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HomeMy WebLinkAbout2006 01 12 Other Date: January 12, 2006 The following was handed out during the January 12, 2006 Oak Forest Wall and Beautification District Advisory Committee Meeting by Steven Richart. City of Winter Springs Overview Urban Beautification Division Meeting Report - January 12, 2006 Steven T. Richart Office: 407-327-5976 Fax: 407-327-6695 Email: srichart(Q),wintersDrinl!sfl.orl! Oak Forest Wall and Beautification District A. BudQet Review 1. YTD budget report - 191 Oak Forest Maintenance. 2. YTD budget report - 309 Oak Forest Capital. B. Reports and Information 1. Eastwood is performing to standard. 2. Eastwood has replaced most of the landscaping that recently perished on medians #1 and #2 (Winter Springs Blvd.). Additional fern will need to be replaced where a tree was removed on median #2. C. Proiects 1. Ken-Un has not finished installing bahia sod along the wall due to availability. The job is 900/0 complete. 2. Proposed Wall Extension. Survey and Appraisal received. Awaiting City Attorney to draft purchase offer agreement. There is roughly $41,000 available for the project including costs for purchase of land, survey, appraisal, engineering and construction. Revised estimated cost (lan 2006) for everything $ 35,000. 3. The Oak Forest Wall will be pressure cleaned late this year once the new plant material establishes. 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Mowing, mechanical trlr:nmJ'ng, and cleanup of tulf areas. 1 2 3 -- 4- 5 2. Weeding of planters,- curbs, walks, and hardscape areas. 1 2 3 4 5 3. Trash and debris removal. 1 2 3 4 5 4. Edging of planters and hardscape areas. 1 2 3 4 5 5. Irrigation system coverage. 1 2 3 4 5 6. Fertilization and chemical program. 1 2 3 4 5 7. TrimmIng of shrubs and hedges. 1 2 3 4 5 8. Overall appearance and curb appeal. 1 2 3 4 5 9. Vendor communication. 1 2 3 4 5 ---~____~_~T'-'--"-"~~~"""",~,".,..,,~_~_...~.~,...._ Cf. f>-' 1 be -~)<{I -~ Vendor: Project: - . ~afely and EQulument: Urban- Beautification Quality Inspection Report Grounds Maintenance fwTj Ok \<- FOrt:-)r Date: } I ~ /05 !K- Monthlv Maintenance Reports ~ _Yes _No Date: 8. Overall appearance and curb appeal. 9. Vendor communIcatIon. Mowing, mechanical trlr,nmrng, and cleanup of turr areas. 2. Weeding of planters,. curbs, walks, and hardscape areas. 3. Trash and debris removal. 1 5 4. Edging of planters and hardscape areas. 5. Irrigatlort system coverage. 6. Fertilization and cflemlcal program. 7. TrimmIng of shrubs and hedges. 1 1 5 4 5 1 5 5 1 4 5 1 5 Se-rvice Requests: (To be handled within 7 working days unless otherwise noted.) ~ a..J.o..: L - ~(bV~e.A-- l~ ({,.ed.5. = -,- = f0 ';-c~. 7'o~ ~ \1-0"'-"--;-", ~r . ws D{~o:. ------- --. ~ r -r~~ = ~ -~.........~--------...,.........----~."..~~_.-~~~.....-".....,~~_..._~-~- Oak Forest Wall and Beautification District CITY OF WINTER SPRINGS Date: l [2( () ~ Entrances: MONTmv LIGHTING INSPECTION Insoector: Steven Richart 1. Tuskawilla Road and Winter Springs Blvd. ~o.J-l.- -C) ~ -" 2. Tuskawilla Road and Trotwood. JoV\.<t\- - c:>u+- c.)d-(, ~ 3. Tuskawilla Road and Oak Forest Drive. 4. Tuskawilla Road and Forest Creek Drive. Notes: Oak Forest Wall and Beautification District CITY OF WINTER SPRINGS Date: MONTHL Y LIGHTING INSPECTION (Z(.a/r:f Inspector: Steven Richart Entrances: 1. TuskawiIla Road and Winter Springs Blvd. Ov-e: 2. TuskawiIla Road and Trotwood. {)?-- 3. TuskawiIla Road and Oak Forest Drive. 4. TuskawiIla Road and Forest Creek Drive. Notes: ~ 0~ {;r~~ Urban. Beautification Quality Inspection Report Grounds Maintenance Mowing, mechanical trlO1mrng, and cleanup of tuff areas. 2. Weeding of planters,. curbs, walks, and hardscape areas. 1 4 5 3. Trash and debris removal. 1 3 4 5 4. Edging of planters and hardscape areas. 1 5 i 5. Irrigatron system coverage. ~ ~Cr<-wevll 4 5 6. FertUization and chemical program. 7. Trimming of shrubs and hedges. 5 8. Overall appearance and curb appeal. 5 9. Vendor communlcatron. 5 Vendor: ~w~ ProJect:. ()A-:~fcre5d---- . . ::: . Ghfetvand EqulDmegt: Date: ) ?.-I J"7-/ U) . - ..Monthlv Maintenance ReDorts ~ _Yes _No Date: = =- =- = - - ~ .. ""~-~.---..-.........-.--~~,~~.,~.--"............_~ ~DMARK Valuation Group.( 1310 East Robinson Street Orlando, Florida 32801 Phone: 407-897-5359 Fax: 407-897-5448 www.landmar1<vQ.com January 10, 2006 City of Winter Springs 1126 E. State Road 434 Winter Springs, Florida 32708 Attention: Steve Richardt, Urban Beautification Coordinator Re: Complete appraisal, summary report of a remnant parcel consisting of approximately 2,353 square feet of vacant land situated along the west side of Tuskawilla Road, south of State Road 434, in the city of Winter Springs, Seminole County, Florida. Gentlemen: As requested, we have conducted an investigation into the market value of the fee simple interest in the above referenced subject property, as of a current date, (effective date of appraisal), January 10, 2006. The function of this appraisal is for negotiations with the owner for acquisition by the city for the Tuskawilla Road right-of-way. The intended users are those individuals associated with City of Winter Springs, the client. The appraisers are not responsible for unauthorized use of this report. The subject property is further described and identified within the text of this appraisal report. Market value, fee simple interest and other appraisal terms are defined within the text of this summary report. Per mutual agreement, this is a complete appraisal, reported in summary format, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice for a summary appraisal report. As such, it presents summary discussions of the data, reasoning, and analysis that were used in the appraisal process to develop the appraisers' opinion of value. Supporting documentation concerning the data, reasoning and analysis, has been retained in the appraisers' file. The depth of discussion contained in this report is specific to the client's needs and for the intended use stated in this letter and in the report. As a result of our investigations into those matters that affect market value and by virtue of our experience and training, it is our opinion that the market value of the fee simple interest in the subject property, as of January 10, 2006, was: Thirty Six Hundred Dollars ($3,600). Steve Richardt, Urban Beautification Coordinator City of Winter Springs LVG Project No. 06-01-134 January 10, 2006 Page Two The appraisal analyses, opinions and conclusions were developed, and this appraisal report has been prepared in conformance with (and use of this report is subject to) all regulations issued by the appropriate regulatory entities, the Uniform Standards of Professional Appraisal Practice, as promulgated by the Appraisal Standards Board of the Appraisal Foundation and the Code of Professional Ethics of the Appraisal Institute, Institute which includes the provisions for peer review. Your attention is directed to the "Certificate of Value", "General Assumptions" and "General Limiting Conditions", which are considered usual for this type of assignment and have been included within the text of this report. The opinion of value expressed herein is subject to all assumptions and limiting conditions, definitions and conclusions contained in the following report. Respectfully submitted, LandMark Valuation Group, LLC ~ Larry A. Church, MAl, SRA State-Certified General Appraiser RZ 599 41ui<<1lJ4 Michael D. Dabby, Senior Appraiser State-Certified General Appraiser RZ 1590 ~DMARK Valuation GrouP'LC TABLE OF CONTENTS SUMMARY OF APPRAISAL... ... ...... ..... .......... .......... .......... ................ ... ...... ................... ......... 1 INTRODUCTION..................................................................................................................... 2 DATA PRESENTATION - MAPS...................................................... ....................................... 4 SUBJECT PHOTOGRAPHS........................................................ ............................................ 7 DATA PRESENTATION - SUBJECT PROPERTY................................................................... 13 NEIGHBORHOOD DATA......................................................................................................... 17 HIGHEST AND BEST USE ESTIMATE ................................................................................... 18 VALUATION ANALYSIS .......... ........... ....... ...................................................... ......... ......... ...... 20 DISCUSSION OF VALUATION................................................................................................ 20 INDICATED VALUES AND SUMMARy..................... ......... ........ ............................................. 23 CERTIFICATE OF APPRAISAL.. .................... ............... .......................................................... 24 ADDENDUM............................................................................................................................ 26 LVG Project 06-01-134 City of Winter Springs . LfNDMARK Valuation Groupuc SUMMARY OF ApPRAISAL LOCATION The subject property is situated along the west side of Tuskawilla Road, south of State Road 434, in the city of Winter Springs, Seminole County, Florida. TYPE OF PROPERTY The subject consists of approximately 2,353 square feet. IMPROVEMENTS The subject property is unimproved land. HIGHEST AND BEST USE We estimate that the highest and best use of the subject property is for assemblage with adjoining property for nominal enhancement (without any measurable value enhancement) for their respective uses. INTEREST IN PROPERTY APPRAISED Fee Simple Interest DATE OF VALUATION January 10, 2006 OPINION OF MARKET VALUE AND FAIR VALUE $3,600 CONDITIONS This appraisal is subject to the "General Assumptions", "General Limiting Conditions" and "Certificate of Appraisal", included in the text. L VG Project 06-01-134 1 City of Winter Springs LfNOMARK Valuation Groupu.c INTRODUCTION Type and Definition The purpose of this appraisal is to provide an opinion of the market value of the fee simple interest in the subject site, as of a current date (effective date of appraisal), January 10, 2006. The function of this appraisal is for negotiations with the owner for acquisition by the city for the Tuskawilla Road right-of-way. The intended users are those individuals associated with City of Winter Springs, the client. The appraisers are not responsible for unauthorized use of this report. Property Rights Appraised This report is an appraisal of the market value of the fee simple interest in the subject property. Market value, fee simple interest and other appraisal terms are defined within the text of this report. Scope of the Appraisal The investigation process incorporates all the typical research for an assignment of this nature, including inspection of the property and gathering information such as land use, zoning, utilities, and geophysical characteristics. Due to the unique nature of the site (a small remnant parcel which has no independent development potential and a very limited potential market), we did not utilize the typical neighborhood and market data to develop an opinion of value. Rather, we developed and based our opinion of value on reasoning and logic. By mutual agreement with the client, this is a summary report of a complete appraisal of the subject property, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice for a summary appraisal report. As such, it presents summary discussions of the data, reasoning, and analysis that were used in the appraisal process to develop the appraisers' opinion of value. Supporting documentation concerning the data, reasoning, and analysis has been retained in the appraisers' file. The depth of discussion contained in this report is specific to the client's needs and for the intended use stated in the letter and in this report. The appraisers are not responsible for unauthorized use of this report. Competency of Appraisers The appraisers' specific qualifications are included within the Addenda to this report. These qualifications serve as evidence of their competence for the completion of this appraisal assignment in compliance with the competency provision contained within the Uniform Standards of Professional Appraisal Practice, as promulgated by the Appraisal L VG Project 06-01-134 City of Winter Springs 2 L~DMARK Valuation GrouPLLC Standards Board of the Appraisal Foundation. The appraisers' knowledge and experience, combined with their professional qualifications, are commensurate with the complexity of this assignment, based on the following: . Professional Experience . Educational Background and Training . Business, Professional, Academic Affiliations and Activities The appraisers have previously provided consultation and value opinions for properties similar to the subject throughout the State of Florida. LVG Project 06-01-134 City of Winter Springs 3 LfNDMARK Valuation GrouPlLC DATA PRESENTATION - MAPS, PICTURES, ETC. REGIONAL MAP .'f., .'-'-'-.." p 0 ~ K NEIGHBORHOOD MAP LVG Project 06-01-134 City of Winter Springs 4 1.rNOMARK Valuation Groupu.c TAX MAP / f-~ ~- / ~~~------- / '------ -- ----- ~-- 73.0 ~--- 729 .~ -...-"" ...--""-------- -~ ~./" _/' ..' S; Se'l'ino~~u .]i)'E.roperl.)'~p,,"'...r ;j:opyrig hi Ie) .2000-2003.... I I ,I I / / I ! L 34.0 LVG Project 06-01-134 City of Winter Springs 5 ~DMARK Valuation GrouPllC SURVEY Jan 09 06 02:37p BJM Associates 4076295389 p.3 oI.uloCAD Fi!.nomt: FILE SKETCH OF DESCRIPTION Beginning.u the NOtthean COtnltt of Lot 729. Oak Foreu Unit 7, al fetorded In Plat Book 39. Pb.,CS 16 & 17, Publk Re(ordlof Seminole County. Flonda; run Uk'nCt South 8"'.4S'IO. fait alonz.n t:.:tenslon or Iht: North lint of 'aid lot 729. a dinancr of 27.93 feel 10 the \l,.1ellIPriy ri,ght-ot.way lint' o( TuscawiU_ R.oad: run thcn<e alonr laid r!thl,o[.way !it'le the following lhree (OUries: Nonn 1-4~06'24' Eilfl I dllta....ce 01 54.68 fut: lhtnet South. 8r04'55' fasl a distarKt' 01 29.56 (eel; thence North 14"06';24" East a dinanC;t or 15.19 leel; thence North 87-o.t'5S.Wt'lr. distance 0129.71 feee 10 the- SO'.lrh'41t cerner of AvC'ry Parle a~ (ec;orded in Plat Book 60. Pap. 33 through 37. PubNc Recordt olSeminole Cour.ry. Florida; run tnt-ncI!: Norl" 87"0.:;'55" Weu ilong tht Soulh boundi'Y of sildA\lt!1y Park I did:Jnce of 27,9~ fecI; run thence South 14"06'24M W~I' I dh;tance of bB.7S feet to the Point of BqIMing. EB NORTH S14'OS'24"W \:: _ _ S8.7S' NQ.111 li.,. of o"k Tottll1 Un.1-;:;:- -- POINT OF '?