HomeMy WebLinkAbout2006 03 27 Regular Item 302 Land Purchase Oak Forest Wall Extension
COMMISSION AGENDA
ITEM 302
CONSENT
INFORMATIONAL
PUBLIC HEARING
REGULAR X
March 27,2006
Meeting
MGR/DEPT
Authorization
REQUEST: The Community Development Department is requesting authorization for the
purchase of land at a cost of $3,600 plus related expenses for the construction of a
wall extension located at the north end of the Oak Forest Development along
Tuskawilla Road.
PURPOSE: This agenda item is needed for the City Commission to authorize the purchase of
parcel 26-20-30-5AR-ODOO-0730 (2353 square feet of vacant land) from Seminole
Pines Associates, LTD., required for construction of the proposed Oak: Forest Wall
Extension Project.
CONSIDERATIONS:
On June 27, 2005, Staff presented Informational Item 303 regarding the Oak
Forest Wall and Beautification District's Proposed Wall Extension Project, informing the
City Commission of the Advisory Board's desire to extend the existing decorative wall to
include property recently purchased by Oak: Forest Residents on Cheoy Lee Circle. The
Advisory Board feels a wall extension would provide a unified aesthetic appearance for the
community while complying with the original intent of the beautification project. In order for
the wall extension to be constructed, land must be purchased by the City or an easement
granted to the City by the adjoining homeowners, which would provide suitable property to
install the project.
Staff initially provided an estimated cost outline for the project of $30, 850
which included: wall construction ($20,000), legal fees ($2,000), engineering ($2,500), survey
($500), easement abandonment ($850) and land purchase costs ($5,000).
032706_ COMM _REGULAR_302 _Oak _Forest_ Wall_Extension
Mr. Todd Newby of Seminole Pines Associates, LTD., who is the owner of
the property, has agreed to sell the parcel to the City of Winter Springs at current market
value plus associated costs related to the sale. Staff requested the City Attorney draft an
agreement for purchase and sale to be used in acquiring the parcel in addition to requesting a
land survey and appraisal from LandMark Valuation Group to be used to formulate the
market value of the property. As a result, an offer of $3,600 plus related expenses has been
unanimously approved for recommendation to the City Commission by the Oak Forest Wall
and Beautification District Advisory Board at the Regular Meeting on February 9,2006.
FUNDING:
Funding for this project in the amount of $3,600 plus related expenses shall come from
the Oak Forest Wall and Beautification District Capital Fund Line Code (309-65000-
30052).
RECOMMENDATION:
Staff recommends the City Commission approve the expenditure of $3,600 plus
related expenses to purchase parcel 26-20-30-5AR-ODOO-0730 (2353 square feet of vacant
land) from Seminole Pines Associates, LTD., for the purpose of constructing the Oak Forest
Wall Extension Project.
IMPLEMENTATION SCHEDULE:
The purchase and sale agreement will be sent to Mr. Todd Newby immediately after
approval. Staff will seek bids for construction of the wall extension once the property has
been acquired from Seminole Pines Associates by the City.
ATTACHMENTS:
1. Purchase and Sale Agreement
2. Appraisal- LandMark Valuation Group
COMMISSION ACTION:
2
Attachment #1
PURCHASE AND SALE AGREEMENT
TillS PURCHASE AND SALE AGREEMENT (hereinafter "Agreement") is entered into
by and between City of Winter Springs, a Florida municipal corporation, whose address 1126 East
State Road 434, Winter Springs, FL 32708, (hereinafter "Buyer"), and Seminole Pines Associates,
L TD., a Florida Limited Partnership, whose address is 1070 Cheyenne Trail, Winter Springs, Florida
32708 (hereinafter "Seller").
WITNESSETH:
WHEREAS, Seller is the owner of small undevelopable and vacant land lying adjacent to
Tuscawilla Road (hereinafter "Property") situated and being in the City of Winter Springs, Seminole
County, Florida, and legally described as follows:
SEE EXHIBIT "A" ATTACHED HERETO
WHEREAS, Buyer desires to purchase, and Seller desires to sell the property for public
purposes; and
NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties
and agreements herein contained, and in consideration of the sums to be deposited or paid as
contemplated by this Agreement, Seller agrees to sell and Buyer agrees to buy the Property upon the
following terms and conditions:
I. PROPERTY AND APPURTENANCES: The Property will be sold to Buyer by
Seller together with all tenements, hereditaments and appurtenances thereunto belonging, all of
which shall be deemed part and parcel of the Property. Prior to closing, Seller shall remove or have
removed all personal property located on the Property including, but not limited to, any debris,
construction materials, junk, vehicles, trailers, boats, or other items abandoned or not permanently
affixed to the ground, if any.
To the extent the same exist on the Effective Date and are transferable and without any
representation or warranty express or implied, the Property shall be deemed to include all licenses,
permits, orders, authorizations and other governmental permissions of all governmental authorities
having jurisdiction thereof(whether federal, state or local) owned or held by Seller which appertain
or relate to the Property and which are transferrable or assignable.
2. PURCHASE PRICE AND METHOD OF PAYMENT: CHARITABLE
CONTRIBUTION:
The purchase price ofthe Prope (hereinafter "Purchase Price") shall be Three
Thousand and six hundred and 00/100 $ :3,600 .OO)Dollars. The
Purchase Price shall be payable at closing.
Purchase and Sale Agreement
City of Winter Springs/Seminole Pines Associates, LTD.
Page 1 of 11
3. FEASIBll..ITY DETERMINATION PERIOD: Buyer shall have thirty (30) days
from the effective date of this Agreement to determine the feasibility of Buyer's purchase of the
Property, ("Feasibility Determination Period"). During the Feasibility Determination Period, Buyer
may undertake, at Buyer's expense, such physical inspections, tests and other inyestigations as may
be deemed necessary by the Buyer in order for Buyer to evaluate the feasibility of the Buyer's
purchase of the Property. Such investigations shall include, but are not limited to, an Environmental
Audit up to Level II if Buyer determines it necessary after having received the results of a Levell
Environment Audit and structural investigations of all buildings and structures. For purposes of
undertaking physical inspections, tests or investigations of the Property, Seller hereby grants to
Buyer, their agents, and professionals engaged by Buyer, the right to enter upon the Property and any
part thereof during the Feasibility Determination Period. Said right of entry is conditioned upon (a)
the Buyer giving Seller reasonable notice, and (b) such entry being during normal business hours.
The presence on the Property of such personnel shall only be for the purpose of conducting such
inspections, tests or investigations, and no other personal activity shall be permitted.
Any alterations or changes to the Property that are a direct result of the inspecting, testing
and investigations will be repaired and replaced by Buyer if a closing does not occur. To the extent
permitted by law, Buyer shall indemnify Seller against any loss or damages to the Property arising
out, of or in connection with, any inspection, testing or investigation of the Property by Buyer,
including but not limited to, nonpayment of services rendered to or for the benefit of Buyer or
mechanics' liens or liability for damage to persons or property arising from any activity permitted
hereunder or any change in the existing condition of the Property by Buyer or its agents, servants,
employees, contractors or representatives. This indemnification and agreement to hold harmless
shall survive Closing or termination of this Contract. Without limiting the generality of the
foregoing, but in addition thereto, in the event this Contract is terminated under circumstances which
entitle Buyer to return of its Deposit (or any portion thereof or any other monies delivered by Buyer
to Seller) prior to return of such Deposit (or any portion thereof or any other monies delivered by
Buyer to Seller), Buyer shall furnish proof reasonably acceptable to Seller (in the form of affidavits,
lien waivers or releases, paid invoices and the like) that the Property has been returned to the
condition in which they were prior to Buyer's inspections and that all Buyer's agents, servants,
employees, contractors and representatives who have entered upon the Property for the purpose of
inspection, tests or otherwise have been paid in full so that a lien could not be validly filed against
the Property. The foregoing is not intended to apply to matters created by or resulting from acts by
Seller or their agents, servants, employees, contractors and representatives. The provisions of this
subparagraph of numbered paragraph 3 shall survive any termination of this Contract. The Buyer's
indemnification of the Seller will not include any loss or damage due to pre-existing conditions,
problems or deficiencies of the Property that are discovered through the inspection, testing and
investigation authorized herein.
The decision as to whether it is feasible to purchase the Property shall be at the sole
discretion of the Buyer. If the Buyer determines that it is not feasible to purchase the Property, then
Buyer may terminate this Agreement and obtain a refund of the Deposit (together with any interest
earned thereon), the total of which shall forthwith be paid to Buyer and the parties shall have no
further liability hereunder. This provision shall not affect any other rights of the Buyer under this
Agreement including, but not limited to the right to inspect the title of the Property.
Purchase and Sale Agreement
City of Winter Springs/Seminole Pines Associates, LTD.
Page 2 of 11
Buyer hereby unconditionally, irrevocably and absolutely assigns to Seller all of Buyer's
rights with respect to any governmental permits or approvals related to the Property, which
assignment shall become null and void and of no further force or effect upon closing, but shall
otherwise remain effective and survive any termination of this Contract. In the event closing fails
to occur for any reason whatsoever, Buyer agrees, promptly on request, to turn over to Seller copies
of all investigations performed in connection with the Property by or on behalf of Buyer and to
return to Seller all materials and information furnished by Seller to Buyer in connection with the
transaction contemplated by this Contract, all without charge, cost or expense to Seller, and the
provisions of this paragraph shall survive any termination of this Contract.
4. TITLE EVIDENCE: At least fourteen (14) days before expiration of the
Feasibility Determination Period, Buyer, at Buyer's expense, shall obtain a Title Insurance
Commitment (hereinafter "Commitment") issued by a company (hereinafter "Company") reasonably
acceptable to Buyer andlor Buyer's Counsel, with the fee owner's title insurance policy premium to
be paid by Seller. The Commitment shall commit the Company to issue to Buyer, upon recording
of the deed conveying title to the Property to Buyer, a fee owner's policy of title insurance, (AL T A
Owner's Policy 10-17-92, Florida Modified), in the amount of the Purchase Price ofthe Property,
subject only to those exceptions reasonably acceptable to Buyer's Counsel and the so called standard
exceptions contained in the standard ALTA Form of owner's title insurance commitment. The
Commitment shall provide that the applicable standard exceptions will be deleted by the Company
upon the furnishing of an ownership and lien affidavit in form required by Company (and Seller
agrees to furnish such Affidavit as part of the Closing). Buyer shall have five (5) days from the date
of their receipt of the Commitment to examine the same and to notify Seller in writing specifying
any defects or reasonable objections to Seller's title. Seller shall reply within ten (\ 0) days after
actual receipt of Buyer's written title objections, ifany, stating which objections Seller will cure at
or prior to Closing and those which Seller will not cure. In the event days to give Seller time within
which to attempt to cure. In the event Seller elects to attempt to cure the defect, Seller shall have
no liability or obligation in the event Seller is unsuccessful in curing same. Moreover, Seller shall
in no event be required to expend any money or institute any legal proceedings in connection with
the curing of any title defects. In the event Seller does not cure the defect or Seller notifies Buyer
in writing that the defect will not be cured, Buyer may, within fifteen (15) days after the receipt of
such notice from Seller: (1) accept title in its then existing condition without reduction of the
Purchase Price or cash to close or (2) terminate this Contract and receive return of its Deposit. If
Buyer fails to notify Seller of Buyer's election within said fifteen (15) day time period, Buyer shall
be deemed to have elected to accept title in its then existing condition without reduction of the
Purchase Price or cash to close as provided in this paragraph.
5. RESTRICTIONS. EASEMENTS. AND LIMITATIONS: The Buyer shall take
title subject to: zoning, restrictions, prohibitions and other requirements imposed by governmental
authority, restrictions and matters appearing on the plat or otherwise common to the subdivision,
public utility easements of record, taxes for the year of closing and subsequent years.
6. SURVEY: Buyer, at Buyer's expense, within the Feasibility Determination Period,
may have the Property surveyed and certified by a registered Florida surveyor. If survey shows
encroachment on the Property or that improvements located on the Property encroach on set back
lines, easements, lands of others or violate any restrictions, covenants or applicable governmenturegulation, the same shall constitute a title defect. Buyer shall address such title defect, if any,. in
Purchase and Sale Agreement
City of Winter Springs/Seminole Pines Associates, LTD
Page 3 of 11
the same manner as other title defects as set forth in paragraph 3 above. The parties agree that Buyer
may substitute the surveyed legal description of the Property for the legal description contained on
Exhibit "A" for closing purposes.
7. APPRAISAL: Buyer has already conducted an appraisal of the Property. Buyer, at
Buyer's expense, within the Feasibility Determination Period, may have additional appraisals
performed by a certified registered Florida appraiser. If any of said appraisals do not value the
Property for at least the Purchase Price, then Buyer may terminate this Agreement by notifying Seller
in writing on or before the expiration of the Feasibility Determination Period and, as long as Buyer
does so, obtain a refund of the Deposit (together with any interest earned thereon), the total of which
shall be forthwith paid to Buyer and the parties shall have no further liability hereunder.
8. SELLER REPRESENTATIONS: Seller hereby represents to Buyer based on
Seller's actual knowledge, without investigation:
(a) That Seller has good, marketable, and indefeasible title to, and is in possession of,
the Property, free and clear of all liens, security interests and encumbrances,
excluding only those (i) which may be satisfied or released at Closing, (ii) to which
the Buyer's title shall be subject as otherwise provided in this Agreement, (iii) liens
for taxes not yet due and payable, and (iv) statutory liens not yet delinquent.
(b) That there is no condemnation, eminent domain, zoning, or other land use
proceeding instituted, or pending on the Property.
(c) That there is ingress and egress to the Property sufficient for its current use.
(d) That there is no litigation or proceeding pending or threatened against or relating
to the Property arising by, through or under Seller, and Seller does not know of any
basis for such action nor are there any special assessments of any nature with
respect to the Property or any portion thereof, nor has Seller received any notice of
any special assessment being contemplated.
(e) That Seller has full power and authority to enter into and perform this Agreement
in accordance with its terms, and the completion of this transaction will not violate
any law, regulation or agreement affecting Seller.
(t) That there are no: (i) pending litigation or disputes involving the location of the
boundaries of any part of the Property; and/or (ii) physical interruptions or
obstructions to physical access to any part of the Property.
(g) That there is no hazardous waste located on or buried beneath the Property. The
term "hazardous waste" shall have the meaning ascribed by Florida and Federal law.
Paragraph 8 shall survive the closing.
9. POSSESSION: Seller shall deliver possession ofthe Property to Buyer at the time
of Closing.
Purchase and Sale Agreement
City of Winter Springs/Seminole Pines Associates, LTD.
Page 4 of II
10. CLOSING:
(a) Closing Date: The closing of this Agreement, and the transfer of title and
possession of the Property, shall occur no later than thirty (30) days after the
expiration of the Feasibility Determination Period, (hereinafter "Closing Date"),
unless otherwise extended by the terms herein. Closing shall be held in the county
where the Property is located at the office of the attorney or other closing agent
designated by Buyer. At Buyer's discretion, Buyer may extend the Closing up to
thirty (30) days by providing three (3) days advance written notice to Seller
(b) Conveyance: Seller shall convey to Buyer marketable title to the Property by
Statutory Warranty Deed; and transfer of licenses, permits, orders, authorizations
and other governmental permissions by Assignment to the extent transferable
without any warranties or representations express or implied.
(c) Documents For Closing: Buyer shall furnish the Closing Documents including, but
not limited to, the Deed, Bill of Sale, Assignments, Ownership and Lien Affidavit,
Certificate of Non-Foreign Status, satisfaction and release ofliens or mortgages,
and Closing Statement.
(d) Allocation of Expenses: Seller shall pay the premium for the owner's AL T A
Owner's Policy 10-17-92 (Florida Modified) Title Insurance Policy, charges for
related title services including but not limited to title or abstract charge, title
examination, and settlement and closing fee, the cost of recording corrective
instruments and Florida Documentary Stamps to be affixed to the Deed. Buyer
shall pay documentary stamps and intangible tax on any mortgage, mortgagee title
insurance commitment with related fees, recording of mortgage and any financing
statements. Buyer shall pay the cost of recording the Deed. Each party shall pay
their respective attorney's fees
(e) Prorations: Real property taxes, special assessments and ad valorem taxes for the
year of closing and any other pro-ratable items shall be prorated as of the Closing
Date with due allowance made for maximum allowable discount. All real property
taxes, special assessments and ad valorem taxes for prior years shall be paid by
Seller. In the event the current assessment and mileage are not available, all taxes
for the year of Closing shall be based on the previous years assessment and millage.
If any substantial difference (Le., over $500.00 dollars) occurs in the actual tax bills
when issued for the year of Closing, the parties hereto agree to make adjustments
based on such tax bills when they become available.
(f) FIRPTA Acknowledgment: At Closing, the Seller shall execute and deliver to
Buyer two (2) original counterparts of the Certification of Non-Foreign Status in
form reasonably satisfactory to Buyer. In the event (a) Seller does not so execute
and deliver to Buyer such Certification of Non-Foreign Status, or (b) such
Certification of Non-Foreign Status if not fully and properly completed and
executed as of the Closing Date, or (c) Buyer is not entitled to rely upon such
Purchase and Sale Agreement
City of Winter Springs/Seminole Pines Associates, LTD.
Page 5 of II
Certification, then, in any of such events, Buyer shall withhold ten percent (10%)
of the Purchase Price and pay the withheld amount to the Internal Revenue Service
pursuant to Internal Revenue Code Section 1445. Any amount thus withheld by
Buyers shall be deemed to have been paid by Buyer in cash at Closing as part of
Buyer's obligation to pay the Purchase Price hereunder.
(g) Ownership and Lien Affidavit: Seller shall furnish to Buyer at the time of closing
an affidavit attesting to the absence, unless otherwise provided for herein, of any
Notices to Owner or Claims of Lien of potential Iienors known to Seller and further
attesting to the unquestioned ownership by Seller of the Property and further
attesting that there have been no improvements to the Property for 90 days
immediately preceding the Closing Date for which payment has not been made in
full, or for which payment has not been secured or provided for, all in form
acceptable to Seller, Buyer and Company. If Property has been improved or
repaired within 90 days at the request of and authorization by Seller immediately
preceding the Closing Date, Seller shall deliver releases or waivers of construction
liens executed by all general contractors, subcontractors, suppliers, and materialmen
in addition to Seller's lien affidavit setting forth the names of all such general
contractors, subcontractors, suppliers and materialmen and further affirming that all
charges for improvements or repairs which could serve as a basis for a construction
lien or a claim for damages have been paid or will be paid at closing of this
Agreement.
(h) Proceeds of Sale and Closing Procedure: Upon clearance of funds, the deed of
conveyance and other closing documents (hereinafter "Closing Documents"), each
duly executed, shalI be delivered to the authorized agent of Company at closing.
Following examination by the agent of the public records of Seminole County,
Florida, from the effective date of the Commitment up to Closing Date (hereinafter
"Gap Period") and delivery to Buyer of the Commitment marked in order to show
compliance with alI conditions of Closing and marked to insure the Gap Period alI
of which shall occur on or before closing, the net sales proceeds shall be promptly
disbursed to Seller by Company or the authorized agent of Company at closing.
(i) Further Acts. etc.: At the closing and up to thirty (30) days thereafter, SelIer and
Buyer agree to execute and deliver such other and further instruments and to take
such further actions as either of them or their counsel may reasonably request of the
other in order to fulIy implement the terms of this Agreement and the closing
thereof as long as said request is consistent with the respective obligations of the
parties as set forth in this Agreement. This paragraph shalI survive the closing.
11. DEFAULTS:
(a) Notice of Default: No default as to any provision of this Agreement shall
be claimed or charged by either party hereto against the other until notice thereof has been
given to the defaulting party in writing, and such default remains uncured for a period of
five (5) days after the defaulting party's receipt of such notice. Notwithstanding the above,
the Closing Date shalI not be changed, delayed, postponed or extended by this requirement
Purchase and Sale Agreement
City of Winter Springs/Seminole Pines Associates, LTD.
Page 6 of II
for notice of default.
(b) Default bv Buyer: If Buyer defaults on its obligations to purchase under this
Agreement, without fault on the part of the Seller, Seller may terminate this Agreement and
as Seller's remedy for default, the Deposit paid to the Escrow Agent, shall be paid over by
Escrow Agent to Seller and retained by Seller as its liquidated damages in full and final
settlement of all claims Seller may have against Buyer for breach of this Agreement. In the
event that Buyer defaults, Buyer shall join with Seller in any written request made by Seller
to the Escrow Agent for payment to Seller of the Deposit.
(c) Default bv Seller: If Seller defaults on its obligation to sell under this
Agreement, without fault on the part ofthe Buyer, Buyer, at its option, may seek specific
performance and damages in a court of competent jurisdiction or alternatively, Buyer may
terminate this Agreement and retain the Deposit. Further, Seller shall reimburse Buyer for
all actual costs and expenses incurred by Buyer in preparing for closing including, but not
limited to, costs associated with the Feasibility Determination Period, survey costs, title
inspection and commitment costs and appraisal fees, as its liquidated damages in full and
final settlement of all claims Buyer may have against Seller for breach of this Agreement.
In the event that Seller defaults, Seller shall join with Buyer in any written request made by
Buyer to the Escrow Agent for payment to Buyer ofthe Deposit. Alternatively, Buyer may
seek specific performance against Seller.
(d) Application of Deposit Upon Default: In the event of a dispute between
Buyer and Seller with regard to whether or not a default has occurred by either party, or to
whom the Deposit, together with any interest thereon should be transmitted, the Escrow
Agent shall have the rights accorded it hereunder, including the right to interplead the
Deposit, together with any interest thereon, into the registry of the Clerk of the Circuit Court
of Seminole County, Florida.
12. BROKER'S COMMISSION: Each party hereto represents and warrants unto the
other party hereto that there are no brokers, real estate sales persons or agent involved with respect
to the transaction contemplated herein and that there are no fees, or commissions due as a result of
their respective execution of this Agreement or which will be due as a result of the closing as
contemplated hereby by virtue of their respective acts, inactions, conduct or otherwise. Each party
hereto does hereby agree to indemnify and hold the other harmless from any breach of their
respective representations and warranties as set forth in this Paragraph. The provisions of this
Paragraph shall survive the Closing.
13. TIME OF THE ESSENCE: Time, and timely performance, is of the essence of
this Agreement and of the covenants and provisions hereunder.
14. TIME: Time periods herein of less than 6 days shall in the computation exclude
Saturdays, Sundays and state or national legal holidays, and any time period provided for herein
which shall end on Saturday, Sunday or a legal holiday shall extend to 5:00 p.m. of the next business
day.
Purchase and Sale Agreement
City of Winter Springs/Seminole Pines Associates, LTD.
Page 7 of 11
15. EFFECTIVE DATE AND TIME FOR ACCEPTANCE: The date of this
Agreement ("Effective Date") shall be that date upon which the last one of the Buyer and Seller has
signed this Agreement.
16. ASSIGNMENT:
written consent of Seller.
This Agreement may not be assigned except upon the prior
17. MISCELLANEOUS:
(a) Radon Gas: Pursuant to Fla. Stat. Sec. 404.056(8), Radon is a naturally
occurring radioactive gas that when it has accumulated in a building in
sufficient quantities, may present health risks to persons who are exposed
to it over time. Levels of radon that exceed federal and state guidelines
have been found in building in Florida.
(b) Binding Effect: Successors and Assigns: This Agreement shall be binding
upon and inure to the benefit of Seller, Buyer and their pennitted
successors and assigns, if any.
(c) Captions: The captions for each paragraph or sub-paragraph of this
Agreement are for convenience and reference only and in no way define,
describe, extend, or limit the scope or intent of this Agreement, or the intent
of any provision hereof.
(d) Severabilitv: If any provision of this Agreement, the deletion of which
would not materially adversely affect the material benefits receivable by
any party hereunder or substantially increase the burden of any party
hereto, shall be held to be invalid or unenforceable to any extent, the same
shall not affect in any respect whatsoever the validity or enforceability of
the remainder of this Agreement.
(e) Execution of Documents: Each party hereto covenants and agrees that they
will at any time and from time to time do such acts and execute,
acknowledge and deliver such documents, including corrective instruments,
reasonably requested by the Company, the parties hereto, or their counsel,
necessary to carry out fully and effectuate the purchase and sale herein
contemplated and to convey good, marketable and insurable title to the
Property and all parts thereof as long as the request is consistent with the
respective obligations of the parties as set forth in this Agreement.
(f) Counterparts: This Agreement may be executed in two or more
counterparts, each of which shall be, and shall be taken to be, an original,
and all collectively deemed one instrument.
(g) Facsimile: Telephonically transmitted facsimile copies of this Agreement,
and any signatures thereon, shall be considered for all purposes as
originals.
Purchase and Sale Agreement
City of Winter Springs/Seminole Pines Associates, LTD.
Page 8 of 11
(h) Litigation and Attorney's Fees: In the event it shall be necessary for either
Party to this Agreement to bring suit to enforce any provision hereof
(before or after Closing) or for damages on account of any breach of this
Agreement, the prevailing party shall, to the extent permitted by law, be
entitled to recover from the other, in addition to any damages or other rei ief
granted as a result of such litigation, all costs and expenses of such
litigation and reasonable attorney's fees (including attorney's fees and costs
of appeals) as fixed by a court of competent jurisdiction.
(i) Entire Agreement: Amendments: This Agreement contains the entire and
sole understanding between the parties hereto relative to the purchase and
sale of the Property and it may only be amended or modified by an
agreement in writing executed by Buyer and Seller with the same
formalities as this Agreement.
(j) Notices: All notices and correspondence shall be sent or delivered by
registered or certified mail to the parties hereto, return receipt requested,
with copies forwarded to their respective attorneys, at the addresses set
forth below or at such other addresses as the parties hereto shall designate
to each other in writing:
(i) if to Seller, to: Mr. T. Newby
3801 Bee Ridge Road
Suite 12
Sarasota, Florida 34233
Telephone:
Facsimile:
(ii) if to Buyer, to: Ronald W. McLemore, City Manager
City of Winter Springs
1126 East State Road 434
Winter Springs, FL 32708
Telephone: 407-327-5957
Facsimile: 407-327-6686
with copies to:
Anthony A. Garganese, Esq., City Attorney
Brown, Garganese, Weiss, & D' Agresta, P.A.
POBox 2873
Orlando, FL 32802-2873
Telephone: 407-425-9566
Facsimile: 407-425-9596
Any notice or demand so given, delivered or made by United States Mail
shall be deemed so given, delivered or made three (3) days after the same
is deposited in the United State mail registered or certified, return receipt
Purchase and Sale Agreement
City of Winter Springs/Seminole Pines Associates, LTD.
Page 9 of II
requested, addressed as above provided, with postage thereon prepaid. Any
such notice, demand or document not given, delivered or made by
registered or certified mail as aforesaid shall be deemed to be given,
delivered or made upon receipt of the same by the party to whom the same
is to be given, delivered or made.
(k) Interpretation: This Agreement has been submitted to the scrutiny of each
party hereto and each party has had opportunity to have it reviewed by legal
counsel. This Agreement shall be given fair and reasonable interpretation
in accordance with the words used herein without consideration or weight
being given to its having been drafted by either party hereto or their
respective counsel.
(I) Applicable Law: Venue. This Agreement is to be construed according to
the laws of the State of Florida. Venue for any dispute shall be Seminole
County, Florida.
(m) Non-Waiver: No covenant, term, or condition, (or the breach thereof),
shall be deemed waived, except by written consent of the party against
whom the waiver is claimed. A waiver of any covenant, term, or condition
(or breach thereof) shall not be deemed to be a waiver of any other
covenant, term or condition (or breach thereof).
(n) Terminology: Whenever used herein, the terms "Buyer" and "Seller" shall
be construed in the singular or plural as the context may require or admit
and shall be further construed to include the agents of the Buyer and Seller.
(0) No Recording: Neither this Agreement, nor any notice of it, shall be
recorded in any public records.
(p) Typewritten or Handwritten Provisions: Typewritten or handwritten
provisions, either as additional terms and conditions or alterations to
existing terms and conditions, shall control all printed provisions in conflict
with them.
(q) The recitals contained in the "whereas" clauses are hereby fully
incorporated herein by reference.
IN WITNESS WHEREOF, the parties hereto have caused this contract to be
executed on the dates accompanied by their respective executions.
{Signatures next page.]
Purchase and Sale Agreement
City of Winter Springs/Seminole Pines Associates, LTD.
Page 10 of 11
,SELLER
City of Winter Springs, BUYER
Date:
By: John Bush
Mayor, City of Winter Springs
Date:
Purchase and Sale Agreement
City of Winter Springs/Seminole Pines Associates, LTD.
Page 11 of 11
LEGAL DESCRIPTION
EXHIBIT "A"
Beginning at the northeast corner of Lot 729, oak Forest Unit 7, as recorded in Plat Book 39, Pages 16&17, Public
Records of Seminole County. Florida; run thence South 84 49 10 East along an extension of the North line of said Lot
729 a distance of 27.93 feet to the Westerly right-of-way line of Tuscawilla Road; run thence along said right-of-way
line the following three courses: North 14 06 24 East a distance of 54.68 feet; thence South 87 04 55 East a distance of
29.56 feet; thence North 14 06 24 East a distance of 15.19 feet; thence North 87 04 55 West a distance of 29.74 feet to
the Southeast corner of Avery park as recorded in Plat Book 60, Pages 33 through 37. Public Records of Seminole
County, Florida; run thence North 87 04 55 West along the South boundary of said Avery Park a distance of 27.94
feet:run thence South 14 06 24 West a distance of 68.75 feet to the Point of Beginning.
Attachment #2
LANDMARK
Valuation Group..
1310 East Robinson Street
Orlando, Florida 32801
Phone: 407-897-5359 Fax: 407-897-5448
www.landmarkvg.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 TuskawiHa 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
Michael D. Dabby, Senior Appraiser
State-Certified General Appraiser RZ 1590
LANDMARK
Valuation Group
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
LANDMARK
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.
LVG Project 06-01-134 1
City of Winter Springs
LANDMARK
Valuation Group
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
LANDMARK
Valuation Group
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.
L VG Project 06-01-134
City of Winter Springs
3
LANDMARK
Valuation Group
DATA PRESENTATION - MAPS, PICTURES, ETC.
REGIONAL MAP
NEIGHBORHOOD MAP
LVG Project 06-01-134
City of Winter Springs
4
LANDMARK
Valuation Group
TAX MAP
LVG Project 06-01-134
City of Winter Springs
5
LANDMARK
Valuation Group
Jan 09 06 02:37p
SURVEY
BJM
Associates
4076295389
p,3
SKETCH OF DESCRIPTION
AVERY PARK
PLAT BOOK 60. PAGES 33-37
POINT OF
BEGINNING
OAK FOREST UNIT SEVEN
PLAT BOOK 19 PAGE 16
THIS SKETCH IS NOT A SURVEY
PREPARED FOR
DRAWN BY:RGR
CHECKED BY:CRS
JOB NO. 02070.01
CERTIFICATION
LVG Project 06-01-134
City of Winter Springs
6
LANDMARK
Valuation Group
SUBJECT PHOTOGRAPHS
LVG Project 06-01-134
City of Winter Springs
7
LANDMARK
Valuation Group
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)
LVG Project 06-01-134
City of Winter Springs
8
LANDMARK
Valuation Group
View of Subject Property From Vicinity of Southeast Corner of Site
View of Subject Property From Vicinity of Northeast Corner of Site
LVG Project 06-01-134
City of Winter Springs
10
LANDMARK
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
LVG Project 06-01-134
City of Winter Springs
11
LANDMARK
Valuation Group
View North Along Tuskawilla Road (Subject Not Visible)
LVG Project 06-01-134
City of Winter Springs
12
LANDMARK
Valuation Group
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".)
LVG Project 06-01-134
City of Winter Springs
13
LANDMARK
Valuation Group
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
LANDMARK
Valuation Group
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 LivinQ Area 1,100 SQuare 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
Depreciated Building Value $0
Depreciated Extra Features Value $0
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.
LVG Project 06-01-134 15
City of Winter Springs
LANDMARK
Valuation Group
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 ofthe 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
LANDMARK
Valuation Group
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.
LVG Project 06-01-134
City of Winter Springs
17
LANDMARK
Valuation Group
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 Group
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.
LVG Project 06-01-134
City of Winter Springs
19
LANDMARK
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.
LVG Project 06-01-134
City of Winter Springs
20
LANDMARK
Valuation Group
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 Group
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 observe 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 observe 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
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
LANDMARK
Valuation Group
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
LANDMARK
Valuation Group
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
Michael D. Dabby, Senior Appraiser
State-Certified General Appraiser RZ 1590
LVG Project 06-01-134
City of Winter Springs
25
LANDMARK
Valuation Group
ADDENDUM
General Assumptions and General Limiting Conditions
Definitions
Appraisers' Qualifications
LVG Project 06-01-134
City of Winter Springs
26
LANDMARK
Valuation Group
GENERAL ASSUMPTIONS AND
GE'NERAL LIMITING CONDITIONS
LVG Project 06-01-134
City of Winter Springs
A
LANDMARK
Valuation Group
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 Group
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.
LVG Project 06-01-134
City of Winter Springs
LANDMARK
Valuation Group
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
LANDMARK
Valuation Group
DEFINITIONS
LVG Project 06-01-134
City of Winter Springs
B
LANDMARK
Valuation Group
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 . . 9 8
The Dictionary of Real Estate Appraisal, Third Edition, Appraisal Institute, Chicago, IL, I 9 , p.IIO.
L VG Project 06-01-134
City of Winter Springs
LANDMARK
Valuation Group
APPRAISERS' QUALIFICATIONS
LVG Project 06-01-134
City of Winter Springs
c
LANDMARK
Valuation Group
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
LVG Project 06-01-134
City of Winter Springs
LANDMARK
Valuation Group
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
SouthTrust 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
LANDMARK
Valuation Group
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 1B - 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
LVG Project 06-01-134
City of Winter Springs
LANDMARK
Valuation Group
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 PRIMIS, 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
LVG Project 06-01-134
City of Winter Springs
LANDMARK
Valuation Group
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
LVG Project 06-01-134
City of Winter Springs
LANDMARK
Valuation Group
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
LVG Project 06-01-134
City of Winter Springs