HomeMy WebLinkAboutItem 08 Sale of Property Located in Northeast Quadrant of Clarke Road and AD Mims Road to Meritage Homes of Florida ocoee
florida
AGENDA ITEM COVER SHEET
Meeting Date: March 19, 2019
Item # 8
Reviewed By:
Contact Name: Scott Cookson, City Department Director:
Attorney
Contact Number: City Manager:
Subject: Sale of Property located in northeast quadrant of Clarke Road and AD Mims Road to
Meritage Homes of Florida
Background Summary:
The City acquired 12 acres of land (Parcel No. 09- 22-28-0000-00-05) from the Silvestri Investment
Group of Florida, Inc. on December 29, 2006, at a cost of $3.5 million for the purpose of constructing a
new Police Department headquarters building. The City subsequently relocated the Police Department
to another facility, with the result that the former Silvestri property remains undeveloped. The subject
property is bordered on the south by railroad right of way, which is adjacent to AD Mims Road, to the
north and east by the Prairie Lake Reserve Subdivision, and on the west by Clarke Road. A portion of
the eastern boundary is property dedicated to the public use and owned by the City for future road
construction. The outstanding amount of the bond used to finance the purchase is approximately $2.6
million.
The City has had this land under contract to sell previously. First, in 2015 to Charter Schools
Development Group, LLC for development of a Charter School and more recently to Beazer Homes
for a residential development (the Beazer purchase was for 8.5 acres of the total 12 acres of land). In
both instances, the Buyer elected to terminate the contract prior to expiration of their inspection
periods. The City obtained an appraisal for the Property prepared by DeRango, Best & Associates
dated April 17, 2018 (attached). The appraisal valued the 8.5 acre portion of the land at $1 ,105,000.
On November 20, 2018, the City authorized City Staff to proceed with negotiations for the sale of the
8.5 acre portion of the land to Meritage Homes of Florida, Inc., after receiving an unsolicited offer from
Meritage to purchase such land. City Staff and Meritage have now completed the negotiations and
have agreed on the terms of such sale.
Meritage Homes of Florida, Inc., wishes to purchase the 8.5 acres for the purpose of developing a
residential subdivision containing approximately sixty-four (64) townhomes. The Property is located
within the northeast quadrant of Clarke Road and AD Mims Road (Property). The Property does not
include the approximately 3.5 acres at the immediate Clarke Road and AD Mims Road corner; this
land is intended to be retained by the City and eventually developed for a commercial use. The
proposed Purchase and Sale Agreement is attached. Pursuant to Section C-8(B)(1) of the City
Charter, the City Commission must approve the sale at an advertised public hearing. The Purchase
and Sale Agreement does not become effective until approved by the City Commission and executed
by the Mayor.
A summary of the Agreement is as follows:
Buyer: Meritage Homes of Florida, Inc.
Purchase Price: $1 ,100,000.00
Deposit: $5,000.00 refundable Initial Deposit. In addition, Buyer will deposit an additional
$5,000 Contract Fee which is non-refundable to Buyer unless the Agreement
terminates due to default by the City. The non-refundable $5,000 Contract Fee
serves to reimburse the City for the costs of the appraisal in the event Buyer
terminates the contract prior to expiration of the Inspection Period.
$45,000.00 Second Deposit, paid within 5 business days after the expiration of the
Inspection Period.
$50,000 Third Deposit, paid within 5 business days after the Cityhas approved
Y the
zoning for the Property.
With limited exceptions, the entire $100,000 Deposit becomes non-refundable to
Buyer once zoning of the Property is approved.
Inspection Period: Ninety (90) days from the Effective Date (the date the City Commission approves
the Agreement).
Closing: Fifteen (15) days after Buyer's receipt of approval of the Final Subdivision Plan and
all other permits and approvals necessary for the development. Notwithstanding
the foregoing, the outside date for Closing is twelve (12) months after the
expiration of the Inspection Period. However, the Buyer has the right to extend the
outside date by up to six (6) one month extensions with the payment of $10,000 for
each extension. With limited exceptions, the extension payments are non-
refundable to Buyer and not applicable to the Purchase Price.
Closing Costs: Seller pays title search fee, title insurance premium, and cost of curing any title
defects. Buyer pays for recording of the Deed, documentary stamp or transfer
taxes, title insurance premium for any loan title policy and the cost of Survey.
Issue:
Should the City Commission approve the sale of the Property to Meritage Homes of Florida, Inc., and
cause the Purchase and Sale Agreement to be executed and become effective?
Recommendations:
City Staff recommends that the City Commission approve the sale of the Property to Meritage Homes
of Florida, Inc., and authorize the execution of the Purchase and Sale Agreement.
Attachments:
Purchase and Sale Agreement
Appraisal
Financial Impact:
The City's proceeds from the sale of the Property will go to reduce the bond debt used to acquire the
Property.
Type of Item: (please mark with an "x,
X Public Hearing For Clerk's Dept Use:
Ordinance First Reading Consent Agenda
Ordinance Second Reading X Public Hearing
Resolution Regular Agenda
X Commission Approval
Discussion&Direction
X Original Document/Contract Attached for Execution by City Clerk
Original Document/Contract Held by Department for Execution
Reviewed by City Attorney Scott A. Cookson, Esq. N/A
Reviewed by Finance Dept. N/A
Reviewed by N/A
3
Mayor Commissioners
1Z01:4*
Rusty Johnson John Grogan, District 1
Rosemary Wilsen, District 2
City Manager Richard Firstner, District 3
Robert Frank George Oliver III, District 4
Ocoee
florida
City of Ocoee • 150 North Lakeshore Drive • Ocoee, Florida 34761
phone: (407) 905-3100 • fax: (407) 905-3167 •www.ocoee.org
DERANGO, BEST & ASSOCIATES
PROFESSIONAL REAL ESTATE APPRAISERS. ADVISORS&CONSULTANTS
160 I EAST AMELIA SiKLEr, ORLANDO, FLORIDA 32803
April 17, 2018
Mr. Craig Shadrix
City Manager
City of Ocoee
150 N Lakeshore Drive
Ocoee,FL 32761-2223
Re: Appraisal of a vacant 8.5+ acre tract located at the northeast quadrant of A D Mims Road
and North Clarke Road,owned by the City of Ocoee, in Ocoee,Orange County, Florida.
Dear Mr.Shadrix:
As requested, we have completed our appraisal of the above referenced property. The attached
appraisal report provides the data and reasoning employed in formulating our value estimate. Our
appraisal has been prepared in conformance with the Uniform Standards of Professional Appraisal
Practice(USPAP)and Appraisal Institute Standards.
The purpose of our appraisal is to estimate the current market value of the fee simple interest In
the property.The intended use of the appraisal Is to assist the City of Ocoee with information and
guidance in decision making for a possible sale of the appraised parcel. There are no other
intended uses or intended users of our appraisal.
The value reported is qualified by certain assumptions, definitions, limiting conditions, and
certification statements that are set forth in the attached report.
We estimate that the "as is" market value of the fee simple interest in the property, effective as of
April 15,2018 ,to be:
$1,105,000
Thank you for this opportunity to be of service.
