAL OAK WAY 7,611 $ 1,550,000 05/29/2008$ 203.65 Outside 5720 MANOR OAK AVE 4,522 $ 825,000 05/29/2008$ 182.44 Outside 5600 ROYAL OAK WAY 4,199 $ 962,500 05/30/2008$ 229.22 Outside 1321 NW 10 ST 1,473 $ 330,014 06/11/2008$ 224.04 Outside 5740 PARK RD 1,359 $ 190,500 06/13/2008$ 140.18 Outside 2518 ANDROS LN 2,396 $ 525,000 06/16/2008$ 219.12 Outside 3222 SW 51 ST 3,198 $ 460,000 06/25/2008$ 143.84 Outside 5707 PARK RD 1,319 $ 182,000 06/25/2008$ 137.98 Outside 2437 SW 30 AVE 1,854 $ 385,500 06/26/2008$ 207.93 Outside 2525 OKEECHOBEE LN 2,121 $ 375,000 07/01/2008$ 176.80 Outside 3200 SW 50 ST 1,051 $ 157,000 07/01/2008$ 149.38 Outside 630 NE 2 PL 2,000 $ 330,000 07/01/2008$ 165.00 Outside 4901 SW 32 TER 1,598 $ 237,000 07/03/2008$ 148.31 Outside 2636 KEY LARGO LN 1,762 $ 517,500 07/07/2008$ 293.70 Outside 2516 SW 14 AVE 1,561 $ 249,000 07/08/2008$ 159.51 Outside 2624 SUGARLOAF LN 1,339 $ 350,000 07/09/2008$ 261.39 Outside 2518 GULFSTREAM LN 1,414 $ 300,000 07/11/2008$ 212.16 Outside 1826 SW 29 ST 1,701 $ 130,000 07/21/2008$ 76.43 Outside 4981 SW 37 AVE 2,527 $ 308,000 07/28/2008$ 121.88 Outside 294 NW 13 CT 1,160 $ 126,000 07/28/2008$ 108.62 Outside 1051 SW 31 ST 884 $ 223,000 08/01/2008$ 252.26 Outside 5321 SW 34 AVE 2,231 $ 288,600 08/12/2008$ 129.36 Outside 136 NW 14 WAY 1,201 $ 76,500 08/19/2008$ 63.70 Outside 4986 SW 32 AVE 1,098 $ 183,000 08/20/2008$ 166.67 Outside 4917 SW 32 WAY 2,148 $ 300,000 08/22/2008$ 139.66 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 3760 SW 51 ST 2,527 $ 357,000 08/22/2008$ 141.27 Outside 3965 SW 53 CT 3,669 $ 399,500 08/26/2008$ 108.89 Outside 990 SW 32 ST 1,479 $ 180,000 08/29/2008$ 121.70 Outside 2619 NASSAU LN 1,337 $ 305,000 09/04/2008$ 228.12 Outside 4421 SW 33 AVE 1,446 $ 190,000 09/08/2008$ 131.40 Outside 3824 SW 49 PL 2,120 $ 267,000 09/09/2008$ 125.94 Outside 2537 SUGARLOAF LN 1,722 $ 378,500 09/10/2008$ 219.80 Outside 5840 SW 36 TER 4,001 $ 400,000 09/10/2008$ 99.98 Outside 5201 SW 31 AVE 1,399 $ 165,000 09/11/2008$ 117.94 Outside 2507 FLAMINGO LN 1,443 $ 265,000 09/15/2008$ 183.65 Outside 5273 SW 38 WAY 2,858 $ 400,000 09/17/2008$ 139.96 Outside 4960 SW 31 TER 1,027 $ 189,000 09/19/2008 $ 184.03 Outside 2709 SW 47 ST 1,148 $ 156,000 09/22/2008$ 135.89 Outside 3823 SW 49 PL 2,394 $ 290,000 09/25/2008$ 121.14 Outside 800 SW 27 ST 1,509 $ 125,000 09/26/2008$ 82.84 Outside 2554 SUGARLOAF LN 1,483 $ 405,000 09/29/2008$ 273.10 Outside 3041 SW 44 CT 2,681 $ 367,000 09/29/2008$ 136.89 Outside 2448 NASSAU LN 1,810 $ 335,000 09/30/2008$ 185.08 Outside 609 NW 8 ST 1,374 $ 121,000 10/08/2008$ 88.06 Outside 5960 SW 37 AVE 2,962 $ 267,500 10/10/2008$ 90.31 Outside 4564 SW 35 AVE 2,777 $ 375,000 10/14/2008$ 135.04 Outside 4961 SW 32 TER 1,111 $ 158,200 10/14/2008$ 142.39 Outside 3800 SW 51 ST 2,527 $ 370,000 10/23/2008 $ 146.42 Outside 3533 FOREST VIEW CIR 4,313 $ 1,532,000 10/27/2008$ 355.21 Outside 3436 SW 44 ST 1,498 $ 280,000 10/30/2008$ 186.92 Outside 710 NW 10 AVE 1,692 $ 135,000 11/05/2008$ 79.79 Outside 2519 SUGARLOAF LN 1,734 $ 320,000 11/10/2008$ 184.54 Outside 5910 SW 37 TER 5,199 $ 800,000 11/21/2008$ 153.88 Outside 2876 HIDDEN HARBOUR CT 2,292 $ 435,000 11/26/2008$ 189.79 Outside 2970 SW 45 ST 2,155 $ 266,500 12/01/2008$ 123.67 Outside 5441 ESTATE OAK CIR 3,903 $ 825,000 12/02/2008$ 211.38 Outside 3766 SW 50 ST 2,527 $ 250,000 12/02/2008$ 98.93 Outside 3411 SW 52 ST 3,198 $ 425,000 12/11/2008$ 132.90 Outside 2412 MARATHON LN 1,892 $ 363,000 12/17/2008 $ 191.86 Outside 5380 SW 32 WAY 2,231 $ 325,000 12/18/2008$ 145.67 Outside 3836 SW 53 CT 2,237 $ 274,100 12/19/2008$ 122.53 Outside 5910 SW 37 AVE 3,017 $ 330,000 12/22/2008$ 109.38 Outside 3242 SW 53 ST 2,231 $ 282,000 01/13/2009$ 126.40 Outside 5588 SW 28 TER 902 $ 80,000 01/22/2009$ 88.69 Outside 4929 WHITE MANGROVEWAY 1,473 $ 164,000 02/13/2009$ 111.34 Outside 829 NW 8 AVE 1,806 $ 175,000 02/18/2009$ 96.90 Outside 522 NE 2 PL 2,339 $ 291,500 02/19/2009$ 124.63 Outside 5383 SW 33 AVE 3,198 $ 362,400 02/20/2009$ 113.32 Outside 5830 SW 37 AVE 3,453 $ 375,000 02/25/2009$ 108.60 Outside 980 SW 31 ST 1,151 $ 121,800 03/04/2009$ 105.82 Outside 1429 ARGONAUT ISLE 1,890 $ 350,000 03/04/2009$ 185.19 Outside 2506 SUGARLOAF LN 1,667 $ 325,000 03/06/2009$ 194.96 Outside 2524 SW 55 ST 1,306 $ 180,000 03/09/2009$ 137.83 Outside 4961 WHITE MANGROVEWAY 1,473 $ 180,000 03/09/2009$ 122.20 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 225 NW 7 AVE 1,133 $ 120,857 03/09/2009$ 106.67 Outside 317 NE 5 CT 3,010 $ 475,000 03/13/2009$ 157.81 Outside 2540 SW 14 AVE 1,561 $ 157,100 03/17/2009$ 100.64 Outside 2508 SW 14 AVE 1,561 $ 175,000 03/17/2009$ 112.11 Outside 3134 SW 50 ST 1,053 $ 87,000 03/26/2009$ 82.62 Outside 4913 SW 32 TER 1,510 $ 195,000 03/26/2009$ 129.14 Outside 3420 SW 27 ST 4,541 $ 610,000 03/30/2009$ 134.33 Outside 826 SW 26 CT 1,142 $ 85,000 03/30/2009$ 74.43 Outside 3757 SW 50 CT 2,527 $ 250,000 03/30/2009$ 98.93 Outside 5263 SW 34 WAY 2,231 $ 290,000 03/31/2009$ 129.99 Outside 715 NW 8 AVE 1,733 $ 140,000 03/31/2009$ 80.78 Outside 132 SE 3 AVE 2,031 $ 375,000 04/06/2009 $ 184.64 Outside 2925 SW 18 TER 2,050 $ 160,000 04/17/2009$ 78.05 Outside 930 NAUTILUS ISLE 1,750 $ 350,000 04/17/2009$ 200.00 Outside 4730 SW 25 TER 1,270 $ 140,000 04/24/2009$ 110.24 Outside 5600 MANOR OAK AVE 4,524 $ 750,000 04/27/2009$ 165.78 Outside 246 NW 7 AVE 1,188 $ 43,000 04/27/2009$ 36.20 Outside 4648 SW 24 AVE 1,409 $ 65,700 04/28/2009$ 46.63 Outside 4911 SW 29 WAY 2,766 $ 168,000 04/29/2009$ 60.74 Outside 3837 SW 50 CT 2,649 $ 353,800 04/30/2009$ 133.56 Outside 3520 SW 51 ST 2,221 $ 250,000 04/30/2009$ 112.56 Outside 3153 SW 50 ST 1,051 $ 159,000 05/04/2009$ 151.28 Outside 126 NW 7 AVE 1,278 $ 99,900 05/04/2009 $ 78.17 Outside 2512 WHALE HARBOR LN 1,962 $ 410,000 05/05/2009$ 208.97 Outside 17 SW 6 AVE 1,505 $ 130,000 05/11/2009$ 86.38 Outside 505 NW 3 TER 1,284 $ 90,000 05/12/2009$ 70.09 Outside 2431 FLAMINGO LN 1,414 $ 338,800 05/13/2009$ 239.60 Outside 821 NW 9 AVE 1,604 $ 152,000 05/13/2009$ 94.76 Outside 5800 SW 36 TER 3,335 $ 375,000 05/15/2009$ 112.44 Outside 5004 SW 38 WAY 1,947 $ 220,000 05/15/2009$ 112.99 Outside 2660 MARATHON LN 1,558 $ 400,000 05/19/2009$ 256.74 Outside 2684 MARATHON LN 1,594 $ 335,000 05/19/2009$ 210.16 Outside 4841 SW 34 TER 2,212 $ 240,000 05/19/2009$ 108.50 Outside 2524 MARATHON LN 2,021 $ 400,000 05/21/2009 $ 197.92 Outside 5741 SW 24 AVE 1,263 $ 95,000 05/27/2009$ 75.22 Outside 3336 SW 44 CT 1,573 $ 125,000 05/28/2009$ 79.47 Outside 209 NE 1 CT 2,067 $ 217,100 05/28/2009$ 105.03 Outside 5901 SW 33 TER 2,913 $ 736,500 06/01/2009$ 252.83 Outside 600 NE 2 PL 2,169 $ 180,000 06/03/2009$ 82.99 Outside 5201 SW 31 AVE 1,353 $ 142,000 06/12/2009$ 104.95 Outside 3192 SW 50 ST 1,025 $ 104,900 06/16/2009$ 102.34 Outside 3 SW 7 AVE 1,769 $ 50,000 06/17/2009$ 28.26 Outside 710 NW 9 AVE 1,468 $ 147,000 06/26/2009$ 100.14 Outside 2530 NASSAU LN 1,621 $ 262,000 06/29/2009$ 161.63 Outside 1621 SW 25 ST 1,083 $ 85,200 06/30/2009 $ 78.67 Outside 4980 SW 31 TER 1,053 $ 84,000 06/30/2009$ 79.77 Outside 50 SW 5 AVE 1,384 $ 90,000 07/08/2009$ 65.03 Outside 4907 SW 32 WAY 1,985 $ 210,000 07/09/2009$ 105.79 Outside 4954 SW 34 TER 1,985 $ 230,000 07/10/2009$ 115.87 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 38 NW 7 AVE 1,078 $ 33,600 07/10/2009$ 31.17 Outside 3311 SW 49 ST 1,985 $ 210,000 07/13/2009$ 105.79 Outside 4906 SW 31 TER 1,051 $ 155,000 07/14/2009$ 147.48 Outside 4821 SW 29 AVE 1,613 $ 180,000 07/22/2009$ 111.59 Outside 15 SW 6 AVE 1,635 $ 92,700 07/22/2009$ 56.70 Outside 3291 SW 53 ST 3,198 $ 435,000 07/29/2009$ 136.02 Outside 2448 GULFSTREAM LN 1,950 $ 273,500 07/30/2009$ 140.26 Outside 60 NW 14 AVE 937 $ 47,000 07/30/2009$ 50.16 Outside 2548 FLAMINGO LN 1,626 $ 232,800 07/31/2009$ 143.17 Outside 1706 SW 30 PL 2,389 $ 282,000 07/31/2009$ 118.04 Outside 4673 SW 28 AVE 1,362 $ 115,000 07/31/2009$ 84.43 Outside 2512 SW 14 AVE 1,561 $ 162,000 08/04/2009 $ 103.78 Outside 1160 SW 32 ST 1,295 $ 91,700 08/05/2009$ 70.81 Outside 4904 SW 38 WAY 2,527 $ 286,500 08/11/2009$ 113.38 Outside 5006 SW 40 AVE 1,275 $ 59,400 08/12/2009$ 46.59 Outside 3040 SW 45 ST 3,515 $ 345,000 08/13/2009$ 98.15 Outside 46 SW 7 AVE 980 $ 38,000 08/13/2009$ 38.78 Outside 2512 SW 14 AVE 1,561 $ 163,000 08/14/2009$ 104.42 Outside 3061 SW 47 ST 1,366 $ 140,000 08/17/2009$ 102.49 Outside 2520 SW 14 AVE 1,561 $ 162,000 08/18/2009$ 103.78 Outside 1351 SW 32 ST 1,646 $ 188,000 08/24/2009$ 114.22 Outside 827 SW 26 CT 1,112 $ 85,000 08/24/2009$ 76.44 Outside 25 SW 7 AVE 1,117 $ 48,000 08/24/2009 $ 42.97 Outside 2678 KEY LARGO LN 1,481 $ 320,000 08/26/2009$ 216.07 Outside 313 NE 2 AVE 1,206 $ 290,000 08/28/2009$ 240.46 Outside 2725 SW 46 CT 1,253 $ 155,000 08/31/2009$ 123.70 Outside 5601 LIVE OAK TER 3,882 $ 750,000 08/31/2009$ 193.20 Outside 3808 SW 50 CT 2,474 $ 222,000 09/01/2009$ 89.73 Outside 5040 SW 38 WAY 2,120 $ 290,000 09/03/2009$ 136.79 Outside 4937 SW 33 TER 2,212 $ 265,000 09/11/2009$ 119.80 Outside 3574 SW 49 PL 2,858 $ 310,000 09/11/2009$ 108.47 Outside 4655 SW 25 AVE 1,233 $ 95,000 09/14/2009$ 77.05 Outside 2504 SW 14 AVE 1,561 $ 176,000 09/16/2009$ 112.75 Outside 4952 SW 38 WAY 2,263 $ 270,000 09/18/2009 $ 119.31 Outside 119 NW 13 AVE 800 $ 38,000 09/18/2009$ 47.50 Outside 2544 SW 14 AVE 1,561 $ 157,000 09/24/2009$ 100.58 Outside 508 NW 3 TER 1,592 $ 100,000 09/25/2009$ 62.81 Outside 705 NW 8 ST 1,254 $ 127,500 09/28/2009$ 101.67 Outside 3410 SW 24 CT 1,592 $ 160,000 09/30/2009$ 100.50 Outside 5307 SW 33 WAY 3,198 $ 500,000 09/30/2009$ 156.35 Outside 5296 SW 32 AVE 2,231 $ 273,000 10/06/2009$ 122.37 Outside 4940 SW 25 AVE 1,580 $ 111,000 10/08/2009$ 70.25 Outside 2940 HIDDEN HARBOUR CT 2,167 $ 255,000 10/09/2009$ 117.67 Outside 3494 SW 53 CT 3,198 $ 385,000 10/09/2009$ 120.39 Outside 2612 TORTUGAS LN 1,698 $ 390,000 10/13/2009 $ 229.68 Outside 3800 SW 47 CT 1,577 $ 260,000 10/13/2009$ 164.87 Outside 120 SE 3 AVE 1,650 $ 159,900 10/13/2009$ 96.91 Outside 4924 SW 27 AVE 1,442 $ 155,000 10/14/2009$ 107.49 Outside 109 NW 6 AVE 782 $ 35,000 10/14/2009$ 44.76 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 1111 SW 32 ST 1,347 $ 150,000 10/20/2009$ 111.36 Outside 830 SW 27 ST 1,010 $ 130,000 10/23/2009$ 128.71 Outside 5210 SW 28 TER 1,079 $ 50,000 10/23/2009$ 46.34 Outside 2846 SW 45 ST 2,160 $ 225,000 10/26/2009$ 104.17 Outside 3051 RED MANGROVE LN 1,473 $ 142,000 10/26/2009$ 96.40 Outside 2660 KEY LARGO LN 1,634 $ 255,000 10/28/2009$ 156.06 Outside 833 ARGONAUT ISLE 1,886 $ 275,000 11/02/2009$ 145.81 Outside 3839 SW 51 ST 2,263 $ 263,000 11/05/2009$ 116.22 Outside 113 NE 1 CT 1,231 $ 120,000 11/10/2009$ 97.48 Outside 2418 ANDROS LN 1,417 $ 210,000 11/12/2009$ 148.20 Outside 2620 SW 12 TER 835 $ 76,500 11/12/2009$ 91.62 Outside 5561 OAKVIEW TER 5,435 $ 1,225,000 11/12/2009$ 225.39 Outside 3040 SW 44 ST 2,698 $ 280,000 11/16/2009$ 103.78 Outside 1410 ARGONAUT ISLE 1,907 $ 333,000 11/17/2009$ 174.62 Outside 795 NW 12 AVE 1,927 $ 300,000 11/23/2009$ 155.68 Outside 2461 CAT CAY LN 1,498 $ 220,000 11/25/2009$ 146.86 Outside 5016 SW 40 AVE 1,275 $ 119,900 12/03/2009$ 94.04 Outside 4921 SW 34 TER 1,985 $ 285,000 12/04/2009$ 143.58 Outside 5620 OAKVIEW TER 4,149 $ 760,000 12/07/2009$ 183.18 Outside 200 NW 7 AVE 1,479 $ 90,000 12/07/2009$ 60.85 Outside 842 NW 10 AVE 1,602 $ 180,000 12/07/2009$ 112.36 Outside 2455 MARATHON LN 1,875 $ 310,000 12/11/2009$ 165.33 Outside 2608 SW 55 ST 1,311 $ 145,000 12/16/2009$ 110.60 Outside 5451 SW 24 AVE 1,138 $ 85,000 12/17/2009$ 74.69 Outside 834 NW 12 AVE 1,583 $ 143,700 12/17/2009$ 90.78 Outside 821 NW 8 AVE 2,144 $ 115,000 12/18/2009$ 53.64 Outside 3384 SW 44 ST 1,483 $ 170,000 12/23/2009$ 114.63 Outside 3139 SW 50 ST 1,022 $ 160,000 12/23/2009$ 156.56 Outside 3071 SW 46 CT 1,705 $ 163,000 12/24/2009$ 95.60 Outside 4940 SW 33 TER 2,148 $ 325,000 12/30/2009$ 151.30 Outside 4984 SW 35 TER 2,689 $ 280,000 01/04/2010$ 104.13 Outside 966 NAUTILUS ISLE 1,987 $ 270,000 01/08/2010$ 135.88 Outside 3521 FOREST VIEW CIR 4,206 $ 1,900,000 01/15/2010$ 451.74 Outside 4697 SW 35 AVE 1,520 $ 200,000 01/22/2010$ 131.58 Outside 4901 SW 35 TER 2,030 $ 254,000 01/27/2010$ 125.12 Outside 125 NW 4 AVE 944 $ 34,800 02/02/2010$ 36.86 Outside 4512 SW 37 AVE 2,824 $ 250,000 02/05/2010$ 88.53 Outside 4950 SW 28 AVE 1,257 $ 115,000 02/05/2010$ 91.49 Outside 2671 SW 30 TER 2,743 $ 925,000 02/15/2010$ 337.22 Outside 2507 KEY LARGO LN 1,477 $ 330,000 02/16/2010$ 223.43 Outside 4917 SW 31 TER 1,042 $ 155,000 02/16/2010$ 148.75 Outside 3555 FOREST VIEW CIR 3,153 $ 517,000 02/16/2010$ 163.97 Outside 1050 SW 31 ST 776 $ 64,900 02/18/2010$ 83.63 Outside 5635 OAKMONT AVE 5,064 $ 810,000 02/19/2010$ 159.95 Outside 17 SW 8 AVE 1,566 $ 40,000 02/19/2010$ 25.54 Outside 3411 SW 27 ST 2,462 $ 270,000 02/23/2010$ 109.67 Outside 1441 W DANIA BEACH BLVD 1,372 $ 59,700 02/24/2010$ 43.51 Outside 5201 SW 31 AVE 1,353 $ 153,000 02/25/2010$ 113.08 Outside 3080 SW 46 CT 1,612 $ 169,000 03/04/2010$ 104.84 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 4721 SW 34 DR 1,917 $ 237,000 03/04/2010$ 123.63 Outside 3030 SW 46 CT 1,498 $ 138,500 03/10/2010$ 92.46 Outside 4965 SW 33 AVE 1,985 $ 235,000 03/11/2010$ 118.39 Outside 3271 SW 53 ST 2,231 $ 285,000 03/12/2010$ 127.75 Outside 2532 SW 14 AVE 1,561 $ 161,000 03/15/2010$ 103.14 Outside 2923 SW 18 TER 1,945 $ 165,900 03/15/2010$ 85.30 Outside 2512 SW 14 AVE 1,561 $ 170,000 03/17/2010$ 108.90 Outside 4903 SW 36 AVE 2,237 $ 268,000 03/17/2010$ 119.80 Outside 2731 TREASURE COVE CIR 2,006 $ 195,000 03/18/2010$ 97.21 Outside 4908 SW 31 TER 1,027 $ 144,000 03/18/2010$ 140.21 Outside 1749 SW 30 ST 1,285 $ 102,000 03/23/2010$ 79.38 Outside 5730 OAKTREE AVE 4,636 $ 825,000 03/23/2010 $ 177.96 Outside 942 NAUTILUS ISLE 1,565 $ 240,000 03/23/2010$ 153.35 Outside 2530 CAT CAY LN 1,693 $ 255,000 03/25/2010$ 150.62 Outside 5750 OAKTREE AVE 4,229 $ 850,000 03/26/2010$ 200.99 Outside 826 NW 7 AVE 1,188 $ 137,500 03/26/2010$ 115.74 Outside 5360 SW 32 WAY 2,231 $ 284,000 03/29/2010$ 127.30 Outside 4661 SW 24 AVE 1,231 $ 76,000 03/30/2010$ 61.74 Outside 4919 SW 28 AVE 1,546 $ 63,000 03/30/2010$ 40.75 Outside 2419 TORTUGAS LN 1,223 $ 210,000 04/02/2010$ 171.71 Outside 2536 SW 14 AVE 1,561 $ 149,900 04/02/2010$ 96.03 Outside 5843 SW 24 AVE 1,330 $ 71,000 04/05/2010$ 53.38 Outside 2654 NASSAU LN 1,572 $ 300,000 04/07/2010 $ 190.84 Outside 1712 SW 30 ST 1,968 $ 185,000 04/07/2010$ 94.00 Outside 4955 SW 35 TER 2,030 $ 257,800 04/07/2010$ 127.00 Outside 5000 SW 24 AVE 1,404 $ 70,000 04/07/2010$ 49.86 Outside 2455 KEY LARGO LN 1,463 $ 235,000 04/16/2010$ 160.63 Outside 801 SW 27 ST 1,746 $ 120,000 04/16/2010$ 68.73 Outside 2407 OKEECHOBEE LN 1,572 $ 245,000 04/20/2010$ 155.85 Outside 2536 SW 14 AVE 1,561 $ 170,000 04/20/2010$ 108.90 Outside 5851 SW 33 AVE 2,623 $ 260,000 04/20/2010$ 99.12 Outside 2724 SW 55 ST 902 $ 100,000 04/23/2010$ 110.86 Outside 4945 SW 34 TER 1,985 $ 300,000 04/26/2010$ 151.13 Outside 301 NW 4 AVE 1,003 $ 38,900 04/28/2010 $ 38.78 Outside 233 NW 5 AVE 1,292 $ 80,000 04/29/2010$ 61.92 Outside 2506 ANDROS LN 1,473 $ 179,000 04/30/2010$ 121.52 Outside 4450 SW 34 DR 1,673 $ 261,000 05/03/2010$ 156.01 Outside 4581 SW 35 AVE 1,271 $ 220,000 05/04/2010$ 173.09 Outside 4580 SW 34 TER 2,099 $ 270,000 05/05/2010$ 128.63 Outside 2619 GULFSTREAM LN 1,781 $ 244,000 05/07/2010$ 137.00 Outside 3351 SW 58 ST 4,318 $ 630,000 05/10/2010$ 145.90 Outside 1130 SW 31 ST 1,253 $ 87,500 05/12/2010$ 69.83 Outside 4943 SW 35 TER 2,702 $ 295,000 05/17/2010$ 109.18 Outside 806 NW 2 ST 1,998 $ 97,500 05/18/2010$ 48.80 Outside 5201 SW 31 AVE 1,485 $ 145,000 05/20/2010 $ 97.64 Outside 4928 SW 24 AVE 1,023 $ 73,000 05/20/2010$ 71.36 Outside 5072 SW 28 TER 1,470 $ 75,000 05/21/2010$ 51.02 Outside 5201 SW 31 AVE 1,353 $ 125,000 05/24/2010$ 92.39 Outside 2423 CAT CAY LN 1,766 $ 135,000 05/25/2010$ 76.44 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 328 NE 2 CT 1,491 $ 275,000 05/25/2010$ 184.44 Outside 1772 SW 30 ST 1,350 $ 50,000 05/26/2010$ 37.04 Outside 5048 SW 33 AVE 2,212 $ 245,000 05/26/2010$ 110.76 Outside 2524 SW 14 AVE 1,561 $ 150,000 06/01/2010$ 96.09 Outside 2512 NASSAU LN 1,689 $ 301,000 06/10/2010$ 178.21 Outside 121 NW 4 AVE 800 $ 12,000 06/10/2010$ 15.00 Outside 2528 SW 14 AVE 1,561 $ 165,000 06/11/2010$ 105.70 Outside 301 NE 3 AVE 2,910 $ 360,000 06/15/2010$ 123.71 Outside 2471 SW 58 MNR 1,083 $ 84,000 06/16/2010$ 77.56 Outside 2454 MARATHON LN 1,406 $ 330,000 06/24/2010$ 234.71 Outside 2512 KEY LARGO LN 1,159 $ 225,000 06/25/2010$ 194.13 Outside 2570 RIVERLANE TER 2,681 $ 700,000 06/25/2010 $ 261.10 Outside 5201 SW 31 AVE 1,485 $ 125,000 06/25/2010$ 84.18 Outside 3396 SW 49 ST 2,148 $ 325,000 06/28/2010$ 151.30 Outside 133 NW 6 AVE 1,916 $ 129,000 06/28/2010$ 67.33 Outside 1637 SW 30 ST 1,430 $ 178,000 06/29/2010$ 124.48 Outside 2504 SW 14 AVE 1,561 $ 160,000 06/29/2010$ 102.50 Outside 3810 SW 51 ST 2,394 $ 275,000 07/02/2010$ 114.87 Outside 2436 NASSAU LN 1,344 $ 308,000 07/07/2010$ 229.17 Outside 2455 SUGARLOAF LN 1,674 $ 300,000 07/07/2010$ 179.21 Outside 5297 SW 34 WAY 2,606 $ 330,000 07/15/2010$ 126.63 Outside 3563 FOREST VIEW CIR 3,195 $ 550,000 07/15/2010$ 172.14 Outside 5670 OAKTREE AVE 4,607 $ 766,300 07/21/2010 $ 166.33 Outside 5741 SW 37 TER 4,216 $ 989,000 07/23/2010$ 234.58 Outside 3305 SW 51 ST 2,312 $ 260,000 07/23/2010$ 112.46 Outside 2436 OKEECHOBEE LN 1,621 $ 300,000 07/26/2010$ 185.07 Outside 1081 SW 31 ST 1,379 $ 105,000 07/29/2010$ 76.14 Outside 4946 WHITE MANGROVEWAY 1,301 $ 115,500 07/29/2010$ 88.78 Outside 3356 SW 49 ST 1,985 $ 275,000 07/30/2010$ 138.54 Outside 4870 SW 24 AVE 1,032 $ 70,000 08/13/2010$ 67.83 Outside 5570 SW 28 TER 902 $ 109,000 08/19/2010$ 120.84 Outside 2524 SUGARLOAF LN 1,432 $ 215,000 08/20/2010$ 150.14 Outside 5624 PARK RD 1,322 $ 155,000 08/30/2010$ 117.25 Outside 126 SE 3 AVE 1,844 $ 260,000 08/30/2010$ 141.00 Outside 2454 TORTUGAS LN 1,882 $ 310,000 08/31/2010$ 164.72 Outside 822 NW 12 AVE 1,590 $ 101,000 09/02/2010$ 63.52 Outside 3756 SW 50 ST 2,263 $ 295,000 09/03/2010$ 130.36 Outside 5201 SW 31 AVE 1,353 $ 132,500 09/07/2010$ 97.93 Outside 4952 SW 32 AVE 1,265 $ 110,000 09/07/2010 $ 86.96 Outside 4926 SW 27 AVE 1,336 $ 117,500 09/09/2010$ 87.95 Outside 129 NE 1 CT 1,175 $ 100,000 09/09/2010$ 85.11 Outside 3750 SW 51 ST 2,263 $ 211,000 09/10/2010$ 93.24 Outside 2885 HIDDEN HARBOUR CT 2,531 $ 374,900 09/17/2010$ 148.12 Outside 2524 SW 14 AVE 1,561 $ 180,500 09/20/2010$ 115.63 Outside 2611 SW 12 TER 790 $ 54,500 09/21/2010$ 68.99 Outside 829 NW 7 AVE 1,165 $ 109,900 09/22/2010$ 94.33 Outside 2418 WHALE HARBOR LN 1,864 $ 375,500 09/24/2010$ 201.45 Outside 1470 SW 28 ST 1,615 $ 109,900 09/24/2010$ 68.05 Outside 1041 SW 31 ST 1,029 $ 90,000 09/27/2010$ 87.46 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 3460 SW 52 ST 3,198 $ 405,000 09/27/2010$ 126.64 Outside 2536 KEY LARGO LN 1,749 $ 335,000 09/30/2010$ 191.54 Outside 301 NE 2 CT 4,196 $ 437,300 10/01/2010$ 104.22 Outside 188 NE 6 CT 1,681 $ 158,000 10/05/2010$ 93.99 Outside 409 NW 3 PL 1,000 $ 35,000 10/07/2010$ 35.00 Outside 118 NW 7 AVE 1,356 $ 23,500 10/08/2010$ 17.33 Outside 4905 SW 33 AVE 1,985 $ 269,000 10/12/2010$ 135.52 Outside 5384 SW 38 AVE 2,237 $ 262,000 10/12/2010$ 117.12 Outside 5731 PARK RD 1,194 $ 120,000 10/12/2010$ 100.50 Outside 2532 SW 14 AVE 1,561 $ 165,000 10/15/2010$ 105.70 Outside 4465 SW 34 TER 1,939 $ 196,000 10/18/2010$ 101.08 Outside 5321 SW 32 AVE 3,198 $ 375,000 10/18/2010 $ 117.26 Outside 1400 SW 28 ST 1,145 $ 118,000 10/22/2010$ 103.06 Outside 2869 HIDDEN HARBOUR CT 2,117 $ 240,000 10/22/2010$ 113.37 Outside 3812 SW 53 CT 2,237 $ 240,000 10/22/2010$ 107.29 Outside 5427 SW 24 AVE 1,138 $ 86,000 10/26/2010$ 75.57 Outside 4464 SW 37 AVE 1,537 $ 239,900 10/27/2010$ 156.08 Outside 5623 PARK RD 1,292 $ 133,500 10/29/2010$ 103.33 Outside 4596 SW 38 TER 1,449 $ 240,000 11/01/2010$ 165.63 Outside 4956 SW 33 TER 2,212 $ 290,000 11/01/2010$ 131.10 Outside 2718 SW 55 ST 1,078 $ 90,000 11/03/2010$ 83.49 Outside 730 NW 12 AVE 1,877 $ 240,000 11/04/2010$ 127.86 Outside 2496 ANDROS LN 1,490 $ 190,000 11/05/2010 $ 127.52 Outside 2643 FLAMINGO LN 1,734 $ 400,000 11/05/2010$ 230.68 Outside 2532 SW 14 AVE 1,561 $ 150,000 11/05/2010$ 96.09 Outside 2520 SW 14 AVE 1,561 $ 160,000 11/05/2010$ 102.50 Outside 2516 SW 14 AVE 1,561 $ 155,000 11/08/2010$ 99.30 Outside 3050 SW 44 ST 2,698 $ 325,000 11/08/2010$ 120.46 Outside 517 NW 3 ST 1,479 $ 80,500 11/10/2010$ 54.43 Outside 5201 SW 31 AVE 1,353 $ 112,000 11/11/2010$ 82.78 Outside 5476 ESTATE OAK CIR 4,357 $ 860,000 11/12/2010$ 197.38 Outside 2425 TORTUGAS LN 1,713 $ 345,500 11/16/2010$ 201.69 Outside 3271 SW 51 ST 2,148 $ 345,000 11/16/2010$ 160.61 Outside 2520 SW 14 AVE 1,561 $ 163,000 11/22/2010 $ 104.42 Outside 129 NW 6 AVE 1,847 $ 120,000 11/23/2010$ 64.97 Outside 126 NE 2 AVE 1,824 $ 140,000 11/23/2010$ 76.75 Outside 2520 SW 14 AVE 1,561 $ 160,000 11/30/2010$ 102.50 Outside 5398 SW 25 AVE 1,136 $ 120,000 11/30/2010$ 105.63 Outside 5024 SW 40 AVE 1,382 $ 85,000 12/07/2010$ 61.51 Outside 4896 SW 28 TER 1,256 $ 147,000 12/07/2010$ 117.04 Outside 3071 SW 47 ST 1,499 $ 121,000 12/10/2010$ 80.72 Outside 2741 SW 46 CT 1,300 $ 94,000 12/14/2010$ 72.31 Outside 37 NW 5 AVE 1,368 $ 70,000 12/14/2010$ 51.17 Outside 2625 GULFSTREAM LN 2,186 $ 355,000 12/20/2010$ 162.40 Outside 4919 SW 35 TER 2,493 $ 337,000 12/23/2010 $ 135.18 Outside 4912 SW 30 TER 1,600 $ 245,000 12/23/2010$ 153.13 Outside 3779 SW 51 ST 2,263 $ 180,000 12/27/2010$ 79.54 Outside 2829 HIDDEN HARBOUR CT 2,623 $ 380,000 12/29/2010$ 144.87 Outside 4701 SW 34 DR 1,770 $ 257,500 12/30/2010$ 145.48 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 5201 SW 31 AVE 1,098 $ 98,000 12/30/2010$ 89.25 Outside 2685 KEY LARGO LN 1,632 $ 350,000 12/31/2010$ 214.46 Outside 3704 SW 49 PL 2,527 $ 258,000 01/04/2011$ 102.10 Outside 2612 KEY LARGO LN 1,559 $ 200,000 01/12/2011$ 128.29 Outside 907 NW 8 ST 1,535 $ 145,200 01/13/2011$ 94.59 Outside 229 SE PARK ST 1,377 $ 115,000 01/14/2011$ 83.51 Outside 5045 SW 32 WAY 1,985 $ 204,500 01/19/2011$ 103.02 Outside 5309 SW 32 AVE 2,231 $ 275,000 01/20/2011$ 123.26 Outside 5026 SW 35 TER 2,185 $ 250,000 01/20/2011$ 114.42 Outside 2929 SW 18 TER 1,894 $ 134,000 01/21/2011$ 70.75 Outside 809 NW 7 AVE 3,537 $ 100,000 01/21/2011$ 28.27 Outside 2797 SW 46 CT 1,349 $ 84,700 01/24/2011$ 62.79 Outside 5247 SW 38 WAY 2,237 $ 255,000 01/25/2011$ 113.99 Outside 2544 SW 14 AVE 1,561 $ 147,900 01/26/2011$ 94.75 Outside 3300 LAUREL OAK ST 5,224 $ 720,000 01/27/2011$ 137.83 Outside 3187 SW 50 ST 1,042 $ 103,000 01/27/2011$ 98.85 Outside 220 NW 7 AVE 1,922 $ 106,200 01/28/2011$ 55.25 Outside 4925 WHITE MANGROVEWAY 1,301 $ 127,000 02/01/2011$ 97.62 Outside 4732 SW 35 AVE 2,492 $ 285,000 02/02/2011$ 114.37 Outside 4481 SW 37 AVE 1,718 $ 234,000 02/03/2011$ 136.20 Outside 3361 SW 51 ST 2,148 $ 349,000 02/06/2011$ 162.48 Outside 5256 SW 38 AVE 2,858 $ 335,000 02/09/2011$ 117.21 Outside 2710 SW 34 AVE 2,203 $ 237,500 02/10/2011$ 107.81 Outside 3410 RIVERLAND RD 1,347 $ 83,000 02/11/2011$ 61.62 Outside 5342 SW 33 WAY 2,231 $ 310,000 02/15/2011$ 138.95 Outside 4532 SW 38 TER 2,018 $ 254,000 02/18/2011$ 125.87 Outside 808 SW 25 ST 1,139 $ 74,800 02/22/2011$ 65.67 Outside 4528 SW 28 TER 1,331 $ 230,000 02/22/2011$ 172.80 Outside 1636 SW 30 ST 1,526 $ 225,000 02/23/2011 $ 147.44 Outside 1310 SW 32 ST 1,172 $ 60,000 02/23/2011$ 51.19 Outside 5803 SW 24 AVE 1,263 $ 60,000 02/23/2011$ 47.51 Outside 2449 SUGARLOAF LN 2,012 $ 290,000 02/25/2011$ 144.14 Outside 4915 SW 31 TER 1,042 $ 104,000 02/25/2011$ 99.81 Outside 4935 SW 32 AVE 1,265 $ 143,000 02/28/2011$ 113.04 Outside 903 NW 7 ST 2,115 $ 257,000 02/28/2011$ 121.51 Outside 5376 SW 33 TER 2,606 $ 282,000 03/09/2011$ 108.21 Outside 605 NW 7 ST 1,537 $ 215,000 03/09/2011$ 139.88 Outside 3860 SW 53 CT 2,030 $ 260,000 03/14/2011$ 128.08 Outside 119 SE 2 AVE 997 $ 122,000 03/14/2011$ 122.37 Outside 207 SE 2 ST 1,415 $ 60,000 03/14/2011 $ 42.40 Outside 4977 SW 32 TER 1,269 $ 128,000 03/15/2011$ 100.87 Outside 5524 SW 28 TER 982 $ 99,500 03/16/2011$ 101.32 Outside 2530 RIVERLANE TER 3,417 $ 425,000 03/18/2011$ 124.38 Outside 2516 SW 14 AVE 1,561 $ 143,300 03/18/2011$ 91.80 Outside 2425 FLAMINGO LN 1,812 $ 260,000 03/29/2011$ 143.49 Outside 4620 SW 30 WAY 1,487 $ 148,000 03/29/2011$ 99.53 Outside 2714 TREASURE COVE CIR 2,006 $ 195,000 03/31/2011$ 97.21 Outside 4971 SW 34 TER 2,148 $ 298,000 03/31/2011$ 138.73 Outside 3510 SW 51 ST 2,858 $ 380,000 03/31/2011$ 132.96 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 4966 SW 35 TER 2,237 $ 330,000 03/31/2011$ 147.52 Outside 110 NW 13 AVE 1,183 $ 68,000 03/31/2011$ 57.48 Outside 2837 HIDDEN HARBOUR CT 2,093 $ 315,000 04/01/2011$ 150.50 Outside 2554 NASSAU LN 1,449 $ 315,000 04/04/2011$ 217.39 Outside 5201 SW 31 AVE 1,353 $ 99,900 04/04/2011$ 73.84 Outside 4912 SW 33 WAY 2,212 $ 300,000 04/04/2011$ 135.62 Outside 3450 SW 52 ST 3,198 $ 420,000 04/05/2011$ 131.33 Outside 5048 SW 40 AVE 1,275 $ 54,000 04/06/2011$ 42.35 Outside 2516 SW 14 AVE 1,561 $ 145,000 04/08/2011$ 92.89 Outside 4497 SW 37 AVE 1,678 $ 240,000 04/11/2011$ 143.03 Outside 2406 NASSAU LN 1,339 $ 192,900 04/13/2011$ 144.06 Outside 4521 SW 30 WAY 1,450 $ 120,000 04/13/2011 $ 82.76 Outside 3612 RIVERLAND RD 1,639 $ 227,500 04/14/2011$ 138.80 Outside 4854 SW 32 TER 1,309 $ 138,000 04/14/2011$ 105.42 Outside 2877 HIDDEN HARBOUR CT 2,292 $ 325,000 04/15/2011$ 141.80 Outside 5411 SW 39 AVE 3,677 $ 582,500 04/15/2011$ 158.42 Outside 2406 WHALE HARBOR LN 1,998 $ 270,000 04/18/2011$ 135.14 Outside 614 NE 3 ST 2,987 $ 278,000 04/18/2011$ 93.07 Outside 173 NE 6 CT 1,677 $ 138,000 04/18/2011$ 82.29 Outside 2543 KEY LARGO LN 1,555 $ 200,800 04/20/2011$ 129.13 Outside 1450 SW 28 ST 950 $ 51,900 04/20/2011$ 54.63 Outside 3112 SW 50 ST 1,040 $ 97,000 04/21/2011$ 93.27 Outside 5733 SW 24 AVE 1,312 $ 83,600 04/21/2011$ 63.72 Outside 4964 SW 31 TER 1,025 $ 119,000 04/22/2011$ 116.10 Outside 2513 SUGARLOAF LN 1,812 $ 300,000 04/27/2011$ 165.56 Outside 3807 SW 50 CT 2,394 $ 208,000 04/27/2011$ 86.88 Outside 5230 SW 38 AVE 2,237 $ 297,800 04/28/2011$ 133.12 Outside 3039 RED MANGROVE LN 1,473 $ 115,000 04/28/2011$ 78.07 Outside 2595 SW 30 AVE 1,924 $ 448,500 04/29/2011$ 233.11 Outside 3718 SW 50 CT 2,120 $ 244,000 05/04/2011$ 115.09 Outside 2908 HIDDEN HARBOUR CT 2,623 $ 354,900 05/05/2011$ 135.30 Outside 5441 SW 24 AVE 1,138 $ 83,000 05/10/2011$ 72.93 Outside 2430 FLAMINGO LN 1,682 $ 185,000 05/13/2011 $ 109.99 Outside 2420 SW 34 AVE 1,249 $ 107,000 05/18/2011$ 85.67 Outside 5535 SW 24 AVE 1,345 $ 94,000 05/18/2011$ 69.89 Outside 1648 SW 30 ST 1,312 $ 170,000 05/20/2011$ 129.57 Outside 2700 SW 55 ST 902 $ 95,000 05/20/2011$ 105.32 Outside 2717 SW 47 ST 1,111 $ 139,900 05/23/2011$ 125.92 Outside 5201 SW 31 AVE 1,353 $ 106,500 05/24/2011$ 78.71 Outside 2953 SW 18 TER 1,921 $ 135,000 05/26/2011$ 70.28 Outside 4916 SW 31 TER 1,051 $ 120,000 05/27/2011$ 114.18 Outside 413 NW 3 TER 728 $ 53,500 06/01/2011$ 73.49 Outside 195 NE 6 CT 1,709 $ 153,900 06/01/2011$ 90.05 Outside 4938 SW 33 WAY 2,212 $ 294,500 06/06/2011$ 133.14 Outside 3336 WATER OAK ST 4,288 $ 725,000 06/09/2011$ 169.08 Outside 5391 SW 32 WAY 3,831 $ 375,000 06/09/2011$ 97.89 Outside 4548 SW 28 WAY 1,753 $ 120,000 06/10/2011$ 68.45 Outside 4406 HIDDEN HARBOUR TER 2,292 $ 250,000 06/10/2011$ 109.08 Outside 3433 SW 53 CT 3,198 $ 450,000 06/10/2011$ 140.71 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 2508 SW 14 AVE 1,561 $ 140,000 06/14/2011$ 89.69 Outside 811 SW 28 ST 1,480 $ 105,000 06/14/2011$ 70.95 Outside 5901 SW 37 AVE 3,269 $ 460,000 06/15/2011$ 140.72 Outside 1615 SW 25 ST 1,950 $ 265,000 06/16/2011$ 135.90 Outside 4916 SW 33 TER 2,212 $ 280,000 06/16/2011$ 126.58 Outside 4657 SW 28 AVE 1,518 $ 108,000 06/17/2011$ 71.15 Outside 4861 SW 38 TER 2,263 $ 219,500 06/20/2011$ 97.00 Outside 3432 SW 51 ST 2,212 $ 295,000 06/21/2011$ 133.36 Outside 5201 SW 31 AVE 1,353 $ 105,000 06/22/2011$ 77.61 Outside 3709 SW 51 ST 2,527 $ 277,000 06/27/2011$ 109.62 Outside 5400 SW 25 AVE 1,487 $ 132,000 06/27/2011$ 88.77 Outside 3370 LAUREL OAK ST 3,388 $ 610,000 06/30/2011 $ 180.05 Outside 4988 SW 31 TER 1,053 $ 100,500 06/30/2011$ 95.44 Outside 3830 SW 48 CT 2,120 $ 224,000 06/30/2011$ 105.66 Outside 2490 ANDROS LN 1,282 $ 90,300 07/07/2011$ 70.44 Outside 4499 SW 37 AVE 2,261 $ 285,000 07/07/2011$ 126.05 Outside 2943 SW 18 TER 1,820 $ 140,000 07/08/2011$ 76.92 Outside 41 NW 5 AVE 1,625 $ 135,000 07/08/2011$ 83.08 Outside 3749 SW 51 ST 2,527 $ 215,000 07/11/2011$ 85.08 Outside 5346 SW 38 AVE 2,237 $ 315,000 07/14/2011$ 140.81 Outside 825 NW 6 AVE 1,693 $ 215,000 07/22/2011$ 126.99 Outside 5029 SW 33 WAY 1,985 $ 248,800 07/26/2011$ 125.34 Outside 4565 SW 38 TER 2,916 $ 275,000 07/29/2011 $ 94.31 Outside 5520 SW 28 TER 902 $ 100,000 07/29/2011$ 110.86 Outside 3409 HOLLYWOOD OAKS DR 4,857 $ 930,000 08/01/2011$ 191.48 Outside 2540 SW 14 AVE 1,561 $ 144,600 08/09/2011$ 92.63 Outside 5092 SW 34 TER 1,985 $ 267,000 08/10/2011$ 134.51 Outside 5819 PARK RD 1,192 $ 120,000 08/11/2011$ 100.67 Outside 5318 SW 33 WAY 3,198 $ 392,500 08/16/2011$ 122.73 Outside 115 SW 1 CT 2,021 $ 120,000 08/26/2011$ 59.38 Outside 2415 RIVERLANE TER 3,729 $ 425,000 08/30/2011$ 113.97 Outside 2789 SW 46 CT 1,224 $ 100,000 08/30/2011$ 81.70 Outside 1725 SW 30 ST 1,428 $ 110,000 08/31/2011$ 77.03 Outside 3315 SW 49 ST 1,985 $ 270,000 08/31/2011$ 136.02 Outside 2471 SW 58 MNR 1,099 $ 150,000 08/31/2011$ 136.49 Outside 4418 HIDDEN HARBOUR TER 2,167 $ 305,000 09/01/2011 $ 140.75 Outside 4904 SW 30 TER 1,819 $ 239,900 09/02/2011$ 131.89 Outside 240 NW 12 CT 1,654 $ 85,000 09/07/2011$ 51.39 Outside 4489 TREASURE COVE DR 1,220 $ 103,500 09/08/2011$ 84.84 Outside 2730 TREASURE COVE CIR 2,006 $ 210,000 09/08/2011$ 104.69 Outside 3166 SW 50 ST 1,051 $ 115,000 09/09/2011$ 109.42 Outside 4930 SW 27 AVE 1,377 $ 100,000 09/14/2011$ 72.62 Outside 2506 GULFSTREAM LN 1,422 $ 260,000 09/16/2011$ 182.84 Outside 5519 SW 24 AVE 1,138 $ 72,000 09/19/2011$ 63.27 Outside 5650 WOODLAND LN 3,271 $ 500,000 09/23/2011$ 152.86 Outside 2400 ANDROS LN 1,331 $ 139,900 09/26/2011$ 105.11 Outside 4449 HIDDEN HARBOUR TER 2,531 $ 360,000 09/28/2011$ 142.24 Outside 4924 SW 34 TER 2,148 $ 239,000 09/28/2011$ 111.27 Outside 2607 SUGARLOAF LN 2,040 $ 305,000 09/30/2011$ 149.51 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 1080 SW 31 ST 1,839 $ 149,900 09/30/2011$ 81.51 Outside 1131 SW 31 ST 1,429 $ 90,000 09/30/2011$ 62.98 Outside 4464 SW 35 AVE 1,931 $ 225,000 09/30/2011$ 116.52 Outside 5700 PARK RD 1,386 $ 110,000 09/30/2011$ 79.37 Outside 4950 WHITE MANGROVEWAY 1,301 $ 140,000 10/05/2011$ 107.61 Outside 4923 SW 31 TER 1,051 $ 86,000 10/06/2011$ 81.83 Outside 686 NE 1 ST 1,677 $ 150,000 10/06/2011$ 89.45 Outside 5801 SW 24 AVE 1,263 $ 70,000 10/11/2011$ 55.42 Outside 101 NE 2 AVE 2,770 $ 255,000 10/11/2011$ 92.06 Outside 1435 SW 30 ST 869 $ 73,500 10/13/2011$ 84.58 Outside 4564 SW 38 TER 1,837 $ 250,000 10/20/2011$ 136.09 Outside 5201 SW 31 AVE 1,485 $ 126,000 10/21/2011$ 84.85 Outside 4935 SW 27 TER 1,395 $ 90,000 10/21/2011$ 64.52 Outside 1401 ARGONAUT ISLE 2,061 $ 210,000 10/24/2011$ 101.89 Outside 132 SE 2 CT 1,528 $ 105,000 10/26/2011$ 68.72 Outside 709 NW 7 AVE 1,155 $ 100,000 10/27/2011 $ 86.58 Outside 1546 SW 24 ST 1,281 $ 71,000 10/28/2011$ 55.43 Outside 2949 HIDDEN HARBOUR ST 2,517 $ 415,000 10/28/2011$ 164.88 Outside 5600 SW 40 AVE 2,473 $ 250,000 10/28/2011$ 101.09 Outside 935 NAUTILUS ISLE 1,452 $ 245,000 10/28/2011$ 168.73 Outside 3430 SW 27 ST 2,338 $ 355,000 10/31/2011$ 151.84 Outside 2860 HIDDEN HARBOUR CT 2,623 $ 335,000 11/01/2011$ 127.72 Outside 118 NE 2 AVE 2,095 $ 145,000 11/02/2011$ 69.21 Outside 813 NW 7 AVE 1,255 $ 112,000 11/03/2011$ 89.24 Outside 2508 SW 14 AVE 1,561 $ 145,000 11/11/2011$ 92.89 Outside 4945 WHITE MANGROVEWAY 1,473 $ 100,000 11/14/2011$ 67.89 Outside 1431 SW 29 ST 1,262 $ 70,000 11/15/2011$ 55.47 Outside 4914 WHITE MANGROVEWAY 1,473 $ 125,000 11/15/2011$ 84.86 Outside 338 DE SOTO ST 2,126 $ 475,000 11/18/2011$ 223.42 Outside 3325 LAUREL OAK ST 3,090 $ 530,000 11/20/2011$ 171.52 Outside 3247 SW 49 ST 2,152 $ 225,000 11/23/2011$ 104.55 Outside 5037 SW 34 TER 2,135 $ 219,900 12/01/2011$ 103.00 Outside 2604 SW 34 AVE 1,420 $ 175,000 12/02/2011$ 123.24 Outside 2631 KEY LARGO LN 1,688 $ 310,000 12/09/2011$ 183.65 Outside 824 SW 25 ST 998 $ 64,400 12/09/2011$ 64.53 Outside 4481 SW 38 TER 1,988 $ 245,000 12/12/2011$ 123.24 Outside 2748 SW 47 ST 1,069 $ 90,000 12/15/2011$ 84.19 Outside 810 NW 8 AVE 1,840 $ 137,500 12/15/2011$ 74.73 Outside 3381 SW 51 ST 2,148 $ 355,000 12/19/2011$ 165.27 Outside 4937 SW 35 TER 2,886 $ 245,000 12/19/2011$ 84.89 Outside 5003 SW 35 WAY 2,683 $ 240,500 12/19/2011$ 89.64 Outside 3211 SW 49 ST 1,985 $ 260,000 12/21/2011$ 130.98 Outside 3309 SW 51 ST 2,212 $ 240,000 12/21/2011$ 108.50 Outside 2624 GULFSTREAM LN 1,907 $ 325,000 12/23/2011$ 170.42 Outside 2554 KEY LARGO LN 1,581 $ 190,000 12/23/2011$ 120.18 Outside 3372 SW 44 ST 1,762 $ 175,000 12/28/2011$ 99.32 Outside 2885 HIDDEN HARBOUR ST 2,517 $ 429,000 12/30/2011$ 170.44 Outside 5255 SW 38 AVE 2,882 $ 395,000 12/30/2011$ 137.06 Outside 2918 SW 19 AVE 1,013 $ 50,000 01/06/2012 $ 49.36 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 822 ARGONAUT ISLE 1,465 $ 320,000 01/09/2012$ 218.43 Outside 2413 SUGARLOAF LN 1,748 $ 280,000 01/10/2012$ 160.18 Outside 5015 SW 24 AVE 1,002 $ 104,000 01/10/2012$ 103.79 Outside 2649 GULFSTREAM LN 1,492 $ 210,000 01/12/2012$ 140.75 Outside 2650 SW 12 TER 1,022 $ 77,500 01/17/2012$ 75.83 Outside 2424 CAT CAY LN 1,531 $ 254,900 01/19/2012$ 166.49 Outside 2797 SW 47 ST 1,257 $ 104,000 01/24/2012$ 82.74 Outside 2916 HIDDEN HARBOUR CT 2,531 $ 340,000 01/24/2012$ 134.33 Outside 341 NE 2 CT 2,009 $ 310,000 01/26/2012$ 154.31 Outside 3223 SW 49 ST 2,212 $ 271,000 01/27/2012$ 122.51 Outside 3821 SW 52 ST 2,237 $ 266,000 01/31/2012$ 118.91 Outside 4968 SW 33 WAY 2,187 $ 340,000 02/01/2012$ 155.46 Outside 2548 TORTUGAS LN 2,291 $ 300,000 02/03/2012$ 130.95 Outside 2504 SW 14 AVE 1,561 $ 179,000 02/03/2012$ 114.67 Outside 4680 SW 32 AVE 1,723 $ 240,000 02/03/2012$ 139.29 Outside 5291 SW 38 WAY 2,030 $ 200,000 02/03/2012$ 98.52 Outside 5564 SW 28 TER 974 $ 99,000 02/06/2012$ 101.64 Outside 3763 SW 49 PL 2,120 $ 220,000 02/08/2012$ 103.77 Outside 2525 SUGARLOAF LN 2,055 $ 391,000 02/10/2012$ 190.27 Outside 3136 SW 49 ST 1,042 $ 115,000 02/10/2012$ 110.36 Outside 4615 SW 34 TER 3,100 $ 280,000 02/16/2012$ 90.32 Outside 2528 SW 14 AVE 1,561 $ 140,000 02/17/2012$ 89.69 Outside 2932 HIDDEN HARBOUR CT 2,063 $ 294,000 02/17/2012 $ 142.51 Outside 4533 SW 34 TER 1,925 $ 128,000 02/20/2012$ 66.49 Outside 4906 SW 32 WAY 1,985 $ 230,000 02/22/2012$ 115.87 Outside 2508 SW 34 AVE 1,287 $ 170,000 02/23/2012$ 132.09 Outside 1420 SW 30 ST 1,074 $ 85,000 02/28/2012$ 79.14 Outside 3811 SW 52 ST 2,137 $ 240,500 02/28/2012$ 112.54 Outside 2555 SUGARLOAF LN 1,757 $ 315,000 03/01/2012$ 179.28 Outside 525 SW 1 ST 1,292 $ 57,000 03/06/2012$ 44.12 Outside 5327 SW 33 AVE 3,198 $ 398,800 03/07/2012$ 124.70 Outside 117 SE 1 TER 969 $ 131,500 03/08/2012$ 135.71 Outside 2761 SW 58 MNR 1,477 $ 140,000 03/12/2012$ 94.79 Outside 2621 SW 49 CT 952 $ 85,000 03/13/2012 $ 89.29 Outside 5199 SW 28 TER 1,290 $ 85,000 03/13/2012$ 65.89 Outside 3486 SW 51 ST 2,148 $ 366,000 03/14/2012$ 170.39 Outside 4442 HIDDEN HARBOUR TER 2,143 $ 305,000 03/19/2012$ 142.32 Outside 3831 SW 49 ST 2,120 $ 220,000 03/19/2012$ 103.77 Outside 718 NW 9 AVE 2,026 $ 188,000 03/19/2012$ 92.79 Outside 5860 SW 37 AVE 2,787 $ 420,000 03/23/2012$ 150.70 Outside 5201 SW 31 AVE 1,353 $ 106,000 03/23/2012$ 78.34 Outside 5562 SW 28 TER 1,083 $ 100,000 03/23/2012$ 92.34 Outside 3474 RIVERLAND RD 1,579 $ 185,000 03/24/2012$ 117.16 Outside 3732 SW 49 ST 2,263 $ 275,000 03/25/2012$ 121.52 Outside 2951 SW 18 TER 1,820 $ 168,000 03/26/2012 $ 92.31 Outside 5510 SW 28 TER 990 $ 98,500 03/28/2012$ 99.49 Outside 2543 FLAMINGO LN 1,617 $ 285,000 03/30/2012$ 176.25 Outside 2780 SW 47 ST 1,116 $ 65,000 03/30/2012$ 58.24 Outside 5421 SW 24 AVE 1,388 $ 95,000 03/30/2012$ 68.44 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 4709 SW 28 AVE 1,288 $ 90,000 04/04/2012$ 69.88 Outside 4470 SW 34 DR 1,470 $ 170,000 04/13/2012$ 115.65 Outside 821 NW 6 AVE 1,356 $ 125,000 04/16/2012$ 92.18 Outside 4928 SW 33 WAY 2,212 $ 265,000 04/17/2012$ 119.80 Outside 4860 SW 37 TER 2,263 $ 230,000 04/17/2012$ 101.63 Outside 845 NW 10 AVE 1,557 $ 110,000 04/18/2012$ 70.65 Outside 2497 BIMINI LN 1,849 $ 365,000 04/19/2012$ 197.40 Outside 2412 CAT CAY LN 1,367 $ 150,000 04/27/2012$ 109.73 Outside 4918 SW 32 WAY 1,985 $ 260,000 04/27/2012$ 130.98 Outside 4975 SW 28 AVE 1,597 $ 91,100 04/27/2012$ 57.04 Outside 714 NW 9 AVE 1,888 $ 110,000 04/27/2012$ 58.26 Outside 5010 SW 29 AVE 1,186 $ 160,000 04/30/2012 $ 134.91 Outside 2520 SW 14 AVE 1,561 $ 179,000 05/01/2012$ 114.67 Outside 4912 SW 31 TER 1,051 $ 120,000 05/08/2012$ 114.18 Outside 702 NW 9 AVE 1,517 $ 130,600 05/08/2012$ 86.09 Outside 2454 ANDROS LN 1,467 $ 135,000 05/09/2012$ 92.02 Outside 2669 KEY LARGO LN 1,853 $ 375,000 05/09/2012$ 202.37 Outside 2716 SW 47 ST 1,500 $ 140,000 05/09/2012$ 93.33 Outside 2430 NASSAU LN 2,026 $ 310,500 05/10/2012$ 153.26 Outside 3910 SW 56 CT 3,797 $ 545,000 05/14/2012$ 143.53 Outside 4401 HIDDEN HARBOUR TER 2,623 $ 350,000 05/15/2012$ 133.43 Outside 3745 SW 50 ST 2,263 $ 255,000 05/15/2012$ 112.68 Outside 2973 HIDDEN HARBOUR ST 2,517 $ 425,000 05/21/2012$ 168.85 Outside 2893 HIDDEN HARBOUR ST 2,837 $ 425,000 05/21/2012$ 149.81 Outside 2965 HIDDEN HARBOUR ST 2,517 $ 415,000 05/24/2012$ 164.88 Outside 117 NW 13 AVE 1,133 $ 42,500 05/24/2012$ 37.51 Outside 2500 ANDROS LN 1,745 $ 280,500 05/30/2012$ 160.74 Outside 113 NW 13 AVE 1,579 $ 70,000 05/30/2012$ 44.33 Outside 4448 HIDDEN HARBOUR TER 2,063 $ 305,000 05/31/2012$ 147.84 Outside 3705 SW 50 ST 2,527 $ 299,000 05/31/2012$ 118.32 Outside 5731 SW 24 AVE 1,345 $ 85,000 05/31/2012$ 63.20 Outside 4923 SW 33 WAY 2,212 $ 320,200 06/01/2012$ 144.76 Outside 5169 SW 28 TER 1,964 $ 158,500 06/07/2012 $ 80.70 Outside 2514 SW 9 AVE 1,257 $ 73,000 06/11/2012$ 58.07 Outside 5201 SW 31 AVE 1,353 $ 114,900 06/11/2012$ 84.92 Outside 5311 SW 34 WAY 2,231 $ 292,500 06/11/2012$ 131.11 Outside 5620 PARK RD 1,489 $ 152,000 06/11/2012$ 102.08 Outside 4963 SW 35 WAY 2,858 $ 388,000 06/14/2012$ 135.76 Outside 5241 SW 32 AVE 3,198 $ 445,000 06/19/2012$ 139.15 Outside 3414 SHADY OAK ST 4,813 $ 680,000 06/21/2012$ 141.28 Outside 2443 ANDROS LN 1,800 $ 300,000 06/22/2012$ 166.67 Outside 2637 FLAMINGO LN 1,794 $ 300,000 06/29/2012$ 167.22 Outside 2600 SW 29 WAY 3,001 $ 367,000 06/29/2012$ 122.29 Outside 3148 SW 49 ST 1,042 $ 110,000 06/29/2012 $ 105.57 Outside 5283 SW 33 WAY 2,872 $ 355,000 07/02/2012$ 123.61 Outside 246 NW 8 AVE 1,013 $ 57,000 07/03/2012$ 56.27 Outside 2733 SW 47 ST 1,132 $ 93,000 07/05/2012$ 82.16 Outside 4849 SW 29 TER 1,437 $ 120,000 07/06/2012$ 83.51 Outside 986 NAUTILUS ISLE 1,509 $ 249,000 07/11/2012$ 165.01 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 4559 SW 33 AVE 2,677 $ 271,000 07/12/2012$ 101.23 Outside 5550 SW 28 TER 1,080 $ 127,000 07/17/2012$ 117.59 Outside 4661 SW 25 AVE 1,500 $ 110,000 07/20/2012$ 73.33 Outside 5298 SW 34 WAY 3,198 $ 425,000 07/24/2012$ 132.90 Outside 4959 SW 33 WAY 2,148 $ 336,000 07/24/2012$ 156.42 Outside 1348 SW 30 ST 1,117 $ 97,500 07/26/2012$ 87.29 Outside 3259 SW 49 ST 1,985 $ 259,000 07/30/2012$ 130.48 Outside 3405 SW 25 CT 1,357 $ 161,000 07/31/2012$ 118.64 Outside 3161 SW 50 ST 1,042 $ 133,000 07/31/2012$ 127.64 Outside 42 SW 5 AVE 1,392 $ 61,000 07/31/2012$ 43.82 Outside 5380 SW 34 AVE 2,350 $ 266,000 08/02/2012$ 113.19 Outside 4978 SW 32 TER 1,111 $ 128,000 08/02/2012 $ 115.21 Outside 1320 SW 28 ST 1,045 $ 75,100 08/06/2012$ 71.87 Outside 3758 SW 50 CT 2,394 $ 280,000 08/06/2012$ 116.96 Outside 4930 WHITE MANGROVEWAY 1,473 $ 95,000 08/07/2012$ 64.49 Outside 3310 SW 58 ST 4,692 $ 585,000 08/09/2012$ 124.68 Outside 1611 SW 30 ST 1,213 $ 153,000 08/13/2012$ 126.13 Outside 5220 SW 34 TER 2,231 $ 310,000 08/13/2012$ 138.95 Outside 825 NW 9 AVE 1,608 $ 133,000 08/14/2012$ 82.71 Outside 1605 SW 26 ST 1,416 $ 105,000 08/15/2012$ 74.15 Outside 3212 SW 51 ST 3,650 $ 530,000 08/15/2012$ 145.21 Outside 2518 KEY LARGO LN 1,779 $ 332,500 08/17/2012$ 186.90 Outside 4600 SW 38 TER 2,165 $ 260,000 08/17/2012$ 120.09 Outside 3759 SW 51 ST 2,120 $ 215,000 08/17/2012$ 101.42 Outside 5640 ROYAL OAK WAY 4,990 $ 900,000 08/19/2012$ 180.36 Outside 113 SE 2 CT 2,146 $ 280,000 08/23/2012$ 130.48 Outside 4940 SW 32 AVE 1,111 $ 135,000 08/24/2012$ 121.51 Outside 1325 SW 31 ST 1,086 $ 95,000 08/28/2012$ 87.48 Outside 2722 TREASURE COVE CIR 2,026 $ 225,000 08/30/2012$ 111.06 Outside 2917 HIDDEN HARBOUR ST 2,837 $ 435,000 08/30/2012$ 153.33 Outside 811 NW 7 ST 2,700 $ 440,000 08/30/2012$ 162.96 Outside 2941 HIDDEN HARBOUR ST 2,837 $ 430,000 08/31/2012$ 151.57 Outside 5012 SW 33 AVE 1,985 $ 245,000 08/31/2012$ 123.43 Outside 4436 HIDDEN HARBOUR TER 2,651 $ 355,000 09/05/2012$ 133.91 Outside 5201 SW 31 AVE 1,353 $ 115,000 09/05/2012$ 85.00 Outside 4936 SW 33 TER 2,148 $ 320,000 09/07/2012 $ 148.98 Outside 2461 SW 58 MNR 1,105 $ 123,300 09/07/2012$ 111.58 Outside 3474 SW 53 CT 2,597 $ 293,600 09/08/2012$ 113.05 Outside 5344 SW 34 AVE 2,231 $ 310,000 09/12/2012$ 138.95 Outside 4600 SW 29 TER 1,925 $ 157,000 09/13/2012$ 81.56 Outside 5201 SW 31 AVE 1,353 $ 120,000 09/14/2012$ 88.69 Outside 5043 SW 24 AVE 1,206 $ 72,500 09/14/2012$ 60.12 Outside 4711 SW 25 AVE 1,356 $ 87,500 09/19/2012$ 64.53 Outside 2540 SW 14 AVE 1,561 $ 174,000 09/20/2012$ 111.47 Outside 4941 SW 33 TER 1,985 $ 230,000 09/20/2012$ 115.87 Outside 926 NAUTILUS ISLE 2,612 $ 315,000 09/20/2012$ 120.60 Outside 1421 SW 29 ST 936 $ 75,100 09/21/2012 $ 80.24 Outside 2925 HIDDEN HARBOUR ST 2,837 $ 445,000 09/21/2012$ 156.86 Outside 3562 RIVERLAND RD 1,511 $ 175,000 09/26/2012$ 115.82 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 3824 RIVERLAND RD 1,594 $ 226,500 09/27/2012$ 142.10 Outside 1011 SW 31 ST 1,064 $ 111,000 09/27/2012$ 104.32 Outside 4748 SW 35 AVE 1,171 $ 220,000 09/27/2012$ 187.87 Outside 3051 SW 44 ST 2,825 $ 585,000 09/28/2012$ 207.08 Outside 3090 RED MANGROVE LN 1,473 $ 188,000 09/28/2012$ 127.63 Outside 2948 HIDDEN HARBOUR CT 2,623 $ 355,000 10/01/2012$ 135.34 Outside 4925 SW 31 TER 1,025 $ 121,700 10/04/2012$ 118.73 Outside 3341 SW 44 ST 3,553 $ 386,900 10/09/2012$ 108.89 Outside 2531 KEY LARGO LN 1,555 $ 317,500 10/12/2012$ 204.18 Outside 170 NE 6 CT 1,578 $ 145,000 10/12/2012$ 91.89 Outside 214 NE 5 AVE 2,736 $ 235,000 10/15/2012$ 85.89 Outside 2909 HIDDEN HARBOUR ST 2,837 $ 445,000 10/16/2012$ 156.86 Outside 4425 HIDDEN HARBOUR TER 2,623 $ 352,000 10/17/2012$ 134.20 Outside 3124 SW 50 ST 1,051 $ 120,000 10/17/2012$ 114.18 Outside 5579 PARK RD 1,080 $ 120,000 10/18/2012$ 111.11 Outside 2455 NASSAU LN 1,555 $ 370,000 10/19/2012$ 237.94 Outside 4930 SW 34 TER 1,985 $ 333,300 10/22/2012$ 167.91 Outside 2606 GULFSTREAM LN 1,615 $ 212,000 10/24/2012$ 131.27 Outside 2455 SW 30 TER 2,227 $ 325,000 10/24/2012$ 145.94 Outside 4839 SW 29 TER 1,437 $ 131,000 10/24/2012$ 91.16 Outside 4930 SW 29 WAY 1,655 $ 174,000 10/25/2012$ 105.14 Outside 1317 NW 10 ST 1,108 $ 160,000 10/25/2012 $ 144.40 Outside 4821 SW 34 TER 2,148 $ 285,000 10/29/2012$ 132.68 Outside 806 ARGONAUT ISLE 1,526 $ 315,000 10/29/2012$ 206.42 Outside 2900 HIDDEN HARBOUR CT 2,093 $ 317,000 10/30/2012$ 151.46 Outside 2600 SW 34 AVE 1,438 $ 210,000 10/31/2012$ 146.04 Outside 1365 SW 31 ST 1,573 $ 185,000 10/31/2012$ 117.61 Outside 4419 HIDDEN HARBOUR TER 2,651 $ 355,000 10/31/2012$ 133.91 Outside 126 NW 13 AVE 911 $ 52,000 10/31/2012$ 57.08 Outside 5084 SW 24 AVE 1,135 $ 65,000 11/01/2012$ 57.27 Outside 4330 SW 34 LN 1,910 $ 168,000 11/06/2012$ 87.96 Outside 239 NW 6 AVE 786 $ 68,000 11/09/2012$ 86.51 Outside 1271 SW 29 ST 776 $ 78,000 11/14/2012 $ 100.52 Outside 4651 SW 26 TER 1,776 $ 140,000 11/15/2012$ 78.83 Outside 5506 SW 28 TER 982 $ 75,000 11/15/2012$ 76.37 Outside 4412 HIDDEN HARBOUR TER 2,063 $ 311,000 11/16/2012$ 150.75 Outside 2518 FLAMINGO LN 1,459 $ 172,500 11/19/2012$ 118.23 Outside 4670 SW 27 AVE 1,245 $ 136,000 11/19/2012$ 109.24 Outside 2844 HIDDEN HARBOUR CT 2,063 $ 315,000 11/19/2012$ 152.69 Outside 2957 HIDDEN HARBOUR ST 2,517 $ 415,000 11/20/2012$ 164.88 Outside 4413 HIDDEN HARBOUR TER 2,143 $ 315,000 11/26/2012$ 146.99 Outside 5359 SW 32 TER 2,606 $ 340,000 11/26/2012$ 130.47 Outside 4830 SW 29 TER 1,375 $ 90,000 11/26/2012 $ 65.45 Outside 5701 PARK RD 1,194 $ 125,000 11/26/2012 $ 104.69 Outside 911 NAUTILUS ISLE 1,982 $ 380,000 11/26/2012$ 191.73 Outside 817 SW 25 ST 1,227 $ 78,000 11/27/2012$ 63.57 Outside 2507 GULFSTREAM LN 1,805 $ 375,000 11/28/2012$ 207.76 Outside 5332 SW 32 AVE 2,606 $ 312,500 11/29/2012$ 119.92 Outside 525 NW 7 ST 2,645 $ 455,000 11/29/2012$ 172.02 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 2852 HIDDEN HARBOUR CT 2,167 $ 313,000 11/30/2012$ 144.44 Outside 5189 SW 28 AVE 1,410 $ 140,000 11/30/2012$ 99.29 Outside 2643 GULFSTREAM LN 1,574 $ 319,000 12/01/2012$ 202.67 Outside 2425 OKEECHOBEE LN 1,555 $ 325,000 12/03/2012$ 209.00 Outside 130 NW 11 AVE 936 $ 62,500 12/04/2012$ 66.77 Outside 810 SW 26 CT 1,374 $ 120,000 12/06/2012$ 87.34 Outside 2430 WHALE HARBOR LN 1,662 $ 293,000 12/07/2012$ 176.29 Outside 2377 SW 27 TER 2,859 $ 500,000 12/10/2012$ 174.89 Outside 2419 MARATHON LN 1,475 $ 278,000 12/11/2012$ 188.47 Outside 2645 SW 49 CT 1,474 $ 97,900 12/11/2012$ 66.42 Outside 1425 ARGONAUT ISLE 1,988 $ 245,000 12/11/2012$ 123.24 Outside 4926 MANGROVE WAY 1,473 $ 105,000 12/12/2012$ 71.28 Outside 144 NW 7 AVE 1,358 $ 68,000 12/12/2012$ 50.07 Outside 2555 KEY LARGO LN 1,450 $ 280,000 12/13/2012$ 193.10 Outside 1518 SW 24 ST 980 $ 162,000 12/13/2012$ 165.31 Outside 4933 SW 32 TER 1,598 $ 177,000 12/14/2012$ 110.76 Outside 5343 SW 38 WAY 2,858 $ 365,000 12/14/2012$ 127.71 Outside 3420 SW 26 CT 1,636 $ 184,300 12/17/2012$ 112.65 Outside 2442 TORTUGAS LN 1,703 $ 300,000 12/19/2012$ 176.16 Outside 2933 HIDDEN HARBOUR ST 2,837 $ 451,000 12/20/2012$ 158.97 Outside 2548 GULFSTREAM LN 1,337 $ 298,500 12/21/2012$ 223.26 Outside 3070 SW 44 ST 2,974 $ 350,000 12/21/2012$ 117.69 Outside 4431 HIDDEN HARBOUR TER 2,167 $ 305,000 12/21/2012$ 140.75 Outside 4649 SW 28 AVE 1,458 $ 93,000 12/27/2012$ 63.79 Outside 3721 SW 49 ST 2,263 $ 286,000 12/28/2012$ 126.38 Outside 1413 NAUTILUS ISLE 1,524 $ 225,000 12/28/2012$ 147.64 Outside 1301 NW 2 ST 1,529 $ 104,000 12/28/2012$ 68.02 Outside 4731 SW 25 TER 1,639 $ 115,000 12/31/2012$ 70.16 Outside 3128 SW 49 ST 1,065 $ 140,000 01/02/2013$ 131.46 Outside 2460 BIMINI LN 1,513 $ 320,000 01/03/2013$ 211.50 Outside 3764 SW 49 PL 2,263 $ 240,000 01/03/2013$ 106.05 Outside 3055 RED MANGROVE LN 1,301 $ 127,500 01/03/2013$ 98.00 Outside 5048 SW 29 TER 1,718 $ 160,000 01/08/2013 $ 93.13 Outside 2542 KEY LARGO LN 1,522 $ 293,100 01/14/2013$ 192.58 Outside 126 SW 5 CT 1,075 $ 80,000 01/14/2013$ 74.42 Outside 4945 SW 35 WAY 2,352 $ 305,000 01/16/2013$ 129.68 Outside 1261 SW 29 ST 1,481 $ 81,000 01/17/2013$ 54.69 Outside 2708 TREASURE COVE CIR 2,006 $ 189,500 01/17/2013$ 94.47 Outside 4920 SW 29 TER 1,583 $ 179,000 01/22/2013$ 113.08 Outside 526 NE 2 PL 2,980 $ 255,000 01/22/2013$ 85.57 Outside 3235 SW 49 ST 2,212 $ 265,000 01/24/2013$ 119.80 Outside 3720 SW 51 ST 2,527 $ 335,000 01/24/2013$ 132.57 Outside 2757 SW 46 ST 1,725 $ 172,000 01/25/2013$ 99.71 Outside 4913 SW 35 TER 2,237 $ 320,000 01/28/2013 $ 143.05 Outside 206 SE PARK ST 1,596 $ 246,500 01/29/2013$ 154.45 Outside 3810 SW 47 CT 2,442 $ 347,000 01/31/2013$ 142.10 Outside 5672 OAKMONT AVE 3,701 $ 700,000 01/31/2013$ 189.14 Outside 688 NE 1 ST 1,655 $ 180,000 02/05/2013$ 108.76 Outside 5305 SW 38 AVE 2,237 $ 259,000 02/06/2013$ 115.78 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 1441 SW 27 CT 898 $ 101,000 02/13/2013$ 112.47 Outside 672 NE 1 ST 1,629 $ 123,900 02/14/2013$ 76.06 Outside 3702 SW 49 ST 2,624 $ 340,000 02/15/2013$ 129.57 Outside 5881 SW 36 TER 1,982 $ 290,000 02/19/2013$ 146.32 Outside 2512 SW 14 AVE 1,561 $ 150,000 02/21/2013$ 96.09 Outside 4923 SW 32 WAY 2,212 $ 250,000 02/21/2013$ 113.02 Outside 4922 SW 32 AVE 1,125 $ 135,000 02/28/2013$ 120.00 Outside 4850 SW 25 AVE 1,194 $ 108,500 02/28/2013$ 90.87 Outside 5640 PARK RD 1,322 $ 120,000 02/28/2013$ 90.77 Outside 5089 SW 33 WAY 2,212 $ 270,000 03/05/2013$ 122.06 Outside 5585 PARK RD 902 $ 104,100 03/06/2013$ 115.41 Outside 4897 SW 26 AVE 1,563 $ 96,000 03/08/2013 $ 61.42 Outside 4665 SW 28 AVE 1,280 $ 156,900 03/11/2013$ 122.58 Outside 4371 SW 34 LN 1,894 $ 265,000 03/13/2013$ 139.92 Outside 4922 SW 33 WAY 2,148 $ 335,000 03/14/2013$ 155.96 Outside 1400 SW 31 ST 995 $ 95,000 03/15/2013$ 95.48 Outside 1212 SW 32 ST 1,573 $ 120,200 03/18/2013$ 76.41 Outside 5596 SW 28 TER 902 $ 123,000 03/18/2013$ 136.36 Outside 4549 SW 38 TER 1,721 $ 205,000 03/20/2013$ 119.12 Outside 5970 SW 37 TER 4,193 $ 630,000 03/21/2013$ 150.25 Outside 5981 SW 37 TER 4,198 $ 550,000 03/27/2013$ 131.01 Outside 4957 SW 32 TER 1,111 $ 144,000 03/28/2013$ 129.61 Outside 2481 BIMINI LN 1,224 $ 185,000 04/04/2013 $ 151.14 Outside 943 NAUTILUS ISLE 1,544 $ 313,000 04/04/2013$ 202.72 Outside 518 NE 3 ST 2,215 $ 215,000 04/04/2013$ 97.07 Outside 3065 SW 45 ST 2,503 $ 308,800 04/05/2013$ 123.37 Outside 2868 HIDDEN HARBOUR CT 2,531 $ 352,000 04/05/2013$ 139.08 Outside 5532 PARK RD 1,305 $ 150,000 04/08/2013$ 114.94 Outside 4923 SW 32 AVE 1,111 $ 145,000 04/09/2013$ 130.51 Outside 244 NW 12 CT 1,619 $ 68,800 04/09/2013$ 42.50 Outside 2607 KEY LARGO LN 2,625 $ 420,000 04/10/2013$ 160.00 Outside 5369 SW 34 AVE 2,872 $ 405,000 04/10/2013$ 141.02 Outside 4935 SW 27 TER 1,727 $ 140,000 04/17/2013$ 81.07 Outside 2831 SW 18 TER 1,195 $ 127,700 04/18/2013 $ 106.86 Outside 2512 SUGARLOAF LN 1,042 $ 246,000 04/23/2013$ 236.08 Outside 200 SE PARK ST 1,262 $ 205,000 04/24/2013$ 162.44 Outside 3054 RED MANGROVE LN 1,301 $ 183,000 04/27/2013$ 140.66 Outside 2606 NASSAU LN 1,367 $ 243,000 04/30/2013$ 177.76 Outside 2712 TREASURE COVE CIR 2,026 $ 229,000 04/30/2013$ 113.03 Outside 3748 SW 50 CT 2,263 $ 283,000 04/30/2013$ 125.06 Outside 3043 RED MANGROVE LN 1,301 $ 145,500 04/30/2013$ 111.84 Outside 601 NE 2 PL 1,808 $ 289,000 05/01/2013$ 159.85 Outside 4648 SW 37 AVE 2,169 $ 350,000 05/02/2013$ 161.36 Outside 5374 SW 33 AVE 2,231 $ 365,000 05/02/2013$ 163.60 Outside 3157 SW 50 ST 1,051 $ 145,000 05/02/2013$ 137.96 Outside 3060 SW 46 CT 1,446 $ 100,000 05/03/2013$ 69.16 Outside 2453 ANDROS LN 1,907 $ 307,500 05/07/2013$ 161.25 Outside 5080 SW 34 TER 2,148 $ 256,000 05/08/2013$ 119.18 Outside 2789 SW 46 ST 2,230 $ 489,000 05/10/2013$ 219.28 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name St Suffix ldg Living Are Sale Price Sale Date Price / SqFt Contour 526 NE 3 ST 2,192 $ 268,500 05/10/2013$ 122.49 Outside

