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HomeMy WebLinkAboutV (C) Discussion: Purchase of Land for Clarke Road Station in District 4 Impact Fee AreaAGENDA 2-6-96 Item V C Ocoee 9ofte Z)cAan&ceKt 125 N. Bluford Avenue — Ocoee, Florida 34761 RONSTROSNIDER EMERGENCY 656-1313 Fire Chief BUSINESS 656-7796 TO: THE HONORABLE MAYOR AND BOARD OF CITY COMMISSIONERS FROM: Ron Strosnider, Fire Chie f DATE: January 30, 1996 SUB: PURCHASE OF LAND FOR THE CLARK ROAD STATION IN DISTRICT FOUR IMPACT FEE AREA The City of Ocoee adopted Ordinance 89-47, which established the fire impact fee. After a review of the fee structures and additional annexations, Ordinance 89-47 was repealed and Ordinance 91-19 was adopted. The Ordinance established four separate impact fee areas (Exhibit "A") to serve the growth of the City with the shortest response time that would be acceptable to maintain our I.S.O. rating. Station One on Bluford Avenue and Station Two on Adair Street were used to formulate part of the districts. Station Two's area encompassed only a small portion of the populated City; it was realized that in the future, as annexations continued, this station would have to be moved further to the Northwest portion of the City in order to reduce travel time and increase efficiency. Actual impact fee calculations contemplated such a move. A site that was more centrally located and more efficent was found on the Clark Road corridor. After several discussions with Silvestri Investments of Florida, Inc., a site on Clark Road at Street A (Exhibit "B") was agreed upon. This property has been appraised by the firm of Pinel and Carpenter (on file within the City Clerks' office) for a total value estimate of $138,700. The acreage is 2.06, including the necessary on site drainage. This location is well suited for response to the Sawmill Subdivision to the north by access through Prairie Lake Village, east to Apopka -Vineland through Hackney Prairie. It is also well located to service all other locations within the City via the Clark Road corridor, A.D. Mims Road and Clarcona-Ocoee Rd. Furthermore, this becomes a good second response area for the mall and other large buildings on Hwy. 50 when needed. HONORABLE MAYOR 2 January 30, 1996 BOARD OF CITY COMMISSIONERS We are planning to close the Adair Street station move the personnel to a temporary facility at this site (see conceptual drawing Exhibit "C"). We feel this location is better suited to serve the growth area to the north, east, south and still serve the existing Adair Station area equally. The vacancy of this building by our department would allow for it to become a new Recreation Center at Vignetti Park as part of the Recreation Department. A permanent station in the Northwest Quadrant will be built when future development warrants. The RFP for architectural services will ultimately lead to a prototype for the temporaries as well as the permanent stations. The Selection Committee, as identified at the January 16, 1996 Commission Meeting, should have its review of the architects complete within six weeks. We respectfully recommend the Mayor and Commissioners approve City staff to negotiate with Silvestri Investments of Florida, Inc. for the purchase of this 2.06 acre tract for the District Four fire station. --------- -77777; PROPOSED LOCATION OF FIRE STATION N.W. EXHIBIT "A" LAKE APOPKA r District 2 ADAIR STATION 0-0 W, 171 7 lire Station Re no v a t ioll / add I t 10 t' A UWE STARKE District ---------- - - - - 49 District 3 Location of proposed temporary F.S. #3 rw �M 1 11 SED LOCATION OF E RD. FIRE STA. District 4 w CITY OF ocolE r,j-,�jj,jCoRPoRAtEU AREA EXHIBIT "B" 1 1 "It*I /l'1 I 14.1/• N11.1 T'//•I ` IUlUlll CONNICTION TO `- HACNNIY IRAIAII I TRACT 0 I Lake TOWIAIOME$ I IC Meadow \ PA710HOMES I ; ! i . VILLAS �! 5P7Y Nf 1 ' , 11 e.e r• 1 1 , I =i Jam{ �:�� j N1�•=r/e_�l so go, TRACT H' IT•I �' PARK/OPEN SPACFlMENTION, "A Aa 1 1 Prairie $E Lake ;i I�' • I Lake 1� TjiA 1O E 1 1 ,oanow PATIO HOMES I 1 PATIOHOME3VILLAS W AC HIT 1 1 _ L� i•NDW�N(Iu'Tul I T L 1 I 1 1 I \L TRACT F 13 \I 1 /.PARK/ OPEN SPACE/ RECREATION 1 I L\ 1 j 76] Aa 1 � �-;SA:T.-•}s.i:? ; 1 Lake ; al• f r_�,_ 1 I Prairie I ' ^1• -i_S-j L•:L: :i,fil:til is Lake 1. � 1 ell le'/e't e17.ee'_ 1 TRACT D i 1 TOWN HOUSEI PATIO PARENT L' SUBJECT u' C TRACT1' LOW WDAM t[N llr 1DW11A1 ROADS , ee Ao I EMEAGENCY ACCESS FASEMENT A) EM tMAOINCY VD OW l ONLY C) 11'T I a V.LW ilOAD m MV--n 1 I I 1 TRACT A `9\ j MULTI -FAMILY 1 I rRC 'RETAIL \ LI �• 1 RESIDEIITIAL I 1 120,000 IJ. 1 7i0yyAjVmlgt [. 10 At.HIT LI 11 VEDUM S"iI IA WYf 1 ICM'401 . 1 LW e DAC ...��`� I TRACT B COMMERCIAL 1 •ter 'fir 'It's pD �' eowoAlrr eulYlr eTl I" eNAN►A/10C. V l OeOWulw eri UCWTOtN a Assoc. VABUT B." a Ae100. LEGGE�END CONIINVATION ARIA i•^� )00 YlAll FLOOD ILIVATION —� NICLAINIO AREA IOUNDAP WITHIN 100 YIAN FLOOD y=1t� TOPOGRAPHY rn CONCEPTUAL SITE PLAN CLARKE ROAD n EXHIBIT "C" 2450 Al, J.-J. MOEWLEHCME --- >V 0 12.0 18.0 77.5 m % pa, t STREET A a =13 0 : AP. - .. � ,.. ,. ✓..ram... �-,�. y ... .:i-�- .�- .. r,� a it „ _ _ _ ,. , 'i .-. a t+n � � \ - � _ —' �"� --1 —� '� � �'� � _ —� . �---fir'`.^ ^'>�� � ~�'—..��. SUMMARY APPRAISAL OF A VACANT 2.06-ACRE PARCEL OF LAND LOCATED AT THE NORTHEAST CORNER OF CLARKE ROAD AND PROPOSED STREET A WITHIN THE PRAIRIE LAKES PLANNED DEVELOPMENT IN THE CITY OF OCOEE, ORANGE COUNTY, FLORIDA PREPARED FOR MS. MONTYE BEAMER DIRECTOR OF ADMINISTRATIVE SERVICES CITY OF OCOEE 150 NORTH LAKESHORE DRIVE OCOEE, FLORIDA 34761-2258 DATE OF INSPECTION: AUGUST 8, 1995 DATE OF VALUATION: AUGUST 8, 1995 DATE OF REPORT: AUGUST 16, 1995 PREPARED BY: PINEL & CARPENTER, INC. SHERWIN E. YOUNG REAL ESTATE APPRAISER/CONSULTANT STATE -CERTIFIED GENERAL APPRAISER LICENSE NO. RZ 0000934 REVIEWED BY: WALTER N. CARPENTER JR., MAI PRESIDENT STATE -CERTIFIED GENERAL APPRAISER LICENSE NO. RZ 0001231 COPYRIGHT 1995, PINEL & CARPENTER, INC. WALTER N. CARPENTER, JR., MAI St. Cent. Gen. Appr. 0001231 824 NORTH HIGHLAND AVENUE ORLANDO, FLORIDA 32803 (407) 648-2199 FAX (407) 648-8901 August 16, 1995 Ms. Montye Beamer Director of Administrative Services City of Ocoee 150 North Lakeshore Drive Ocoee, Florida 34761-2258 MARK G. CARPENTER, MAI St. Cori. Gen. Appr. 0000935 DAVID R. McCOY, MAI St. Cart. Gen. Appr. 0001324 RE: Summary appraisal of the a 2.06-acre parcel of land located at the northeast corner of Clarke Road and proposed Street A in the Prairie Lakes Planned Development, in the city of Ocoee, Orange County, Florida. Dear Ms. Beamer: At your request, we have personally inspected and conducted a summary appraisal of the above captioned property. The purpose of this appraisal is to provide our best estimate of the market value of the subject's real property under market conditions prevailing on August 8, 1995. Market value is defined by the federal financial institutions' regulatory agencies and is provided in the ADDENDUM to this report. The function of this report is internal and may be used in the purchase of the subject property for a fire station site. This is a Summary Appraisal Report which is intended to comply with the reporting requirements set forth under Standards Rule 2-2 (b) of the Uniform Standards of Professional Appraisal Practice for a Summary Appraisal Report. As such, it presents only summary discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser's file. The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated below. The appraiser is not responsible for unauthorized use of this report. 