Respectfully submitted,
DERANGO. BEST ASSOCIATES
Daniel R. DeRango, MAI, CCIM
Cert Gen RZ1054
18-134
(407) 895-6350. FAX(407) 896-8467 •MAIL@DERANOODEST.COM
TABLE OF CONTENTS
EXECUTIVE SUMMARY
1
EXTRAORDINARY APPRAISAL ASSUMPTION 3
PROPERTY PHOTOGRAPHS 4
INTRODUCTION 7
SCOPE OF THE ASSIGNMENT
LEGAL DESCRIPTION 7
OWNERSHIP AND SALES HISTORY 8
MARKETING AND EXPOSURE TIME 68
6
NEIGHBORHOOD OVERVIEW
OVERVIEW
ACCESS 0
CONCLUSION 10
UTILITIES AND SERVICES 10
REAL ESTATE TAXES 13
ZONING AND FUTURE LAND USE DESIGNATIONS 13
DESCRIPTION OF PROPOSED IMPROVEMENTS 14
15
HIGHEST AND BEST USE
16
LEGAL CONSIDERATIONS
PHYSICAL CONSIDERATIONS 16
CONCLUSIONS 16
16
APPRAISAL PROCESS
17
ANALYSIS
CONCLUSIONS 22
23
ADDENDUM
24•
LEGAL DESCRIPTION
25
LETTER OF INTENT TO PURCHASE
28
GENERAL ASSUMPTIONS&LIMITING CONDITIONS.-...............
STANDARD
ENVIRONMENTAL 30
OTHER 31
31
DEFINITIONS
32
MARKET VALUE DEFINITION..
PROPERTY RIGHTS APPRAISED 32
32
CERTIFICATION
33
QUALIFICATIONS OF APPRAISER
APPRAISAL OF A VACANT 8.5+ACRE TRACT
Illi+ NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY,FLORIDA PAGE 1
EXECUTIVE SUMMARY
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Boundaries are approximate.
PROPERTY LOCATION: The property is located at the northeast quadrant of A
D Mims Road and North Clarke Road in Ocoee,
Orange County, FL.
SITE DESCRIPTION: The tract is Irregular in shape and consists of 8.5±
acres. The parcel is part of a larger 12±acre tract.The
appraised tract is generally level and appears to drain
well. All utilities are available.
ZONING/LAND USE: The property is zoned PUD-COMM, Commercial, by
the city of Ocoee. The site has a corresponding future
land use designation of Commercial. A prospective
purchaser(Beazer Homes)intends to develop the site
with 38 single family residential lots (see following
page). We have appraised the property under the
extraordinary assumption that the property can legally
be approved and developed as a subdivision.
18-134
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY,FLORIDA PAGE 2
CONCEPTUAL SITE PLAN:
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HIGHEST AND BEST USE: Residential development based on the assumption that
the site can be legally approved and developed as a
proposed residential subdivision (see Extraordinary
Assumption),
DATE OF VALUE: April 15, 2018
VALUE ESTIMATE: $1,105,000
See Extraordinary Assumption on the following page.
18-134
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEC)OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY,FLORIDA PAGE 3
EXTRAORDINARY APPRAISAL ASSUMPTION
Based on information provided by the City of Ocoee Officials, it is our understanding and
assumption that the property can legally be approved and developed as a residential
subdivision consistent with the plans provided by the prospective purchaser. Further,the
City of Ocoee will provide Ocoee Vista Parkway right of way along the perimeter of the
appraised property. We have assumed the above to be materially accurate for purposes
of our appraisal. Should the use,density of development planned or noted infrastructure
plans vary materially, our value estimate Is subject to review and possible revision.
18-134
APPRAISAL OF A VACANT 8.5+ACRE TRACT
• NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY,FLORIDA PAGE 4
PROPERTY PHOTOGRAPHS
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VIEW OF SUBJECT AT OCOEE VISTA PKWY TERMINUS
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18-134
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY,FLORIDA PAGE 5
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VIEW EAST ALONG OCOEE VISTA PKWY (SUBJECT TO LEFT)
18-134
APPRAISAL OF A VACANT$.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY, FLORIDA PAGE 6
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18-134
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY, FLORIDA PAGE 7
INTRODUCTION
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SCOPE OF THE ASSIGNMENT
DeRango, Best & Associates has been requested by the City of Ocoee to prepare an
appraisal of an 8.5t acre tract located at the northeast quadrant of A D Mims Road and
North Clarke Road in Ocoee, Orange County, Florida.The purpose of this appraisal is to
estimate the current market value of the fee simple interest in the property under the
Extraordinary Assumption that the site can legally be developed as a residential
subdivision.
In arriving at our value estimate, we have prepared the Sales Comparison Approach to
value, which is the only applicable approach for vacant land. To value the property, we
have compiled and analyzed data pertaining to the west Orange County market and the
subject area in particular. This information plus that gleaned from the relevant and
broader marketplace provided the basis of our valuation. Sources of information Included
Microbase, CoStar, Loopnet, the Orange County Property Assessor's Office and other
published sources. The scope of our appraisal also included an inspection of the property
and the neighborhood.
18-134
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEC)OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY, FLORIDA PAGE 8
LEGAL DESCRIPTION
Lengthy. Please see addendum. The legal description provided is for the 12+acre larger
parcel that includes the appraised 8.5+ acre property.
OWNERSHIP AND SALES HISTORY
The appraised property is part of a larger tract that was transferred in December of 2006
from Silvestri Investments of Florida, Inc. to the City of Ocoee, Florida via a non-arm's
length transaction (under threat of condemnation) as recorded in the Orange County
Official Records Book 9042, Page 2538.
No other transactions have been recorded for the property in the past five years. There
is currently an offer to purchase the site by Beazer Homes for a price of$1,100,100. The
purchase price is based on approvals for 38 single family lots and will be adjusted by
$28,950/lot in the event the total count is more or less than the estimated 38 lots. The
prospective purchaser provided a Letter of Intent outlining the terms of purchase that is
included in the addendum of our report.
MARKETING AND EXPOSURE TIME1
We estimate the marketing period for the property at the value estimate cited herein to be
within 12 months. This time frame recognizes that the conclusion of the market values
will remain at the same level throughout the marketing period. This estimate is premised
on active promotion of the property during this period.
Furthermore, we estimate the exposure time of the property to be 12 months.
1 EXPOSURE TIME:the estimated length of time that the property interest being appraised would have
been offered on the market prior to the hypothetical consummation of a sale at market value on the effective
date of the appraisal.
18-134
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY,FLORIDA PAGE 9
NEIGHBORHOOD OVERVIEW
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OVERVIEW
The immediate neighborhood is the city of Ocoee, to the west of Orlando. Ocoee is the
third largest community in Orange County, and is largely developed with residential
subdivisions that are owner occupied. The area has been developed since the late 19th
Century,and has a historic downtown area with several buildings that are on the National
Register of Historic Places. The surrounding area has historically been developed
primarily with citrus groves. However, since 1990, the area has seen substantial
residential growth,which has, in turn,created a need for additional retail and commercial
uses.Major uses include the Health Central Hospital and the West Oaks Mall.The market
has been strong in the last two to three years and growth in the area has been at a strong
pace.
