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HomeMy WebLinkAboutVII (D) Discussion/ Action re: Clarke Road Maintenance Contract Agenda 11-18-97 • Item VII D "CO,NTER OF GOOD LIVING-PRIDE OF(VEST ORANGE" MAYOR•COMMISSIONER S.scan-VANDERGRIFT Ocoee t q COMMISSIONERS CITY OF OCOEE DANNY HOWELL jti - 150 N. LARE511DRE DRIVE SCOT ANDERSON Oa `- OCOEE, FLORIDA 3476I-2258 SCOTT A GLASS ne � (407)656-2322 NANCY J.PARKER Cnr MANACLR Fq OF GOO ELLIS SHAPIRO MEMORANDUM TO: The Honorable Mayor and Board of City Commissioners FROM: Ellis Shapiro, City Manager DATE: November 13, 1997 RE: Clarke Road Lawn Maintenance Contract A couple of years ago, this Administration discussed with the City Commission the move within the communities of Florida to guarantee the most efficient operation for the taxpayers by fully evaluating the cost of certain inhouse services versus bidding these same services to the private enterprise. At this years budget workshops, we advised you that the Lake County Correctional Facility could no longer provide us "free" prison labor. The lack of these people and their equipment meant that we would probably have to add additional people to the Public Works budget. Alternatively, we looked at the possibility of contracting out the mowing and weed control service on the Clarke Road corridor thereby freeing up the manpower we are currently using at Clarke Road for the projects that had been done by the prisoners. Attached to this memo is the results of our bid which clearly will save us at least $40,000 to $50,000 if awarded as recommended. Respectfully submitted, ES:jg c:AalldataAword\crmaintI -CENTER OP GOOD LIVING-PRIDE OF R'FSI ORANGE" MAYOR•COMMISSIONER S. SCOTT VANI)ERGRIFI Ocoee COMMCITY OF OCOEE NY MOWN NERS 0 __� � UANNY IIOWL:LI. t;C1 - 150 N. LARESHORF DRIVE SCOTT ANUHRSON �Y� O. SCOTT A GLASS v p OCOEE, FLORIDA 34761-2258 NANCVI PARKER of �:r, (407)656-2322 yl iN tITV MANAGER FyOF GOOD t� ELLIS SI IAPIRO TO: Mayor and Board of City Commissioners FROM: Donald Carter, Finance Supervisor Robert Smith, Public Works Director DATE: November 11, 1997 RE: Clarke Road Lawn Maintenance Contract A request for hid was duly advertised in the Orlando Sentinel. Keen interest was shown in this project as bids came in from all over central Florida. A total of fourteen bids in all were received. On October 9. 1997 at 10:01 am the bids were opened and tabulated (see attachment A). Due to the wide range of the bid amounts with the majority well under projected budget($75,000) staff contacted the three low bidders to verify their bid amount and to request additional information. The three low bidders are: I. MetroScape Corporation $24,240 2. Groundtek of Central Florida $27,343 3. Dora Landscape Company $38,642 The additional information requested was (sec attachment B,C,D): Crew size Equipment list Additional references Also, staff made on site inspections of the two low bidders and found both were willing and able to meet the City's needs at the price they submitted in staffs opinion. Action Requested Staff requests the Mayor and Board of City Commissioners award MetroScape Corporation the Clarke Road Lawn Maintenance contract for the amount of$24,240 and authorize the Mayor and City Clerk to execute any necessary documents. r. Attachment A CITY OF OCOEE CLARKE ROAD MAINTENANCE BID #98-02 10/9/97 M & C YEILDING SERVICES N/A N/A 58,000.00 ENVIRONMENTAL CARE, INC. N/A N/A 47,616.00 STRIKE-3 LAWN CARE N/A N/A 65,095.00 GRASSHOPPERS N/A N/A 57,028.00 MUNOZ N/A N/A 64,995.29 WRC ENTERPRIZES N/A N/A 73,260.00 METROSCAPE CORP. N/A N/A 24,240.00 TIM DAUGHTRY N/A N/A 61,010.10 GATOR LANDSCAPING N/A N/A 43,200.00 SPEARS & SONS N/A N/A 81,980.00 PREMIER LANDSCAPE N/A N/A 50,100.00 GROUNDTEK OF CENTRAL FL N/A N/A 27,343.00 DORA LANDSCAPING N/A N/A 38,642.00 FLORIDA LANDSCAPING N/A N/A 65,400.00 Attacment B METROSCAPE CORPORATION landscape Management Contractors October 23, 1997 Mr. Donald Carter, Finance Supervisor City of Ocoee 150 N. Lakeshore Drive Ocoee, Florida 34761-2258 Dear Mr. Carter: Thank you for your letter of October 22. We respectfully respond to you inquiries in the order of their appearance in your letter Q. Do we understand the scope of the work to be performed? A. We believe that we do, because your specifications are not specific as to dates of seasons, we have made assumptions about annual mowing, edging and other Frequencies that could vary from contractor to contractor. Given our assumptions, our bid is faithful to the pricing we have used the past four years, and, we believe, represents an excellent value for the City of Ocoee -fhe considerable spread in the bid price pattern likely centers on each contractor's estimate of annual manhours for general maintenance and its estimate of annual irrigation inspection hours_ Lawricare and Tree and Shrub Care would likely enjoy a tighter price pattern among the contractors_ 2 Q. List of references? A. We enclose herewith our Statement of Qualifications, including references. 3 Q. List of employees that will perform the work? A. Supervisors arc listed in our Statement of Qualifications. Our employees number approximately 50, among some nine crews. We currently anticipate the assignment of the following crew, though other crews or crew members may be assigned from time to time: Dan Martel, Landscape Maintenance Foreman Bernardo Delacruz, Landscape Lead Person, Dalores Ochoa, Landscape Gardener 1103 West Kennedy Boulevard, Or(anda I9. 32811 (407)660-9090 Pin 660-2291 Mr. Donald Carter October 23, 1997 Page Two 4. Q. List of equipment we intend to use in the completion of the work, though we may use other equipment from our equipment inventory from time to time: A. Equipment list: Mower, Scagg, 61" SWV20CVE, hydro, with velke Mower, Scagg, 61" SW V2OCVE, hydro, with velke Mower, Scagg, 48" SWZ48 Edger, Echo PE2400 Edger, Echo I'E 2400 String Trimmer, l Iusgvama 2251. String Trimmer, Husgvarna 2251. Blower, Stihl BR400 Blower, Stihl BR400 Hedge Trimmer, Echo SRM3100 Please advise us if we can provide further information helpful to your review Sincerely, METROSCAPN CORPORATION Bruce W. Paulson Supervisor Attachment C GROUNDTEK OF CENTRAL FLORIDA, INC. 862 Maguire Road,Ocoee, Florida 34761 (407) 877-7473 (407) 877-8670 FAX October 27, 1997 City of Ocoee Attn.. Donald Carter, Finance Supervisor Fax 8 656-8504 Re. Clarke Road Lawn Maintenance project bid. Dear Mr. Carter. Per your request, we have attached a list of references. Our employees that would perform the work are• Crew leader- Carlos Alvarez Crew members. lose Cervantes Javier Tafolla Leonardo Jocobo Emilo Saucedo The equipment to be used includes. 2 Walker Mowers 1 855 Tractor 2 small machines (edger, blower) If you need anything further, please call. Sincerely, %4 g,pIabo-- (-') Farris Riggsbee Id WH9[:0r LEG! L '2:,0 0L98 48 Lot' : "ON 3NOHd >exaNnoa9 : WOdi 1.) - - .id Ceorker - REFERENCES: 1) Name: Lockheed Martin Corporation Address: 5600 Sand Lake Rd. , Orlando, Florida 32819 Phone: (407) 356-3366 contact: Clint McClure Date of Contract: 3/1/95 - 3/ 1/90 2) Name: Lockheed Martin Corporation Address: 12506 Lake Underhill Rd. , Orlando, Florida 32825 Phone: (107) 826-7555 Contact! Bill Perkins Date of Contract: 3/1/95 - 3/1/90 3) Name: Cypress Springs Home Owners Association Address: 10125 Pink Carnation ct. , Orlando, Florida 32825 Phone: (107) 678-5066 Contact: Paula Davoli Date of contract: 12/1/95 - 12/1/97 1) Name: O.O.C.P.A./BHA, Inc. Address, 496 B. Delaney Ave. k108, Orlando, Florida 32801 Phone: (407) 649-9624 Contact: Mike Sturgeon Date of Contract: 11/1/94 - 11/1/97 5) Name! Host Marriott Address: P. O. Box 310, Ocoee, Florida 34761 Phone: (107) 578-3030 Contact: John Weise Date of Contract! 3/27/96 - 3/27/98 ed WbL£:01 4661 L? 'no0 0L99 LL9 Lob ON 3NOHd N310N00d9 : WOdd Oct;Z1:1-97 10 _ :3GA Attachment D P. 02 • DORA L- ANI.../`-;CAPIINC• ; October 27, 1997 Mr. Donald Carter Finance Supervisor - - City of Ocoee 150 N. Lakeshore Drive Ocoee. Florida 34761-2258 Re. Clark Road Lawn Maintenance Dear Mr. Carter. Dora Landscaping Company is pleased to have the opportunity to provide you with additional information in reference to our Proposal on the above mentioned Project. Our Proposal includes the following. LABOR -Two Thousand. One Hundred and Eighty-Three Hours(2,183) per year are necessary to maintain this Project up to what Dora Landscaping Company considers an acceptable standard. This includes all routine maintenance (mowing, trimming, clean up)as well as all incidental maintenance (IPM, fertilization, etc.) EQUIPMENT -The designated equipment for this Project shall be as follows. 1997 Chevy Crew Cab 14 ft Maintenance Trailer ZTR Riding Mower Hydrostatic Unve Walkbehind Mower Stlhl Stringtrimrner Stihl Edger Stihl Blower Solo Backpack Sprayer small tool allotment(rakes, shovels, pruners, safety cones, etc.) • Oct,- Ztl- 'J/ 10 : 36n . 03 Mr. Donald Caner p.2 FUEL/REPAIRS- Included in our Proposal is$1.600.00 in annual fuel allotment and$1,000 to cover consumables(edger blades, mower parts, stringtrimmer line, trash bags, etc.) MATERIALS - 30 bags of turf fertilizer per year ' 20 bags of shmb fertilizer per year 12 bags of insecticide per year 8 gallons of non-selective liquid herbicide 4 gallons of pre-emergent liquid herbicide STAFF Our staff for this Project shall be as follows: Ed Gilbert-Operations Manager I -Crew Foreman 3 -Maintenance Crew Members A Partial Projects List is enclosed for your review as well. In conclusion, we feel our Proposal is all inclusive and thoroughly meets the requirements set forth by the City of Ocoee. Dora Landscaping Company has been in business for over twenty(20)years. Our Proposal was based on an extensive site review and man hours survey. We are confident we know what it lakes In"do the job" Based on this, we feel any Pmposil below ours has not included all the necessary costs to perform the services specified and should therefore be deemed unresponsive. Si ly. F Chance Mo Ison vice President cc James H. Oyler Ed Gilbert Taint Corbett n Oct-28- 9/ 1O : 37A P. 04 Dora Landscaping Company Partial Projects List • Grounds Maintenance Projects Primera, Lake Mary, Florida Owner: Glenwood Properties Colonial Grande Apartments. Heathrow. Florida Owner:Colonial Properties .__.. . Colonial Village Apartments,Lake Mary. l'lorida Owner:Colonial Properties Sandlake IV. Orlando, Florida Owner: PM Realty 300/400 International Parkway,Heathrow, Florida Owner: Pizutti Management Twelve Oaks, Orlando, Florida Owner;Sentinel Realty Windemere Lakes, Orlando, Florida Owner: Sentinel Realty Xentury City,Kissimmee. Florida Owner:Xentury City Development Oak Groves Shoppes,Altamonte Springs, Florida Owner:The Parmenter Company The West Oaks Mall, Ocoee, Florida Owner:General Growth Properties Hunter's Creek.Orlando, Florida Owner:American General Land Development Prucare, Orlando,Florida Owner: Prucare Embassy Suites, Orlando. Florida Owner: Embassy Suites Hotels Sweetwater Club.Longwood,Florida •• Owner Sweetwater Homeowner's Association - Oct -28- v/ 1O : .37A P .O5 Dora Landscaping Company Partial Projects List Landscape Development Projects The Vining°at Lake Lotus,Altamonte Springs, Florida Owner Trammel Grow Company /989 Award o&Recognition, Florida Nursery Growers Association The VLungs at Westwood, Orlando, Florida -Owner;Trammel Crow Company 19119 Award of Recognition, Florida Nursery Growers Association Windemere Lake Apartments,Windemere,Florida Owner:The Walsh Corporation Vistana Resort Building Three&Recreation Building,Lake Buena Vista, Florida Owner Vistana Development Disney s Al]Star Resort Phase I&II, Lake Buena Vista, Florida Owner: Disney Development Company Disneys Vacation Club Resort Phase I&II, Lake Buena Vista, Florida Owner: Disney Development Company Disney's Wide World of Sports,Lake Buena Vista, Florida Owner: Disney Development Company Grand Cypress Resort Reception and Conference Facility, Orlando, Florida Owner:Grand Cypress Resort The Summit,Orlando,Florida Owner:Trammel Crow Company 1993 Award of Excellence,American Society of Landscape Architects The Quadrangle,Orlando,Florida Owner:Shell Oil Company 1987 Award of Excellence, Florida Nursery Growers Association Bayport Plaza,Tampa,Florida Owner:The Wilson Company 1986 Award of Excellence,American Society of Landscape Architects Sunbank Center, Orlando,Florida • Owner:Lincoln Property Company Orlando Mormon Temple,Windemere,Florida Owner:Church of Jesus Christ of Latter Day Saints 1996 Award of Recognition,Florida Nursery Growers Associative, • • sr CONSORTIUM THE APPRAISAL OF A .979 ACRE (42,645 SF) PARCEL OF VACANT LAND LOCATED ALONG THE WEST SIDE OF MAGUIRE ROAD, APPROXIMATELY 650 FEET SOUTHERLY OF WINSHIRE BOULEVARD, IN THE CITY OF is OCOEE, ORANGE COUNTY, FLORIDA PREPARED FOR THE CITY OF OCOEE C/O MR. DAVID A. WHEELER, P.E. DATE OF VALUATION SEPTEMBER 8, 1996 DATE OF INSPECTION SEPTEMBER 8, 1996 DATE OF REPORT SEPTEMBER 11, 1996 CONSORTIUM September 11, 1996 Mr. David A. Wheeler, P.E. Assistant City Engineer City of Ocoee .. 50 N. Lakeshore Drive Ocoee, FL 34761 Dear. Mr. Wheeler: At your request, our firm has inspected and appraised a .979-acre (42,645 SF) parcel of vacant land which is located along the west side of Maguire Road, approximately 650 feet south of Winshire Boulevard, in the city of Ocoee, Orange County, Florida. ` The purpose of our appraisal was to estimate the market value of the fee simple interest in the subject site, as vacant, based upon market conditions prevailing on September 8, 1996. This appraisal, and the value estimates contained herein, are subject to and contingent upon the ` following: O The subject site is located within the Plantation Grove West P.U.D. and has specifically been approved under this development's land use plan for use as a fire station site. At the request of our client, this property has been appraised assuming this site was fully approved for commercial development. This assumption is consistent with the function of this appraisal and is also consistent ,r with this property's current future land use designation under the City of Ocoee's Future Land Use Plan. The market value of the subject property would most likely be less than stated herein if commercial uses (similar to those uses permitted within the Plantation .. Groves Shopping Center) were to be excluded, limited or substantially reduced on the subject property. © The Appraisers have not been provided with a current survey of the subject site. The legal description, site area and site dimensions reported herein have been based upon data contained within the Public Records of Orange County, Florida and are subject to verification by a current certified survey of the subject site. ® The Appraisers were not provided with subsoil reports relating to the subject site. This appraisal has been made contingent upon the absence of any adverse subsoil characteristics that (if in existence) would negatively impact the value of the subject property. Mailing Address:Post Office Drawer2129,W inter Park,Plnrida 32790 (407) 647-0800 Fax * (407) 645-2301 Mr. David A. Wheeler, P.E. . September 11, 1996 Page 2 0 This appraisal has been made contingent upon the absence of hazardous contamination of the subject site. It was our opinion, based upon the data provided to the Appraisers, the investigations and analyses undertaken, and subject to the limiting conditions, assumptions and contingencies as set out within this report, that the estimated market value of the fee simple interest of the subject property under market conditions prevailing on September 8, 1996 was: THREE HUNDRED NINE THOUSAND DOLLARS ($309,000) v. We certify that, to the best of our knowledge and belief, the statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by ` the reported assumptions and limiting conditions, and are our personal, unbiased professional analyses, opinions, and conclusions. 