Bell Anderson & Sanders LLC Street #St Direction Street Name Street Suffix Bldg Living Area Sale Price Sale Date Price / SqFt Contour 1601 SW 32 CT 1,429 $ 75,000 10/1/1992$ 52.48 65 DNL 4405 SW 25 TER 2,596 $ 180,000 6/1/1993$ 69.34 65 DNL 4500 SW 27 TER 1,939 $ 116,000 6/1/1994$ 59.82 65 DNL 1447 SW 32 CT 1,367 $ 75,000 11/30/1994$ 54.86 65 DNL 1740 SW 32 CT 1,518 $ 80,000 7/5/1995$ 52.70 65 DNL 1581 SW 32 CT 1,275 $ 74,900 9/29/1995$ 58.75 65 DNL 4500 SW 26 TER 1,724 $ 104,100 12/18/1995$ 60.38 65 DNL 4540 SW 25 TER 1,147 $ 61,000 3/22/1996 $ 53.18 65 DNL 4490 SW 26 AVE 1,661 $ 112,500 8/23/1996$ 67.73 65 DNL 1408 SW 33 CT 560 $ 47,000 1/27/1997$ 83.93 65 DNL 1770 SW 32 CT 1,524 $ 79,000 4/15/1997$ 51.84 65 DNL 2411 SW 45 ST 1,270 $ 82,000 5/12/1997$ 64.57 65 DNL 1430 SW 32 CT 1,133 $ 73,700 5/30/1997$ 65.05 65 DNL 4541 SW 25 TER 1,374 $ 82,000 6/26/1997$ 59.68 65 DNL 4511 SW 25 TER 1,336 $ 84,900 8/29/1997$ 63.55 65 DNL 4410 SW 24 AVE 2,012 $ 100,000 11/23/1997$ 49.70 65 DNL 4405 SW 24 AVE 1,617 $ 89,000 2/20/1998$ 55.04 65 DNL 4541 SW 25 AVE 945 $ 56,000 5/26/1998 $ 59.26 65 DNL 1600 SW 32 ST 1,299 $ 68,000 11/16/1998$ 52.35 65 DNL 4521 SW 25 TER 1,366 $ 87,000 11/23/1998$ 63.69 65 DNL 1516 SW 32 ST 790 $ 76,500 12/17/1998$ 96.84 65 DNL 4490 SW 27 AVE 2,122 $ 138,000 1/6/1999$ 65.03 65 DNL 2748 SW 45 ST 1,744 $ 110,000 3/25/1999$ 63.07 65 DNL 1400 SW 32 CT 1,385 $ 115,000 4/14/1999$ 83.03 65 DNL 1580 SW 32 CT 1,696 $ 77,500 6/30/1999$ 45.70 65 DNL 1729 SW 32 PL 2,154 $ 14,000 9/15/1999$ 6.50 65 DNL 4435 SW 26 AVE 1,788 $ 135,000 9/23/1999 $ 75.50 65 DNL 4402 SW 24 AVE 1,630 $ 148,000 12/1/1999$ 90.80 65 DNL 4440 SW 26 AVE 1,818 $ 53,100 12/13/1999$ 29.21 65 DNL 1524 SW 32 ST 861 $ 52,300 12/29/1999$ 60.74 65 DNL 4412 SW 24 AVE 1,950 $ 124,000 2/18/2000$ 63.59 65 DNL 2900 SW 45 ST 4,057 $ 271,800 3/13/2000$ 67.00 65 DNL 4570 SW 25 AVE 1,007 $ 84,300 4/27/2000$ 83.71 65 DNL 4510 SW 27 AVE 1,464 $ 83,100 12/4/2000$ 56.76 65 DNL 1475 SW 33 ST 1,176 $ 129,000 12/29/2000$ 109.69 65 DNL 1709 SW 32 PL 1,608 $ 122,500 5/4/2001 $ 76.18 65 DNL 1720 SW 32 ST 1,394 $ 118,000 6/7/2001$ 84.65 65 DNL 2724 SW 45 ST 1,747 $ 119,000 7/3/2001$ 68.12 65 DNL 1413 SW 32 CT 1,394 $ 119,000 10/16/2001$ 85.37 65 DNL 2161 SW 42 ST 1,147 $ 50,000 11/21/2001$ 43.59 65 DNL 1601 SW 32 PL 1,408 $ 154,900 8/2/2002$ 110.01 65 DNL 4536 SW 25 AVE 922 $ 92,000 8/27/2002$ 99.78 65 DNL 3300 SW 15 AVE 1,043 $ 120,000 2/7/2003$ 115.05 65 DNL 1508 SW 32 ST 1,336 $ 100,000 2/28/2003$ 74.85 65 DNL 2700 TREASURE COVE CIR 2,006 $ 261,400 3/20/2003$ 130.31 65 DNL 2704 TREASURE COVE CIR 2,006 $ 269,100 3/25/2003$ 134.15 65 DNL 2773 TREASURE COVE CIR 2,026 $ 289,900 4/22/2003$ 143.09 65 DNL 4550 SW 25 TER 1,761 $ 150,000 4/25/2003$ 85.18 65 DNL 2754 TREASURE COVE CIR 2,026 $ 239,200 4/29/2003$ 118.07 65 DNL 4550 SW 26 TER 1,566 $ 180,000 5/2/2003$ 114.94 65 DNL