/1 BEGINNING R."".". .,.cuJ /... fJ ____ ---- -1 J ____ l~ ~ IJ OAK FOR,n UNIT IWEN h ,I.AT ~OOK ]9. [',\GE 16 / 1 SOul......1 Corn., 01 Av.", Pork / /J /f ~/! j ~R'''''''' ..'CO i./ 1lI1 122 I 1 N87'04'SS"W 29,74' N14'OS'24"E 15.19' SCALE: r". 60. AVERY PI\RK PLAT BOOK 60. PAGES 33.37 TronH A P.ml.on Q1" i..QI n, O.R l.lilcn.t1', Su........ of th,L...,.C;rOnl N87'04'S5"W 27,94' ---- s.t Naa << Db, (PlS/1'I!1) in Concret. raotM 1l!1l ssr04'55"E 29,5S' N14'OS'24"E 54,68' ~SB4.49'10"E ~ 27.93' ~ sf ~f :sll (21 ;g E- CERTIFICATION 1 hereby certify 1Jm( dlc s/((rch and descrijlcion 'Il'U made unda: my rC$por.sJWc dJaq:e ~r.d meets th~ MInimum Ted'lnic:d ~JScbld~ "set" (orth oy the Aaticb Boarct of Prokuion~ SUI'VC}'ilU in<.! Mlllppefl ill Ch~ter 61G17-6, AOridil AdminimatJI'C" Code. purlUaI1t to Scct!on 412.027, Florida S~ClmlI. @BJ MSOCI^ TP-S, JNC, Cc:n;IiCII~e ol Avchorizarior. No. ,..D 3.176 Or ~ c ~ ~ ~ THIS SKEiCH IS NOT A SURVEY PREP.AAED FOR 8urmdJ. Marrin Flurid"" JtcJinmd uu-wt Sun-e,"UJ No. 3953 OAf\!: Jllnt 22. 20CM No. nJkl wi:hD\,lI "of lignalllfC and tM oriainLt t':Ii5CU $<Al oj a Aor~a J .icenscd S\ll.....~.r lInd Mapper. / DRAWN BY: RGR CRS 02070.01 IPJMI~. ttc- ...... . LNIJ....,... tlUM:TCM ~i W'Y_III 10lIIf WI..!... 'en. n.. 32,.g 1'tlI"lfOJ<<: 1.t07)t'~'''' ,~: f.o(7)ln-$.M CHECKED BY; J09 No. L VG Project 06-01-134 City of Winter Springs 6 LZioMARK Valuation Groupu<: SUBJECT PHOTOGRAPHS LVG Project 06-01-134 City of Winter Springs 7 LA*NOMARK Valuation GroUPLC View South Along Tuskawilla Road (Subject on Right in Foreground Before Brick Wall) View of Subject Property From Tuskawilla Road (Subject is Between Brick Walls) L VG Project 06-01-134 City of Winter Springs 8 ~DMARK Valuation Group", fa View of Subject Property From Vicinity of Southeast Corner of Site View of Subject Property From Vicinity of Northeast Corner of Site L VG Project 06-01-134 City of Winter Springs 10 'd'NOMARK Valuation Group,-, View of Subject Property From Tuskawilla Road (Subject is Between Brick Walls) View of Westerly Adjoining Residential Property From Vicinity of Northwest Corner of Subject L VG Project 06-01-1 34 City of Winter Springs 11 'd'NOMARK Valuation GrouPll" View North Along Tuskawilla Road (Subject Not Visible) LVG Project 06-01-134 City of Winter Springs 12 ~ . LANDMARK Valuation GrouPLLC DATA PRESENTATION SUBJECT PROPERTY IDENTIFICATION AND LEGAL DESCRIPTION The subject property consists of one vacant land parcel located adjacent to the right of way of Tuskawilla Road, south of State Road 434 in the city of Winter Springs, Florida. The subject parcel was apparently overlooked in terms of acquisition for the road widening of Tuskawilla Road, but based on apparent property lines and Tuskawilla Road right-of-way appears to be at least partially utilized as part of the right-of-way. The subject property consists of one (1) entire tax parcel- 26-20-30-5AR-ODOO-0730. The legal description of the subject property may be found on the accompanying Sketch of Description. For locational purposes, we note that the subject parcels are physically located within Section 1, Township 21 South, Range 31 East, Seminole County, Florida. SIZE/DIMENSIONS AND CONFIGURATION According to the above referenced Sketch of Description, the subject property is irregular in shape, generally conforming to an "L", with overall measurements of approximately 69 feet in the north-south direction and 58 feet in an east-west direction. We have input the perimeter of the subject property into Deed Plotter, a computerized mapping program, which yielded a land area of 2,353 square feet. Mr. Rick Rebello of BJM Associates, Inc., (engineers, land planners and surveyors) calculated the land area to be 2,344 square feet. We observe the Seminole County Property Appraiser's maps indicated this parcel to be generally rectangular in shape. We cannot account for this discrepancy and have relied on the Sketch of Description. GEOPHYSICAL CHARACTERISTICS Topography, Wetland, Flood and Soils A physical inspection of the subject property indicates no unusual soil or subsoil conditions, which would result in reduced load bearing capacity, atypical drainage conditions or other conditions, which would result in excessive site preparation costs. However, we assume no responsibility for hidden or unapparent conditions beyond the area of our expertise as appraisers (see "General Assumptions".) L VG Project 06-01-134 City of Winter Springs 13 . dNOMARK Valuation Groupu.c Hazardous or Toxic Materials There were no hazardous or toxic materials observed and none came to our attention; however, we are not expert in these matters and assume no responsibility in these regards. Please refer to Item 11 of the "General Assumptions" for full disclaimer. Other Environmental Considerations There were no endangered or protected species observed and none came to our attention; however, we are not expert in these matters and assume no responsibility in these regards. Please refer to Item 12 of the "General Assumptions" for full disclaimer. UTILITIES (WATER AND SEWER) Central potable water distribution and sewage effluent collection lines are within the Tuskawilla Road right-of-way, some of which may be encumbering the subject property. EASEMENTS/ENCUMBRANCES The above referenced Sketch of Description does not indicate any easements or encumbrances. We have not been provided with a title search of the subject property and therefore, we are unable to determine if any easements or other encumbrances exist. A visual inspection of the site indicates there may be electric, water, sewer and gas lines within the subject property. Mr. Richardt of the city of Winter Springs has advised us there is a BelllSouth easement encumbering the site. To the best of our knowledge, there are no other easements or encumbrances that prohibit development of the subject property or otherwise affect the value. However, we did not conduct a complete title search and are not qualified to conduct such a search. Please refer to the "General Assumptions" and "General Limiting Conditions" for a complete disclaimer. ACCESS The subject parcel abuts the existing Tuskawilla Road right-of-way, from which access to the site may be able to be secured with appropriate permits. OWNERSHiP/PROPERTY HISTORY According to the Seminole County records researched, Seminole Pine Association, Ltd has been the owner of the subject property for at least the past three years. . To the best of our knowledge, the site has not been actively marketed for sale during this period. We have been advised by Mr. Richardt of the city of Winter Springs that the property owner was not even aware that he still owned the subject property. LVG Project 06-01-134 City of Winter Springs 14 . L1NDMARK Valuation GrouPl" ZONING/LAND USE The subject property is within the municipality of Winter Springs which designated the Future Land Use of the site as Low Density Residential, which allows single family residential development at a density of 1.0 to 3.5 dwelling units per acre. The site is zoned PO as part of the Oak Forest development. However, we note that the site was not plated as part of the development, and therefore may not be subject to the same development criteria. The following table summarizes the development criteria for Oak Forest: Front Setback 25 feet to 40 feet Rear Setback 25 feet Side Setback 7.5 feet Corner Setback 15 feet Minimum Lot Area 7,500 square feet Minimum Livina Area 1,100 sauare feet Minimum Lot Width 75 feet ASSESSMENTS & TAXES As previously stated, the subject property consists of one (1) tax parcel. The 2005 assessment and tax data for these tax parcels is summarized as follows: Number of Buildings 0 .....................