18-134
1
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY,FLORIDA PAGE 10
ACCESS
The neighborhood has good access from State Road 50, Florida's Turnpike, State Road
408, and State Road 429.
State Road 50 is also known as West Colonial Drive is a primary commercial corridor
and provides east-west traffic through the neighborhood.
Florida's Turnpike is the primary north-south highway through the center of the state,
connecting north Florida to the Miami Area. The Florida Turnpike interchange with State
Road 429 is located to the southwest of the subject.
State Road 408 (East-West Expressway) runs east-west through the Orlando metro
area, connecting the neighborhood to east Orlando and the downtown Orlando business
district.
State Road 429 (Western Beltway) encircles the west side of the Orlando metro area,
and provides direct access to Interstate 4 to the south near the Walt Disney World Resort
area and with U.S. Highway 441 in northwest Orange County. This roadway Is currently
being extended up into Lake County, and will eventually connect with Interstate 4 in
Seminole County, and will provide the Orlando metro area with a true beltway system.
The immediate neighborhood is primarily residential in character with a mix of middle tier
priced single-family residential medium density projects. To the north and east of the
property Is the Prairie Lake Reserve PUD that includes town-homes built in 2014 that are
selling in the $200,000 to$211,000 range.
To the south Is the Reserve planned development with single-family homes built in the
2000's and selling in the $180,000 to $280,000 range.
To the west is the Reserve at Meadow Lake planned development with single-family
homes built in 2012 and selling in the $230,000 to $440,000 range and townhomes built
in 2011 selling in the$165,000 to$210,000 range.
The appraised parcel is also within the original area of the Prairie Lake planned
development and was targeted for retail uses with up to 125,000 SF. Other development
in the area includes the Jim Beech Recreation Center to the west of the property, a City
of Ocoee fire station immediately to the north and a Publix anchored retail center to the
south at Clarke Road and Silver Star Road.
CONCLUSION
The neighborhood is in the growth phase of its life cycle, and the level of demand for new
residences is strong. The overall outlook for the defined neighborhood is good.
18.134
1
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY,FLORIDA
PAGE 11
I PROPERTY OVERVIEW
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Boundaries are approximate. i
Location
The property is located at the northeast quadrant of A D Mims Road and North Clarke
Road in Ocoee, Florida.
Size/Confiauration
The 8.5±acre tract is irregular in shape and is part of a larger 12±acre parent tract. The
site has approximately 420 feet of frontage along the north side of A D Mims Road and a
depth of about 880 feet.The appraised tract abuts two vacant sites to the west,residential
subdivision to the north and east and a CSX rail line to the south.
Access and Exposure
Access to the site is planned to be along Ocoee Vista Parkway as part of the development
of the site.Ocoee Vista Parkway is a two-lane undivided residential roadway that provides
the Meadow Lake and Prairie Lake Reserve subdivisions access to North Clarke Road.
The site has exposure along the north side of A D Mims Road,a two-lane divided roadway
with center turn lanes but is separated from the road by the noted rail line. Ocoee Vista
Parkway provides access to North Clarke Road just west of the appraised site.
18-134
1
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY,FLORIDA PAGE 12
Traffic counts along A D Mims Road near the subject average 6,000 vehicles per day and
North Clarke Road is reported at about 14,000 vehicles per day.
Note: As part of the pending LOl/offer to purchase,the City of Ocoee would provide right
1 of way for the Ocoee Vista Parkway extension along the perimeter of the appraised site
(see Extraordinary Assumption).
Topography and Drainage
The site has a generally level topography. The site appears to drain well and has sandy
i well-draining soils per a review of the Orange County Info map provided data. .
Flood Hazard
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Based on the Flood Insurance Rate Maps of the National Flood Insurance Program,
Community Panel No. 12095CO210F, effective September 25, 2009, the site is within
Zone X, a minimal flood hazard area.
18-134
i
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY, FLORIDA PAGE 13
EASEMENTS AND ENCUMBRANCES
We have not been provided with a survey or title search for the property. To the best of
our knowledge,there are no adverse easements or encroachments encumbering the site.
UTILITIES AND SERVICES
There is an existing 12"water main along the east side of Clarke Road as well as a gravity
sewer line and a 16° reuse water line. There is also an 8" water line running along the
access roadway to the immediate north of the site and a 16' water line along the south
side of A D Mims Road. These lines are serviced by the City of Ocoee. All utilities are
available to the subject site.
REAL ESTATE TAXES
The larger parcel that includes the subject is assessed for ad valorem property taxes by
Orange County and the city of Ocoee. (The parcel is owned by the City of Ocoee and is
therefore exempt from taxes at the date of appraisal.)The 2017 Real Estate taxes for the
parent tract are shown as follows:
2017 Real Estate Taxes
Parcel No. 09-22-28-0000-00-056
Land Value $555,737
Building Value $0
Extra Features $0
Assessed Value $555,737
Exempt Value -$555,737
Millage Rate 18.2065
Ad Valorem Total $10,118
Non-Ad Valorem
Assess. $0.00
Total Taxes and Assess. $0,00
18-134
APPRAISAL OF A VACANT 8.5±ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY,FLORIDA PAGE 14
ZONING AND FUTURE LAND USE DESIGNATIONS
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ZONING FUTURE LAND USE
The property is zoned PUD-COMM, Commercial, by the city of Ocoee.
The future land use designation of the property is Commercial. The land use designation
is consistent with current zoning.
Note: Though the parcel is currently zoned for commercial uses, based on information
provided by the City of Ocoee Officials, it is our understanding and assumption that the
property can legally be approved and developed as a residential subdivision (see
Extraordinary Assumption).
18-134
I
1
j APPRAISAL OF A VACANT 8.5+ACRE TRACT
! NEQ OF A D M1M8 ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY, FLORIDA PAGE 15
DESCRIPTION OF PROPOSED IMPROVEMENTS
The site is proposed for the development of 38 single family lots as shown on the
conceptual site plan below. The development will also include a playground and open
space areas in the center of the site. The project is made up of lots that average 40' in
width. The proposed project density Is 4.47 units/acre.
We note that the remaining 3.24 acres at the signalized corner of Clarke Road and A D
Mims Road will continue to carry a commercial zoning and land use designation.
i
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18.134
(
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY, FLORIDA PAGE 16
HIGHEST AND BEST USE
In estimating the highest and best use of the property,we have evaluated those uses that
are legally permissible, physically possible, economically supported, and 'which would
result in the highest return to the land. In appraisal practice, the Highest and Best Use
Analysis is the foundation upon which the valuation of a property is based.
Legal Considerations
The property is zoned PUD-COMM, Commercial, by the city of Ocoee. The site also has
a Commercial future land use designation which is consistent with the current zoning.
However as noted, we are of the understanding and assumption that the site can be
legally approved and developed as a residential subdivision consistent with the project
proposed by the prospective purchaser of the property.