Bell Anderson & Sanders LLC Street #St Direction Street Name Street Suffix Bldg Living Area Sale Price Sale Date Price / SqFt Contour 2748 TREASURE COVE CIR 2,006 $ 289,900 5/9/2003$ 144.52 65 DNL 4500 SW 25 TER 2,543 $ 32,500 6/16/2003$ 12.78 65 DNL 4470 SW 26 AVE 1,924 $ 350,000 7/28/2003$ 181.91 65 DNL 2756 TREASURE COVE CIR 2,006 $ 324,900 8/25/2003$ 161.96 65 DNL 4485 SW 26 AVE 1,678 $ 260,000 9/30/2003$ 154.95 65 DNL 2766 TREASURE COVE CIR 2,006 $ 235,900 10/1/2003$ 117.60 65 DNL 2760 TREASURE COVE CIR 2,026 $ 238,400 10/14/2003$ 117.67 65 DNL 2768 TREASURE COVE CIR 2,006 $ 332,500 10/20/2003$ 165.75 65 DNL 4584 SW 24 AVE 1,680 $ 178,000 11/24/2003$ 105.95 65 DNL 1760 SW 32 CT 1,219 $ 209,000 12/10/2003$ 171.45 65 DNL 1420 SW 33 CT 1,009 $ 115,000 3/10/2004$ 113.97 65 DNL 4448 SW 27 AVE 1,942 $ 325,000 3/31/2004$ 167.35 65 DNL 1736 SW 30 PL 2,813 $ 302,000 4/21/2004$ 107.36 65 DNL 4561 SW 24 AVE 1,014 $ 105,000 5/24/2004$ 103.55 65 DNL 1761 SW 32 CT 1,368 $ 224,000 7/15/2004$ 163.74 65 DNL 4490 SW 24 AVE 1,532 $ 235,000 7/30/2004$ 153.39 65 DNL 2759 SW 45 ST 1,326 $ 180,000 12/8/2004 $ 135.75 65 DNL 1701 SW 32 CT 1,337 $ 280,000 2/28/2005$ 209.42 65 DNL 2753 TREASURE COVE CIR 2,006 $ 375,000 3/8/2005$ 186.94 65 DNL 2747 TREASURE COVE CIR 2,006 $ 390,000 4/18/2005$ 194.42 65 DNL 1750 SW 32 ST 1,390 $ 258,000 4/22/2005$ 185.61 65 DNL 2765 SW 45 ST 1,326 $ 250,000 5/11/2005$ 188.54 65 DNL 2751 TREASURE COVE CIR 2,006 $ 350,000 6/20/2005$ 174.48 65 DNL 3233 SW 14 AVE 1,483 $ 310,000 7/20/2005$ 209.04 65 DNL 2770 TREASURE COVE CIR 2,026 $ 400,000 9/2/2005$ 197.43 65 DNL 1612 SW 33 CT 1,804 $ 410,000 10/13/2005$ 227.27 65 DNL 1638 SW 33 CT 1,804 $ 410,000 10/17/2005$ 227.27 65 DNL 1646 SW 33 CT 1,810 $ 465,000 10/17/2005$ 256.91 65 DNL 1642 SW 33 CT 1,804 $ 410,000 11/9/2005$ 227.27 65 DNL 4499 TREASURE COVE DR 1,014 $ 180,000 11/14/2005$ 177.51 65 DNL 3241 SW 16 TER 1,978 $ 425,000 11/18/2005$ 214.86 65 DNL 4513 SW 24 AVE 803 $ 255,000 12/2/2005$ 317.56 65 DNL 3223 SW 15 AVE 1,302 $ 320,000 12/7/2005$ 245.78 65 DNL 3221 SW 15 AVE 1,302 $ 330,000 1/23/2006$ 253.46 65 DNL 3240 SW 16 TER 1,978 $ 450,000 1/23/2006$ 227.50 65 DNL 2391 SW 45 ST 1,178 $ 246,000 1/23/2006$ 208.83 65 DNL 1620 SW 33 CT 1,978 $ 450,000 1/25/2006$ 227.50 65 DNL 3239 SW 16 TER 1,804 $ 400,000 1/30/2006$ 221.73 65 DNL 3229 SW 15 AVE 1,641 $ 310,000 5/30/2006 $ 188.91 65 DNL 2331 SW 45 ST 1,364 $ 260,000 6/15/2006$ 190.62 65 DNL 4425 SW 24 AVE 1,712 $ 215,000 12/15/2006$ 125.58 65 DNL 4611 SW 24 AVE 978 $ 239,000 4/4/2007$ 244.38 65 DNL 1741 SW 32 CT 1,268 $ 202,500 5/4/2007$ 159.70 65 DNL 4549 SW 24 AVE 946 $ 250,000 7/27/2007$ 264.27 65 DNL 1751 SW 32 CT 1,391 $ 311,000 8/15/2007$ 223.58 65 DNL 2752 TREASURE COVE CIR 2,006 $ 240,000 6/13/2008$ 119.64 65 DNL 4536 SW 24 AVE 945 $ 180,000 7/21/2008$ 190.48 65 DNL 1641 SW 32 PL 1,296 $ 144,900 8/18/2008$ 111.81 65 DNL 2762 TREASURE COVE CIR 2,006 $ 230,000 11/14/2008$ 114.66 65 DNL 4520 SW 26 TER 1,594 $ 130,000 12/11/2008$ 81.56 65 DNL