-..................................................... ................-.......... ,--". _...........__.........._....................___h.... ..-...........--.--...... ... ........................... Depreciated Building Value $0 .......................................-........................................................................... ...m...mmm....' m........... ....... ..........-..... .....................-- ........._..............._.._...._...._.-._.....~................_..._-............... Depreciated Extra Features Value $0 .............................................................................. . ... m...... m.............................. m...h... .. ................ .....................................................................- ....................... ........... Land Value (Market) $1,320 --..........................................-.................................. .................... .................................................. ..._...... .....-.......-..........................-........--....... .....................-............................. ............... Land Value (Ag) $0 ........................................... ................................... ...............-........... .......................... ....................... .-.............-........-..........................- ......-......................................-........................ Just/Market Value $1,3200 Assessed Value $1,320 Exempt Value $0 Taxable Value $1,320 Ad-Valorem Tax Rate 18.3800 mills Gross Ad-Valorem Taxes $24.26 Non-Ad-Valoreni Taxes $0 Gross Taxes** $24.26 **payable in March 2006; A 1% discount per month, up to 4% is available for early payment. Taxes for 2005 were paid in November 2005 taking advantage of the maximum discount. There are no delinquent taxes due. L VG Project 06-01-134 15 City of Winter Springs . LfNoMARK Valuation GrouPLl.t GENERAL LAYOUT AND EFFICIENCY The subject property consists of approximately 2,353 square feet in an "l" shape. The dimensions are relatively small and, other than the adjoining right-of-way, there are only two adjoining properties. As a result of the size, configuration and dimensions, the parcel is not suitable for independent development, due to minimum lot size, setback, and other site development criteria and requirements. Furthermore, it appears that there are numerous easements encumbering the site. IMPROVEMENTS The above referenced survey did not include indication of improvements to the site and did not reflect any obvious landmarks on or adjoining the site. At the time of our inspection, there were no standing survey flags indicating the corners of the site, however we did locate a monument along the north line of the site which is indicated by the survey. We located a fallen survey flag In the vicinity of the northwest corner of the site. There are some fencing improvements located along the west side of the subject property, however, it is unclear as to whether they are located within the subject property. It seems that these improvements were intended to be part of the adjoining residential lot. LVG Project 06-01-134 City of Winter Springs 16 ~DMARK Valuation GrouPlU: NEIGHBORHOOD DATA The subject property is situated along the west side of Tuskawilla a Road south of State Road 434 within the municipality of Winter Springs, Seminole County, Florida. Winter Springs is generally a moderately upscale suburb of Orlando. A neighborhood is defined in terms of common characteristics, trends, and groupings of similar or complementary land uses. We consider the immediate subject neighborhood to consist of the Tuskawilla Road corridor between State Road 434 to Lake Road, all of which is within zip code 32808. This area is generally characterized as single family residential subdivisions, development of which occurred primarily beginning in the late 1970's though the mid 1980's The homes and lots within these subdivisions are generally average in size at the time of development, but are now considered moderately large or moderately upscale in view of the smaller lots in the region that have become common in an effort to provide more affordable housing. In summary, the overall subject neighborhood is an established are of single family, residential development of moderately upscale nature. L VG Project 06-01-134 City of Winter Springs 17 ~ 'LANDMARK Valuation GrouPll.c HIGHEST AND BEST USE Highest and best use may be defined as that reasonable and probable use that supports the highest present land value as of the date of appraisal. The estimate of highest and best use for a property is selected from a group of alternative potential uses. The highest and best use is legally permissible, physically possible, financially feasible and maximally productive. The highest and best use analysis first determines the highest and best use of the subject as though vacant. This analysis results in the conclusion of what would be the "ideal" improvement to the subject land. The existing improvements, if any, are then compared to this "ideal" improvement in order to conclude the highest and best use as improved. The subject property consists of vacant land. Therefore, only an analysis of the site as vacant is included herein. Legally Permissible Uses The subject is designated and zoned for low density, single family residential use. Adjoining properties are designated residential to the west and office to the north. We do not consider a change to be reasonable. We also note that the development criteria precludes independent development of the site. Physically Possible In our opinion, the physical attributes, which most limit the subject's possible uses, are size and configuration, which are discussed earlier in this report. In essence, the site has no independent development potential, and must be assembled with adjacent property to be economically developed into any reasonably identifiable use. Adjoining parcels are developed and assemblage with such parcels would not provide any additional utility or buffering to those parcels. Logical, Economically Feasible and Maximally Productive Uses Strictly speaking, a use, which produces any positive overall return, be it cash flow or internal rate of return (IRR), is financially feasible. Therefore, financially feasible analysis involves the study of the supply, demand, income potential and similar factors. The maximally productive use of any site is that use which results in the highest value to the land. Maximally productive use is that use which can take full and best advantage of the subject's physical, legal and economic characteristics. As previously stated, the subject property has only two adjoining private properties, both of which are fully developed. Neither property would have any additional development LVG Project 06-01-134 City of Winter Springs 18 ~ , LANDMARK Valuation GrouPlLC or use potential or buffering from assemblage with the subject property. Essentially, ownership of the subject property involves tax and legal liability, and if assembled, ahs no measurable increase in utility or value to the respective adjoining