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HomeMy WebLinkAboutVII(C) Maguire Road Widening Project Agenda 9-07-99 Item VII C. FOLEY & LARDN ER ATTORNEYS AT LAW CHICAGO POST OFFICE BOX 2193 SACRAMENTO DENVER ORLANDO, FLORIDA 32802-2 193 SAN DIEGO JACKSONVILLE I I I NORTH ORANGE AVENUE, SUITE 1800 SAN FRANCISCO LOS ANGELES ORLANDO, FLORIDA 3 280 1-2386 TALLAHASSEE MADISON TELEPHONE: (407)423-7656 TAMPA MILWAUKEE FACSIMILE: (407)648-1743 WASHINGTON, D.C. ORLANDO WEST PALM BEACH WRITER'S DIRECT LINE (407)423-7656 EMAIL ADDRESS CLIENT/MATTER NUMBER mdoty@foleylaw.com 020377-0284 MEMORANDUM TO: The Honorable Mayor and City Commissioners of the City of Ocoee FROM: Mary A. Doty, Esq., Assistant City Attorney L THROUGH: Paul E. Rosenthal, City Attorney DATE: August 31, 1999 RE: Maguire Road Widening Project: Acquisition from Teachers Insurance and Annuity Association Based on the Maguire Road Widening Project design prepared by PEC the City needs to acquire a portion of the Plantation Groves Shopping Center on Maguire Road for a retention pond. The property to be acquired is vacant and is located adjacent to Maguire Road between the Mobil station and the First Union Bank. The parcel is .736 acres in size. The City has had this property appraised by Pinel & Carpenter who determined its appraised value to be $152,500.00. A copy of the appraisal will be available at the City Commission meeting. The property is owned by Teachers Insurance and Annuity Association who has agreed, under threat of condemnation, to sell the parcel to the City for its appraised value. Teachers Insurance and Annuity Association has also agreed, under threat of condemnation, to grant, at no cost to the City, two Non-Exclusive Temporary Easements for the purposes of tying in the Shopping Center driveways with the newly widened Maguire Road. Attached are Purchase Agreements and Temporary Construction Easements which reflect the agreements of Teachers Insurance and Annuity Association. 006.151988.1 ESTABLISHED 1 8 4 2 A MEMBER OF GLOBALEX WITH MEMBER OFFICES IN BERLIN,BRUSSELS,DRESDEN,FRANKFURT,LONDON,SINGAPORE,STOCKHOLM AND STUTTGART FOLEY & LARDNER The Honorable Mayor and City Commissioners of the City of Ocoee August 31, 1999 Page 2 RECOMMENDATION: Approve the Purchase Agreement executed by Teachers Insurance and Annuity Association, authorizing execution thereof by the Mayor and City Clerk, and further authorize the Mayor and City Clerk to execute all documents necessary to close the transaction, including but not limited to the two Non-Exclusive Temporary Easement Agreements. cc: Ellis Shapiro, City Manager James W. Shira, P.E., City Engineer 006.151988.1 PURCHASE AGREEMENT This Purchase Agreement (the "Agreement") is made and entered into this day of 1999 by and between TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, whose address is 730 Third Avenue, New York, New York 10017 (hereinafter referred to as the "Seller"), and the CITY OF OCOEE, a Florida municipal corporation, whose address is 150 North Lakeshore Drive, Ocoee, Florida 32761 (hereinafter referred to as the "City"). WITNESSETH: WHEREAS, the Seller is the owner of fee simple title to certain real property located in Orange County, Florida, as more particularly described in Exhibit "A" attached hereto and by this reference made a part hereof(the "Property"); and WHEREAS, the City is a Florida municipal corporation which is authorized to exercise condemnation powers pursuant to Chapter 166, Florida Statutes; and WHEREAS, the City is constructing the Maguire Road Widening Project (the "Project") and in connection therewith needs to acquire from the Seller fee simple title to the Property for a retention pond; and WHEREAS, the City has advised Seller that if the city and the Seller do not enter into an agreement for the purchase and sale of the Property that the City intends to use its power of eminent domain to condemn its required interests in the Property; and WHEREAS, Seller, under threat of condemnation, has agreed to sell the Property to the City, and the City has agreed to purchase the Property, together with 006.150870.1 any and all improvements, structures, fixtures and appurtenances thereto on the terms and conditions stated below. NOW, THEREFORE, in consideration of the promises and other good and valuable considerations exchanged between the parties hereto, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 1. Recitals. The above recitals are true and correct and are incorporated herein by reference. 2. The Purchase — The Property. Seller, under threat of condemnation, agrees to sell and the City agrees to purchase, for the purchase price and on the terms and conditions herein set forth, the Property, together with all tenements, hereditaments, improvements, structures, fixtures, trees, shrubbery, roads and easements, appertaining thereto and all of the Seller's right, title, and interest therein. The Seller shall convey to the City marketable, fee simple title to the Property by special warranty deed free and clear of all liens, mortgages and encumbrances, except for restrictions, reservations and easements of record, if any. The instrument of conveyance shall transfer all of Seller's interest in and to all improvements, fixtures, easements, trees, shrubbery, rights-of-way, tenements and appurtenances belonging or appertaining to the Property, including without limitation of the foregoing, all right, title and interest of Seller in and to any land lying in the bed of any street, alley, road or avenue (before or after vacation thereof, and whether previously abandoned or vacated or hereafter abandoned or vacated). 3. Purchase Price. The Purchase Price for the Property shall be ONE HUNDRED FIFTY TWO THOUSAND FIVE HUNDRED AND NO/100 2 006.150870.1 • DOLLARS ($152,500.00) (the "Purchase Price"). The parties hereto acknowledge and agree that the Purchase Price: (a) constitutes full compensation to the Seller for the value of the Property and the resultant damage, if any, to the remainder of the lands adjacent thereto owned by the Seller; (b) includes full compensation to the Seller for all trees, shrubbery and other improvements on the Property, all of which may be removed by the City in connection with the Project; and (c) includes compensation and reimbursement to the Seller for all costs and expenses incurred or to be incurred incident to this Agreement and the closing hereof, including but not limited to attorneys' fees and appraisal fees. 4. Closing Costs; Tax Proration. The City shall pay all closing costs associated with this Agreement, including all recording fees and documentary stamp taxes relating to or resulting from the transfer of title to the City of the Property. Real property taxes in connection with the conveyance of the Property shall be prorated as of the day of the acceptance of the conveyance by the City and the prorated amount shall be paid by the Seller and shall be escrowed in accordance with the provisions of Section 196.295, Florida Statutes. 5. Maintenance of Access. Throughout the Project, the City will maintain for Seller's benefit access to the adjacent lands owned by the Seller as of the date hereof(the "Parent Tract"); provided, however, that the Seller acknowledges that there may be temporary periods during which access to the Parent Tract may be temporarily rerouted due to construction activities associated with the Project. 6. Closin . Closing of title for the Property shall take place at the offices of Foley & Lardner, 111 North Orange Avenue, Suite 1800, Orlando, Florida at 10:00 3 006.150870.1 a.m. on September 28, 1999. The City's legal counsel shall be responsible for the preparation of all.closing documents, at the City'.s expense. 7. Additional Documentation. In connection with the conveyance of the Property the Seller shall execute such closing documents as may reasonably be required by the City, including but not limited to a standard form no-lien affidavit, a non-foreign certification, and a closing statement. 8. Use of Property Prior to Closing. From the date hereof through the date of acquisition of the Property, the City through its consultants, contractors and employees, will be and are hereby authorized to enter upon the Property. for the purposes of having scientific investigation, surveying and the taking of soil borings in connection with the Project. Any boring holes made by the. City shall be promptly filled and packed to the surrounding earth level by the City. 9. Further Documentation. The parties agree that at anytime following a request therefor by the other party, each shall execute and deliver to the other party such further documents and instruments, in form and substance reasonably necessary to confirm and/or effectuate the obligations of either party hereunder and the consummation of the transactions contemplated hereby. The provisions of this paragraph shall survive the closing. 10. Specific Performance. Both the City and the Seller shall have the right to enforce the terms and conditions of this Agreement by an action for specific performance. 4 006.150870.1 11. Time of Essence. Time is of the essence for this Agreement and in the performance of all conditions, covenants, requirements, obligations and warranties to be performed or satisfied by the parties hereto. 12. Agreement; Amendment. This Agreement constitutes the entire agreement between the parties, and supersedes all previous discussions, understandings and agreements, with respect to the subject matter hereof. Amendments to and waivers of the provisions of this Agreement shall be made by the parties only in writing by formal amendment. 13. Applicable Law. This Agreement shall be construed and interpreted in accordance with the laws of the State of Florida. 14. Disclosure of Beneficial Interest. Seller warrants and represents to the City that no member of the Ocoee City Commission, no agent or employee of the City, and no person related by blood or marriage to any of the aforesaid has or will benefit in any way, either directly or indirectly from the sale of the Property by Seller to the City under the provisions of this Agreement. 15. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto, their respective legal representatives, successors, heirs and assigns. 16. Negotiated Price to be Without Prejudice. The purchase price specified herein was negotiated by the parties on the basis of a total price for the Property and shall be without prejudice to any party, and inadmissable in any condemnation proceedings which might hereinafter be brought if this transaction is not closed for any reason whatsoever. 5 006.150870.1 17. Time for Acceptance. The Seller is irrevocably executing this Agreement prior to approval by the City; provided, however, that in the event the City • does not approve and execute this Agreement on or before September 21, 1999, then the Seller's execution hereof shall be automatically terminated and the City shall immediately return to the Seller the executed originals hereof. 18. Effective Date. The Effective Date of this Agreement shall be the date that it is executed by the City and such date shall be inserted on the front page of this Agreement. IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement, to become effective as of the date and year first above written. Signed, sealed and delivered SELLER: in the presence of: Teachers Insurance and Annuity • Association of America lecnvi YtA-C L--)/16I ! Title. �� ire.T�RkmOU.OS ASSOCIATE DIRECTOR 6 006.150870.1 Signed, sealed and delivered CITY: in the presence of: CITY OF OCOEE, a Florida municipal corporation By: S. Scott Vandergrift Mayor Attest: Jean Grafton City Clerk [AFFIX SEAL] Executed on: , 1999 For use and reliance only by the City of APPROVED BY THE OCOEE CITY Ocoee, Florida. Approved as to form and COMMISSION AT A MEETING legality this day of HELD ON 1999. 