Physical Considerations
The physical considerations affecting a site generally address the type and size of
development that a particular site will support. The appraised tract has 8.5± acres and
has good access and average exposure to Ocoee Vista Parkway and additional exposure
to A D Minis Road.The property has an adequate topography and soils for development.
All utilities are available to the property. The tract is physically suited for development.
Economic Considerations
The property is within the City of Ocoee, an area that is experiencing significant growth
and development, some of which occurred in the past five or so years. The long term
outlook for the neighborhood remains positive.
CONCLUSIONS
The highest and best use of the site is for residential development based on the
assumption that the proposed subdivision can be legally approved for development(see
Extraordinary Assumption). Though the property presently has a commercial zoning it is
surrounded by residential uses and has limited access due to the rail line along A D Mims
Road traffic exposure along the two roads. The 8.5+acres excludes the signalized corner
of A D Mims Road and North Clarke Road which is the most likely commercial location
for the larger parcel that includes the appraised lands. Therefore given the surrounding
land uses and activity in the area,the highest and best use is for residential development
to a density in line with surrounding subdivisions in the neighborhood.
18-134
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY, FLORIDA PAGE 17
APPRAISAL PROCESS
In the appraisal of tracts of vacant land,the only applicable approach to value is the Sales
Comparison (Market)Approach to value. The Sales Comparison Approach is predicated
upon prices recently paid for similar properties.We have researched and analyzed recent
sales of properties that have similarities to the appraised property for comparison
purposes.
The immediate neighborhood is mostly developed at the date of appraisal. We therefore
expanded our sales search to other areas in greater Orlando with similarities to the
subject neighborhood. The available comparable sales are shown on the following map.
A land sales chart and discussion of each sale as it compares to the property follows.
LAND SALES MAP
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1&134
i
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
1 OCOEE,ORANGE COUNTY, FLORIDA PAGE 18
r—
COMPARABLE LAND BALES
subject 1 7 3 4
Northeast quadrant of A North akW 01 Clarcona North Ode of SIMar Star Nang Ute south akie of 13th Slut Lust yua tart of State
Lacaaon D Mara Road end E811 Ocoee Road et PIO ter9dnus ROad asst OI K Clark Road Street Just east of tlf Nard Road 426 and State Road
Girlie Road of N,dent Road Avenue 417.
City,County Oooee.Orange County Ocoee.Orange Canty Ocoee,Orange County APcCke AI"'Orer9e Ovktdo Ares.Seminde
County County
Mayer Beazer Homes 0 R Haien Confidential Brixton Laid'inp LID kbrtlege Homes ci Florida,
Inc.
Seller City of Ocoee Ocoee Development Klee Slyer Star LLC IbtlrKameN Jack- Cal Land Group LLC
Side Owe Offer Oar Putcl,aaall0l Jun-17 Pending Centred Mar-16 Dec-16
Sale Pries 61,100,100 63071,300 $1,500,000 2995,000 22,060,000
sinandag Terms Cash to Soler Cash to Seder Cash Io Sar Cash to Sar Cash to Selo
Saw Coereoosa striker /yokel h`rlmt Market Whet
O.R.Soak/Page NA 2017000447691 Pending Cardiac* 20100178177 2010133263
_._
►uWires)res) 6.50 33.93 1850 100.43 13.00
Ceeaeuraeen dyto�' '
CSX Rol Melo south. kre9tdar SApltty krapuler Raianguler R.Ctarhpdar
toeoaraphy Genera tyLevel GonorahtyLewt GenereiNLevi Oln rathyLevel Genially Level
A D Alms Road and N. amount Ocoee Road and
Reed Farrago steno Clarke Road st e Hobson Road(Booth She Star Road East 13th Sheet SR 426 and SR 417
sorban of she)--.
twain -
-/0 Available NI Al Av
AA AyaduiaWe dli Available Ail Mailable
toning PUD Comm',Ocuoo PUD•LD,Ocoee C•2,Ocoee R4,Orange County PD,Seminole County
FNw
uwaLoad Use p ldv Mrdkmt Demi
,/
CommsiclaV Low Denary Readardiel Commercial y DmsA Residential
_.. - Ronkfentkt y
Proposed Use 38 loft,average rig 140 Late•Ook list 60 Lots.60'wide Ocoee Swum'Apartmerte,80 38 Let Suhdivlsb,,Park
width Reserve Landngn Units,BrodonLanding Place at Nona
1
OeatlblAne 4.47 4.13 3.03 7.67 2.92
Pdeefllmit 225,950 221,936 $30,009 $12,436 $70,000
r
JP4coAne $129424 290,619 $90,909 $95,388 _-_ $204,616
I! 'Ocoee Octal confirm Located south d Ste
The its has a
potential far re-zoning subject Apart of a ler approx.2.36
LOI hCIldaa provisions stud nom.,Bre subJxl that ar acres of wetlands al Devetapect with a 3&
Commend for Seller b Has homage ekxg the southern ttasde Densityttomoade single-firmly
hid rid S to West Orange Tra1 ooppIng cl&seat abutting usado arra la @. rwfdenllpt Chan.O hon maw
trtervhkuh and=Ass to sltoitpl,tg saran 10 Iso wins, Pa pure bdr, "
utilities. Rezoned for PD approval units/wiz
COMPARO3ON
r
Merkeling Conditions Apr•113 Somewhat Inferior Simla, Inferior Minix
Tams or Sae Nbrkel IMAM Markel Mantel MAN
Location NerUteaslern Ocoee Simla Shntar interior Superior
Lead alae(Arum) 0.60 Larger(r) Larger(+l Larger($J larger(4)
SkiCortlguraltony ham •thus
CSX Rai Ane to darns. WNW Singlet UMW Slimier
Topa raahy Gamely Levet Similar Simlar Shier Superior
kraus9.Repeemre AD Mma Road and N. Shear Superior Simla! Superior _.
Clarke Road
Project Density 4 47 Similar Layer Higher loam
Willies
PH Anal aids Minder SkMar &maw SImAr
Overall Compaesee Subject Inferior Similar Sirdia Superior
18-134
I
1
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY,FLORIDA PAGE 19
Land Sale No. 1 is located on the north side of Clarcona Ocoee Road at the terminus of
N. Clarke Road in Ocoee, Orange County. This 33.931 acre site was purchased by DR
Horton in June of 2017 for$3,071,300, equating to $90,519/Acre. The site has frontage
along the West Orange Trail.
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Pendino Contract No.2 is located on the north side of Silver Star Road,east of N.Clarke
Road in Ocoee, Orange County. This 16.50± acre site is under contract for$1,500,000,
equating to $90,909/Acre. The site is a part of a larger site that will include commercial
sites abutting a shopping center to the west. .
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18-134 4
1
I
{ APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY,FLORIDA PAGE 20
Land Sale No. 3 is located along the south side of 13th Street just east of Highland
Avenue in Orange County. This 10.43± acre site was purchased by Brixton Landing LTD
in March of 2016 for $995,000, equating to $95,398/Acre. Approximately 2.36 acres of
wetlands is located along the southern site boundary.