sites. There are no other reasonably identifiable potential users of the subject parcel. Therefore, similar to the northerly parcel, the site has nominal, if any market demand, and which is essentially limited to one or possibly two, potential buyers. Conclusion - Highest and Best Use As Vacant Therefore, as a result of the physical, legal, and economic factors relative to the subject property, we conclude the highest and best use would be for assemblage with adjoining property for nominal enhancement (without any measurable value enhancement) for their respective uses. L VG Project 06-01-134 City of Winter Springs 19 '~DMARK Valuation Group,,, VALUATION ANALYSIS ApPRAISAL PROCESS There are three traditional approaches normally used by appraisers in developing an opinion of market value. These three approaches analyze data from three market perspectives. The approaches are the Cost Approach, the Income Approach and the Sales Comparison Approach. The Sales Comparison Approach is most applicable to vacant land. There are three traditional approaches normally used by appraisers in the estimation of market value. These three approaches analyze data from three market perspectives. The approaches are the Cost Approach, the Income Approach and the Sales Comparison Approach. The subject property consist of a small (2,353 square foot parcel), the highest and best use which is for assemblage with adjoining property for nominal enhancement (without any measurable value enhancement) for their respective uses. The purpose of this appraisal is to provide an opinion of the as-is market value of the subject property as of the date of valuation, January 10, 2006. We have not utilized the Income Approach or the Cost Approach to value since such techniques are not typically utilized to develop an opinion of the value of vacant land. The Sales Comparison Approach is the process for comparing prices paid for properties having a satisfactory degree of similarity to the subject property, adjusted for differences in time, location and physical characteristics. This approach is based upon the principle of substitution, which implies that a prudent purchaser would not pay more to buy a property than it would cost to buy a comparable substitute property in a similar location. In order to develop an opinion of the market value of vacant land, the most common approach to valuation of vacant land - the Sales Comparison Approach. However, we could find no sales which are comparable to the subject property. Therefore, we used reasoning and logic to develop an opinion of the value of the subject property. DISCUSSION OF VALUATION We estimate the highest and best use of the subject site to be for assemblage with adjoining property for nominal enhancement (without any measurable value enhancement) for their respective uses. L VG Project 06-01-134 City of Winter Springs 20 ~ . LANDMARK Valuation GrouP,u: We were not able to locate, nor are we aware of any sale of such properties. In the past, we searched for parcels which were small remnants of eminent domain or government condemnation activities. We note that given a sufficiently long period of time, the property owners become frustrated by paying property taxes. And with no reasonably foreseeable potential of putting their property to any economic use or selling to an adjoining owner (who already has the benefit of free buffers) eventually cease paying property taxes. In Florida, when an owner ceases paying taxes, a tax certificate is sold. The sale of a tax certificate is to the bidder of lowest interest rate. In this manner, the local governments collect taxes and are able to operate with the anticipated revenues and are not in the business of becoming creditors and or collectors. After a period of two years, but no more than seven years, the party to whom the tax certificate was sold (and from whom monies were collected) may request an auction of the property to the highest bidder. If there was no bidder on the Tax Certificate, after seven years the county will also request an auction. This is a Tax Deed, in which the minimum bid is the amount of all tax certificate(s) along with accrued interest. Excess monies, if any, are paid to the underlying land owner. A deed is executed by the County Clerk in favor of the highest bidder at the Tax Deed sale. Other fees include documentary stamps ($0.70 per $100 dollars) and recording fees approximately $5 per page. If at the end of seven years (recently changed to 3 years) during which there were no bidders on the first tax certificate, the property is placed on a list of Lands Available for Sale. This amount is typically no more than 6% of the assessed value of the property (3 years at no more than typically 20 mills). We find that most of these lands remain under the ownership of the county due to lack of interest by the public. Sometimes, but not necessarily often, an adjoining owner may purchase the land by Tax Deed or for the past taxes. We have reviewed numerous tax deeds in Seminole County, but have been unable to find any Tax Deeds which the parcel has only one adjoining parcel with which it could be economically assembled. And the lands available for sale that we have reviewed, all have several potential parcels with which they could be assembled. We consider the potential for assemblage to be primarily with the adjoining residential lot to the west, since the property to the north is owned by a Property Owners Association for the office park. Such associations typically require a majority or unanimous consent to purchase such land, which is not likely, particularly considering the lack of need for such lands as the subject property. Considering the lack of a market, the owner of the adjoining residential lot is likely to be the sole potential purchaser, thereby skewing negotiation strength in that property owner'sfavor and negating the concept of an active or even open market. LVG Project 06-01-134 City of Winter Springs 21 ~ . LANDMARK Valuation GrouPLLC The adjoining residential lot is located within the Oak Forest Unit 7 subdivision. Within the past year there have been six (6) sales within this subdivision. These sales are summarized as follows: Lot # Date Price House Size (SF) Price/SF 720 6/05 $279,900 2,066 $135 747 8/05 $310,000 1,927 $161 765 6/05 $279,900 1,915 $146 778 5/05 $225,000 2,095 $107 783 9/05 $274,000 1,915 $143 802 9/05 $344,900 2,066 $167 Range 5/05-9/05 $225,000- 1,915,-2,095 $107-167 344,900 Average 7/05 $285,616 1,997 $143 We obseNe that most of the homes sold were similar in size. Considering the high rate of increase in home prices in 2005 (36% in zip code 32808 - the zip code in which the subject is located), and the average sale date, we consider an upward adjustment of approximately 20% to the average per square foot sale price for the average date of July 2005 (approximately 6 months ago) is appropriate. As such, we estimate the average current value for the average home to be approximately $172 per square foot, or approximately $343,000, say, $345,000. We also estimate the allocated lot value as a percentage of total value to be approximately 35% to 40% of the value of the home, or approximately $120,000 to $138,000. We obseNe that new homes of this nature command approximately $200 per square foot or approximately $400,000. The allocated lot value of new homes is approximately 