1999 UNDER AGENDA ITEM NO. By: Name: City Attorney Foley & Lardner 7 006.150870.1 • LEGAL DESCRIPTION A TRACT OF LAND BEING A PORTION OF LOT 1. OPUS SOUTH, ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK JJ PACE 21 OF THE PUBLIC RECORDS OF ORANGE COUNTY, FLORIDA DESCRIBED AS FOLLOWS: COMMENCE AT THE SOUTHWEST CORNER OF LOT J OF SAID OPUS SOUTH AS THE POINT OF BEGINNING, SAID POINT OF BEGINNING LYING ON THE EAST RIGHT—OF—WAY LINE OF MAGUIRE ROAD: THENCE RUN NORTH 895450'EAST, ALONG THE SOUTH LINE OF SAID LOT J AND ALONG THE NORTH LINE OF 7HE NO BUILD AREA EASEMENT OF SAID LOT 1, A DISTANCE OF 209.65 FEET TO THE SOUTHEAST CORNER OF SAID LOT J; THENCE RUN SOUTH 0071:75'EAST, ALONG THE EAST LINE OF SAID NO BUILD AREA EASEMENT OF SAID LOT 1, A DISTANCE OF 152.98 FEET TO THE NORTHEAST CORNER OF LOT 4 OF SAID OPUS SOUTH; THENCE RUN SOUTH 8934 50- WEST, ALONG THE NORTH LINE OF SAID LOT 4 AND THE SOUTH LINE OF THE NO BUILD AREA EASEMENT OF SAID LOT 1, A DISTANCE OF 209.65 FEET TO THE NORTHWEST CORNER OF SAID LOT 4, AND SAID EAST RIGHT—OF—WAY LINE OF MAGUIRE ROAD; THENCE RUN NORTH 0071:75" WEST, ALONG THE WEST LINE OF THE AFORESAID LOT 1 AND THE EAST RIGHT—OF—WAY LINE OF MAGUIRE ROAD. 152.98 FEET TO THE POINT OF BEGINNING 1HE ABODE DESCRIBED TRACT OF LAND LIES IN THE CITY OF OCOEE. GRANGE COUNTY, FLORIDA AND CONTAINS 0.736 ACRES. MORE OR LESS SURVEYORS NOTES. (1) NO ABSTRACT FOR RIGHTS—OF—WAY, EASEMENTS, OWNERSHIP OR OTHER INSTRUMENTS OF RECORD HAVE BEEN FRONDED TO THIS FIRM. (2) BEARINGS SHOWY HEREON ARE RELATIVE TO AN ASSUMED DATUM BASED ON THE WEST LINE OF LOT 1, OPUS SOUTH ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK 33, PAGE 21 OF THE PUBLIC RECORDS OF ORANGE COUNTY, FLORIDA. (•7) THE 'LEGAL DESCRIPTION"HEREON HAS BEEN PREPARED BY THE SURVEYOR AT THE CLIENT'S REOU£ST. (4) DATA SHOWN HEREON WAS COMPILED FROM THE INSTRUMENT OF RECORD AND DOES NOT CONSTITUTE A FIELD SURVEY, AS SUCH. (5) TH£DELINEATION OF LANDS SHOWY HEREON ARE AS PER THE CLIENT'S INSTRUCTIONS: • DAND A. MNFE P.S:M. FLORIDA REGTS7RATICW NO. 4044 PRO ESS/OMAL ENGINEERING CONSULTANTS, INC. CERTIFICATE OF AUTHORIZATION NO. LB-3556 Exhibit A SHEET' or 1 Page 1 of 2 p Ec ' PROFESSIONAL ENGINEERING CONSULTANTS, INC. engineers planners surveyors CERTIFICATE OF AUTHORIZATION NUMBER LB 3556 S:ts 1560 • Edo Part Centro • 200 East RotMson Street • Wawa. f 11e01 • 407/417-e0e1 .SEC77CAY.12 7DNNSHP 22 SOUTH RANGE 28 EAST LEGAL DESCRIPTION S (THIS IS NOT A SURVEY) I- I I I SCALE: 1" = 50' LOT 3 1 OPUS SOUTH I P.B. 33, PG. 21 I P.O.B. S.W. CORNER S.E. CORNER LOT 3, OPUS SOUTH P.B. 3 3, P . 21N. 89 54'50" E. 209.65' 60' NNt----- SOUTH LINE LOT 3 N N. LINE NO BUILD AREA EASEMENT 0 A POR TION OF o ,� obi I h - LOT 1 m i h .a in o o oPus SOUTH o 4 z O ;' LI W P.B. 33, PG. 21 W W e� W N a 2 Q to CI cc (3 In 3 � W oo ---1 I �ec '� c 3 NO BUILD AREA W e Ncc Z o I EASEMENT o o Q m I v; NORTH LINE LOT 4 (I) N.W. CORNER 60" �—S. LINE NO BUILD AREA EASEMENT Q. --•/... _—. S. 89'54'50" W. 209.65' ...) - • N.E. CORNER ! . cr°12, I �`; i LOT 4 P3 Li z OPUS SOUTH `�' m k P.B. 33, PG. 21 �a a(^i - Qe • We VW • I o� i Z~ LEGEND.. h\ E aamssc Q ,- P. - PLAT U. - 1[Aillite CM - CM LAND ....Pa. - - RAT MOM PAM Exhibit A SHEET s OF z Page 2 of 2 PEC I PROFESSIONAL ENGINEERING CONSULTANTS, INC. engi planners surveyors CERTIFICATE OF AUTHORIZATION NUMBER LB 3556 Suit. 1560 • Coto Pat Caner • 200 cast Robinson street • Onentro. Ft&il, S2001 • 407/422-8052 S£CTKyV JZ TOl NSNIP 22 S«/1H, RANGE 28 EAST THIS INSTRUMENT PREPARED BY AND SHOULD BE RETURNED TO: Mary A.Doty,Esq. FOLEY&LARDNER 111 North Orange Avenue,Suite 1800 Post Office Box 2193 Orlando,FL 32802-2193 (407)423-7656 For Recording Purposes Only NON-EXCLUSIVE TEMPORARY EASEMENT AGREEMENT THIS NON-EXCLUSIVE TEMPORARY EASEMENT AGREEMENT is made and entered into this day of 1999, by and between TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, whose address is c/o Brown & Associates, P.O. Box 72437, Marietta, Georgia 30007-2437 (hereinafter referred to as the "Grantor"), and the CITY OF OCOEE, a Florida municipal corporation, whose address is 150 N. Lakeshore Drive, Ocoee, FL 34761, (hereinafter referred to as the "Grantee"). WITNEESETH: WHEREAS, Grantor is the owner of that certain real property located in Orange County, Florida, as more particularly described in Exhibit A attached hereto and incorporated herein by reference (the "Easement Property"); and WHEREAS, Grantee has requested, and Grantor has agreed to grant and convey to Grantee, a non-exclusive temporary easement over, upon and across the Easement Property for the specific and limited purposes hereinafter set forth. NOW, THEREFORE, in consideration of the mutual covenants, promises, terms and conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: Section 1. The above recitals are true and correct, form a material part of this Agreement and are incorporated herein by reference. Section 2. Grantor hereby gives, grants, bargains, sells, and coveys to Grantee a non-exclusive temporary easement over, upon and across the Easement Property for the purposes hereinafter stated (the "Easement"), all subject to the terms, conditions, and limitations set forth herein. Section 3. Grantor hereby warrants and guarantees to Grantee that Grantor has fee title to the Easement Property, subject to easements, reservations, restrictions, and rights-of-way of record, if any, and the Grantor has full power and authority to grant this Easement as to the Easement Property. Section 4. Grantee's use of the Easement Property shall be for the purpose of Grantee, through itself, its agents, contractors, consultants and employees: (a) performing such activities on the Easement Property as Grantee may deem reasonably necessary in connection with the design, engineering, and construction of improvements to a certain roadway known as Maguire Road which is located adjacent to and in the vicinity of the Easement Property, and (b) tying in and harmonizing the Easement Property and the driveways, walkways, and other improvements thereon with the construction of the Maguire Road Widening Project (the "Project") undertaken by the City in conjunction with the aforesaid activities on the Easement Property. Notwithstanding the foregoing, this Easement is granted upon the condition that the sloping and/or grading upon the Easement Property shall not extend beyond the Easement Property and that all grading or sloping shall conform to all existing structural improvements within the Easement Property and all work will be performed in such a manner that existing structural improvements will not be damaged. Section 5. This Easement is non-exclusive, and Grantor reserves to itself, • its successors and assigns, the non-exclusive right to use, pass and repass over and upon the Easement Property. Each party shall use the rights granted and reserved by this Easement Agreement with due regard to the rights of the other party to use and enjoy the Easement Property. Section 6. The Easement shall terminate upon the earlier of (a) the completion of the construction of the Project as certified by the City, or (b) December 31, 2001. Upon termination of the Easement, Grantee shall record a Notice of Termination in the Public Records of Orange County, Florida. Section 7. Grantee shall, at its sole cost and expense, restore any improvements on the Easement Property that are damaged by Grantee incident to its construction of the Project to a condition which approximates as closely as is reasonably practicable the condition of said improvements prior to being damaged by Grantee. Section 8. To the extent permitted by law, the Grantee agrees to indemnify and hold harmless the Grantor from and against any and all claims, actions, causes of action, loss, damage, injury, liability, cost or expense, including without limitation attorneys' fees (whether incurred before, during or after trial, or upon any appellate level), arising from the Grantee's use of the Easement Property or from the exercise by the Grantee of any rights granted by this Easement Agreement. 2 006.148521.1 Section 9. To the extent that any rules, regulations or ordinances of the Grantee or any previously existing development approvals or any agreement between the Grantor (or its predecessors in interest) and the Grantee require that certain improvements, including but not limited to walls, signage, landscaping, irrigation and berming, be constructed or installed within all or any portion of the Easement Property, the Grantor agrees that it shall not construct or install any such improvements within the Easement Property until the earlier of (i) the date of termination of this Easement Agreement, or (ii) the written approval by the Grantee of a specific improvement within the Easement Property. The aforementioned restrictions may be waived by Grantee in whole or in part, at the Grantee's option. The Grantor may from time-to-time request the approval of Grantee to construct or install certain improvements within the Easement Property and Grantee covenants and agrees to grant such approval unless the Grantee makes a good faith determination that such improvement will interfere with the exercise by Grantee of its rights and privileges under the terms of this Easement Agreement. Grantee covenants and agrees that it will not defer or delay the issuance to Grantor of any building permits, certificates of completion or certificates of occupancy because of the inability of the Grantor to complete improvements within the Easement Property due to the restrictions imposed by this Easement Agreement; provided, however, that the Grantor shall, at Grantor's sole cost and expense, promptly complete any such deferred or delayed improvements upon the termination of this Easement Agreement or the waiver of such restriction by the Grantee. Nothing contained in this Section shall be construed to release or discharge the Grantor from any of its obligations and responsibilities with respect to improvements to be constructed or installed within the Easement Property. This Section is intended only to affect the timing of the Grantor's compliance with any such obligations and responsibilities. Section 10. The Easement shall be binding upon and inure to the benefit of the parties specified herein, their respective legal representatives, successors and assigns, and the benefits and burdens hereof shall run with the Easement Property. Section 11. This Easement Agreement may be modified or amended only upon the mutual written consent of Grantee and Grantor, or their respective legal representatives, successors and assigns. 3 006.148521.1 IN WITNESS WHEREOF, the parties hereto have subscribed their names and have caused this Easement Agreement to be executed as of the day and year first above written. Signed, sealed and delivered GRANTOR: in the p sence of: TEACHERS INSURANCE AND ANNUITY ASSOCIATES OF .1 !tie /- RI A t Name /1 )r By: Nam : Print Nam ew Zcr-, Title • ASSOCIATE DIRECTOR STATE OF yi . COUNTY OF The foregoing instrument was acknowledged before a this ZS day of 1999, by O'IA) j/1itOWPOM as C- _ . of T chers Insurance and Annuity Associates of America. H ' She is personally known to me or ❑ has produced 1 s identification. W ESS my hand and official seal in the County and State aforesaid this . day of 1999. ,0 0/1 WA“- Notary Public u Print Name DANIEL DONOGHUE My Commission Expires:Notary Public,State of New York No.41-5003564 QuatHied in Queens County Commission Expires Oct. 26,11,39e 4 006.148521.1 Signed, sealed and delivered GRANTEE: in the presence of: CITY OF OCOEE, a Florida municipal corporation By: Print Name Name: S. Scott Vandergrift Title: Mayor Print Name Attest: Name: Jean Grafton Title: City Clerk [Affix Seal] FOR USE AND RELIANCE ONLY BY APPROVED BY THE OCOEE CITY THE CITY OF OCOEE, FLORIDA. .COMMISSION AT A MEETING HELD APPROVED AS TO FORM AND ON , 1999 LEGALITY THIS DAY OF UNDER AGENDA ITEM NO. 1999. By: Foley & Lardner City Attorney STATE OF FLORIDA COUNTY OF ORANGE, The foregoing instrument was acknowledged before me this day of 1999, by S. Scott Vandergrift, as Mayor of the City of Ocoee. He is ❑ personally known to me or ❑ has produced as identification. WITNESS.my hand and official seal,in the County and State aforesaid this day of 1999. Notary Public Print Name My Commission Expires: 5 006.148521.1 Exhibit "A" lof2 LEGAL DESCRIPTION (THIS IS NOT A SURVEY) TEMPORARY CONSTRUCTION EASEMENT A STRIP OF LAND LYING IN SEC77ON J2, TOVnVSH/P 22 SOUTH, RANGE 28 EAST BEING A POR770N OF LOT 1, OPUS SOUTH ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK JJ, PACE 21 OF 7HE PUBLIC RECORDS OF ORANGE COUNTY, FLORIDA. DESCRIBED AS FOLLOWS COMMENCE AT THE NORTHWEST CORNER OF LOT 5 OF SAID OPUS _ SOUTH FOR THE POINT OF BEGINNING; THENCE RUN NORTH 0028'43" WEST, ALONG THE WEST LINE OF SAID LOT 1, A DISTANCE OF 60.00 FEET TO THE SOUTHWEST CORNER OF LOT 4, OF SAID OPUS SOU7TI;• THENCE RUN NORTH 8947'42"EAST, ALONG THE SOUTH LINE OF SAID LOT 4, A DISTANCE OF 3J.80 FEET, THENCE, DEPAR77NG SAID SOUTH LINE, RUN SOUTH 0028 4J"EAST, 60.00 FEET TO A POINT ON THE NORTH LINE OF LOT 5 OF SAID OPUS SOUTH; THENCE RUN SOUTH 89 47'42" WEST• ALONG SAID NORM/ LINE OF SAID LOT 5, A DISTANCE OF 3380 FEET TO THE POINT OF BEGINNING. 