Bell Anderson & Sanders LLC Street #St Direction Street Name Street Suffix Bldg Living Area Sale Price Sale Date Price / SqFt Contour 3233 SW 16 TER 1,978 $ 176,000 1/27/2009$ 88.98 65 DNL 3242 SW 16 TER 1,810 $ 185,000 1/29/2009$ 102.21 65 DNL 3235 SW 16 TER 1,978 $ 165,000 2/2/2009$ 83.42 65 DNL 1616 SW 33 CT 1,978 $ 165,000 3/9/2009$ 83.42 65 DNL 2608 SW 45 ST 1,512 $ 133,000 3/11/2009$ 87.96 65 DNL 1710 SW 32 CT 1,346 $ 115,900 3/25/2009$ 86.11 65 DNL 1412 SW 33 CT 1,171 $ 49,000 7/2/2009$ 41.84 65 DNL 3234 SW 16 TER 1,804 $ 168,000 7/15/2009$ 93.13 65 DNL 2746 TREASURE COVE CIR 2,006 $ 180,000 12/5/2009$ 89.73 65 DNL 4517 SW 27 TER 1,142 $ 215,000 12/10/2009$ 188.27 65 DNL 3238 SW 16 TER 1,978 $ 158,400 1/15/2010$ 80.08 65 DNL 4520 SW 24 AVE 1,486 $ 150,000 2/10/2010$ 100.94 65 DNL 4551 SW 25 TER 1,335 $ 147,000 5/26/2010$ 110.11 65 DNL 2756 SW 45 ST 1,867 $ 159,900 7/30/2010$ 85.65 65 DNL 2758 TREASURE COVE CIR 2,006 $ 185,000 8/5/2010$ 92.22 65 DNL 1725 SW 32 ST 1,571 $ 142,000 8/25/2010$ 90.39 65 DNL 3236 SW 16 TER 1,804 $ 162,000 9/1/2010$ 89.80 65 DNL 1600 SW 33 CT 1,810 $ 180,000 9/2/2010$ 99.45 65 DNL 1604 SW 33 CT 1,978 $ 166,000 10/29/2010$ 83.92 65 DNL 1615 SW 32 ST 1,696 $ 219,900 11/30/2010$ 129.66 65 DNL 4425 SW 26 AVE 2,017 $ 300,000 2/18/2011$ 148.74 65 DNL 1520 SW 32 ST 654 $ 69,900 3/3/2011$ 106.88 65 DNL 1710 SW 32 ST 1,154 $ 86,900 4/8/2011$ 75.30 65 DNL 3243 SW 16 TER 1,810 $ 165,000 4/15/2011 $ 91.16 65 DNL 1717 SW 32 PL 1,600 $ 155,000 5/31/2011$ 96.88 65 DNL 1705 SW 32 PL 1,557 $ 170,000 6/6/2011$ 109.18 65 DNL 1630 SW 32 CT 1,089 $ 57,700 6/13/2011$ 52.98 65 DNL 4537 SW 24 AVE 2,449 $ 120,000 9/9/2011$ 49.00 65 DNL 1681 SW 32 CT 1,898 $ 149,000 9/27/2011$ 78.50 65 DNL 4430 SW 26 AVE 1,624 $ 186,000 9/27/2011$ 114.53 65 DNL 2772 TREASURE COVE CIR 2,006 $ 185,000 12/1/2011$ 92.22 65 DNL 4571 SW 25 AVE 2,322 $ 155,000 12/14/2011$ 66.75 65 DNL 1510 SW 32 CT 1,356 $ 170,000 4/16/2012$ 125.37 65 DNL 2775 TREASURE COVE CIR 2,006 $ 185,000 5/3/2012$ 92.22 65 DNL 4461 SW 24 AVE 1,507 $ 165,000 8/16/2012$ 109.49 65 DNL 1511 SW 32 CT 1,356 $ 178,000 9/20/2012$ 131.27 65 DNL 4410 SW 26 AVE 1,671 $ 250,000 10/4/2012$ 149.61 65 DNL 4420 SW 23 AVE 1,737 $ 114,100 11/16/2012$ 65.69 65 DNL 4509 SW 27 TER 2,533 $ 195,000 11/20/2012$ 76.98 65 DNL 4430 SW 23 AVE 1,586 $ 105,000 11/26/2012$ 66.20 65 DNL 3231 SW 16 TER 1,810 $ 215,000 11/29/2012$ 118.78 65 DNL 1711 SW 32 ST 2,107 $ 185,000 12/21/2012$ 87.80 65 DNL 1440 SW 32 CT 1,582 $ 155,000 1/14/2013 $ 97.98 65 DNL 4577 SW 26 TER 1,651 $ 165,000 2/25/2013$ 99.94 65 DNL