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. Our compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. Our compensation is further not r, contingent upon the reporting of a predetermined value or directions 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. Our 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. The use of this report is subject to the requirements of The Appraisal Institute relating to review by its duly r authorized representatives. As of the date of this report, Philip F. Wood, MAI, has completed the requirements of the continuing education program of The Appraisal Institute. The subject property, neighborhood and comparable properties were personally inspected by Philip F. Wood and Charles B. Byrd. No one provided significant professional assistance to the persons signing this report. We do not authorize the out-of-context quoting from or partial reprinting of this appraisal report. Further, neither all nor any part of this appraisal report shall be disseminated to the general public by the use of media for public communication without die prior written consent of the Appraiser(s) signing this appraisal report. ` Please refer to the self contained limited appraisal report, plus Exhibits, for documentation of this value estimate. If any additional information is needed, please advise. ` NOTE: The information contained in this report is copyrighted. The willful unauthorized _ use of any contents of this report constitutes copyright infringement which could subject the infringer to civil damages and criminal penalties pursuant to §§504 and 506 of the Mr. David A. Wheeler, P.E. r September II, 1996 Page 3 Federal Copyright Revision Act of 1976. The Florida Real Estate License Law (Chapter 475-Part II, Florida Statutes defines an appraisal, an appraisal service, an appraisal assigruuent and an analysis assignment. Be advised that this report falls within these definitions only if properly executed herein. Proper execution includes an original blue-ink signature by the Appraiser overlaid by a raised seal. Any deviation from this means that the report is copyright infringed, unauthorized and does not represent services provided by the Appraisers or the firm. Respectfully submitted, CONSORTIUM APPRAISAL AND CONSORTIUM APPRAISAL AND CONSULTING SERVICES, INC. CONSULTING SERVICES, INC. By: National Consortium Research By: National Consortium Research Corporation, Inc. Corporation, Inc. Philip F. Wood, MAI, SRPA Charles B. Byrd President (Corporate Seal) Staff Appraiser State-Certified General Real State-Certified General Real Estate Appraiser Estate Appraiser Florida License No. 0000777 Florida License No. 0000908 PFW:CBB/slm 96-069 TABLE OF CONTENTS PURPOSE, SCOPE AND FUNCTION 1 LOCATION 2 LEGAL DESCRIPTION 3 AREA DESCRIPTION 4 a NEIGHBORHOOD DESCRIPTION 28 PROPERTY DESCRIPTION 31 ZONING 43 a REAL ESTATE ASSESSMENT AND TAXES 44 FIVE-YEAR SALES HISTORY 44 HIGHEST AND BEST USE 45 VALUATION OF THE SUBJECT SITE 49 DEFINITION OF MARKET VALUE 59 DEFINITION OF HIGHEST AND BEST USE 59 LIMITING CONDITIONS AND ASSUMPTIONS 59 EXHIBITS 65 _ PURPOSE, SCOPE AND FUNCTION The subject property consists of a .979-acre (42,645 SF) parcel of vacant land which reflects a P.U.D. zoning classification and a Commercial future land use designation. As previously discussed, the subject ▪ site has been appraised subject to its full approval for commercial development. The subject site is basically rectangular in shape and has road frontage along Maguire Road. - The purpose of this appraisal was to estimate the market value of the fee simple interest in the subject site, as vacant, based upon market conditions prevailing on September 8, 1996. The scope of our appraisal assignment included a physical inspection of the subject property; a discussion with City of Ocoee planning and zoning officials regarding the current zoning and future land • use designation applicable to the subject property; discussions with City of Ocoee utility department personnel regarding utility availability to the subject site; a review of the real estate assessment and tax data relating to the subject property; a review of the preceding five-year sales history for the subject property; an analysis of the Orlando Metropolitan Area; an analysis of the subject neighborhood and market area relative to past and present development trends and current market conditions; a search for _ past sales and current listings involving similar sites; and an analysis of the marketability of the subject property. In developing a value estimate for the subject property, the Appraisers have given consideration to the application of the three traditional valuation methods, which include the Cost, - Income and Market Comparison Approaches. Recognizing the subject property is being appraised as a vacant, undeveloped parcel of land, only the Market Approach to value would be relevant to this valuation assignment. The Market Approach to value has been fully developed herein and has been given primary consideration in estimating the current market value of the subject property. - The function of this appraisal report is to provide a basis for the internal decision making process of the client. The client is proposing a land exchange whereby the subject site will be transferred to acquire a nearby parcel of vacant land. This appraisal will be utilized to compare the estimated market values of these land parcels for the purpose of this proposed exchange. 1 l L • :6-1 LOCATION L E The subject property is located along the west side of Maguire Road, approximately 650 feet south of Winshire Boulevard, in the city of Ocoee, Orange County, Florida. The subject property is further identified as being located within the west-central portions of the Orlando I Metropolitan Area, within the south-central portions of the incorporated limits of the city of Ocoee. kG= < - :v .,." _ ..."... •--_19- ts2 wJ[wtvA. T g' '- .I LSC' .M� — - ;.,..o.....00e..o"°s[.,., r lA 1i:.. . ■ 7 10 sr.cTc sw.� -1Q[.r.so o..,[.c...r Ruse, 5...ae.en. G.P "' < I •, Aims a M< 0 - • WrL wdr•'iM. • �-' 4• L e., .... L_ 5 •O a Ic. ` o.N r_<-;P AungM • _ ',,tPP ... < g ,/[d I I- ,,, �I.II •.'wua Iy .w.4w,/"--1-�'I�0".- 1,.( n.e.e' I '/ -To..Sa..e ®9` CW+c..m V[' :U.6cr Cm.,..eTwnl� w G.m Hnme.l ;�:. I Para l I f I G W BU "BR.: _ 'crrcGEE IHW 7��,.Y m"'Pc. ',,, L ._ _ j pi ..JJ �W 6 , L' a WV_ ,1 ►•�N� I •- -- , 8. 2•mar no..� ` ` ,'c , < .j ; suj IATIA -IJ W,�� n' • IYL EAT 7 Cumrl 1 nn t '•''• --• ..or.. r O r Ct. - ' Rn....WIb•, ,F� 267 a ,.e., y" H, ,ul rr.r' EXIT it _ 1. .� � w•..wn.m•�+sr.!,x :.e. - E I u'.L..y r a,'��"_ '� s[ ,.. El it- Ll ; T • r. r R°. - T • I �[ ;S[MwOI[ < .'tLAB x 25 Farm YMCA' 30 - '� `28• // 0,r.. O SHERIA pin I:" 0 2 � , •... '-.'D wIN7Eq °N OM;ter *..EARL CARD it EA -z ,Pearl ` I- II:(4, I I :NEst1i 39 :` ,• lI� , r^ <.>T AAv '" CAK Vi. N 0. V r ."rnuro L, r- •_ •' ..•• ram•"` -i.e.� \F;htllr; a ( 1G S f• I.,M f Q h MM� Rr L_ ei r __j ram^ + ' -T,:u_ I,' �, i'�.� .+• a T..II Lakr ~ -;vv.?, - . cf? -Beulah• \�O�/ - F \\\ -"r,,„ , �' I rN ROSE �"1 VI 7 , L _ "`r++ .4' ROSE EXIT l �WINDE-'u < 26s TGA `'o.`�s:' L. --s POINTS�� Qc r • • �. h !� rlwc 36 1' P°;[P50. R° _ < ! T • •t ✓ k'ti, f jT w32 y�zrrnxa:atmr nw.. ,33 r ,%.._ r ra } 92 rr MOND �(y`Oj 0' M Q a y _ GOTHA +RD ;I•• • I //.ewyes Rp a Rr y[< Ry ¢ ^I MOOR[ ow a sT \\ ! TES 0 VE: / I a uKE S �� T 22 S'" ° /. .:1---.. ... r�trRIVERSIDE '�. �-rfsi T 23 S W �♦ l n. r, E -OE/ge PARK ' " M H7+it.re p i UKE °4uM ° "D 7:', DO). NS ES A'T �C. 7 ea� '-' -- `aj1 'WIL LOWS c7 cf• ,: - „' a ,.,. r �" ?5". f - P , � J1 EA '''� ` _-_ `slak-U,�g t' LLESIDE ��CC ROBERTS t .°' (-\-_ O' . io°wp,MtYC .. '' E IMES I .1 +e • 6 �. HOLLOW._ S_ _-- �� i • II1 r '� '.a�'KE �77 u' ..o[Me I ::,DOWN LAKE k COij^ _ErGI • LAKE f i •Fr .,c � e"ff�rATES LAM_ , lt; :v ' 1 2 LEGAL DESCRIPTION ' A parcel of land lying in the southeast quarter of the northeast quarter of Section 31, Township 22 South, Range 28 East, Orange County, Florida, more particularly described as follows: ' The north 167.6 feet of the east 350 feet of the north one-quarter of the southeast quarter of the northeast quarter of said Section 31, less the north 30 feet thereof and less the east 40 feet thereof for road right- of-way. Same being: Commence at the northeast corner of said Section 31; thence south 89°19'25" west, along the north line of the northeast quarter of said Section 31, 40.00 feet; thence south 00°21'36" east, 1,370.37 feet to the j t Point of Beginning; thence south 00°21'36" east along the west right-of-way line of Maguire Road, 137.66 feet; thence south 89°29'38" west, 310.00 feet; thence north 00°21'35" west, 137.48 feet; thence ' north 89°27'37" east, 310.00 feet to the Point of Beginning. Said lands lying in the city of Ocoee, Orange County, Florida containing .979 acres more or less. The above legal description was taken from the last recorded transfer of the subject site as set out in O.R. Book 4278, Page 1536 of the Public Records of Orange County, Florida. I I 1 3 - - - - - - - — - _ - - - - —d r ?Sth a St ter. iv �. Zr I,!,4 ff i�NfORQ 00 pw LAKE .� 4. J AIiPORT KELLEY ()PARK OR O /UU 50� ;:` MARC�\j A. f' Ba Rid • - Z y 9e Kelly Park SANFORD cr i 3 q i \\ Zellwood Q WEKIWA SPRINGS o4, / L_---- tpa OMidwayPark /O STATE PARK ?��U E 'r �,y\ x 0 4 2 r. LONGWOO'ritEE cF\ y l • Px take 441 ii a Sanlaodo , �'Oran'k„i? ''al., a ,OVIED° Springs o sear s RD' ry Haar+°°o Plymouth • ._ ,o,,,e o , 4 •spk 8- r" RD - = WINTER •° y� -- ALITAMONTE r - d y 49 is . ` 'SPRINGS; P a d r APOPKA, sEMoa N \-- __ cc i o estC� ' O ce A. a • m a y o Neai Bun /— 1��`T Ai CALB RY ' +� % m po0ka 99\. Rd a a Al-AL !' , Red G Bug Lake `Rd p 1 v, �c� INOLE co=_ . RONTON�� s a $ R s .o L. 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I • Hills ,sand 1IF' EDGE � 00 'nw o \ i c • 0 Americana Big q ° l Q r�� ¢ ¢ \..�.iIJNTHOUSE d • �taitN -� Z° �`. 30� II ' • 259 �GOak Ridq ., Rd Cf. ER ��_ �9 �` oo ~ �c+ z 2 ' •.,• ET ON Wit''44. < �1 SLLLE I UTo 7q ~ i i SAND lls LAKE RD • EXPRF 0 1�. o r.- .sM'sY m - � � . P'',.. , l Park L �. ,�►E �i COrTH(RN m 52a 1 .. Ti OCOK A4 o� idlo COI I�0 1` to WO28 - c 535 ye • �SfA WORLD 0 < • 1111 WALTDi, fY as O o WORED 0i [EARNS 0 a. 9 I WAI T DISNEY i 4 , 441 RESORT i ' COMM. • �. ,'•' ' ORLANDO = t� Rand McNally o M o a fPCOT �' ?fa Y CENTER 'I 1 ,��! 1-800-777-MAPS 3 r Cooy gnt a Aantl MGYauy&Co O 7 11 — - — ORANGE�nnogsonea.�.u S A- - 1 _ _ ._.�._ _ — _ _ AREA DESCRIPTION Location .. The subject property is located in the center of the state of Florida in an area known as Central Florida. Central Florida consists primarily of Orange, Seminole and Osceola Counties. The major cities located in Central Florida include Orlando, Kissimmee, Altamonte Springs, Winter Park, Sanford, Longwood - and Maitland. Population During the past several years, the tri-county area (Orange, Seminole and Osceola Counties) has experienced a relatively consistent upward growth trend. As of the first quarter of 1995, the tri-county area had a total population of 1,219,800 residents. This population estimate reflects an average annual growth rate of over 4% during the past ten-year period. Of the three counties located in the tri-county area, Orange County is the most populous. According to first quarter 1995 figures, Orange County has a population of 756,400, Seminole County has a population of 326,200 and Osceola County has a population of 137,200 residents. - The historical population growth trends of Central Florida are expected to continue. The University of Florida Bureau of Economic and Business Research has projected average annual population growth figures of 17,220 for Orange County, 9,340 for Seminole County and 5,940 for Osceola County between 1995 and the year 2000. - Please refer to the following page of this report for a summary of the population growth trends and projections within the tri-county area. • AREA DESCRIPTION: (CONT'D.) r POPULATION dm- QUARTER ORANGE OSCEOLA SEMINOLE OSO 1/50 114,950 11,406 26,883 153,239 I/60 263,540 19,029 54,947 337,516 I/70 334,311 25,267 83,692 453,270 ,,. 1/71 362,500 27,930 95,490 485,920 1/72 380,700 30,600 107,300 518,600 1/73 403,900 35,000 123,100 562,000 I/74 423,500 37,400 134,100 595,000 I/75 421,800 37,100 135,600 594,500 1/76 434,400 38,300 141,700 614,400 1/77 439,000 39,500 150,200 628,700 1/78 448,800 40,900 158,900 648,600 I/79 460,600 46,500 168,000 675,100 1/80 471,016 49,287 179,752 700,055 1/81 481,731 55,332 186,840 723,903 I/82 494,756 59,185 195,133 749,074 I/83 507,572 63,896 201,906 773,374 1/84 530,424 69,955 214,870 815,249 1/85 554,659 77,374 229,937 861,970 1/86 577,856 82,554 241,293 901,703 I/87 603,339 87,556 254,837 945,732 1/88 623,425 94,041 267,108 984,574 1/89 653,982 97,603 281,049 1,032,634 I/90 677,491 107,728 287,529 1,072,748 I/91 701,292 114,411 298,057 1,113,760 ,r 1/92 712,637 119,760 305,872 1,138,269 I/93 727,780 125,675 310,890 1,164,345 I/94 740,167 131,111 316,555 1,187,833 1/95 756,400 137,200 326,200 1,219,800 1/2000 842,500 166,900 372,900 1,382,300 -. Sources: U.S. Department of Commerce, Bureau of the Census Estimates: University of Florida Bureau of Economics & Business Res. Projections: University of Florida Bureau of Economics & Business Res. Population Studies #111. 5 AREA DESCRIPTION: (CONT'D.) The population of the Orlando Metropolitan Area is relatively young. While the state of Florida has historically attracted a large number of retirees, most have settled along the coastal areas of the state. .. In recent years, however, the number of retired individuals desiring to live in the Orlando area has increased. A summary of the age distribution for the Orlando Metropolitan Area has been set out as follows: AGE % OF POPULATION 0 - 14 Years 21.25 15 - 24 Years 14.12 25 - 44 Years 33.65 45 - 64 Years 19.46 65 & Over 11.52 In summary,the Orlando Metropolitan Area has experienced extensive population growth in recent years- -a trend which is expected to continue into the foreseeable future. This is a favorable characteristic of the area which has spawned the continued development of numerous residential housing projects and related commercial support facilities. Employment The Orlando Metropolitan Area is primarily tourist oriented with a large portion of the employment base working in the service and trade fields. The single largest employment sector is the services industry which comprises nearly 41% of the non-agricultural work force as of June 1995. A breakdown of non- agricultural employment within the Orlando Metropolitan Area, as prepared by the U.S. Department of .. Labor and Employment Security, is set out on the following page. • r AREA DESCRIPTION: (CONT'D.) ORLANDO SMSA NON-AGRICULTURAL EMPLOYMENT I June 1995 Orlando SMSA +� Total 100.00% Construction 5.41% Manufacturing 7,24% Transportation and Public Utilities 5.36% Wholesale Trade 5.21% Retail Trade 18.94% Finance, Insurance and Real Estate 5.98% Services 40.77% a Government 11.09% Due to the area's heavy dependence upon the somewhat volatile tourist industry, the Central Florida community has, in recent years, been actively pursuing major manufacturing industries. Since 1980, several major corporations have constructed manufacturing facilities within the Orlando Metropolitan Area including Martin Marietta, Westinghouse and AT&T. The addition of large industrially oriented facilities is a positive step toward diversification of the area's economic base. The Orlando Metropolitan Area has also been the recipient of numerous corporate relocations and expansions. During the 1989 year, Orlando ranked fourth in the nation among metropolitan areas in landing new corporate facilities and expansions of existing businesses. The 71 new businesses added ato the Orlando Metropolitan Area during 1989 included the world headquarters of the American Automobile Association, located in Heathrow; the North American distribution center of Alfa Romeo, located in Orlando Central Park; the regional sales center of Mitsubishi Motors, located in MetroWest; the regional sales and service center of Ford Motor Company, located in Maitland Center; distribution service centers for the Appliance Division of General Electric, located near the Orlando International Airport; and the national retailers Service Merchandise and Circuit City. The major employers found within the Orlando Metropolitan Area have been summarized on the a following page. 7 AREA DESCRIPTION: (CONT'D.) ORLANDO AREA MAJOR EMPLOYERS # OF FIRM EMPLOYEES Walt Disney World Co. 35,000 Orange County Public Schools 20,000 State of Florida 14,000 Naval Training Center Orlando 13,048 Florida Hospital 7,700 Publix Supermarkets, Inc. 6,918 AT&T 5,500 Martin Marietta Electronics & Missiles, Martin Marietta 5,500 Information Group Seminole County Public Schools 5,500 Winn Dixie Stores, Inc. 5,250 Orange County 5,211 Orlando Regional Healthcare System 4,992 Columbia Park Healthcare System 4,983 — Universal Studios Florida 4,500 United States Postal Service 4,191 General Mills Restaurants, Inc. 4,048 City of Orlando 3,185 Davgar Restaurants, Inc. 3,100 Central Florida Investments, Inc. 3,000 The School Board of Osceola County 2,887 University of Central Florida 2,684 Albertson's Inc. 2,210 Gooding's Supermarkets, Inc. 2,200 Seminole County 2,009 Sea World of Florida 2,000 (Source: 1995 Book of Lists, A Supplement to Orlando Business Journal) 8 AREA DESCRIPTION: (CONT'D.) Over die past several years the Orlando Metropolitan Area has experienced a strong rate of growth in its employment base, with the civilian labor force increasing from 354,675 in 1980 to 644,127 in 1990, or an average annual rate of over 8% over the past decade. This employment growth continued through the third quarter of 1990, then declined over the next 18 months in response to the national and regional economic downturn. In the second quarter of 1992 the civilian labor force again began to grow, resuming the previous upward trend. The current labor force of the Orlando Metropolitan Area, as of the second quarter of 1995, is reported at 728,200. The following chart provides a historical summary of the civilian labor force of greater Orlando: TOTAL EMPLOYMENT' QUARTER ORLANDO2 I/80 354,675 1/81 363,801 1/82 377,091 1/83 393,629 1/84 455,839 _ 1/85 490,841 1/86 519,809 1/87 564,470 I/88 595,780 I/89 625,947 1/90 644,127 1/91 633,243 I/92 634,146 I/93 660,075 1/94 682,162 1/95 728,200 1I/95 728,200 I Unadjusted civilian total employment by place of residence. 