95-086 0 REAL ESTATE APPRAISERS AND CONSULTANTS Ms. Montye Beamer August 16, 1995 Page Two This is a certified appraisal as defined in the provisions of Part II, Chapter 475.501, Florida Statutes. The undersigned do hereby certify that, to the best of our knowledge and belief: 1) The statements of fact contained in this appraisal report are true and correct. Further, the reported appraisal analyses, opinions, and conclusions are limited only by the reported Assumptions and Limiting Conditions, and are our personal, unbiased, professional analyses, opinions, and conclusions. 2) We have no present or prospective interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved. 3) Our compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions that were developed herein, or by the use of this report. The appraisal assignment is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 4) Our appraisal analyses, opinions, and conclusions were developed and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation with the requirements of the Code of Professional Ethics and the Standards of Profes- sional Practice of the Appraisal Institute, and with the Reouirements of the State of Florida for State -Certified Appraisers. This report and its use 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. As of the date of this report, Walter N. Carpenter Jr. MAI, has completed the requirements of the Continuing Education program of the Appraisal Institute. 5) Walter N. Carpenter Jr., MAI, and Sherwin E. Young, Staff Appraiser, have the knowledge and experience on the type property appraised in its geographic area to meet the USPAP Competency Requirements. I Ms. Montye Beamer August 16, 1995 Page Three 6) Walter N. Carpenter Jr., MAI, and Sherwin E. Young, Staff Appraiser, have made a personal inspection of the property that is the subject of this report. 7) Except as noted herein, no one provided significant profes- sional assistance to the person(s) signing this report. This appraisal was made subject to the following conditions and contingencies: 1) The property was appraised as if free and clear of any existing short and/or long-term leases on land or improve- ments. 2) We were not provided with a topographical survey or a soil/subsoil analysis of the subject property. Since the discovery of any abnormal soil or subsoil conditions is beyond our area of expertise, we have assumed that the site will support any future improvements. Any indications to the contrary will subject this appraisal to review and possible modification. 3) Sales data and information regarding sales were abstracted from public records, from sales services, and from other sources. This information is assumed to be accurate and correct. 4) We do not have the required expertise for determining the presence or absence of hazardous substances, defined as all hazardous or toxic materials, wastes, pollutants or con- taminants (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 respon- sibility for the studies or analyses which would be required to determine the presence or absence of such substances. We do not assume responsibility for loss as a result of the presence of such substances. The value estimate is based on the assumption that the subject property is not so affected. 5) The 1985 amendment to Chapter 163, Florida Statutes, requires local governments to adopt Comprehensive Land Use Plans that must include adopted levels of service for seven types of public services and facilities: roads, mass transit, sanitary sewer, storm water, potable water, solid waste, and parks/ recreation. Chapter 163 prohibits local governments from issuing development permits if the development's impact would 95-086 E Ms. Montye Beamer August 16, 1995 Page Four cause levels of service to fall below the adopted levels. In other words, the availability of the public services must be concurrent with the impact of the proposed or future develop- ment. In our opinion, it is premature to make any conclusions on concurrency and how it relates to the subject property. Based upon the conditions and contingencies as discussed in this letter of transmittal, it is our opinion and conclusion that the following value estimates apply under market conditions prevailing on August 8, 1995: Land $138,700 Improvements -0- Damages/Cost to Cure -0- Total Value Estimate $138,700 Please refer to the attached summary report, including exhibits, for documentation of the above cited value estimates. Furthermore, information and data not necessarily specified herein is retained in the appraisers' files. Respectfu PI submitted, R, INC. ZiL 'T __ erwin E. o Real Estat ultant State-Certifi neral Appraiser License No. RZ 0000934 Reviewed by: Walter N. C rpe Jr., I President State-Certifie Genera Appraiser License No. RZ 0 12-3 SEY/bt Attachments 95-086 1 1 "Chattahoochee LEON O JEFFERSOry tkdntye Ha m 71 e GAODSDEN ® Monticello oeei Tallahassee WAKULLA TAYL01 G 2 t O Crawfordvi0e Perry" LIBERTY FRANKLIN Cambelleo Cram's Graphic Key City -county Map of FLORIDA (Population 1.000 and Over) EXPLANATION .all towns shown are TRADING CENTERS. Relative importance based upon population is indi- cated by size and style of type, thus: 1.MO to 5,000 Lake Park 5,000 to 25,ODO Melbourne 25,000 to 100,000 Orlando Over 100,000 Miami ® Capital of State o Incorporated Town a County Seats ORANGE County Names © County Populations by 1,000's SCALKOF-MILER n 5 to 20 00 10 50 iSON rat Hilliard FeaaaB 1 „ Ia HAMILTON O O e BAKER x ® Jasper D UVAL Madison ass ® Atlantic Beach COLUMBIA MaeClennye Baldwin + Neptune Beach Jacksonville Beach Uve Oak .l°aeksonville SUWANEE e Lake City UNION 6 Orange Park ° map e 0 Lake Butler ST. JOHNS Starke ve Green Con .g J Spnngs " St. Augustine B LAFAYETTE Oj -High Spring tADFORD Q ®CLAY DIXIE GILCHRIST O ° Alachua PUTNAM ©2 Trenton Gainesville" Palatka Copyright Goss City a °Newbetry o FLAGLER '• The George F. Cram Company, Inc. LEVY 8 Hawthorn Indianapolis 7, Indiana ID°Chiefland ALACHUA Bunnell Bronsoni9 MARION Crescent. e City Williston° Ormond Beach . olly Hill ° a Ocala VOLUSIA Daytona Beach °South •' r25 Daytona Dunnellon srPo It 0rangeo\ LAKE De Land New Smyrna Beach o °Lake Helen °Ed "water Crystal River SUMT R 2 °Umatilla Orange City T' Inverness" Wildwood o Eustis. Mount Dor 55 Sanford Cj Leesb '$ CfTRUSI rg Tavares ,try ton��ww0000dd 0^ye°GYulberry Bushnell Apopka 0 edo Maitdo SEM NOLE Titusville 2 C Bmoksvill s W)nterGarden o o l o Otoee Park ❑ Gr *Orlando eland Cleont Orlando Clem HERNANDO Belle IsleOO � r ® Dade Ci —j AN ORANGE_Coco Cocoa Beach Port Ritllty hyrh ° Zepillso _ POLK Klssimmeee ® Rockledge (ID °St. Ts New Port Richey Cloud Davenport - Tarpon Springs° PINELIJLS Dunedin J>5 HILLSBOROUGH Tem le J98 Iakeland Lake Allred Haines City ° o o Inter Haven au Wilts Indialantic Melbourne Melbourne Beacn Clearwater o Terriu PIaM o CNT' da\s° Anbutn *to °Dundee Palm Bay fe : IW" Rocks Senn 0( at Tampa eftt �x a Bartow Plnella Park Tampa Tampa. 