Bell Anderson & Sanders LLC Street #St Direction Street Name Street Suffix Bldg Living Area Sale Price Sale Date Price / SqFt Contour 3346 SW 15 AVE 644 $ 75,000 04/14/2004$ 116.46 70 DNL

Bell Anderson & Sanders LLC

MULTIPLE REGRESSION – SUMMARY INPUT TABLE

Address City Sale Price Sale Date Living Area (SqFt) Year Built 4412 SW 24th Ave Dania Beach 124,000$ 2/18/2000 1950.00 1972 4570 SW 25th Ave Dania Beach 84,300$ 4/27/2000 1007.00 1955 4510 SW 27th Ave Dania Beach 83,100$ 12/4/2000 1464.00 1960 1475 SW 33rd St Ft Lauderdale 129,000$ 12/29/2000 1176.00 1969 1709 SW 32nd Pl Ft Lauderdale 122,500$ 5/4/2001 1608.00 1998 1720 SW 32nd St Ft Lauderdale 118,000$ 6/7/2001 1394.00 1961 2724 SW 45th St Dania Beach 119,000$ 7/3/2001 1747.00 1976 5321 SW 32ND AV Hollywood 375,000$ 9/5/2001 3198.00 1998 1413 SW 32nd Ct Ft Lauderdale 119,000$ 10/16/2001 1394.00 1971 2161 SW 42nd St Ft Lauderdale 50,000$ 11/21/2001 1147.00 1954 1601 SW 32nd Pl Ft Lauderdale 154,900$ 8/2/2002 1408.00 1958 4536 SW 25th Ave Dania Beach 92,000$ 8/27/2002 922.00 1955 3300 SW 15th Ave Ft Lauderdale 120,000$ 2/7/2003 1043.00 1955 517 NW 3RD ST Dania Beach 115,800$ 4/5/2003 1479.00 2004 4550 SW 25th Ter Dania Beach 150,000$ 4/25/2003 1761.00 1957 4550 SW 26th Ter Dania Beach 180,000$ 5/2/2003 1566.00 1973 4974 SW 34TH TE Hollywood$ 275,000 5/5/2003 2212.00 1997 5305 SW 38TH AVE Hollywood 305,000$ 6/5/2003 2237.00 2000 5235 SW 38TH WY Hollywood 260,000$ 6/5/2003 2137.00 2000 4919 SW 35TH TE Hollywood 330,000$ 6/5/2003 2493.00 2000 4966 SW 35TH TE Hollywood 301,500$ 7/5/2003 2237.00 2000 4470 SW 26th Ave Dania Beach 350,000$ 7/28/2003 1924.00 2002 3965 SW 53RD CT Hollywood 363,000$ 9/5/2003 3669.00 2003 4485 SW 26th Ave Dania Beach 260,000$ 9/30/2003 1678.00 1978 4584 SW 24th Ave Dania Beach 178,000$ 11/24/2003 1680.00 2003 1760 SW 32nd Ct Ft Lauderdale 209,000$ 12/10/2003 1219.00 1961 5026 SW 35TH TE Hollywood 285,000$ 1/5/2004 2185.00 2000 4448 SW 27th Ave Dania Beach 325,000$ 3/31/2004 1942.00 1973 3346 SW 15th Ave Ft Lauderdale 75,000$ 4/14/2004 644.00 1941 1736 SW 30th Pl Ft Lauderdale 302,000$ 4/21/2004 2813.00 1972 808 SW 25TH ST Ft Lauderdale 103,000$ 5/5/2004 1139.00 1952 5360 SW 32ND WY Hollywood 330,000$ 5/5/2004 2231.00 1998 4561 SW 24th Ave Dania Beach 105,000$ 5/24/2004 1014.00 1956 2630 KEY LARGO LN Ft Lauderdale 359,900$ 7/5/2004 1517.00 1955 2524 SUGARLOAF LN Ft Lauderdale 395,000$ 7/5/2004 1432.00 1956 4490 SW 24th Ave Dania Beach 235,000$ 7/30/2004 1532.00 1971 3233 SW 14th Ave Ft Lauderdale 215,000$ 8/2/2004 1483.00 1972 4943 SW 35TH TE Ft Lauderdale 420,000$ 8/5/2004 2702.00 2000 2454 TORTUGAS LN Ft Lauderdale 525,000$ 9/5/2004 1720.00 1963 630 NE 2ND PL Dania Beach 357,000$ 9/5/2004 1966.00 1978 2685 KEY LARGO LN Ft Lauderdale 500,000$ 10/5/2004 1586.00 1956 3836 SW 53RD CT Hollywood 348,500$ 11/5/2004 2237.00 2001 2630 SUGARLOAF LN Ft Lauderdale 470,000$ 1/5/2005 1380.00 1956 409 NW 3RD PL Dania Beach $ 121,500 1/5/2005 981.00 1940 1701 SW 32nd Ct Ft Lauderdale 280,000$ 2/28/2005 1337.00 1960 3223 SW 49TH ST Hollywood 380,000$ 3/5/2005 2212.00 1997 2442 TORTUGAS LN Ft Lauderdale 535,000$ 4/5/2005 1670.00 1953 3232 SW 53RD ST Hollywood 590,000$ 4/5/2005 3650.00 1998 1750 SW 32nd St Ft Lauderdale 258,000$ 4/22/2005 1390.00 1960 3222 SW 51ST ST Hollywood 610,000$ 5/5/2005 3198.00 1997 5255 SW 38TH AVE Hollywood 525,000$ 5/5/2005 2882.00 2000 4939 SW 33RD WY Hollywood 491,500$ 6/5/2005 2148.00 1997 4633 SW 28TH AVE FORTLAUD 287,000$ 6/27/2005 1296.00 1956

Bell Anderson & Sanders LLC Address City Sale Price Sale Date Living Area (SqFt) Year Built 2519 SUGARLOAF LN Ft Lauderdale 525,000$ 7/5/2005 1734.00 1958 3071 SW 44TH CT Dania Beach 571,500$ 7/8/2005 2712.00 2005 3233 SW 14th Ave Ft Lauderdale 310,000$ 7/20/2005 1483.00 1972 117 NW 11TH AV Dania Beach 236,500$ 8/5/2005 1737.00 1984 2430 FLAMINGO LN Ft Lauderdale 337,000$ 8/6/2005 1641.00 1956 2507 FLAMINGO LN Ft Lauderdale 560,000$ 8/7/2005 1443.00 1955 5295 SW 33RD WY Hollywood 520,000$ 9/5/2005 2606.00 1998 413 NW 3RD TE Dania Beach 166,000$ 10/5/2005 728.00 1940 2430 NASSAU LN Ft Lauderdale 665,000$ 10/5/2005 2026.00 1971 2525 OKEECHOBEE LN Ft Lauderdale 665,000$ 11/5/2005 2052.00 1956 4513 SW 24th Ave Dania Beach 255,000$ 12/2/2005 803.00 1954 2548 TORTUGAS LN Ft Lauderdale 575,000$ 12/5/2005 2291.00 1957 2391 SW 45th St Dania Beach 246,000$ 1/23/2006 1178.00 1970 2448 NASSAU LN Ft Lauderdale 665,000$ 2/5/2006 1810.00 1956 2490 ANDROS LN Ft Lauderdale 290,000$ 3/4/2006 1282.00 1955 5037 SW 34TH TER Hollywood 475,000$ 3/5/2006 1985.00 1997 3860 SW 53RD CT Hollywood 435,000$ 4/5/2006 2030.00 2000 806 SW 25TH ST Ft Lauderdale 234,000$ 4/18/2006 1059.00 1953 2518 WHALE HARBOR Ft Lauderdale 649,900$ 4/20/2006 1835.00 1957 703 NW 8TH AV Dania Beach 320,000$ 4/21/2006 1516.00 1967 1406 NW 3RD ST Dania Beach 190,000$ 4/26/2006 1058.00 1986 2400 ANDROS LN Ft Lauderdale 310,000$ 5/3/2006 1331.00 1953 3813 SW 49TH PL Hollywood 475,000$ 5/4/2006 2263.00 2001 2530 CAT CAY LN Ft Lauderdale 650,000$ 5/5/2006 1676.00 1954 3807 SW 50TH CT Hollywood 455,000$ 5/5/2006 2394.00 2001 2571 SW 58TH MNR Ft Lauderdale 250,000$ 5/5/2006 1083.00 1976 4859 SW 29TH TE Ft Lauderdale 315,000$ 5/9/2006 1424.00 1972 4965 SW 33RD AV Hollywood 487,000$ 5/11/2006 1985.00 1997 125 NE 2ND AV Dania Beach 325,000$ 5/11/2006 1562.00 1955 4424 SW 28TH TE Dania Beach 390,000$ 5/16/2006 1381.00 1956 2660 KEY LARGO LN Ft Lauderdale 719,500$ 5/19/2006 1659.00 1955 3232 SW 53RD ST Hollywood 715,000$ 5/23/2006 3650.00 1998 1306 SW 30 ST Ft Lauderdale 210,000$ 5/26/2006 888.00 1947 818 NW 8TH AV Dania Beach 335,000$ 5/26/2006 1553.00 1959 3229 SW 15th Ave Ft Lauderdale 310,000$ 5/30/2006 1641.00 1959 4955 SW 34TH TE Hollywood 475,000$ 5/31/2006 2148.00 1998 4565 SW 37TH AV Dania Beach 595,000$ 6/2/2006 1535.00 1964 2331 SW 45TH ST Dania Beach 260,000$ 6/15/2006 1181.00 1955 4559 SW 33 AVE Dania Beach 693,500$ 7/6/2006 2677.00 1999 5321 SW 34TH AV Hollywood 425,000$ 7/17/2006 2231.00 1996 2448 BIMINI LN Ft Lauderdale 625,000$ 7/18/2006 1802.00 1954 5220 SW 34TH TE Hollywood 540,000$ 7/18/2006 2231.00 1997 4964 SW 34TH TE Hollywood 415,000$ 7/25/2006 2212.00 1997 4955 SW 35TH TE Hollywood 420,000$ 8/5/2006 2030.00 2000 3440 SW 52ND ST Hollywood 635,000$ 8/8/2006 3198.00 1997 212 NE 2ND CT Dania Beach 385,000$ 8/21/2006 1807.00 1979 2413 NASSAU LN Ft Lauderdale 605,000$ 8/31/2006 1811.00 1956 508 NW 3RD TE Dania Beach 305,000$ 9/5/2006 1592.00 2004 3272 SW 51ST ST Hollywood 560,000$ 9/27/2006 2886.00 1997 811 NW 7TH ST Dania Beach 460,000$ 10/5/2006 2700.00 1955 5351 SW 38TH WY Hollywood 510,000$ 10/12/2006 2237.00 2000 4903 SW 32ND WY Hollywood 375,000$ 10/19/2006 2212.00 1997 2424 SUGARLOAF LN Ft Lauderdale 675,000$ 11/2/2006 1901.00 1956