7HE ABOVE"DESCRIBED STRIP OF LAND LIES IN THE CITY OF OCOEE, ORANGE COUNTY, FLORIDA AND CONTAINS 2028 SQUARE FEET, MORE OR LESS SURVEYOR'S N07ES.• (1) NO ABSTRACT FOR RIGHTS-OF-WAY, EASEMENTS, OWNERSHIP OR OTHER • INSTRUMENTS OF RECORD HAVE BEEN PROVIDED TO THIS F7RM. (2) BEARINGS SHOWN HEREON ARE ASSUMED RELAT7VF TO. THE EAST RIGHT-OF- WAY LINE OF MAGU/RE ROAD BEING NORTH 007E 4J" WEST. (3) THE "LEGAL DESCRIP770N"HEREON HAS BEEN PREPARED BY THE SURVEYOR AT THE CLIENT'S REQUEST. (4) THIS SKETCH DOES NOT REPRESENT A FIELD SURVEY• AS SUCH. (5) 7HE DELINEAAON OF LANDS SHOWN HEREON IS AS PER 7HE CLIENT'S /NS7RUCT7ONS. DAVID A. WHITE, FLORIDA REGIS7RA7ION NO. 4044 PROFESSIONAL ENGINEERING CONSULTANTS, INC CER77F7CATE OF AUTHORIZA770N Na LB-3556 SHEET I OF 2 PffJ 1 PROFESSIONALineers ENGINEERING CONSULTANTS,surveyors INC. eng planners CERTIFICATE OF AUTHORIZATION NUMBER LB 3556 Suit* 1560 • £do Poo Canln • 200 East RMioor Simi • trra,Cy F]ardo J2801 • 407/422-6062 SEC11ON 3Z TOWNSHIP 22 SOUTH. RANGE 28 EAST Exhibit "A" 2of2 LEGAL DESCRIPTION (THIS IS NOT A SURVEY) l TEMPORARY CONSTRUCTION EASEMENT . Ss LOT 4 OPUS SOUTH toP8.J3, PG.21 N SCALE ki n I/SW.CORNER LOT 4 1• = 10' a / N 89 47'42" E .3.180' cN----S.LINE LOT 4 2 c 14 W W y W N ti W 4. O W LOT 1 CO OPUS SOUTH O O " CC eO �i W b m Q W INGRESS/EGRESS I EASEMENT PER PLAT cN Q W W CO 111 ORB.4994,PG.2790 �+' Z O. '� co CI - ,........) • S 89 47'42T W 33.80' `N.LINE LOT 5 O.B. NWCORNER LOT 5 LOT 5 OPUS SOUTH - PB.3J, PG.21 LEGEND P.aa - PONr CY'BEGNAKo _ R/1V - RIp?-aF-MAY PS - PLAT Baor ma - o47r1AL RECQQS Boor PG(S). - PACE(5) SHEET 2 OF 2 SEE SHEET 1 OF 2 FOR LEGAL DESCRIPTION AND SURVEYORS NOTES PEC / PROFESSIONAL ENGINEERING CONSULTANTS, INC. engineers planners surveyors CERTIFICATE OF AUTHORIZATION NUMBER LB 3556 Sato 1560 • Edo Port Como • 200 Ease Radhsan SUM • CHanala RadOo 32801 • 407/422-0062 CCf•T1fY. Z7 TfN1AiC JID 77 CAI ITU 0AU1f•1 •22 C•CT - PARCEL: MAGUIRE ROAD POND OWNER: TEACHERS INSURANCE AND ANNUITY ASSOCIATION,ET AL PROJECT: MAGUIRE ROAD WIDENING CITY: OCOEE COMPLETE SUMMARY APPRAISAL OF A PARTIAL TAKING OF LAND MAGUIRE ROAD POND (TEACHERS INSURANCE&ANNUITY ASSOCIATION, ET AL) MAGUIRE ROAD OCOEE,FLORIDA PREPARED FOR FOLEY AND LARDNER C/O MARY A. DOTY 111 NORTH ORANGE AVENUE, SUITE 1800 ORLANDO, FLORIDA 32801 DATE OF VALUATION: MAY 12, 1999 DATE OF INSPECTION: MAY 12, 1999 DATE OF REPORT: JUNE 16, 1999 PREPARED BY PINEL & CARPENTER, INC. WALTER N. CARPENTER, JR., MAI PRESIDENT STATE-CERTIFIED GENERAL APPRAISER LICENSE NO.RZ 0001231 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. 'uteic/Gf (60�Q/y%J��62�E%% , Pl J 7ui. ead,„ d/fear z43exd and row.trL/taodb WALTER N.CARPENTER,JR.,MAI MARK G.CARPENTER,MAI SL Cert.Gen.Appr.0001231 824 NORTH HIGHLAND AVENUE St.Cert.Gen.Appr.0000935 ORLANDO,FLORIDA 32803 DAVID R.McCOY,MAI (407)648-2199 St.Cert.Gen.Appr.0001324 FAX(407)648-8901 June 16, 1999 Foley and Lardner C/o Ms. Mary A. Doty 111 North Orange Avenue, Suite 1800 Orlando, Florida 32801 RE: Appraisal of Maguire Road Pond(Teachers Insurance&Annuity Association, et al) Maguire Road Ocoee, Florida Dear Ms. Doty: Per your request, I have prepared an appraisal of the above referenced parcel utilizing a summary report format. The purpose of this summary report is to estimate the market value of the fee simple interest in the property acquired (Maguire Road pond), costs to cure, and resultant loss in value, if any, to the remainder as of May 12, 1999. The function of this summary report is for use by the City of Ocoee in negotiation purposes with the fee owner for right-of-way and retention pond purposes. In accordance with a prior agreement between the client and appraiser this is a Summary Appraisal Report which is not self-contained. The report is for use by persons familiar with the parent tract, its market area, and real estate valuation procedures. It is intended to comply with the reporting requirements set forth under Standards Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice (USPAP)for a Summary Appraisal Report. As such, it presents only summary discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser's file. The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated. The appraiser is not responsible for unauthorized use of this report. I reserve the right to amend and/or modify this appraisal report, subject to the discovery process and receipt of subsequent information from various experts or other reliable sources. 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION ET AL ..� , ,,, - �L ESTATE APPRAISERS AND CONSULTANTS Foley&Lardner June 16, 1999 Page Two Based upon the following summary appraisal report, certifications, property specific conditions, contingencies and assumptions, and the general underlying assumptions and limiting conditions, it is my opinion and conclusion that the market value of property rights acquired, inclusive of land,improvements, costs to cure, and loss in value to the remainder, as of May 12, 1999, was: ONE HUNDRED FIFTY TWO THOUSAND FIVE HUNDRED DOLLARS $152,500 You are referenced to the following summary appraisal report for an analysis and valuation of the property. Respectfully submitted, PINE & CARPENTE INC. Walter N. C nter Jr., President State-Certified a ral raiser License No.RZ 0001231 WNC/jrl Attachments 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. TABLE OF CONTENTS PAGE CERTIFICATION OF VALUATION 1 PROPERTY SPECIFIC CONDITIONS,CONTINGENCIES,AND ASSUMPTIONS 4 GENERAL UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS 5 PARENT TRACT DETERMINATION 8 OWNERSHIP AND THREE-YEAR TITLE HISTORY 8 LOCATION OF PROPERTY 8 DATE OF PROPERTY INSPECTION 8 _-J OWNERS PRESENT AT INSPECTION 9 PURPOSE AND FUNCTION OF APPRAISAL 9 LEGAL DESCRIPTION 9 SCOPE OF APPRAISAL 9 MARKET AREA 10 DESCRIPTION OF THE PARENT TRACT 12 ZONING/FUTURE LAND USE 13 -- CONCURRENCY 13 REAL ESTATE ASSESSMENT AND TAXES 14 HIGHEST AND BEST USE 15 VALUATION METHODOLOGY 15 LAND VALUE ESTIMATE 16 CORRELATION 17 EXPOSURE AND MARKETING TIME 17 DESCRIPTION OF ACQUISITION 18 VALUE OF TAKING AS PART OF THE WHOLE 18 - VALUE OF REMAINDER AS PART OF THE WHOLE 18 DESCRIPTION OF REMAINDER 18 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. • TABLE OF CONTENTS (CONTD.) HIGHEST AND BEST USE OF REMAINDER 19 VALUATION OF REMAINDER(S) 19 ESTIMATED LOSS IN VALUE TO REMAINDER 19 • COST TO CURE 19 SUMMARY OF VALUES IN REPORT 20 ADDENDUM DEFINITIONS LOCATION MAP AERIAL PHOTOGRAPH PARENT TRACT/TAKING/REMAINDER SKETCH TAX MAP LOCATION FLOOD MAP FUTURE LAND USE MAP SOIL MAP TOPOGRAPHICAL MAP LEGAL DESCRIPTIONS ZONING/FUTURE LAND USE DATA PROPERTY OWNER CONTACT LETTER COMPARABLE LAND SALES MAP COMPARABLE LAND SALE WRITE-UPS AND MAPS PHOTOGRAPHS QUALIFICATIONS OF APPRAISER 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. PARCEL: MAGUIRE ROAD POND 1 -- OWNER: TEACHERS INSURANCE AND ANNUITY ASSOCIATION,ET AL PROJECT: MAGUIRE ROAD WIDENING CITY: OCOEE CERTIFICATION OF VALUATION I hereby certify that I have personally inspected the property herein appraised. I have also made a personal field inspection of the comparable sales relied upon in making said appraisal. The parent tract is represented by the photographs contained in this appraisal. That to the best of my knowledge and belief, the statements contained in the appraisal herein set forth are true and correct. Further, the reported appraisal analysis, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased, professional analysis, opinions, and conclusions. That the purpose of this appraisal is to estimate the market value of the property rights acquired for condemnation purposes together with, costs to cure and the resultant loss in value, if any, to the remainder property. That I understand that such appraisal is to be used by the Expressway Authority in negotiation and possible trial purposes with the fee owner for right-of-way and easement acquisitions. That such appraisal has been made in conformity with the appropriate State laws, regulations, and policies and procedures applicable to the appraisal of property for such purposes; and that to the best of my knowledge, no portion of the value assigned to such property consists of items which are non-compensable under the established law of the State of Florida. That I have no present or prospective interest in the property that is the subject of this report, or in any benefit from the acquisition of such property appraised, and I have no personal interest or bias with respect to the parties involved. That my compensation is not contingent on an action or event resulting from the analysis, opinions, or conclusions, that were developed herein, or by the use of this report. The appraisal assignment is not based d on a requested minimum valuation, a specific valuation, or the approval of a loan. That my appraisal analysis, opinions, and conclusions were developed and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice [(USPAP) of the Appraisal Foundation] with the requirements of the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute, and with the requirements of the State of Florida for state certified appraisers. 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. • PARCEL: MAGUIRE ROAD POND 2 OWNER: TEACHERS INSURANCE AND ANNUITY ASSOCIATION,ET AL PROJECT: MAGUIRE ROAD WIDENING CITY: OCOEE • CERTIFICATION OF VALUATION (Contd.) That this report and its use is subject to the requirements of the Appraisal Institute, relating to review by its duly authorized representatives, and to the requirements of the State of Florida relating to review by its Real Estate Appraisal Board. That as of the date of this report, Walter N. Carpenter Jr., MAI, has completed the requirements of the Continuing Education Program of the Appraisal Institute. That Walter N. Carpenter Jr., MAI, State-Certified General Appraiser has the knowledge and experience on the type of property appraised in this geographic area to meet the USPAP competency requirements. That Walter N. Carpenter Jr., MAI, State-Certified General Appraiser (License No. RZ 0001231) with Pinel & Carpenter, Inc., provided significant professional assistance to the person signing this report. This assistance included sales research and analysis, parent tract research and analysis, inspections, and assistance in writing the appraisal report under my direction and supervision. However, the analyses and value conclusions presented within this report are my own opinion. That Donald W. McIntosh Associates, Inc. provided acreage calculations, projected development costs, conceptual land use plans, etc. for the parent tract, taking, and remainder. That I have not revealed the results of such appraisal to other than whom this report was prepared and will not do so until authorized by same, or until required by due process of law, or until released from this obligation by having publicly testified as to such results. That my opinion of the market value of the property appraised (Maguire Road pond) as of May 12, 1999, was $152,500, based upon my independent appraisal and the exercise of my professional judgment. 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. PARCEL: MAGUIRE ROAD POND 3 _._ OWNER: TEACHERS INSURANCE AND ANNUITY ASSOCIATION,ET AL PROJECT: MAGUIRE ROAD WIDENING CITY: OCOEE CERTIFICATION OF VALUATION - (Contd.) That my opinion of value may be allocated as follows: Maguire Road Pond Land Value $152,500 Improvements $ 0 Loss in Value $ 0 Costs to Cure $ 0 TOTAL 2,500 Walter N. Ca enter r.,MAI Date President State-Certified ral Appraiser License No.RZ 0001231 I ' 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. PARCEL: MAGUIRE ROAD POND 4 _ OWNER: TEACHERS INSURANCE AND ANNUITY ASSOCIATION,ET AL PROJECT: MAGUIRE ROAD WIDENING CITY: OCOEE PROPERTY SPECIFIC CONDITIONS, CONTINGENCIES,AND ASSUMPTIONS 1. I was not made aware of any existing leases, which may encumber the property. As a result, the parent tract and remainder were appraised as if free and clear of any existing short and/or long-term leases on land or improvements. 