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RTHWEST QUARTER o I/2 ORANGE CO., FLA. SCALE OF MILES !1S.-RNG. 28E. SEE PAGE _ TWP 21S-RNG. 28E. - BATTAGL14 _ GBID JaM A Mpy. 2 JOrN W �A MAAY FAL•T CO 'ZM 13 EDC !y p 93 BAiS i. a 0 WINES B 9 LRoss ERIC RAVENDAL �L p e� N ;{ CITY OF 39 CITY Of OLOEE CNw3TDpNEA Q (j W14TER nEID.1 v �s GARDEN COfE- CLARLONA`P 21] LK..TED 23 120 NORTH . r i AV 2001 �i 39 - p CITY AILANT AV' N TOM "Is„= OF sloIDA I AVE B a a N Cl WES IgVEY „ ASTTM NC. - OCOEE HAA 3 y LINE h� �v 23 /N RAV 4 X e0 ~ DPKA 23IOf£Y„ T:JIT Jr r AST <'i aA 40 HI q dV I I 1 SILV ESTRI INVESTMENTS GRACE KERR IS WEST RO. 23 „„ ]_ h Lf 4V -C_1-3.4 6 �� LEILA PEAKY NARLfS ST <G D NG5 EOR[ST B JOAN n eBa e B KFY 6ELLAMY I. 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'RID - ^ a i•q 1Qz < 2 z 1 _ = O nN%' S N LTD ASMILVCR 1M GAOVER ROSS Tr r LyAgL ei �. 5/LVL S AR DR 1 _-�-_-_ _ _ ` _ tt 3 SILVER STAR RO 438 1 RUBY LfE 57 a < 7}JOG i 17� 'G �Ip CE.TET 4Aw NCE REAL CST CO 16 aEK] EliFRANK LlN o[AK ¢ T I USA =__1_ I 4 ryFLCN 361 NN[K[ LOUIS Gar BE L I.D O CITY �, I LAKE GEYs PEASE co ocoE cj iSTARKE I0R I Ja 4 19 S AK LAND 4V I 10 I 2 /irJ rrnORNE I / r I' 39 40 KEY w` _1 •R n\ � CAAOLINC z Mc ST I I L 1 I_ 1 1 LAKE F it nEM+Cz �H BRO.. 2 > �. < 2 MAG I I 1 L/4 Sr 1\ I� s - KI OLY MPIA ./ B6N ! ORL EANS OR BENNCTT W f a RAL T 1 ^ \ I I 1 AOBERT 11 R 'A 1 363 qA• MAyy _ X AF 1 j 1 I FERD HAND fTTf ST \\\\\ yV Ld Kf ST A. X VEYT 3AY eDO l um� wDN 1.ILL cr OHID T t V\� V I I F 93 I SCNpIR l Li02! 40 2 y ]3 z6 ] 'G Z k YOB➢ OAK � S7 ry MWFST OIIARTFR SEE PAGE S2 OF TWP22S-RNG. 28E. Reel E•MIA GrApRICA. Inc.mCOPYRIGHT 1976 (ownership Map 5 M" "', Gnpniu, Inc. OCOPYRIGHT 1976 Tax Map Location 1 d I Rul Esmt. Gnph�, Inc. ®COPYRIGHT 197E (Zoning Map KE a a_ ■ ,-%WE VACANT 2.06 ACRES 8 NORTHEAST CORNER OF CLARKE ROAD WITHIN PRAIRIE LAKES PD OCOEE, ORANGE COUNTY, FLORIDA View northerly along Clarke Road showing the subject property at the center of the photograph, as well as the stubbed -in portion of proposed Street A. All photographs taken August 8, 1995. View southerly along Clarke Road showing the subject property to the left, the break in the grass median, and the stubbed -in portion of proposed Street A. 04911M.T.1 VACANT 2.06 ACRES 9 NORTHEAST CORNER OF CLARKE ROAD WITHIN PRAIRIE LAKES PD OCOEE, ORANGE COUNTY, FLORIDA View northeasterly showing the subject property from Clarke Road and the stubbed -in portion of proposed Street A. View easterly from Clarke Road showing the stubbed -in portion of proposed Street A and the subject property in the background. I 1 I VACANT 2.06 ACRES 10 NORTHEAST CORNER OF CLARKE ROAD WITHIN PRAIRIE LAKES PD OCOEE, ORANGE COUNTY, FLORIDA PROPERTY LOCATION The subject property is located within the Prairie Lakes planned development, more particularly at the immediate northeast corner of Clarke Road and proposed Street A. This location is within the corporate city limits of Ocoee in Orange County, Florida. LEGAL DESCRIPTION We have not been provided with a legal description and this appraisal is contingent upon the preparation of an accurate legal description. It is, however, located at the southwest corner of Tract D of the Prairie Lakes planned development. Please refer to ' the tax map, sketches, and forthcoming preliminary site plan prepared by Professional Engineering Consultants, Inc. ' DATE OF INSPECTION - August 8, 1995 DATE OF VALUATION - August 8, 1995 CLIENT - City of Ocoee OWNER OF RECORD - Silvestri Investments ' ASSESSMENTS AND TAXES The subject property is a small "cut out" from a much larger parcel. Thus, the subject property is not assessed nor taxed unto itself. Furthermore, should the subject property be purchased by the City of Ocoee, no ad valorem taxes would be applicable. SUBJECT PROPERTY ' The subject property is a "cut out" from Tract D of the Prairie Lakes planned development. The property constitutes a vacant 2.06- acre site, which is proposed for the development of a fire station. PROPERTY RIGHTS APPRAISED - Fee simple interest and severance damages, if applicable. ' PURPOSE OF APPRAISAL The purpose of this appraisal is to provide the appraisers' best ' estimate of the market value of the subject's real property, as of August 8, 1995. Market value is defined by the federal financial institutions' regulatory agencies in the ADDENDUM to this report. 95-086 X)0'11'O O'[ 1)il.►)• Ml0'AT'll'l _ _ Lake \ TRACT G I . ' TOWNHOME9 Meadow \ PATIOHOMES c tii AC. NR \ 1 1 ITRACT j H ) PARK/OPEN SPACE/RETENTION ♦0.4 AC. Lake 1 O ►i i'o O77 - - t►i►.O T' --- 1 GI 1 rl .1 LI s 1 — — 1 EMERGENCY ACCESS EASEMENT A) FOR EMERGENCY VDOCIE USE ONLY 0)" FT. EASDENT FROMcm of Ocou 1 C) 14 R. STARRED ROAD 040 PAVEMENT) 1 1 , -P- - 1 I I I I I I I' TRACT E - \ log -Row PATIOHOMES VILLAS 34.7 AC NET LOW Dµ6fTY RE6KIENTIAI, 1 \ l\ 4 ? ' OR/ f 1 \ Rl DWACGROSS 1\1 1 • \ 1 t l \\ \ l �1 l` 1 \ l l 31 I I I r 1 ' I I'I //1 I SUBJECT 1 ROADS , lE.l I. I- � 1 i I TRACT A MULTI -FAMILY 1 RESIDENTIAL 1 S/1 Undo I 3`74 AC NET MEOAJY oENE1TY REGDEHTIAL D111/ACO�ROSl<S 1 ' TRACT B 1 COMMERCIAL- ' E.D00 S.F. 1 1.E AD. r'r FUTURE CONNECTION TO HACKNIY FRAIAII l I►YOT')0'l 7) 0.00• Y00'7►'{1'{ 100.00' MO •-T 0 Prairie Lake 1 1, TRACT F I^ .PARK/ OPEN SPACE/ RECREATION W A0. 1 Lake TRACT D TOWN HOUSE/ PATIO 167 Unit$ 9 TRACT C RETAIL 120,000 S.F. . 14 A/. to 1. 1= Prairie ' Lake I 1 1 1 1 PARENT Ih TRACT V V I 4 r- � r � r 'r ►o1PK•s 000mDARY W V{Y 0Y1 YA{LLT SMITMI AIIOC. 1 vN YO►OORAFNF OYI MCWTOOM E Assoc. VA guy IMRM I A4400. LEGEND r • -,_I CONSERVATION AREA 100 YEAR FLOOD ELEVATION +ti RECLAIMED AREA ROUNDAR' WITHIN 100 YEAR FLOOD TOPOGRAPHY 1 1 1 1 VACANT 2.06 ACRES 11 NORTHEAST CORNER OF CLARKE ROAD WITHIN PRAIRIE LAKES PD OCOEE, ORANGE COUNTY, FLORIDA INTENDED USE OF REPORT This appraisal is intended to assist the City of Ocoee in the acquisition of the subject property for its proposed fire station. APPRAISAL DEVELOPMENT AND REPORTING PROCESS In preparing this appraisal, the appraisers inspected the subject site; gathered information on comparable land sales; confirmed and analyzed data and applied the sales comparison approach in estimating the property's land value; and estimated severance damages, if applicable. To develop our opinion of value, the appraisers have performed a complete appraisal process, as defined by the Uniform Standards of Professional Appraisal Practice (USPAP). This means that no departures from Standard 1 were invoked. ' This Summary Appraisal Report is a brief recapitulation of the appraisers' data, analyses, and conclusions. Supporting documenta- tion is retained in the appraisers' files. ' LOCATION & NEIGHBORHOOD DESCRIPTION The subject property is located at the southwest corner of Tract D within the Prairie Lakes planned development. The subject is situated within the corporate city limits of Ocoee in west Orange County, Florida. 