Bell Anderson & Sanders LLC Address City Sale Price Sale Date Living Area (SqFt) Year Built 516 NW 3RD ST Dania Beach 220,000$ 11/3/2006 1452.00 2002 4931 SW 38TH WY Hollywood 432,500$ 11/6/2006 2120.00 2001 5385 SW 38TH AV Hollywood 420,000$ 11/10/2006 2363.00 2000 4481 SW 34TH DR Dania Beach 400,000$ 11/17/2006 1483.00 1957 5295 SW 33RD WY Hollywood 480,000$ 11/20/2006 2606.00 1998 5353 SW 33RD TE Hollywood 550,000$ 11/29/2006 2872.00 1998 525 NW 7TH ST Dania Beach 775,000$ 11/30/2006 2645.00 1951 2519 SUGARLOAF LN Ft Lauderdale 489,500$ 12/5/2006 1734.00 1958 1550 SW 30TH ST Ft Lauderdale 239,600$ 12/5/2006 1140.00 1973 4940 SW 25TH AV Ft Lauderdale 399,000$ 12/5/2006 1580.00 1957 826 NW 7TH AV Dania Beach 270,000$ 12/7/2006 1176.00 1954 4908 SW 33RD AV Hollywood 350,000$ 12/12/2006 2212.00 1997 4425 SW 24th Ave Dania Beach 215,000$ 12/15/2006 1712.00 1971 2413 WHALE HARBOR Ft Lauderdale 340,000$ 12/20/2006 1720.00 1957 1060 SW 31ST ST Ft Lauderdale 305,000$ 12/20/2006 1493.00 1959 4388 SW 34TH LN Dania Beach 290,000$ 1/19/2007 1737.00 1972 810 SW 27TH ST Ft Lauderdale 230,000$ 1/26/2007 1352.00 1954 2448 GULFSTREAM LN Ft Lauderdale 614,000$ 2/5/2007 1754.00 1955 5260 SW 27TH AV Dania Beach $ 252,000 2/15/2007 1747.00 1954 4974 SW 34TH TE Hollywood 410,000$ 2/16/2007 2212.00 1997 2530 SUGARLOAF LN Ft Lauderdale 680,000$ 3/7/2007 2016.00 1956 2716 SW 34TH AV Ft Lauderdale 320,000$ 3/22/2007 2121.00 1960 3568 SW 49TH CT Hollywood 440,000$ 3/23/2007 2237.00 2000 222 NE 5TH AV Dania Beach 435,000$ 3/23/2007 2593.00 1969 2511 BIMINI LN Ft Lauderdale 450,000$ 3/26/2007 1467.00 1955 3311 SW 53RD ST Hollywood 480,000$ 3/26/2007 2148.00 1996 4611 SW 24th Ave Dania Beach 239,000$ 4/4/2007 978.00 1955 4497 SW 37TH AV Dania Beach $ 450,000 4/12/2007 1557.00 1971 516 NW 3RD ST Dania Beach 249,000$ 4/27/2007 1452.00 2002 1741 SW 32nd Ct Ft Lauderdale 202,500$ 5/4/2007 1268.00 1960 833 NW 9TH AV Dania Beach 335,000$ 5/10/2007 1807.00 1971 117 NW 11TH AV Dania Beach 235,000$ 5/17/2007 1737.00 1984 2554 TORTUGAS LN Ft Lauderdale 414,000$ 5/23/2007 1493.00 1957 3081 SW 44 COURT Dania Beach 605,000$ 5/23/2007 2974.00 2005 3841 SW 47TH CT Dania Beach 474,000$ 5/31/2007 1514.00 1960 5348 SW 34TH WY Hollywood 650,000$ 6/4/2007 3198.00 1996 2513 SW 34TH AV Ft Lauderdale 390,000$ 6/7/2007 2071.00 1963 981 SW 32ND ST Ft Lauderdale 229,000$ 6/13/2007 1162.00 1959 5241 SW 32ND AV Hollywood 575,000$ 6/18/2007 3198.00 1997 2725 SW 47TH ST Dania Beach 260,000$ 6/20/2007 1285.00 1955 3726 SW 50TH ST Hollywood 395,000$ 6/20/2007 2534.00 2001 4741 SW 25TH AV DANIA Beach 262,500$ 6/24/2007 1376.00 1956 2436 CAT CAY LN Ft Lauderdale 400,000$ 6/26/2007 1516.00 1954 2630 SUGARLOAF LN Ft Lauderdale 550,000$ 7/7/2007 1380.00 1956 715 NW 7TH ST Dania Beach 425,000$ 7/9/2007 1758.00 1975 4885 SW 26TH AV Dania Beach$ 160,000 7/13/2007 624.00 1956 117 NE 2ND AV Dania Beach 287,500$ 7/13/2007 1570.00 1955 2797 SW 47TH ST Dania Beach 274,900$ 7/16/2007 1301.00 1957 5322 SW 32ND TE Hollywood 391,500$ 7/27/2007 2234.00 1998 4549 SW 24TH AV Ft Lauderdale 250,000$ 7/27/2007 946.00 1955 4939 SW 33RD WY Hollywood 489,800$ 7/30/2007 2148.00 1997 4740 SW 25TH TE DANIA Beach 270,000$ 8/6/2007 1542.00 1956 4894 SW 38TH WY Hollywood 385,000$ 8/10/2007 1947.00 2002

Bell Anderson & Sanders LLC Address City Sale Price Sale Date Living Area (SqFt) Year Built 1751 SW 32nd Ct Ft Lauderdale 311,000$ 8/15/2007 1400.00 1961 5830 SW 36TH TE Dania Beach 575,000$ 9/5/2007 3338.00 1968 1250 SW 29TH ST Ft Lauderdale 190,000$ 9/19/2007 886.00 1958 2630 KEY LARGO LN Ft Lauderdale 400,000$ 9/20/2007 1517.00 1955 5074 SW 35TH TE Hollywood 360,000$ 9/20/2007 2237.00 2000 2655 MARATHON LN Ft Lauderdale 530,000$ 9/24/2007 1678.00 1956 2506 BIMINI LN Ft Lauderdale 450,000$ 10/5/2007 1244.00 1954 5275 SW 34TH WY Hollywood 417,000$ 10/15/2007 2886.00 1996 301 NE 5TH CT Dania Beach 750,000$ 11/24/2007 4279.00 1969 2666 GULFSTREAM LN Ft Lauderdale 460,400$ 12/10/2007 1604.00 1955 2460 CAT CAY LN Ft Lauderdale 412,300$ 1/16/2008 1566.00 1954 2442 KEY LARGO LN Ft Lauderdale 350,000$ 1/25/2008 1478.00 1955 2781 SW 47TH ST Dania Beach 245,000$ 1/28/2008 1256.00 1956 806 NW 2ND ST Dania Beach 330,000$ 1/28/2008 1998.00 1985 509 NE 2ND PL Dania Beach 250,000$ 3/11/2008 1657.00 1971 2465 ANDROS LN Ft Lauderdale 425,000$ 3/13/2008 1605.00 1954 3827 SW 50TH CT Hollywood 299,500$ 4/4/2008 2394.00 2001 3071 SW 47TH ST Dania Beach 125,000$ 4/5/2008 1462.00 1959 1371 SW 32ND ST Ft Lauderdale $ 225,000 4/10/2008 1810.00 1963 3050 SW 44TH CT Dania Beach 369,000$ 4/11/2008 2698.00 2006 4831 SW 29TH AV Dania Beach 200,000$ 4/18/2008 2127.00 1959 3400 RIVERLAND RD Ft Lauderdale 303,600$ 4/21/2008 1523.00 1956 1440 SW 28TH ST Ft Lauderdale 195,000$ 4/23/2008 1058.00 1946 3050 SW 44TH ST Dania Beach 365,000$ 4/25/2008 2698.00 2006 2625 NASSAU LN Ft Lauderdale 516,500$ 4/28/2008 2056.00 1957 5346 SW 34TH TE Hollywood 310,000$ 5/14/2008 2231.00 1996 5235 SW 38TH WY Hollywood 285,000$ 5/15/2008 2137.00 2000 3762 RIVERLAND RD Ft Lauderdale $ 242,800 5/23/2008 1336.00 1956 3222 SW 51ST ST Hollywood 460,000$ 6/25/2008 3198.00 1997 2437 SW 30TH AV Ft Lauderdale 385,500$ 6/26/2008 1783.00 1952 2525 OKEECHOBEE LN Ft Lauderdale 375,000$ 7/1/2008 2052.00 1956 630 NE 2ND PL Dania Beach 330,000$ 7/1/2008 1966.00 1978 2636 KEY LARGO LN Ft Lauderdale 517,500$ 7/7/2008 1729.00 1956 2624 SUGARLOAF LN Ft Lauderdale 350,000$ 7/9/2008 1339.00 1957 4536 SW 24th Ave Dania Beach 180,000$ 7/21/2008 945.00 1959 1051 SW 31ST ST Ft Lauderdale 223,000$ 8/1/2008 1062.00 1959 5321 SW 34TH AV Hollywood$ 288,600 8/12/2008 2231.00 1996 1641 SW 32ND PL Ft Lauderdale 144,900$ 8/18/2008 1296.00 1958 4917 SW 32ND WY Hollywood 300,000$ 8/22/2008 2148.00 1997 3965 SW 53RD CT Hollywood 399,500$ 8/26/2008 3669.00 2003 990 SW 32ND ST Ft Lauderdale 180,000$ 8/29/2008 1479.00 1958 4421 SW 33RD AV Dania Beach 190,000$ 9/8/2008 1446.00 1957 2537 SUGARLOAF LN Ft Lauderdale 378,500$ 9/10/2008 1722.00 1956 5840 SW 36TH TE Ft Lauderdale 400,000$ 9/10/2008 4001.00 1979 2507 FLAMINGO LN Ft Lauderdale 265,000$ 9/15/2008 1443.00 1955 5273 SW 38TH WY Hollywood 400,000$ 9/17/2008 2858.00 2000 2709 SW 47TH ST Dania Beach 156,000$ 9/22/2008 1123.00 1956 3823 SW 49TH PL Ft Lauderdale 290,000$ 9/25/2008 2394.00 2001 800 SW 27TH ST Ft Lauderdale 125,000$ 9/26/2008 1509.00 1953 2554 SUGARLOAF LN Ft Lauderdale 405,000$ 9/29/2008 1483.00 1956 3041 SW 44TH CT Dania Beach 367,000$ 9/29/2008 2681.00 2006 2448 NASSAU LN Ft Lauderdale 335,000$ 9/30/2008 1810.00 1956 4564 SW 35TH AV Dania Beach 375,000$ 10/14/2008 2681.00 1989

Bell Anderson & Sanders LLC Address City Sale Price Sale Date Living Area (SqFt) Year Built 3436 SW 44TH ST Dania Beach 280,000$ 10/30/2008 1498.00 1958 2519 SUGARLOAF LN Ft Lauderdale 320,000$ 11/10/2008 1734.00 1958 2970 SW 45TH ST DANIA Beach 266,500$ 12/1/2008 1953.00 1984 4520 SW 26TH TE Ft Lauderdale 130,000$ 12/11/2008 1388.00 1993 2412 MARATHON LN Ft Lauderdale 363,000$ 12/17/2008 1892.00 1955 3836 SW 53RD CT Hollywood 274,100$ 12/19/2008 2237.00 2001 5910 SW 37TH AV Ft Lauderdale 330,000$ 12/22/2008 3017.00 1991 2607 KEY LARGO LN Ft Lauderdale 525,000$ 2/5/2009 2556.00 1955 5383 SW 33RD AV Hollywood 362,400$ 2/20/2009 3280.00 1998 980 SW 31ST ST Ft Lauderdale $ 121,800 3/4/2009 1151.00 1959 2506 SUGARLOAF LN Ft Lauderdale 325,000$ 3/6/2009 1683.00 1956 2524 SW 55TH ST Dania Beach 180,000$ 3/9/2009 1296.00 1984 225 NW 7TH AV Dania Beach 120,857$ 3/9/2009 1133.00 2004 2608 SW 45th St Dania Beach 133,000$ 3/11/2009 1512.00 1993 1710 SW 32nd CT Ft Lauderdale 115,900$ 3/25/2009 1346.00 1961 3420 SW 27TH ST Ft Lauderdale 610,000$ 3/30/2009 4558.00 1974 826 SW 26TH CT Ft Lauderdale 85,000$ 3/30/2009 1152.00 1953 5263 SW 34TH WY Hollywood 290,000$ 3/31/2009 2231.00 1996 132 SE 3RD AV Dania Beach 375,000$ 4/6/2009 2022.00 1976 930 NAUTILUS ISLE Dania Beach 350,000$ 4/17/2009 1750.00 1958 4730 SW 25TH TE DANIA Beach 140,000$ 4/24/2009 1269.00 1956 246 NW 7TH AV Dania Beach 43,000$ 4/27/2009 1188.00 1963 3520 SW 51ST ST Hollywood 250,000$ 4/30/2009 2221.00 2000 126 NW 7TH AV Dania Beach 99,900$ 5/4/2009 1273.00 2002 821 NW 9TH AV Dania Beach 152,000$ 5/13/2009 1604.00 1971 5004 SW 38TH WY Ft Lauderdale 220,000$ 5/15/2009 1947.00 2002 2660 MARATHON LN Ft Lauderdale 400,000$ 5/19/2009 1644.00 1957 2524 MARATHON LN Ft Lauderdale 400,000$ 5/21/2009 2021.00 1955 5741 SW 24TH AV Dania Beach 95,000$ 5/27/2009 1256.00 1976 600 NE 2ND PL Dania Beach 180,000$ 6/3/2009 2062.00 1957 3 SW 7TH AV Dania Beach 50,000$ 6/17/2009 1769.00 2003 710 NW 9TH AV Dania Beach 147,000$ 6/26/2009 1468.00 1961 2530 NASSAU LN Ft Lauderdale 262,000$ 6/29/2009 1586.00 1957 1412 SW 33rd Ct Ft Lauderdale 49,000$ 7/2/2009 1171.00 1958 3311 SW 49TH ST Hollywood 210,000$ 7/13/2009 1985.00 1998 15 SW 6TH AV Dania Beach 92,700$ 7/22/2009 1635.00 2007 60 NW 14TH AV Dania Beach 47,000$ 7/30/2009 937.00 1960 2448 GULFSTREAM LN Ft Lauderdale 273,500$ 7/30/2009 1754.00 1955 2548 FLAMINGO LN Ft Lauderdale 232,800$ 7/31/2009 1477.00 1955 1706 SW 30TH PL Ft Lauderdale 282,000$ 7/31/2009 2389.00 1973 1160 SW 32ND ST Ft Lauderdale 91,700$ 8/5/2009 1295.00 1957 3040 SW 45TH ST DANIA Beach 345,000$ 8/13/2009 3515.00 1976 3061 SW 47TH ST Dania Beach 140,000$ 8/17/2009 1256.00 1957 827 SW 26TH CT Ft Lauderdale 85,000$ 8/24/2009 1112.00 1953 2678 KEY LARGO LN Ft Lauderdale 320,000$ 8/26/2009 1418.00 1955 313 NE 2ND AV Dania Beach 290,000$ 8/28/2009 1206.00 1926 2725 SW 46TH CT Dania Beach 155,000$ 8/31/2009 1253.00 1956 3808 SW 50TH CT Hollywood 222,000$ 9/1/2009 2394.00 2001 5040 SW 38TH WY Ft Lauderdale 290,000$ 9/3/2009 2120.00 2002 3574 SW 49TH PL Hollywood 310,000$ 9/11/2009 2858.00 2000 508 NW 3RD TE Dania Beach 100,000$ 9/25/2009 1592.00 2004 5296 SW 32ND AV Hollywood 273,000$ 10/6/2009 2231.00 1998 4940 SW 25TH AV Ft Lauderdale 111,000$ 10/8/2009 1580.00 1957

Bell Anderson & Sanders LLC Address City Sale Price Sale Date Living Area (SqFt) Year Built 3494 SW 53RD CT Hollywood 385,000$ 10/9/2009 3198.00 1997 2612 TORTUGAS LN Ft Lauderdale 390,000$ 10/13/2009 1698.00 1958 109 NW 6TH AV Dania Beach 35,000$ 10/14/2009 765.00 1958 1111 SW 32ND ST Ft Lauderdale 150,000$ 10/20/2009 1347.00 1956 2660 KEY LARGO LN Ft Lauderdale 255,000$ 10/28/2009 1659.00 1955 2430 WHALE HARBOR Ft Lauderdale 275,000$ 11/5/2009 1662.00 1958 113 NE 1ST CT Dania Beach 120,000$ 11/10/2009 1231.00 1955 2620 SW 12TH TE Ft Lauderdale 76,500$ 11/12/2009 835.00 1952 2418 ANDROS LN Ft Lauderdale 210,000$ 11/12/2009 1417.00 1954 1410 NW 8TH ST Dania Beach$ 333,000 11/17/2009 1932.00 1986 795 NW 12TH AV Dania Beach 300,000$ 11/23/2009 1927.00 1957 2461 CAT CAY LN Ft Lauderdale 220,000$ 11/25/2009 1498.00 1956 842 NW 10TH AV Dania Beach 180,000$ 12/7/2009 1658.00 1974 4517 SW 27th Ter Dania Beach 215,000$ 12/10/2009 1142.00 1962 2608 SW 55TH ST Ft Lauderdale 145,000$ 12/16/2009 1294.00 1986 5451 SW 24TH AV Dania Beach 85,000$ 12/17/2009 1187.00 1977 834 NW 12TH AV Dania Beach 143,700$ 12/17/2009 1572.00 1975 4697 SW 35TH AV Dania Beach $ 200,000 1/22/2010 1458.00 1957 4512 SW 37TH AV Ft Lauderdale 250,000$ 2/5/2010 2360.00 1965 4923 SW 33RD WY Hollywood 299,900$ 2/5/2010 2212.00 1998 4950 SW 28TH AV Dania Beach 115,000$ 2/5/2010 1257.00 1957 4520 SW 24th Ave Dania Beach 150,000$ 2/10/2010 1486.00 1956 2507 KEY LARGO LN Ft Lauderdale 330,000$ 2/16/2010 1474.00 1956 1050 SW 31ST ST Ft Lauderdale 64,900$ 2/18/2010 776.00 1959 17 SW 8TH AV Dania Beach 40,000$ 2/19/2010 1566.00 1957 1441 W DANIA BEACH Dania Beach 59,700$ 2/24/2010 1372.00 1985 41 NW 5TH AV Dania Beach 88,500$ 3/5/2010 1625.00 2007 4965 SW 33RD AV Hollywood 235,000$ 3/11/2010 1985.00 1997 1749 SW 30TH ST Ft Lauderdale 102,000$ 3/23/2010 1285.00 1955 2530 CAT CAY LN Ft Lauderdale 255,000$ 3/25/2010 1676.00 1954 826 NW 7TH AV Dania Beach 137,500$ 3/26/2010 1176.00 1954 5360 SW 32ND WY Hollywood 284,000$ 3/29/2010 2231.00 1998 4661 SW 24TH AV DANIA Beach 76,000$ 3/30/2010 1231.00 1955 5000 SW 24TH AV Dania Beach 70,000$ 4/7/2010 825.00 1960 2654 NASSAU LN Ft Lauderdale 300,000$ 4/7/2010 1490.00 1956 4955 SW 35TH TE Hollywood 257,800$ 4/7/2010 2030.00 2000 801 SW 27TH ST Ft Lauderdale 120,000$ 4/16/2010 1520.00 1953 301 NW 4TH AV Dania Beach 38,900$ 4/28/2010 1061.00 1959 2506 ANDROS LN Ft Lauderdale 179,000$ 4/30/2010 1473.00 1957 113 SE 2ND CT Dania Beach 260,000$ 5/5/2010 2411.00 1974 2619 GULFSTREAM LN Ft Lauderdale 244,000$ 5/7/2010 1781.00 1956 4943 SW 35TH TE Ft Lauderdale 295,000$ 5/17/2010 2702.00 2000 806 NW 2ND ST Dania Beach 97,500$ 5/18/2010 1998.00 1985 4928 SW 24TH AV Dania Beach 73,000$ 5/20/2010 967.00 1954 2423 CAT CAY LN Ft Lauderdale 135,000$ 5/25/2010 1766.00 1955 4551 SW 25th Ter Dania Beach 147,000$ 5/26/2010 1365.00 1962 2512 NASSAU LN Ft Lauderdale 301,000$ 6/10/2010 1689.00 1956 301 NE 3RD AV Dania Beach 360,000$ 6/15/2010 2910.00 1994 2571 SW 58TH MNR Ft Lauderdale 84,000$ 6/16/2010 1083.00 1976 2454 MARATHON LN Ft Lauderdale 330,000$ 6/24/2010 1406.00 1955 2512 KEY LARGO LN Ft Lauderdale 225,000$ 6/25/2010 1159.00 1955 2436 NASSAU LN Ft Lauderdale 308,000$ 7/7/2010 1344.00 1956 2455 SUGARLOAF LN Ft Lauderdale 300,000$ 7/7/2010 1652.00 1956