2. The legal description for the parent tract was taken from title work prepared by Lawyers Title Insurance Corporation, with an effective date of November 30, 1998. The legal description for the taking was obtained from Mary A. Doty of Foley and Lardner. The appraiser assumes no responsibility for the accuracy of these descriptions. - 3. We have relied upon title work provided by Foley and Lardner, as prepared by Lawyers Title Insurance Corporation, updated through November 30, 1998. 4. In accordance with a prior agreement between the client and appraiser this is a Summary Appraisal Report which is not self-contained. The report is for use by persons familiar with the parent tract, its market area, and real estate valuation procedures. It is.intended to comply with the reporting requirements set forth under standards Rule 2-2(b) of the • Uniform Standards of Professional Appraisal Practice for a summary appraisal Report. As such, it presents only summary discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser's file. The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated. The appraiser is not responsible for unauthorized use of this report. 5. I reserve the right to amend and/or modify this appraisal subject to the discovery process and receipt of subsequent information from various experts or other reliable sources. 6. I have relied upon preliminary right-of-way maps and road construction plans, provided by Professional Engineering Consultants, Inc., dated October 1998. 7. The City of Ocoee has adopted a Concurrency Management System, which requires that the availability of public utilities (roads, potable water, etc.) must be concurrent with the impact of a proposed development. The parent tract appears to be vested rights regarding these rights under the concurrency system. It was not possible to exactly determine if further development of the parent tract would be restricted by the Concurrency Management System. In order to determine this, concurrency verification (capacity encumbrance letter) would be required. As a result, this report assumes that the parent tract would not be adversely affected by concurrency. 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. PARCEL: MAGUIRE ROAD POND 5 OWNER: TEACHERS INSURANCE AND ANNUITY ASSOCIATION,ET AL PROJECT: MAGUIRE ROAD WIDENING CITY: OCOEE GENERAL UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS 1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated. 2. The property is appraised free and clear of any or all liens or encumbrances unless otherwise stated. 3. Responsible ownership and competent property management are assumed. 4. The information furnished by others is believed to be reliable. However, no warranty is given for its accuracy. 5. All engineering is assumed to be correct. Any plot plans and illustrative material in this report are included only to assist the reader in visualizing the property. 6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable unless stated within the appraisal report. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. 7. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report. 8. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless non-conformity has been stated, defined, and considered in the appraisal report. 9. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimates contained in this report are based. 10. Any sketch in this report may show approximate dimensions and is included to assist the reader in visualizing the property. Maps and exhibits found in this report are provided for reader reference purposes only. No guarantee as to accuracy is expressed or implied unless otherwise stated in this report. 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. • PARCEL: MAGUIRE ROAD POND 6 OWNER: TEACHERS INSURANCE AND ANNUITY ASSOCIATION,ET AL PROJECT: MAGUIRE ROAD WIDENING CITY: OCOEE GENERAL UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS (Contd.) 11. It is assumed that the utilization of the land and improvement is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in the report. 12. The appraiser is not qualified to detect hazardous waste and/or toxic materials. Any comment by the appraiser that might suggest the possibility of the presence of such sub- stances should not be taken as confirmation of the presence of hazardous waste and/or toxic materials. Such determination would require investigation by a qualified expert in the field of environmental assessment. The presence of substances such as asbestos, urea- formaldehyde foam insulation, or other potentially hazardous materials may affect the value of the property. The appraisers' 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 unless otherwise stated in this report. No responsibility is assumed for any environmental conditions, or for any expertise or engineering knowledge required to discover them. The appraisers descriptions and resulting comments are the result of the routine observations made during the appraisal process. 13. Unless otherwise stated in this report, the subject property is appraised without a specific compliance survey having been conducted to determine if the property is or is not in conformance with the requirements of the Americans with Disabilities Act. The presence of architectural and communications barrier that are structural in nature that would restrict access by disabled individuals may adversely affect the property's value, marketability, or utility. 14. Any proposed improvements are assumed to be completed in a good, workmanlike manner in accordance with the submitted plans and specifications. 15. The distribution, if any, of the total valuation in this report between land and improvements applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 16. Possession of this report or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser, and in any event only with proper written qualification and only in its entirety. 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. PARCEL: MAGUIRE ROAD POND 7 OWNER: TEACHERS INSURANCE AND ANNUITY ASSOCIATION,ET AL PROJECT: MAGUIRE ROAD WIDENING CITY: OCOEE • GENERAL UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS (Contd.) 17. The appraiser herein by reason of this appraisal is not required to give further information consultation, testimony, or be in attendance in court with reference to the property in question unless arrangements have been previously made. 18. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser. 19. Sales data and information regarding land sales and improved sales were abstracted from public records, from sales services, and from other sources. This information is assumed to be accurate and correct, and was also verified with our sources. 20. Any flood zone information provided within this report was based upon a review of the National Flood Insurance Maps. I assume no responsibility for their accuracy. 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. PARCEL: MAGUIRE ROAD POND 8 OWNER: TEACHERS INSURANCE AND ANNUITY ASSOCIATION,ET AL PROJECT: MAGUIRE ROAD WIDENING CITY: OCOEE • PARENT TRACT DETERMINATION The acquisition parcel is a portion of a 10.22-acre shopping center parcel, identified as Lot 1, Opus South subdivision, under the ownership of Teachers Insurance & Annuity Association of America, located along the east side of Maguire Road,just north of Moore Road, Ocoee,Florida. OWNERSHIP AND THREE-YEAR TITLE HISTORY According to title information provided by Foley and Lardner, as prepared by Lawyers Title Insurance Corporation (updated through November 30, 1998), the parent tract was under the following ownership as of the date of valuation: Teachers Insurance&Annuity Association of America, for the Benefit of Separate Real Estate Account C/o Brown&Associates Post Office Box 72437 Marietta, Georgia 30007-2437 Per the title work provided, the parent tract has remained under the same ownership for the previous three years. According to the public records, the parent tract (including the shopping center improvements) _ was acquired on December 28, 1995, by Teachers Insurance & Annuity Association, et al, from Opus South Corporation, for$7,300,000. On May 11, 1994, Opus South Corporation acquired a 14.02-acre site from Barnett Bank of Central Florida, for $1,500,000, reflecting $2.46 per square foot. LOCATION OF PROPERTY The parent tract is located along the east side of Maguire Road,just north of Moore Road, Ocoee, Florida. DATE OF PROPERTY INSPECTION May 12, 1999 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. • PARCEL: MAGUIRE ROAD POND 9 OWNER: TEACHERS INSURANCE AND ANNUITY ASSOCIATION,ET AL PROJECT:' MAGUIRE ROAD WIDENING CITY: OCOEE OWNERS PRESENT AT INSPECTION A property owner notification letter, dated November 11, 1998, was mailed to the property owners and their representatives, in which they were advised the appraiser would be inspecting the property and would like to obtain any data relevant to the valuation of the parcel (see Addendum). I received a copy of the 1998 and 1997 income and expense statements for the improved shopping center from the Landmarks Group, in April 1999. PURPOSE AND FUNCTION OF APPRAISAL The purpose of this summary appraisal is to estimate the market value of the fee simple interest in the property to be acquired (Maguire Road pond), costs to cure, and loss in value to the remainder, if any, as of May 12, 1999 (see Addendum for definitions). The function of this summary report is for use by the City of Ocoee in negotiation purposes with the fee owner for right-of-way and retention pond acquisitions. LEGAL DESCRIPTION The legal description for the parent tract was taken from title work prepared by Lawyers Title Insurance Corporation (updated through November 30, 1998). The legal description for the taking was obtained from the same title work as provided by Mary A. Doty of Foley&Lardner. SCOPE OF APPRAISAL The appraisal problem is to estimate the market value of the fee simple interest in the property acquired(Maguire Road pond), costs to cure, and loss in value to the remainder, if any. In order to accomplish this, the value of the parent tract before the taking is estimated, and then the value of the taking is determined. The remainder value is then calculated (assuming the road project - has been completed)to determine if there is a loss in value. Subsequent to this, costs to cure and special benefits are considered. Typically, in order to estimate the value of the property, three standard approaches to estimating value are generally considered. Involved in each are the collection, verification, and analysis of both general and specific data pertinent to the property given the unimproved nature of the acquisition parcel. Therefore,the only approach utilized for valuation was the Sales Comparison Approach. The Income Approach was not utilized in this analysis due to the lack of comparable land lease data. The Cost Approach was not utilized in this analysis, as there were no improvements, which contributed value to the parent tract. 