30% to 35% of the typical price of approximately $120,000 to $140,000, which supports our estimate. The lots in the subdivision are typically 75 feet by 110 feet or 8,250 square feet. The allocated lot price, therefore, represents approximately $14.50 to $16.72 per square foot, say, $15.50 per square foot. LVG Project 06-01-134 City of Winter Springs 22 ~ . LANDMARK Valuation GrouP".c Considering that the subject property has no utility enhancement to the adjoining residential lot and is encumbered by easements, we estimate the unit value of the subject property to represent 10% of the retail lot value of $15.50 per square foot or say $1.55 per square foot. Multiplying the subject property's 2,353 square feet, by $1.55 per square foot, results in a value of $3,647, say, $3,600. Indicated Value and Summary In the absence of market data to support valuation, we have relied on this reasoning to develop an opinion of the market value of the subject property. Therefore, as a result of our investigation into those matters that affect market value, and by virtue of our experience and training, we have formed the opinion that the market value and fair value of the fee simple interest in the subject property, as of the effective date of appraisal, January 10, 2006, was: THIRTY SIX HUNDRED DOLLARS ($3,600). LVG Project 06-01-134 City of Winter Springs 23 ~DMARK Valuation GrouPLl.c CERTIFICATE OF ApPRAISAL The undersigned appraisers hereby certify that they have no present or contemplated future interest in the real estate that is the subject of this appraisal report; that they have no personal interest or bias with respect to the subject matter of this appraisal report or the parties involved; that to the best of their knowledge and belief the statements of fact contained in this appraisal report (upon which the analyses, opinions and conclusions expressed herein are based) are true and correct; that this appraisal report sets forth all of the limiting or qualifying conditions (imposed by the terms of the assignment or by the undersigned) affecting the analyses, opinions and conclusions contained in this report; that no one other than the undersigned prepared the personal unbiased, professional analyses, conclusions and opinions concerning real estate that are set forth in this appraisal report unless and except as acknowledged in this report; that the compensation for this appraisal 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 estimate or opinion, the attainment of a stipulated result, or the occurrence of a subsequent event; and that the value conclusion, as well as other opinions expressed herein, are not based on a requested minimum value, a specific value or approval of a loan. The appraisal analyses, opinions and conclusions were developed, and this appraisal report has been prepared in conformance with (and use of this report is subject to) all regulations issued by the appropriate regulatory entities, the Uniform Standards of Professional Appraisal Practice, as promulgated by the Appraisal Standards Board of the Appraisal Foundation and the Code of Professional Ethics of the Appraisal Institute, Institute which includes the provisions for peer review. We do not authorize the out-of-context quoting from or partial reprinting of this appraisal report; and neither all nor part of this appraisal report shall be disseminated to the general public by the use of any public communications media without the prior written consent of the undersigned appraisers. The Appraisal Institute conducts a voluntary program of continuing education for its designated members. MAls and SRAs who meet the minimum standards of this program are awarded periodic educational certification. As of the date of this report, Larry A. Church, MAl, SRA has completed the requirements under the continuing education program of the Appraisal Institute. The subject of this appraisal report is situated along the west side of Tuskawilla Road, south of SR 434, in the city of Winter Springs, Seminole County, Florida. The undersigned appraisers, Larry A. Church, MAl, SRA and Michael D. Dabby, Commercial Appraiser, certify that they have personally inspected the subject property. Michael D. Dabby, Commercial Appraiser, certifies that he has inspected every comparable sale included in this report. LVG Project 06-01-134 City of Winter Springs 24 ~DMARK Valuation GrouPlLC As a result of our investigation into those matters which affect market value, and by virtue of our experience and training, it is our opinion that the market value of the fee simple interest in the subject property, as of January 10, 2006, was $3,600. landMark Valuation Group, llC ~ Larry A. Church, MAl, SRA State-Certified General Appraiser RZ 599 4Iui41J4 Michael D. Dabby, Senior Appraiser State-Certified General Appraiser RZ 1590 L VG Project 06-01-134 City of Winter Springs 25 ~DMARK Valuation GrouPLU: ADDENDUM General Assumptions and General Limiting Conditions Definitions Appraisers' Qualifications LVG Project 06-01-134 City of Winter Springs 26 LZioMARK Valuation Groupu.c GENERAL ASSUMPTIONS AND GENERAL LIMITING CONDITIONS L VG Project 06-01-134 City of Winter Springs A ~ . LANDMARK Valuation GrouPLLC GENERAL ASSUMPTIONS 1. The legal description used in this report is assumed to be correct. 2. No survey of the property has been made by the appraiser and no responsibility is assumed in connection with such matters. Sketches in this report are included only to assist the reader in visualizing the property. 3. No responsibility is assumed for matters of legal nature affecting title to the property nor is an opinion of title rendered. The title is assumed to be'good and merchantable. 4. Information and data furnished by others is usually assumed to be true, correct and reliable. When such information and data appears to be dubious and when it is critical to the analysis, a reasonable effort has been made to verify all such information; however, no responsibility for its accuracy is assumed by the appraiser. 5. All mortgages, liens, encumbrances, leases, and servitudes have been disregarded unless so specified within the report. The property is analyzed as though under responsible ownership and competent management. 6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures which would render it more or less valuable. No responsibility is assumed for such conditions or for engineering which may be required to discover them. 7. It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined and considered in this report. 8. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity has been stated, defined and considered in this report. 9. It is assumed that all required licenses, consents or other legislative or administrative authority from any local, state, or national governmental 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. It is assumed that all improvements, renovations and upgrades, if any as described herein, will be accomplished in a timely manner and in accordance with information provided. L VG Project 06-01-134 City of Winter Springs ~ , LANDMARK Valuation GrouPlLC 11. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted within this report. 