Bell Anderson & Sanders LLC Address City Sale Price Sale Date Living Area (SqFt) Year Built 2436 OKEECHOBEE LN Ft Lauderdale 300,000$ 7/26/2010 1621.00 1956 1081 SW 31ST ST Ft Lauderdale 105,000$ 7/29/2010 1379.00 1956 2756 SW 45th St Dania Beach 159,900$ 7/30/2010 1798.00 1978 2524 SUGARLOAF LN Ft Lauderdale 215,000$ 8/20/2010 1432.00 1956 1725 SW 32nd St Ft Lauderdale 142,000$ 8/25/2010 1571.00 1970 126 SE 3RD AV Dania Beach 260,000$ 8/30/2010 1829.00 1976 2454 TORTUGAS LN Ft Lauderdale 310,000$ 8/31/2010 1720.00 1963 129 NE 1ST CT Dania Beach 100,000$ 9/9/2010 1175.00 1956 2418 WHALE HARBOR Ft Lauderdale 375,500$ 9/24/2010 1903.00 1957 2536 KEY LARGO LN Ft Lauderdale 335,000$ 9/30/2010 1650.00 1955 409 NW 3RD PL Dania Beach 35,000$ 10/7/2010 981.00 1940 4905 SW 33RD AV Hollywood 269,000$ 10/12/2010 1985.00 1997 5384 SW 38TH AV Hollywood 262,000$ 10/12/2010 2237.00 2000 5321 SW 32ND AV Hollywood 375,000$ 10/18/2010 3198.00 1998 1400 SW 28TH ST Ft Lauderdale 118,000$ 10/22/2010 1145.00 1948 730 NW 12TH AV Dania Beach 240,000$ 11/4/2010 1877.00 1967 2643 FLAMINGO LN Ft Lauderdale 400,000$ 11/5/2010 1734.00 1954 3050 SW 44TH ST Dania Beach 325,000$ 11/8/2010 2698.00 2006 517 NW 3RD ST Dania Beach $ 80,500 11/10/2010 1479.00 2004 2425 TORTUGAS LN Ft Lauderdale 345,500$ 11/16/2010 1691.00 1956 1615 SW 32ND ST Ft Lauderdale 219,900$ 11/30/2010 1696.00 1971 4896 SW 28TH TE Ft Lauderdale 147,000$ 12/7/2010 1137.00 1953 3071 SW 47TH ST Dania Beach 121,000$ 12/10/2010 1462.00 1959 37 NW 5TH AV Dania Beach 70,000$ 12/14/2010 1368.00 2002 2625 GULFSTREAM LN Ft Lauderdale 355,000$ 12/20/2010 1981.00 1962 4919 SW 35TH TE Hollywood 337,000$ 12/23/2010 2493.00 2000 4701 SW 34TH DR Dania Beach 257,500$ 12/30/2010 1570.00 1957 2685 KEY LARGO LN Ft Lauderdale 350,000$ 12/31/2010 1586.00 1956 5400 SW 25TH AV Ft Lauderdale 87,900$ 1/5/2011 1487.00 1976 907 NW 8TH ST Dania Beach 145,200$ 1/13/2011 1508.00 1965 229 SE PARK ST Dania Beach 115,000$ 1/14/2011 1238.00 1963 5309 SW 32ND AV Hollywood 275,000$ 1/20/2011 2231.00 1998 5026 SW 35TH TE Hollywood 250,000$ 1/20/2011 2185.00 2000 4481 SW 37TH AV Dania Beach 234,000$ 2/3/2011 1718.00 1965 2710 SW 34TH AV Ft Lauderdale 237,500$ 2/10/2011 2160.00 1960 3410 RIVERLAND RD Ft Lauderdale 83,000$ 2/11/2011 1347.00 1956 4425 SW 26th Ave Dania Beach 300,000$ 2/18/2011 2017.00 1961 808 SW 25TH ST Ft Lauderdale 74,800$ 2/22/2011 1139.00 1952 1636 SW 30TH ST Ft Lauderdale 225,000$ 2/23/2011 1526.00 1956 2449 SUGARLOAF LN Ft Lauderdale 290,000$ 2/25/2011 1893.00 1956 903 NW 7TH ST Dania Beach 257,000$ 2/28/2011 2115.00 1972 1520 SW 32ND ST Ft Lauderdale 69,900$ 3/3/2011 654.00 1943 605 NW 7TH ST Dania Beach 215,000$ 3/9/2011 1537.00 1953 3860 SW 53RD CT Hollywood 260,000$ 3/14/2011 2030.00 2000 207 SE 2ND ST Dania Beach 60,000$ 3/14/2011 1415.00 1963 2530 SW RIVERLANE TEFt Lauderdale 425,000$ 3/18/2011 3417.00 1980 110 NW 13TH AV Dania Beach 68,000$ 3/31/2011 1183.00 1954 4971 SW 34TH TER Ft Lauderdale 298,000$ 3/31/2011 2148.00 1997 4966 SW 35TH TE Hollywood 330,000$ 3/31/2011 2237.00 2000 2554 NASSAU LN Ft Lauderdale 315,000$ 4/4/2011 1449.00 1957 4912 SW 33RD WAY Hollywood 300,000$ 4/4/2011 2212.00 1997 1710 SW 32nd St Ft Lauderdale 86,900$ 4/8/2011 1154.00 1961 4497 SW 37TH AV Dania Beach 240,000$ 4/11/2011 1557.00 1971

Bell Anderson & Sanders LLC Address City Sale Price Sale Date Living Area (SqFt) Year Built 614 NE 3RD ST Dania Beach 278,000$ 4/18/2011 2987.00 1984 2513 SUGARLOAF LN Ft Lauderdale 300,000$ 4/27/2011 1868.00 1957 3807 SW 50TH CT Hollywood 208,000$ 4/27/2011 2394.00 2001 2595 SW 30TH AVE Ft Lauderdale 448,500$ 4/29/2011 1924.00 1961 3718 SW 50TH CT Hollywood 244,000$ 5/4/2011 2120.00 2001 2606 NASSAU LN Ft Lauderdale 220,000$ 5/5/2011 1367.00 1957 2430 FLAMINGO LN Ft Lauderdale 185,000$ 5/13/2011 1641.00 1956 2420 SW 34TH AV Ft Lauderdale 107,000$ 5/18/2011 1249.00 1957 1717 SW 32ND PL Ft Lauderdale 155,000$ 5/31/2011 1600.00 1999 413 NW 3RD TE Dania Beach $ 53,500 6/1/2011 728.00 1940 1705 SW 32nd Pl Ft Lauderdale 170,000$ 6/6/2011 1557.00 1984 4548 SW 28TH WAY Dania Beach 120,000$ 6/10/2011 1750.00 1979 1630 SW 32nd Ct Ft Lauderdale 57,700$ 6/13/2011 1089.00 1970 5901 SW 37TH AV Ft Lauderdale 460,000$ 6/15/2011 3269.00 1960 1615 SW 25TH ST Ft Lauderdale 265,000$ 6/16/2011 1950.00 1978 4657 SW 28TH AV Dania Beach 108,000$ 6/17/2011 1518.00 1956 3432 SW 51ST ST Hollywood 295,000$ 6/21/2011 2212.00 1997 3709 SW 51ST ST Hollywood 277,000$ 6/27/2011 2534.00 2002 5400 SW 25TH AV Ft Lauderdale 132,000$ 6/27/2011 1487.00 1976 3370 LAUREL OAK ST Hollywood 610,000$ 6/30/2011 3388.00 1998 3830 SW 48TH CT Hollywood 224,000$ 6/30/2011 2120.00 2001 2490 ANDROS LN Ft Lauderdale 90,300$ 7/7/2011 1282.00 1955 41 NW 5TH AV Dania Beach 135,000$ 7/8/2011 1625.00 2007 5346 SW 38TH AVE Hollywood 315,000$ 7/14/2011 2237.00 2000 5029 SW 33RD WAY Ft Lauderdale 248,800$ 7/26/2011 1985.00 1998 4565 SW 38TH TER Dania Beach 275,000$ 7/29/2011 3123.00 1972 2415 RIVERLANE TE Ft Lauderdale 425,000$ 8/30/2011 3729.00 1990 2789 SW 46TH CT Dania Beach $ 100,000 8/30/2011 1085.00 1956 1725 SW 30TH ST Ft Lauderdale 110,000$ 8/31/2011 1428.00 1955 3315 SW 49TH ST Hollywood 270,000$ 8/31/2011 1985.00 1998 2471 SW 58TH MNR # Ft Lauderdale 150,000$ 8/31/2011 1095.00 1975 4537 SW 24th Ave Dania Beach 120,000$ 9/9/2011 2310.00 1958 2506 GULFSTREAM LN Ft Lauderdale 260,000$ 9/16/2011 1347.00 1956 2400 ANDROS LN Ft Lauderdale 139,900$ 9/26/2011 1331.00 1953 1681 SW 32ND CT Ft Lauderdale 149,000$ 9/27/2011 1898.00 1960 4430 SW 26TH AVE Dania Beach 186,000$ 9/27/2011 1624.00 1984 4924 SW 34TH TE Hollywood 239,000$ 9/28/2011 2148.00 1997 2607 SUGARLOAF LN Ft Lauderdale 305,000$ 9/30/2011 2040.00 1957 1435 SW 30TH ST Ft Lauderdale 73,500$ 10/13/2011 869.00 1950 4564 SW 38TH TE Dania Beach 250,000$ 10/20/2011 1837.00 1960 5600 SW 40TH AVE Ft Lauderdale 250,000$ 10/28/2011 2473.00 1967 935 NAUTILUS ISLE Dania Beach 245,000$ 10/28/2011 1346.00 1958 813 NW 7TH AVE Dania Beach 112,000$ 11/3/2011 1255.00 1958 3051 SW 44TH ST Dania Beach 575,000$ 11/11/2011 2825.00 2005 1431 SW 29TH ST Ft Lauderdale 70,000$ 11/15/2011 1262.00 1960 3247 SW 49TH ST Ft Lauderdale 225,000$ 11/23/2011 2152.00 1998 5037 SW 34TH TER Hollywood 219,900$ 12/1/2011 1985.00 1997 2604 SW 34TH AVE Ft Lauderdale 175,000$ 12/2/2011 1325.00 1956 2631 KEY LARGO LN Ft Lauderdale 310,000$ 12/9/2011 1731.00 1956 824 SW 25TH ST Ft Lauderdale 64,400$ 12/9/2011 998.00 1954 4481 SW 38TH TER Dania Beach 245,000$ 12/12/2011 1988.00 1973 4571 SW 25th Ave Dania Beach 155,000$ 12/14/2011 2226.00 1973 2748 SW 47TH ST Ft Lauderdale 90,000$ 12/15/2011 1069.00 1957

Bell Anderson & Sanders LLC Address City Sale Price Sale Date Living Area (SqFt) Year Built 3381 SW 51ST ST Hollywood 355,000$ 12/19/2011 2148.00 1996 5003 SW 35TH WAY Hollywood 240,500$ 12/19/2011 2683.00 2000 3211 SW 49TH ST Hollywood 260,000$ 12/21/2011 1985.00 1996 2554 KEY LARGO LN Ft Lauderdale 190,000$ 12/23/2011 1581.00 1955 3372 SW 44TH ST Dania Beach 175,000$ 12/28/2011 1909.00 1957 5255 SW 38TH AVE Hollywood 395,000$ 12/30/2011 2882.00 2000 2413 SUGARLOAF LN Ft Lauderdale 280,000$ 1/10/2012 1748.00 1956 2649 GULFSTREAM LN Ft Lauderdale 210,000$ 1/12/2012 1318.00 1955 2650 SW 12TH TER Ft Lauderdale 77,500$ 1/17/2012 1022.00 1951 2797 SW 47TH ST Dania Beach $ 104,000 1/24/2012 1301.00 1957 3223 SW 49TH ST Hollywood 271,000$ 1/27/2012 2212.00 1997 3821 SW 52ND ST Hollywood 266,000$ 1/31/2012 2237.00 2000 2548 TORTUGAS LN Ft Lauderdale 300,000$ 2/3/2012 2291.00 1957 2525 SUGARLOAF LN Ft Lauderdale 391,000$ 2/10/2012 1901.00 1956 2555 SUGARLOAF LN Ft Lauderdale 315,000$ 3/1/2012 1757.00 1957 2621 SW 49TH CT Dania Beach 85,000$ 3/13/2012 952.00 1956 3831 SW 49TH ST Hollywood 220,000$ 3/19/2012 2120.00 2001 5860 SW 37TH AVE Dania Beach 420,000$ 3/23/2012 2787.00 1968 3474 RIVERLAND RD Ft Lauderdale 185,000$ 3/24/2012 1579.00 1954 3732 SW 49TH ST Hollywood$ 275,000 3/25/2012 2263.00 2001 2780 SW 47TH ST Dania Beach 65,000$ 3/30/2012 1116.00 1957 2543 FLAMINGO LN Ft Lauderdale 285,000$ 3/30/2012 1601.00 1956 1510 SW 32nd Ct Ft Lauderdale 170,000$ 4/16/2012 1356.00 1955 4860 SW 37TH TER Hollywood 230,000$ 4/17/2012 2263.00 2001 2412 CAT CAY LN Ft Lauderdale 150,000$ 4/27/2012 1367.00 1954 5010 SW 29TH AV Dania Beach 160,000$ 4/30/2012 1186.00 1964 702 NW 9TH AVE Dania Beach 130,600$ 5/8/2012 1456.00 1967 2454 ANDROS LN Ft Lauderdale 135,000$ 5/9/2012 1467.00 1958 2669 KEY LARGO LN Ft Lauderdale 375,000$ 5/9/2012 1853.00 1955 2430 NASSAU LN Ft Lauderdale 310,500$ 5/10/2012 2026.00 1971 117 NW 13TH AVE Dania Beach 42,500$ 5/24/2012 1133.00 1946 2500 ANDROS LN Ft Lauderdale 280,500$ 5/30/2012 1745.00 1956 4923 SW 33RD WY Hollywood 320,200$ 6/1/2012 2212.00 1998 5169 SW 28TH TER Dania Beach 158,500$ 6/7/2012 1881.00 1959 4963 SW 35TH WAY Hollywood 388,000$ 6/14/2012 2858.00 2000 5241 SW 32ND AV Hollywood 445,000$ 6/19/2012 3198.00 1997 3414 SHADY OAK ST Hollywood 680,000$ 6/21/2012 4813.00 1998 2600 SW 29TH WAY Ft Lauderdale 367,000$ 6/29/2012 3016.00 1988 2637 FLAMINGO LN Ft Lauderdale 300,000$ 6/29/2012 1794.00 1962 986 NAUTILUS ISLE Dania Beach 249,000$ 7/11/2012 1509.00 1957 4559 SW 33 AVE Dania Beach 271,000$ 7/12/2012 2677.00 1999 4661 SW 25TH AVE DANIA Beach 110,000$ 7/20/2012 1500.00 1958 3259 SW 49TH ST Hollywood 259,000$ 7/30/2012 1985.00 1997 5380 SW 34TH AVE Hollywood 266,000$ 8/2/2012 2350.00 1996 1320 SW 28TH ST Ft Lauderdale 75,100$ 8/6/2012 1045.00 1946 1611 SW 30TH ST Ft Lauderdale 153,000$ 8/13/2012 1213.00 1955 5220 SW 34TH TE Hollywood 310,000$ 8/13/2012 2231.00 1997 1605 SW 26TH ST Ft Lauderdale 105,000$ 8/15/2012 1427.00 1952 3212 SW 51ST ST Hollywood 530,000$ 8/15/2012 3650.00 1997 2518 KEY LARGO LN Ft Lauderdale 332,500$ 8/17/2012 1568.00 1956 113 SE 2ND CT Dania Beach 280,000$ 8/23/2012 2411.00 1974 811 NW 7TH ST Dania Beach 440,000$ 8/30/2012 2700.00 1955 3474 SW 53RD CT Hollywood 293,600$ 9/8/2012 2597.00 1998

Bell Anderson & Sanders LLC Address City Sale Price Sale Date Living Area (SqFt) Year Built 5344 SW 34TH AVE Hollywood 310,000$ 9/12/2012 2231.00 1996 5043 SW 24TH AVE Dania Beach 72,500$ 9/14/2012 1082.00 1955 4711 SW 25TH AVE DANIA Beach 87,500$ 9/19/2012 1355.00 1956 1511 SW 32ND CT Ft Lauderdale 178,000$ 9/20/2012 1356.00 1955 1421 SW 29TH ST Ft Lauderdale 75,100$ 9/21/2012 936.00 1956 1011 SW 31ST ST Ft Lauderdale 111,000$ 9/27/2012 1064.00 1959 3051 SW 44TH ST Dania Beach 585,000$ 9/28/2012 2825.00 2005 4410 SW 26TH AVE Dania Beach 250,000$ 10/4/2012 1671.00 1984 2621 SW 49TH CT Dania Beach 115,900$ 10/19/2012 952.00 1956 2455 SW 30TH TER Ft Lauderdale 325,000$ 10/24/2012 2197.00 1952 4839 SW 29TH TER Dania Beach 131,000$ 10/24/2012 1424.00 1973 1317 NW 10TH ST Dania Beach 160,000$ 10/25/2012 1108.00 1963 806 ARGONAUT IS Dania Beach 315,000$ 10/29/2012 1390.00 1960 2600 SW 34TH AVE Ft Lauderdale 210,000$ 10/31/2012 1438.00 1956 1365 SW 31ST ST Ft Lauderdale 185,000$ 10/31/2012 1573.00 2012 239 NW 6TH AV Dania Beach 68,000$ 11/9/2012 810.00 1943 4420 SW 23RD AVE Dania Beach 114,100$ 11/16/2012 1737.00 1978 4509 SW 27th Ter Dania Beach $ 195,000 11/20/2012 2254.00 1976 911 NAUTILUS ISLE Dania Beach 380,000$ 11/26/2012 1982.00 1974 4430 SW 23rd Ave Dania Beach 105,000$ 11/26/2012 1512.00 1979 525 NW 7TH ST Dania Beach 455,000$ 11/29/2012 2645.00 1951 5189 SW 28TH AVE Dania Beach 140,000$ 11/30/2012 1410.00 1956 2425 OKEECHOBEE LN Ft Lauderdale 325,000$ 12/3/2012 1607.00 1956 2430 WHALE HARBOR Ft Lauderdale 293,000$ 12/7/2012 1662.00 1958 2555 KEY LARGO LN Ft Lauderdale 280,000$ 12/13/2012 1454.00 1955 5343 SW 38TH WAY Hollywood 365,000$ 12/14/2012 2858.00 2001 2442 TORTUGAS LN Ft Lauderdale 300,000$ 12/19/2012 1670.00 1953 2548 GULFSTREAM LN Ft Lauderdale 298,500$ 12/21/2012 1337.00 1955 1711 SW 32nd St Ft Lauderdale 185,000$ 12/21/2012 2107.00 1972 3721 SW 49TH ST Hollywood 286,000$ 12/28/2012 2263.00 2001 2460 BIMINI LN Ft Lauderdale 320,000$ 1/3/2013 1513.00 1954 1710 SW 32nd CT Ft Lauderdale 300,000$ 1/5/2013 1346.00 1961 126 SW 5TH CT Dania Beach 80,000$ 1/14/2013 1075.00 1966 2542 KEY LARGO LN Ft Lauderdale 293,100$ 1/14/2013 1483.00 1955 1440 SW 32nd Ct Ft Lauderdale 155,000$ 1/14/2013 1582.00 1970 1261 SW 29TH ST Ft Lauderdale $ 81,000 1/17/2013 1481.00 1946 4920 SW 29TH TER Dania Beach 179,000$ 1/22/2013 1578.00 1968 206 SE PARK ST Dania Beach 246,500$ 1/29/2013 1626.00 2000 5672 OAKMONT AVE Hollywood 700,000$ 1/31/2013 3701.00 1997 5305 SW 38TH AVE Hollywood 259,000$ 2/6/2013 2237.00 2000 4577 SW 26th Ter Dania Beach 165,000$ 2/25/2013 1614.00 1952 4850 SW 25TH AVE Dania Beach 108,500$ 2/28/2013 1194.00 1970 5089 SW 33RD WAY Hollywood 270,000$ 3/5/2013 2212.00 1997 5970 SW 37TH TER Dania Beach 630,000$ 3/21/2013 4170.00 2005 3065 SW 45TH ST DANIA Beach 308,800$ 4/5/2013 1875.00 1966 2607 KEY LARGO LN Ft Lauderdale 420,000$ 4/10/2013 2556.00 1955 2512 SUGARLOAF LN Ft Lauderdale 246,000$ 4/23/2013 1042.00 1956 2606 NASSAU LN Ft Lauderdale 243,000$ 4/30/2013 1367.00 1957 2443 OKEECHOBEE LN Ft Lauderdale 280,000$ 5/5/2013 1638.00 1956 2453 ANDROS LN Ft Lauderdale 307,500$ 5/7/2013 1907.00 1963 2789 SW 46TH ST Dania Beach 489,000$ 5/10/2013 2127.00 1974 2554 TORTUGAS LN Ft Lauderdale 253,900$ 6/5/2013 1493.00 1957 3726 SW 50TH ST Hollywood 270,000$ 6/5/2013 2534.00 2001

Bell Anderson & Sanders LLC

MULTIPLE REGRESSION – DESCRIPTIVE STATISTICS TABLE

0.06 3.70 0.24 0.01 1.00 0.06 1.00 11.75 32.00

‐ ‐ ‐ ‐ ‐ ‐ 0.07 7.50 3.08 0.27 0.01 1.00 0.08 1.00 Fixed Lakefront 43.00

0 ‐ ‐ ‐ 0.16 0.13 1.46 0.40 0.02 1.0 0.21 1.00 Open Water ‐ ‐ 109.00

0.19 1.18 0.43 0.02 1.00 0.25 1.00 (0.62) 131.00

‐ ‐ ‐ 0.21 0.92 0.46 0.02 1.00 (1.17) 155.00

‐ ‐ ‐

86 1972 0.29 1961 1956 1926 2012 1.00 0.50 0.85 Built Distress Gated Water

(1.32) 19.48 379.49

1,045,142

1.00 0.11 3.34 2.31 0.33 0.01 0.12 1.00 DNL Year

65.00

‐ ‐ ‐ ‐ 1.00 0.20 0.99 0.45 0.02 0.28 1.00 (1.03) 148.00

530 530 530 530 530 530 530 530 530 646 624 2.05 1.19 4,189 1,671 2,212 28.07 1,818 4,813 (SqFt) Pool 65

417,642 963,554 Area

‐ ‐

035 (0.09) (0.68) 4,856 1, 44.95 Date Living

6/5/2013

10/8/2009 1/14/2013 2/18/2000 4/19/2009 1,070,823 21,158,687

530 530 0.27 0.71 6,542 35,000 740,000 150,618 281,175 300,000 270,000 775,000 Price Sale

149,022,757 Sale

$ $ $ $ $ $ $ $ $ o Deviati Error

Variance 22,685,846,864

Kurtosis Skewness Range Sample Median Minimum Count Mean Mode Standard Maximum Standard Sum