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. PARCEL: MAGUIRE ROAD POND 10 OWNER: TEACHERS INSURANCE AND ANNUITY ASSOCIATION,ET AL PROJECT: MAGUIRE ROAD WIDENING CITY: OCOEE I reserve the right to amend and/or modify this appraisal report subject to the discovery process and receipt of subsequent information from various experts or other reliable sources. Again, this is a summary appraisal report, which is a summary of the data, analyses, and conclusions. Supporting documentation is retained in the files. MARKET AREA The immediate subject market area can be described as those properties within the Maguire Road corridor, south of Colonial Drive (State Road 50) and north of the Town of Windermere. This market area lies in the southerly area of the City of Ocoee, in west Orange County. Within the past ten years, both the City of Ocoee and the Town of Windermere have experienced tremendous growth as bedroom communities to the city of Orlando, approximately ten miles east. The general surrounding area has experienced substantial growth with several new residential subdivisions, as well as supporting commercial, industrial, and office development. Several large single-family developments have occurred within the immediate market area. One such development is Wesmere, a large, multi-phased development located along the west side of Maguire Road, south of the subject property. Numerous phases of the development have been constructed over the past eight years, and the development continues with more new product continuing to be available. The newest phases within Wesmere include Hampton Woods and Fenwick Cove, with homes offered by Lennar from the $120,000's. Several older phases within the development include similar type homes, as well as several phases with more upscale homes in the$250,000±range. The newest single-family residential subdivision currently under development lies north of and adjacent to Wesmere. This 78± acre tract lies along the west side of Maguire Road, within one quarter mile south of the subject property. Centex Homes purchased this property in October 1998. The development is known as Brookstone, with 136 single-family residences all to be constructed by Centex. The initial 78± acre development is the first phase of a two-phase development. Once the first phase is completed and homes are selling, the second phase, to encompass approximately 54± acres, will begin. As of the date of appraisal, the land for the first phase was cleared and the infrastructure of roads, utilities, and retention was under construction. In addition to single-family development, new multifamily development is also proposed for the immediate area. One such development is proposed for a tract of land lying west of and adjacent to the subject property. The land for this development was assembled during 1998 and the development is in the planning stages. However, a verification of the purchases indicates the site is proposed to be developed with a 240-unit apartment complex. The property is accessed via the southern terminus of Consumer Court, which runs south from Colonial Drive, west of Maguire 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. PARCEL: MAGUIRE ROAD POND 11 OWNER: TEACHERS INSURANCE AND ANNUITY ASSOCIATION,ET AL PROJECT: MAGUIRE ROAD WIDENING CITY: OCOEE Road. However,the developers anticipate the western extension of Professional Parkway through the subject property to the proposed apartment site,thereby providing the site with dual access. Another apartment.complex is currently under construction within the subject market area. This complex known as Esplanade Apartments, is accessed from the east side of Maguire Road, and is located east of(behind) the Publix shopping center, approximately one mile south of the subject property. As of the date of appraisal, site work for the first phase of the development was underway. When completed, the complex will total 286 units, developed at a density of approximately 16 dwelling units per acre. The majority of commercial development within the market area is located along the Colonial Drive corridor to the north and the Maguire Road corridor beginning at the subject property. This commercial development includes gas/convenience stores, branch banks, restaurants, hotels/motels, offices, shopping centers, a new shopping mall known as the West Oaks Mall, and a new hospital known as Health Central. An industrial district within the City of Ocoee, north of Colonial Drive, has also experienced growth with several large distribution and light manufacturing facilities. Due to the increased population in the area, several office/commerce parks have been developed to provide necessary growth areas for these sectors of the market. Among others, three such parks are located near the subject within the Professional Parkway/Colonial Drive corridors. The West Orange Commercial Center lies along the north side of Professional Parkway, northeast of the subject. The land for this development extends east to Old Winter Garden Road. Several lots within the development have been purchased and improved with good .quality, _upscale professional and medical offices, as well as light industrial facilities...The 1± acre lots within the park have been sold over the past approximate six years with prices generally reflecting.between $2.50 and $6.00 per square foot, depending on specific location and exposure. The 18=lot park offers paved streets and public water,but no sewer or off-site retention. Access to and from the subject market area is considered good via Colonial Drive (State Road 50), Florida's Turnpike and the East-West Expressway. Colonial Drive is the primary commercial thoroughfare through the area. This road consists of a six-to eight- lane paved, coast to coast state highway which is highly developed with numerous commercial endeavors, previously discussed. This road provides direct access to the City of Orlando to the east and Winter Garden to'the west. In addition, Florida's Turnpike and the East-West Expressway are limited access toll roads, which provide excellent transportation routes to and from Orlando,'as well as other areas of Central Florida and the state. Both of these roads have toll entrances within the general subject market area. 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. <1 O P U S S 0 U T H I SECTION 32, TOWNSHIP 22 SOUTH, RANGE 28 EAST, CITY OF OCOEE, ORANGE COUNTY, FLORIDA ' E �' s 11x5*E AHD DUCT mslox All‘ .0.0o . .M ci A POOCH t/THE Nrt,1Ot3T 0.!2211 a SELT104 32.6201'33 90.10E RAKE 71 N MI 1.11[0,x laror FAST.OWC04/TIT.il� wow 1G Yb12T011IJ6Y 0[501D0mums. 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Cd I S tlIOW C MO EGRESS OVER ANT NO ALL PAYED 2020241 MEAS HAS BEEN }i j 2 I PURSUANT TO THE DECLARATION OF EASCMP S CO E71AHTS MIO F J $ t 5, 10K RECOIOED Pb COUH TT, SOCK 4712.PARE%14 Of TTIIIIEE MACK RECORDS• g LOT 3 F 1 V i I • g O 3 STOMA WATER AND DRAINAGE 6 M AGE OYIOED PURSUANT fig I I - W TO AN FASO/EMT SET FORTH THAT COMM CEMRAT10OF EASEMENTS COVENANTS 2140 Q - I- 1ESTACTOMS RECORDED N OJT.lOOK 474,PAGE I lOacY ,, 3344 OF TIE PROLE RECORDS Of ORANGE COUNTY. 1-�+ r 'W M RORDA. • I 1 s 54 c I 21 1 8i''' 1 42 1 'J' 11'' NOTICE" �.�' TARING LOT 1 s. ,„BRETHAT AK. RECORDED D4„E3,03 FIJI J I I THAT MAT BE MAO M TIE Ptrd1C C RECORDS OF 11S CO ROT. 7 MO SCSO'E c. \ 1 I 1 L74.ET .;� '{° C C L COItSULTANTS INC U I ^' r om p,� R.14o I t T LER 1An loe IOW tvE>m y tib. F�6 LOT 4 ? § -Y .......HC NlARaNLA mit (m)•o-ttn Q;8�I g ,�sw1e.AaaD I 00..NC 1 A.a1 R tae4o reit�.Rme.a MC 0..1 111111/01•0 IMAM 1 -1 ?!fT( I 4,:I291.1e TAN i 6O.lKO R.IK IC roMOTO�.�WA1 CV 110010 CO•arlt 101•NASK: o'�.efT 1 $ f RSC6P 6 E 127176 C 1. ,T . •I 0007111 VOW Or 2 106013.TIMM'14•21C n 4•o,r W VE I nRvyso 1��, �� .� t• r0010m Non II 1•921 0•1•11•11 reR !,e nee a A CUM °10`0.0 PAWL l rw s warn'E 34234' S••711111'A 7]115 M \ If 00.276"[ 6 041-41.35-LOW .- •"•` T•OV I 11r ti.• ti..s - I M C 1 E 2 . •E 5, ; 1 i . E • .•. • •..- 1:S. a: C 2TWF LATE OF PP! A 4 LOT 5 $" G -:I•.:A •4 1 • 040... N8 R 10 22 In bm 40 I KNOTT CERT.That 114rm 01 a. 4w49 d N4 4•A4IPlat 4n4 . I N O T PLA A T TED D li In/that 1311 !RM 4 re4M1b tn2at O. A TMS 6 TO COTT9T'1Trt 22 177.Flal514421.•d IS'MA-I,nerd T�(T, 41f.. ANf.DcWa.+,T 021•A••a gyRE I 1711.10. • o• I .t 9;.gCA,4f, FTJIl9/ .q- ._ 3591.6?. ;r • ;:rr CERTIFICATE OF APPROVN "`Q,tA- .t . �O` £«1' ' . f1Y cm: EG1N Canty Ca"3t"�" - iC( Illi i + L.rr o.s. .. .. my Attaw•y O. • ,neaten A.yP,•,R.1 :r.,CO �� �+tJ P y- •F a r 13*az:r1 31 ItoLal �..� I../ .2�:e:. .. •r^ .L4..:lier JO 7 4.91^10 DAA ll ,. _ ::1!! • C 8504 • I --I l PARCEL: MAGUIRE ROAD POND 12 OWNER: TEACHERS INSURANCE AND ANNUITY ASSOCIATION,ET AL PROJECT: MAGUIRE ROAD WIDENING CITY: OCOEE Finally, construction of one of the western legs of the beltway around Orlando began on June 4, - 1998. The road will be named State Road 429 (Western Expressway) and will stretch south from U.S. Highway 441 in Apopka to Florida's Turnpike in Ocoee, within the immediate subject market area. The 10.6±mile project is expected to be completed in the summer of 2000, and the connection to Florida's Turnpike in Ocoee is scheduled for completion in 2001. In summary, the subject market area can be described as a growth area benefiting from good, high developable land, good transportation routes, and proximity to Orlando and other economic bases. As the general metropolitan area of Orlando continues to grow rapidly, the subject market area is anticipated to continue to experience positive growth in development for the foreseeable future. DESCRIPTION OF THE PARENT TRACT The parent tract is an irregular-shaped, platted lot, containing approximately 10.22 acres, consisting of Lot 1, Opus South subdivision, according to the Orange County Property Appraiser's records(see Addendum). The parent tract fronts Maguire Road, which is a two-lane, paved road connecting with Colonial Drive (State Road 50) to the north and the town of Windermere to the south. According to the plat, the parent tract has three, non-contiguous areas of frontage along the east right-of-way of Maguire Road. The.northerly and southerly points of frontage are 70 feet and 60 feet, respectively, serving as paved access drives to and from the property. Additionally, towards the middle of the site, an area (acquisition parcel) designated as a"no build" area has 152.98 feet of frontage along Maguire Road. This "no build" area lies south of Lot 3 (Out-parcel "C") and -._ north of Lot 4 (Out-parcel "D"). The property is generally level and slightly above road grade with Maguire Road. The parent tract is improved with a 75,000± square foot retail shopping center, anchored by a Publix grocery store. The entire parcel is either improved with buildings and/or paved parking,with the exception of the"no build"area, previously discussed. All public utilities are readily available to the site, including sewer and water, as provided by the City of Ocoee, with a 12" water main and a 12" force sewer main located along Maguire Road, in front of the property; Additionally, electrical service is provided by Florida Power Corporation,with telephone service provided by Sprint. Overall,the parent tract is considered typical of more modern community shopping centers. ` 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. PARCEL: MAGUIRE ROAD POND 13 OWNER: TEACHERS INSURANCE AND ANNUITY ASSOCIATION,ET AL PROJECT: MAGUIRE ROAD WIDENING CITY: OCOEE ZONING/FUTURE LAND USE The parent tract is zoned PUD,Planned Unit Development,by the City of Ocoee. Development approvals for the property are governed by the City of Ocoee Development Agreement, Contract No. D88-09 between Maguire Road Corporation, a Florida Corporation, and Robert L. Ferdinand Trustee and the City of Ocoee, Florida, recorded June 1, 1989, in Official Records Book 4085, Page 165; as amended on March 12, 1991, in the Official Records Book 4268, Page 2000. A second Developers Agreement, between Maguire Road Corporation, a Florida Corporation, and the City of Ocoee, recorded July 9, 1992 in Official Records Book 4433, Page 1798, as well as a third developer's agreement between the City of Ocoee, Florida; Maguire Road Corporation, a Florida Corporation; Cross Creek Development Company, a Florida General Partnership, and Robert L. Ferdinand, Trustee, recorded January 4, 1994, in Official Records Book 4678,Page 2721. Noted easements and restrictions on the property are set forth in the Declaration of Easements, Covenants, and Restrictions, recorded March 17, 1994, in Official Records Book 4712, Page 3644; as amended by First Amendment to Declaration of Easements, Covenants, and Restrictions, recorded May 16, 1994, in Official Records Book 4741, Page 2378; and further amended by Second Amendment to Declaration of Easement, Covenants, and Restrictions, recorded August 4, 1994, in Official Records Book 4777, Page 3641; and Third Amendment to Declaration of Easements, Covenants, and Restrictions, recorded June 14, 1996, in Official Records Book 5073,Page 3298. Under these agreements and restrictions, the area between Out-parcel "C" (Lot 3) and Out-parcel "D" (Lot 4) is designated as a "no build" area, in order to preserve visibility of the shopping center improvements to Maguire Road. CONCURRENCY The City of Ocoee has adopted a Concurrency Management System, which requires that the availability of public services (roads,potable water, etc.)must be concurrent with the impact of a proposed development. The parent tract does not appear to have any vested rights under the concurrency system. It was not possible to exactly determine if development of the parent tract, "as vacant", would be restricted by the Concurrency Management System. In order to determine this, concurrency verification (capacity encumbrance letter) would be required. As a result, this report assumes that the parent tract, "as vacant",would not be adversely affected by concurrency. 