2 Orlando includes Orange, Seminole, Lake and Osceola Counties. Source: Florida Department of Labor & Employment Security, Labor Market Trends and Labor Force Summary. 9 AREA DESCRIPTION: (CONT'D.) Historically,the state of Florida has maintained relatively strong employment levels with unemployment rates typically at or below the national average. Since 1990, however, Florida's unemployment rate has often exceeded national figures. The disproportionate increase in Florida's unemployment can be attributed to various factors, all related to the recent national economic downturn. The recent national recession negatively impacted employment levels throughout the United States. Statistics show the national unemployment rate climbing from a low of 5.0% in early 1989 to a high of 7.7% in 1992. The recession hit Florida particularly hard with the state unemployment rate escalating from 4.8% in March 1989 to 8.1% in March 1992. The disproportionate increase in Florida's unemployment relates to the state's heavy dependence on the defense and aerospace industries, tourism Ss and contract construction, all of which rely on a strong national economy. Budget cuts in national defense spending, declines in tourism and a downturn in new construction activity resulted in business consolidations and employee layoffs, thereby fueling the rise in Florida's unemployment rate. Central Florida, which has historically out-performed both the state and nation, also suffered increased unemployment due to the recent recession. The unemployment rate for the greater Orlando area, comprised of Orange, Seminole, Lake and Osceola Counties, increased from 4.4% in the first quarter of 1989 to 7.6% in the first quarter of 1992. However,since the first quarter of 1994, unemployment rates have dropped steadily throughout the state, the nation and the Central Florida region. The first quarter 1995 figure of 3.8% reported for Central Florida reflects the lowest unemployment rate in recent history. The second quarter of 1995 is slightly higher at 4.9%. Unemployment figures for the United States, Florida and greater Orlando are summarized on the following page. 10 AREA DESCRIPTION: (CONT'D.) UNEMPLOYMENT RATE QUARTER U.S.'' FLORIDA' ORLANDO' Ip8 6.6 6.3 5.8 1/79 6.1 5.8 5.5 1/80 6.6 4.9 4.8 1/81 7.7 6.4 5.9 1/82 9.5 8.6 7.4 1/83 92 9.1 7.6 1/84 8.4 6.3 4.9 1/85 7.4 6.2 5.1 r 1/86 7.5 5.8 4.8 1/87 6.7 5.4 4.8 1/88 5.6 4.9 4.4 1/89 5.0 4.8 4.4 1/90 5.3 5.5 4.8 imo 1/91 6.8 7.5 6.7 1/92 7.7 8.1 7.6 1/93 7.3 6.7 6.2 1/94 6.8 7.0 6.3 1/95 5.7 4.2 3.8 11/95 5.8 5.8 4.9 Unadjusted civilian total unemployment rate by place of residence ' Orlando includes Orange, Seminole and Osceola Counties (and Lake County as of 1/90) Note: These data are primarily used for federal money allocations. It is strongly recommended that they not be used for economic analysis over short periods of time. Sources: US Dept of Labor,news, Employment Situation, Table A-I; and Employment & Earnings Table A-33; FL Dept of Labor and Emp Sec, Labor Market and Labor Force Summary The past growth trends of the tri-county civilian labor force are expected to continue through numerous proposed employment expansions. According to data compiled by the East Central Florida Regional Planning Council, an estimated 95,125 new jobs will be created by major non-construction employment expansions proposed for the Orlando Metropolitan Area between 1992-1996. The chart on the following page summarizes the major non-construction employment expansions proposed for Orange,Seminole and Osceola Counties during this five-year period. 11 AREA DESCRIPTION: (CONT'D.) MAJOR NON-CONSTRUCTION EMPLOYMENT EXPANSIONS, 1992-1996 ESTIMATED EMPLOYMENT PROJECT NEW JOBS PERIOD • Walt Disney World (OR) 5,700* 1992-1996 Heathrow (SE) 4,675* 1995-1996 _ Avalon Park (OR) 3,381 1994-1996 Grand Terminal Development (OR) 3,200 1995-1996 Greene Property (OR) 3,200* 1994-1996 Metrowest (OR) 3,000 1993-1996 Plaza International (OR) 2,850* 1992-1996 Fallchase (OS) 2,650 1994-1996 Celebration (OS) 2,600* 1995-1996 i. Florida Hospital - Orlando (OR) 2,500* 1992-1996 Seminole Towne Center (SE) 2,500 1995 125 South Orange Avenue (OR) 2,247 1995-1996 The Summit (OR) 2,100* 1992-1996 Primera (SE) 2,000* 1995-1996 Orlando Corporate Center (OR) 1,935 1994-1996 mis Cheshire Lakeside Towers (SE) 1,800 1995-1996 ILH Interchange Center (OR) 1,750* 1994-1996 J. Waterford Lakes (OR) 1,750* 1996 Chartered Corporate Center (OR) 1,700 1993-1996 Gateway Commons (OS) 1,520 1994-1996 Lake Hart (OR) 1,500 1995-1996 Olympia Place (OR) 1,500 1996 Xenorida (OS) 1,400 1995-1996 . Schrimsher Southwest (OR) 1,391 1995-1996 Walt Disney World (OS) 1,300 1994-1996 Southmark Centre (OR) 1,200 1995-1996 Tradeport (OR) 1,150 1992-1996 Southchase (OR) 1,140 1993-1996 12 AREA DESCRIPTION: (CONT'D.) EMPLOYMENT EXPANSIONS (CONT'D.) ESTIMATED EMPLOYMENT PROJECT NEW JOBS PERIOD „ The Quadrangle (OR) 1,025 1994-1996 Fountainhead (OS) 1,014 1994-1996 Gateway Center (OR) 1,000 1994-1996 Concourse at Maitland (OR) 944 1995-1996 Orlando Executive Center (OR) 920 1994-1996 Seralago (OS) 895 1992-1996 Lake Nona (OR) 860 1993-1996 �- Lakepointe (OR) 850 1995-1996 Central Florida Research Park (OR) 825 1992-1996 Little Lake Bryan (OR) 800 1995-1996 Osceola Corporate Center (OS) 800 1995-1996 Chase Groves (SE) 760 1993-1996 Timacuan (SE) 754 1995 Eola Park Centre (OR) 750 1992-1996 DLI Properties (SE) 730* 1994-1996 Nadeen Tanmore II (OR) 726 1994-1996 Hi-Oaks West (SE) 720* 1994-1996 Lee Vista (OR) 700* 1992-1996 Carillion (SE) 650* 1993-1996 Orange Lake Country Club East (OR) 650* 1992-1996 Sanford Central Park (SE) 600* 1992-1996 Vista Centre (OR) 510 1994-1996 Orlando Central Park South (OR) 500* 1992-1994 OUC - Pershing Facility (OR) 500 1992-1993 Wharton Park (OS) 500 1995-1996 Westwood Center (OR) 480* 1994-1996 Plantation Grove East (OR) 460* 1993-1996 Airport Industrial Park at Orlando (OR) 450 1992-1996 Osceola Trace (OS) 450* 1994-1996 1 13 AREA DESCRIPTION: (CONT'D.) EMPLOYMENT EXPANSIONS (CONT'D.) 1 ESTIMATED EMPLOYMENT PROJECT NEW JOBS PERIOD Sand Lake IV (OR) 440* 1995 Bramingham (OS) 375* 1993-1994 ECC Management Services (OR) 375 1992-1994 • Hyatt Hotel (OR) 365* 1992 K-Mart Shopping Center (SE) 360* 1993 Fortune Park (OS) 350* 1994-1996 Maglev Transit (OR) 330* 1995-1996 vii The Market at Southside (OR) 330* 1992-1993 Melia Orlando (OS) 328 1995-1996 ,. Heritage Square (OS) 320* 1992-1996 North Star (SE) 320* 1992-1996 Wedgefield Golf and Country Club (OR) 320* 1994 lin Airport Commerce Center (OR) 300* 1992-1993 Altamonte Mall (Expansion) (SE) 300 1995-1996 v. Corporate Pointe (SE) 300 1993-1995 Eastmar Commons (OR) 300* 1994-1996 v. Formosa Gardens (OS) 300 1993-1996 Highland Lakes Center (OR) 300* 1992-1993 N. International Corporate Park (OR) 300 _ 1994-1996 Kingsbridge (SE) 300 1994-1996 — Lake Bryan (OR) 300* 1995-1996 Mercado North (OR) 300 1992 Target (OS) 300* 1992 Town Center at Hunter's Creek (OR) 300* 1992-1995 Devon Park (OS) 280* 1994-1996 Center of Commerce at Orlando (OR) 270* 1993-1996 Osceola Industrial Park (OS) 270* 1993-1996 Tuskawilla Towne Center (SE) 270* 1995 University Palms (SE) 260* 1993-1994 Kyngs Heath (OS) 250* 1994-1995 14 AREA DESCRIPTION: (CONTD.) EMPLOYMENT EXPANSIONS (CONT'D.) ESTIMATED EMPLOYMENT PROJECT NEW JOBS PERIOD Lake Lotta Center (OR) 250* 1995 Recoton (SE) 250 1992-1993 _ Semoran Commercenter (OR) 250 1993-1996 Sierra Land (OR) 250 1996 University Place (OR) 250 1992-1996 TOTAL PROJECTED EMPLOYMENT 95,125 1 *ECFRPC estimate of employment occurring during the assessment period. Source: ECFRPC In summary, the Orlando Metropolitan Area has an economic base which is heavily dependent upon tourist related industries. However, the significant dependence upon the tourist industry is gradually lessening in response to the community's success in attracting new light manufacturing industries. The .. civilian labor force of the tri-county area continues to expand and the Orlando Metropolitan Area currently enjoys an unemployment rate which is below the state-wide average. Residential Construction During the past several years, the Orlando Metropolitan Area has experienced a significant amount of new residential development. Residential development trends within the Orlando Metropolitan Area have basically mirrored the past trends for the area's economy as evidenced by employment figures previously discussed. Between 1979 and 1982 the number of new dwelling units constructed in the greater Orlando area remained relatively stable, averaging 12,652 per year. In 1983, however, the area experienced a dramatic increase of nearly 84% in new residential development activity, starting an upward trend which peaked in 1985 when 27,228 residential building permits were issued. From 1986 through 1990, residential development activity continued at a strong but slightly slower pace, averaging 21,167 new dwelling units per year. This development pace was significantly curtailed in 1991 and 1992, however, as a result of the recent national recession. Only 13,896 new residential building permits were issued during 1991, and only 12, 997 permits were issued during 1992. During 1993, the development pace began to strengthen with 14,314 residential building permits issued for the year. This increased development pace appears to have continued into 1994, with 14,390 permits having been issued for the year. 15 AREA DESCRIPTION: (CONT'D.) The majority of new residential development within the Orlando Metropolitan Area has been comprised of single family and multifamily dwelling units. Single family development has historically been the more stable of the two types. Between 1984 and 1989, new single family development in the area followed a relatively stable upward trend (with the exception of 1986), reaching an historical high of 13,107 in 1989. However, in 1990 new single family construction activity began to decline, with 11,049 building permits issued during 1990, 8,955 permits issued during 1991 and only 9,759 permits issued during 1992. The 1993 year reflects more positive development figures with 10,114 new single family building permits having been issued. This trend has continued into 1994 with 10,240 permits issued for the year. New multifamily development within the tri-county area has historically been less stable than single family development. The area experienced an upward trend in multifamily development between 1978 and 1985,following the recessionary period of the mid-I970's, then a downward trend in 1986 and 1987, with annual declines of 28% and 37% respectively. This downturn in multifamily development activity can be attributed in a large degree to changes in federal tax laws which were enacted in late 1985 and negatively impacted many income producing properties. Vacancy rates for multifamily apartment projects also peaked during mid-to late 1987, contributing to the slowdown in multifamily development. After 1987 occupancy rates for apartment projects within the area improved significantly, resulting in sia increased development activity during the years 1988, 1989 and 1990. However, beginning in late 1990 the recessionary state of the national and local economies, together with a general lack of available mortgage financing,resulted in a dramatic decrease in new multifamily development as reflected by 1991 and 1992 figures. New multifamily development appears to have rebounded somewhat during the 1993 and 1994 years. However, these figures continue to reflect relatively slow multifamily development activity. • Please refer to the following pages of this report for an overview of the residential construction activity within the Orlando Metropolitan Area during the past years. 16 AREA DESCRIPTION: (CONT'D.) BUILDING PERMITS - NUMBER OF NEW DWELLING UNITS AUTHORIZED BY BUILDING PERMITS - DATE OF ISSUE ORANGE OSCEOLA SEMINOLE OSO 1977 3,552 835 2,781 7,168 1978 5,774 1,035 4,172 10,981 1979 6,763 1,785 5,070 13,618 1980 7,648 2,131 3,827 13,606 1981 6,026 1,729 3,422 11,177 • 1982 7,468 1,736 3,003 12,207 1983 12,824 3,017 6,601 22,422 1984 12,618 2,398 9,258 24,274 1985 17,669 2,206 7,353 27,228 1986 12,144 3,352 6,127 21,623 1987 10,219 3,472 6,234 19,925 1988 11,281 5,754 5,187 22,222 1989 12,473 4,412 4,845 21,730 be 1990 10,771 4,297 5,265 20,333 1991 9,130 2,410 2,356 13,896 ` 1992 7,346 3,262 2,389 12,997 1993 8,556 3,071 2,687 14,314 1994 9,381 2,127 2,882 14,390 1/95 2,172 404 490 3,066 1I/95 3,124 492 524 4,140 - Source: City and County Building Departments so 17 AREA DESCRIPTION: (CONTD.) VW NUMBER OF NEW SINGLE FAMILY - DWELLING UNITS AUTHORIZED BY BUILDING PERMITS DATE OF ISSUE ORANGE OSCEOLA SEMINOLE OSO ,. 1977 2,408 470 2,408 5,286 1978 3,871 593 3,421 7,885 1979 3,829 1,061 3,641 8,531 1980 4,256 1,121 2,491 7,868 1981 3,380 873 1,756 6,009 1982 2,896 849 1,866 5,611 .., 1983 4,787 1,206 3,977 9,970 1984 5,068 1,227 3,461 9,756 1985 6,478 976 3,134 10,588 1986 4,728 1,440 3,145 9,313 1987 5,782 1,935 3,823 11,540 1988 6,518 2,339 3,514 12,371 • 1989 6,883 2,418 3,806 13,107 1990 5,901 2,477 2,671 11,049 1991 5,310 1,618 2,027 8,955 1992 5,801 1,902 2,056 9,759 1993 5,827 1,869 2,418 10,114 1994 6,117 1,760 2,363 10,240 1/95 1,250 380 490 2,120 11/95 1,448 423 508 2,379 a Source: City and County Building Departments 18 - AREA DESCRIPTION: (CONT'D.) NUMBER OF NEW MULTIFAMILY DWELLING UNITS AUTHORIZED BY BUILDING PERMITS DATE OF ISSUE ORANGE OSCEOLA SEMINOLE OSO 1977 223 6 148 377 1978 880 13 377 1,270 1979 1,497 68 885 2,450 1980 2,289 334 1,015 3,638 1981 1,769 403 1,377 3,549 1982 3,770 409 912 5,091 `o 1983 7,280 1,189 2,420 10,889 1984 6,648 520 5,574 12,742 - 1985 10,571 530 4,060 15,161 1986 6,829 1,240 2,820 10,889 1987 3,845 765 2,283 6,893 1988 4,465 2,722 1,556 8,743 1989 5,398 1,522 952 7,872 1990 4,691 1,376 2,495 8,562 1991 3,683 456 301 4,440 1992 1,074 996 328 2,398 1993 2,362 870 265 3,497 1994 2,831 12 509 3,352 1/95 816 24 0 840 I1/95 1,604 69 12 1,685 1 Source: City and County Building Departments 19 AREA DESCRIPTION: (CONT'D.) As evidenced by the preceding figures,a significant amount of new residential development has occurred within the Orlando Metropolitan Area over the past several years. Although the previous pace of new .. residential development has decreased notably since 1991, this downturn is the direct result of recessionary economic conditions and a general lack of available construction financing and will likely be short-lived. The market in general does not appear to be overbuilt in either the single family or multifamily residential sectors and, as economic conditions improve,new construction will likely resume at a significant pace. Major New Developments - With the announcement of Walt Disney World in 1965, Central Florida began the dramatic and far reaching transformation from a small, nondescript citrus region to a major, diversified metropolitan area. This transformation was fueled by the completion of Disney's Magic Kingdom in 1971 and Central Florida's subsequent identity as a destination tourist area. The immediate success of Walt Disney World spawned extensive ancillary development activity comprised of motels, restaurants, gift shops, other tourist related businesses and residential housing for employees of the service industries. The rapid development activity continued for approximately two years until the latter part of 1973 when the real estate market had become overbuilt. From late 1973 through 1975 the Central Florida economy experienced a continuous decline resulting in a broad-based recession. The real estate market was saturated with hotel/motel rooms and multifamily residential housing units. New development activity came to a virtual standstill. .. After this short recessionary period, which continued into 1977, the Central Florida real estate market began to strengthen as existing apartment and condominium units were absorbed and hotel/motel occupancies increased. Since the first quarter of 1978 the Central