1 The immediate subject neighborhood consists of the Prairie Lakes planned development. Most of this development remains vacant, although farther north near Hackney Prairie Road, two tracts are being developed with 112 lots and 170 lots, respectively. The next tract expected to be developed is Tract A, across from the subject property, which has a net density of 10 net DU per acre. Tract C, located across Street A from the subject at the northeast corner of Clarke Road and A.D. Mims Road, is currently on the market at an asking price of $150,000 per acre. No timetable for this develop- ment was forecasted. The development of subject Tract D was estimated to be at least one year hence, and no development plan for Tract D has been prepared as of yet. Please refer to the development plan on the facing page. ' 95-086 PRAIRIE LAKE APPROX. 100 YR. FLOOD BOUNDARY (ELEV: 90.4) 1I y 20, _ MiTi7*15r`E--'260.39' ' 95 REFUSE DUMPSTER 1 7" W lOv `O I r— 25 a oYc40 g Vcc S0!LS LEOENL: y! ,, SASIyGER FINE S+`4G rANOLER FINE SAND fuuC*n_rr FJ,E SAID So 4.7. ft"!c�.a SE'FrtER FirIE S��:D SCALE: 1" = 60• TA—zES F•r'E Sa"D 0 60 120 1- ,• TA."v"c,��D�rP�4"%C C. _ a� r t•E Sx,: L VACANT 2.06 ACRES 12 NORTHEAST CORNER OF CLARKE ROAD WITHIN PRAIRIE LAKES PD OCOEE, ORANGE COUNTY, FLORIDA The subject property currently has access via Clarke Road, which is completed but not opened to traff is . Street A is stubbed -in and is proposed for development concurrent with the development of Tract D and/or Tract C. At the subject's location, Clarke Road is four - lane and median -divided but narrows to a two-lane road north of the subject. However, there is adequate right-of-way for expansion to four lanes, which is the ultimate plan when tracts to the north begin to be developed. The Prairie Lakes PUD is located in northeast Ocoee and situated in a predominantly residential area. Most commercial development in Ocoee is located downtown and along West State Road 50. The single most important development underway in the city of Ocoee is the Lake Lotta Mall and proposed Lake Lotta Center. These two developments have regional impact with Lake Lotta Center to include 200 apartment units in addition to the retail aspects of the mall itself. Lake Lotta Mall and Lake Lotta Center are located in the northeast quadrant of Clarke Road and West State Road 50 about 2.5 miles south of the subject property. In summary, the subject neighborhood experiencing a significant amount of character at State Road 50 and a mixed immediate neighborhood. This growth into the near future. PROPERTY DESCRIPTION Size and Shape along Clarke Road has been growth of both a commercial residential character in the rate is expected to continue According to Professional Engineering Consultants, the subject property contains 2.06 acres, or 89,734 square feet. The parent tract contains 18.2 gross acres and the remainder contains 16.14 acres. The preliminary site plan provided to us indicates a north property line of 260.39 feet and an east property line of 326.41 feet. Both frontage boundary measurements are not indicated on the site plan and are estimated to be 335 feet along the east side of Clarke Road and 275 feet on the north side of proposed Street A. Access The site has good access from the north -bound lane of Clarke Road and a median break is provided at Street A providing a crossover from the south -bound lane. Upon the development of proposed Street A, the subject will have additional side street access. Clarke Road is improved south to West State Road 50 and north to a point near Majestic Elm Boulevard. As of yet, it does not go through to Clarcona-Ocoee Road. �7 6 VACANT 2.06 ACRES 13 NORTHEAST CORNER OF CLARKE ROAD WITHIN PRAIRIE LAKES PD OCOEE, ORANGE COUNTY, FLORIDA Utilities All utilities are available to the site, including water service, sewer service, electricity, telephone service, and municipal police and fire protection. Easements and Encroachments According to the site plan provided to us, there are no encroach- ments and no easements which would adversely affect the site. Soils The site is currently vacant and densely wooded. Soils are generally sandy and appear to be well -drained; however, we were not furnished a report of the sub -soil conditions, indicating their exact capacity. Thus, we are unaware of any possible soil defects that may or may not exist. No responsibility is assumed for such conditions or for the engineering which may be required to make any discovery. ZONING The subject property is currently zoned PUD, Planned Development, by the City of Ocoee. The subject site is situated within the Prairie Lakes planned development and is a part of Tract D. Tract D has been approved for the development of a total of 157 units, indicating a 9.9 DU per acre density, designated low/medium density residential. Tract D contains 15.8 net acres and 18.2 gross acres. The entire planned development contains 278.6 gross acres. According to Mr. Russell Wagner, Director of Planning for the City of Ocoee, no development plan for Tract D has been submitted for approval. The appraisers have interviewed Mr. Gus Silvestri, owner of the subject property, and he confirmed that no development plan for Tract D has been created and its timetable for development is at least one year hence. Mr. Wagner indicated that the existing density is consistent with the overall development plan of Prairie Lakes and that the existing plan represents a "balanced site plan" with a very low probability of any future density shifting. HIGHEST AND BEST USE "As Though Vacant" The subject property constitutes a vacant residential site, "cut out" from the much larger Tract D, as described earlier. Tract D represents a typically sized medium density residential site and the subject's highest and best use would be consistent with that of Tract D. Furthermore, all utilities are available and Clarke Road has been developed. Street A is proposed and its development is SA2,ES " LOW DENSITY RESIDENTIAL LAtrbX. Sale Location Date Price Size/AC No.Units Density/AC Price/ Price/ Unit Acre 4628-1760 SE Side of Silver Star 09/27/93 $560,698 21.650 59 2.73 $ 9,503 $25,898 Rd.,1/2 Mile W of Good Homes Rd. 4767-0480 SWQ Clarke Rd. and 07/08/94 $838,500 43.757 78 1.78 $10,750 $19,163 A.D. Mims Rd. 4836-2011 N/S of Old Winter Garden 12/27/94 $227,160 11.50 30 2.61 $ 7,572 $19,753 Rd., 1/4 Mile W of Good Homes Rd. x?z'GH DENSITY RDS21 N'A`SPiL.'