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. PARCEL: MAGUIRE ROAD POND 14 OWNER: TEACHERS INSURANCE AND ANNUITY ASSOCIATION,ET AL PROJECT: MAGUIRE ROAD WIDENING CITY: OCOEE REAL ESTATE ASSESSMENT AND TAXES The following reflects the 1998 assessment and taxes for the parent tract: 22-28-32- Tax I.D.No. 6189-00-010 Land $1,336,146 Improvements 3.050.639 Total Assessment $4,386,785 _._ 1997 Millage Rate x .019639 1997 Taxes $86,152.51 According to the Orange County Tax Collectors Office, 1998 taxes, due in March 1999, were paid in November 1998, and there were no delinquent taxes. 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. PARCEL: MAGUIRE ROAD POND 15 OWNER: TEACHERS INSURANCE AND ANNUITY ASSOCIATION,ET AL PROJECT: MAGUIRE ROAD WIDENING CITY: OCOEE HIGHEST AND BEST USE In order to estimate the highest and best use of the parent tract, I have considered those uses, which are physically possible, legally permissible, financially feasible, and maximally productive (See Addendum for definition). As previously discussed, the parent tract is irregular shape consisting of a platted 10.22-acre commercial shopping center site, which has an approved Developers Agreement recorded for the property. Subsequent to the recording of the Developers Agreement, as well as the covenants and restrictions for the property, the.site was improved with a 75,000± square foot community shopping center with a Publix grocery store as the anchor tenant. As previously discussed, the entire site is improved with retail commercial buildings and/or paved parking, with the exception of the front "no build" area as designated on the site plan and subsequently recorded in the Declaration of Easements, Covenants, and Restrictions. Based upon this information, the current highest and best use of the parent tract, "as vacant", would be for the development of a community retail shopping center, which is also consistent • with the highest and best use, "as improved", with the property currently being improved with a 75,000f community shopping center anchored by a Publix grocery store. VALUATION METHODOLOGY Considering the fact that the proposed taking is restricted to the "no build" area (152.98 x 209.65) there appears to be no adverse impact to the remainder improved shopping center area. As discussed, the "no build" area consists of vacant, undeveloped land. Because the improved shopping center is not adversely impacted by the taking this appraisal reflects undeveloped land • as a part of the whole only, with the applicable approach to value utilized being the Sales Comparison Approach. The Cost Approach was not used, since it was not necessary to value the improved shopping center site. Additionally, the Income Approach was not utilized due to the lack of comparable land lease data pertaining to the vacant tract. 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. PARCEL: MAGUIRE ROAD POND 16 OWNER: TEACHERS INSURANCE AND ANNUITY ASSOCIATION,ET AL PROJECT: MAGUIRE ROAD WIDENING CITY: OCOEE LAND VALUE ESTIMATE In this approach, the market value of the land is estimated by comparing land sales of comparable properties, which have recently sold to the parent tract, "as vacant". A Relative Comparison Analysis will be used which analyzes the relationships indicated by market data without the utilization of quantitative adjustments. A sales search-was made of the surrounding area for land sales of properties considered comparable to the parent tract, "as vacant". Land sales were analyzed, confirmed, and compared to the parent tract, "as vacant". These sales are summarized in tabular fashion on the facing page with a Location Map (shown in the Addendum), showing their locations relative to the parent tract. Additionally, detailed write-ups, as well as individual sale maps of the comparable sales utilized have been included in the Addendum to this report. Comparable Land Sale No. 1 (5418-2561) closed in February 1998 between Orlando Central Park, Inc. and Lowes Home Center, Inc. The property sold for $2,655,000 and contained 14.739 acres, which reflects $4.14 per square foot. The property is located along South Park Circle, within Orlando Central Park, as well as frontage and access along Sand Lake Road. Subsequent to the purchase, the property was improved with a Lowes Home Center shopping center. This sale is considered similar with regards to transaction comparisons, however, its locational attributes were considered superior, with its size and zoning/future land use considered similar. Additionally, considering this sale's frontage, the overall physical characteristics are superior. Given this sale's superior location and physical characteristics, its price of$4.14 per square foot is considered above the parent tract's market value. Comparable Land Sale No. 2 (5421-4059) closed in February 1998, between PRN Investments and Sam's East, Inc., a successor in interest to Wal-Mart Stores, Inc. The property sold for $8,836,800 and contained 31.68 acres, which reflects $6.40 per square foot. The property is located along the south side of State Road 50 (West Colonial Drive), approximately one-quarter mile west of Dorscher Road, in west Orange County. Subsequent to the purchase, the property was improved with a Sam's Wholesale Club building. This sale is considered similar with regards to transaction comparisons. This sale's location and physical characteristics are considered superior while size and zoning/future land uses are considered inferior and similar, respectively. Given this sale's overall superior attributes, its price of$6.40 per square foot is considered above the parent tract's market value. Comparable Land Sale No. 3 (5407-0797) closed in January 1998 between Piedmont Joint Venture and Wal-Mart.Stores. The property sold for $4,062,300 and contained 29.143 acres, which reflects $3.20 per square foot. The property is located at the southeast corner of South Orange Blossom Trail and Piedmont Wekiva Road, in northwest Orange County. 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. PARCEL: MAGUIRE ROAD POND 17 OWNER: TEACHERS INSURANCE AND ANNUITY ASSOCIATION,ET AL PROJECT: MAGUIRE ROAD WIDENING CITY: OCOEE This sale is considered similar with regard to transaction comparison. This sale is considered superior with regard to location and inferior with regard to size. Physical characteristics, as well as zoning/future land use are considered similar. Given this sale's overall attributes, its price of $3.20 per square foot is considered similar to the parent tract's market value. Comparable Land Sale No. 4 (4867-4682) closed in March 1995, between Edith A. Dial, Trustee, and West Orange Healthcare District. The property was purchased for the expansion of the Health Central Hospital. The property sold for $3,150,000 and contained 26.51 acres, which reflects $2.73 per square foot. The property is located on the south side of Colonial Drive, west of Arlington Avenue, in west Orange County. This sale is considered similar with regard to transaction comparison, with the exception of market conditions, which have improved since the date of this sale. This sale is considered superior with regard to location and inferior with regard to size and physical characteristics. Zoning/future land use is considered similar. Given this sale's overall inferior attributes, its price of$2.73 per square foot is considered below the parent tract's market value. Correlation The sales reflect values ranging from $2.73 to $6.40 per square foot. Considering this information, and based upon a comparison of the parent tract's attributes (location, size, physical characteristics, zoning/future land use, etc.) to these land sales, a value of$4.75 per square foot has been concluded for the parent tract, "as vacant", as of May 12, 1999, or: 445,183 SF x $4.75/SF = $2,114,620 RTO $2,115,000 EXPOSURE AND MARKETING TIME Exposure time is retrospective and reflects the length of time the parent tract would have been exposed for sale in the market had it sold at the previously concluded market value, as of the date of valuation. Marketing time is prospective and reflects the length of time it will probably take to sell the parent tract beginning on the date of valuation. Considering the economic characteristics influencing the parent tract's neighborhood, as well as the parent tract's physical and legal constraints, an exposure period of six to 18 months has been projected with an estimated marketing period of 12 to 18 months. These both assume that an adequate listing/marketing campaign had(s) been employed. 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. PARCEL: MAGUIRE ROAD POND 18 OWNER: TEACHERS INSURANCE AND ANNUITY ASSOCIATION,ET AL PROJECT: MAGUIRE ROAD WIDENING CITY: OCOEE DESCRIPTION OF ACQUISITION The proposed retention pond parcel is a fee simple acquisition, which contains 32,072± square feet. The property is vacant and undeveloped with the exception of a landscape hedge and plantings along the Maguire Road frontage. The acquisition parcel measures 152.98 feet of frontage along Maguire Road by a depth of 209.65 feet. The property is designated on the approved site plan as a"no build"parcel. VALUE OF TAKING AS PART OF THE WHOLE The value of the taking reflects the previously concluded per unit value determined for the parent tract ($4.75 per square foot). As noted, the retention pond parcel acquires the fee simple rights for a proposed retention pond. Based upon this, the value of the part taken, as a part of the whole, as of May 12, 1999, has been estimated as follows: 32,072 SF x$4.75/SF = $152,342 RTO $152,500 VALUE OF REMAINDER AS PART OF THE WHOLE Based upon the foregoing information, I have estimated the value of the remainder as part of the whole, as of May 12, 1999, as follows: Value of the Parent Tract $2,115,000 Less: Value of Taking ( 152,500) Value of Remainder as Part of the Whole $1,962,500 DESCRIPTION OF REMAINDER Due to the acquisition, the remainder has been reduced in size by approximately 32,072 square feet, or .74 acre. Therefore, the remainder shopping center site will contain approximately 9.48 acres. As previously discussed, the acquisition parcel is designated as a "no build" area by the Declaration of Easements, Covenants and Restrictions imposed on the site. Based upon the information reviewed to date, as well as the fact that the proposed taking will be utilized for construction of a retention pond, the visibility of the shopping center improvements will not be adversely impacted. Additionally, the size of the remainder tract and the fact that no improvements or parking are included in the acquisition parcel, indicates the remainder parcel will not be adversely impacted. 