12. We are not expert in determining the presence or absence of hazardous substances, defined as all hazardous or toxic materials, wastes, pollutants or contaminants (including, but not limited to, asbestos, PCB, UFFI, or other raw materials or chemicals) used in construction, or otherwise present on the property. We assume no responsibility for the studies or analyses which would be required to determine the presence or absence of such substances or for loss as a result of the presence of such substances. 13. We are not expert in determining the habitat for protected or endangered species, including but not limited to, animal or plant Iife,(such as bald eagles, gopher tortoises) that may be present on the property. We assume no responsibility for the studies or analyses which would be required to determine the presence or absence of such habitat or species or for loss as a result of the presence of such habitat or species. L VG Project 06-01-134 City of Winter Springs . L1NDMARK Valuation GrouPlLC GENERAL LIMITING CONDITIONS 1. The appraiser will not be required to give testimony or appear in court because of having made this analysis, with reference to the property in question, unless arrangements have been previously made thereof. 2. Possession of the report, or copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser, and in any event only with proper written qualifications and only in its entirety. 3. The distribution of the total valuation in this report between land and improvements, if any, applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. 4. No environmental impact studies were either requested or made in conjunction with this analysis, and the appraiser hereby reserves the right to alter, amend, revise, or rescind any of the value opinions based upon any subsequent environmental impact studies, research and investigation. 5. Neither all nor any part of the contents of this report, or copy thereof, shall be conveyed to the public through advertising, public relations, news, sales or any other media without written consent and approval of the appraiser. Nor shall the appraiser, firm or professional organization of which the appraiser is a member be identified without written consent of the appraiser. 6. Neither our name nor report may be used in conjunction with any financing plans which would be classified as a public offering under state or federal securities laws. 7. Acceptance of and/or use of this report constitutes acceptance of the foregoing General Assumptions and General Limiting Conditions. 8. The Americans with Disabilities Act of 1990 sets strict and specific standards for handicapped access to and within most commercial and industrial buildings. Determination of compliance with these standards is beyond appraisal expertise and, therefore, has not been attempted by the appraisers. For purposes of this appraisal, we are assuming the building is in compliance; however, we recommend an architectural inspection of the building to determine compliance or requirements for compliance. We assume no responsibility for the cost of such determination and our appraisal is subject to revision if the building is not in compliance. LVG Project 06-01-134 City of Winter Springs ~DMARK Valuation GrouPl'" DEFINITIONS L VG Project 06-01-134 City of Winter Springs B ...:NoMARK Valuation Groupu.c DEFINITION OF MARKET VALUE The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (a) buyer and seller are typically motivated; (b) both parties are well informed or well advised, and each acting in what he considers their own best interests; (c) a reasonable time is allowed for exposure in the open market; (d) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (e) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.1 DEFINITION OF FEE SIMPLE INTEREST Absolute ownership unencumbered by any other interest or estate; subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat. 2 DEFINITION OF HIGHEST AND BEST USE The reasonably probable and legal of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest land value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility and maximum profitability.3 DEFINITION OF EASEMENT An interest in real property that conveys use, but not ownership, of a portion of an owners property. Access or right-of-way easements may be acquired by private parties or public utilities. Governments dedicate conservation easements, open space, and preservation easements.4 I Appraisal Institute, The Dictionary of Real Estate Appraisal, Third Edition, 1993 2 Ibid. 3 Ibid. 4 The Dictionary of Real Estate Appraisal, Third Edition, Appraisal Institute, Chicago, 11, 1998, p.ll o. LVG Project 06-01-134 City of Winter Springs LfNoMARK Valuation Group,<< ApPRAISERS' QUALIFICATIONS L VG Project 06-01-134 City of Winter Springs c ...... lANDMARK Valuation GroUPlLC QUALIFICATIONS OF LARRY A. CHURCH Business Address LandMark Valuation Group LLC (formerly LandAmerica Valuation Corporation and formerly Pardue, Heid, Church, Smith & Waller, Inc.) 1310 E. Robinson Street Orlando, Florida 32801 Telephone: (407) 897-5359, Extension 202 Education B.S. Degree in Business Administration, Real Estate and Urban Land Studies, University of Florida Appraisal Institute Advanced Capitalization Standards of Professional Practice Highest and Best Use and Market Analysis The Appraiser's Complete Review Seminar Uniform Residential Appraisal Report Seminar Residential Consulting Understanding Limited Appraisals Data Confirmation and Verification Methods Advanced Sales Comparison and Cost Approaches The Internet and Appraising Appraisal of Retail Properties Real Estate Fraud: The Appraiser's Responsibility and Liabilities Analyzing Operating Expenses American Institute of Real Estate Appraisers Course I Basic Principles (by exam) Course II Urban Case Studies Course IV Condemnation Course VI Investment Analysis Society of Real Estate Appraisers Course 101 Introduction to Appraising Course 301 Special Applications of Appraisal Analysis Experience Appraiser with Pardue, Heid, Church, Smith & Waller, Inc. since 1967 Single-family Residences and Residential Subdivisions Commercial Buildings and Sites Manufactured Home Parks and Subdivisions Shopping Centers Campgrounds and RV Parks Motels and Motel Sites Hotels and Hotel Sites Apartment Complexes Service Stations and Service Station Sites Multi-Use PUDs Industrial Building and Sites Condominium Projects and Conversions L VG Project 06-01-134 City of Winter Springs ~ lANDMARK Valuation GroUPlLC QUALIFICATIONS OF LARRY A. CHURCH (Cont'd) Professional Designations and Activities Member (MAl) State-Certified General Real Estate Appraiser Member of the Orlando Regional Realtor Association Registered Real Estate Broker in the State of Florida Central Florida Real Estate Society Partial List of Clients Advance Mortgage Corporation AmeriFirst Development Corporation American Mobile Home Corporation Aspen Enterprises, Inc. Atico Mortgage Corporation Bank of Winter Park Barnett Bank N.A. Branch Banking & Trust Company BP Oil Corporation Carnegie Mellon University CenTrust Savings & Loan Association Chase Manhattan Bank, N.A. Chevron U.S.A. Citibank, N.A. City of Orlando Clayton, Williams and Sherwood CNA Insurance Company CNL Bank CNL Finance Colonial Penn Communities, Inc. Comerica Bank Com Bank Mortgage DeAnza Group, Inc. Dollar Bank Enterprise National Bank Exxon Company, U.S.A. Federal Deposit Insurance Corporation Firstate Financial First Union National Bank Florida Department of Administration Florida National Bank