Florida region has been experiencing - large scale development activity in virtually all market sectors. Of the new projects constructed within the Orlando Metropolitan Arca since 1978, EPCOT was by far the most significant and has had the greatest impact on the Central Florida economy. EPCOT represented the first and largest addition to the Walt Disney World complex and provided an enormous - boost to the area's tourist industry. EPCOT opened in October 1982 and contributed to extensive new hotel and motel construction, increasing the number of rooms within the tri-county area from 33,860 in late 1982 to 79,174 as of July 1992. The Walt Disney World complex has continued to expand with new large scale hotel/convention facilities and retail centers within Lake Buena Vista and additional pavilions within EPCOT. The cost of ongoing Disney expansions has been estimated as high as $1.5 billion. The largest new additions to the Disney World complex include: a 50-acre water theme park, known as Typhoon Lagoon, which opened June 1, 1989; a six-acre nighttime entertainment complex, known as Pleasure Island, 20 AREA DESCRIPTION: (CONTD.) which opened June 1, 1989; and a 135-acre movie theme park, known as Disney-MGM Studios, which officially opened May I, 1989. The Disney-MGM Studios facility is comprised of movie studios, sound stages and guided tours designed to further enhance the Disney tourist draw, as well as provide facilities for expanding Disney-MGM movie and television productions. ` Providing direct competition to the Disney-MGM Studios is a similar facility which was recently constructed within west Orlando. This second facility is known as Universal Studios Florida. This $600 million,444-acre development also features working production studios,sound stages and a movie theme park featuring studio tours and a motion picture museum. Various studios were completed in late 1988, and the theme park officially opened on June 7, 1990. In the Fall of 1993, Universal Studios Florida ▪ announced a $3 billion expansion that would turn its single theme park into a full-scale resort. The ten- year project calls for a second theme park, a nighttime entertainment center, four hotels, 300 timeshare villas, an 18-hole golf course and a tennis complex. Construction of this project, known as Universal City Florida, began in 1995. In January 1990 Walt Disney World Company announced development plans for a portion of its land holdings located in Orange County. Those plans, covering the next ten-year period, include a fourth theme park, 29 new attractions at the three existing parks and seven new hotels with a combined total ` of 5,030 rooms. Completion of the seven proposed hotels will increase Disney's room count to 21,000 by the year 2000. In April 1991 Walt Disney World Company announced further development plans for its land holdings in Osceola County. The plans proposed by Walt Disney World Company represent the largest and most diverse development activity to be undertaken by the entertainment company since its move to Central Florida in 1965. ` According to the April 29, 1991 announcement, Walt Disney World Company will develop a mixed use community on 4,000 acres of its land holdings located south of U.S. Highway 192. This development is to be known as Celebration and will take place over a 25-year period. As currently proposed, Celebration will include a two million square foot regional shopping mall, three million square feet of office space in two business centers, a research and development institute for high-tech international companies, a prototype education and cultural center to be known as The Disney Institute, three championship golf courses, four residential villages to contain 8,000 "moderately upscale" homes, a 150- _ bed hospital and medical center, an environmental center, various schools and parks,and a transportation hub to include a stop of the high-speed rail system proposed for the Orlando area. Upon final build-out, Celebration will reportedly be a community of 20,000 residents and will provide employment opportunities for 15,000 people. In addition to the Disney and Universal projects, various other major developments have also been - announced or recently constructed in the tri-county area. These include the 1.25 million square foot 21 AREA DESCRIPTION: (CONT'D.) Seminole Towne Center mall which was recently developed on 217 acres in Seminole County; a one million square foot regional mall to be developed on 130 acres in the city of Ocoee in west Orange • County; and a 1.2 million square foot upscale regional mall in southwest Orange County at the proposed Conroy Road/Interstate 4 interchange. • Numerous other large scale developments are planned or are under construction within Central Florida. These large scale projects include expansions in each of the commercial, industrial, institutional, public facilities and residential sectors. A summary of the major developments scheduled to be under construction in the Orlando Metropolitan Area between 1991 and 1995, as prepared by the East Central Florida Regional Planning Council, has been summarized in the following pages. a a a 22 AREA DESCRIPTION: (CONT'D.) REGIONAL DEVELOPMENT SUMMARY (1992 - 1996) ` • Commercial/Industrial Dollar Value Construction Projects (Millions) Period Status Walt Disney World (OR) $ 2,400* 1992-1996 6 Maglev Transit (OR) 550* 1995-1996 2 Grand Terminal Development (OR) 497 1995-1996 1 Fallchase (OS) 460 1995-1996 2 Greene Property (OR) 212* 1994-1996 1 Walt Disney World (OS) 200* 1994-1996 6 ' Seralago (OS) 173 1994-1996 3 ILH Interchange Center (OR) 150* 1993-1996 4 " Seminole Towne Center (SE) 145 1993-1995 6 Melia Orlando (OS) 142 1995-1996 1 Plaza International (OR) 130 1992-1996 6 Heathrow (SE) 117* 1994-1996 4 to. Formosa Gardens (OS) 108 1992-1996 5 Celebration (OS) 100* 1994-1996 6 ,.. Lake Lotta Mall (OR) 100* 1995-1996 1 Metrowest (OR) 100 1993-1996 6 125 South Orange Avenue (OR) 86 1994-1996 1 Avalon Park (OR) 79 1994-1996 1 Olympia Place (OR) 72* 1994-1996 4 Orange Lake Country Club Fast (OR) 60* 1992-1996 6 Waterford Lakes (OR) 56* 1992-1996 1 .. Xenorida (OS) 56* 1994-1996 1 Lake Hart (OR) 55* 1994-1996 1 Little Lake Bryan (OR) 55* 1994-1996 1 The Summit (OR) 55* 1992-1996 6 Vista Centre (OR) 54 1993-1995 4 Sandy Lake Towers (OR) 50 1993-1996 3 Wharton Park (OS) 50 1994-1996 1 7 23 r AREA DESCRIPTION: (CONT'D.) REGIONAL DEVELOPMENT SUMMARY (Contd.) ` (1992 - 1996) Commercial/Industrial Dollar Value Construction Projects (Millions) Period Status E. Fortune Park (OS) $ 40* 1993-1995 1 Primera (SE) 40* 1994-1996 5 us Southmark Centre (OR) 40 1994-1996 1 Gateway Center (OR) 35 1994-1996 4 Lake Bryan (OR) 34* 1994-1996 1 Nadeen Tanmore II (OR) 3l 1994-1996 1 ` Airport Industrial Park at Orlando (OR) 30 1994-1996 6 Eastmar Commons (OR) 30 1995-1996 3 ` Gateway Commons (OS) 30 1994-1996 1 Guest Quarters at the Parkway (OS) 30 1993-1994 1 '- Lake Nona (OR) 30* 1994-1996 1 Chartered Corporate Center (OR) 28 1993-1996 2 Cheshire Lakeside Towers (SE) 25 1994-1996 1 Lee Vista (OR) 25 1992-1996 6 -. Schrimsher Southwest (OR) 25 1994-1996 1 Sierra Land (OR) 25 1996 1 Concourse at Maitland (OR) 24* 1994-1996 1 Lake Vista Village (OR) 24* 1993-1995 1 Tradeport (OR) 23 1992-1996 6 Eola Park Centre (OR) 22* 1994-1996 4 Altamonte Mall (Expansion) (SE) 20 1995-1996 2 as Sea World (OR) 20* 1992-1996 6 _ Orlando Corporate Centre (OR) 19* 1994-1996 1 Orlando Executive Center (OR) 18* 1993-1996 4 Southchase (OR) 18* 1993-1996 2 Chase Groves (SE) 17* 1993-1996 1 DLI Properties (SE) 17* 1994-1996 6 - Fountainhead (OS) 17* 1993-1996 1 ` 24 AREA DESCRIPTION: (CONT'D.) REGIONAL DEVELOPMENT SUMMARY (Cont'd.) _ (1992 - 1996) Commercial/Industrial Dollar Value Construction Projects (Millions) Period Status Kyngs Heath (OS) $ 17* 1993-1994 1 Lakepointe (OR) 17* 1994-1996 I Osceola Corporate Center (OS) 16 1994-1996 2 Timacuan (SE) 16* 1994-1995 2 Carillon (SE) 15 1993-1996 1 Crownpointe Commerce Park (OR) 15* 1995-1996 6 Hyatt Hotel (OR) 15 1992 7 COMMERCIAL/INDUSTRIAL SUBTOTAL $ 7,160 Dollar Value Construction. Institutional Projects (Millions) Period Status Stanton Energy Center (OR) $ 522 1993-1996 6 Cane Island Power Plant (OS) I45* 1992-1995 6 Florida Power Corporation Peaker Units (OS) 101 1992-1993 6 Florida Hospital - Orlando (OR) 90* 1992-1996 5 Orlando Regional Medical Center (OR) 68 1992-1996 6 University of Central Florida (OR) 68 1992-1996 6 Orange County Corrections Facility (OR) 64 1993-1996 4 U.S. Naval Training Center (OR) 34 1992-1995 6 Health Central (OR) 32 1992-1996 6 Orlando Temple (Mormon) (OR) 17 1992-1994 7 INSTITUTIONAL SUBTOTAL $ 1,141 25 AREA DESCRIPTION: (CONT'D.) REGIONAL DEVELOPMENT SUMMARY (Cont'd.) (1992 - 1996) Public Facility Dollar Value Construction Projects (Millions) Period Status y, Orlando International Airport (OR) $ 550 1992-1996 6 Orange County Convention Center (OR) 170 1992-1996 6 ` Southern Connector (OR) 135 1992-1993 7 Eastern Beltway (SE) 133 1992-1994 6 Orange County Courthouse (OR) 93 1994-1996 1 r Southern Connector Extension (OR) (OS) 55* 1994-1995 1 Osceola Parkway (OS) 50* 1993-1995 1 Western Beltway (OR) 50* 1996 1 IwoCounty Road 535 (OR) 49 1994-1996 1 John Young Parkway (OR) 48 1992-1996 6 Reedy Creek WWTP (OR) 46* 1992-1993 6 Lee Vista Boulevard (OR) 27* 1995-1996 I .. I-4/Conroy Road (OR) 25 1994-1996 % I State Road 436 (SE) 17* 1992-1993 7 PUBLIC FACILITIES SUBTOTAL $ 1,448 RESIDENTIAL DEVELOPMENT $ 5,707 SUBTOTAL (OSO) GRAND TOTAL $ 15,456 Key to status: 1 = Planned 4 = Structural building permits 2 = Building approvals pending 5 = Under construction 3 = Site preparation under way 6 = Complete *ECERPC estimate of costs occurring during assessment period. (OR) = Orange County .. (SE) = Seminole County (OS) = Osceola County 26 AREA DESCRIPTION: (CONT'D.) Community Services The Orlando Metropolitan Area is provided with virtually all wanted conveniences. The Orlando Metropolitan Area is serviced by several major hospitals,two four-year colleges,a public school system, numerous parks,churches representing most denominations, shopping facilities and various other related conveniences. Due to the past and present population growth within the area, the existing facilities are being upgraded and additional new support service facilities are being constructed throughout the market i., area. This is a particularly favorable element of the Orlando Metropolitan Area in that the presence of adequate support facilities is quite favorable for accompanying residential housing growth. 27 Neighborhood Map 1 _ 73 1lnnrc � "m /p �•'^'� I yaLVun lr m. �� s. a�I -1r m I iiv.. • d _4�� � Ski r_ 91 • 1 f V • ER OW 15,,� L � SIWpR 6 -� i!/ 2 6 Tr-go a {' Y �1-1'. �EN m�PP{{{T7 y Pd LJ 1 '4 � I :4 siLaen.sdna. � p'n�xLn sL Y sstnax�ey�y, yy 1A 78 $ILV y t F 7 L• 438 ! .% Dl fly "'S5 n V_ 6 •{fig Bp.'i �� s� {• � )1 0 ;i � �` 6 • 3 ' 0 1 pun a v I T .�4'., 4 _ d o L ( 1, -1 L - op( ( T.„b k...4 9H a 4 _7 T ,o �r.E. i e 1j��''; - , 1 -c ou.... , . 3 'j �, 1 1� . u 0 l ��GF �N�W �� t�o. _ .t_W N L jilt hnWY_ J 1 I _1 Rl .�. .�' • • y[� ,_. (,I I iL ` iffY4W : iiiii 11'. 'If,FJ,C ... G� IA`4 "Y` F� ii i�' ���' fKE L{ ii _ mY li �' r S' < WiF �N�Fa Subject 1 ��","Cr �.,� ' 1 ( L. k 1,i _ • ; _J LI l_ � _. . Gath:b . Gard, 3 _ .._.. / i 3 da= , ' H I V Dol. Nam, I S:01 : L q Ti 4N1tL�J S �! y-"'!•" nD11OH — - 411•• "4011' viN1 14V l t L,�.. H v. 4. I " '��'t1 >{ �r 7s tin, LnKr-� I t3 �i.""8 n J 0U 'lit q FM )i LII „�,,,.. rd 0 1 n/ D01/41 I444 I L/ 1 s S66D,1c r r _. P 9 I �w 1 _ "/K y � U 1 I i qlr I r il'. - 7�, .- r .✓ UO — '. al l, -'.""ik �/ t L�`•4 ��\ .,�ufN1 1 nen 11 NEIGHBORHOOD DESCRIPTION The subject property is located along the west side of Maguire Road, approximately 650 feet southerly of Winshire Boulevard, in the city of Ocoee, Orange County, Florida. A neighborhood map identifying the subject property has been provided on the facing page for the reader's visual reference. For the purposes of this report, the immediate subject neighborhood has been defined by the following ▪ boundaries: u• North W. Colonial Drive (State Road 50) South —. Roberson Road/Moore Road ✓ East A line located X mile east of, and parallel with, Maguire Road ` West A line located '4 mile west of, and parallel with, Maguire Road ` The immediate subject neighborhood, as defined herein, encompasses approximately 1X square miles of land area and is approximately 60% built-up with a non-homogenous mix of residential and commercial uses. The subject neighborhood is characterized as a developing residential and commercial • suburban area of south-central Ocoee. The defined subject neighborhood primarily encompasses area located within the incorporated limits of the city of Ocoee, however, a small portion of the southwest corner of the neighborhood is located in unincorporated Orange County, Florida. The subject neighborhood is adequately served by a road transportation network which includes some ▪ of the most significant traffic arteries within the Orlando area. Primary traffic arteries serving the subject neighborhood include State Road 50, Florida's Turnpike, the Holland East-West Expressway and Maguire Road. . State Road 50 is the most significant roadway serving the immediate subject neighborhood. This four- r to six-lane, asphalt paved roadway is one of the most significant east/west traffic corridors within the central Orlando area. State Road 50 extends from the western limits of the Orlando Metropolitan Area, easterly through the subject neighborhood and the heart of the Orlando Downtown Central Business ▪ District and beyond. This roadway has evolved as a major, heavily developed commercial corridor 28 NEIGHRORIIOOD DESCRIPTION: (CONTD.) within the metropolitan area and is a heavily travelled commuter route. State Road 50 intersects with Interstate 4 and U.S. Highway 441 in Orlando to the cast, forms an interchange with the Florida's Turnpike to the northwest of the subject neighborhood, and intersects U.S. Highway 27 in Clermont to the west. ▪ The Florida's Turnpike is a major toll highway which runs in an east/west direction through the northern portions of the subject neighborhood. The Turnpike is a four-lane, limited access toll highway which extends from the northern community of Wildwood southeasterly to the southern city of Miami. This roadway forms an interchange with State Road 50, just northwest of the defined subject neighborhood and forms an interchange with the Holland East-West Expressway just east of the subject neighborhood. Maguire Road is a two-way, two-lane, asphalt paved road which originates at State Road 50 and runs southerly through the center of the subject neighborhood and beyond to its point of termination in the exclusive community of Windermere. Maguire Road is the primary route of travel between State Road 50 and the city of Windermere and is developing as a significant residential and commercial corridor. An additional major traffic corridor serving the west Orlando area, but not located within the immediate neighborhood, is the Holland East-West Expressway. This four-lane, asphalt paved, limited access toll ▪ facility currently originates at the Florida's Tumpike,just cast of the subject neighborhood, and then runs easterly through the central portions of the Orlando Metropolitan Area to its termination in eastern Orange County. This limited access toll road features an interchange with Interstate 4 approximately eight miles east of the subject neighborhood and provides the subject neighborhood with direct, limited access travel to the Orlando Downtown Central Business District. Also proposed for construction immediately west of the neighborhood is the northwestern extension of the Orlando Beltway. This portion of the Beltway will run between the Florida's Turnpike and U.S. Highway 441 in Apopka, and a fully developed interchange with Florida's Turnpike is proposed to be located just west of the subject neighborhood. The subject neighborhood is characterized by established commercial and professional office development between State Road 50 and the Florida's Turnpike and new single family residential and - commercial development along the Maguire Road corridor south of the Florida's Turnpike. Commercial and professional improvements located within the northern portions of the neighborhood include the Village Marketplace Shopping Center, which is located in the southeast corner of State Road 50 and Maguire Road and is anchored by Fumitureland; a Shell gasoline service station/convenience store; the Colony Plaza Motel; Movies at West Orange Plaza; Orange Tree Plaza, a small unanchored strip retail center; an Express Care Walk-in Medical Center; United American Bank; and an Amoco gasoline service station/convenience store. 