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Land Sale No. 4 is located at the southeast quadrant of State Road 426 and the Central
Florida Greeneway (SR 417) in Seminole County. This 13± site was purchased by
Meritage Homes of Florida, Inc. in December of 2016 for $2,660,000, equating to
$204,615/Acre. The site was purchased for development with a 38-lot single-family
residential subdivision.
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18-134
i
1
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY,FLORIDA
PAGE 21
We have also noted the following offerings for similar properties in the market.
Lind Lislings
Gross Um.
fr
No. Location Lend SI,Lead Sit. Zoning FLU SewedWales lid I
(LAC*) (ACai Sarvba rrke I r c&G,o°�1Oae Comments
The noon tale of'Maoiota
1 Road.east dSoule 4.70 OPo•e y
470 A., Lew Der41i WaIIs a 5awer Zoning emlila low ental
Clarke Roan Reekf.npu 3445.000 1t08,3/8 n,P N
The weeniest geadrere retlderiA d•vbpmera,
2 d neUah Read and t1,T4 5.78 R-1.WkdN low Denshe FAO"ked use permits 8
Beard Road Garden Residential
Water 6 Sewer 41,250.099 4144807 de�Ntnlu Per eva.Re•
--— zoning may 6e undertaken loo
The so earlWoolerd
ri 3' •tilt..__
3 Worn Pine hats Road 8.92 8.92R-3Mv P, Realdalpal Low Loaned M IIdlRelat eros.
and Ogden Dow Orlando l W(�O1'�^ Wafer B Sewer 4995x000 4111.547 AbutsrnsldeNel subdMalon
Prtdoelon Olertay) ! bale east Reduced price.
Listed tor 2!years.
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18-134
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIME ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY,FLORIDA PAGE 22
ANALYSIS
Given the small size and infill location of the parcel directly comparable sales data was
scarce. When sites intended for residential subdivision developments are purchased they
are typically larger parcels and generally have some planning or preliminary approvals in
place at the time of sale. The available comparable sales reviewed bracket a range in
pricing from $995,000 to $3,071,300. The sales reflect a range of indications from
$90,519/Acre to $204,615/Acre, with an average of $120,360/Acre. The density of
development planned for the sale properties range from 2.92 du/acre to 7.67 du/acre.
We also reviewed current offerings in the surrounding areas which show a range of from
$105,319/acre to $142,207/acre for sites with potential for residential subdivision
development.
The pending offer/L01 for the appraised property by Beazer Homes is priced $1,100,100
which equates to $129,424/acre. The offer presumes approval of 38 lots on the site or
$28,950/lot at a density of about 4.5 du/acre. The comparable data described brackets
these pricing indications for the subject. In arriving at our value estimate, we have
weighed the following factors:
• The site has a good infill location and is surrounded by residential subdivisions
similar to the proposed project being offered by the prospective purchaser.
• New home sales activity in the area and region are high and there are few sites
available for purchase for development.
• The site is small relative to the needs of most home builders. The site planning
and preparation costs are typically more cost effective for larger projects than
planned for the subject which has a dampening effect on the expected land pricing.
• The site will require re-zoning and platting prior to development. There are no
residential approvals in place for the property at the date of appraisal.
• We have assumed that the site can be re-zoned and approved for the project at
the density proposed in the offering. Our valuation also presumes the owner/seller
of the parcel will bear the costs to extend the roadway along the perimeter of the
parcel and will provide utilities connections.
16.134
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY,FLORIDA
PAGE 23
ONCLUSIONS
After weighing the factors described we estimate the current market value of the property
is bracketed by the comparable data and is more of less consistent with the current
offering price.
Sales 1 and Contract 2 are in the same market area and have indications for parcels at a
lower density of about$91,000/acre and unit pricing of$22,000/dwelling unit to $30,000/
dwelling unit which brackets the contract price. Current offerings In the neighborhood
bracket a range from $105,000/acre to $142,000/acre and the offering price is well within
the range of indications. Sales 3 and 4 are outside the immediate area and have a broad
range of density that brackets$96,000/acre to about$205,000/acre,again bracketing the
price indicated in the pending offer. Based on the data available, we have applied the
following indications;
8.50 Acres @ $130,000/Acre = $1,105,000
The value indication equates to $29,078/dwelling unit, just over the current offering
indication.
18-134
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY,FLORIDA PAGE 24
{
ADDENDUM
Legal Description
Letter of Intent to Purchase
General Assumptions& Limiting Conditions
Definitions
Certification
Qualifications of Appraiser
18-134
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE, ORANGE COUNTY,FLORIDA PAGE 25
LEGAL DESCRIPTION
The site is part of a larger parcel containing 12± acres. We have not been provided with
a legal description for the 8.5 acres. The legal description for the larger parcel is as
follows:
A portion of the East 1/2 of Section 9,Township 22 South,Range 28 East,Orange County,
Florida being more particularly described as follows:
Beginning at the point of intersection of the East right of way line of Clarke Road as described in
Official Records Book 5076,Pages 4514 through 4525 of the Public Records of Orange County,
Florida and the North right of way line of the Seaboard System Railroad a 60 foot right of way,
said point being the POINT OF BEGINNING;thence the following three courses and distances
along the Easterly right of way of said Clarke.Road North 14°39'44"West,a distance of 324.80
feet to a point of curvature to the right having.a radius of 2,419:25 feet,a central angle of
01°4225",and a chord bearing of North 13°48'31"West,72.67 feet;thence northerly along the
arc a distance of 72.67 feet to a point of intersection with a non tangent curve to the right,of
which the radius point lies North 78°51'24"East,a radial distance of 3,224.05 feet and having a
chord bearing of North 06°26'3W'West,528.29 feet;thence northerly along the arc,through a
central angle of 09°23'56",a distance of 528.88 feet to a point on the South right of way of a
proposed roadway;thence the following two courses and distances along said South line North
43°48'56"East,a distance of 35.19 feet;thence North 89°14'07"East,a distance of 256.05 feet
to a point on the Southerly and Westerly line of the Parcel described Official Records Book
8320,Pages 372 through 374 of the Public Records of Orange County,Florida,also said point
being a point of curvature to the right having a radius of 555.00 feet,a central angle of
90°31'23",and a chord bearing of South 45°30'11" East,788.46 feet;thence following two
courses and distances along said Southerly and Westerly line, southeasterly along the arc a
distance of 876.86 feet to the point of tangency;thence South 00°14'30"Bast,a distance of
206.90.feet to the North right of way line of said Seaboard System Railroad;thence South
75°20'54"West,a distance of 707.84 feet to the POINT OF BEGINNING.
LESS AND EXCEPT that certain parcel of real property described as"Parcel C-1"on Schedule
"A"attached hereto and by this reference made a part hereof.
18-134
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE, ORANGE COUNTY,FLORIDA PAGE 26
SCHEDULE "A"
PARCEL-_C-a
Description
A portion of Section 9, Township 22 South, Ronge 26 Cott, Orange County. Fiorillo• being mare
partlouturly aesarlbeu as follows :
Commence ut the intersection of the foal right of woy fine of Clarke Rood oc described la Offkla
sl l
Records Doak 5078. Pages 4514.4525. Public Recants of Orange County. Florida and the North right
of way tine of the Seaboard System Railroad; thence N 14'30'440 W along 'old East right of way fine
o dslanca of 424.50 feel to the point of curvature of a carr°, concave Eoatwiy, having o centro!
•
angle of 01'47'25 and u cgdlue of 2178.26 feel; thenoe Northweolerfy along the are of gold curve
• and along said Carl right 0f wuy fine u dielorce of 72.67 feat to the point of fntereecifan eith a non
tangent curvet ( chord hnnrinq unit dlrtOnc• between cold pointe being N 13'48'31' W 72.67 feat ),
concave. fnslnry, having a central angle of 00'24'0(' and o rodlue of 3224,05 feet: thence
Norihwenlerly along the arc of nnid curve and along said Cost right of way line a alsfance of 526.85
fool to a point ( chord bearing and distance between sold points being N 00'20'200 W 528.3G feel );
thence continua atony solo fowl right of woy Lne N 43'5 t'27. C o distance of 35.11 feet; Ihence
towing said Earl riyld of wuy Sete N 89'14'07 E o aistonce of 21.07 feel to the Point of 8eginoing;
thence continue N 89'14'07" E a distance of 150.43 feel; thence S 00'45'53" E a distance of 411.38
feet! thence S 60720'53' W a aletonce of 185,78 feel 10 n point on a line (hal ie 111.00 fent Cart
of and poraLel with said East right of soy lino, sola point aka betnc nn the arc of in non tangent
curve, concave Ea trriy having 0 *antral angle of 0719'2r and a radius of 3200.05 feet; Pianos
Northroatedy Diana the ore of Cold curve and along raid lino thol is 15.00 foot East of and porotic!
with weld Lori right of wuy line a distance of 41010 fool to a point ( chard bearing and distance
balw.nn add points being N 05'30'45" W 409.89 feel ); thence continua along cold fine Ilial is
15.00 feat Ins! of and parallol with sold Cost right lir way lino N 43'31'77' E u distdnce of 4.180
feel to the Point of iley.nning.
Cnntomrng 2.00 nrren more or lave.
e0ft1[Tgwe NII1E9
I. wiling. M.wn'woos ar. 500.0 ee the Nora.Aid d war II. .l,u 0105.014 sy.tu. nonr,.d,0N,y n 70701S.' W
1. I tunbs ceuh that the''S11ch el Oevel:pµl,n' Of Ilii saese ce.cnb.d eropety h tole ant .onad to the burl or m hno„bd.
end 5.11.1 .. ...oar 4r..,,gelds my d5.tmade.n 0,4 Mei w m. .In. .0.5. N
5,0 rt. .rd• t.r land eun.yt.y e
001, 01015-a r.1iy.,w.,J.
.1.Not stilt rtlh.W 55..a..wr. ane.droll.sal d a ttu41e(termed(weever end mapper.
NOT VALID WITHOUT StICC1' 2
ono DESCRIPTION 12/l2/2vog KR CCM',04,5o21oa si741oot
FON JN w.: 004. •,I. $;i`rr •Tf
31741 1'8108' •`r•._ ' . '_
City of Ocoee 'r• •• L.a
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18-134
1
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY,FLORIDA PAGE 27
1
SKETCH OF DESCRIPTION
P1+HGGL_C,._-1
POINT or HEOINNINC-
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1SECTION 0, TOWNSHIP 22 SOUTH,
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I. WITWUID 131711010 INC 6191NTSpC*NO RAIFEO SIAL N A rtnAnA
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It i *MOM TLC TION Of TK NORM/qM Or WAY
/ lNL Of INC t1AACMO VP/TEM 1FAANOM AUD
{II /, TNF EAS,50041 Of WAY ME Or CLAR A ROAD ^^ t
THIS IS NOT A SURVEY SOw�,tl Da 017 IO��i�NN►iiZ
�f/A'DNproO OA1FA AWE
soITFr8VOIN WorErPIo MN14NO{OM'.
Ororlq NA Al 1,1 MI �` I' •100 0100 all M5,,IatA�yMrgq1
.O Na,5171fj�� f 61lrK.,11111" r r
t11 1717/+�llp 1 N} C S { (4o7)Ie C e�DMNN��,NEEAP�40,1119-0141
N
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SOURCE: ORANGE COUNTY OFFICIAL RECORDS BOOK 9042, PAGE 2538
I
1&134
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY, FLORIDA PAGE 28
LETTER OF INTENT TO PURCHASE
City
o{Ocoee
BEAZER
150 N Lakeshore Dr.
HOMES
Ocoee.FL 32761-22'23
Letter of Intent
04/15/201S
> Property: Parcel 09.22.28-0000-00.056(8.5 r,-gross acres).City of Ocoee.
• Purchase Price: One Million.One Hundred Thousand and One Hundred Dollars(51.100.1001
C ASN at Closin e.
• The Purchase price is based on Approvals for 38 tingle family lots.
• The Purchase Pnce will be adjusted by S28.9501 ot in the event that the
total lot count is more or less than the estimated 38 lots.
• Deposits: 550.000 at Tune of Contract Execution.
• Inspection Period: 90 Days from the date of the annual execntaou of the C'outiact.
• C losing: The('losing shall take place 10 days after all Conditions Precedent ate met
• Conditions Precedent: Die following items wall be a condition to the initial Closing.
• The property shall be fully pensnned for a Minimum of 36 single family
lots,tluough all applicable agencies.(S I.042.200 Minimum Purchase
Price). Should the lot count fall below 36 single family Ion.the Buyer
shall have the Option to Close at the Muumum Purchase Price
• Adequate water and sewer capacities and connections.to senate the
proposed development
• Additional The Seller shall retain approximately 3.25+,,acres on the northeast canter of
C consideration: Clarke Rd.end the CSX F Vlroad.for C'onnuerciai development. The Buyer shalt
have a Right•Of•Fust Refusal on any bonafide residential use offer for the residual
property
• Broker: Charles Vickers.at Central Flonda Land Brokers,represents the Buyer on than
transaction. At Closing.Buyer shall pay the Couusussion due and payable to
Central 1londa Land Brokers,in relation to this transaction
1&134
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY,FLORIDA PAGE 29
: Information: Seller shall provide to Buyer all copies of,plata.comtruction plans,acceptance
letters,surveys,environmental reports,soil tests,engineering studies and other
related testa,mweshgations,and examinations that Seller may have access to re
control over that are reasonably necessary for Buyer to satisfy itself with respect to
the Subject Property acquisition. Seller shell provide to Buyer all aunt information
within five(3)business days of the effective date of contract.
Coed Faith Efforts: Buyer and Seller agree to work in good faith with each other and shall diligently
endeavor in a timely fashion(i)to complete negotiations and Ally execute the
Agreement and(ii)to consummate the sales contemplated by the Agreement
P Exclusive Opportunity: Following the execution of this Letter of Intent,the Seller will not negotiate or
enter into discussions with any other party,or offer the Property.or any direct or
indirect interest therein for sale to any other party until termination of the
Agreement of Sale,
Confidentiality: Buyer and Seller agree to keep confidential all discussions of the proposed
acquisition,except for necessary disclosures to partners,employees.accountants,
*Homeys,lenders and consultants of the parties. No public announcement
concerning flus Letter of Intent,the Agreement or the transaction contemplated
herein shell be made by either party without annual consent
This is a Letter of Intent only and shall be non.bindmg on the parties,and nothing in this LOI should be construed as a
binding purchase offer or other obligation or create any rights m favor of Purchaser or Seller or any other third party
Furthermore.this LOI does not address all trotters upon which agreement must be reached in order for the proposed
traivaction to be constmuuated. Neither party shall be under any binding obligation until such time a mutually
agreeable contract is fully executed by the authorized officers/partners of each organization
Uwe do not receive a countersigned copy of this letter from the Seller within 10 days of the date hereof then the terms
of this letter shall be deemed mill and void
Please feel Bee to contact us with any questions or comments that you may have regarding these matters. Thank you
for providing us with this business opportunity
Sincerely.
7ct .Lr. WA •ri:circ'
Enc L Momsette.AICP
Vice President of Land Acquisition
Beazer Homes Orlando Division
Seller Acceptance-
vignantre Date
• 18-134
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY,FLORIDA PAGE 30
GENERAL ASSUMPTIONS & LIMITING CONDITIONS
STANDARD
Inre arin this
p p g appraisal report we have researched physical characteristics and legal
Issues that affect the appraised property. We have accessed information from a variety
of public sources concerning property size, zoning, future land use designation, sewer
and water availability, flood hazard information, topographical and drainage information,
real estate taxes and information concerning easements and encroachments. We believe
that the information researched and provided to us by others is materially accurate for
appraisal purposes only. Information in this report concerning physical and legal issues
should not be relied on by any person for any purpose or decision-making concerning the
property without independent confirmation or verification. All persons and parties
interested in the property under appraisal should research and confirm information
concerning the property directly with pertinent agencies or sources and should not rely
solely on the information provided in our appraisal report for decision making.
The legal description furnished is assumed to be correct.
We assume no responsibility for matters in legal character, nor do we render any opinions
as to title,which is assumed to be good.This report contains a section entitled"Ownership
and Sales History," which describes the recent title history of the subject property. This
should not be construed to be a title search or a report of title. We render no opinion as
to title,which Is assumed to be good and marketable.
All existing liens and encumbrances have been disregarded, and the property is
appraised as though free and clear, under responsible ownership and competent
management.
Site plans, sketches, drawings and other exhibits in this report are included only to assist
the reader in visualizing the property. We assume no liability for their accuracy.
We have made no survey of the property and assume no responsibility in connection with
such matters.
The appraisers assume no liability for structural conditions not visible through ordinary
inspection.
Information obtained from Public Records, files, Realtors, buyers and sellers, etc. was
utilized in the preparation of this appraisal report. The information obtained from these
sources was assumed to be accurate and correct. A reasonable effort has been made to
verify all such information; however, no responsibility for its accuracy Is assumed by this
office.
18.134
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY, FLORIDA
PAGE 31
The distribution of the total valuation in this report between land and improvement applies
only under the existing program of utilization.
The separate valuation for land and building must not be used in conjunction with any
other appraisal and are invalid if so used.
ENVIRONMENTAL
Our appraisal assumes that there are no hazardous materials on the property. We are
not aware of the existence of potentially hazardous material(s) on the property. We are
not qualified to detect such substances. We urge the client to retain an expert in this field
if desired.
We are not aware of any soil or subsoil conditions which would affect the property. The
discovery of soil conditions is beyond my area of expertise.
OTHER
Disclosure of the contents of this appraisal report is governed by the Standards of the
Appraisal Institute.
Neither all nor any part of the contents of this report (especially any conclusions as to
value, the identity of the appraisers or the firm with which they are connected, or any
reference to the Appraisal institute or to the MAI or SRA designation) shall be
disseminated to the public through advertising media,public relations media,news media,
sales media or any other public means of communication without the prior consent and
approval of the undersigned.
18-134
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE, ORANGE COUNTY, FLORIDA PAGE 32
DEFINITIONS
MARKET VALUE DEFINITION
Source: Financial Institution Reform, Recovery and Enforcement Act of 1989(FIRREA)
Effective August 24, 1990:
Market value means the most probable price which a property should bring in a
competitive and open market under all conditions requisite to a fair sale, the buyer and
seller each acting prudently and knowledgeably, and assuming the price is not affected
by undue stimulus. Implicit In this definition is the consummation of a sale as of a specific
date and the passing of title from seller to buyer under conditions whereby:
1. Buyer and Seller are typically motivated;
2. Both parties are well informed or well advised, and acting in what they consider
their own best interests;
3. A reasonable time Is allowed for exposure in the open market;
4. Payment is made in terms of cash in U. S. Dollars or in terms of financial
arrangements comparable thereto; and
5. The price represents the normal consideration for the property sold unaffected by
special or creative financing or sales concessions granted by anyone associated.
PROPERTY RIGHTS APPRAISED
The property rights appraised herein is the Fee Simple Estate.
FEE SIMPLE ESTATE2
Fee simple estate is"absolute ownership unencumbered by any other interest or estate,
subject only to the limitations Imposed by the governmental powers of taxation, eminent
domain, police power, and escheat."
2 The Appraisal Institute,The Dielionary of NMI Eatate Avoralull,Fourth Edition,p.113.
18-134
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY,FLORIDA PAGE 33
CERTIFICATION
I, Daniel R. DeRango, 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 General
Assumptions and Limiting Conditions and where applicable, the Extraordinary Assumptions, and
are our personal,unbiased professional analyses,opinions and conclusions.
• I have no present or prospective Interest in the property that is the subject of this report,and I have
no personal interest or bias with respect to the parties involved.
• 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.
• My analyses, opinions and conclusions were developed, and this report has been prepared in
conformity with the requirements of the Code of Professional Ethics and the Standards of
Professional Practice of the Appraisal Institute.
• This appraisal assignment was not based on a requested minimum valuation,a specific valuation,
or the approval of a loan.
• The use of this report Is subject to the requirements of the Appraisal Institute relating to review by
its duly authorized representatives.
• As of the date of this report, 1, Daniel R. DeRango, have completed the requirements of the
continuing education program of the Appraisal Institute.
• I have made a personal inspection of the property that is the subject of the report.
• Jennifer E.Reyes,State-Registered Trainee Real Estate Appraiser#R124133,provided significant
professional assistance including sales research, preparation of comparable sales information,
general gathering of supporting data for the appraisal and further assistance in the writing of said
appraisal,
• I have complied with the Uniform Standards of Professional Appraisal Practice (USPAP) In
conducting the research and analysis, and in formulating the value conclusion(s)contained in this
report.
•
• I am in compliance with the Competency Provision In the USPAP as adopted in FIRREA 1989 and
have sufficient education and experience to perform the appraisal of the subject property.
• We have not appraised or provided other services concerning this property in the three years prior
to accepting this assignment.
Daniel R. DeRango, MAI, CCIM
Cert Gen RZ 1054
18-134
•
QUALIFICATIONS
I.
Daniel R. DeRango, MAI, CCIM
DERANOO. BEST & ASSOCIATES
40 I E. AMELIA STREET
;. .,
ORLANDO, FLORIDA 32803
(407) 895-6650
RESIDENT OF: Maitland,Florida
EDUCATION: Graduate of Stetson University,Deland,Florida
Bachelor of Business Administration-Major.Finance
PROFESSIONAL
EDUCATION: COURSES 8 SEMINARS-APPRAISAL INSTITUTE
• • Appraisal Principles
• Basic Valuation Procedures
• Direct Capitalization, Annuity Capitalization, end Mortgage Equity Capitalization
Theory and Techniques
• Case Studies in Real Estate Valuation
• Valuation Analysis and Report Writing
• Condemnation and Litigation Appraisal Practice
• Standards of Professional Practice
• Residential Valuation Procedures
• Appraisal of Small Hotels and Motels
• Sales Confirmation Methods
• Discounted Cash Flow Analysis
• Electronic Spreadsheets in Real Estate Appraising
• Urban Planning and Development-University of Central Florida
CCIM INSTITUTE
• Financial Analysis for Commercial Investment Real Estate(CI 101)
• Market Analysis for Commercial Investment Real Estate(CI 102)
• User Decision Analysis for Commercial Investment Real Estate(CI 103)
• Investment Analysis for Commercial Investment Real Estate(CI 104)
PROFESSIONAL
AFFILIATIONS: Member of the Appraisal Institute,MAI No.7557
Member CCIM Institute
Florida State-Certified General Real Estate Appraiser No.RZ1054
Registered Real Estate Broker/State of Florida,License No.0355191
Director—Appraisal Institute,East Central Florida Chapter
Member of the Association of Eminent Domain Professionals
Member of the American Association of Airport Executives
QUALIFICATIONS
Daniel R. DeRango, MAI, CCIM (Continued)
PROFESSIONAL
EXPERIENCE: Qualified as an expert witness in Federal and State Courts.
Special Master,Value Adjustment Board,Orange County, 1995, 1996,2000-2002
Present: President-DeRango, Best and Associates,Orlando,Florida
1984-1997 V.P./Partner, Matonls MacDermott DeRango Sorich&Co.,Orlando, FL
1981-1984 Staff Appraiser with Irwin Appraisal Consulting Services,Inc.,Orlando,FL
Former Member:Board of Directors-East Central Florida Chapter-Appraisal Institute
PUBLISHED: 'The Determination of Hotel Value Components for Ad Valorem Tax Assessment"
The Appraisal Journal,July,1993
TYPE OF
ASSIGNMENTS: I have appraised or provided counseling for a variety of commercial and residential
properties throughout the U.S.(primarily in the Central Florida area).
EXPERIENCE WITH:
• Aviation/Aeronautical Properties • Acreage tracts
• Apartments • Golf courses/country clubs
• Office buildings • Special use facilities
• Retail properties • Mixed use development
• Condemnation and litigation assignments • Coastal&island tracts
• Industrial properties • Aviation properties
• Timeshare resorts • Air cargo facilities
• Hotels&resorts • Large and small aircraft hangars
• Mobile home parks • Fixed based operations
• Subdivisions • Condominium projects
• Mitigation lands • Retail centers
(including regional malls)
• Warehouse facilities
Appraisal and consulting assignments have been prepared for a variety of lending
institutions,corporations,law firms,governmental agencies,and individuals.
PROPERTY LOCATIONS
IN FLORIDA:
•Central Florida(Orange,Seminole,Osceola,Lake,Polk and Volusia Counties)
•South Florida(Dade,Broward&Palm Beach Counties)
•South Central Florida(Brevard, Martin,St. Lucie&Indian River Counties)
•Southwest Florida(Collier,Lee,Manatee,Sarasota,Pinellas,Hillsborough Counties)
•Northeast Florida(Flagler,St.Johns and Duval Counties)
•North Central Florida(Marion County, Putnam)
•Florida Keys
QUALIFICATIONS
Daniel R. DeRango, MAI, CCIM (Continued)
ASSIGNMENTS
OUTSIDE OF
FLORIDA:
• Georgia • Texas
• Maryland • Indiana
• Minnesota • Ohio
• New York • New Jersey
• Pennsylvania • Illinois
• California • Alabama
• Connecticut • Tennessee
• Colorado • Kentucky
• South Carolina • Virginia
• Pennsylvania • Washington State
HICK tiCOi 1.(}OVf.IMO;i
KEN 1AwyON.tiLiGRLIANY
STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL BD
&IC[H•UNumonn --- --- t
•
the CERTIFIED GENERAL APPRAISER ` ''rte
Named below IS CERTIFIED ��
Under the provisions of Chapter 475 IS
Expiralion date NOV 30.2018 `^^•*
DLR,NGO,DANIEL ROBERT L7'. ,.•�•
1801 E AMCLIA ST •
ORLANDO FL 32003: -'' 4,'
5'4!S r+:
❑ • 'I. V.!'
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iss i1n n12u11016 RISPI AY AS RF0111RFn BY I AW r;ru w I I(i11'190007196
LurY UI AUVLK11JL' 1V1LilV1
Date Published and Media Name
Tuesday,February 26,2019 Orlando Sentinel ( ATI
IAdvertisement or Article
iniNOTICE OF PUBUC HEARING CRY OF OCOEE
The City Intends to sell the following
real property to Meritage Homes at a
purchase price of$1,100,000.00:
DESCRIPTION: The subject property
is bordered on the south by railroad
acent to AD
Mims Roaht of d to the north+and east byy
the Prairie Lake Reserve Subdivision,
and on the west by Clarke Road.
A copy of the proposed sales contract
location it of thh a e k aboveh sh referenced
property is available for public
review at the Office of the City Clerk
between the hours of 8:00 o,m. and
5:00 p.m., Monday through Friday.
Merita64
residential e lots wes th proposes nal subdivision
plan to be approved at a later dote by
the Ocoee City Commission.
The Ocoee City Commission will
consider the proposed sale to Meritage
Homes ata public hearing to be held on
thereafterospractical at or
sooniy
Hall, 150 N. Lakeshore Drive, Ocoee.
Interested parties may appear al the
meeting and be heard with respect to
the proposed actions. This Notice Is
given pursuant to Section C-0(B)of the
City of Ocoee Charter.
NOTICpE: Any person who desires
to decision made b
Commission witanh respect to any matter
considered of such meeting will need
a record of the proceedings and for
such purpose may need to ensure that
a verbatim record of the proceeding
Is mode, which record Includes the
testimony and evidence upon which
the appeal Is based. Persons with ,
disabilities needing assistance to
participate in any of these proceedings
•
should contact the Office of the City
Clerk,150 N.Lakeshore Drive,Ucorc,
advance of the meets g. 48 hours In
Melanie Sibblll,City Clerk
056159228 2f260019