<�.AW:, S14T.ES 4474-0984 N/S of Oakridge Rd. 10/14/92 $1,150,000 12.10 216 17.85 $5,324 $95,041 1/2 Mile E of Florida's Turnpike 2695-0399 S/S of Orange Ave., 11/30/93 $ 992,000 16.72 248 14.83 $4,000 $59,330 1/4 Mile E of S.R. 434 W/S Goldenrod Rd., S/O 04/28/94 $ 910,000 14.71 220 14.96 $4,136 $61,863 E. State Road 50/Old L:4733-4502 Cheney Hwy. Mean Ranges High Density $4,487/DU Low Density $9,275/DU 95-086 VACANT 2.06 ACRES 14 NORTHEAST CORNER OF CLARKE ROAD WITHIN PRAIRIE LAKES PD OCOEE, ORANGE COUNTY, FLORIDA forecasted commensurate with the development of Tract D. As discussed earlier, the residential growth rate in the city of Ocoee has been favorable and this is expected to continue into the near future. While there are no new multifamily residential develop- ments in the city of Ocoee, this market throughout the metropolitan area has experienced a recent surge of development. Thus, recognizing these factors, it is our opinion that this type of development would be economically feasible, maximally productive, and constitute the highest and best use of Tract D overall, including the subject property. SUMMARY ANALYSIS & VALUATION In order to estimate the market value of the fee simple interest in the subject property, we have applied the Sales Comparison Approach. The site is vacant and the Cost and Income approaches are not applicable. Furthermore, the market value of the subject has been estimated as a "part of the whole", determining Tract D to be the "parent tract" and later estimating severance damages if applicable. .AND VALUE ESTIMATE (SALES COMPARISON_ APPROACH) The subject property has an approved density of 9.9 dwelling units per acre. This is the maximum allowable density permitted but falls between typical single-family residential site densities and multifamily residential high density sites. Thus, in order to estimate the market value of the subject property as a part of Tract D, we have analyzed both low density and high density residential land sales and have correlated our market value for the subject property as a part of Tract D based upon its medium density. No medium density land sales were found. On the facing page are shown summaries of both low density residential land sales and high density residential land sales. Furthermore, complete details of each of these sales may be found in the Addendum to this report. The low density land sales reflect a density range of from 1.78 dwelling units per acre to 2.73 dwelling units per acre and a range of unit prices from $7,572 per dwelling unit to $10,750 per dwelling unit. The high density residential land sales reflect a density range from 14.83 dwelling units per acre to 17.85 dwelling units per acre and a price per dwelling unit range from $4,000 per dwelling unit to $5,324 per dwelling unit. The mean range reflects from $4,487 per dwelling unit for high density development to $9,275 per dwelling unit for low density development. In our opinion, the subject property as a part of Tract D has a price per dwelling unit approximately midway within this range. Thus, we have estimated the market value of the 95-086 VACANT NORTHEAST CORNER OF CLARKE OCOEE, ORANGE 2.06 ACRES 15 ROAD WITHIN PRAIRIE LAKES PD COUNTY, FLORIDA subject property as a part of Tract D at $6,800 per dwelling unit, or $67,320 per acre. The total market value of the fee simple interest in the taking property as a part of Tract D has been estimated as follows: 2.06 Acres x $67,320/Acre = $138,679 RTO $138,700 VALUATION OF REMAINDER In determining the value of the remainder, it is our opinion that its unit value is consistent with the value of the parent tract at $67,320 per acre. Furthermore, based upon information available as of the date of inspection, the taking does not seem to adversely impact the remainder, assuming that the remainder would have a similar development density as the parent tract overall. As discussed earlier in this report, both Russell Wagner, Director of Planning for the City of Ocoee, and Gus Silvestri, subject property owner, have both confirmed that no development plan of Tract D has been created or submitted for approval. The subject taking is proposed for development with a fire station and the retention area is to be located on the north side of the building improvements. However, the easterly building improvements have no buffer (other than the parking area on the east side of the building) and a prospective development of the remainder parcel should consider proper land planning, i.e. locating future retention and/or conservation area adjacent to the east side of the taking. This would be a further natural buffer between the fire station improvements and prospective development on the remainder. COST TO CURE CONSIDERATIONS: In addition, a cost to cure for screening/fencing the north and east boundary lines of the taking have also been considered for additional buffer. Since a future developer of the parent tract would have extended a wall along Clarke Road and Street A, no additional fencing would be necessary as a result of the taking. SPECIAL BENEFITS If the property is taken, no special benefits would be created for the remainder parcel. 95-086 I n VACANT 2.06 ACRES 16 NORTHEAST CORNER OF CLARKE ROAD WITHIN PRAIRIE LAKES PD OCOEE, ORANGE COUNTY, FLORIDA SUMMARY OF VALUES Based on the foregoing, we have estimated the total value of the subject property as follows: Land $138,700 Improvements -0- Damages/Cost to Cure -0- Total Value Estimate $138,700 95-086 u VACANT 2.06 ACRES 17 NORTHEAST CORNER OF CLARKE ROAD WITHIN PRAIRIE LAKES PD OCOEE, ORANGE COUNTY, FLORIDA 95-086 ADDENDUM GENERAL UNDERLYING ASSUMPTIONS & LIMITING CONDITIONS DEFINITION OF MARKET VALUE DEFINITION OF FEE SIMPLE INTEREST DEFINITION OF HIGHEST AND BEST USE COMPARABLE LAND SALES MAP COMPARABLE LOW DENSITY RESIDENTIAL LAND SALES COMPARABLE HIGH DENSITY RESIDENTIAL LAND SALES QUALIFICATIONS OF APPRAISERS A H. GENERAL UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS This appraisal report has been made with the following general assumptions: 1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated. 2. The property is appraised free and clear of any or all liens or encumbrances unless otherwise stated. 3. Responsible ownership and competent property management are assumed. 4. The information furnished by others is believed to be reli- able. However, no warranty is given for its accuracy. 5. All engineering is assumed to be correct. The plot plans and illustrative material in this report are included only to assist the reader in visualizing the property. 6. It is assumed that there are no hidden or unapparent condi- tions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. 7. It is assumed that there is full compliance with all applica- ble federal, state, and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report. �i 8. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconfor- mity has been stated, defined, and considered in the appraisal report. 9. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. 10. It is assumed that the utilization of the land and improvement is within the boundaries of property lines of the property described and that there is no encroachment or trespass unless noted in the report. 95-086 II GENERAL UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS (Contd.) This appraisal report has been made with the following general ® limiting conditions: 1. The distribution, if any, of the total valuation in this report between land and improvements applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 2. Possession of this report, or a 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 qualification and only in its entirety. 3. The appraiser herein by reason of this appraisal is not required to give further information consultation, testimony, or be in attendance in court with reference to the property in question unless arrangements have been previously made. 4. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser. 95-086 A DEFINITION OF MARKET VALUE Market value is defined as: 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 knowl- edgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:' 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 with the sale. 'Source: Regulation 12 CFR, Part 34 of the Federal Register. 95-086 3 DEFINITION OF PROPERTY RIGHTS APPRAISED - FEE SIMPLE Property rights appraised are those of the unencumbered fee simple interest of ownership. According to The Real Estate Terminology, American Institute of Real Estate Appraisers and Society of Real Estate Appraisers (now known as Appraisal Institute), Revised Edition, 1982, Page 102, An absolute fee; a fee without limitations to any particular class of heirs or restrictions, but subject to the limitations of eminent domain, escheat, police power, and taxation - an inheritable estate. 95-086 II DEFINITION OF HIGHEST AND BEST USE H, Highest and best use may be defined as: The reasonably probable and legal use of vacant land or improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The definition immediately above applies specifically to the highest and best use of land. It is to be recognized that in cases where a site has existing improvements on it, the highest and best use may very well be determined to be different from the existing use. The existing use will continue, however, unless and until land value in its highest and best use exceeds the total value of the property in its existing use. Source: The Appraisal of Real Estate, Tenth Edition, by the Appraisal Institute, 1992, Page 45. 95-086 A ['J L COMPARABLE LAND SALE NO. 4628-1760 LOCATION: Southeast side of Silver Star Road, one-half mile west of Good Homes Road, in Orange County, Florida. ADDRESS: Silver Star Road, Ocoee. GRANTOR: AB Homes Joint Venture. GRANTEE: Temple Grove Estates Joint Venture (c/o W.M. San- derlin Associates): DATE: September 27, 1993. RECORDED: O. R. Book 4628, Page 1760, Public Records of Orange County, Florida. TAX I.D NO.: 15-22-28-4716-00180 15-22-28-4716-00140 LEGAL DESCRIPTION: Part of Lots 13, 14, and 18, Lake Park Highlands, in Plat Book F, Page 124, Orange County, Florida. LAND SIZE: 21.65± gross/net acres 943,074 gross/net square feet 59 lots SITE DESCRIPTION: The property is irregular in shape with about 2,070 front feet on the southeast side of Silver Star Road. The site was cleared for the development of the 59-lot Temple Grove Estates phased subdivision. The site density reflects 2.73 dwelling units per acre. UTILITIES: Water, reserved sewer, electric, and telephone. ZONING: R-lAA, Single-family Residential, Orange County FUTURE LAND USE: LD, Low Density Residential, City of Ocoee. PRICE: $676,692. The actual sales price was $676,692, which included prepaid water tap fees of $56,994. Also included were engineering and permitting fees of $59,000. These fees must be deducted from the purchase price in order to indicate the effective price paid for the land only of $560,698. EXPOSURE TIME TO MARKET: Unknown. L COMPARABLE LAND SALE NO. 4628-1760 (Contd.) FINANCING: Cash to seller - Third party institutional mort- gage. CONFIRMATION: Craig Rourier, grantee, September 22, 1994, Sherwin E. Young. UNIT VALUE: $25,898 per net acre $9,503 per lot GENERAL COMMENTS: N/A. 0 100, r • • � S SUBDIVISION INDEX LEGEND .ORS + ORANGE COUNTY. FLORIDA t.�•s r.«...El[„.»^.^. ""'-'-'AG�EOGRAPHIC INFORMATION SYSTEM CADASTRAL MAP « « Richard T Crotty 1 Z a —�� r+ore+n .rrwst■ �o DATE 07/19/93 ccr Two 22.., 2" ne N IhM 6ttrOUBBtr to faCO/YNIOtEE 1p� Comparable Land Sales L A COMPARABLE LAND SALE NO. 4767-0480 LOCATION: Southwest quadrant of Clarke Road and A.D. Mims Road, in Ocoee, Orange County, Florida. ADDRESS: Clarke Road, Ocoee. GRANTOR: BML Investments, PRN Investments, and Leslie Ann Feinstein Grossman, et al. GRANTEE: George Wimpey of Florida, Inc. DATE: July 8, 1994. RECORDED: O. R. Book 4767, Page 0480, Public Records of Seminole County, Florida. TAX I.D NO.: 09-22-28-0000-00-033 (part) LEGAL DESCRIPTION: Lengthy, parts of Section 9 and 16, Township 22 South, Range 28 East, Orange County, Florida. LAND SIZE: 43.757 gross/net acres; 1,906,055 gross/net square feet. SITE DESCRIPTION: The sale property is irregular in shape and con- sists of Phase I of a four -phase subdivision known as "Reflections". The site was moderately wooded with lake frontage on the northeast shore of Spring Lake. The sale property is being developed to a density of 1.78 dwelling units per acre. Bob Lochrane former engineer of the subdivision indi- cated that the retention area serves the sale prop- erty and part of Phase III. There are 78 lots in the sale property with typical lot sizes being 75' x 110, with 8,250 square feet. The grantee stated that no infrastructure cost was included in the sale but engineering cost was included. In addi- tion, the buyer also bought sewer taps (not includ- ed in the price). Mr. Lochrane estimated engi- neering costs of Phase I only to be approximately $39,000. UTILITIES: Water, sewer, electric, telephone, and reserved sewer. ZONING: R-3, Single-family, Ocoee. FUTURE LAND USE: LD, Low Density Single-family, Ocoee. PRICE: Adjusted price - $838,500. COMPARABLE LAND SALE NO. 4767-0480 (Contd.) EXPOSURE TIME TO MARKET: Unknown. FINANCING: Cash to seller. CONFIRMATION: Doug Eschelman, Vice-president, George Wimpey, Inc. - Morrison Homes, officer in grantee corporation, on March 14, 1995. Bob Lochrane, Engineer for grantee, on March 17, 1995. Confirmation by Sher- win E. Young. UNIT VALUE: $19,163 per net acre; $.44 per net square foot; $10,750 per lot. W;; COMMENTS: An allocation of the engineering costs has been in arriving at the adjusted sales price. Sales Price $877,500 Less Engineering 39,000 Adjusted Price $838,500 ( Comparable Land Sales ) L COMPARABLE LAND SALE NO. 4836-2011 L+ LOCATION: North side of Old Winter Garden Road, one -quarter mile west of Good Homes Road, in Orange County. ADDRESS: Old Winter Garden Road. GRANTOR: Dill Properties, Inc. GRANTEE: Sandill Joint Venture. DATE: December 27, 1994. RECORDED: O. R. Book 4836, Page 2011, Public Records of Orange County, Florida. TAX I.D NO.: 27-22-28-4880-00212. LEGAL DESCRIPTION: Lengthy, parts of Lots 21, 22, and 23, Lakeview Heights, recorded in Plat Book E, Pages 39, 40, 67, and 73, Orange County, Florida. LAND SIZE: 11.5 gross/net acres; 500,940 gross/net square feet. SITE DESCRIPTION: Irregular with 850 feet on Old Winter Garden Road and 780 feet on the south side of the East-West Expressway. The site has a slightly sloping eleva- tion. The site was joint ventured for the 30-lot Aliso Ridge single-family subdivision. Construc- tion is to begin immediately. UTILITIES: Water, electric, and telephone. ZONING: PD, Planned Development, Orange County. FUTURE LAND USE: MD, Medium Density Residential, Orange County. PRICE: $227,160. EXPOSURE TIME TO MARKET: Unknown. FINANCING: $360,000 development loan from Southern Bank as a first mortgage. $227,160 second mortgage is the joint venture price at 1% over prime for one year. CONFIRMATION: Steve Dill, joint venture partner/grantor, November 18, 1994, Sherwin E. Young. UNIT VALUE: $19,753/net acre; $.45/net square foot; $7,572/lot. GENERAL COMMENTS: N/A. 11 WA 1 1 1 1 1 1 1 Rttl�ttUWIMY�t�1. EN.roPYR1Ytlt Nn.. ® t 0 .. e ® — tem L[Gt"D Pwen •.. - u.w f+aw lr Y.NI ....... 12 w.. u u�. + ORANGE COUNTY. FLORIDA ...... IN/ORMATIOP SYSTEM .`�� -' '- ' �OGRAPNIC ,C�(� CADASTRAL MAP --- RICHARDT.CR PROPERTY wPPRAbER MER 1303 •cwoa.o. DATEGS/17/92 SEC20_TMP33_RNG211—QS9— omparabl'el Land. sales J COMPARABLE LAND SALE NO. 4474-0984 (142) LOCATION: This property is located along the north side of Oak Ridge Road, approximately one-half mile east of Florida's Turnpike, in Orange County, Florida. ADDRESS: Oak Ridge Road. GRANTOR: FL Realty Mortgage Trust & Oakridge Road Property, Inc. GRANTEE: Orange Oakridge Park Associates, Ltd.Prt. DATE: October 14, 1992. RECORDED: 0. R. Book 4474, Page 984, Public Records of Orange County, Florida. TAX I.D. NO.: 20-23-29-0000-00-001 (pt). LEGAL DESCRIPTION: Lengthy legal description retained in appraisers' files, being a portion of Section 20, Township 23 South, Range 29 East, Orange County, Florida. LAND SIZE: 18.400 Gross Acres; 12.10 Net Acres 216 Units SITE DESCRIPTION: The site is irregular with 578.5t feet of frontage along the north side of Oak Ridge Road. The site is generally level and at road grade with approxi- mately 6.30 acres of scattered wetlands that will be incorporated into the open space requirement. The property was purchased for development with a 216-unit, low-income, affordable apartment project. The density indicated 11.74 units per gross acre, or 17.85 units per net acre. This transaction occurred in two deeds, recorded in 0. R. Book/Page 4474-0984 and 4474-0989. UTILITIES: Water, sewer, electric, and telephone. ZONING: R-3, Multifamily Residential, by Orange County. PRICE: $1,150,000. FINANCING: Cash to seller. CONFIRMATION: Charlie Garrison, Florida Ranchlands, listing broker, by Gabrielle A. Solomon, on November 1, 1992. u COMPARABLE LAND SALE NO. 4474-0984 142 (Contd.) UNIT VALUE: $62,500 per Gross Acre $95,041 per Net Acre $5,324 per Unit. COMMENTS: The apartment complex is to be the first phase of Oak Ridge Park Apartments. The grantee also has an option on an adjacent 12.1 acres suitable for development of no less than 150 units. L' I 0 SEC TW► ANG 1/t 3U► 20 23 29 NW E 11-23-29 sr --F-- OAK RIDGE —}—ROAD �— 20-23-23 3. K •e� l••o ff•• DAM I SEC TWT R G 1 1/4 Wt► tAtR1t • Ee.2 t••• •• • 111�120123129 INW1 B N Rw GOOD awr. r CK O//RIOIrt Im Comparable Land Sales 'i COMPARABLE LAND SALE NO. 2695-0399 LOCATION: This property is located along the south side of Orange Avenue and the west side of the proposed Magnolia Avenue extension, east of State Road 434, within the West Town DRI, in Altamonte Springs, Seminole County, Florida. ADDRESS: Orange Avenue, Altamonte Springs, Florida. GRANTOR: Charles E. Bradshaw Jr. GRANTEE: Florida Sunshine State Affordable Housing Partners, LP, Ltd. DATE: November 30, 1993. RECORDED: 0. R. Book 2695, Page 0399, Public Records of Seminole County, Florida. TAX I.D NO.: 16-21-29-501-0000-0790 & 0730 (pt) LEGAL DESCRIPTION: Lengthy legal description, retained in appraiser's files, being a portion of Section 16, Township 21 South, Range 29 East, Seminole County, Florida. LAND SIZE: 16.72 gross and net acres. SITE DESCRIPTION: This property is irregular in shape with frontage along the south side of Orange Avenue, and the west side of the proposed Magnolia Avenue extension. At the time of sale, the property was vacant and contained natural vegetation. Subsequent to the date of sale, the property is being improved with a 248-unit affordable housing project, known as Raven Crossing Apartments. This sale reflects a density of 14.83 dwelling units per acre. UTILITIES: Water, sewer, electric, and telephone. ZONING: MOR-2, Mixed Office Residential, Altamonte Springs. FUTURE LAND USE: Medium Intensity, Altamonte Springs. PRICE: $992,000. EXPOSURE TIME TO MARKET: Over 12 months. FINANCING: PMM $842,000, reported not to have affected the purchase price. COMPARABLE LAND SALE NO. 2695-0399 (Contd.) CONFIRMATION: Stephen B. Hatcher, closing attorney, May 1994, Sherwin E. Young. UNIT VALUE: $59,330 per net acre; $4,000 per unit. GENERAL COMMENTS: N/A. WEST TOWN CENTER, A R HAT REPLATTING LOTS 7J-79 IJI-/52 LOTS /92-/95 MAP OF FOREST CITY ORANGE PARK SUBDIVISION PB.2 PAGE 60 SECTION 16, TOWNSHIP 21 SOU 1L RANGE 29 EAST. CPIY OF ALTAMONTE SPRINGS SEMINOLE COUNTY, FLORIDA ACTCE, THERE MAT BE ACOT? VAL R£STR.CTRWS THAT ARE NOT READ ON THrS PLAT THAT MAY BE FWNO IN THE PUBL,C RECORDS OF THUS COUNTY. PLAT BOOK PAI NOTES 1. ❑ DENOTES P.R.Y. (4%4 C.Y.) P.L.S. NO. 3421. 2. o DENOTES P.C.P. P.L.S. NO. ]421. ]. . DENOTES CHANCE IN DIRECTION NOT PERYA)(ENTI ♦, BEARINGS SNC• ARE EASED ON DEPART?ENT OF TRAI RIGHT -OF-RAT PLANS FOR STATE ROAD NO. 434 SECT R.c orwNnwn OIL ro RE "I. � ............ ,... TRACT A Soc.G21-291 r:nN y I Na1n -89'42'3OT 1299.82' _ 5a4 Pere ,oR I �+ \ ` CASCMENT j�•�\ �y 1 Ty ?> - �::. a.F1.....--5.' � � •b\ Y I I tj 1. 'i'-_r. .R-—�7-�•—v'Ti'h'�T2'd� A 3 q7 god .�,2.K�-bl" T_X' ):\at-:iP.c'an SJ�; •+� � 7T--; LOT 5 S I I II ID 2695-0399 2 ` R it I-D Ij N- MAP OF FORCST CRY ORANCC PARK e'�' II P.R.2 Y.60, L S q I I i------ L I sl I I i ----„- II m ^ I '; ki � j1 m o• u) m uop� 10 S89'36'47'E !1—1299.04' W q m 02-36'12' R = 1797.86' Cl LOT 4 l- = 81.69' t w T.B. NO3.03.5E'` o iv LOT l LOT 2 s 1 ;I N ---- tj04G ? z A= 06-41'07' i a 400.01' '; C C2- R = 1797.86' L = 209.78' ---------------- TA a NBB'S9'3Bv _ �_— ---------- 90•FWld. P— Eosvro•+ ------- - - - OR. %9 v0. 1UE - -- - - - - - - - - - - -- m m N89 34 23 W • cn n m N O in S N89'34'23'W 1115.90' 427.35' LOR,OA PWER CORP. ; 50 oo3 Oo "• • w N89'34'23'W; so 1 p core swa a/w . La 146 a)`m ^ OR. 993 Pg. 114 :BS 1M6 ,61 1BE 189 /90 9�16 LOT 3 m : :w :: _ m cl) 196 197 /9C 199 n, ' Z a: • vAP OF FOREST CRY ORANGE PARK C3 3 Pd.2 P6.60 1Kr.o+e0 11.ea1 j � (••) e = 29-26'39' Pam. z PG.6o R = 653.19' L = 335.68' W T.& • N7ff-Z42W e = 49'55'04' R = 444.35' d MAP OF FOREST CRY OA.WOE PARK PA 2 PG60 m POB u, � : /NOD•KYJ9'E 2DDo N.n.,/ ezeis l: Comparable. Land Sales D D COMPARABLE LAND SALE NO. 4733-4502 LOCATION: This property is located along the west side of Goldenrod Road, south of the East Colonial Drive and Old Cheney Highway intersection, in Orange County, Florida. ADDRESS: 1304 North Goldenrod Road, Orange County, Florida. GRANTOR: Club Goldenrod II, Ltd. GRANTEE: Goldenrod, Ltd. DATE: April 28, 1994. RECORDED: 0. R. Book 4733, Page 4502, Public Records of Orange County, Florida. TAX I.D NO.: 23-22-30-0000-00-034 & 045. LEGAL DESCRIPTION: The S 3/4 of the S j of the SE } of the NW I of Section 23, Township 22 South, Range 30 East, less right-of-way for State Road 15A over the E 50 feet thereof, Orange County, Florida. LAND SIZE: 14.71 gross and net acres. SITE DESCRIPTION: This property is rectangular in shape and has approximately 492 feet of frontage along the west side of North Goldenrod Road. The property is vacant and contains a heavy tree coverage as well as other native vegetation. Future plans call for the development of a 220-unit, affordable housing complex. This property reflects a density of 14.96 dwelling units per acre. UTILITIES: *Water, sewer, electric, and telephone. ZONING: R-3, Multiple Family District, Orange County. FUTURE LAND USE: Medium Density, Orange County. PRICE: *$910,000. EXPOSURE TIME TO MARKET: Unknown. FINANCING: Third party financing, cash to seller. L L COMPARABLE LAND SALE NO. 4733-4502 (Contd.) CONFIRMATION: Ray Tompkins, representative for grantor, June 6, 1994, Gabrielle Solomon. UNIT VALUE: $61,863 per net acre; $4,136 per unit. GENERAL COMMENTS: *The documentary stamps reflect a purchase price of $770,000; however, the verifying agent indicated that approximately $100,000 was spent on extending utilities and constructing a lift station. In addition, $40,000 was spent for off -site mitiga- tion. Adding these amounts to the recorded pur- chase price reflects an effective price paid for land of $910,000. 11 7 0 I ay e_ t ® R ® a Y }Ot ! } } CIM �~ f cm 1 En cm I 0-0 ® f ;I R ® 1 ® ® at ® x: � t ,v ! ® e i e� } ® R - 4733-4502N-► ! 7--,m f� SUBDIVISION INDEX LECEND ............ ORANGE COUNTY, FLORIDA GEOGRAPHIC INFORMATION SYSTEI CADASTRAL MAP »�.w — _— Richard T Crotty 12 M� — rwrr,r]T wrrwatt rw r DATE 05/27/93 SEC 23TWP 22 RNG aQ QS I Aw amw o.V/ ba Oco"Now NNE Comparable Land Sales 7 H, QUALIFICATIONS OF APPRAISER NAME: Sherwin E. Young BUSINESS ADDRESS: Pinel & Carpenter, Inc. 824 North Highland Avenue Orlando, Florida 32853-3069 EDUCATION: Bachelor of Arts Degree - University of Central Florida, Orlando, Florida, 1975. Completed the following courses under the direction of the American Institute of Real Estate Apprais- ers: Course 1-A - Real Estate Appraisal Principles and Techniques (1972) Course 1-B - Capitalization Theory and Techniques (1973) Courses 1-A - Parts I and II Updated (1986) Courses 1-B - Parts A and B Updated (1986) Standards -of Professional Practice (1987) Uniform Standards of Professional Practice - Parts A and B (1992) Easement Valuation (1992) Completed the following courses under the direction of the Society of Real Estate Appraisers: Course 201 - Valuation of Income Property Related courses and seminars attended at least annually. Federal Home Loan Bank Board R-41c Seminar, pre- sented October 1986, by Dr. Richard Hewitt, former Chief Appraiser F.H.L.B.B, 4th District. POSITION: Real Estate Appraiser & Consultant associated with Pinel & Carpenter, Inc. Former Vice-President/Treasurer and Director of Irwin, Tuck, Connor & Young, Inc., a/k/a Irwin Appraisal Company. 1i QUALIFICATIONS OF APPRAISER (Contd.) AFFILIATIONS: Member, Orlando Area Association of Realtors, Florida Association of Realtors and National Asso- ciation of Realtors. State Accredited Affiliate of the Appraisal Insti- tute, IIN# 992272057 LICENSES: State -Certified General Appraiser - License No. RZ 0000934 Florida Licensed Real Estate Broker - License No. BL0120550 EXPERIENCE: Real Estate Appraiser & Consultant associated with Pinel & Carpenter, Inc., 1989 to present. Previously associated with Irwin, Tuck, Connor & Young, Inc., Real Estate Appraisers & Consultants. Past lecturer, Orlando Area Board of Realtors. Have prepared appraisal reports in cooperation with Ronald L. Irwin, MAI, Thomas H. Pinel, MAI, and Walter N. Carpenter Jr., MAI for the past 19 years. Qualified as an expert witness in the Circuit Courts of Orange County and Brevard County, Flori- da. Engaged exclusively in the preparation of appraisal reports. Completed appraisals on single and multi- family residential, industrial, commercial, agri- cultural, acreage, mineral rights, income valua- tion, leased fee/leasehold interests, special pur- pose property for investment, probate, and condem- nation. Have prepared appraisal reports for law firms, oil companies, F.D.I.C., R.T.C., banks, mortgage compa- nies, insurance companies, savings and loan insti- tutions, individuals, city, county, state, and federal government. r+ 'a QUALIFICATIONS OF APPRAISER NAME: Walter N. Carpenter Jr. BUSINESS ADDRESS: Pinel & Carpenter, Inc. 824 North Highland Avenue Orlando, Florida 32803 EDUCATION: University of Florida; Bachelor of Science Degree in Business Administration, majoring in Real Es- tate, 1975. Completed the following courses under the direction of the American Institute of Real Estate Apprais- ers: Fundamentals of Appraising (1975) Capitalization Theory and Techniques (1976) Urban Properties (1977) Introduction to R.E. Investment Analysis (1983) The Electronic Spreadsheet in the Appraisal Office - Seminole Community College (1985) Standards of Professional Practice (1984) Litigation Valuation (1987) Standards of Professional Practice Exam SPP) (1990) Litigation Valuation (1992) Seminars Attended: Appraising Troubled Properties (1992) Reviewing Appraisals (1990) Persuasive Style in the Narrative Appraisal (1989) Standards of Professional Practice Update (1988) Applied Appraisal Techniques (1983) Applied Statistical Analysis in Appraising (1980) Income Capitalization Workshop (1978) New Developments in Condemnation (1975) H.U.D. Uniform Act of 1970 Completed the following courses and seminars under the direction of the Real Estate Securities and Syndication Institute: Applied Real Estate Syndication (1981) Syndication Real Estate (1982) Real Estate Partnership Administration LICENSES: State -Certified General Appraiser License No. RZ 0001231 Real Estate Broker, State of Florida - License No. BK 0130637 16 PROFESSIONAL DESIGNATIONS: Member of the Appraisal Institute, holding the MAI designation, Certificate No. 7567. 0 QUALIFICATIONS OF APPRAISER (Contd.) EXPERIENCE: President, Pinel & Carpenter, Inc., 1987 to pres- ent. Vice -President, Pinel, Rex, & Carpenter, Inc., 1980-1987 Associate and Assistant to Thomas H. Pinel, MAI, July 1975 to 1980. Active in real estate sales in Orlando since 1974 and in real estate appraising since 1975. Completed appraisals of residential, commercial, and industrial properties, citrus groves, and special purpose properties, including office build- ings, shopping centers, apartments, condominiums, theaters, restaurants, churches, dance studios, child care centers, etc., prepared for Attorneys, Accounting Firms, Banks, Internal Revenue Service, City of Orlando, Orange County, Corporations, and Individuals since 1975. Major Appraisals: duPont Centre, Church Street Station Entertainment Complex, Disney's Celebration City, Lee Vista Center, Airport Industrial Park at Orlando, Hunter's Creek, Eastern Subregional Waste Water Treatment Site, Fairbanks Avenue Widening, Oak Ridge Road Widening, Conroy -Windermere Road and Old Winter Garden Road projects. PROFESSIONAL & COMMUNITY SERVICE: Education Committee Chairman, Greater Orlando Asso- ciation of Realtors, 1988. Member of the Legislative Committee - Greater Orlando Association of Realtors. Vice Chairman, Government Relations Committee, Appraisal Institute, 1993. Alumni Relations Director, Florida Blue Rey Alumni Association of Central Florida. Director, Big Brothers of Greater Orlando, Inc. 1977-1979. President, Board of Directors, Big Brothers and Big Sisters of Central Florida, Inc., 1979. Member of the Legislative Committee - Home Builders Association of Mid -Florida, 1985 to present. Director, Central Florida Fair, 1992 to present. Director, Winter Park YMCA, 1987-1991. Director, The Economic Club of Orlando, 1985-88 Member, Real Estate Securities and Syndication Institute. Member, Central Florida Investment Council. Vestry, St. Michael's Episcopal Church, 1979-1981; 1989-1992. �. w_-!'�' _ f".v '.- `' "r' _" _ `'1+., � - �^^' �,.f �'w " �_ i`^-...yam : �.�., `�.-....^°� ."� :. r✓y' _ d^�`� - �u`.�..�w »f-1. �•-• � w✓....i�..�..,,`...- � w.-�� �nr �.,:_�.�4v "�_.w: tia`« "-'