29 NEIGHBORHOOD DESCRIPTION: (CONT'D.) Commercial improvements located along Maguire Road, south of the Florida's Turnpike, include Euro Motors and the Plantation Grove Shopping Center. The Plantation Grove Shopping Center is anchored ▪ by a Publix and a Movie Gallery, as well as containing other small tenants. Two out-parcels within the shopping center have been developed with a Mobile On The Run convenience store and a First Union Bank that is currently under construction. Residential development within the subject neighborhood is occurring at a rapid rate within the Plantation Grove East and Plantation Grove West Planned Unit Developments. Single family residential developments within the subject neighborhood include the Plantation Grove West, Crescent Lake, Wesmere, Mill Creek Village, Fairfax Village, and Cross Creek subdivisions. All of these are new, ✓ developing single family residential subdivisions which offer middle to upper income level homes. In summary, the subject neighborhood consists of an established and rapidly developing mixed-use commercial and residential suburban area of south-central Ocoee. The neighborhood is served by a good road transportation network which provides the neighborhood with good access to other areas of the ✓ Orlando Metropolitan Area. In addition, the Maguire Road corridor serves as the primary route of travel from State Road 50 southerly into the exclusive Windermere area. The neighborhood has a rapidly growing residential base of middle to upper income level single family residences and has experienced significant new commercial growth associated with the development of the Plantation Groves Shopping Center and its out-parcels. The future outlook for the neighborhood would appear to be positive, with continued growth anticipated in both the commercial and residential market sectors. 30 Imo Zirialit @J a6 j ® fi'{"I�ffil�fillll,��i."f.. .�f1 .�y&44VaaifHft�R54A a" l Oa i 'MIIiXi f j,m y mm° v ;i : 22 F& r .b me oY • Nam .��{{fV # ; a 'A ;xA0 . W IvArr CA Cw)Li �m ..., 7 . . la)glit 4 GV) 1 Ea I ® ETD ER [. -z .d • 'y - - .-j��p a .gib 8 a—o a a�4v.o„....„.,„..e®o��um nroc - 1 -_ _ Yms. u_1_ _ �e 0 B P . i IBg i 'f f CA 91 ,. PROPERTY DESCRIPTION SITE DESCRIPTION ▪ Location The subject property is located along the west side of Maguire Road, approximately 650 feet south of ` Winshire Boulevard, in the city of Ocoee, Orange County, Florida. The subject property is further identified as being located within the west-central portions of the Orlando Metropolitan Area, within the south-central portions of the incorporated limits of the City of Ocoee. ▪ Area Based upon the legal description for the subject site, as set-out in O.R. Book 4278, Page 1536 of the Public Records of Orange County, Florida, it appears that the subject site contains approximately .979 acres (42,645 SF) of gross site area. Shane ▪ The subject site is rectangular in shape. A copy of an Orange County tax map identifying the subject site has been provided on the facing page for the reader's visual reference. a Dimensions . The east boundary of the subject site consists of 137.66 feet of frontage along the existing west right-of- way line of Maguire Road. The north and south boundaries of the subject site extend westerly from Maguire Road to depths of 310.00 feet. The west boundary line of the subject site measures 137.48 feet - in length. Ineress/Eeress As previously discussed, the subject site has frontage along Maguire Road. Maguire Road is a two-way, ▪ two-lane, asphalt paved roadway with center turn lanes. This road has no curbs, gutters, street drainage or street lights. Some sidewalks have been constructed along Maguire Road in the subject area. Access to the subject site is provided by Maguire Road. 31 ` PROPERTY DESCRIPTION: (CONT'D.) Topography The subject site is basically level in topography and reflects an elevation of approximately 1 to 2 feet below that of Maguire Road and surrounding properties. • Flood Plain Data Based upon the Appraisers' review of the Flood Insurance Rate Map (FIRM) Community Panel No. ` 120179 0175 C, revised June 15, 1984, it appears that the subject property is located in Flood Zone C. Flood Zone C designates areas of minimal flood potential, lying outside the 100-year flood plain. 1.0 Drainage ▪ Based upon our visual inspection, it appears that the subject site is adequately drained. Soil Characteristics Based upon our visual inspection, no adverse soil or subsoil conditions were noted. Based upon our ▪ review of the Soil Survey of Orange County, it appears that the subject site is comprised of soils in the Ona fine sand category. A brief description of this soil classification has been provided in the following paragraphs of this report. Ona fine sand. This soil is nearly level and poorly drained. It is in broad areas on the flatwoods. The slopes are smooth and range from 0 to 2 percent. In most years, a seasonal high water table is within 10 inches of the surface for I month to 2 months. .. It recedes to a depth of 10 to 40 inches for periods of 6 months or more. This soil has severe limitations for sanitary facilities, building site development, and recreational uses. ` Water control measures should be used to minimize the excessive wetness limitation. Septic tank absorption fields may need to be enlarged because of wetness. If the density of housing is moderate to — high, a community sewage system can help prevent contamination of the water supplies. The sealing or lining of a sewage lagoon or trench sanitary landfill with impervious soil material can reduce excessive seepage. The sandy surface layer should be stabilized for recreational uses. The sidewalls ▪ of shallow excavations should he shored. 32 PROPERTY DESCRIPTION: (CONT'D.) r Utilities r The subject property is served by public utilities and services that include sewer, water, electricity, telephone and police and fire protection. The providers of public utilities and services to the subject property have been summarized as follows: Electricity Florida Power Water City of Ocoee Sewer City of Ocoee Telephone Sprint United Fire Protection City of Ocoee Police City of Ocoee Water service to the subject site is available from a 12" water main which is located along the east side of Maguire Road. Sewer service is available from an 8" gravity line which is located along the east side of Maguire Road. Easements. Encroachments and Restrictions Based upon our review of Orange County tax and plat maps, it does not appear that the subject site is impacted by any significant adverse easements or encroachments which would negatively impact the property's development potential. Surrounding Property The property located north and west of the subject site has been improved with single family residences. A commercial property known as Euro Motors is located to the immediate south of the subject site and a Mobile On The Run convenience store and the Plantation Groves Shopping Center are located east of the subject site, east of Maguire Road. IMPROVEMENTS DESCRIPTION The subject site consists of a vacant, unimproved parcel of land. This property is vegetated with natural grasses and moderate tree coverage. Please refer to the following pages of this report for copies of a county tax map, a development plan, a flood map, a soils map, and an aerial map relating to the subject site, as well as photographs of the .. subject site and surrounding properties. 33 N , - ., : P i ....,... ..:..„,.....4 . , , % , ...trignomasumak.;,.,..; .. . . .. - it . -2,.;11:4,,,Avreac - _ s. g Y Ask - 3 Subtect 4. 11111 g t' @2 HJ EU Mg Imel Kill Mill .agar sus L . ss Ma — F:0 Dm SO OM 111 OS men ` 4 eFj i I r II Ih Y, / . EA,. . % 'i 1 �1 +'I c ` .. ! i i --__--_ - --. --- — 'l Y. . I V / '�.v_ cf:'c- : •� --r----- _ IIWI IYN / ' u"mJ.. 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" • // /,/- -•/-/-/ 223.I / /,/ ,/// ////,/ • /, ; ,//2',/ ' • / •, / / / "• /, ' ____ • - ,-, J • /,, • , , „,, /,,,•, , /,:/// - __ MOORE RO/ 7-/ ' / ,/ • //,' ',',/, / / - /,4./<, ,,,, •.// -. / / - -/•• , - , /, ,- • -,,,,,, ,:r, / •• / / ' / .5, , •, //// / • // • / /5% •/;,/," /' , ,,/ ,7- ' -• /-/ Ar,„,',4:• , I 1 i 7"" ' '//// /' /, '•'''' -,,,,,/// // / •.".•';7',./. I I 1 '•// /•i / /0 /' / 1 ZONING ' According to the City of Ocoee Planning and Zoning Department, the subject site is zoned P.U.D., Planned Unit Development. The approved uses within the City of Ocoee's Planned Unit Development Districts have been described as follows: PUD, Planned Unit Development District The following uses shall be permitted in the Planned Unit Development District if designated in an ' approved Development Plan. (A) Planned residential communities: complementary and compatible commercial and industrial uses ' may be included if they are harmoniously designed into the total residential community within a Planned Unit Development District. (B) Planned commercial centers: complementary and compatible residential and industrial uses may be included if they are properly designed into the total commercial center within a Planned Unit Development district. (Includes Activity Center Development). ' (C) Planned industrial parks: complementary and compatible residential and commercial uses may P rY P ' be included if properly related to the total industrial park within a Planned Unit Development District. ' (D) Public, or quasi-public facilities: uses complementary and compatible with planned residential, commercial,or industrial developments, including sewer and water utility plants may be included within a Planned Unit Development District. (E) Designed Community District (Traditional Neighborhood Development): Development of living environments not possible with the strict application of minimum requirements of the City's other ' zoning regulations. The subject site is zoned under the Plantation Grove West Planned Unit Development, which is a ' planned residential community, and has been specifically designated and approved for use as a fire station. As has previously been discussed herein, this appraisal has been made subject to the subject site being fully approved for commercial development. In addition to the subject's zoning, we have also given consideration to its current future land use ' designation. According to the City of Ocoee Planning and Zoning Department, the subject site reflects a Commercial future land use designation. ' 43 I r, (3 6 ..,.. . . • .11-1-12314,0P- . \ ...111101//' lisoi;.. f - • . all0111 - ' ,16111:74. eforkt.ri E --- • ha* o aft tat a / ....\\- .„, rij 411110 I 4Ser—dil I •i I,J// i'... 111V 0 IP S/127! N hAllir 0 I iLIVIIII „..: . 0 )1141 a „,., . / le' , • '.0. (3 I Lli It 1 . , -- :--.2.. -,--.. ,.-:, --,,, , C) • - .' ., - ,.., , ' • ?-..:z-- ..:.. ...• -.. . " -• - - . , -.., ,14,,,.,,,tk ,.,, . .•,,,,,,...-.,, .. :-...k... . . .. . . . -. . •-:.„...„,-.....1-,. ; . . ..... .• . • - .... . . •-. •. .., . mom, ... ..tr-kt,.. •,' Nwow.maw. ...xtras m. N -\.- 's . I - ./ •:n, ,,,,,- - - -- •,:mr g • • .,./.;,,;.... . ... :::,.= 06 ,. A •;.' ., x , setakzr' --sn,..-.- 4 ....• ...,..sl.z,sk a, • / 4 .044.4 ., a. ...,.. ,. , ... - . . \'`‘‘.‘\NNis: 'N... • 1 . . . ..--.„ 1ACI S. naat. ....-- Immt \ --) .. '• .,... .....". -':. '......4.4S..5% IZ,, r . ..., D \ \ CITY OF OCOEE ' stole •.........„..,...... ..., FUTURE LAND USE MAP 2010 * — ----...., •--/%-?:4. UM 001111n RIZIOIENTN. C 4 OU/ACK) i ' 0-1 OWACK) 7 / A WIRMIC*0414.41MINT mg %VIM WOOD f; 1 • rt,,,,Yeirl 1.411311320114. '., •e-7%e.i.,,;4,,' . . 0:11111MAIIOR AR1C/3 twei ,.. • ..-,... . ami ' ''........ ...•••••••• QCOIX CRY 141111(i/V) PIKPOSIZO 110/401100 . ••410 aft•MO am s 4.,••• %WM ONNY14 OW 1,1111T5(1/91) *1 j ININION11011 WM/12 r- FIGURE 2 .... J - REAL ESTATE ASSESSMENT AND TAXES The subject property is currently assessed by Orange County, Florida and is taxed by Orange County and the City of Ocoee. The pertinent assessment and tax data relating to the subject property has been summarized as follows. a Tax I.D. Number 28-22-31-0000-00-039 Total Current Assessment $16,380 Current Land Assessment $16,380 Current Improvements Assessment $ -0- Current Tax Rate (1995) 20.0920 mills Estimated Gross Real Estate Taxes $329.11 Estimated Net Real Estate Taxes $315.94 — (Recognizing the State of Florida's 4% discount for early payment in November). FIVE-YEAR SALES HISTORY a The subject property is municipally owned by the City of Ocoee and, based upon our review of the Orange County Public Records, it does not appear that any recorded sale transactions involving the subject have occurred within the last five-year period. The last recorded transaction involving the subject site occurred on February 28, 1991 and reflected the acquisition of the subject site by the City of Ocoee (Grantee) from Robert L. Ferdinand, as Trustee (Grantor). This transaction was recorded in O.R. Book 4278, Page 1536 of the Public Records of Orange County, Florida and reflected a minimum indicated purchase price of $100. 44 HIGHEST AND BEST USE The term "highest and best use" is defined in the 9th Edition of The Appraisal of Real Estate, published by the American Institute of Real Estate Appraisers (1987) as follows: "The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible and that results in the highest value." In this highest and best use analysis, the Appraisers have given consideration to the four criteria which must be met in order for a use to reflect the highest and best use of a property, both as if vacant and as improved. The criteria are that the highest and best use must be: 1) physically possible; 2) legally .. permissible; 3) financially feasible; and 4) maximally productive. In preparing this highest and best use estimate, the Appraisers have given consideration to existing land use regulations, reasonably probable modifications; of such land use regulations, economic demand, the physical adaptability of the property, neighborhood trends and the optimal usage of the property. In this analysis, the Appraisers have considered each of the criteria necessary for a highest and best use as it relates to the subject site's physical, legal and market characteristics. The subject site is currently vacant and undeveloped. Thus, for the purposes of this appraisal, only a highest and best use analysis of the subject property, as if vacant, was necessary. Physically Possible The subject property is located along the west side of Maguire Road, approximately 650 feet south of Winshire Boulevard, in the city of Ocoee, Orange County, Florida. Based upon the legal description for the subject site, as set-out in O.R. Book 4278, Page 1536 of the Public Records of Orange County, Florida, it appears that the subject site contains approximately .979 acres (42,645 SF) of gross site area. The subject site is rectangular in shape. The east boundary of the subject site consists of 137.66 feet of frontage along the existing west right-of-way line of Maguire Road. The north and south boundaries of the subject site extend westerly from Maguire Road to depths of 310.00 feet. The west boundary line of the subject site measures 137.48 feet in length. 