Florida Residential Communities Ford Foundation Federal Home Loan Bank Board Gibraltar Savings Gulfco Capital Management, Inc. Independent Life Insurance Company McConnell Wetenhall Shopping Centers, Inc. Merrill Lynch Realty & Relocation Mobil Oil Corporation National Bank of St. Petersburg National Bank of Cleveland New York Life NationsBank Nationsbank, N.A. Orange County Board of County Commissioners Orange County Public Schools Orlando, Financial Center Orlando-Orange County Expressway Authority Pannell, Kerr, Forster Paulucci International Peabody Southeast, Inc. Penn Mutual Life Resolution Trust Corporation Royal Crown Bottlers Shell Oil Company Simplimatic Engineering South Trust Bank, N.A. Standard Oil Company Sun bank Mortgage Company SunTrust, N.A. Texaco, Inc. Touche-Ross & Company Trammel Crow Corporation Unijax Corporation Uniroyal, Inc. Vista Federal Credit Union Western and Southern Life Insurance Company Western Electric LVG Project 06-01-134 City of Winter Springs ~DMARK Valuation Groupu,C QUALIFICATIONS OF MICHAEL D. DABBY Business Address LandMark Valuation Group, LLC 1310 E. Robinson Street Orlando, Florida 32801 Telephone: (407) 897-5359, Extension 220 Education (BSBA) University of Florida, Gainesville, Florida Major in Real Estate and Urban Land Studies; With Honors University of Southern California, Los Angeles, California Major in Architecture and Urban Planning 1974-1976 1971-1973 Appraisal Courses and Seminars Sponsored by the AIREA of Appraisal Institute: Real Estate Appraisal Principles 1A - 1 Sept. 1988 Basic Valuation Procedures 1A - 2 Sept. 1988 Capitalization Theory & Techniques 1 B - A Sept. 1988 Part A 1 Capitalization Theory & Techniques 1 B - B March 1989 Part B Case Studies in Real Estate Valuation 2 - 1 March 1989 August 1992 Oct. 1991 (Part A) Oct. 1991 (Part B) July 1992 November 1992 March 1994 (Audited) February 1995 Standards of Professional Practice Standards of Professional Practice Litigation Valuation Easement Valuation Seminar Highest and Best Use and Market Analysis Report Writing and Valuation Analysis Rates and Ratios Used In The Income Capitalization and Cost Approach Standards of Professional Practice Standards of Professional Practice Standards of Professional Practice Residential Sales Approach; Deriving, Documenting, and Defending Your Opinion of Value Florida State Law for Real Estate Appraisers Standards of Professional Practice Florida Core Law Update Subdivision Analysis Appraising a Proposed Property Scope of Work Florida State Law for Real Estate Appraisers National USPAP Updates SPPA SPPB 4 520 540 2132 410 420 430 529 518 430 518 May 1998 Nov. 1998 (Part A) Nov. 1998 (Part B) Dec. 2001 (Part C) Oct. 2002 Nov. 2002 Nov. 2002 (Part C) Sept. 2003 Nov. 2003 Feb. 2004 Nov. 2004 Nov. 2005 Nov. 2005 L VG Project 06-01-134 City of Winter Springs -LAteMAR!< Valuation GrouPlLC QUALIFICATIONS OF MICHAEL D. DABBY (Cont'd) Professional Seminars and Continuing Education USPAP Update Ketcham Education Providers, November 2004 Current Appraisal Issues in Florida South Florida Water Management District, May 2001 Reviewing Appraisals in Florida: Bells Appraisal, October 2000 Site and Improvements Inspections and Descriptions and Fractional Limited Partnership Ownership Interests - Bells Appraisal, November 2000 Professional Standards USPAP Update/Law Florida Association of Realtors, March 2000 Commercial Appraisal and USPAP Law IFREC, October 1998 USPAP Update/Law IFREC, June 1996 Property Inspection for the RE Professional IFREC, June 1996 Appraisal Standards and Ethics National Association of Realtors, July 1994 Key Issues in Wetlands Regulation in Florida National Business Institute, Inc., March 1992 Eminent Domain and Land Valuation Litigation American Law Institute - American Bar Association, January 1992 Professional Experience Member/Principal, Senior Commercial Appraiser, Land and Subdivision Specialist LandMark Valuation Group, LLC, Orlando, Florida, 2005-present Senior Commercial Appraiser, Specialist in Land and Eminent Domain LandAmerica, formerly PRIM IS, Inc., Orlando, Florida, 1999-2005 Senior Commercial Appraiser, Specialist in Land and Eminent Domain Pardue, Heid, Church, Smith & Waller, Inc., Orlando, Florida, 1987-1999 Land Acquisition Specialist and Research Analyst First Southern Realty Group, Inc., Orlando, Florida 1980-1987 Staff Research Analyst Econometrics Corporation, Winter Park, Florida 1979-1980 L VG Project 06-01-134 City of Winter Springs ~DMARK Valuation Groupux QUALIFICATIONS OF MICHAEL D. DABBY (Cont'd) Partial List of Clients Developers and Builders Disney Development Company MAGLEV Transit, Inc. Heathrow Land and Development Company Paulucci International Florida Residential Communities E. Everette Huskey Gordon S. Nutt Landstar Homes Neal Harris Company Del American Properties Custom Quality Homes Kensington Gardens Builders Wetherbee Road Partners Xentury City Development Company Casto Southeast Palmer Homes Southstar Development Partners Westwood Boulevard Ltd. Seybold & Associates Catholic Charities of Palm Beach Government Agencies/Non-Profit Organizations Florida Department of Transportation Reedy Creek Improvement District Orange County Seminole County Osceola County Vol usia County School Board of Orange County School Board of Seminole County School Board of Osceola County City of Orlando City of Lake Mary City of Sanford City of Kissimmee City of Belle Isle Orange County Library System Boys Scouts Council of America- Central Florida Council United Cerebral Palsy of Central Florida University of Central Florida Chatlos Foundation Property Users Mobil Oil Shell Oil Texaco Oil Florida Hospital Humana Hospital Wal-Mart Stores Attorneys Gray Harris & Robinson Lowndes Drosdick Doster Kantor & Reed Fishback Dominick Bennet Stepter et al Subin Shams et al Giles & Robinson Akerman, Senterfiit & Eidson Institutional Lenders SunTrust Bank Community National Bank of Florida National Bank of Commerce BB&T Comerica Huntington Mortgage Bank First Harbor Federal Savings Columbus Bank & Trust Surety Bank Colonial Bank Community Untied Bank of Florida Peoples First Community Bank First Union Washington Mutual Bank Union Planters Bank R-G Crown Bank Citizens Bank of Oviedo Regions Bank First Community Bank First Florida Bank Commerce National Bank of Florida Carolina First Bank Banco Popular Bank of America RBC Builder Finance Investors, Advisors & Miscellaneous Resolution Trust Corporation Wescar Grand Cypress Hotel T A Title Insurance Numerous and other miscellaneous parties having various real estate interests Condev Morley Properties Hilton Hotels L VG Project 06-01-134 City of Winter Springs " . ~ ...... lANDMARK Valuation GroUPLLC QUALIFICATIONS OF MICHAEL D. DABBY (Cont'd) Licenses, Memberships and Affiliations Associate Member, Appraisal Institute - M922463 Florida Real Estate Broker-Salesman 0194663 State-Certified General Appraiser 0001590 Member, Greater Orlando Area Association of Realtors Member, Florida Association of Realtors Member, National Association of Realtors Other Qualified as an Expert Witness, Seminole County, Florida Maitland Board of Zoning Adjustment Park Lake Grove Condominium Association, Treasurer Maitland Planning and Zoning Commission Park Lake Grove Condominium Board Member 1990-1993 1990-1998 2002-Present 2003-Present L VG Project 06-01-134 City of Winter Springs