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. • PARCEL: MAGUIRE ROAD POND 19 OWNER: TEACHERS INSURANCE AND ANNUITY ASSOCIATION,ET AL PROJECT: MAGUIRE ROAD WIDENING CITY: OCOEE HIGHEST AND BEST USE OF REMAINDER The remainder parcel, "as if vacant", as well as "as improved", will continue to be for a community shopping center property, as was the case prior to the taking of the"no build"area. VALUATION OF REMAINDER(S) Because the highest and best use of the remainder parcel will not have been altered as compared to the before state, the same comparable land sales, as utilized in the before taking, were considered for valuation of the remainder parcel which will contain 413,111 square feet, or 9.48 acres. Based upon this, it is my opinion that the remainder parcel, "as if vacant", and available for development to its highest and best use, in fee simple title, would have a market value, as of May 12, 1999, as follows: 413,111 SF x$4.75/SF = $1,962,277 RTO $1,962,500 ESTIMATED LOSS IN VALUE TO REMAINDER Based upon the previously concluded information, I have estimated loss in value to the remainder as follows: Value of Remainder as Part of the Whole $1,962,500 Less: Value of Remainder ( 1,962,500) Loss in Value $ 0 COST TO CURE Given the impact of the taking on the remainder parcel, there appears to be no cost to cure necessary to be considered for this analysis. 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. PARCEL: MAGUIRE ROAD POND 20 OWNER: TEACHERS INSURANCE AND ANNUITY ASSOCIATION,ET AL PROJECT: MAGUIRE ROAD WIDENING CITY: OCOEE SUMMARY OF VALUES IN REPORT Based upon the certifications, property specific conditions, contingencies, and assumptions, and the general underlying assumptions and limiting conditions, it is my opinion and conclusion that the market value of the property rights acquired by the Maguire retention pond parcel, inclusive of land, improvements, cost to cure, and loss in value to the remainder, as of May 12, 1999,was: Value of Parent Tract ("As If Vacant") $2,115,000 Less: Value of Taking ( 152,500) Value of Remainder as Part of the Whole $1,962,500 Less: Remainder Value ( 1,962,500) Loss in Value $ 0 Plus: Value of Taking 152,500 Total Compensation(Maguire Road Retention Parcel) $ 152,500 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. ADDENDUM DEFINITIONS LOCATION MAP AERIAL PHOTOGRAPH PARENT TRACT/TAKING/REMAINDER SKETCH TAX MAP LOCATION FLOOD MAP FUTURE LAND USE MAP SOIL MAP TOPOGRAPHICAL MAP LEGAL DESCRIPTIONS ZONING/FUTURE LAND USE DATA PROPERTY OWNER CONTACT LETTER COMPARABLE LAND SALES MAP COMPARABLE LAND SALE WRITE-UPS AND MAPS PHOTOGRAPHS QUALIFICATIONS OF APPRAISER 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. DEFINITION OF MARKET VALUE Per the 1998 Edition of the Uniform Standards of Professional Appraisal Practice, 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 interests; 3) A reasonable time is allowed for exposure in the open market; 4) Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5) The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. DEFINITION OF PROPERTY RIGHTS APPRAISED-FEE SIMPLE According to The Dictionary of Real Estate Appraisal, Third Edition, 1993,. by the Appraisal Institute, Fee simple estate - Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain,police power, and escheat. 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. DEFINITION OF HIGHEST AND BEST USE According to The Dictionary of Real Estate Appraisal, Third Edition, 1993, by The Appraisal Institute,Page 171, 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. DEFINITION OF LARGER PARCEL (PARENT TRACT) Per The Dictionary of Real Estate Appraisal, Third Edition, by the Appraisal Institute, 1993, page 202, The portion of the property that has unity of ownership, contiguity, and unity of use. DEFINITION OF AN EASEMENT According to The Dictionary of Real Estate Appraisal, Third Edition, 1993, by the Appraisal Institute,the definition of an easement is, An interest in real property that conveys use,but not ownership, of a portion of an owner's property. 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. I 1 T ' ' i I __ Vrek Ic4n07,0, i _,__Li :„,„,lo 'ziA111101111M ummw r.HIM los viik. 11 iNhiliim 6 10,alr • Ili■izr W.=• = 1.. Enter.ris= MEM' 'WI= • .. EM= i I rn. -n�7•• -d / b m „ ,, cr \ \s. at 4., b it, . I \it. 4, Alb 6 II .011 = 11*11111k 1 0 Mk ..I. WM. . // iF, OpypEn i r.: i �k. Iffial ME Mili, -' Beulah • We me ,_ I Dr Warrior •0r ' I. ,•'SUBJECT PROPERTYI ♦ rN ee .. . . -it,. ., orto J••.:- . .. 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I l `� CITY OF OCOEE �� FUTURE LAND USE MAP 2010 i.. - TAKING i.-......)�,;,w / to it1 a....co, AO��A _ 1 .oma.>a� vaisentura•.sus \` &ill:Wall —',-,- NAB .w.m...c. O wo:aw ,NM_ u t1 _ --. ---- --a..moo.m,,..,: �C� Alli" esu®....,... ..e-.�,.. /r �. . 2tll � -.�,.. •• .: MAW.013:"/ FIGURE -- �e.� — CPA-95-1-1 CPA-97-1-2 CPA-97-1-3 * = The areas outside of the JPA are for Planning purposes only, they do not confer any development rights, and would require a Comprehensive Plan Amendment upon incorporation into the City of Ocoee. 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LAWYERS TITLE INSURANCE CORPORATION TITLE SEARCH CERTIFICATE Case No. 9811873 This will serve to certify to FOLEY & LARDNER, P.A. , ("Certified Party") that Lawyers Title Insurance Corporation ("LTIC") has caused to be made a search of the Public Records of Orange County, Florida, ("Public Records") as contained in the office of the Clerk of the Circuit Court of said county, from April 15, 1959, through November 30, 1998 at 5 o'clock P.M. , ("Effective Date") as to the following described real property lying and being in the aforesaid county, to-wit: A tract of land being a portion of Lot 1, OPUS SOUTH, according to the Plat thereof, as recorded in Plat Book 33, Page 21 of the Public Records of Orange County, Florida, described as follows: Commence at the Southwest corner of Lot 3 of said OPUS SOUTH, as the POINT OF BEGINNING, said POINT OF BEGINNING lying on the East right of way line of Maguire road; thence run North 89 degrees 54 minutes 50 seconds East, along the South line of said Lot 3 and along the North line of the no build area easement of said Lot 1, a distance of 209.65 feet to the Southeast corner of said Lot 3; thence run South 00 degrees 21 minutes 35 seconds East, along the East line of said no build area easement of said Lot 1, a distance of 152.98 feet to the Northeast corner of Lot 4 of said OPUS SOUTH; thence run South 89 degrees 54 minutes 50 seconds West, along the North line of said Lot 4 and the South line of the no build area easement of said Lot 1, a distance of 209.65 feet to the Northwest corner of said Lot 4, and said East right of way line of Maguire Road; thence run North 00 degrees 21 minutes 35 seconds West, along the West line of the aforesaid Lot 1 and the East right of way line of Maguire Road, 152.98 feet to the POINT OF BEGINNING. As of the Effective Date of this Certificate the apparent record title owner(s) to the above described real property are TEACHERS INSURANCE AND. ANNUITY ASSOCIATION OF AMERICA, FOR THE BENEFIT OF ITS SEPARATE REAL ESTATE ACCOUNT, a New York corporation, by virtue of the vesting document(s) attached hereto as Exhibit "A" . Real estate taxes and assessments have been paid up to and including the year 1998; 1998 amount paid being $95,436.42 (Taxes include more than subject land) . Parcel Tax ID# 32-22-28-6189-00010. Continued Continued The following possible defects, liens, encumbrances, and other adverse matters against the said real property recorded in the aforesaid Public Records have been found; and copies of the referenced documents are attached hereto for examination and evaluation by the Certified Party: 1. Declaration of Easements, Covenants and Restrictions, recorded March 17, 1994, in Official Records Book 4712, Page 3644; as amended by First Amendment to Declaration of Easements, covenants and Restrictions recorded May 16, 1994, in Official Records Book 4741, Page 2378; and further amended by Second Amendment to Declaration of Easements, covenants and Restrictions recorded August 4, 1994, in Official Records Book 4777, Page 3641; and Third Amendment to Declaration of Easement, Covenants and Restrictions recorded June 14, 1996, in Official Records Book 5073, Page 3298. 2 . Declaration of Setback Restrictions, Covenants and Easements, recorded May 1, 1995, in Official Records Book 4885, Page 4805. 3 . Resolution No. 653 Southwest Florida Water Management District Realigning the Boundaries of the Oklawaha River Basin, recorded October 18, 1976, in Official Records Book 2735, Page 539. 4. Resolution No. 85-3 Annexing Certain Properties into the city limits of Ocoee, recorded March 4, 1985, in Official Records Book 3613, Page 2368. 5. Resolution No. 955 annexing certain properties into the city limits of Ocoee, recorded June 30, 1986, in Official Records Book 3900, Page 158. 6. Resolution No. 942 annexing certain properties into the city limits of Ocoee, recorded June 30, 1987, in Official Records Book 3900, Page 209. 7. Annexation Hold Harmless Agreement between David Pearlman (Kingdome Aerodrome, Inc.) , R.L. Ferdinand (Agent) , and the City of Ocoee, recorded June 30, 1987, in Official Records Book 3900, Page 212. 8. City of Ocoee Development Agreement Contract No. D88-09 between Maguire Road Corporation, a Florida corporation, and Robert L. Ferdinand Trustee and the City of Ocoee, Florida, recorded June 1, 1989, in Official Records Book 4085, Page 165; as amended on March 12, 1991, in Official Records Book 4268, Page 2000. 9. Second Developer Agreement between Maguire Road Corporation, a Florida corporation, and the City of Ocoee, recorded July 9, 1992, in Official Records Book 4433, Page 1798. 10. Third Developer's Agreement between City of Ocoee, Florida; Maguire Road corporation, a Florida corporation; Cross Creek Development Company, a Florida general partnership, and Robert L. Ferdinand, Trustee, recorded January 4, 1994, in Official Records Book 4678, Page 2721. 11. Orange County/Prima Vista Utility Company, Inc. Sewer Service Territorial Agreement Contract No. S-87-8, recorded June 10, 1987, in Official Records Book 3894, Page 1363; and First Amendment recorded February 23, 1994, in Official Records Book 4702, Page 2589. 12 . Orange County/City of Ocoee Water Service Territorial Agreement contract No. W-88-06, recorded November 23, 1998, in Official Records Book 4034, Page 294; and on Continued Continued august 1, 1989, in Official Records Book 4102, Page 367; together with first Amendment recorded February 23, 1994, in Official Records Book 4702, Page 2576. 13 . Memorandum of Lease between Curry Associates, Ltd. , a Florida limited partnership, and Publix Supermarkets, Inc. , a Florida corporation, recorded April 3, 1992, in Official Records Book 4394, Page 3704; together with Affidavit Regarding Publix Super Markets, Inc. , Lease, recorded February 25, 1994, in Official Records Book 4703, Page 4192. 14 . Memorandum of Lease between Opus South Corporation, a Florida corporation, and Public super markets, Inc. , a Florida corporation, recorded August 19, 1994, in Official Records Book 4785, Page 1954 . 15. Sewer and Water Recognition Agreement between City of Ocoee and Opus South Corporation, recorded November 28, 1994, in Official Records Book 4825, Page 820. 16. Notice that Lessor's Interest shall not be subject to liens for improvements made by any tenant, recorded December 27, 1994, in Official Records Book 4836, Page 271. 17. Distribution Easement to Florida Power Corporation, recorded March 6, 1995, in Official Records Book 4863, Page 1055. 18. Agreement Regarding Banking Use and Approval of Curb Cuts by and between Opus South Corporation, a Florida corporation, and first Union National Bank, recorded December 22, 1995, in Official Records Book 4991, Page 1853. 19. Development Agreement between Maguire Road Corporation, a Florida corporation and Cross Creek Development Company, a Florida general partnership, recorded January 4, 1994, in Official Records Book 4678, Page 2746 (for use and benefit of) . 20. Declaration of Easements recorded January 4, 1994, in Official Records Book 4678, Page 2767 (for use and benefit of) . 21. Reciprocal Stormwater Drainage Easement, recorded January 4, 1994, in Official Records Book 4678, Page 2787 (for use and benefit of) . 22. Fill Agreement (unrecorded) dated as of December 29, 1993 by and between Maguire road Corporation, a Florida corporation, and Cross creek Development Company, a Florida general partnership (for use and benefit of) . 23. Collateral Assignment of Rights and Benefit under Certain Documents, recorded January 4, 1994, in Official Records Book 4678, Page 2808; Assignment of Rights and Benefits under certain Documents recorded march 17, 1994, in Official Records Book 4712, Page 3684; and Assignment of Rights and Benefits under certain Documents recorded May 16, 1994, in Official Records Book 4741, Page 2403 . 