45 ▪ HIGHEST AND BEST USE: (CONT'D.) ▪ As previously discussed, the subject site has frontage along Maguire Road. Maguire Road is a two-way, two-lane, asphalt paved roadway with center turn lanes. This road has no curbs, gutters, street drainage or street lights. Some sidewalks have been constructed along Maguire Road in the subject area. Access to the subject site is provided by Maguire Road. The subject site is basically level in topography and reflects an elevation approximately I to 2 feet below that of Maguire Road and surrounding properties. Based upon the Appraisers' review of the Flood Insurance Rate Map (FIRM) Community Panel No, 120179 0175 C, revised June 15, 1984, it appears that the subject property is located in Flood Zone C. Flood Zone C designates areas of minimal flood potential, lying outside the 100-year flood plain. Based upon our visual inspection, it appears that the subject site is adequately drained and no adverse soil or subsoil conditions were noted. Based upon our review of the Soil Survey of Orange County, it appears that the subject site is comprised of soils in the Ona fine sand category. A brief description of this soil classification has previously been provided in this report. The subject property is served by public utilities and services that include sewer, water, electricity, telephone and police and fire protection. The providers of public utilities and services to the subject property have been previously summarized in the Property Description section of this report. Water service to the subject site is available from a 12" water main which is located along the east side of Maguire Road. Sewer service is available from an 8" gravity line which is located along the east side of Maguire Road. Based upon our review of Orange County tax and plat maps, it does not appear that the subject site is impacted by any significant adverse easements or encroachments which would negatively impact the property's development potential. Based upon this data, it appears that with the exception of the subject site's relatively small size, the physical characteristics of this property do not significantly limit its development potential. Legally Permissible A full description of the subject's zoning and future land use designation has previously been provided within this report. The subject site is zoned P.U.D., Planned Unit Development, and has been specifically approved for public use as a fire station. This site reflects a Commercial future land use designation under the City of Ocoee's Comprehensive Land Use Plan. a 46 HIGHEST AND BEST USE: (CONT'D.) .. Therefore, for the purposes of this report, the legally pertnissible uses of the subject site would be for commercial development. Financially Feasible The subject property is located along the west side of Maguire Road, approximately 650 feet southerly of Winshire Boulevard, in the city of Ocoee, Orange County, Florida. ▪ The immediate subject neighborhood, as defined herein, encompasses approximately I'/, square miles of land area and is approximately 60% built-up with a non-homogenous mix of residential and commercial uses. The subject neighborhood is characterized as a developing residential and commercial suburban area of south-central Ocoee. The defined subject neighborhood primarily encompasses area located within the incorporated limits of the city of Ocoee, however, a small portion of the southwest ,. corner of the neighborhood is located in unincorporated Orange County, Florida. The subject neighborhood is adequately served by a road transportation network which includes some of the most significant traffic arteries within the Orlando area. Primary traffic arteries serving the subject neighborhood include State Road 50, Florida's Turnpike, the Holland East-West Expressway and Maguire Road. . The subject neighborhood is characterized by established commercial and professional office development between State Road 50 and the Florida's Turnpike and new single family residential and commercial development along the Maguire Road corridor south of the Florida's Turnpike. Commercial and professional improvements located within the northern portions of the neighborhood include the Village Marketplace Shopping Center, which is located in the southeast corner of State Road 50 and Maguire Road and is anchored by Fumitureland; a Shell gasoline service station convenience store; the Colony Plaza Motel; Movies at West Orange Plaza; Orange Tree Plaza, a small unanchored strip retail center; an Express Care Walk-in Medical Center; United American Bank; and an Amoco gasoline service station/convenience store. Commercial improvements located along Maguire Road, south of the Florida's Turnpike, include Euro Motors and the Plantation Grove Shopping Center. The Plantation Grove Shopping Center is anchored by a Publix and a Movie Gallery, as well as containing other small tenants. Two out-parcels within the .. shopping center have been developed with a Mobile On The Run convenience store and a First Union Bank that is currently under construction. Residential development within the subject neighborhood is occurring at a rapid rate within the Plantation Grove Fast and Plantation Grove West Planned Unit Developments. Single family residential developments within the subject neighborhood include the Plantation Grove West, Crescent Lake, 47 ▪ HIGHEST AND BEST USE: (CONT'D.) • Wesmere, Mill Creek Village, Fairfax Village, and Cross Creek subdivisions. All of these are new, developing single family residential subdivisions which offer middle to upper income level homes. In summary, the subject neighborhood consists of an established and rapidly developing mixed-use commercial and residential suburban area of south-central Ocoee. The neighborhood is served by a good • road transportation network which provides the neighborhood with good access to other areas of the Orlando Metropolitan Area. In addition, the Maguire Road corridor serves as the primary route of travel from State Road 50 southerly into the exclusive Windermere area. The neighborhood has a rapidly ▪ growing residential base of middle to upper income level single family residences and has experienced significant new commercial growth associated with the development of the Plantation Groves Shopping Center and its out-parcels. The future outlook for the neighborhood would appear to be positive, with continued growth anticipated in both the commercial and residential market sectors. Based upon this data, it appears that the subject's immediate market area reflects a good level of demand for commercial development sites which should further increase as the areas residential base continues _ to grow. Therefore, commercial development of the subject site appears financially feasible at this time. Maximally Productive In the final analysis, a determination as to which physically possible, legally permissible and financially feasible uses are maximally productive must be made. As previously discussed, it appears that commercial development is the only physically possible and legally permissible use of the subject site, as vacant. Commercial development on the subject site also appears to be financially feasible and represents the maximally productive use of the property. ,. Based upon this data, it was the Appraisers' opinion that the highest and best use of the subject site, as vacant, would be for commercial development. a a a a 48 VALUATION OF THE SUBJECT SITE The appraisal process is an orderly process in which the data used to estimate the value of the subject - property are acquired, classified,analyzed and presented. The first step is defining the appraisal problem (i.e., identification of the real estate, the effective date of the value estimate, the property rights being • appraised, and the type of value sought). Once this has been accomplished, the Appraiser collects and analyzes the factors that affect the market value of the subject property. These include area and neighborhood analysis, site and improvement analysis, highest and best use analysis, and the application ,as of the three approaches to estimating the property's value. Appraisers generally use three approaches to value: the Cost Approach; Direct Sales Comparison Approach (also known as the Market Data Approach); and the Income Approach. The first approach available to the Appraiser is the Cost Approach to value. Accrued depreciation is calculated and deducted from the estimated cost new of the improvements. The estimated depreciated cost new is then added to the land value. The resultant figure indicates the value of the whole property. Generally, the land value is obtained through the Direct Sales Comparison Approach. Reproduction or - replacement cost new of the improvements is estimated on the basis of current prices for the component parts of the building less depreciation, computed after analyzing the disadvantages or deficiencies of the existing building as compared to a new building. The Income Approach is predicated on the assumption that there is a relationship between the amount ,,, of income a property will earn and its value. This approach is based on the principle that value is created by the expectation of benefits derived in the future. The anticipated annual net income of the subject property is processed to produce an indication of value. Net income is the income generated before payment of any debt service. The process of converting it into value is called capitalization, which involves dividing the net income by a capitalization rate. Factors such as risk, time, interest on - the capital investment, and recapture of the depreciating asset are considered in the rate. The appropriateness of this rate is critical, and there are a number of techniques by which it may be developed. The Direct Sales Comparison Approach is used to estimate the value of the land as if vacant and/or the whole property as improved. The Appraiser gathers data on sales of comparable properties and analyzes - the nature and condition of each sale, making logical adjustments for dissimilar characteristics. Typically, a cotmnon denominator is found. For land value, this is usually either a price per acre, a price per square foot,or a price per unit; for improved properties, the common denominator may be price per square foot, price per unit or mom, or a gross rent multiplier. The Direct Sales Comparison approach gives a good indication of value when sales of similar properties are available. 49 VALUATION OF THE SUBJECT SITE: (CONT'D.) A final step in the appraisal process is the reconciliation or correlation of the value indications. In the reconciliation, or correlation, the Appraiser considers the relative applicability of each of the three ' approaches used, examines the range between the value indications, and places major emphasis on the approach that appears to produce the most reliable solution to the specific appraisal problem. The Ipurpose of the appraisal, the type of property, and the adequacy and reliability of the data are analyzed; these considerations influence the weight given to each of the approaches to value. In analyzing the three approaches to value, it can be readily observed that most of the information pertaining to the fair I market value of the subject property must be derived from the marketplace because the Appraiser anticipates the actions of buyers and sellers in the market. As previously discussed, for the purposes of this appraisal, it is only necessary to estimate the markei value of the subject site, as vacant. Therefore, the only approach to value which would be pertinent to I this analysis is the Market Approach to value. MARKET APPROACH I In estimating the market value of the PP PP subject site, via the Market Approach, the Appraisers have I researched the subject market area for recent comparable sales of similar small commercial sites which reflect development potentials comparable to that of the subject site. The Market Approach or Direct Sales Comparison Approach is defined as follows: I "That approach in appraisal analysis which is based on the proposition that an informed purchaser would pay no more for a property than the cost of acquiring an existing property Iwith the same utility. This approach is applicable when an active market provides sufficient quantities of reliable data which can be verified from authoritative sources. The direct sales I comparison approach is relatively unreliable in an inactive market or in estimating the value of the properties for which no real comparable sales data are available. It is also questionable when sales data cannot be verified with principals to the transaction. This I approach to value is referred to as the Direct Sales Comparison Approach, the Market Comparison or Market Data Approach." IThose comparable sales which are considered to provide the best available indications of market value for the subject site have been described and analyzed within the following pages of this report. 1 I I50 I 1 Land Sales Map _.. • ~4{/ a 4,.."1.:;•'` a '! I s I . ..f1�'�LF'� ' 4'" ` {1�e ,• -SE e:: ',`:S rel iti..� �'` _ j : of K • ' _ '..•�.�� `•i�.SS , i 4 ''V nl or ,IEI(:IUS g{ iI i ti!t 114RKF _ '.r' - `1) .C{I. W _Fi5Co1�N :• `'�] I, 21 ,,• I�a��• ' ■Ve N111. ,1 �,'(_'1.`.'t 1 < •� ftiy+�N:. = 'F •_ _ r` • `• 41i ` �) H•r• ti, . Y 'y i, SIEVtq`•.\ i 4 .l J IH.ILLG IeMG 1I••e.'?`r1• tli ••1 0.VER-..iIAA •9 1. _A ' TRANKLIN '271�•• >FI sr.,...) 1 Iy0 _. - • 1 1, •+ tI. $ t I.IKf , �• r .ter/^ l.w. .i 1 Sy-c,'. fit �G� p •,• . . LAKE Sr rORF' 4s:' ' "a U .• OR EN !�,'} P,..i21 '_� � J.!IK 1 :.I {3 ie t<� t G DF."S x.,• :�� t + N t1 a I 1 Ilq f�_ _fir < i ca a w.1Fgait i \ i fg�yF{F' r mt. • ; 1 ., -..: .. , aii 141:•_•:i.it :-►''1 sic 1 ;_`• _' � 4j•_ /i' ,,A.0'-,t,:• , •.I..Y:• c ,1 t-i an ..�Lg. 'E! r m, N '• • a .: ...] i . . . �: �► Go�� •sl •• •IV MC •- WJ •'J2 •` •—w •_ •�,s F• G - Lw co wrN- s ` • .. .15� ...••:i ' 'i._..9, I .•'1:--:'..--... o•.- •\ <i •-�: i .. Lun 53 ,. J yl Il ?{i e r� r �/�1 • I • • A, F'.65+'f r•.., 1(Tl 1 ir IOxfl q Q ' • :LiaA N•..0.1 r••t -- '^ _'1 tN t�. » .: i < '^ ' :.` ?�, : .-.--/ / WIN"A ciao .. 1 1 it I r 1T` £{ _..I'.... :`4. f ✓ �..,, .. 7 • B�.{,EEOE� t..•.o•{ r Oii C. �/ •'i.�� • -, • 'l•_1C 1':Y''� 7� ___ g J 4�. t '. 1 .•1 I : „,;�j - '\\ / - ` tee' .<_ •:•„ • •- — y /. (N:INOE'P..ta ; T ,yA• i.- •ors 4-`` .4 "�y% i (MO, Comp �\,E -�— f '-' liiI sp a►•' 1 _ CO �P -0h3' a•rN, n. . •:_,'::D ��.�yy �., _ I , 4 , .., m,� 'bra' 4,s7�5�:" I!Ts` 1.., aniER'. siii \ w•• •tip' ti.J1f full: •-', <' + ..11r_.•__.�lLL_�'_ I - .1ltD ` fJl !" . , vg '•<Ol1.tc,:l._~"n :. f M: • '' \ � v , „ __T.:, %.-k2.-.. .v, i # , _ , ,emu • a ` .. •� .r KE e`@; • A' •y •••a.t.t: _ 'DOWN L*.( �wi _i. 1 _ ...aesY" ..(,.BU _tR UAE :'iWCt'r1 ME M R$ /• TE$ �V..i }, \. y/ AN t 9 v.I t eSI•1.'•�-_'f' q • ,w♦ SNIN:I'-• R l: SI. E.S. ti"• CRLSC&NT .t If w, n... • IK "� i • � IE+�+vr—.S ETA y u„ ,I v --•M1 t, tR • Ir%' _ 4 .•. ....4 • -FLAK[ jl.. t F`' /L ''{� :‘, % 1 IAI: DOWN COVE - �•0L 1 cw� Roux 1� 6;1 : SSA... y: L,nl W :�: �k• 1 • ER a� • , • Cawj •w w•r•I-�._... 17 •r :� AjE� lUl1/R \ J�r�: HOWA f I . _...-K I.ARMS .7L - ���wa l 111� • l.A (�, ..- ...taU LAC • ...r r A y: vnNOERMERE • _ O..•o. $ ;� OAKS $VNSE4 e.r.-..,: .c; ..•,J 1' ' ° WINDERMERE,r •'`i1" . T ' w %A.t •rltt. •o I 9`�'� `AV[t .�1•.CONROY•wINOE R1.+f RE imri • o: yBUIIE" `/ .w'UMMERP�RIOEACR Rt1X ,5111IE 1, �x�i < RIOGF :; `itrA . 5,' lam= rr _ S • NE:CsI(. 3 ~mt •1.1 1 1 / y� •Re uK/ " KELSO ON Y'1 C '1 1 LI -"I,.••, III.TI.IN r , Y Si.. i L .NtR,u r.•rL, LAKE BUTLER :LET c• 4...._ „ I L SALES DATA SHEET UNIMPROVED LAND " Sale#:: - 1 Grantor: Opus South Corporation Grantee: Mobil Oil Corporation " Type of Instrument: Special Warranty Deed Recorded in: O.R. Book 5073 Page 3308 Date of Sale: June 7, 1996 Inspection Date: August 8, 1996 ` Total Land Area: 41,930 SF Dimensions: 200.00' x 209.65' Consideration:.. $395,000 Zoning:us P.U.D. Unit Price: $9.42/SF Future Land Use: Commercial Uses Permitted as Zoned: Commercial uses. Legal Description: t at Lot 3, OPUS SOUTH, as recorded in Plat Book 33, Page 21 of the Public Records of Orange County, Florida. Location of Property: The sale property is located along the east side of Maguire Road, approximately 685 square feet south of Winshire Boulevard, in the city of Ocoee, Orange County, Florida. This property is an out-parcel of the Plantation Groves Shopping Center. S Describe Access: " The sale property has frontage on, but not direct access from, Maguire Road. Maguire Road is a two-way, two-lane, asphalt paved roadway with center turn lanes into the Plantation Groves Shopping Center. Access to this site is via cross-access easements through the Plantation Groves Shopping Center. " Highest and Best Use at Date of Sale: Commercial development. ` Financing (effect on sale price, if any): Cash to seller. r Conditions of Sale: Arm's length. Compared with Neighborhood, this property is Average X Above Average Below Average Other Pertinent Data: The sale property is generally level in topography; is at,or near, the elevations of Maguire Road and the surrounding Plantation Grove 4" Shopping Center;and appears adequately drained. Most of this property's drainage/retention requirements are met off-site by the master drainage/retention system of the Plantation Groves Shopping Center. The sale property is fully served by all desired public utilities and services, including sewer and water. " At the time of sale,this property consisted of a vacant out-parcel of the Plantation Groves Shopping Center. After the date of sale,this site was improved with a Mobil On The Run convenience store. " Verified With: Name: Mike McArdle Date: September 10, 1996 Relationship to Sale: Representative of Grantor SALES DATA SHEET UNIMPROVED LAND Sale*: 2 Grantor: . Opus South Corporation Grantee: 1st Union National Bank of Florida as Type of Instrument: Special Warranty Deed `Recorded in: O.R. Book 5009 Page 2187 ' Date of Sale: February 5, 1996 Inspection Date: August 8, 1996 " Total Land Area: 45,494 SF Dimensions: 209.65' x 217.00' ' Consideration: $475,000 Zoning: . . P.U.D. Unit Price: $10.44/SF Future Land Use: Commercial Uses Permitted as Zoned: " Commercial uses. Legal Description: Lot 4, OPUS SOUTH, as recorded in Plat Book 33, Page 21 of the Public Records of Orange County, Florida. • NisLocation of Property: The sale property is located along the east side of Maguire Road,approximately 1,010 square feet south of Wirtshire Boulevard, in the city of Ocoee, Orange County, Florida. This property is an out-parcel of the Plantation Groves Shopping Center. Describe Access: " The sale property has frontage on, but not direct access from, Maguire Road. Maguire Road is a two-way, two-lane, asphalt paved roadway with center turn lanes into the Plantation Groves Shopping Center. Access to this site is via cross-access easements through the Plantation Groves Shopping Center. " Highest and Best Use at Date of Sale: Commercial development. " Financing (effect on sale price, if any): Cash to seller. Conditions of Sale: ImoAmes length. Compared with Neighborhood, this property is Average X Above Average Below Average Other Pertinent Data: The sale property is generally level in topography; is at,or near,the elevations of Maguire Road and the surrounding Plantation Grove '•• Shopping Center;and appears adequately drained. Most of this property's drainage/retention requirements are met off-site by the master drainage/retention system of the Plantation Groves Shopping Center. The sale property is fully served by all desired public utilities and services, including sewer and water. At the time of sale, this property consisted of a vacant out-parcel of the Plantation Groves Shopping Center. At the date of inspection, this site was under construction with a First Union branch bank facility. Verified With: Name: Mike McArdle Date: September 10, 1996 Relationship to Sale: Representative of Grantor •• SALES DATA SHEET UNIMPROVED LAND Sale#: 3 Grantor: ZOM Silver Glen, Ltd. Grantee: McDonalds Corporation • Type of Instrument: Special Warranty Deed Recorded in: O.R. Book 4934 Page 2913 Date of Sale: August 22, 1995 Inspection Date: November 17, 1995 ✓ Total Land Area: 40,725 SF Dimensions: Irregular • Consideration: $362,500 Zoning: C-2, Community Commercial, City of ✓ - Ocoee Unit Price: $8.90/SF Future Land Use: Commercial as Uses Permitted as Zoned: General retail and commercial uses. 'a Legal Description: Lot 4,of ALBERTSON'S SHOPPING CENTER OF OCOEE,according to the plat thereof as recorded in Plat Book 31, Pages 29 and r 30, of the Public Records of Orange County, Florida. Location of Property: ▪ The sale property is located in the northwest corner of Silver Star Road and Clarke Road,in the city of Ocoee,Orange County,Florida. The sale property is an out-parcel of the Albertson's Shopping Center of Ocoee. Describe Access: The sale property has approximately 176.28 feet of frontage along the north side of Silver Star Road and approximately 177.08 feet of frontage along the west side of Clarke Road. Silver Star Road is a two-way,two-lane,asphalt paved roadway with a concrete median in this location. Clarke Road is a two-way, four-lane road with a concrete median in this location. The Silver Star/Clarke Road intersection is fully signalized. The sale property is not directly accessible from either of these roads. Access to the sale property is available via one shopping center entrance along the west side of Clarke Road, north of the sale property, and via a shopping center IS entrance along the north side of Silver Star Road, west of the sale property. Highest and Best Use at Date of Sale: Commercial development. r Financing (effect on sale price, if any): rash to seller. ▪ Conditions of Sale: Arm's length. • Compared with Neighborhood, this property is Average X Above Average Below Average • Other Pertinent Data: r The sale property is generally level in topography; is at, or near, the elevation of Silver Star Road, Clarke Road and the surrounding Albertson's Shopping Center; and appears adequately drained. The sale property was fully served by all desired public utilities and services, including sewer and water. At the time of sale, this property consisted of a vacant out-parcel of the Albertson's Shopping Center of Ocoee and has subsequently been improved with a McDonald's fast-food restaurant. Verified With: Name: Jeff Douglas Date: December 6, 1995 Relationship to Sale: Representative of Grantor SALES DATA SHEET UNIMPROVED LAND Sale tl: 4 Grantor: Windtree Professional Center, Inc. Grantee: Kentucky Fried Chicken of California, Inc. Type of Instrument: Warranty Deed Recorded in: O.R. Book 4717 Page 4593 Date of.Sale: March 24, 1994 Inspection Date: November 16, 1995 Total.Land Area:. 33,602 SF Dimensions: Irregular • imp Consideration:. $295,000 Zoning:-, C-2,Arterial Commercial District, City of Winter Garden Unit Price: $8.78/SF Future.Land Use: Commercial r Uses Permitted as Zoned: r High intensity retail and commercial uses. Legal Description: Lengthy, retained in Appraiser's files. Location of Property: ▪ The sale property is located in the southwest corner of the intersection of East State road 50 and Windtree Lane, in the city of Winter Garden, Orange County, Florida. Describe Access: The sale property has 194.35 feet of frontage along E. State Road 50 and 144 feet of frontage along Windtree Lane and is accessed by these two roads. E. State Road 50 is a two-way, four-lane,asphalt paved, divided highway and Windtree Lane is a two-way, two- ▪ lane, asphalt paved road. Highest and Best Use at Date of Sale: Commercial development. Financing (effect on sale price, if any): Cash to seller. Conditions of Sale: Ann's length. is. Compared with Neighborhood, this property is Average X Above Average Below Average r Other Pertinent Data: The sale property is generally level in topography; is at, or near, the elevation of E. State Road 50, Windtree Lane and surrounding properties; and appears adequately drained. At the time of sale, this site was fully served by all required public utilities and services, including sewer and water. At the date of inspection, this site has been improved with a Kentucky Fried Chicken fast-food restaurant. Verified With: Name: Briggs K. Sellers Date: November 16, 1995 Relationship to Sale: Representative of Grantee ✓ VALUATION OF THE SUBJECT SITE: (CONT'D.) The four sales reviewed herein are all considered generally comparable to the subject site in most respects. These sales have reflected a range of unadjusted unit value indications for the subject site of ✓ $9.42, $10.44, $8.90 and $8.78 per square foot of gross site area, respectively. Each of the comparable sales involve well located, small commercial development sites which are ` considered to reflect a good level of overall comparability and similar development potential when compared to the subject site. When comparing these sales to the subject site, it was the Appraisers' ▪ opinion that the only required adjustments would relate to differences in site configuration, development constraints, drainage/retention and site topography. ▪ Comparable Sale No. 1 is generally very comparable to the subject site in most respects and it was our opinion that the only adjustments necessary when comparing the sale property to the subject site relate to site configuration, development constraints, drainage/retention and site topography. The subject site reflects a longer, narrower configuration than that of the sale property. Therefore, the ✓ sale property is considered superior to the subject site in regards to site configuration and has been adjusted downward by 5% for this factor. The sale property is an out-parcel of a commercial center while the subject property is a free-standing site. The sale property will reflect less development Ss constraints than those of the subject site due to its shared ingress/egress, cross parking and less intensive buffering and set-back requirements. Therefore, the sale property is considered superior to the subject ✓ site in this respect and has been adjusted downward by 10% for this factor. The sale property is served by the master drainage/retention system of the shopping center of which it r is an out-parcel. Most of this site's drainage/retention requirements are satisfied off-site and the sale property is considered superior to the subject in this respect. Therefore, the sale property has been adjusted downward by 10% in recognition of this superior site characteristic. The sale property is at, or near, the elevation of Maguire Road and surrounding properties, while the subject site is below the elevation of Maguire Road. It appears that the subject site will require some fill prior to development and the sale property is superior to the subject in this respect. Therefore, a negative 5% adjustment has been applied to the sale property in recognition of its superior site topography. In all other respects the sale property is considered generally comparable to the subject site and no further adjustments are ✓ required. Applying this net downward adjustment of 30% to the sale property's unadjusted purchase price provides ✓ an adjusted unit value indication for the subject site of $6.59 per square foot of gross site area. r Comparable Sale No. 2 is generally very comparable to the subject site in most respects and it was our opinion that the only adjustments necessary when comparing the sale property to the subject site relate to site configuration, development constraints, drainage/retention and site topography. 55 VALUATION OF THE SUBJECT SITE: (CONT'D.) The subject site reflects a longer, narrower configuration than that of the sale property. Therefore, the sale property is considered superior to the subject site in regards to site configuration and has been adjusted downward by 5% for this factor. The sale property is an out-parcel of a commercial center while the subject property is a free-standing site. The sale property will reflect less development constraints than those of the subject site due to its shared ingress/egress, cross parking and less intensive ` buffering and set-back requirements. Therefore, the sale property is considered superior to the subject site in this respect and has been adjusted downward by 10% for this factor. The sale property is served by the master drainage/retention system of the shopping center of which it is an out-parcel. Most of this site's drainage/retention requirements are satisfied off-site and the sale property is considered superior to the subject in this respect. Therefore, the sale property has been adjusted downward by 10% in recognition of this superior site characteristic. The sale property is at, r or near, the elevation of Maguire Road and surrounding properties, while the subject site is below the elevation of Maguire Road. It appears that the subject site will require some fill prior to development and the sale property is superior to the subject in this respect. Therefore, a negative 5% adjustment has r been applied to the sale property in recognition of its superior site topography. In all other respects the sale property is considered generally comparable to the subject site and no further adjustments are required. r Applying this net downward adjustment of 30% to the sale property's unadjusted purchase price provides • an adjusted unit value indication for the subject site of $7.31 per square foot of gross site area. Comparable Sale No. 3 is generally very comparable to the subject site in most respects and it was our opinion that the only adjustments necessary when comparing the sale property to the subject site would relate to site configuration, development constraints and site topography. The subject site reflects a longer, narrower configuration than that of the sale property. Therefore, the sale property is considered superior to the subject site in regards to site configuration and has been ✓ adjusted downward by 5% for this factor. The sale property is an out-parcel of a commercial center while the subject property is a free-standing site. The sale property will reflect less development constraints than those of the subject site due to its shared ingress/egress, cross parking and less intensive ▪ buffering and set-back requirements. Therefore, the sale property is considered superior to the subject site in this respect and has been adjusted downward by 10% for this factor. The sale property is at, or near, the elevations of Silver Star Road, Clarke Road and surrounding properties, while the subject site is below the elevation of Maguire Road. It appears that the subject site ▪ will require some fill prior to development and the sale property is superior to the subject in this respect. Therefore, a negative 5% adjustment has been applied to the sale property in recognition of its superior site topography. In all other respects the sale property is considered generally comparable to the subject ` site and no further adjustments are required. r 56 LAND SALE ADJUSTMENT GRID SUBJECT COMPARABLE 1 COMPARABLE 2 COMPARABLE 3 COMPARABLE 4 Location West side of Maguire Road, East side of Maguire Road, East side of Maguire Road, Northeast corner of Silver Southwest corner of S.R. 50 approximately 650 feet approximately 685 feet approximately 1,010 feet Star Road and Clarke Road and Windtree Lane south of Wiltshire Blvd. south of Winshire Blvff south of Wiltshire Blvd. Size 42,645 SF 41,930 SF 45,494 SF 40,725 SF 33,602 SF Access Maguire Road Via cross-access easements Via cross-access easements Via cross-access easements S.R. 50/Windtree Lane off of Maguire Road off of Maguire Road off of Silver Star and Clarke Road Shape Rectangular Rectangular Rectangular Irregular Irregular Utilities.. S,W,E,T S,W,E,T S,W,E,T S,W,E,T S,W,E,T Zoning/Future Land Use PUD/Commercial PUD/Commercial PUD/Commercial C-2/Commercial C-2/Commercial Sale Date N/A Rune 7, 1996 February 5, 1996 August 22, 1995 March 24, 1994 Sale Price N/A $395,000 $475,000 $362,500 $295,000 Sale Price/SF N/A $9.42/SF $1044/SF $8.90/SF $8.78/SF Conditions of Sale N/A 0% 0% 0% 0% Market Conditions N/A 0% 0% 0% 0% Time Adjusted Sale Price/SF N/A $9.42/SF $10.44/SF $8.90/SF $8.78/SF ADJUSTMENTS Location 0% 0% 0% 0% Access/Exposure 0% 0% 0% 0% Size 0% 0% 0% 0% Site Configuration - 5% - 5% - 5% - 5% Development Constraints - 10% - 10% - 10% - 10% Drainage/Retention - 10% - 10% 0% 0% Site Topography - 5% - 5% - 5% - 5% Zoning. 0% 0% 0% 0% Utilities 0% 0% 0% 0% Net Adjustment - 30% - 30% - 20% - 20% Per Square Foot Value Indication $6.59/SF $7.31/SF $7.12/SF $7.02/SF I ** S - Sewer W- Water E - Electricity T - Telephone 1 I I I I I I. I I I $ I I 1 I I I I 1 t. VALUATION OF THE SUBJECT SITE: (CONT'I).) Applying this net downward adjustment of 20% to the sale property's unadjusted purchase price provides an adjusted unit value indication for the subject site of $7.12 per square foot of gross site area. Comparable Sale No. 4 is generally very comparable to the subject site in most respects and it was our opinion that the only adjustments which would he necessary when comparing the sale property to the ` subject site would relate to site configuration, development constraints and site topography. amThe subject site reflects a longer, narrower configuration than that of the sale property. Therefore, the sale property is considered superior to the subject site in regards to site configuration and has been adjusted downward by 5% for this factor. The sale property is an out-parcel of a commercial center tee while the subject property is a free-standing site. The sale property will reflect less development constraints than those of the subject site due to its shared ingress/egress, cross parking and less intensive buffering and set-back requirements. Therefore, the sale property is considered superior to the subject ` site in this respect and has been adjusted downward by 10% for this factor. The sale property is at, or near, the elevations of State Road 50, Windtree Lane and surrounding properties, while the subject site is below the elevation of Maguire Road. It appears that the subject site will require some fill prior to development and the sale property is superior to the subject in this respect. Therefore, a negative 5% adjustment has been applied to the sale property in recognition of its superior site topography. In all other respects the sale property is considered generally comparable to the subject site and no further adjustments are required. Applying this net downward adjustment of 20% to the sale property's unadjusted purchase price provides an adjusted unit value indication for the subject site of $7.02 per square foot of gross site area. The four comparable sales analyzed herein have reflected adjusted unit value indications for the subject ` site of $6.59, $7.31, $7.12 and $7.02 per square foot of gross site area, respectively. Each of the sales utilized herein are considered to provide a good indication of market value for the subject site and have been given generally equal weight when estimating a correlated unit value for the subject site. Sales 1 and 2 involve recent sales of commercial sites located directly across Maguire Road .. from the subject site and these sales bracket the unit value indications provided by Sales 3 and 4. Sale I reflected the lowest adjusted unit value indication of the four sales analyzed, however, the seller reported that the difference in price between Sale 1 and Sale 2 was primarily related to the motivation ` of the seller. Sale 1 was the first out-parcel within the Plantation Groves Shopping Center to be placed under contract and the seller was anxious to recoup some of the investment in the property. Once Sale 1 was made, the seller was able to more aggressively negotiate the sale price of Sale 2. 57 VALUATION OF THE SUBJECT SITE: (CONT'D.) r Therefore, based upon this data, and recognizing the propensity within the market to deal in round figures, it was the Appraisers' opinion that the subject site would reflect a unit value of approximately am $7.25 per square foot of gross site area. The estimated market value of the subject site, as vacant, has therefore been calculated as follows: 42,645 SF @ $7.25/SF = $309,1.76 Rounded to: $309,000 58 DEFINITION OF MARKET VALUE The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently 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 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 interest; 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: Uniform Standards of Professional Appraisal Practice of The Appraisal Foundation. DEFINITION OF HIGHEST AND BEST USE , I The reasonably probable and legal use of vacant land or an improved property which is physically possible, appropriately supported, financially feasible and that results in the highest value. SOURCE: The Appraisal of Real Estate, Ninth Edition, published by The American Institute of Real Estate Appraisers (1987). 59 LIMITING CONDITIONS AND ASSUMPTIONS ▪ In rendering our opinions, we have made certain assumptions and our opinions are conditioned upon and are subject to certain qualifications including, without limitation, the following: • INFORMATION USED: No responsibility is assumed for accuracy of information furnished by or from others, including the client, its officers and employees, or public records. We are not liable for such information or the work of contractors, subcontractors and engineers. The comparable data relied upon in this report has been ✓ confirmed with one or more parties familiar with the transaction; all are considered appropriate for inclusion to the best of our factual judgment and knowledge. ▪ LEGAL,ENGINEERING,FINANCIAL,STRUCTURAL OR MECHANICAL NATURE, HIDDEN COMPONENTS, SOIL: No responsibility is assumed for matters legal in character or nature, nor matters of survey, nor of any architectural, structural, mechanical or engineering nature. No opinion is rendered as to the legal nature �. or condition of the title to the property, which is presumed to be good and marketable. The property is appraised assuming it is free and clear of all mortgages, liens or encumbrances, unless otherwise stated in particular parts of the report. IMO The legal description is presumed to be correct, but we have not confirmed same by survey or otherwise. We assume no responsibility for the survey, or for encroachments or overlapping or other discrepancies that might be revealed thereby. ▪ We have inspected as far as possible, by observation, the land and the improvements thereon; however, it was not possible to personally observe conditions beneath the soil or hidden structural, or other components, or any mechanical components within the improvements; as a result, no representation is made herein as to such matters unless otherwise specifically stated. The estimated market value considers there being no such conditions that would cause a loss of value. We do not warrant against the occurrence of problems arising from soil conditions. This appraisal is based on there being no hidden, unapparent, or apparent conditions of the property site, • subsoil or structures which would render it more or less valuable. No responsibility is assumed for any such conditions or for any expertise or engineering to discover them. All mechanical components are assumed to be in operable condition and the status of same to be standard for properties of the subject type. The condition of the heating,cooling, ventilating, electrical and plumbing equipment is considered to be commensurate with the condition of the balance of the improvements unless otherwise stated. No �- judgment is made as to adequacy of insulation or energy efficiency of the improvements or equipment. 60 LIMITING CONDITIONS AND ASSUMPTIONS: (CONT'D.) ` Unless otherwise stated in this report, the existence of hazardous material, which may or may not be • present on the property, was not observed by the Appraiser. The Appraiser has no knowledge of the ▪ existence of such materials on or in the property. The Appraiser, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea-formaldehyde foam insulation, or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for ally expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. r LEGALITY OF USE: The appraisal is based on the premise that: (i) there is or will be full compliance with all applicable federal, state and local environmental regulations and laws unless otherwise stated in the report; (ii) that ▪ all applicable zoning, building and use regulations and restrictions of all types have been or will be complied with unless otherwise stated in the report; and (iii) it is assumed that all required licenses, consents, permits or other legislative or administrative authority, whether local, state, federal and/or private, have been or can be obtained or renewed for the use intended and considered in the value estimate. los COMPONENT VALUES: ` The distribution of the total valuation in this report between land and improvements applies only under the proposed program of utilization. The separate valuations for land and building must not be used in conjunction with any other appraisal and are invalid if so used. A report related to an estate that is less than the whole fee simple estate applies only to the fractional • interest involved. The value of this fractional interest plus the value of all other fractional interests may or may not equal the value of the entire fee simple estate considered as a whole. A report related to a geographical portion of a larger property applies only to such geographical portion and should not be considered as applying with equal validity to other portions of the larger property or tract. The value for such geographical portions plus the value of all other geographical portions may or may not equal the value of the entire property or tract considered as an entity. ▪ AUXILIARY AND RELATED STUDIES: No environmental or impact studies, special market study or analysis, highest and best use analysis study or feasibility study has been requested or made by us unless otherwise specified in our agreement for services or in this report. We reserve the unlimited right to alter, amend, revise or rescind any of the .. statements, findings, opinions, values, estimates or conclusions upon any subsequent such study or analysis or previous study or analysis subsequently becoming known to us. 61 LIMITING CONDITIONS AND ASSUMPTIONS: (CONTD.) Nm DOLLAR VALUES, PURCHASING POWER: ▪ The value estimated, and the costs used, are as of the date of the estimate of value. All dollar amounts are based on the purchasing power and price of the United States dollar as of the date of the value estimate. INCLUSIONS: Igo Furnishings and equipment or business operations except as otherwise specifically indicated have been disregarded with only the real estate being considered. PROPOSED IMPROVEMENTS, CONDITIONED VALUE: • Improvements proposed, if any, on or off-site, as well as any repairs required are considered, for purposes of this appraisal to be completed in good and workmanlike manner according to information submitted and/or considered by us. In cases of proposed construction, the report is subject to change 'upon inspection of property after construction is completed. This estimate of value is as of the date shown, as proposed, as if completed and operating at levels shown and projected. VALUE CHANGE, DYNAMIC MARKET, INFLUENCES: ▪ The estimated value is subject to change with market changes over time; value is highly related to interest rates, exposure, time, promotional effort, supply and demand, terms for sale, motivation and ,s conditions surrounding the offering. The value estimate considers the productivity and relative attractiveness of the property physically and economically in the marketplace. The estimate of value in this report is not based in whole or in part upon the race, color or national origin of the present owners ▪ or occupants of the properties in the vicinity of the property appraised. In the event this appraisal includes the capitalization of income, the estimate of value is a reflection of such benefits and our interpretation of income and yields and other factors which were derived from general and specific market information. Such estimates are as of the date of the estimate of value. As ▪ a result, they are thus subject to change as the market is dynamic and may naturally change over time. SALES HISTORY: The Appraisers have not reviewed an abstract of title relating to the subject property. The sales history data, as set out within the report relating to the subject property, is therefore subject to review by legal counsel and to the review of a current abstract by the Appraisers. 62 LIMITING CONDITIONS AND ASSUMPTIONS: (CONTD.) i MANAGEMENT OF THE PROPERTY: It is assumed that the property which is the subject of this report will be under prudent and competent ownership and management. • CONFIDENTIALITY: We are not entitled to divulge the material (evaluation) contents of this report, analytical findings or conclusions, or give a copy of tins report to anyone other than the client or his designee as specified in writing except as may be required by the Appraisal Institute as they may request in confidence for ethics ,. enforcement, or by a court of law or body with the power of subpoena. All conclusions and opinions concerning the analysis as set forth herein were prepared by the Appraiser(s) whose signature appears. No change of any item in the report shall be made by anyone other than the Appraiser, and the Appraiser and firm shall have no responsibility if any such r unauthorized change is made. Wherever our opinion herein with respect to the existence or absence of facts is qualified by the phrase +. or phrases "to the best of our knowledge", "it appears' or "indicated", it is intended to indicate that during the course of our review and investigation of the property, no information has come to our attention which would give us actual knowledge of the existence or absence of such facts. COPIES, PUBLICATION, DISTRIBUTION, USE OF REPORT: Possession of this report or any copy thereof does not carry with it the right of publication, nor may it be used for other than its intended use; the physical report(s) remain the property of the firm for the use ▪ of the client, the fee being for the analytical services only. This report may not be used for any puipuse by any person or corporation other than the client or the party to whom it is addressed or copied without the written consent of an officer of the firm and then only in its entirety. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations efforts, news, sales, or other media, without our prior written consent and approval, nor may any reference be made in such a public communication to the Appraisal Institute or the S.R.A., S.R.P.A., S.R.E.A., R.M., or M.A.I., designations. TRADE SECRETS: This appraisal was obtained from Consortium Appraisal, Inc. and consists of "trade secrets and commercial or financial information" which is privileged and confidential. Notify the Appraiser(s) • signing the report or an officer of Consortium Appraisal, the., of any request to reproduce this appraisal in whole or part. 63 LIMITING CONDITIONS ANI) ASSUMPTIONS: (CONT'D.) AUTHENTIC COPIES: ▪ The authentic copies of this report are bound with a clear cover and a blue back. The signature page of the report should bear a raised seal on or near the signature block. Any copy that does not have this binding and seal is unauthorized and may have been altered. EXHIBITS: The sketches and maps in this report are included to assist the reader in visualizing the property and are not necessarily to scale. Various photos, if any, are included for the same purpose and are not intended ▪ to represent the property in other than actual status, as of the date of the photos. TESTIMONY, CONSULTATION, COMPLETION OF CONTRACT FOR APPRAISAL ▪ SERVICES: The contract for appraisal, consultation or analytical service, are fulfilled and the total fee payable upon completion of the report. The Appraiser(s) or those assisting in preparation of the report will not be asked or required to give testimony in court or hearing because of having made the appraisal, in full or ▪ in part, nor engage in post appraisal consultation with client or third parties except under separate and special arrangement and at additional fee. LIMIT OF LIABILITY: Liability of the firm and employees is limited to the fee collected for preparation of the appraisal. There is no accountability or liability to any third party. ▪ FEE: The fee for this appraisal or study is for the service rendered and not for the time spent on the physical report. ,. Acceptance of, and/or Use of, This Appraisal Report Constitutes Acceptance of The Above Conditions. 64 EXHIBITS 65 QUALIFICATIONS OF THE APPRAISER I NAME: Philip F. Wood BUSINESS ADDRESS: goi Consortium Appraisal and Consulting Services, Inc. .. Post Office Drawer 2129 Winter Park, Florida 32790 GENERAL EDUCATION: _ Bachelor of Science Degree in Business Administration Florida State University, Tallahassee, Florida, 1970 APPRAISAL EDUCATION: Completed the following courses under the direction of the American Institute of Real Estate Appraisers: Course 1-A - R/E Appraisal Principles & Practices Course 1-B - Capitalization Techniques in Real Estate Appraising Course 2 - Urban Properties .ot Course 4 - Condemnation Completed the following course under the direction of the Society of Real Estate Appraisers: Course 201 - Income Property Analysis APPRAISAL EXPERIENCE: Staff Appraiser with the Florida Department of Transportation from August 1970 to August 1973 Real Estate Appraiser and Consultant from 1973 to present. A corporate partner in Consortium Appraisal and Consulting Services. Vice President of The Real Estate Consortium, Inc. Qualifications of the Appraiser / PHILIP F. WOOD: (Cont'd.) Qualified Expert Witness in condemnation testimony in Orange, Seminole, Osceola and Broward Counties. Engaged exclusively in the appraisal of real estate. Completed appraisals on residential, commercial, industrial, agricultural, acreage, air rights, and special purpose properties with additional experience in lease analysis, condemnation appraising and testimony and income evaluation. Presently holds a Real Estate Broker license in the State of Florida. PROFESSIONAL DESIGNATIONS: Member of the Appraisal Institute holding the designation of MAI, Certificate #5942; also holding the designation SRPA, Senior Real Property Appraiser. State-Certified General Real Estate Appraiser Florida license Number 0000777 RECERTIFICATION: The Appraisal Institute conducts a voluntary program of continuing education for its designated members. MAI's and RM's who meet the minimum standards of this program are awarded periodic educational certification. Philip F. Wood is certified under this program through December, 1997. LQUALIFICATIONS OF THE APPRAISER NAME: Charles B. Byrd BUSINESS ADDRESS: Consortium Appraisal and Consulting Services, Inc. Post Office Drawer 2129 ` Winter Park, Florida 32790 CERTIFICATION & LICENSUItE: State-Certified General Real Estate Appraiser Florida License Number 0000908 EDUCATION: Bachelor of Science Degree, Agricultural Economics with Real Estate Option, Brigham Young University, Provo, Utah APPRAISAL EDUCATION: Sponsor: American Institute of Real Estate Appraisers .. Completed: Course 1A1 - Real Estate Appraisal Principles Course 1A2 - Basic Valuation Procedures Course 8-2 - Residential Valuation Course IBA - Capitalization Theory and Techniques, Part A Course 1BB - Capitalization Theory and Techniques, Part B Course 2-3 - Standards of Professional Practice Course 2-I - Case Studies in Real Estate Valuation Course 2-2 - Valuation Analysis and Report Writing ▪ APPRAISAL EXPERIENCE: ✓, Real Estate Appraiser 1983 to present Engaged in the appraisal of residential, commercial and industrial properties