MULTIPLE REGRESSION – RESIDUAL TABLE

Observation Predicted Sale Price Residuals Observation Predicted Sale Price Residuals 1$ 371,788 $ (247,788) 51$ 533,072 $ (8,072) 2$ 234,028 $ (149,728) 52$ 438,214 $ 53,286 3$ 218,987 $ (135,887) 53$ 216,004 $ 70,996 4$ 235,062 $ (106,062) 54$ 450,163 $ 74,837 5$ 264,073 $ (141,573) 55$ 578,847 $ (7,347) 6$ 262,872 $ (144,872) 56$ 202,711 $ 107,289 7$ 321,116 $ (202,116) 57$ 287,534 $ (51,034) 8$ 589,494 $ (214,494) 58$ 296,278 $ 40,722 9$ 274,407 $ (155,407) 59$ 316,920 $ 243,080 10$ 228,912 $ (178,912) 60$ 450,605 $ 69,395 11$ 187,650 $ (32,750) 61$ 186,724 $ (20,724) 12$ 187,011 $ (95,011) 62$ 412,925 $ 252,075 13$ 195,896 $ (75,896) 63$ 426,435 $ 238,565 14$ 274,580 $ (158,780) 64$ 121,940 $ 133,060 15$ 284,873 $ (134,873) 65$ 517,200 $ 57,800 16$ 246,935 $ (66,935) 66$ 156,528 $ 89,472 17$ 454,023 $ (179,023) 67$ 452,545 $ 212,455 18$ 453,696 $ (148,696) 68$ 241,312 $ 48,688 19$ 397,871 $ (137,871) 69$ 337,983 $ 137,017 20$ 444,353 $ (114,353) 70$ 364,939 $ 70,061 21 $ 409,663 $ (108,163) 71 $ 211,822 $ 22,178 22 $ 375,289 $ (25,289) 72 $ 476,599 $ 173,301 23 $ 591,736 $ (228,736) 73 $ 260,704 $ 59,296 24 $ 383,418 $ (123,418) 74 $ 186,227 $ 3,773 25 $ 230,292 $ (52,292) 75 $ 246,704 $ 63,296 26 $ 226,078 $ (17,078) 76 $ 368,705 $ 106,295 27 $ 395,117 $ (110,117) 77 $ 432,820 $ 217,180 28 $ 413,980 $ (88,980) 78 $ 324,181 $ 130,819 29 $ 136,132 $ (61,132) 79 $ 239,494 $ 10,506 30 $ 420,218 $ (118,218) 80 $ 244,126 $ 70,874 31 $ 191,502 $ (88,502) 81 $ 359,830 $ 127,170 32 $ 397,544 $ (67,544) 82 $ 275,004 $ 49,996 33 $ 171,449 $ (66,449) 83 $ 357,761 $ 32,239 34 $ 439,502 $ (79,602) 84 $ 429,248 $ 290,252 35 $ 366,056 $ 28,944 85 $ 551,284 $ 163,716 36 $ 224,836 $ 10,164 86 $ 192,462 $ 17,538 37 $ 217,551 $ (2,551) 87 $ 294,823 $ 40,177 38 $ 453,640 $ (33,640) 88 $ 220,002 $ 89,998 39 $ 395,716 $ 129,284 89 $ 354,836 $ 120,164 40 $ 360,755 $ (3,755) 90 $ 371,060 $ 223,940 41 $ 443,871 $ 56,129 91 $ 162,312 $ 97,688 42 $ 388,286 $ (39,786) 92 $ 409,393 $ 284,107 43 $ 413,096 $ 56,904 93 $ 389,886 $ 35,114 44 $ 231,266 $ (109,766) 94 $ 470,823 $ 154,177 45 $ 198,772 $ 81,228 95 $ 389,082 $ 150,918 46 $ 383,009 $ (3,009) 96 $ 404,403 $ 10,597 47 $ 449,450 $ 85,550 97 $ 335,124 $ 84,876 48 $ 568,696 $ 21,304 98 $ 532,552 $ 102,448 49 $ 203,458 $ 54,542 99 $ 284,419 $ 100,581 50 $ 576,616 $ 33,384 100 $ 443,949 $ 161,051

Bell Anderson & Sanders LLC Observation Predicted Sale Price Residuals Observation Predicted Sale Price Residuals 101$ 236,678 $ 68,322 151$ 374,853 $ 50,147 102$ 489,707 $ 70,293 152$ 133,728 $ 26,272 103$ 549,425 $ (89,425) 153$ 258,005 $ 29,495 104$ 383,956 $ 126,044 154$ 221,234 $ 53,666 105$ 321,105 $ 53,895 155$ 372,946 $ 18,554 106$ 443,160 $ 231,840 156$ 139,143 $ 110,857 107$ 217,435 $ 2,565 157$ 405,120 $ 84,680 108$ 384,961 $ 47,539 158$ 252,576 $ 17,424 109$ 417,281 $ 2,719 159$ 307,165 $ 77,835 110$ 362,518 $ 37,482 160$ 168,379 $ 142,621 111$ 432,014 $ 47,986 161$ 538,248 $ 36,752 112$ 466,365 $ 83,635 162$ 163,547 $ 26,453 113$ 518,257 $ 256,743 163$ 390,093 $ 9,907 114$ 428,325 $ 61,175 164$ 344,824 $ 15,176 115$ 197,430 $ 42,170 165$ 434,855 $ 95,145 116$ 267,063 $ 131,937 166$ 379,248 $ 70,752 117$ 241,185 $ 28,815 167$ 456,225 $ (39,225) 118$ 355,733 $ (5,733) 168$ 761,989 $ (11,989) 119$ 211,745 $ 3,255 169$ 398,037 $ 62,363 120$ 284,710 $ 55,290 170$ 392,277 $ 20,023 121 $ 253,548 $ 51,452 171 $ 379,646 $ (29,646) 122 $ 274,243 $ 15,757 172 $ 207,857 $ 37,143 123 $ 175,800 $ 54,200 173 $ 282,655 $ 47,345 124 $ 430,607 $ 183,393 174 $ 246,979 $ 3,021 125 $ 226,531 $ 25,469 175 $ 394,966 $ 30,034 126 $ 395,719 $ 14,281 176 $ 356,257 $ (56,757) 127 $ 487,460 $ 192,540 177 $ 229,602 $ (104,602) 128 $ 330,904 $ (10,904) 178 $ 271,783 $ (46,783) 129 $ 352,455 $ 87,545 179 $ 391,847 $ (22,847) 130 $ 410,308 $ 24,692 180 $ 254,295 $ (54,295) 131 $ 391,068 $ 58,932 181 $ 263,848 $ 39,752 132 $ 386,522 $ 93,478 182 $ 185,993 $ 9,007 133 $ 123,455 $ 115,545 183 $ 391,256 $ (26,256) 134 $ 414,591 $ 35,409 184 $ 474,300 $ 42,200 135 $ 210,057 $ 38,943 185 $ 337,095 $ (27,095) 136 $ 156,248 $ 46,252 186 $ 321,734 $ (36,734) 137 $ 304,136 $ 30,864 187 $ 355,328 $ (112,528) 138 $ 260,131 $ (25,131) 188 $ 528,261 $ (68,261) 139 $ 390,495 $ 23,505 189 $ 273,387 $ 112,113 140 $ 442,304 $ 162,696 190 $ 410,255 $ (35,255) 141 $ 356,060 $ 117,940 191 $ 301,944 $ 28,056 142 $ 545,337 $ 104,663 192 $ 429,415 $ 88,085 143 $ 343,517 $ 46,483 193 $ 291,391 $ 58,609 144 $ 202,953 $ 26,047 194 $ 96,118 $ 83,882 145 $ 543,986 $ 31,014 195 $ 197,072 $ 25,928 146 $ 221,763 $ 38,237 196 $ 296,387 $ (7,787) 147 $ 349,815 $ 45,185 197 $ 79,942 $ 64,958 148 $ 232,715 $ 29,785 198 $ 259,695 $ 40,305 149 $ 394,349 $ 5,651 199 $ 515,135 $ (115,635) 150 $ 374,605 $ 175,395 200 $ 164,842 $ 15,158

Bell Anderson & Sanders LLC Observation Predicted Sale Price Residuals Observation Predicted Sale Price Residuals 201$ 329,820 $ (139,820) 251$ 238,958 $ (6,158) 202$ 425,761 $ (47,261) 252$ 319,657 $ (37,657) 203$ 539,212 $ (139,212) 253$ 151,875 $ (60,175) 204$ 269,071 $ (4,071) 254$ 488,514 $ (143,514) 205$ 435,274 $ (35,274) 255$ 121,606 $ 18,394 206$ 118,872 $ 37,128 256$ 167,141 $ (82,141) 207$ 348,921 $ (58,921) 257$ 347,403 $ (27,403) 208$ 171,386 $ (46,386) 258$ 138,218 $ 151,782 209$ 369,083 $ 35,917 259$ 207,643 $ (52,643) 210$ 382,418 $ (15,418) 260$ 272,959 $ (50,959) 211$ 350,150 $ (15,150) 261$ 297,924 $ (7,924) 212$ 524,413 $ (149,413) 262$ 395,468 $ (85,468) 213$ 333,656 $ (53,656) 263$ 128,044 $ (28,044) 214$ 336,976 $ (16,976) 264$ 314,072 $ (41,072) 215$ 264,556 $ 1,944 265$ 161,717 $ (50,717) 216$ 60,455 $ 69,545 266$ 404,050 $ (19,050) 217$ 444,587 $ (81,587) 267$ 404,325 $ (14,325) 218$ 263,253 $ 10,847 268$ 54,291 $ (19,291) 219$ 434,169 $ (104,169) 269$ 131,551 $ 18,449 220$ 529,175 $ (4,175) 270$ 314,628 $ (59,628) 221 $ 485,320 $ (122,920) 271 $ 373,984 $ (98,984) 222 $ 113,372 $ 8,428 272 $ 116,281 $ 3,719 223 $ 413,206 $ (88,206) 273 $ 128,362 $ (51,862) 224 $ 217,411 $ (37,411) 274 $ 141,244 $ 68,756 225 $ 76,546 $ 44,311 275 $ 352,855 $ (19,855) 226 $ 72,852 $ 60,148 276 $ 337,117 $ (37,117) 227 $ 198,010 $ (82,110) 277 $ 211,334 $ 8,666 228 $ 712,282 $ (102,282) 278 $ 218,013 $ (38,013) 229 $ 116,975 $ (31,975) 279 $ 205,542 $ 9,458 230 $ 323,562 $ (33,562) 280 $ 203,738 $ (58,738) 231 $ 274,345 $ 100,655 281 $ 92,225 $ (7,225) 232 $ 359,434 $ (9,434) 282 $ 144,016 $ (316) 233 $ 190,499 $ (50,499) 283 $ 310,266 $ (110,266) 234 $ 112,880 $ (69,880) 284 $ 359,770 $ (109,770) 235 $ 281,032 $ (31,032) 285 $ 373,887 $ (73,987) 236 $ 93,987 $ 5,913 286 $ 176,071 $ (61,071) 237 $ 222,016 $ (70,016) 287 $ 145,051 $ 4,949 238 $ 280,016 $ (60,016) 288 $ 371,289 $ (41,289) 239 $ 404,233 $ (4,233) 289 $ 111,197 $ (46,297) 240 $ 430,224 $ (30,224) 290 $ 154,240 $ (114,240) 241 $ 153,364 $ (58,364) 291 $ 107,379 $ (47,679) 242 $ 230,004 $ (50,004) 292 $ 184,867 $ (96,367) 243 $ 156,132 $ (106,132) 293 $ 239,223 $ (4,223) 244 $ 210,018 $ (63,018) 294 $ 117,725 $ (15,725) 245 $ 370,260 $ (108,260) 295 $ 311,369 $ (56,369) 246 $ 50,215 $ (1,215) 296 $ 128,799 $ 8,701 247 $ 285,536 $ (75,536) 297 $ 306,736 $ (22,736) 248 $ 134,115 $ (41,415) 298 $ 110,379 $ (34,379) 249 $ 78,430 $ (31,430) 299 $ 53,224 $ 16,776 250 $ 330,826 $ (57,326) 300 $ 346,599 $ (46,599)

Bell Anderson & Sanders LLC Observation Predicted Sale Price Residuals Observation Predicted Sale Price Residuals 301$ 278,590 $ (20,790) 351$ 286,686 $ (36,686) 302$ 148,919 $ (28,919) 352$ 322,228 $ (88,228) 303$ 83,914 $ (45,014) 353$ 300,761 $ (63,261) 304$ 200,732 $ (21,732) 354$ 111,357 $ (28,357) 305$ 334,720 $ (74,720) 355$ 265,296 $ 34,704 306$ 383,329 $ (139,329) 356$ 86,781 $ (11,981) 307$ 303,059 $ (8,059) 357$ 220,480 $ 4,520 308$ 185,615 $ (88,115) 358$ 385,558 $ (95,558) 309$ 74,521 $ (1,521) 359$ 367,679 $ (110,679) 310$ 239,457 $ (104,457) 360$ 30,045 $ 39,855 311$ 120,257 $ 26,743 361$ 137,353 $ 77,647 312$ 332,969 $ (31,969) 362$ 288,886 $ (28,886) 313$ 321,329 $ 38,671 363$ 175,184 $ (115,184) 314$ 114,545 $ (30,545) 364$ 386,551 $ 38,449 315$ 333,104 $ (3,104) 365$ 89,443 $ (21,443) 316$ 300,812 $ (75,812) 366$ 281,189 $ 16,811 317$ 348,371 $ (40,371) 367$ 228,939 $ 101,061 318$ 363,914 $ (63,914) 368$ 315,339 $ (339) 319$ 359,066 $ (59,066) 369$ 289,376 $ 10,624 320$ 148,512 $ (43,512) 370$ 80,105 $ 6,795 321 $ 100,283 $ 59,617 371 $ 291,455 $ (51,455) 322 $ 271,749 $ (56,749) 372 $ 326,055 $ (48,055) 323 $ 75,640 $ 66,360 373 $ 342,047 $ (42,047) 324 $ 227,603 $ 32,397 374 $ 247,538 $ (39,538) 325 $ 328,230 $ (18,230) 375 $ 407,814 $ 40,686 326 $ 95,434 $ 4,566 376 $ 273,054 $ (29,054) 327 $ 417,266 $ (41,766) 377 $ 313,210 $ (93,210) 328 $ 360,831 $ (25,831) 378 $ 145,907 $ 39,093 329 $ 81,107 $ (46,107) 379 $ 155,339 $ (48,339) 330 $ 267,073 $ 1,927 380 $ 45,583 $ 109,417 331 $ 260,777 $ 1,223 381 $ 99,668 $ (46,168) 332 $ 387,522 $ (12,522) 382 $ 75,808 $ 94,192 333 $ 182,053 $ (64,053) 383 $ 141,445 $ (21,445) 334 $ 283,716 $ (43,716) 384 $ 397 $ 57,303 335 $ 395,714 $ 4,286 385 $ 452,523 $ 7,477 336 $ 352,176 $ (27,176) 386 $ 254,325 $ 10,675 337 $ 95,963 $ (15,463) 387 $ 128,372 $ (20,372) 338 $ 246,197 $ 99,303 388 $ 286,088 $ 8,912 339 $ 87,110 $ 132,790 389 $ 262,485 $ 14,515 340 $ 150,591 $ (3,591) 390 $ 170,260 $ (38,260) 341 $ 188,330 $ (67,330) 391 $ 463,165 $ 146,835 342 $ 81,560 $ (11,560) 392 $ 209,065 $ 14,935 343 $ 358,390 $ (3,390) 393 $ 97,477 $ (7,177) 344 $ 328,081 $ 8,919 394 $ 164,210 $ (29,210) 345 $ 335,143 $ (77,643) 395 $ 310,770 $ 4,230 346 $ 347,835 $ 2,165 396 $ 296,981 $ (48,181) 347 $ 177,553 $ (89,653) 397 $ 456,010 $ (181,010) 348 $ 151,419 $ (6,219) 398 $ 412,718 $ 12,282 349 $ 154,561 $ (39,561) 399 $ 130,303 $ (30,303) 350 $ 257,301 $ 17,699 400 $ 138,892 $ (28,892)

Bell Anderson & Sanders LLC Observation Predicted Sale Price Residuals Observation Predicted Sale Price Residuals 401$ 277,366 $ (7,366) 451$ 98,158 $ 32,442 402$ 159,867 $ (9,867) 452$ 106,405 $ 28,595 403$ 189,918 $ (69,918) 453$ 362,590 $ 12,410 404$ 330,382 $ (70,382) 454$ 336,038 $ (25,538) 405$ 163,568 $ (23,668) 455$ 132,886 $ (90,386) 406$ 109,171 $ 39,829 456$ 229,597 $ 50,903 407$ 162,482 $ 23,518 457$ 276,594 $ 43,606 408$ 316,326 $ (77,326) 458$ 158,475 $ 25 409$ 357,927 $ (52,927) 459$ 353,015 $ 34,985 410$ 43,228 $ 30,272 460$ 466,921 $ (21,921) 411$ 389,881 $ (139,881) 461$ 634,172 $ 45,828 412$ 300,656 $ (50,656) 462$ 308,331 $ 58,669 413$ 292,403 $ (47,403) 463$ 347,406 $ (47,406) 414$ 148,236 $ (36,236) 464$ 278,941 $ (29,941) 415$ 520,593 $ 54,407 465$ 255,145 $ 15,855 416$ 85,535 $ (15,535) 466$ 107,678 $ 2,322 417$ 270,958 $ (45,958) 467$ 239,375 $ 19,625 418$ 187,992 $ 31,908 468$ 287,667 $ (21,667) 419$ 182,347 $ (7,347) 469$ 56,691 $ 18,409 420$ 376,978 $ (66,978) 470$ 133,064 $ 19,936 421 $ 54,623 $ 9,777 471 $ 295,576 $ 14,424 422 $ 372,792 $ (127,792) 472 $ 101,619 $ 3,381 423 $ 200,395 $ (45,395) 473 $ 523,534 $ 6,466 424 $ 61,356 $ 28,644 474 $ 345,072 $ (12,572) 425 $ 295,534 $ 59,466 475 $ 299,265 $ (19,265) 426 $ 337,670 $ (97,170) 476 $ 458,532 $ (18,532) 427 $ 249,496 $ 10,504 477 $ 316,834 $ (23,234) 428 $ 332,884 $ (142,884) 478 $ 270,401 $ 39,599 429 $ 277,845 $ (102,845) 479 $ 53,025 $ 19,475 430 $ 430,629 $ (35,629) 480 $ 87,697 $ (197) 431 $ 316,263 $ (36,263) 481 $ 88,662 $ 89,338 432 $ 297,711 $ (87,711) 482 $ 32,905 $ 42,195 433 $ 119,982 $ (42,482) 483 $ 108,666 $ 2,334 434 $ 151,546 $ (47,546) 484 $ 507,018 $ 77,982 435 $ 276,813 $ (5,813) 485 $ 214,480 $ 35,520 436 $ 240,720 $ 25,280 486 $ 95,400 $ 20,500 437 $ 360,716 $ (60,716) 487 $ 260,790 $ 64,210 438 $ 396,519 $ (5,519) 488 $ 143,872 $ (12,872) 439 $ 376,113 $ (61,113) 489 $ 155,960 $ 4,040 440 $ 104,674 $ (19,674) 490 $ 281,153 $ 33,847 441 $ 305,338 $ (85,338) 491 $ 121,435 $ 88,565 442 $ 396,281 $ 23,719 492 $ 133,335 $ 51,665 443 $ 329,515 $ (144,515) 493 $ 85,873 $ (17,873) 444 $ 320,749 $ (45,749) 494 $ 56,906 $ 57,194 445 $ 124,609 $ (59,609) 495 $ 233,124 $ (38,124) 446 $ 330,612 $ (45,612) 496 $ 346,608 $ 33,392 447 $ 95,281 $ 74,719 497 $ 26,345 $ 78,655 448 $ 215,426 $ 14,574 498 $ 425,889 $ 29,111 449 $ 238,816 $ (88,816) 499 $ 178,100 $ (38,100) 450 $ 151,783 $ 8,217 500 $ 320,940 $ 4,060

Bell Anderson & Sanders LLC Observation Predicted Sale Price Residuals 501$ 326,429 $ (33,429) 502$ 301,303 $ (21,303) 503$ 369,210 $ (4,210) 504$ 330,775 $ (30,775) 505$ 310,361 $ (11,861) 506$ 169,895 $ 15,105 507$ 167,771 $ 118,229 508$ 274,327 $ 45,673 509$ 139,747 $ 160,253 510$ 38,591 $ 41,409 511$ 303,740 $ (10,640) 512$ 101,858 $ 53,142 513$ 106,704 $ (25,704) 514$ 163,992 $ 15,008 515$ 170,270 $ 76,230 516$ 523,068 $ 176,932 517$ 243,124 $ 15,876 518$ 117,972 $ 47,028 519$ 110,772 $ (2,272) 520$ 259,824 $ 10,176 521$ 533,378 $ 96,622 522$ 246,991 $ 61,809 523$ 464,884 $ (44,884) 524$ 241,225 $ 4,775 525$ 282,603 $ (39,603) 526$ 256,951 $ 23,049 527$ 348,245 $ (40,745) 528$ 358,584 $ 130,416 529$ 297,537 $ (43,637) 530$ 258,037 $ 11,963

Bell Anderson & Sanders LLC

MULTIPLE REGRESSION – ANALYSIS OF VARIANCE “ANOVA” TABLE

(184) 95.0% (35.21)

146.00 63,251 72,750 (46,180) (38,966) 161,212 133,181 4,362,494 41,079.44

95.0% Upper (49.10) (1,339)

115.14 81,541 10,559 12,787 (76,991) (83,975) 122,620 8,263.61 2,032,366

95% Lower (184)

(35.21) 146.00 63,251 72,750 (46,180) (38,966) 161,212 133,181 4,362,494 41,079.44

14 0.00 95% Upper 15.

(49.10) (1,339) 1 81,541 10,559 12,787 (76,991) (83,975) 122,620 8,263.61 2,032,366

0.00 0.00 0.00 0.00 F Significance 0.00 0.00 0.01 0.01 0.00 0.01 0.00 value Lower ‐ 143.83

63 5.39 8.17 2.95 2.75 2.80 (7.85) (2.59) (5.37) 16. 14.45 (11.92) Stat P MS

6,131,300,249 881,866,816,189

294 3.54 7.85 9,822 8,352 7,842 13,143 13,411 15,261 11,456 Error t 593,045

% 10 8,818,668,161,891 6 519 3,182,144,829,053 529 12,000,812,990,944 530 73% 73% (761) (42.16) 78,303 36,905 42,768 24,672 (61,471) (61,586) 107,361 141,916 df 3,197,430 Coefficients Standard

$ $ $

$ $ $ $ $ $ $ $ Statistics 7

(SqFt) 130.57 Square

OUTPUT

en Error R R8

Regression Op $281,175 Area ‐ Fixed ‐

Built Date

ter DNL

Square

Intercept Sale Residual Total R Regression Living SUMMARY Multiple Adjusted Standard Observations ANOVA Water Distress Gated Pool Lakefront Wa 65 Year Mean: