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Home My WebLink About2003 07 28 Regular J Add-On Acquisition of the Wincey Property CITY OF WINTER SPRINGS July 28, 2003 Commission Meeting Add-On Agenda Item "L" Wincey Property Acquisition Page 1 of2 i COMMISSION AGENDA ADD-ON ITEM J Consent Informational Public Hearing Regular X July 28. 2003 Regular Meeting ~ Mgr. . / Dept. Authorization REQUEST: The City Manager requesting the City Commission to authorize the City Manager to present a formal offer for the acquisition of the Wincey Property located adjacent to Central Winds Park. PURPOSE: This Agenda Item is needed for the City Commission to give the City Manager the authority to present a formal offer to the Wincey Family for acquisition of their 8.334 acre tract located adjacent to Central Winds Park. CONSIDERATIONS: Among other recommendations the Central Winds Park Expansion Committee recommended acquisition of the Wincey Property located adjacent to the Parker Property and Central Winds Park. This property is needed for three important city uses as follows: a) Completion of a circular traffic artery through Central Winds Park to better handle big event traffic and to provide better access on a daily basis. b) To provide badly needed additional parking for sports events and special events like the July 4th Celebration and the Scottish Highlands Games. c) A site for a future reclamation site to process and store reclaimed water from Lake Jesup. CITY OF WINTER SPRINGS July 28, 2003 Commission Meeting Add.On Agenda Item "L:' Wincey Property Acquisition Page 2 of2 For the past several months' staff has been negotiating with the Wincey Family regarding the acquisition of their 8.334 acre tract adjacent to Central Winds Park. Negotiations have been contingent upon approval of the city's $200,000 Land and Water Conservation Grant. That grant has now been approved by the State. However, we must validate our ability to get the property under control within a reasonable time frame to retain the grant. Therefore I am recommending that we make a formal offer of $1,000,000 to the Wincey Family for the property FUNDING: Funding for the project would be as follows: Road Improvement Fund (1~ Local Option Sales Tax) Water Sewer Fund General Fund Park Impact Fees Land Water Conservation Grant TOTAL $ 150,000 $ 250,000 $ 200,000 $ 200,000 $ 200,000 $1,000,000 RECOMMENDATION: It is recommended that the Commission authorize the City Manager to make a formal offer of$I,OOO,OOO to the Wincey Family for the acquisition of the 8.5 acre Wincey Property located adjacent to Central Winds Park. ATTACHMENTS: a) Site Plan. b) City Appraisal (Roper). c) Wincey Appraisal (Pardue). COMMISSION ACTION: Attachment "A" L A K E JESSUP CITY IRIUGATION WATER FACILITY PAVED TRAIL EXTENSION FLORIDA NATIONAL Sn:NIC TRAIL AND CROSS SE~IINOU: TRAIL PARK MAINTENANCE R.:CREATION CENTER BASKEJ"UALL & TENNIS COURTS PARK ENTRANCE SR. 434 EXISTIN(; PASSIVE RECIU:ATION AREA VNPAVIW PARKING AIU:A BEN.:ATII TIlE EXISTING PINES ANI> OAKS (ApPROX. 140 SPACES) PAVEl> TRAIL EXTENSION FLORIIlA NATIONAL SCENIC TI~AIL A.'m CROSS SEMINOLle TRAIL Q.;f{,",,11i .- o 100' 200' 400 Michael Design Associates Comrnlllli~'. Park & Grccnwa)' Planning Wlnl('rPlIrl.;,l-'urldl t~IDbUlh(1II'lIl..1 '.hunt:.tQ7MS..B71......:.fD76..5-.n60 CENTRAL WINDS PARK, EXPANSION AREA CITY OF WINTER SPRINGS, PARKS & RECREATION DEPARTMENT Attachment "B" I I I I I I I I I I I I I I I I ~ ~ LandAmerica - National Commercial Services LandAmerica Commercial Appraisal Co~poration 600 Courtland Street. Suite 260 Orlando, Florida 32804 Phone 407-628-1164 Fax 407-644.1951 January 28, 2003 Mr. Patrick Wincey 1600 Anchor Court Orlando, Florida 32804 Dear Mr. Wincey: Pursuant to your request, LandAmerica... through WilJiam P. Pardue, Jr., made an appraisal of the approximate 8.975 acres of land fronting Lake Jessup and State Road 434, commonly known as 900 East State Road 434, Winter Springs, Florida 32708. The purpose of this appraisal was to estimate the current market value of the fee simple interest in the property. The function of the appraisal is to assist you in your dealing with the City of Winter Springs, who has expressed a wish to purchase the property. This estimate is clearly explained in the appraisal report and is the same as thar- which I wou ld have estimated and reported had the client been the City of Wimer Springs. As a result of my investigation and by virtue of my experience, 1 have formed the opinion that, effective January 27,2003, the market value of the fee simple interest in the property is: One Million Five Hundred Seventy Five Thousand Do))ars ($1,575,000). This letter precedes a narrative appraisal report in summary format, further describing and identifying the property and setting out the reasons and reasoning leading to my value estimate. Respectfully submitted, LandAmerica Commercial Appraisal Corporation ~ /~~I William P. Pardue, Jr.. MAI,A, CCIM State-Certified General AppraIser RZ262 WPPJr:cJs 00140 I I I I I I I I I I I I LandAmerica Commercial Appraisal Corporation File No. 00140 APPRAISAL REPORT Executive Summary The property which is the subject of this appraisal is a tract of cleared land currently utilized as improved pasture but with an older mobile home and a gazebo near the lake, also a dock. (These improvements add no value to the property.) The commonly known address of the property is 900 East State Road 434, Winter Springs, Florida. A full legal description of the property appraised is included in the text of the report. The City of Winter Springs has approached the Wincey family and expressed an interest in buying the property for further expansion of the city park immediately adjacent to the east. See photo of map for park expansion, next page. The appraisal was requested by and made for Patrick Wincey of the Wincey Family. Its purpose was to estimate the current market value of the fee simple interest in the property. Its function was to assist the Wincey Family in the dealings with the City of Winter Springs, which wishes to buy the property. The property consists of a total 8.975 acres, including O. 174 acre in the unimproved right-of- way of Orange A venue, which could be vacated upon request. The parcel thus considered has some 251.42 feet frontage along State Road 434 and an average depth of 1554.97 feet. The property has an extremely prominent location and is the only privately owned parcel wiLh such a high loeational advantage and also with clear lake frontage. Most properties are separated from the lake by a line of wetlands and cypress trees. The very clear highest and best use of the property is to be annexed into the city of Winter Springs and rezoned and then developed for multifamily apartments use. The property is valued as if rezoned because: except for the City of Winter Springs' wish to purchase it, there is absolutely no reason why it could not or should not be rezoned for apartment use. The estimated value of the property is based upon direct comparison with sales of other upscale apartment sites in Metropolitan Orlando. Identification of Property Appraised: The property is legally described as the East '12 of Lot 3, Block C, and the East V2 of Lot 3, Block 0, of Mitchell's Survey of Levy Grant on Lake Jessup, according to Plat thereof as recorded in Plat Book I, Page 5 of the Public Records of Seminole County, Florida. Also: The right-of-way of Orange A venue (to be abandoned) between and connecting the two parcels. The site so described contains 8.975 acres of upland. f I I . The above shows the proposed use of the northerly part of the subject property ( left of vertical dashed line) . the city Irrigation water facility, park maintenance office, etc. The appraiser contends those uses would be more inharmonious to the adjacent subdivision than would be an apartment complex., the estimated Highest and Best Use of the Subject ( after annexation and rezoning) which should have been reasonably expected if the City did not propose to take the property for part of the Town Center. 2 I I I I I I I I I I LandAmerica Commercial Appraisal Corporation File No. 00140 Site Data: The subject site has some 251.42 feet frontage on the north side of the CSX Railroad right-way (no longer used) and, beyond that, frontage on State Road 434, with an already existing curb cut providing access at its southwest corner. The average depth of the property is some 1,554.972 feet. The width of the old railroad right-of-way is 40 feet. If this was assembled with the subject, it would add another .23 acre to the size of the subject tract; but since this has not been accomplished and the cost of the assemblage is unknown, this possibility is not considered to add value to the property. On the other hand, the right to cross the railroad right-way to gain access to the property is "given", since the right-of-way is not even In use. According to the Survey, Drawing No. 47921001; prepared by Southeastern Surveying and Mapping Corporation, the lot dimensions discussed above, begin at the 2.8 foot contour line, where the property is said to be "ambulatory". The property has an extremely prominent location and is the only privately owned parcel with such a high loeational advantage and also with clear lake frontage. Most properties are separated from the lake by a line of wetlands and cypress trees. The property rises to an eight foot elevation just 150 feet from the lake, thence continues an overall rise of some 23 feet from the lake toward State Road 434. Its drainage appears to be excellent, A surveyors note indicates the property is in Flood Zone "X" determined to be outside the 500 year flood plain. Miscellaneous improvements of the property include fencing, a dock and an older mobile home and a gazebo near the lake. These improvements add no significant value to the property. Estimate of Highest and Best Use: The immediate neighborhood of the subject consists, mostly, of a stiJ) developing residential subdivision to the west (just beyond a narrow strip of individually owned small parcels) and a slightly older residential subdivision on the north side of State Road 434, westerly of the subject. The land easterly of the subject is owned by the City of Winter Springs and, immediately east of the subject, is still undeveloped but is considered part of Central Winds Park of Winter Springs. State Road 434 to the east begins to turn southerly away from Lake Jessup beginning at the subject then traverses an area of largely undeveloped lands until it reaches the area of Winter Springs City Hall and a small convenience shopping center under construction and nearing completion. The next page of this appraisal report contains photographs of Winter Springs Future Land Use Map and Winter Springs Zoning Map. While the subject is still in Seminole County, Zoned A-I (Agricultural), this zoning stilI prevails only because a request for change has not been made. But to obtain utilities for development of an apartment structure on the subject, it would be appropriate to annex to the City of Winter Springs. 3 I I I',." ,",.-"'#0"'.' f~t::~ L....~::).. ,f::~:::;:, ,. -: . ..~ CITY :OF W1rn:r:R,'~IN~ FUTliRE LAND "(jsif,,"p ~.2010' '.', -' 'AUgu,si~'QOJ.!...: I' ~-- .~- ~AA'"I. It.'f<.'" , .. JI :..,.l. .. .1 \ I ~ ;;)~~ . '. "':~~~i;.Of;;.wm~l,tr~~tiJ~~;.~1;:~..;~;J).-:~?;~;~:;,::,:.~,t;,-~~'.~;::::l:"{"~ ;i',~~"{~'!~~~>~" 'J. ;~:~>"'~jl. ,:-~--~~,~~".tt~y,;;~.,.;.~,-~~., '~'i~. :Jt' II "(,]D .... .' .",' ':';'i'",,", . . ~;~,~:. ":~~>':~\~:~f~i;:, ',,,- # .'~ .:ut\~~,_ ..- --' '. ::.~;.~.t::."-' ;:'.{::;~LF > ",' . j-.l~.~. _',' _,', _,' J'" . .'~'" ',,' ;....-. " ,.~. ";:. " ~"..+tJ ..;~ :' =.....- '..ji'i~'.~- Aw... -" # ~.. '~ ;j..:-- ...... . . 1lPJ!i'" ""l.l!~..'.' ,. --------------- '-y '........;~:......-.\~.. . '""....;#~.:. ..t~"r . I.~A' ,'t ,.:. . ,I ,'.; . 1..-;: ..; ..:. . 1', ~:t .~ ,"~ .': __,..- t .. .,' -: f:\~ {fL', lEI \ I -\1' 1':"i ';; .... . ~. .,. 4 LandAmerica Commercia] Appraisal Corporation File No. 00140 The Future Land Use Map and the Zoning Map of Winter Springs show that the property immediately east of the subject is and will continue to be zoned and in use as a Town Center: that the developing subdivision easterly of the subject is zoned as a Planned Unit Deve]opment but has a portion of C-2 (Commercial) development beginning at the highway and extending down to the old right-of-way of Orange avenue, a distance of some 989 feet. The property directly across State Road 434 from the subject is zoned C-l Commercia] and C-2 Commercial-Industrial. Thus, the rezoning of the property for multifamily (apartments) would be entirely consistent with the city's land use plan and would not be inharmonious to any adjacent use. The property is somewhat narrow relative to its length, as compared to a typical apartment development; but with proper planning, an upscale apartment could and should be the use for the subject were it not for the fact that the City of Winter Springs now seeks to acquire the property for expansion of the public park. Discussion of Value There are a limited number of truly upscale apartment sites in any given market; Metropolitan Orlando is no different. These sites must have an excellent location and unique site characteristics that raise them above the competition. The subject meets these criteria with its cleared ]akefront (most ]akefront sites on Lake Jessup are separated from the lake by trees and wetlands which cannot be removed). The subject has an extremely good location protected on the east side by the public park and on the west side by a now reaching completion subdivision of good single-family residences. The extreme length of the site actually works in its favor, in that, even if lands fronting State Road. 434 become commercial or industrial, as planned, the subject would have only a few apartment buildings even exposed to those uses. Taking a look around Metropolitan Orlando, we find Sale 1 in Celebration, bought to develop apartments at $179,474 per acre, in September 2001. (ORB 1937, Pg. 2511) (Osceo]a) Sale 2, in Kyngs Heath was a 9.9 acre gross and 6.5 acre net tract which sold at $738,462 per acre. The intended use is unknown but the property would be excellent for apartments and more likely sold for time-share, a use which would not reasonably be available to the subject. (ORB 6129, Pg. 0059) (Orange) Sale 3 is near Is]esworth, one of Orange County's most exclusive subdivisions, The 24.3 .net acres sold in May 2000 at a price of $226,337 per acre. The intended use was to develop eight custom ]akefront lots (sing]e-family). This illustrates the very high value of ]akefront even for single-family use in an excellent location. This sale is superior to the subject. (ORB 5998, Pg. 4156) (Orange) 5 I < I I I I I I I I I I I I I I I I I I LandAmerica Commercial Appraisal Corporation File No. 00140 Sale 4 is at 2800 South Kirkman Road and consisted of 31 acres, which sold in June 2001 at $207,180 per acre. This was to build a 150 unit apartment complex at an overall density of approximately 4.8 units per acre, which is indicative of exclusivity which they plan to bring to the project. (ORB 6279, Pg. 3597) (Orange) Summarizing, three of the four sales reflected $179,474 per acre, $226,337 per acre, and $207,180 per acre. The other sale, with timeshare potential brought $738,462 per acre. All things considered, the estimated market value of the subject, with its foregone potential as a fine apartment site was $175,000 per are, or ($175,000 x 8.975 acres = $1,570,625.), say, $1,575,000, effective January 27, 2003. 6 I I I I I I I I I I I I - I - I . . - ~ ...... LandAmerica Commercial Appraisal Corporation File No. 00140 CERIIFICA IE OF APPRAISAL I certify that, to the best of my knowledge and belief: the statements of fact contained in this report are true and correct. the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial and unbiased professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. my engagement in this assignment was not contingent upon developing or reporting predetermined results. my compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. the appraiser's only compensQtion for this appraisal is the appraisal fee. There were no promises, or inferences of any future appraiser-client relationship by reason of the opinions set forth in the appraisal report. I am competent to make this appraisal by reason of training, continuing ctlucation and experience. my analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. I have made a personal inspection of the property that is the subject of this report. no one provided significant real property appraisal assistance to the signer of this certification. I am certified as being in conformance with continuing education requirement of the Appraisal Institute. Dated , /2 If / P 3 Signed: LandAmerica Commercial Appraisal Corp. , By: Y22 ~ ~7 William P. Pardue, Jr., MAl, SRA, CCIM State-Certified General Appraiser RZ262 7 I .- I I I I I I I I I I I I I I I I I I LandAmerica Commercial Appraisal Corporation File No. 00140 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 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. 8 I I I I I 11. I I I I I I I I I I I . - - - - LandAmerica Commercial Appraisal Corporation File No. 00140 GENERAL ASSUMPTIONS (Cont'd) 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. 9 I I I I I I I I I I I I I I I I I I I LandAmerica Commercial Appraisal Corporation File No. 00140 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. 10 I I I I I I I I I I I I I I I I I LandAmerica Commercial Appraisal Corporation File No. 00140 QUALIFICATIONS OF WILLIAM P. PARDUE, JR. (Updated 12/2002) EMPLOYMENT Primary LandAmerica Commercial Appraisal Corporation Lead Appraiser - Central Florida Office American Pioneer Building 600 Courtland Street, Suite 260 Orlando, Florida 32804 Telephone: 407.628.1164 Fax: 407.644.1951 E-mail: wpardue@landam.com Secondary Winter Park Properties, Inc. William P. Pardue, Jr., Realtor Licensed Real Estate Broker P.O. Box 1616 Winter Park, Florida 32790 Telephone: 407.629.8849 Fax: 407.629.7014 E-mail: wpp@cfLrr.com LandAmerica Commercial Appraisal Corporation (formerly PRIMIS, Inc.) is a division of a nationwide, full-service real estate appraisal and property information firm serving national, regional, and major local preferred customers for their appraisal and related needs. LandAmerica Commercial Appraisal Corporation makes commercial real estate appraisals through a network of regional offices. In 1998, PRIMIS, Inc., formerly Premier Appraisals, purchased the assets of Pardue, Heid, Church, Smith & Waller, Inc., a firm then 41 years old with offices in Central and Southeast Florida, and greatly improved that finn by bringing in new technology, equipment and resources. Later, Primis was bought by the parent LandAmerica Corporation and was established as a LandAmerica division for commercial appraisals. PRIMARY WORK ACTIVITY Commercial real property Appraiser and Review Appraiser; Senior and Lead Appraiser at LandAmerica Commercial Appraisal Corporation; and Real Property Consultant. Personal specialization: litigation and other complex valuation problems, special purpose properties, emerging valuation concepts, and business valuations. SECONDARY WORK ACTIVITY Florida Licensed Real Estate Broker and Realtor in a small and specialized real estate brokerage assisted by (wife) E. Rosibel Pardue, Florida Licensed Real Estate Salesperson, who has a full time general real estate practice. The real estate business is never allowed to conflict, in terms of time and interests, with the primary and lifetime occupalion as a Real Estate Appraiser. The Brokerage is very complementary to the appraisal practice by allowing a closer view of current markets and trends. CERTIFICATIONS AND LICENSES Florida State-Certified General Real Estate Appraiser ??oo262 Currently Certified as having rnetcontinuing education requirements of the Appraisal Institute Florida Licensed Real Estate Broker (since 1952) License No. BK 3007426 and BK 3010686 II LandAmerica Commercial Appraisal Corporation File No. 00140 QUALIFICATIONS OF WILLIAM P. PARDUE, JR. (Cont'd) PROFESSIONAL DESIGNATIONS AND MEMBERSHIPS MAl, Appraisal Institute, Certificate 3647 earned 1964 SREA and SRA, Appraisal Institute (formerly Society of Residential Appraisers, now merged with Appraisal Institute) CCIM, CCIM Institute (Formerly C.I.R.E. I., a Commercial Brokerage designation) Certificate 6479 earned 1996 PROFESSIONAL MEMBERSHIPS Orlando Regional Realtor Association Florida Association of Realtors National Association of Realtors The Appraisal Institute CCIM Institute Central Florida Commercial Real Estate Society Florida CCIM Chapter AREAS OF EXPERTISE Appraisal of all types of real property, both residential and commercial - 48 years experience. Condemnation or other litigation appraisals to thoroughly eSlablish and document a valuation which may lead to a settlement or for possible testimony. Real property negotiations and conflict resolution Appraisal review, all levels - desk to field Complex appraisal issues and emerging valuation concepts Appraisal of complicated or problem properties requiring extraordinary methods, approaches, or solutions Zoning and highest and best use issues Casualty losses to real property from sources including airplane crashes, automobile crashes, fires, floods, explosions. sinkholes and soils settlement, shockwaves, wind, water damage and mold. Proximity damages, severance damages, effects of noise and other external influences on value Valuation of immediate and long-term effects. of hazardous construction materials. ground water contamination, and other subsurface and environmental contaminants. Business valuation (small business> $lmm) 12 I I I I I I I I I I I I I I I I I I I LandAmerica Commercial Appraisal Corporation File No. 00140 QUALIFICATIONS OF WILLIAM P. PARDUE, JR. (Cont'd) AREAS OF EXPERTISE (Cont'd) Adverse effects on value resulting from reputation or history, including pasl uses or misuses and notorious crimes Ad-valorem tax issues Valuation of and consultation about value of small businesses. Expert witness and consultant to attorneys in real property value issues and concepts, also assisting attorneys in preparation for direct or cross-examination in real estate litigation. PUBLICATIONS "Checklist for Confirming Sales", The Appraisal Journal, April 1986. "Professional Appraisal Liability and Responsibility", The Appraisal Journal, January 1987. "Writing Effective Appraisal Reports", The Appraisal Journal, January 1990. EXPERIENCE Licensed Real Estate Broker in Florida since 1952 Full-Time Professional Real Estate Appraiser since 1957 Expert Witness on Real Estate Valuation and relale<.l issues since 195H Real Estate Consul.tant and Counselor since 1965 Special Master Hearing Tax Assessment Appeals since about 1970 Real Estate Litigation Consultant since about 1975 Business Appraiser and Consultant since 1995 Appraised diverse types of real estate from single-family residences to agricultural properties, to unimproved lands, to multifamily properties, to highly complex commercial and industrial and many kinds of special use, or limited market properties such as schools, hospitals, churches, cemeteries. post offices, community centers, mineral rights and easements for various purposes; Bought and sold Central Florida real estate and businesses for personal and business account since 1955; Managed residential and commercial properties; Limited but continuing activity since 1952 as a Real Estate Broker; 13 I I I I I I I I I I I I I I I I I I 'I LandAmerica Commercial Appraisal Corporation File No. 00140 QUALIFICATIONS OF WILLIAM P. PARDUE, JR. (Cont'd) EXPERIENCE (Cont'd) Some experience in appraisal of European and Caribbean real estate; Conducted market studies for feasibility analysis, highest and best use, marketing strategy, project optimization, market identification, new use concepts and other real estate related purposes; Testified in court as an expert. witness hundreds and perhaps nearly 1,000 times since 1958, mostly in various State of Florida Judicial Circuits and in various Federal Courts in Florida. The matters of lestimony ranged from value in eminent domain, to zoning issues, estate values, property values in domestic matters, real eslate value and related issues in environmental and contamination cases, real estate casualty losses, frauds and torts, and evaluation of quality of management. EDUCA TION Attended Tulane University and University of the South for a 10lal of 3.5:t years of college credits, but no degree : (disenchanted pre-med. student). Completed many Appraisal Institute sponsored Appraisal Courses, both required and elective, and many other special courses and seminars on the subjects of appraising, market analysis, specific property types, and specialized appraisal procedures. Recent subjects include Appraisal Regulations of the Federal Banking Agencies, Highest and Best Use and Market Analysis, Techniques of Direct Sales Comparison, Capitalization Theory and Technique, Litigation Valuation, Real Estate Risk Analysis, Valuation of Historic Business Valuations, Money Market, Reviewing Appraisals, Motel Valuation, Standards of Professional Appraisal Practice, CCIM Institute courses 101, 201, 301, 401, and Florida Circuit Civil Mediation. Participated as an instructor and speaker in many seminars and educational programs on real estate and appraisal subjects sponsored by various professional organizations throughout Florida. REPRESENTATIVE LIST OF RECENT CLIENTS The South Florida Water Management District The Brevard County Board of County Commissioners The City of Orlando The City of Altamonte Springs Greater Orlando Association of Realtors (now Orlando Regional Realtor Association) Florida Power Corporation Exxon Corporation First Union National Bank Huntington Banks The Bank of Winter Park Colonial Bank 14 I I I I I I I I I I I, I I I I I I I I LandAmerica Commercial Appraisal Corporation File No. 00140 QUALIFICATIONS OF WILLIAM P. PARDUE, JR. (Cont'd) REPRESENTATIVE LIST OF RECENT CLIENTS (Cont'd) Chase Manhattan Bank SunTrust Bank, N.A. Walt Disney World Company Disney Development Company HSBC Bank Florida Inland Navigation District Individual Investors REFERENCES (frequent attorney clients) . Kurt Ardaman - (407) 425-2786 Fishback, Dominick, Bennett, Stepter & Ardaman, P.A. 170 E. Washington Street Orlando, Florida 32801 Michael Minot, Attorney - (407) 639-1300 P.O. Box 560412 RockIedge, Florida 32956-0412 James F. Page, Jf. - (407) 843-8880 Gray, Harris & Robinson, P.A. P.O. Box 3068 201 E. Pine Street Orlando, Florida 32802-3068 Howard S. Marks - (407) 647-4455 Graham, Clark, Jones, Builder,' Pratt & Marks 369 North New York Avenue Winter Park, Florida 32789 Frank M. Mock, Esquire (407) 649-4000 Baker & Hostetler, P.A. 2300 Sun Bank Center P.O. Box 112 Orlando, Florida 32801 Dennis Wells, Attorney - (904) 734-9888 P.O. Box. 95241 Lake Mary, Florida 32795 Jim Spoonhour - (407) 843-4600 Lowndes, Drosdick, Doster, Kantor & Reed, P.A. 215 N. Eola Drive Orlando, Florida 32801 Douglas T. Noah - (407) 422-4310 Dean, Ringers, Morgan and Lawton, P .A. Eola Park Centre, Suite 1020 200 East Robinson Street Orlando, Florida 32801 15 I I LandAmerica Commercial Appraisal Corporation File No. 00140 I I QUALIFICATIONS OF WILLIAM P. PARDUE, JR. (Cont'd) I DEPOSITIONS/TESTIMONY (9/95 to 11/01) I 9/95 10/95 11195 3/96 3/96 3/96 3/96 4/96 5196 11196 3/97 3/97 5/97 9/97 1/98 4/98 6/98 9/98 9/98 3/99 4/99 8/99 10/99 I I I I I I I I I I 1/00 10/00 10101 10/0 I 5/02 7/02 7/02 I I I Orange County v. Kathryn Brown - Southern Connector - R/W Taking with loss of access SR-44 - Volusia - Land taken for waste transfer facility - changed use of remainder Order of Taking - Old Winter Garden Road - Orange County v. Hunter - Condemnation Further Orders ~f Takings in Old Winter Garden Road - Valuations for Condemnor Cascells Property - State Road 436 - R/W Taking from potential shopping center site Fountain Property - Malabar Road, Brevard County - RIW Taking and changed road plan New Smyrna Beach R/W Takings - Several parcels with major severance damages Paquette v. City of Minneola - Land use and road dispute Huskey Case - Seminole - R/W Taking Chi-Chi's Restaurant - Tort: Damages to building by former tenant Pinter v. Brevard County - Property damages from breach of contract involving road R/W Wekiva Marina - Minority stockholder dispute D.O.T. v. Islington - Damages from loss of access involving rail crossing Arnold v. Arnold - Martial property dispute LaBuona Vida Mobile Home Park - Reasonable rent case Rahal v. Gregory - Dispute over construction quality and cffect on value (Approx.) NAACP v. Leesburg - Alleged property value losses from discriminatory actions Paulucci v. StIomberh Carlson - Seminole - Groundwater contamination by tenant FDOT v. Jacob Aaron, et al - Brevard - R/W Taking from complex tract Watts Air Conditioning v. Eboni, et al - Contractor case involving contributory value Same Walts Case - Contributory value of air conditioning Maurer v. Haines City Mobile Home Park - Alleged mismanagement of property Re: West Orange Memorial Hospital - Damages for refusal to accept bid to purchase per R.F.P. D.O.T. v. Islington - Second disposition c.k.a. Lake Betty Case Fisher v. Russell (Causeway Mobile Home Park) Good Times Funwear v. Cruisin of Daytona Shores Arvida v. Volusia County Property Appraiser (Special Master's hearing) Deposition - Fairways Mobile Home Park - Attorney: Jim Page Deposition - Group 2800 vs. N. Slander of title case - Attorney: Howard Marks Court Testimony in Group 2800 case 16 t I I I I I I I I I I I I I I I I I I , . LandAmerica Commercial Appraisal Corporation File No. 00140 QUALIFICATIONS OF WILLIAM P. PARDUE, JR. (Cont'd) COURSES (LAST TWO YEARS) Appraising High Value and Historic Homes How to Appraise a Business 1031 Exchanges / An Investors Dream Real Estate Disclosure Advanced Studies in Investment Analysis South Florida Water Management District Appraisal Conference Data Confirmation and Verification Techniques Valuation of Detrimental Conditions Stigmatized Property and Buyer Agency Real Estate Fraud Florida Core Law Standards of Professional Practice, Part "C" May 12, 2000 Sept. 18-20, 2000 Feb. 9, 2001 Mar. 9, 2001 Mar. 28,2001 May 17-18/2001 Sept. 14, 2001 Nov. 16, 2001 Feb. 6, 2002 Feb. 8,2002 Nov. 21,2002 November 22-23, 2002 17 7 Course Hours 23 Course Hours 3 Course Hours 7 Course Hours 6 Course Hours 12 Course Hours 7 Course Hours 7 Course Hours 3 Course Hours 7 Course Hours 3 Course Hours 15 Course Hour Attachment "c" CRM NO: 02-357 CITY OF WINTER SPRINGS CERTIFICATE OF VALUE WINCEY LAND IN WINTER SPRINGS I certify to the best of my knowledge and belief. that: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses. opinions. and conclusion are limited only by the reported assumptions and limiting conditions and are my personal. impartial. unbiased. professional analyses, opinions. and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report. and I have no personal interest or bias with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the .parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. 5. My compensation 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. the attainment of a stipulated result. or the occurrence of a subsequent event directly related to the intended use of this appraisal. 6. My analyses. opinions. or conclusions were developed and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice. and the provisions of Chapter 475. Part II, Florida Statutes and the Uniform Appraisal Standards for Federal Land Acquisitions. 7. I have made a personal inspection of the property that is the subject of this report and I have afforded the property owner the opportunity to accompany me at the time of the inspection. I have also made a personal field inspection of the comparable sales relied upon in making this appraisal. The subject and the comparable sales relied upon in making this appraisal were as represented by the photographs contained in this appraisal. 8. No persons other than those named herein provided significant professional assistance to the person signing this report. 9. I understand that the City of Winter Springs may use this appraisal in purchase negotiations with Charles and Laura Wincey. 10. This appraisal has been made in conformity with the appropriate State laws. regulations, policies. and procedures. and. to the best of my knowledge, no portion of the property value entered on this certificate consists of items which are noncompensable under the established law of the State of Florida. 11. I have not revealed the findings or results of this appraisal to anyone other than the proper officials of the City of Winter Springs or their representatives, and I will not do so until so authorized by City officials, or until I am required by due process of law, or until I am released from this obligation by having publicly testified as to such findings. 12. Regardless of any stated limiting condition or assumption. I acknowledge that this appraisal report and all maps. data. summaries. charts, and other exhibits collected or prepared under this agreement shall become the property of the City of Winter Springs without restriction or limitation on their use. 13. Statements supplemental to this certification. as required by membership or candidacy in a professional appraisal organization. are described on an addendum to this certificate and. by reference. are made a part hereof. Based upon my independent appraisal and the exercise of my professional judgment. my opinion of the market value for the appraised property as of November 18, 2002. is: $750.000. Market value should be allocated as follows: LAND IMPROVEMENTS TOTAL $750.000 o $750.000 LAND AREA PROPERTY TYPE 8.334 acres. more or less CODE *(1234) RVAW: PROPERTY TYPE CODES: 1. R.Rural U-Urban 2. I-Improved V.Vacant 3, H-(Home) Residence B-(Business) Commercial F-(Factory) Industrial A-Agricultural S-Special Purpose (21l.~ 4. W-Whole Acquisition P.Partial Acquisition DATE: December 03.2002 PAUL M. ROPER, MAl, SRA STATE-CERTIFIED GENERAL APPRAISER LICENSE NUMBER: RZ 0000141 CRM File No. 02-357 ADDENDUM TO CERTIFICATE OF VALUE SUMMARY COMPLETE APPRAISAL APPRAISER: Paul M. Roper, MAl, SRA State-Certified General Appraiser License Number: RZ 0000141 COUNTY: Seminole PARCEL: Wincey Land in Winter Springs Mr. Don Watson, State-Certified General Appraiser, License Number RZ 0001976 provided professional assistance in the functions of data research, analysis, report writing, preparation of exhibits, special expertise and preparation of this Summary Complete Appraisal Report. The Appraisal Institute maintains a voluntary continuing education program for its members. As of the date of this report, the undersigned MAl, SRA has completed the requirements of the continuing education program of the Appraisal Institute. We do not authorize the out of context quoting from or partial reprinting of this appraisal report. Further, neither all nor any part of this appraisal shall be disseminated to the general public by the use of media for public communication without the prior written consent of the appraisers signing this appraisal report. SIGNED: (2P,~ PAUL M. ROPER, MAl, SRA STATE-CERTIFIED GENERAL APPRAISER LICENSE NUMBER: RZ 0000141 December 03. 2002 ClAYTON, ROPER & MARsHALL TABLE OF CONTENTS Page CERTIFICATE OF VALUE........................ ........ ..... ...... .................................................. ..... ..... ............ i ADDENDUM TO CERTIFICATE OF VALUE..... ..... ..... ..... ................... ................ ......... ........ ................ ii LETTER OF TRANSMITTAL... ............ ~ .................. ...... ....... ............. ................ ..... ...... ............. ........... 1 EXECUTIVE SUMMARy............................. ................ .... ...... ........... .......... ...... .......... ..... ...... .............. 2 GENERAL ASSUMPTIONS .......................... ......... .......... ..... ................ ................. ..... ............. ........... 5 GENERAL LIM ITI NG CONDITIONS.................................. .................................................................. 6 PURPOSE OF THE APPRAiSAL..... .................. .... ..... ......... ..... ......... ..... ..... ............... ..... .............. ..... 7 FUNCTION OF THE APPRAiSAL....................................................................................................... 7 SCOPE OF THE APPRAiSAL............................................................................................................. 7 COMPETENCY OF APPRAiSERS...................................................................................................... 7 AREA MAP.......................................................................................................................................... 8 NEIGHBORHOOD AREA MAP..................... ..... ..... ......... ........ ...... ............... ........ .... ...... ............... ..... 9 AREA AND NEIGHBORHOOD DESCRiPTION................................................................................ 10 SUBJECT PROPERTY PHOTOGRAPHS....................... .................................................................. 14 DESCRIPTION OF SUBJECT PROPERTy..................... ................................................................. 18 PROPERTY SKETCH .... .... .... ..... .... ..... ...... .... .... .... ...... ........ ......... ...... ....... ..... ....... ................... ........ 20 HIGHEST AND BEST USE .................. ..... ......... ........ ..... ......... ........ ......... ........ ..... ..... ...................... 21 APPROACHES TO VALUE.....................................:..........................................:.............................. 23 SALES COMPARISON ,APPROACH............... ............................................................................ 25 . LAND SALES LOCATION MAP .............................................................................................. 29 LAND SALES LOCATION GRID............................................................................................. 30 ADDENDUM ~ DEFINITIONS ~ SEVERABLE APPURTENANCES (EASILY REMOVABLE REALTY ITEMS) ~ LAND SALE COMPARABLE DATA SHEETS ~ QUALIFICATIONS OF APPRAISERS ~ FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION APPRAISAL CHECKLIST CLAYTON, ROPER&.MARsHALL Florida: Clayton, Roper & Marshall, Inc., a Florida Corporation CRAIG H. CLAyroN, ?>W St.~te-Certified General Appraiser RZ 0000118 PAUL M. ROPER, ?>W, SRA State-Certified General Appraiser RZ 0000141 W'W"W .crn1re.com Real Estate Appraisers · Consultants STEVEN 1. MARSHALL, ?>W, SRA State. Certified General Appraiser RZ 0000155 December 03, 2002 Georgia: Clayton, Roper & Marshall, LP., a Georgia Limited Partners/,ip Mr. Chuck Pula Winter Springs Parks and Recreation Director City of Winter Springs 1126 E. SR 434 Winter Springs, FL 32708 PHIUP E. PAULK, ?>W, SRA State-Certified General Real Property Appraiser 1521 RE: 8.334-acre Wincey Land in Winter Springs, Seminole County, Florida Dear Mr. Pula: As requested, we have conducted the necessary analyses and incidental inspections of the above referenced property. The subject property is more specifically described within the text of the accompanying appraisal report. The effective date of this appraisal is November 18, 2002. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives and to the requirements of the State of Florida relating to review by its Real Estate Appraisal Board. This is a certified appraisal as defined in the provisions of Part II, Chapter 475.501, Florida Statutes. To the best of the appraiser's ability, the analysis, opinions, and conclusions were developed and the report was prepared in accordance with the standards and reporting requirements of the Department of Environmental Protection. Respectfully submitted, CLAYTON, ROPER & MARSHALL pJ.~ Paul M. Roper, MAl, SRA State-Certified General Appraiser License Number: RZ 0000141 PRM/DPW Ilsa 02-357 ORLANDO · ATLANTA 246 North Westmonte Drive, Altamonte Springs, Florida 32714 ph: (407) 772-2200/ Fax: (407) 772-1340 1225 Johnson Ferry Road, Building 300, Marietta, Georgia 30068 ph: (770) 579.1995/ Fax: (770) 579-1977 II\\' '1.. ) EXECUTIVE SUMMARY PROJECT IDENTIFICATION Wincey Land in Winter Springs, Seminole County, Florida PARCEL IDENTIFICATION 2030 26 5AR OCOO 0030 and 2030 26 5AR 0000 0030 LOCATION North side of S. R. 434, 1/3 mile west of the entrance to the Central Winds Park, Winter Springs, FL APPRAISER Paul M. Roper, MAl, SRA PROFESSIONAL ASSISTANCE Don Watson State-Certified General Appraiser License Number: RZ 0001976 DATES Date of Value: Date of Report: November 18, 2002 December 03, 2002 INTEREST APPRAISED Fee Simple PARCEL SIZE/ACREAGE 8.334 acres, more or less PROPERTY OWNERS NAMES & ADDRESSES Charles W. and Laura Wincey 1600 Anchor Court Orlando, FL 32804 407.295.0548 OWNERSHIP HISTORY There have been no arms length transfers of this property within the previous five years. INSPECTION DATES November 11 and 18, 2002, among others OWNER(S) PRESENT AT INSPECTION AND EXTENT OF INSPECTION None. We walked and drove over portions of the property. EFFECTIVE DATE OF THE APPRAISAL November 18, 2002 PARCEL ACCESS At the southwest corner of the property. ZONING/LAND USE A-1, Seminole County FUTURE LAND USE Suburban Estates (one dwelling unit per acre) CRM File No. 02-357 CLAYTON, ROPER & MARsHALL 2 ASSESSED VALUE: Total UTILITIES: Water: Sewer: Electricity: Telephone: Cable No public water immediately available No public sewer immediately available Florida Power & Light Co. Sprint Time Warner Communications FLOOD ZONE INFORMATION: According to the FEMA Map, Community Panel No. 12117C-013S-E, having an effective date of April 17 1995, most of the appraised property is not in a flood hazard zone. A narrow strip along the Lake Jessup shoreline is within the SOO-year flood zone and a small portion in the northwest corner is in the AE zone with a base flood elevation determined as 10 feet. MINERAL RIGHTS: Not Applicable EASEMENTS: No easements, encroachments, or restrictions that have any negative effect on the market value of the subject property are known to exist. TYPE OF PROPERTY HIGHEST AND 'BEST USE: pasture land with single-family residence (trailer) single-family residential development INTEREST APPRAISED Fee Simple TYPE OF APPRAISAL Summary Complete Appraisal Report OPINION OF VALUE: $750,000 UNITS OF VALUE: $90,000 per acre yielding an overall value indication of $750,000 as rounded. CRM File No. 02-357 eLATION, ROPER & MARsHALL 3 SALES DATA: LAND SALES COMPARISON ANALYSIS ~~~~f~~~~~i"CAfi"O~r#---.-------'---..-.'--- ___._.__~_~BJ~CT__ ______~~~~I:~~-- ----~;-~~i4~;~~-----.. ---~;;%~O~8~~--+---i;;~-~4~f8~-.-.---------~;:;~;.i~}~6;~-,-.---..... North side S.R. 434, 1/3 North side Orange North side Orange mi. west of entrance to south side lake Howell, Avenue,.4 mi. west of Avenue, .35 mi. west of Central Winds Park, .6 mile east of SR 436, Tuskawilla Road, Winter Tuskawilla Road, Winter Winter Springs, Winter Park Springs, Seminole Springs, Seminole Seminole County County County -----..-.----------.-.-.----.-- ---rr-.-.A:A.A::-sen--re-I---------. - --Town Center -Winter.-- ---------:---.----- ZONING A-l, Seminole County 1- c~un~;InO e A-l, Seminole County A-l, Seminole County Spring's A-l, Seminole County SALE DATE 11/18/2002 2/21/2000 7/19/2002 12/9/1998 6/19/2001 3/23/2000 SALE PRICE + N/A I $485,000 $189,000 $155,000 $1,162,800 $1,000,000 CONDitiONS-OF SALE _ typical -. ---~rcai"-- -.-iypical---- ---.- typical--- ---iypTcar---.. SIZE (ACRES) 8,334 5.50 2.24 3.10 18.00 15.86 S"irAPE-----.-..--.-.---. rectangular rectangular --- rectangular rectangular rectangular rectanguiar-- TOPOGRAPHY good good good good good good LAKE FR-ONTAGE lake Jessup lake Howell lake Jessup lake Jessup I none none PRIMARY ROAD FRONTAGE & ACCESS SR 434 lake Howell lane Orange Avenue Orange Avenue Tuskawilla Road Redbug Road electricity & telephone electnclty IS. telephone, electricity & telephone electricity & telephone water and sewer $88,182 $84,375 TIME & CONDITIONS OF SALE ADJUSTMENTS .~Ttl;M~E;A~DfJ[.~&~C~O:~N-~D:~.::s~EA:~lOE~dp.~R~I:C~EJ.~A~c3.1.:~~!~$=1;1~0~':2~2:7~=-$-84f'!3f7-=5:~~-~$=7~oi,;.0~0-0=~~-=1'."'"~_::~$-7~1~':0~6-0~=+:::=':~,:::_~: ~ "."-..- ,._.._....1.=........_--$!~~53.2~.~_~._._ OTHER ADJUSTMENTS lOCATION West side Tuskawilla Road, .3 mi. south of SR 434, Winter Springs north sde Redbug Road, west of Copperfield Terrace, Casselberry UTILITIES SALE PRICE/AC all available offsite all available offsite $50,000 $64,600 $63,072 tOCA fTON(IAKE-FRONT AGE) ZONING FRONTAGE & ACCESS UTILITIES TOTAC7iro1JSTMENiS A-DJUSTED UNit PRICE/AC $90,000 0% 0% 0% 0% 0% 0% -5% 0% -5% 0% $104,716 $84,375 INDICATION OF LAND VALUE /Acre x 8.334 $750,060 or, as rounded, $750,000 0% 0% 0% 0% 0% $70,000 25% 0% 0% -5% 20% $85,272 25% 0% 0% -5% 20% $87,Oj"g-- Acres CRM File No. 02-357 4 GENERAL ASSUMPTIONS 1. The legal description used in this report(s) 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. Any 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/properties 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 appraisal, a reasonable effort has been made to verify all such information; however, the appraiser assumes no responsibility for its accuracy. 5. All mortgages, liens, encumbrances, leases and servitudes have been disregarded unless so specified within the report(s). The property is appraised as though under responsible ownership and competent management. 6. It is assumed that there are no hidden or unapparent conditions of the property/properties, subsoil or structures that would render it more or less valuable. No responsibility is assumed for such conditions or for engineering that 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 the appraisal report(s). 8. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless nonconformity has been stated, defined and considered in the appraisal report(s). 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(s) is based. 10. 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 the report. CRM File No. 02-357 CLAYTON, ROPER & MARsHALL 5 GENERAL LIMITING CONDITIONS 1. Possession of the report(s), 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. 2. The distribution of the total valuation in this report(s) between land and improvements 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. 3. No environmental impact studies were either requested or made in conjunction with this appraisal(s), 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 or investigation. 4. 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 organi- zation of which the appraiser is a member be identified without written consent of the appraiser. 5. Unless otherwise stated in this report, the existence of hazardous material, which mayor may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on or in the property. The appraiser, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea- formaldehyde foam insulation, or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a'toss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. 6. Acceptance of and/or use of this appraisal report constitutes acceptance of the foregoing General Assumptions and General Limiting Conditions. CRM File No. 02-357 CLAYTON, ROPER & MARsHALL 6 PURPOSE OF THE APPRAISAL The purpose of this appraisal was to estimate the market value of the fee simple interest of the appraised property. The estimate of market value is made under market conditions prevailing as of the valuation date, November 18, 2002. FUNCTION OF THE APPRAISAL The function of this appraisal report is to assist the City of Winter Springs in a purchase decision on the subject property. SCOPE OF THE APPRAISAL In preparing this report, the appraisers have researched the greater Seminole County area, with particular emphasis on the subject's neighborhood area, for sales of similar properties (and associated market information) that, in the appraisers' opinion would be most indicative of the current market value of the subject property. The Sales Comparison Approach was employed in our analysis of the subject property as it is considered to be the applicable valuation method. The methodology and steps taken have been discussed in more detail within the body of this appraisal report. COMPETENCY OF APPRAISERS The appraisers' specific qualifications are included in the Addendum of 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 Standards Board of the Appraisal Foundation. The appraisers' knowledge and experience, combined with their professional qualifications, are commensurate with the complexity of this assignment. The appraisers have previously provided consultation and value estimates for similar properties throughout the State of Florida. LEGAL DESCRIPTION OF THE SUBJECT PROPERTY The east half of Lot 3, Block "C" and the east half of lot 3, Block "0" of Mitchell's Survey of the Levy Grant on Lake Jessup according to the plat thereof as recorded in Plat Book 1, Page 5 of the public records of Seminole County. FIVE-YEAR HISTORY OF TITLE There have been no arms length transfers of this property within the previous five years. CRM File No. 02-357 CLAYTON, ROPER & MARsHALL 7 AREA MAP . Clay Island Ferndale . CRM File No. 02-357 8 NEIGHBORHOOD AREA MAP --\. ~- 7~.:1 <) -- :s.~ ~,?! ~{~p";\"', -J> ;:~ ,I /9~, ' (" 1;;:1',,- '. ,. ~r-'-" <'i""~ 1---- ../ , (..." :;r---- J \,.,4.1:'~-i'/ ii. 'f7T~ ::-~.. I rh, '1 fr.. ,~,.', ! n \"(1 43 '"" fL' 'II/I'I...~I ',\1.-., "'or l'-t9t'_ I I' ./ / .l"-:.::r--:!"--.';: '. I t""".) \ 1"-' I ,( II ~Winter"Sp.fi~gs'l -----:::-D(li rl"\ ' 'Vrl t I. I \ .\ '~i lLt~~~~~~~~:"trs::=~,-:~.,,' )\ -1-- I I 1 -I IE>' v-,'.... I I -.,.., , \ [;~ I.' i;rf--Y--~ I \ \ \ I ~ . f"--; ~\ ,/1(')1 ~~3J--,--L.. -,II '. I j.?i-~.. ,~! I >)- I j.. ...J'T LJ " ~~' I ...~-i I ...:_';-1.",('." ~-' / f---' I 419 I .d:}>~ lr-- l P 1----1 n- S --- ( I .-l------'..,7.':~\--~1 J ,.;;--i7 -I , , A~~andoned railroad .".-r .t,..-, . \ 1 ---J 1 'j l '.F(--{ ,,).> . \..L. 1.1 -,.- ~:::::! ... '\k"1 -~ . ("f \..</J r t""'..' -..1, - I, \', . ....',-... " ;'H J).//-,.,_t~" '---'. . ,I - \'<r;, ".":>'<:-1' r"I--","",.1 - \ /~llj_j-:F"' // - \ - J"" ,) '-'---', -- / I f'-I <....-....l'~ .', "1 \,.- --I ~'lI , '. ". / ". : v ;.:A, '-- 'dJ' I ).. ".,:.<> -, " J \1 O,.{ ).,/ ;:" '<.<-:> ',..1 -1 __-l'r?'. !",...._.J. 1-_( --t- rt<.-->."-. -'. i. III \('k-r} L-......;-_./ \. - \\ l' /\ r....... \ I .,~ \; ~'/'-,.... ,.~-. -. .J J (. ,1 ~~'--. /... \ '''_,'' ,__ r- "_' '~....... ./ \._-___ .Seminole t'a~.RaCeway L_ ':. \,r ,. l ~t-"il- ;;-:--rfim-L-/...~ .--;i<t-,"'_:7J-./: \ '., '. . -, <, /", n.]-......~ (,-,.,_L--J,;~ j '(/'(\.>~., ~-.,~t 1-....,../ "t"""""./ -;/'--...-::"<.1./ /....:~ 1\, ' -. :IN#'1te'-D~4P''/l1' ....--. ,....,-~"-_JJ---/ >...>~..>' v' -::'-~::'-r:::' ,/~\ ) /-<" f:-:::...-.....{/,~ ~,"k k<eMm."4. ~''-rl- , \ ..J, (.. ~- / L' , "'\ '. < .J.. 'i L. ~ Q"'ClM'<' ".- -Gr l.2Je~r" rt:;:/ .\ . ---, . /' I ~ I ; ".--' ,-.,)"} ''('-- ~~~--~. ....~ ll_ ~ I . -.\ '1-1-./ ~-. '-7-.!..-. I. '-{I II .....{J / -..1-_..i'_>--~\:::-.,)1 /' /::::} \. I -45 ~y 1,,17-[ \- .S!! "-1-/ I HI" C:1.L-' r.-~ I' T'\"\ \ <. / ) ,/ .. r--. <:~ '" I I .. r- ---- ~ r(/ \ I I 'I. _...L .....1 i :::-,/po.l~J...' ~ I I ut!.~WeI~;w-~ '~-l'l I C~~i t.;/ / ,l~..J ~,~";::'-:__(I \,..,1 >...J(''''~'.{\'''./ / -T-\-t- <, t m-=~...L-J'"""",_~/~'C"". (~ \ .\:._~......./ r 11_.. .,,----:i . r FJ..-.:.-- ,---- .'., I. ~ ..... r .---,---.....----L...,..!..~-Tl ~ "\ tIl1EtJ!l.-'--',~ .'r-1:-.'..--"......., TI;o---_ '-. I ~ -/ ,.,( -- \ __.1 I I I ,@'.-..19d9'.DeL~...,.gt;;~ J!ilis..Mk)\, \\:7~ ~....~-- .i.,/,./ /~.{ ,.._-\ /1l "-..J \ ...........-.....- L_J / ., SheU lake Jessup e \ ndi\ .a \{ Willcll' an... I ~ ~'9!'Jdnes t.3 '\ J l \ ,I ...1 t' \",l - '~ ] i -- ,/ ,.' CRM File No. 02-357 9 AREA AND NEIGHBORHOOD DESCRIPTION Winter Springs is located roughly 13 miles to the northeast of Orlando on the southwest shore of Lake Jessup. Winter Springs (formerly known as North Orlando) has historically been a semi-rural community with a significant agricultural influence. Residential development initially concentrated on the western side adjacent to Casselberry with agricultural uses predominately further to the east. An unincorporated area of Seminole County lays to the south and the City of Oviedo borders it on the east. As the Orlando metropolitan area population increased, residential development in Winter Springs began to concentrate further to the east and on the south side of the city. Transportation linkages were the reason for this pattern of development and as the road infrastructure has changed over time, so have development trends in the area. Development east of Orlando extended south and north. The focus of development to the south is the Orlando International Airport. Development to the north was a consequence of a high tech corridor centered around the University of Central Florida and an adjacent research park with a multitude of nationally based technology companies. Winter Springs has had no defined city center due to its polarized development and the absence (until recently) of an adequate road network connecting the residential areas to each other. TRANSPORTATION The major highways defining Winter Springs form a grid structure around and through the corporation limits. Up to the last decade, the road infrastructure within the Winter Springs area had been secondary two lane highways ill suited for transporting large volumes of residential commuters to the employment center of the Greater Orlando Metropolitan Area. Consequently, residential and commercial development clustered around the existing traffic arteries. The original residential areas in western Winter Springs had convenient access to north-south running U.S. Highway 17-92. Red Bug Lake Road one mile south of Winter Springs affords convenient east and west commuter access to the employment centers of the Greater Orlando Metropolitan Area. Consequently, residential and commercial also began to cluster close to this newer urban arterial. The net result was a bifurcation of Winter Springs with a distinct east and west districts. A brief description of the majo~ roads follows. S.R. 434 (also S.R. 419 through Winter Springs) is a 4-lane divided east to west highway in the northern section of Winter Springs. Until the mid 1990's this road was a two-lane country road. It was recently expanded to four lanes and several of its more severe curves have been modified. This road has become a major conduit for traffic through Winter Springs since it connects to 1-4 and U.S. Highway 17-92 to the west and the Central Florida Greeneway to the east. Traffic counts on this road were 32,916 ADT for the section between Tuskawilla Road and S.R. 419 in 2002. CRM File No. 02-357 CLAYTON, ROPER & MARsHALL 10 Red Bug Lake Road is a major 4-lane, east to west divided arterial one mile south of Winter Springs. This highway is a focus of commercial development along most of its length and is the major east-to west arterial for the southern Winter Springs and Oviedo residential and commercial areas. Tuskawilla Road is a two-lane north to south highway commencing at its intersection with S.R. 434 near the center of Winter Springs and continuing south to Red Bug Lake Road and then on to Aloma Avenue further to the south. This road is used primarily as a residential thoroughfare connecting the residential areas of the eastern part of Winter Springs to the employment and business districts to the south. This road is currently being widened to four lanes. The Central Florida Greeneway (S.R. 417) has had a major impact on development in Winter Springs. This four-lane, controlled access, divided toll highway provides a high speed, high volume connection to the major employment centers of the Greater Orlando Metropolitan Area. Construction work currently underway in Sanford will extend this highway all the way to 1-4 and will provide a convenient easterly bypass around the traffic congestion associated with 1-4 between Sanford and Orlando. GOVERNMENT Although the subject property is not within the corporation limits of the City of Winter Springs, it is surrounded by the city. The government of the City of Winter Springs is therefore the most relevant governmental body for the subject property as well as surrounding land uses. Winter Springs' municipal government is modeled on a traditional city government with a mayor, city commissioners, planning and zoning board, and various other city departments. City operations are fund.ed from real estate taxes that in turn are administered by Seminole County. The City of Winter Springs provides sewer and water services to most areas within its corporation boundaries. The City takes an active role in development within the community by ensuring that the City's comprehensive land use plan is adhered to. One significant feature of the comprehensive plan is a detailed plan for development of a city center. As addressed previously, Winter Springs differs from most municipalities in that it has no defined city center. Its comprehensive land use plan addresses this issue in great detail and presents a well-thought out development concept that will eventually result in a defined city center near the intersection of S.R. 434 and Tuskawilla Road. A feature of this development plan is a realignment of the Cross Seminole Trail within the vicinity of the proposed Town Center. Significant development has already taken place in conformity with this city center 11 eLATION, ROPER & MARSHALL CRM File No. 02-357 concept. Winter Springs City Hall, the Winter Springs High School and the U.S. Post office have been constructed within this area and the city has had great influence on the commercial development on the property in the northwest corner of the intersection of S.R. 434 and Tuskawilla Road. POPULA liON Winter Springs has grown in area by annexation over the years to the point where it is the largest municipality in Seminole County. Largely due to Orlando's rapidly expanding economic base, Winter Springs' 1970 population of 1,160 has increased 25-fold to an estimated 29,220 in 1999. Population growth continues as illustrated by the following chart. These population increases are equivalent to an annual growth rate of 3% over the past decade. Winter Springs Population Growth 1990-1999 10,000 5,000 1990 1991 1992 1993 19.. . 1995 1996 1997 1998 1999 Population growth is mirrored by school enrollments. Elementary school enrollments in the Winter Springs area of Seminole county have increased 21% since 1995. Numerous new schools (elementary, middle, high, both public and private) have either been constructed or are in various stages of construction in this area. The following chart illustrating the trend in residential building permits over the past few years in Winter Springs is further evidence of population growth in this area. CRM File No. 02-357 eLATION, ROPER & MARsHALL 12 Winter Springs Single-Family Residential Building Permits II) ~ E 400 .,-,--,---.---- ... ~ 300, - (5 200 -- ... Ql 100- .0 E 0 _ :3 . Z PJCO ~ PJCO PJC>.> "q) "q) "q) "q) Year Surrounding land Uses The subject neighborhood is clearly an area in transition. Vacant and agricultural land uses are being displaced by residential and commercial construction. East of the subject property is the Central Winds Park. One-quarter mile east of the subject property is the recently constructed Winter Springs High School with its elaborate sports complex. West of the subject property are several single-family residences on large lots and beyond that is a large single-family residential development (Parkstone) by Centex. Vacant commercial land is southeast of the subject property sandwiched between the realigned S.R. 434 and the abandoned S.R. 434. The U.S. Post Office is located southeast of the subject property on the south side of S.R. 434. Numerous residential (single and multi family) and commercial developments are in various stages of completion along area highways as the available vacant lands are steadily being absorbed (the new Publix-anchored shopping center in the northwest quadrant of the intersection of Tuskawilla Road and SR 434 being the most recent example). Most vacant land parcels have for sale signs posted. CONCLUSION The expanding Greater Orlando Metropolitan Area economy has been fuel for residential development in Winter Springs. The recently upgraded road infrastructure in the Wi~ter Springs area is the key to tying this area to Orlando's employment centers and will greatly influence future development patterns. S.R. 434 in particular will be the focus for commercial development and its intersection with Tuskawilla Road will inevitably become the city's de facto business center as a consequence of natural development pressures focused by the city's comprehensive land use plan. CRM File No. 02-357 CLAYfON, ROPER & MARsHALL 13 SUBJECT PROPERTY PHOTOGRAPHS The subject property is outlined with the yellow dashed line. The green dotted line represents the approximate alignment of the former CSX railroad (now part of-the Cross Seminole Trail). The pink line represents the approximate alignment of unimproved Orange Avenue). The orange dashed line represents the abandoned SR 434 right of way. CLAYTON, ROPER & MARsHALL 14 CRM File No. 02-357 SUBJECT PROPERTY PHOTO KEY ,. .....".-............ ......... ........ . ..... ... ~ " .. .......~. .u.t> '0 ... .... ..... .......... ..... '--. ... .- 1. VIEW EAST ALONG FRONT OF SUBJECT PROPERTY. THE GREEN DASHED LINE REPRESENTS THE CROSS SEMINOLE TRAIL AND THE ORANGE DOTTED LINE IS THE ABANDONED FORMER SR 434. 2. VIEW WEST PAST THE FRONT OF THE SUBJECT PROPERTY. THE RED ARROW POINTS TO THE ENTRANCE TO THE SUBJECT PROPERTY FROM SR 434. ClAYTON, ROPER & MARsHALL 15 CRM File No. 02-357 . ,..,.'. ,- ,,\~:.:.L._~: ".. ,.. _: . ;'-.. ~ :'~;':f~:_1 ....:;;.,:.. '~.. ~;. 3. VIEW OF THE SUBJECT PROPERTY FROM SR 434. 4. VIEW OF THE ENTRANCE TO THE SUBJECT PROPERTY FROM SR 434. 5. VIEW OF THE SUBJECT PROPERTY FROM THE BOAT DOCK ON LAKE JESSUP. A GAZEBO IS IN THE FOREGROUND. elATION, ROPER & MARsHALL 16 CRM File No. 02-357 6. VIEW SOUTH OVER THE SUBJECT PROPERTY FROM NEAR THE LAKE JESSUP SHORELINE. THE YELLOW ARROW POINTS TO A POLE BARN. 7. VIEW OF THE TRAILER LOCATED ADJACENT TO THE LAKE JESSUP SHORELINE. CLAYTON, ROPER & MARsHALL 17 CRM File No. 02-357 DESCRIPTION OF SUBJECT PROPERTY LOCA TION The subject property is located North of S.R. 434, 1/3rd mile west of the entrance to the Central Winds Park in Winter Springs. This property is separated from the north side of SR 434 by the former CSX railroad right of way that has been acquired by the State of Florida for use as part of the Rails -to- Trails program. CONFIGURATION AND SIZE The subject property is comprised of two rectangular parcels of land encompassing a total of 8.334 acres, more or less, based on a property survey provided to us by the property owner. The two parcels are separated by Orange Avenue, an east-west 30'-foot wide unimproved right of way belonging to the City of Winter Springs. Therefore, the .174-acre area of this Orange Avenue right of way will not be included as part of the subject property total area for valuation purposes. The subject property will however be considered as a single unified 8.334-acre parcel rather than as two separate parcels because this right of way will eventually be vacated and will become a part of the property. As a unified parcel, the subject property has a length to width ratio of approximately 6 to 1. The subject property has 251.42 feet of frontage on the north side of the former railroad line and an estimated 288 feet of frontage on the south side of Lake Jessup. TOPOGRAPHY AND SOIL The south two thirds of the subject property is nearly level and is approximately 25 feet above the level of Lake Jessup. The north one third of the subject property slopes down (average 3% slope) to the shore of Lake Jessup. The northern 100':t strip adjacent to the lake is nearly level and is only slightly higher than the lake. DRAINAGE Natural drainage is towards Lake Jessup. VEGETATION The subject property is mostly clear of trees and is covered with grass. CRM File No. 02-357 CLAYTON, ROPER & MARsHALL 18 ACCESS AND VISIBILITY This property has unlimited visibility from S.R. 434 although there is an intervening parcel of land between S.R. 434 and the subject property. The south side of the subject property is bounded by a strip of land referred to as the Rails to Trails land. This was a former railroad right of way that is now used for the Cross Seminole Trail program. The subject property has shared access (with the property to the west) to SR 434 across the former railroad right of way (now referred to as the Cross Seminole Trail). A nine-foot wide gate is also located along the south side of the subject property near its southeast corner. This gate leads to a crossing over the former railroad to the abandoned section of SR 434. We were unable to find any legal description for access across the former railroad line but spoke with the adjacent property owner (Cleanith Peters, 407-327-8039). She stated that shared access across the former railroad line has been in use for more than the 35 years she has lived there. On this basis, we have assumed that this property has legal access across the former railroad line to SR 434 at the southwest corner of the property. EASEMENTS, ENCROACHMENTS, OR RESTRICTIONS AND THEIR EFFECT ON UTILIZATION Other than the access easement previously referenced, no easements, encroachments, or restrictions that have any negative effect on the market value of the subject property are known to exist. ADJACENT LAND USES The adjacent land uses around the subject property are reflective of the transitional stage of this area. New commercial, residential and municipal developments exist alongside vacant, low-density residential or agricultural land uses that characterized this area for much of its history. Several of these vacant or agricultural parcels are listed for sale. A former railroad right of way along the south border of the property is now part of the Rails to Trails recreational park. This section of the trail will eventually tie into the Cross Seminole Trail. The City of Winter Springs recently purchased the land immediately to the east for park expansion land. A new large single-family residential development known as Parkstone is located a short distance to the west along SR 434. Numerous other single- family residential developments are also located west of the subject property along SR 434. ZONING The subject property is zoned A-1 (agricultural) by Seminole County. The future land use is Suburban Estates with a maximum density of one dwelling unit per acre. CRM File No. 02-357 CLAYTON, ROPER & MARsHALL 19 PROPERTY SKETCH , ,. \ : \ \ : ~ \ \ '.-- , \ \ : \ '''::::';~~:;~~~~~:... ,-r I Ii'.. ~\ ~'~ ! I \\ ~ .\ II . . \ \ \. \ \ '. ------,.--\---- \ " -., " \ ,..._. __,__.1\ '.1--' .....:::.:.......... ,. .0 i t\ ............. .... ..... ,:~ .-- . .... . \;. " .;~~:.!.. -...:::...~=::I...... - - - - - -- - - - - - - - - --- ~.:::.=.:.:. "" .,,:::;:.:.::.:..::7:..:.'" .... . \ , , \ I I I ~. . *" :#'~ ~. , P=-<-"'~'-'f"':"'c~~~'/'-:- I I .J' \ I ~ ..' ..' ..' ..' ..' i .' .' \0' ), &lOCI( 0 (t~l \/1) ,.,. ,....ct~ ell ''''lo-)O_"..-~Dt)o ~,. . ~ ..c:('f.~tMl({S ..' ~.U'''~' ...... ., ,., .... ..... ...... ...... .... .... ~ ...0 . I ,I \ 1\\ ;\\\ \ ~~ .., ~J I" I a{l~ \ -~n\ I \ I ~\\ <: UCDoe_ .~ _-:-- --- ._- ...-..... ~:::.:=-. we 9 :=."~"l we. h ._- - ::-_u:_ .. ....'1:.....0( .. .-..",...- '='_ m -0- : ;=co:- - ,.OQ o IP-..~(t ...-...::1' .., --- ::- a:= ._"" : :=::. ::oc : =:=.:-- ...._~- ...... - ~~:c:.."';"' .~- '" --- CRM File N o. 02-357 \ \ 7L~,-- l()t<('''t,' n.lD .- " '" .., .., III III C "'0 ~"m. '\ - _,__'''''-'~ \ 20 HIGHEST AND BEST USE Highest and best use is that use that is physically possible, legally permissible, and in conformity with existing land use patterns and change trends in an area. Highest and best use is that use representing the greatest economic return to the land. The highest and best use of the subject property would be for a lake-oriented low-density single-family residential development. The factors that were considered in arriving at this conclusion included: PHYSICALLY POSSIBLE Physical characteristics of the subject property influencing its highest and best use include the following: ~ Its location adjacent to Lake Jessup and Winter Springs' Central Winds Park favors residential development because the amenity value of lake, school, and park proximity is greater for residential development than it is for commercial development. ~ The subject property's linear shape (length to width ratio of 6 to 1) presents minimal problem for residential development but would represent a great problem for commercial development. ~ The absence of public sewer service would have minimal impact on low-density residential development of the property but would pose a significant problem for higher density residential development or for commercial development. LEGALLY PERMISSIBLE The subject site is zoned A-1 (agricultural) with a future land use classification of suburban estates (one dwelling unit per acre) by Seminole County. Low-density single-family residential development is therefore a legally permitted use. Rezoning and a change in the future land use would be required to permit higher density residential or commercial development. Approval of such a rezoning change and change in future land use is speculative at this time. FINANCIALLY FEASIBLE Residential development of the subject property is a feasible use of the subject property because of the proven demand for residential property in this area. The subject property's proximity to recreational opportunities and area schools makes it a desirable location for residential development. Its lakeside location represents an additional element of desirability as a residential location. CRM File No. 02-357 CLAYTON, ROPER & MARsHALL 21 MAXIMALLY PRODUCTIVE This is a use that represents the greatest financial return on the land investment. Given the constraints imposed by the other factors, the most productive use of the site is for low-density residential development. AS IMPROVED The few improvements (other than perhaps the boat dock) on the subject property add no value to the land in its highest and best use. Since they could be easily cleared during development of the subject property, no accounting for removal costs is warranted. Therefore, value of the subject property as improved is essentially the same as its value as vacant land. The boat dock is in fair condition and its value contribution is negligible compared to the overall property value. The trailer is personal and can be removed to accommodate new development. EXPOSURE TIME The value conclusion above has considered a typical exposure time of less than one year prior to the effective date of valuation. This is based upon general knowledge gained through our sales verification and interviews with market participants. Exposure time is defined as the estimated length of time the property being appraised would have been offered on the market, prior to the hypothetical consumption of a sale at market value on the effective date of the appraisal; a retrospective estimate based upon an analysis of past events assuming a competitive and open market. Exposure time is always presumed to occur prior to the effective date of appraisal. CRM File No. 02-357 CLAYTON, ROPER & MARsHALL 22 APPROACHES TO VALUE Traditionally, there are three approaches utilized in the valuation of real property: the Cost Approach, the Sales Comparison Approach, and the Income Capitalization Approach. The Cost Approach is based on the "Principle of Substitution" which states that no rational person would pay more for a property than the amount for which he can obtain, by purchase of a site and construction of improvements, without undue delay, a property of equal desirability and utility. The basic steps of the Cost Approach are to: . Estimate site value as if vacant, Estimate the reproduction cost new of the basic improvements and minor structures (excluding any that were included as part of the land value) And then estimate, in dollar amounts, the accrued depreciation caused by the physical deterioration, functional deficiencies or super adequacies, or any adverse external influences. The next step is to deduct the accrued depreciation from the improvement's estimated reproduction cost new to arrive at a present depreciated cost estimate. Then, by adding the site value estimate, the result is to arrive at an indicated value for the property by the Cost Approach. . . . . The Sales Comparison Approach is based on the "Principle of Substitution" which indicates that an informed purchaser would pay no more for a property than the cost of acquiring an equally desirable substitute property with the same or similar utility. This approach is applicable when an active market provides sufficient quantities of reliable data, which can be verified from authoritative sources. The Sales Comparison Approach is reliable in an active market or if an estimate of value is related to properties for which there are comparable sales available. This approach to value is also pertinent when sales data can be verified with the principals t6 the transaction. Heavy emphasis is usually placed on this approach to value in an active market. In the Income Approach, we are concerned with the present value of any future benefits of property ownership. Future benefits are generally indicated by the amount of net income the property will produce during its remaining useful life. After comparison of interest yields and characteristics of risk for investments of similar type and class of properties, this net income is then capitalized into an estimate of value. The value indicated by the Income Approach is generally the most indicative value indication for properties, which are held for income production or investment type properties In general. CRM File No. 02-357 elATION, ROPER & MARsHALL 23 After obtaining value estimates by the three approaches, the results are reconciled into a final value conclusion. This reconciliation process is a weighing of the strengths and weaknesses of each approach in order to reconcile the three independent valuation estimates into a single, comprehensive estimate of market value. The final step in the appraisal process is the consideration of the indicated value resulting from each of the approaches utilized. Consideration is given to the relative applicability of each of the approaches utilized prior to concluding with the final value estimate. Since the appraised property is (essentially) vacant land without a specific development plan, the Income Approach is not applicable. The Cost Approach is likewise not applicable for vacant land. So, only the Sales Comparison Approach to value is used in this analysis. CRM File No. 02-357 CLAYTON, ROPER & MARsHALL 24 SALES COMPARISON APPROACH To value the subject land, we have used completed land sale transactions. These sales were considered the best indicators of value for the subject. The similarities and dissimilarities between the subject and the sales in such areas as market conditions, location or physical characteristics have been analyzed and are further discussed in the comparison of the individual sales to the subject. In the highest and best use section of this report, we have determined that the highest and best use of the subject property is for low-density residential development. Therefore, in our land valuation, we have compared the subject property to land sale com parables with a similar highest and best. The comparable sales utilized in this analysis have been summarized in the following Land Sales Comparison Analysis chart. Complete descriptions of comparable sales used in the valuation of this parcel are contained within the Addendum of this report. A narrative description of each sale property follows: Land Sale #1 (77-3804-1217) is located on the north side of Lake Howell Lane approximately .6 mile east of SR 436, Winter Park, Seminole County, Florida. Colleen L. Murray sold the property to Executive Staff Leasing, Inc. on 2/21/00 for the sale price of $485,000 or $88,182 per acre. The site is basically level, containing 5.5 acres of upland area. The site has 285:t of frontage on the south side of Lake Howell and 236 feet of frontage on the north side of Lake Howell Lane, Winter Park, Seminole County, FL. The site has access to public sewer & water and telephone & electric service. Land Sale #2 (77-4444-0720) is located on the north side of Orange Avenue approximately .35 mile west of Tuskawilla Road, Winter Springs, Seminole County, Florida. Neil Egal sold the property to Srinivas S. Char; & Ramani Kilambi and Nallan C. A. & Sitadevi C. Chari on 6/19/02 for the sale price of $189,000 or $84,375 per acre. The site is rectangular in shape, and contains a land area of 2.24:t acres. The site has 160:t feet of frontage on the north side of Orange Avenue and approximately 170:t feet of frontage on the south side of Lake Jessup. The site has access to telephone and electric service. Land Sale #3 (77-3671-1526) is located on the north side of Orange Avenue approximately .3 mile west of Tuskawilla Road, Winter Springs, Seminole County, Florida. Guy and Rita A. Ferlita sold the property to George A. and Mary Y. Meier on 12/09/98 for the sale price of $155,000 or $50,000 per acre. The site is nearly rectangular in shape, and contains a land area of 3.1:t acres. The site has 157:t feet of frontage on the north side of Orange Avenue and approximately 248:t feet of frontage on the south side of Lake Jessup. The site has access to telephone and electric service. CRM File No. 02-357 CLAYTON, ROPER & ,MARsHALL 25 Land Sale #4 (77-4104-1865) is located on the west side of Tuskawilla Road approximately. 3 mile south of SR 434, Winter Springs, Seminole County, Florida. L. D. Plante, Inc. sold the property to Avery Park, LLC on 6/19/01 for the sale price of $1,162,800 or $64,600 per acre. The site is basically ievel, irregular in shape, and contains a gross land area of 32:t acres and an upland area of 18:t acres. The site has 1,01 O:t feet of frontage on the west side of Tuskawilla Road. The site has access to public sewer and water, and telephone and electric service. Land Sale #5 (77-3821-1054) is located on the north side of Red Bug Lake Road, just west of Copperfield Drive in Casselberry, Seminole County, Florida. Joseph M. Murasko sold the property to Beazer Homes Corporation on March 23, 2000 for the sale price of $1,000,000 or $63,072 per acre. The site is basically level, containing 15.855 acres or 690,072 square feet. The site has frontage on the north side of Red Bug Lake Road, west of Copperfield Terrace, within Casselberry, Seminole County, FL. ADJUSTMENTS Cash Equivalency None of the comparable sales warranted an adjustment for this factor. Time Adjustment (Changed market Conditions) Adjustment for changed market conditions from the date of sale of the comparable sales is based on an annual appreciation rate of 10%. An indicator of changed market values over the relevant time period is provided by Comparable Sales #2 (77-4444-0720) and #3 (77-3470-1882). These two comparable sales have very similar physical and location characteristics and sold 4 years apart with the most recent sale at a per acre price 69% greater than that of the earlier sale, indicating an annualized appreciation rate of 14%. Comparable Sale #1 also gives an indication of changed land Values. This property sold for $485,000 in February 2000 and was recently under contract to sell for $630,000, indicating an annual appreciation rate of 10%. Commercial and industrial land values in adjacent areas of Orange and Seminole Counties indicate annual appreciation rates in the 10% range over the p~st few years. Residential lot prices in this area have likewise shown annual appreciation rates generally in the 5% to 15% range. Based on these observations, adjustments for changed market conditions are made on a 10% annual appreciation rate over the relevant time period. We have rounded the indicated appreciation adjustments to the nearest 5%. CRM File No. 02-357 CLAYTON, ROPER & MARsHALL 26 Conditions of Sale Adjustment None of the comparable sales warranted an adjustment for this factor. Location (Lake Frontage) Three of the comparable sales are not located on a lake. An indication of the value premium of a lakeside location can be seen in the unit price differential between lot prices in the St. Johns Landing development and the Avery Park development. The St. Johns Landing development is a single-family residential lakeside development located in the northeast corner of the intersection of Tuskawilla Road and Orange Avenue in Winter Springs. Avery Park is a non-lakeside single-family residential development within Comparable Sale #4 (77-3821-1054) within Winter Springs. Other than the difference in lakeside location, these two developments are similar in most other characteristics. Lot prices in the non-lakeside development are in the $50,000 to $60,000 range whereas they are in the $75,000 to $90,000 range for the lakeside development. On this basis, we have estimated that the non-lakeside comparable sales warrant an upward adjustment of 25% for their relative inferiority to the subject property. Zoning & Land Use All of the comparable sales have zoning and land characteristics similar enough to the subject property to not warrant any adjustment for this factor. Frontage and Access All of the comparable sales have frontage and access characteristics similar enough to the subject property to not warrant any adjustment for this factor. Utilities Availability Three of the comparable sales had superior utilities availability compared to the subject property because they have access to public sewer and water service. Public sewer and water service is a desirable characteristic even for the development of a single residence as evidenced by the actions of new property owners along Orange Avenue. After purchasing lakefront lots along this street, they typically initiate action to be annexed into the City of Winter Springs so that they can access public sewer and water service. We have estimated that a downward adjustment of 5% is warranted for those comparable sales that have access to public sewer and water service to account for their relative superiority to the subject property in this regard. CRM File No. 02-357 CLAYTON, ROPER & MARsHALL 27 CORRELATION OF COMPARABLE LAND SALES The sales provided an unadjusted price range of $50,000 to $88,182 per acre. After adjusting the comparables for various elements of comparison, we have arrived at adjusted unit value indications of $104,716, $84,375, $70,000, $85,272, and $87,039 per acre for Comparable Sales 1, 2, 3, 4 and 5, respectively. The adjusted unit price of Comparable Sale #1 warrants the most weight in this analysis because of its very close similarity to the subject property. It is a lakeside parcel that has very similar physical characteristics as the subject property. It has the same highest and best use as the subject property (subdivision into single-family residential lots). Accordingly we have estimated that the unit value of the subject property is $90,000 per acre. By extension of the subject property's 8.334 acres of land, we estimate that its market value is $750,000 as rounded. CRM File No. 02-357 CLAYTON, ROPER & MARsHALL .28 LAND SALES LOCATION MAP Comparable Sale #2 77 -4444-0720 CLAYTON, ROPER & MARsHALL 29 CRM File No. 02-357 West side Tuskawilla north sde Redbug Road, Road, .3 mi. south of SR I west of Copperfield 434, Winter Springs , Terrace, Casselberry I A-1, Seminole County A-l, Seminole County Town Center, Winter I A-1. Seminole County Springs 7/19i2"00.2-.-- ----1279T1'.99a-- 6/19/2001 I 372-372000---- $189,000 $155,000 $1.162,800 I $1,000,000 typical typical. ---typical ----r----wprcar----- 2.24 3.10 18.00 i 15,86 __ ___ rectangular _ rectangular rectangular I rectangular good good good I good Lake Jessup Lake Jessup none I none --Orange Avenue .. brange Avenue --"uskawiila Road I Redbug Ro~i(r- all available offsite I all available offsite I DESCRIPTION SALE IDENTIFICATION # LAND SALES COMPARISON ANALYSIS Land Sale #1 Land Sale #2 77-3804-1217 77 -4444-0720 Land Sale #4 77-4104-1865 SUBJECT Land Sale #3 77-3470-1882 ---.------------------ ------.-.___ M_______ _______ ____ LOCATION North side S.R. 434, 1/3 mi. west of entrance to Central Winds Park, Winter Springs, Seminole County south side Lake Howell, .6 mile east of SR 436, Winter Park North side Orange Avenue, .4 mi. west of Tuskawilla Road, Winter Springs, Seminole County North side Orange Avenue, .35 mi. west of Tuskawilla Road, Winter Springs, Seminole County A-l Seminole County R l-A:AA,""SemlOole ZONING ' County -SALCDAt-E .--- -----:ri718lioby--I--2T2fi"i000 SALE PRICE N/A $485,000 'CONDItioNS-OF SALE'- - typical SIZE (ACRES) 8.334 5.50 SHAPE rectangular rectangular TOPcicrRAP-!-fY-- good good LAKE FRONTAGE Lake Jessup Lake Howell PRiMARY-ROAD FRONTAGE&ACC-E-SS- ----SR 43~- .-Take-HoweIlLane electricity & telephone electrlcllY I> telephone, electricity & telephone electricity & telephone water and sewer $88,182 $84,375 TIME & CONDITIONS OF SALE ADJUSTMENTS _._._.M._..._..__._.._......__..___._.~.____ ....... ...-.----.-.-oo)~_._.- ....-....--.-. ---.....-----.oo/;.--...............--.......r...........-.... 25% 0% 0% 0% UTILITIES SALE PRICE/AC $50,000 $64.600 .cAsH.-E"Ci..UiVALE-i\Jc'l............__.....__.... ...--.........---..- -'mXE"Tchanged-Mark-et Conditions) .CO-NOIfTCiFrs-6n'-ALE TIME-A6J:"&"C'O'Ntf~SAIE--P'RicE7At....._._...... .--.(io/~'--_..-'..-...-....r-.m-- .---'-.'-()O/o--. 40% 10% 0% 0% .....$i6~ooti--...._.._....._._. ........$.7';-;.0'6.0........ IOCATION (LAKE FRONTAGE) ZONING FRONTAGE & ACCESS UTILITIES IU . IIVII:N I'" ADJUSTED UNIT PRICE/AC 0% 0% 0% -5% -5% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% $70,000 25% 0% 0% -5% 20% $85.272 $104,716 $84,375 1r-.,fbICATlON OF LAND VALUE /Acre x 8.334 $750,060 or, as rounded, $750,000 Acres $90,000 CRM File No. 02-357 Land Sale #5 77-3821-1054 $63,072 ..-. ...........~.w.....-6%--......_......-._...._..". , 150/;---.--.------- --j----'(jiio---...-'.......- $72:532 i ! , I I I I 25% 0% 0% -5% 20% $87.039 30 ADDENDUM ,- DEFINITIONS " SEVERABLE APPURTENANCES (EASILY REMOVABLE REALTY ITEMS) >- LAND SALE COMPARABLE DATA SHEETS >- QUALIFICATIONS OF APPRAISERS >- FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION APPRAISAL CHECKLIST CRM File No. 02-357 CLAYTON, ROPER & MARsHALL DEFINITIONS MARKET VALUE The following definition of market value relates to case law in Florida (State Road Dept. v. Stack, 231 So.2d 859 Fla. 1 sl DCA 1969). . The amount of money that a purchaser willing but not obliged to buy the property would pay an owner willing but not obliged to sell, taking into consideration all uses to which the property is adapted and might be applied in reason. Inherent in the willing buyer-willing seller test of the fair market value are the following: 1. A fair sale resulting from fair negotiations. 2. Neither party acting under compulsion of necessity (this eliminates forced liquidation or sale at auction). Economic pressure may be enough to preclude a sales use. 3. Both parties having knowledge of all relevant facts. 4. A sale without peculiar or special circumstances. 5. A reasonable time to find a buyer. FEE SIMPLE ESTATE Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. HIGHEST AND BEST USE The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility and maximum probability. CRM File No. 02-357 eLATION, ROPER & MARsHALL SEVERABLE APPURTENANCES We are not experts in the valuation of such items, but it is our opinion that the salvage value of severable appurtenances, if any, are offset by the cost of labor, materials, and equipment to remove such items from the right-of-way; unless, otherwise noted. CRM File No. 02-357 CLAYTON, ROPER & MARsHALL 18355 LAND SALE 1 TYPE OF PROPERTY Vacant Residential Land RECORDED O. R. Book 3804, Page 1217, Seminole County, Florida GRANTOR Colleen L. Murray GRANTEE Executive Staff Leasing, Inc. SALE DATE 2/21/00 INSPECTION DATE November 26, 2002 SITE DESCRIPTION The site is basically level, containing 5.5 acres of upland area. The site has 285:1: of frontage on the south side of Lake Howell and 236 feet of frontage on the north side of Lake Howell Lane, Winter Park, Seminole County, FL. The site has access to public sewer and water, and telephone and electric service. SALE PRICE $485,000 ANAL YSIS $88,182 per acre TYPE OF INSTRUMENT Warranty Deed LOCATION The site is on the north side of Lake Howell Lane approximately .6 mile east of SR 436, Winter Park. ZONING R1-AAA (single-family residential) Seminole County FUTURE LAND USE Low Density Residential PRESENT USE vacant HIGHEST & BEST USE Single Family Residential Development CONDITIONS OF SALE Arm's Length FINANCING Seller provided financing in the amount of $470,000. ENCUMBRANCES A 15-foot wide ingress and egress easement along the east side of the property. IMPROVEMENT DESCRIPTION None at the time of sale CRM File No. 02-357 CLAYTON, ROPER & MARsHALL 18355 Page 2 LAND SALE 1 (Cont'd) VERI FICA TION With/Relationship: Telephone: Date: Verified by: Sidney Cash, grantee 407.647.7100 November 26, 2002 Don Watson With/Relationship: Telephone: Date: Verified by: Warren Barty, listing broker 407.774.4444 November 26, 2002 Don Watson MOTIVATIONS OF PARTIES Typical of Market CASH EQUIVALENCY same as sales price COMMENTS Grantee intended to develop the property but was unable to devote the required time to the project and then deeded the property back to the seller for the mortgage amount of $470,000. The property is currently listed for sale for $750,000. The listing broker states that the property was recently under contract for $630,000 to a developer who intended to develop two lakefront lots and four additional lots. When he learned that Seminole County would require him to improve the entire length of Lake Howell Lane as a condition for approval of the development, he walked away from the deal. SALE HISTORY There have been no arms length transfers of this property within the three years prior to this sale. TAX 10 NUMBER 2721 3030000900000 LEGAL DESCRIPTION .' c....ct or lan4 !to1n9 _ ponio" of rho SOtIt:hwe." 1/4 ot th.. Narth.\I'O.~ 1'4 Gt S,.C'don 27. 4J"ovnahtp 21 !:ou1.h.. Aanq. 3D Ea.~. Sealnole C:ount.J'. rlO1'ida. be.t.n, ~e part.lcvJarly c5..orJ))e4 aIlS C'ollow., C:-nc1nll at thG $OIK_"t COtnu ..r .:be Bo..t_.t.l/4 ot .~ ICOU.hwo"c. J/4 of ...id ~cdon ~ 7, Ulcnc:e can &1.0"9 :u.... JOuth Un. of said SOIIt.hvort 1/4 of' U." Northven. 11' of Gect.fon .27 tor. dlataDCle o~ .~,.oo r..e. t.o the .oJ,,~ of .,.v1nnJ.nQ'J t:bQtI.CQ lOo..th 00. 15' 110.. &2_ .. U.n.. '-he ,.....:l:lol to the Eo"t I1n" o~ o..lcl souc.hw.C .1'. of the ~rt:.w..~ 1/4 01 Sect.jon Z1' for" dJ..t._nc. a~ 1.';10 f..t. -.or. 0'" 1..., t~"C'. J:..t a.1C11M1 t.hc: warth 1 in_ o~ ..14 6oaCbtol..t 1,.4 o~ ~... No"C"lIe.~ 1/4 or $6o~lo" 2'7 for _ dJ..'C."c. o~ Z.1S ,$0 f'4l:.~' t.Mnc. Soulh oo~ GC- ~.C foJ' .. diat.al\CHJ of' ~'I..).) ~..t. ftOC. or I..., c.hopc:. z.s~ 1i.00 t..t.t r.h-ac. lSout:.h 00- Gt - C..t. tOIlr . dl.ta,nC'. D~ '128...86 r_t:.1 t;.Mpae ~:~or~~k~= ~"~~rl~nXl::..;::~do~;t:2C~~: :~ ~ =r~w:;c: ....lIlDDug. /NItjee-c ". , 1lD~ :ri9hr 01 WIly tOT t.alt" JlO"el~ .L&Iloa s!I!! .. 1$ too>: ...._t I!:J~ t....~... AA4 .9..... aa.ln9 '7..5 to.., an each ..14. at die tol- lovln9 de.-r;&'1'be4 centerlLn.. reo. tJ\a ~t:.h"".t. eomer at t.M SO..U......t: i/4 Co, th.. No...I>__" 1/< 01 SoclJ.on Z7. _.hip Zi" ~:h:'r "=1: ::U~~:~t r;'/. z:;t: ~:IN:=t;~:1: -~i.1I t:h~O:~~..t. Q~ a_v1Aftln91 th."o. IIOrtb DO. 0.' Wa.~f' 7:18:'5 ~..'C. t.o ~he &n4 Or d.""..lpuOft. CRM File No. 02-357 CLAYTON, ROPER & MARsHALL 18355 Page 3 LAND SALE 1 (Cont'd) "fr 1! 5.5:1: ~ Acres ~ 236 ftt %j~mImHtm;Hmll~iillaltfJ@~~:~iff~UGlPAN_El~~*~~~MW~mi~&tt1~k~~~M#.mr. eLATION, ROPER & MARsHALL CRM File No. 02-357 18356 LAND SALE 2 TYPE OF PROPERTY Vacant Residential Land RECORDED O. R. Book 4444, Page 0720, Seminole County, Florida GRANTOR Neil Egal GRANTEE Srinivas S. Chari & Ramani Kilambi and Nallan C. A. & Sitadevi C. Chari SALE DATE 6/19/02 INSPECTION DATE November 26, 2002 SITE DESCRIPTION The site is rectangular in shape, and contains a land area of 2.24:t acres. The site has 160:t feet of frontage on the north side of Orange Avenue and approximately 170:t feet of frontage on the south side of Lake Jessup. The site has access to telephone and electric service. SALE PRICE $189,000 ANAL YSIS $84,375 per acre TYPE OF INSTRUMENT Warranty Deed LOCATION The site is on the north side of Orange Avenue approximately .35 mile west of Tuskawilla Road, Winter Springs. ZONING A-1, Seminole County FUTURE LAND USE Suburban Estates (one dwelling unit per acre) PRESENT USE vacant HIGHEST & BEST USE Single Family Residential Development CONDITIONS OF SALE Arm's Length FINANCING cash sale ENCUMBRANCES none noted IMPROVEMENT DESCRIPTION None at the time of safe eLATION, ROPER & MARsHALL CRM File No. 02-357 18356 Page 2 LAND SALE 2 (Cont'd) VERIFICATION With/Relationship: Telephone: Date: Verified by: Jacob Kagan, attorney for the grantor 407.568.1354 November 26, 2002 Don Watson MOTIVATIONS OF PARTIES Typical of Market CASH EQUIVALENCY same as sales price COMMENTS SALE HISTORY There have been no arms length transfers of this property within the three years prior to this sale. TAX 10 NUMBER 26 20 30 5AR OBOO 006A LEGAL DESCRIPTION The east 150 feet of lot 6, Block B, D. R. Mitchell's Survey of the Levy Grant on Lake Jessup of that certain plat as recorded in Plat Book 1, Page 5 of the public records of Seminole County. CRM File No. 02-357 CLAvrON, ROPER & MARsHALL 18356 Page 3 LAND SALE 2 (Cont'd) ..} l I ../ .1 j .,} .1 ..1 ('! / }) 1 II f :? ,I . j' { .1 ( . {;.';....) } -/ j .}"( Ii. .~}:(.':i}' f _l i I') } ,I ,~:._,;,;.!~ I J I' " 't -,;;'=-"':::-"1.._.1 " !.. ( ", .! J . ,'. .ft) ."--'---::::::'::::./.i;)~}.~: . ".,; '1/ . -.I / .11 t 1/ .:'! . '-~=~4~~1 /1' ,. i l i'/ // 1/ / f ----.~.-~f;-..:J.. '-[, //--.Il1 / ".-",-! / ' l ~ ~--....~::=::......-....., J . ~~ . . ~ s J t--"I,' ) l I I I .-,. "- 1. j 'I' ." I r ' :J r J 1"---: "'- l .. .I ,'r,-' ( . {i' .f ...........:::.:: "1...l' . I ,!~-f ) (i:"~ / . s ! r .--. w..J-/1 {1.ll' ) . ...' l . t " .......... .-:."1../ / -.....~..._:_=-~.""_.__.... ...J .l - /. ..,' ...!"~" ".l; ~__ _~... .... .' ,,:~ "t ....-.."..:""...:.. eLATION, ROPER & MARsHALL CRM File No. 02-357 18357 LAND SALE 3 TYPE OF PROPERTY Vacant Residential Land RECORDED O. R. Book 3671, Page 1526, Seminole County, Florida GRANTOR Guy and Rita A. Ferlita GRANTEE George A. and Mary Y. Meier SALE DATE 12/09/98 INSPECTION DATE November 26, 2002 The site is nearly rectangular in shape, and contains a land area of 3.1:t acres. The site has 157:t feet of frontage on the north side of Orange Avenue and approximately 248:t feet of frontage on the south side of Lake Jessup. The site has access to telephone and electric service. SITE DESCRIPTION SALE PRICE $155,000 ANAL YSIS $50,000 per acre TYPE OF INSTRUMENT Warranty Deed LOCATION The site is on the north side of Orange Avenue approximately .3 mile west of Tuskawilla Road, Winter Springs. A-1, Seminole County ZONING FUTURE LAND USE Suburban Estates (one dwelling unit per acre) PRESENT USE vacant HIGHEST & BEST USE Single Family Residential Development CONDITIONS OF SALE Arm's Length FINANCING cash sale ENCUMBRANCES none noted IMPROVEMENT DESCRIPTION None at the time of sale CLAYTON, ROPER & MARsHALL CRM File No. 02-357 18357 Page 2 LAND SALE 3 (Cont'd) VERIFICATION With/Relationship: Telephone: Date: Verified by: George Meier, grantee 407.327.9979 November 26, 2002 Don Watson MOTIVATIONS OF PARTIES Typical of Market CASH EQUIVALENCY same as sales price COMMENTS The grantee had previously purchased an adjacent parcel of land from the same grantor as recorded in Seminole County Official Records Book #3470, Page #1882. Based on the grantee's comments and analysis of similar sales, it appears that the grantor did not pay a premium for this property in spite of being an abutting owner. The combined parcels were annexed into the City of Winter Springs in 7/1/02 to facilitate connection to public sewer and water service. The combined parcels have been improved with a 5,200 SF single-family residence. SALE HISTORY There have been no arms length transfers of this property within the three years prior to this sale. TAX 10 NUMBER 26 20 30 5AR OBOO 004B LEGAL DESCRIPTION Lot 4, Block B, D. R. MITCHBLL'S SURVEY OP 11m LBVY GRANT, according to the plat thereof as recorded in Plat Book 1, Page 5, of the Public RBcords of Seminole county, Florida, less the following described property: Begin at the SOUthwest comer of said Lot 4, Block B, thence run Northerly to the Northwest corner of 5aid Lot 4, tbeooe Easterly 3P f~t, tI~ SouLltedy Lo a point 46.8 feet Easterly of beginning, said point being on the Northerly right-or-way or Orange Avenue, thence !festerlr on said Northerly right ot way to the POint of Beginning, and a so less the Easterly 246 feet" AND ALSO LESS All that part of Lot 4, Block B of the D.R. MITCHEU,'S SURVEY OF THE LEVY GRANT as recorded in Plat Book 1, Page 5, Public Records of Seminole County, Plorida, described as follows: Begi~ at the Point known as the Southwest comer of said Lot 4, thence BaBt 46.8 feet along the North right-of-way line of Orange Street to a Point called "AD for the convenience of this description, thence North 00 degrees, 23 minutes, 30 seconds S, for 555 teet IIIOre or less to a point, called "B" for the purposes of this description, in the waters of Lake Jessup which is 39 feet Bast along the waters of Lake Jessup, of a point known as the No~st corner of said Lot 4, thence return to Point "A", thence East 50 feet along said North right-of-way line of Orange Street; thence leaving said North r~ght-of-way run N 00 degrees ::13 1!1:1!1\.1tes 30 seconds S, 555.00 feet more or less to the waters of Lake Jessup; thence West 50' more or less along the vaters of Lake Jessup to the point called "B- and the end of this description. CRM File No. 02-357 CLAYTON, ROPER & MARsHALL 18357 Page 3 LAND SALE 3 (Cont'd) Lake Jessup ~/(rr; /~ ,I II I 'I ,fit 5 /'" ,.. It / f 'l1,o , //l 1~0. /...~/ fJO' I /it , ....../ ,. 4 ,. ",-.. fit I ~... .4,A ,. (> 4.8 ~,/ i f , ... . I / ; ( <D ~/--~~~f}J ,/ I " 1'./ -----/ I ,f ~~... 4.C ./ ...!!.. "I'~. t -----~&.,$ (r..~ -......... JIi... / ___ --~t ------ ....---., 'I Ofimge_~venue""""''''-......l >.s ------------------~=~- ./ ;' / I " 1/ ./ The house in the background is partially on an adjacent parcel of land also owned by the grantee of this sale. CIAYfON, ROPER & MARsHALL CRM File No. 02-357 18358 LAND SALE 4 TYPE OF PROPERTY Vacant Residential Land RECORDED O. R. Book 4104, Page 1865, Seminole County, Florida GRANTOR L. D. Plante, Inc. GRANTEE Avery Park, LLC SALE DATE 6/19/01 INSPECTION DATE November 26, 2002 SITE DESCRIPTION The site is basically level, irregular in shape, and contains a gross land area of 32:1: acres and an upland area of 18:1: acres. The site has 1,010:1: feet of frontage on the west side of Tuskawilla Road. The site has access to public sewer and water, and telephone and electric service. SALE PRICE $1,162,800 ANAL YSIS $64,600 per acre TYPE OF INSTRUMENT Warranty Deed LOCATION The site is on the west side of Tuskawilla Road approximately .3 mile south of SR 434, Winter Springs. ZONING Town Center, Winter Springs FUTURE LAND USE mixed-use development PRESENT USE vacant HIGHEST & BEST USE Single Family Residential Development CONDITIONS OF SALE Arm's Length FINANCING conventional financing from SunTrust in the amount of $350,000. ENCUMBRANCES none noted IMPROVEMENT DESCRIPTION None at the time of sale CLAYTON, ROPER & MARsHALL CRM File No. 02-357 18358 Page 2 LAND SALE 4 (Cont'd) VERI FICA TION With/Relationship: Telephone: Date: Verified by: Don Plante, grantor 352.343.1914 November 26, 2002 Don Watson MOTIVATIONS OF PARTIES Typical of Market CASH EQUIVALENCY same as sales price COMMENTS This property was not listed for sale at the time of sale - the buyer's broker approached the seller. This property has been developed with an 88 lot single-family residential development known as Avery Park. A portion of this property was sold for office development. SALE HISTORY There have been no arms length transfers of this property within the three years prior to this sale. TAX 10 NUMBER 3021 01 501 00000250 LEGAL DESCRIPTION Lote 25 through 32, 39 through 48, 55 through 64, those portions of Lots 37, 38, 53 and 54 lying West of Tuscawilla Road, TUSCAWILLA, as shown on n.R. Mitchell's Survey of the Levy Grant, according to the plat thereof as recorded in Plat Book 1, page 5, Public Records of Seminole County, Florida, TOGETHER WITH all rights of way located adjacent to the above Lots as vacated by Resolution recorded in O.R. Book 1050, page 401, Public Recorda of Seminole County, Florida, LESS the East 1/2 of the right of way lying adjacent to Lots 25 and 26, on the West and Lots 23 and 24 on the East; LESS AND EXCEPT FROM THE ABOVE THE FOLLOWING: Those portions of Lots 37, 38, 53, 54 and 55, taken for rQad right of wa}' for Tuscawilla Road described in Order of Taking recorded in O.R. Book 3603, page 1095, Public Records of Seminole County, Florida. CRM File No. 02-357 CLAYTON, ROPER & MARsHALL 18358 Page 3 LAND SALE 4 (Cont'd) .:'11. : ~, 'f~f ..t:.;:; . ~ .~fIj. co .' ':. .'. ..; '3;.' ;.;: , ~:..-; :.. ::.J~ ~ ..... :.~;"'.~ :' ,::,;:,.':. 2;: ." .~'~.r, . t, .' '.'.':~~ . CLAYTON, ROPER & MARsHALL CRM File No. 02-357 17390 TYPE OF PROPERTY RECORDED GRANTOR GRANTEE SALE DATE INSPECTION DATE SITE DESCRIPTION SALE PRICE ANAL YSIS TYPE OF INSTRUMENT LOCATION ZONING FUTURE LAND USE PRESENT USE HIGHEST & BEST USE CONDITIONS OF SALE FINANCING ENCUMBRANCES LAND SALE 5 Vacant Residential Land O. R. Book 3821, Page 1054, Seminole County, Florida Agjo Family Trust Murasko,Joseph M. Trustee Murasko,Agnes M. Trustee Beazer Homes Corporation March 23, 2000 November 25, 2001 The site is basically level, containing 15.855 acres or 690,072 square feet. The site has frontage on the north side of Red Bug Lake Road, west of Copperfield Terrace, within Casselberry, Seminole County, FL $1,000,000 $63,072 per acre, or $14,286 per proposed lot Warranty Deed The site is on the north side of Red Bug Lake Road, just west of Copperfield Drive in Casselberry. A 1, Agricultural Seminole County Medium density Residential Royal Oaks subdivision is currently under way Single Family Residential Development Arm's Length Cash to Seller None noted or reported IMPROVEMENT DESCRIPTION None at the time of sale CRM File No, 02-357 ClAYTON, ROPER & MARsHALL 17390 Page 2 LAND SALE 5 (Cont'd) VERIFICATION With/Relationship: Telephone: Date: Verified by: COMPS, Public Records November 25, 2001 Kelly Moreland MOTIVATIONS OF PARTIES Typical of Market CASH EQUIVALENCY None COMMENTS At the time of sale, the site was proposed as a 70-lot subdivision. The subdivision is currently in the process of development, with the first closings in July 2001, and as of November 27, 2001 there were only 15 homes to be sold. SALE HISTORY After the sale, the site was platted and split into 70 residential lots. Many of these individual lots have now been sold to individuals. There were no other sales of the parent parcel in the previous three years. TAX 10 NUMBER 2130 22 300 0060 0000 LEGAL DESCRIPTION .. . Tk We.e -wi "'~ tJ'lI(1 ~ lit: 110e llMttoetlA 1/40(* NortInrm 1/4 OfSccdM U, T~ ~ %1 SNOa, Raqe 30 I'.ad.IaI doe s...1Io 33 (<<f ~Nd IaIIM West 1&55.~ 1m ......:..... (j(lIIe SMtIrwa! 1/4 fI tile NwtMMI "4 III SediOIl n. TO'WIItIUp 21 SMtII, ..... JO -=-c, IaI doe s..nII l) rtet ~ Ud IeII die West, 17.5 ~ Of die .... M7.s. fee( of tile SelrdI m.74 fed tI die s-thnl1/4 01 die ~ 114 of S<<tiNI n. T---'I;I2I s..c.) Ra-.e 3e J:ac..... ript...r-...,.,... -...s Bq ~~ Parcel ID. 22-21-30-300-0060-000 t...: TIle SeoodI J7.0I reet .rdle "'emUS ~ prtpeo1y, Stobj<<t w _ ad ratTktlM.t.r ruonI; .... lae tile SMtJnrtsI U Kmt IIaa'lbN, III r~ Bqf. at tile Sonhat __ ., I" ,11m clettribe4 propaly aad llIII Sit' 33'11" W 300 ~ aad dItau ~ 609.... ~ aad IMA<<~ ~ 300 red I. 1M Wttt 11M oldie ......e dacribcd pnpn1y, tIIesrt Seed! '09.14 1m 10 ~ pNlI4 ofbttiellilt&- Iks.... cIeKriMd __ 8ft bUed .. tk NortaI ript.of.w.IJ 11M .r Red &.a Lall.t IlMcL t Som It'l)' II" Welt. ( BMeIf 011 ..-cd Ill.... tor ....' dalpadOIIOIIr) Road .. bet.s S 11le Iud CMY<<)"ed IIuDoI fa ~ Ikuer. c..w.. 15.~ _ ~ ... .... s.4Iied 10 ta.UI HIt ~ ~ lllNl ,__lINe.rncenl. ~ CLAYTON, ROPER & MARsHALL CRM File No. 02-357 17390 Page 3 LAND SALE 5 (Cont'd) eLATION, ROPER & MARsHALL CRM File No. 02-357 QUALIFICATIONS OF PAUL M. ROPER Business Address Clayton, Roper & Marshall, Inc. 246 North Westmonte Drive Altamonte Springs, Florida 32714 Telephone: (407) 772-2200, Ext. 3 I 0 Fax: (407) 772-1340 E-mail: proper@crmre.com Education BSBA Degree (Finance), University of Central Florida, Orlando, Florida ...................................................... 1979 AS Degree, Daytona Beach Community College, Daytona Beach, Florida..................................................... 1974 Successfully Completed Real Estate Appraisal Courses & Seminars Under Direction of the Appraisal Institute: Florida State Law Update for Real Estate Appraisers ........................................................................................................2002 Standards of Professional Practice, Part C................................ .......... ................ .... ..... ........ ....... ... ....................................2002 When Good Houses Go Bad (FREAB Course 01-03) .......................................................................................................2001 Litigation Skills for the Appraiser ...... ...... ... .... .......... ...... ........... ........ ..... ............... ........... .... ......... ....................................200 I Capital Gains in Like-Kind Exchanges ........... ......................................... ...................................... ................. ..................200 1 Appraising from Blueprints........................................................................................................................ .. .................... ..2000 Partial Interest Valuation...................,................. ...... ........................................................................................................ .2000 USP AP /Law .....,.....................,........................................................................................................... .............................. ..2000 S1. Johns River Water Management Appraisal Seminar ....................................................................................................2000 Business Enterprise Valuation - Course No. 70 1 ...............................................................................................................1999 Alternative Dispute Resolution (ADR) - Course No. 706 ..................................................................................................1999 Improving Your Business, Management and Bottom Line Profit ......................................................................................1999 Valuing Your Business................................................................................................. ...................................................... 1999 Appraisal Considerations for Rural Properties ............................................... .......... .......... ................................................1998 USP AP - Part C..... ...... ................... .............. ............................................ .................................................. ........................1997 Fannie Mae Guide lines Update................................. ..... ................................................. ............................ ....................... 1996 USP AP (U pdate/Core La'.,,)....................................... .............................................................................................. ........... 1996 Agriculture and the Internet Computer Workshop .............................................................................................................1995 How to Appraise FHA-Insured Property ..... ........... .............................................................................. ..............................1995 Appraisal Institute Faculty Workshop ....... ...... .................................................................... ...............................................1995 Technology Video Conference ........ ....... ..... .......... ......................... ......... ....................... .... ................................................1995 Understanding Limited Appraisals & Reporting Options - General...................................................................................1994 Powerline Easements & Electro Magnetic Fields' Effect on People & Value ...................................................................1994 USP AP Core Law for Appraisers ... ...................................................................................... .......... .................. ..................1994 Standards of Professional Practice, Parts A & B ................................................................................................................1992 Interim Use Properties............................................................................. ................................... ................... ................... ..1992 SREA 201 Instructor's Clinic ..... .................. .......................................... ........................ .................. ..................................1988 Course IV - Condemnation Appraisal Practice...................................................................................................................1988 Uniform Residential Appraisal Report ....................................................................................... ........................ .... ........ ....1987 Valuation and Evaluation of Proposed Projects .................................................................................................................1987 R-41 c Overview and Analysis ......... ..................... ............................. .............................................. ....................... ............ 1987 R-41 b - Overview and Analysis .........................................................................................................................................1986 Capitalization Theory and Techniques.............. ............................................................................................ .................... .1986 Federal Income Taxes Affecting Real Estate .....................................................................................................................1985 R-41 b - Federal Home Loan Bank Board Regulations........................................................................................................1985 Condemnation and the Appraiser....................................................................................................................................... 1984 Development of Business Centers and Office Showrooms ........................................:.......................................................1984 Overview - Apartment Development Process ....................................................................................................................1984 Adjusting for Financing Differences in Residential Properties ..........................................................................................1983 SREA 201 Instructor's Clinic ........................... .................... ...................... ... ............. .................................:...... ................1982 Report Writing Sem inar .........................................,.......................................................................................... ................. 1981 Construction Facts/I nspections............................................................................................................................ ............... 1981 Course VII, Industrial Valuation ....... ........ ............. ....... ..................................... ....... ................. ........................................1981 Hotel/Motel Valuation and Analysis Seminar ....................................................................................................................1981 Golf Course Valuation and Analysis Seminar ....................................................................................................................1981 R-2 Single-Family Residential Examination ......................................................................................................................1978 Course II, Urban Case Studies.. ..... ... ... ....... ..... .... .................... .... ............. ........................... ........ .......... ................:............1977 Narrative Report Writing Workshop.. .... ......... ........ ............... ...... .... .......................... .......... ....... .......................................1976 Course 20 I - University of Central Florida ........................................................................................................................1976 Applied Capitalization Techniques Workshop ....... .................... ............. ....................... .... ....... ...... ..... ..............................1975 Course 101 - Stetson University .........................................................................................................................................1975 CRM File No, 02-357 CLAYfON, ROPER & MARsHALL QUALIFICATIONS OF PAUL M. ROPER (Cont'd.) Independent Seminars (Olher Than Appraisal Institute): .... SFWM D-Current Appraisal I ssues in Florida............................................................................................ 2002 .... SFWMD-Uniform Appraisal Standards for Federal Land Acquisitions ............................................ 200 I SFWMD Current Appraisal Issues in F!orida....................................................................................................2000 Less Than Fee Interest Workshop ......... ...................................................................................................... 1999 Real Estate Continu ing Ed Course.............................................. ....... ........ ................................. ................ 2002 The Internet and Appraising...................................................................... ...................... .................. .......... 1997 Risk Reduction for Brokers........................... ........................... ...... ...... ..... .................... .................... .......... 1996 Contracts, Collectibles, Crimes, Copy & More .......................................................................................... 1996 Agriculture and the I ntemet II Workshop................................................................................................... 1996 Marshall & Swift Square Foot Method Use & Application ........................................................................ 1996 Real Estate Law SYlnposiulTI .......................... .......... ..... .......................... ..................... ......... ........ ............. 1995 Concurrency Management Seminar - City of Orlando ............................................................................... 1992 Citrus Groves - Evaluation and Analysis .................................................................................................... 1991 Appraisal Review of Commercial Real Estate and Federal Home Loan Bank Board Memorandum R-41 c .................. ................................... ..... .............. ..................... ........................ ...... ...... 1986 The Appraisal Institute conducts a voluntary program of continuing education for its designated members. MAl's who meet the minimum standard" of this program are awarded periodic educational certification. Paul M Roper is currently certified under this program. Mr. Roper has also attended various seminars under the direction of the Orlando Area Association of Realtors and the American Society of Appraisers. Professional Designations: MAl Designation - Appraisal Institute, Certificate #6442 SRP A and SRA Designations - Appraisal Institute (Past President of Chapter No.1 00; Past Education Committee Chairman) Licensed Real Estate Broker, State of Florida State-Certified General Appraiser, State of Florida, Expires November 30,2004, License Number RZ 0000141 FNMA Approved - #1108588 Experience: Special Ma.ster for Exemption Hearings - Orange County, Florida 1992, 1991, 1990 Instructor: Less Than Fee Interest Workshop for Northwest Florida Water Management District .................. 1999 Appraisal Institute (Appraising Interim Use Properties) ...................................................... 1992, 1991 Society of Real Estate Appraisers (SREA Course 20 I )........................................................ 1991, 1985 Society of Real Estate Appraisers (Uniform Residential Appraisal Reports) ................................ 1987 Valencia Community College, Orlando, Florida ............................................................................ 1984 American Institute of Real Estate Appraisers (AlREA Course 8-2) .............................................. 1984 Author: Coursework for Teaching "Less Than Fee Interest" ......................................................................... 1999 CRM File No, 02-357 CLAYfON, ROPER & MARsHALL QUALIFICATIONS OF PAUL M. ROPER (Cont'd.) Author: Coursework and Appraisal Articles for Teaching and Publication, such as: "Appraising Interim Use Properties"... ............ .............. ................... ................. ........ ........................ 1992, 1991 Propel1y Appraisal Adjustment Board Member for OrangeCounty, Florida....................................................... 1992, 1991, 1990, 1989, 1988, 1987, 1986, 1984 Property Appraisal Adjustment Board (sole member) for Osceola County, Florida ........................................................... 1990, 1989, 1988, 1987, 1986 Vice-President of Clayton, Roper & Marshall, Inc. (formerly Clayton & Roper Appraisal Services) ................................................................................. Since 1982. Associate with Pardue, Heid, Church, Smith & Waller....................................................................... 1975 to 1982 Associations: Member: The Appraisal Institute Home Builders Association of Mid-Florida Orlando Area Chamber of Commerce Better Business Bureau Downtown Development Board of Orlando Mortgage Brokers Association of Mid-Florida Orlando Economic Development Commission International Right-of- Way Association Paul M. Roper has completed appraisal reports and lease negotiatIons throughout the United States for individuals, attorneys, mortgage brokers, mortgage bankers, credit unions, banks, savings and loan associations and various Federal, State, and local governmental agencies for valuation, evaluation and analysis assignments that include: Agricultural Properties, Including Citrus Groves Appraisal Reviews Business Valuations Commercial Properties Condemnation (Eminent Domain) Hotel/Motel Valuation Industrial Properties Office Buildings Litigation/Consultation Assignments Market/Feasibility Studies Mobile Home Sales and Rental Parks Personal Property Appraisals Roadside Advertising Signs Single-Family and Multifamily Residential Properties Special Purpose Properties such as Major Citrus Packing Plants and Restaurants, Among Others CRM File No. 02-357 CLAYTON, ROPER & MARsHALL QUALIFICATIONS OF PAUL M. ROPER (Cont'd.) Paul Roper presently manages and/or owns full and/or partial interest in office buildings, detached residential and condominium housing, apartments, vacant land, and citrus groves. He has testified as an expert witness for various litigation involving real estate in Federal courts and the Circuit Courts of Brevard, Escambia, Lake, Marion, Orange, Osceola, Polk, Seminole, and Volusia Counties in the State of Florida. Other Member:. U.S. Marine Corps. (Vietnam Veteran) Honorable Discharge - 1969-1972 Disabled American Veterans (DA V) Veterans of Foreign Wars (VFW) American Legion South Orlando Elks Lodge (BPOE) CRJ\1 File No. 02-357 CLAYTON, ROPER & MARsHALL STATE CERTIFICATION ~~~~~~!~~~~:;?, . . ,. .~..:::~. (License has been appliedfor - hardcopy has not been received) CRM File No. 02-357 CLAYTON, ROPER & MARsHALL QUALIFICATIONS OF DONALD P. WATSON Business Address Clayton, Roper & Marshall 246 North Westmonte Drive Altamonte Springs, Florida 32714 Telephone: (407) 772-2200, Extension 325 General Education University of Wisconsin-Madison, MS in Real Estate Appraisal and Investment Analysis University of Maine-Orono, B.A. in Economics - 1987 - 1976 Professional Education University of Wisconsin Courses: Introductory Appraisal Theory Real Estate Principles Market Analysis Feasibility Analysis Advanced Appraisal Theory Governmental Regulation of Real Estate Real Estate Finance Appraisal Courses Sponsored by the Appraisal Institute (formerly the American Institute of Real Estate Appraisers): Basic Valuation Principles Data Confirmation Techniques Case Studies Standards of Professional Practice A & B Capitalization Theory A & B Valuation Analysis and Report Writing Subdivision Analysis Conominium Analysis Rates Ratio and Reasonableness Government Regulation Appraising Troubled Properties Appraisal of Conservation Easements Complete Appraiser's Review American Society of Appraisers Litigation Support CLAYTON, ROPER & MARsHALL CRM File No. 02-357 QUALIFICATIONS OF DONALD P. WATSON (Cont'd.) Professional Designation and Affiliations State-Certified General Appraiser - State of Florida License No. RZ 0001976, Exp. November 30, 2002 Accredited Senior Appraiser (ASA) designation of the American Society of Appraisers. Experience Commercial Real Estate Appraiser for Clayton, Roper & Marshall; Inc. Orlando, FL 8/98 to present Commercial Real Estate Appraiser for Pardue, Heid, Church, Smith & Waller Tampa, FL 2/98 - 7/98 Commercial Real Estate Appraiser, d/b/a Commercial Appraisals Naples, FL 8/94 - 1/98 Commercial Real Estate Appraiser, d/b/a Maine Real Estate Research Co. Scarborough Maine 12/91 - 7/94 Commercial Real Estate Appraiser, Appraisal Associates, Inc. Portland, Maine 7/88 - 11/91 Real Estate Analyst, State Teachers Retirement System of Ohio Columbus, Ohio 6/87 - 6/88 CRM File No. 02-357 CLAYTON, ROPER&'MARsHALL STATE CERTIFICATION ~!r~~~~~;t~b~~j:~~!i~~14f:~t~~'I,tjt~~lri~~~i~!~*~~ii~ :('..' lq,LL~~tu..: QQ,tl 'l&l;f.;~-...~;."I3~~'(t .~ .."-~' . ,.~,..";.-~,.....,..,:....J;1:<1f ~..I.'.':;-:-:::-';" ,.; ~~ -~'l.c~;~~~~jt':-.~ 0~;;"~':.f;. ~;;~~~A,~_....*-?_ ~ .~ ~ ~ -'-:;:.~l'i>~::.. ~ 12j~~~~~::'~':.~';... l-o::' ~~,-: ,fS"...'. ~,~ _H .t- - lfIitNt1 0 Hj41Ar-~P~J~Al, "J ".",. ~~':-~,' """","';i.-.-<t:'.,,-,,...~"....*~~*-<:"'"~ ~~l1fltl8itllD'jl~j. 6f!fi~;gJ;!;~~(~:':,-.'i~~'f ",,::'-";". ':!!; '/ .' - .:,.~:. C~~,.:~':;:t;~'~,,:.;,~:'~~;~l:~.'.~.1::1.'~';--;;.:~~L~ ....... E" Iimw;af ~ .'. .... r:... (<- 'J""~.' , di'" , 1 it, ~t'" .." ".,~. .,,' ...~;~... ~.r1< ,1jI.,,,,~,.', ,.' ,!,!,,"~'lPi/~~,';<,t ~:zg Ol.! :.'. '.',. I';,' .,: {: ,':I,!':~ .;,.. ~ iJ.. ~,I...: l~....... ~';-" . '~>'. 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L,'" .1, I>" ., ',t,l t.,,",'.': tt CLAYTON, ROPER & MARsHALL CRM File No. 02-357 BUREAU OF APPRAISAL - APPRAISAL CHECKLIST, PART ONE 1 Does the appraisal include a completed copy of the Bureau of Appraisal's Checklist? [The appraiser is required to indicate compliance with specific requirements by noting which page number(s) of the appraisal contain required minimum information] [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions Page 15] Is a completed Executive Summary included for each parcel andlor opinion of value? Does the appraisal follow the recommended general format for narrative appraisal reports? (This format should be used by the fee appraiser as a general guide.) [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions: Page 9] 2 3 PREMISES OF THE APPRAISAL 4 Is there a description of the extent of the process (scope) of collecting, confirming and reporting data? 5 Is the Bureau of Appraisal's definition of market value or the current USPAP definition used? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land acquisitions, Page 2] 6 Is the intended use (function) of the appraisal identified? 7 Are the property interests (rights) appraised identified? 8 Does the appraisal express the estate which existed as of the date of appraisal? Does the appraisal report consider whether a fractional interest, physical segments or partial holding contribute pro rata to the value of the' whole? Are the effective date of the appraisal and the date of the appraisal report stated? 9 10 7.1.99 Yes 00 !RI !RI 00 00 00 !RI 00 Page No. attached 1 4 Addendum p.1 4 4 Letter of transmittal No NIA x x page 1 PRESENTATION OF DATA 11 Is a legal description of the property appraised included in the report? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Pages 9 and 16] 12 Is a five-year subject sales history included? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 3 ] 13 Does the appraiser explain why the previous sale of the subject was not used in the valuation of the subject property? 14 Is any current agreement of sale, option or listing of the property under appraisal analyzed? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 4] 15 Was a neighborhood analysis provided including a discussion of market trends, either positive or negative, which affect the subject property? [Bureau of Appraisal, Supplemental Standards for Board of Trustees Land Acquisitions, Pages 9 and 15] 16 Is a zoning analysis provided which discusses existing zoning and land use designations, impending use restrictions or other existing or proposed concurrency or land use planning restrictions? 17 Does the appraisal report provide the current assessed value of the subject property? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 4] DESCRIPTION OF SUBJECT SITE/LAND 18 Is a site sketch included? 19 Does the appraisal report describe the size, shape and other physical characteristics of the sitelland? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 4] 20 Does the appraisal report describe the current state of access to the property? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 4] 7.1.99 [R) 4 [R) 5 x x [R) 8 [R) 17 [R) 2 [R) 18 [R) 15 [R) 17 page 2 28 29 30 31 7.1.99 21 If the access if poor, inadequate or substandard, does the appraisal address its affect, with supporting market evidence, on market value? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 4] Does the appraisal describe the topography of the property? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 4] Does the appraisal report describe the location of the property? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 4] Does the appraisal report describe the property's road frontage? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 4] Does the appraisal report describe the propertyDs water frontage? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 4] Does the appraisal report describe utilities available and their proximity to the property? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 4] Does the appraisal report describe nuisances and hazards, if any, affecting the market value of the property? Does the appraisal report describe any existing andlor potential environmental hazards affecting the market value of the property? Does the appraisal report describe the drainage and the existence of flood plain conditions affecting the market value of the property? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 4] Does the appraisal report discuss any easements, encroachments and rights-of-way affecting the market value of the property? Does the appraisal report address their affect(s), if any, on the market value of the subject property? 22 23 24 25 26 27 x [8] 16 [8] 16 [8] 16 16 [8] 2 x x [8] 2,16 [8] 17 [8] 17 page 3 32 Does the appraisal report discuss the affect on the market value of the property as a result of outstanding oil, gas and mineral interests? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 4] ANALYSIS OF DATA AND CONCLUSIONS Highest and Best Use 33 Is the highest and best of the property as vacant and as improved, if applicable, analyzed? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 4] 34 Is the highest and best use based on an economic use of the property. [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 5] Land Valuation 35 Are the comparable sales verified, documented and presented? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 5,6 and 14] 36 Are photographs of the com parables sales included? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 6] 37 Does the appraisal report include sketches of the comparable sales? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 6] 38 Did the appraiser include a general sales location map that also shows the subject's proximity? 39 Is the unit of comparison appropriate for the subject's market? 40 Is the unit of comparison reliable for the subject's market? 41 Is the unit of comparison valid for the subject's market? 42 Are the comparable sales similar to the subject in highest and best use? 7.1.99 IRJ IRJ IRJ IRJ IRJ IRJ IRJ IRJ IRJ IRJ x 19 19-20 addendum addendum addendum 27 page 4 52 53 7.1.99 43 If the comparable sales are not similar in highest and best use, is an adequate discussion included as to why the sales are used? Are the comparable sales adjusted for cash equivalency or otherwise clearly explained? If you .included comparable sales to governmental units andlor non-profit groups, were they analyzed separately with appropriate comments explaining differences, if any, compared to private transactions? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 6] If the appraisal report includes extraordinary assumptions, are their impacts on value adequately supported and reported in the reconciliation and final value estimate? If you provide a discounted cash flow model in valuing the subject property, did you also provide a sales comparison, or other, approach to arrive at the present value of the subject property? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 7] Are demolition costs, if any, considered appropriately for the comparable sales and the subject property? Did you consider and reconcile the quality and quantity of data available and analyzed within the approaches used and the applicability or suitability of the approaches used? Is the final value estimate consistent with the data and analyses presented in the report? Does the appraisal report consider and analyze the effect on value, if any, of the assemblage of the various estates or component parts of a property, refraining from estimating the value of the whole property simply by adding together the individual values of the various estates or component parts without explanation? In arriving at a final value estimate, does the appraisal consider the value impact (cost to cure/stigma) of environmental hazards andlor other contamination (underground storage tanks, toxic waste disposal, etc.) Before concluding the 'as is value? Is the highest and best use conclusion(s) consistent with the value reported? 44 45 46 47 48 49 50 51 x IRI x x x x IRI 26 [8] IRI x IRI page 5 Miscellaneous 54 Does the report provide an estimate of the property's anticipated marketing (exposure) time? 55 Does the report contain a clear and adequate disclosure of all ordinary and extraordinary assumptions (see question 45) or limiting conditions that directly affect the appraisal? 56 Does the appraisal explain and support the exclusion of any of the usual valuation approaches? 7.1.99 o 20 o 2-3 o 21-22 page 6 Page 7 BUREAU OF APPRAISAL - APPRAISAL CHECKLIST, PART TWO 64 65 66 67 68 69 70 7.1.99 Cost Approach 57 Are there are least two photographs or color copies of each major improvement? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 7] Is a sketch of the building or a copy of the building plans included? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 6] Does the appraisal report identify and describe any potential environmental hazards (e.g., asbestos; see questions 27 and 28)? Is the source of the reproduction or replacement cost new of the improvements identified and explained? Was entrepreneurial profit, whether included or excluded, identified and supported? Is curable physical deterioration (deferred maintenance) considered? Is curable physical deterioration (deferred maintenance) adequately supported? Is incurable physical deterioration considered? Is incurable physical deterioration supported? Is functional obsolescence considered? Is functional obsolescence supported? Is external obsolescence considered? Is external obsolescence supported? Is the contributory value of the site improvements supported? 58 59 60 61 62 63 Yes Page No. No NIA X X X X X X X X X X X X X X page 7 Page 8 87 88 7.1.99 Income Approach 71 Are the comparable rentals adequately documented? 72 Are the comparable rentals adequately presented? 73 Did you include a general comparable rental location map also showing the location of the subject property? 74 Are adjustments to the comparable rentals supported? 75 Is a current rent roll and recent income industry for the property provided in the report or lack thereof explained? 76 Were all existing leases reviewed? x x x x x x 77 Were all existing leases described? x 78 Were all existing leases analyzed? x 79 Does the report indicate whether the contract rental income is at or near market rental rates? Is the projected potential income adequately supported Is your estimate of vacancy and collection loss adequately supported? Is a recent expense history for the subject property provided in the report? Are the projected expenses explained and supported? . Are differences between the projected expenses and the property's historical expense trend supported and described? Is each component of the selected capitalization method and technique supported by appropriate market data? Are the income and expense projections utilized in the discounted cash flow analysis supported? Are the project vacancy and collection loss estimates and the projected absorption period, if applicable, supported? Are deductions for rent loss, leasing commissions, tenant improvements, deferred maintenance, etc., accounted for in the discounted cashflow analysis? x x 80 x 81 x 82 x 83 x 84 x 85 x 86 x x page 8 Page 9 89 Is the discount rate supported by appropriate market data? Is the terminal capitalization rate supported considering the future risk and increased age of the improvements? Are reasonable sales costs deducted from the estimated reversion to arrive at the net property reversion? 90 91 Sales Comparison Approach 92 Is the unit of comparison appropriate for the [R] subject's market? 93 Is the unit of comparison reliable for the subject's [R] market? 94 Is the unit of comparison valid for the subject's [R] market? 95 Are the comparable sales adequately [R] documented and presented? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 5, 6 and 14] 96 Are photographs of the comparable sales [R] included? [Bureau of Appraisal, Supplemental Appraisal Standards for Board of Trustees Land Acquisitions, Page 6] 97 Does the report include a general sales location [R] map showing the proximity to the subject propertyl 98 Are the comparable sales similar to the subject in [R] highest and best use? 99 If the comparable sales are not similar in highest and best use, is a discussion included as to why the sales are used? 100 Are the comparable sales adjusted for cash [R] equivalency or otherwise clearly explained? 101 Are the adjustments that were applied to the [R] comparable sales adequately supported? SIGNED /\ 2 I) / u-:f) ,(/c~ 7.1.99 DATE: x x x x 12/03/02 page 9