24. Grant of Easement by and between Raymer F. maguire, Jr. and Sara C. Maguire, his wife, and James V. Ferdinand, Trustee, recorded December 2, 1987, in Official Records Book 3939, Page 3901; as re-recorded December 18, 1987, in Official Records Book 3944, Page 1157; and Assignment and Transfer of Grant of Easement recorded July 10, 1989, in Official Records Book 4095, Page 3991; together with Corrective Assignment and Transfer of Grant of Easement recorded March 2, 1990, in Official Records Book 4162, Page 2071 (for use and benefit of) . 25. Storm Drainage Agreement by and between Ocoee Partners Limited Partnership, a Continued Continued Florida limited Partnership, Heller Bros, Groves, a Florida general partnership, and Park Square Maguire, Ltd. , a Florida limited partnership, recorded January 12, 1990, in Official Records Book 4148, Page 4116. 26. Restrictions, covenants, conditions and easements as shown on the Plat of OPUS SOUTH, recorded in Plat Book 33, Page 21. Public Records shall be defined herein as those records currently established under the Florida Statutes for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without knowledge. This Certificate shows only matters disclosed in the aforesaid Public Records, and it does not purport to insure or guarantee the validity or sufficiency of any documents noted herein; nor have the contents of any such documents been examined for references to other defects, liens, encumbrances, or other adverse matters. This Certificate is being provided for the use and benefit of the Certified Party only, who is an agent for LTIC duly authorized to issue its commitments, policies, and endorsements thereto; and it may not be used or relied upon by any other party. LTIC's liability to Certified Party is limited to the amount of LTIC's liability under such commitments, policies, and endorsements thereto. This Certificate may be used only by the Certified Party for the purpose of issuing an LTIC title insurance commitment, policy, or endorsement thereto. Any such commitment, policy, or endorsement thereto must be issued in full compliance with the Real Estate Settlement Procedures Act (12 U.S.C.2601 et seq. ) and all appropriate - 1 regulations, the Certified Party shall have the duty to examine and evaluate the title search information contained herein. IN WITNESS WHEREOF, Lawyers Title Insurance Corporation has caused this Certificate to be signed and sealed by an authorized signatory employee on December 21, 1998 all in accordance with its By-Laws. LAWYERS TITLE INSURANCE CORPORATION A orize Signatory Employee Issued at: Winter Park Branch Office, State of Florida LTIC Case No. 9811873 8 ...._,2 ,.8 ® ® TRACT C ; 1r ue' I 1« 1.1 1v 1y' 1� V an>• , n'.. 7.5 /r /i • my JT_ 1RhC1 0 ' n1 — •.. ' o tµ ;� N R u ws. j,117 0. a �v ,r 1- R R 1i 190. 131' ` e puiD 1 nw 47 711 i 11 Mj �l1 Q R1 710. Y' 14 >s *y' ,a 66 ,s ; fix �- ll D-1 00 ® Ow - ilia off is ". 4 1� 716 y ®g n. s j - y'� Z1E700 b i WE 204 5 ii of F "NEI .707 1 1 Ill ik 1 4 1141 9%411 atit 200 II : fs TARING 264. ,99 � ,t 717 F ,wn -n J r`� 6/89 / ��` 7J R 7,s mu 660011 '�•. c 7.f .....1 ti P(1iJIO I „(1109)1�` b. .70 NI r� �, TRACT I A AO /1) I cAC-t-2 6.5i a • NS A. (C 0 Nu!WI 7j� S S 4 730 ` 4 a1, y` .• .,• gEn FERN LP .'{ O 1��,r. 7... a 73, _ +,.oar1113A NA w aA. ms u'fi \ « a i 7w F.NM 770 ?771 ?777 =273 t 2 772 Z ! M. a ,s .15 w a. v. d a 1.3. Y / s 7v .: 11 g 245 2254 A 245 rl 24.1 =-. P. s 60 % 3- y ., .51 65A 05 666 00014 , r, o��,.< .7. v _ z>. 'OJW. � l 1 1 t • S ✓ I / L 3® F�71. 757 — 730 — 7i, 1 awe r a... • 'M.• 2L I s Gift. C 1 Zoning Map --I FOLEY & LARDNER ATTORNES A 7 LAW CHICAGO POST OFFICE BOX 2 193 SACRAMENTO - DENVER ORLANDO. FLORIDA 32802-2 193 SAN DIEGO JACKSONVILLE I II NORTH ORANGE AVENUE. SUITE 1800 SAN FRANCISCO - LOS ANGELES ORLANDO. FLORIDA 3280 I-2386 TALLAHASSEE MADISON TELEPHONE: (407)423-7656 TAMPA MILWAUKEE FACSIMILE: (407)648-1 743 WASHINGTON. D.C. ORLANDO WEST PALM BEACH WRITER'S DIRECT LINE 423-7656 EMAIL ADDRESS CLIENT/MATTER NUMBER mdoty@foleylaw.com 020377/0284 March 25, 1999 Teachers Insurance and Annuity Association of America Post Office Box 72437 Marietta, GA 30007-2437 Teachers Insurance and Annuity Association of America 730 Third Avenue New York, NY 10017 Re: City of Ocoee, Florida: Maguire Road Widening Project To Whom It May Concern: The City of Ocoee is planning construction of the widening of Maguire Road between State Road 50 and Moore Road in the City of Ocoee. The project, as currently proposed, would necessitate the acquisition of a 32,072 square foot portion of Lot 1, Opus South within the Plantation Groves Shopping Center, which is owned by you. The City has engaged the firm of Pinel & Carpenter, Inc. to prepare an appraisal of the referenced parcel. Mr. Carpenter has attempted to contact you regarding this appraisal but has received no response. A copy of Mr. Carpenter's letter is attached for your review. As indicated in Mr. Carpenter's letter, any information you can provide regarding title history, ground leases, surveys, site plans, construction plans/floor plans, and three year historical income/expense data (if applicable), land use studies, or proposed development plans would be helpful in completing the appraisal report on the property. Particularly helpful in completing the appraisal report would be copies of any and all leases for space in the shopping center. Please feel free to contact me at (407) 423-7656 or Walter Carpenter at (407) 648-2199 with any information or questions you may have. Very truly yours, 1 n,L17.01->) Mary A. Do. -y 006.132989.1 ESTABLISHED 1 8 4 2 FOLEY & LARDNER • Teachers Insurance and Annuity Association of America March 25, 1999 Page 2 MAD:dr Enclosure cc: Walter N. Carpenter, Jr. Ellis Shapiro, City Manager, City of Ocoee 006.132989.1 �n SiNvxailexa and ro,,aa&a rale WALTER N.CARPENTER,JR..MAI MARX O.CARPENTER,MAI St.Cert.Gen'Appr 0001231 824 NORTH HIGHLAND AVENUE St.Cart Oen Appr.0000935 ORLANDO.FLORIDA 32803 DAVID R McCOY,MAI (4071 648.2199 St Cert.Oen.Appr,0001324 FAX(407)648.8901 November 11, 1998 Teachers Insurance and Annuity Association of America Post Office Box 72437 Marietta Georgia 30007-2437 RE: Project: Maguire Road Ponds Parcel No: A 32,072 square foot portion of Lot 1, Opus South(Section 32, Township 22 South, Range 28 East), located south of Lot 3, Opus South. Owner: Teachers Insurance and Annuity Association of America City/County/State: Ocoee/Orange/Florida To whom it may concern: As you are aware, the City of Ocoee is planning construction of the above referenced transportation project. The City of Ocoee has engaged the firm of Pinel & Carpenter, Inc. to prepare an appraisal of the above referenced parcel, which is reportedly owned by you. The function of the appraisal is for acquisition of the property which is needed for the right-of-way at this particular location for the construction of the Maguire Road.Ponds Project. Any information you can provide, including title history, ground leases (if applicable), surveys, site plans, construction plans/floor plans and three year historical income/expense data (if applicable), land use studies, or proposed development plans would be helpful in completing our appraisal. REAL ESTATE APPRAISERS AND CONSULTANTS •IS 111 I'•rai c Teachers Insurance and Annuity Association of America October I 9, 1998 Page Two We will be inspecting and appraising Maguire Road properties during the next two weeks and plan to visit your property at this time. If you wish to accompany us on this inspection or if you have any questions or comments which may affect the valuation of the property, you may contact Duncan G. Rose or myself at (407) 648-2199, Monday through Friday between 9 a.m. and 5 p.m. Very truly yours, PINEL & CARPENTER, IN alter N. Carpent President State-Certified neral Appraiser License No. RZ 0 231 is I t t I'iopl et COMPARABLE LAND SALES LOCATION MAP kt art Ke B ,• P. ' wee . • F„,•__ Cla to - is L, ry•13.2.) llers North L• • I l nO L gp La • 10 I ilk "01 GrawnP. uth St A p 'ms Rd `_ r Mir I • , Silver Sta Rd Land Sale# . • r • . 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Page 1 COMPARABLE LAND SALE NO. 5418-2561 Property Identification Property Type Commercial, COM Site(10-24.9 acres) Record ID 6653 Tax ID 32-23-29-8183-10-000 Property Name Lowe's Address South Park Circle,Orlando,Orange County, Florida 32819 Location Orlando Central Park Sales Data Grantor Orlando Central Park,Inc. Grantee Lowes Home Center,Inc. Sale Date Feb, 1998 O.R.Book/Page 5418-2561 Property Rights . Fee Simple Verification Other sources: Comps,Public Records Conditions of Sale Arms length Financing Cash to seller Price Analysis Recorded Price $2,655,000 Land Size Gross Acres 14.739 Useable 14.739 Front Feet Sand Lake Road; South Park Circle;Florida's Turnpike Land Data Shape Irregular Topography Level Utilities Water, sewer,telephone,electricity, some off-site retention Rail Service No Flood Zone C Zoning I4, Future Land Use Industrial Price Indicators Adjusted Price/Net Acre $180,134 Adjusted Price/Net SF $4.14 Legal Description Lengthy metes and bounds legal,describing a portion of Block A, South Park Unit 1,in Section 32-23-29,Orange County. Remarks Although the property was zoned industrial, the site's Sand Lake Road frontage was desirable for commercial development.The property also enjoys exposure from Florida's Turnpike. 5418-2561 PINEL& CARPENTER,INC. COMPARABLE LAND SALE NO. 5421-4059 Property Identification Property Type Commercial,COM Site(25+acres) Record ID 7113 Tax ID 2228-26-7980-00-090 Property Name Sams Wholesale Club Address 8010 Colonial Dr W.,Orange County,Florida Location Along the south side of State Road 50(W.Colonial Drive), approximately 1/4 mile west of Dorscher Road in the unincorporated area of West Orange County. Sales Data Grantor PRN Investments Grantee Sam's East,Inc.,a successor in interest to Wal Mart Stores,Inc Sale Date Feb, 1998 O.R.Book/Page 5421-4059 Property Rights Fee simple Conditions of Sale Arms length Financing Cash to seller Price Analysis Recorded Price $8,836,800 Land Size Gross Acres 31.675 Useable 31.675 Front Feet 1325 ft East-West Expressway Land Data Shape Irregular Utilities Water,sewer,electric,and telephone. Zoning PD,Planned Development,by Orange County. Future Land Use Commercial,High Density,by Orange County. Price Indicators Adjusted Price/Net Acre $278,983 Adjusted Price/Net SF $6.40 Adjusted Price/Front Foot $6,669 Legal Description Lengthy legal description retained in appraiser's files. Remarks Store building has now been built. ( 5421-4059 PINEL&CARPENTER,INC. I 1 II I � + P S. •• w .. .. •uw u w u • n .1 C.• •w .• + .. I+ f R ,R aa.-" r L 1 1— ' i ! ® E. goo ® m• — NO ow 1 e c 1 ' __ ... r ""__. MU _I-a._ _. . 0 5421 -4059 , 9 C i 1 sr w...•wu.. 1. IL . .. e 0-•T IP 1 v• P• PNI7 ,, \\\N Lffilor - M, 1 i,— •MEP • a* WID Cal I 1 /i `� S 1 • e ® 1 1. Wanusi ea —� I ,1044, a~ •r •.... .. . . 1 • e 46 ... .. 1..v 3 ,.. No ...,....„{:... a. . .., sr; 1"*. ' :tut.• ••.. . •. ... .._____, , 1 v• vvw - - �._,.._. „...... .nn ...ommr Imu ..... •.... _®LIMP a,. + MICR or n.norm nrulr , k s ...- y M__.Y+ u� a .r-..w `o Maulc�`cov W,wowing run",- _ �M" 1. RICHARD T. CROTTY •d•^^•.. Mil 01/1V/V7 sec2,6 nrr 22 nrcoatI- I Comparable Land Sales COMPARABLE LAND SALE NO. 5407-0797 Property Identification Property Type Industrial,IND Site(25+acres) Record ID. 7106 • Tax ID 2128-24-0000-00-072 Property Name Wal Mart Address 1700 Orange Blossom Trail. S.,Orange County,Florida Location On the southeast corner of S. Orange Blossom Trail and Piedmont-Wekiwa Road. Sales Data Grantor Piedmont Joint Venture. Grantee Wal-Mart Stores Sale Date Jan, 1998 O.R Book/Page 5407-0797 Property Rights Fee simple Verification Tim Cribb,representative of grantee., 10/15/98; Confirmed by Thomas H.Pinel Jr. Conditions of Sale Arms length Financing - Cash to seller Price Analysis Recorded Price $4,062,300 Land Size Gross Acres 29.143 Useable 29.143 _,_ Land Data Shape Irregular Utilities Water,sewer,electric,and off site retention. Zoning I-2,Industrial,by Orange County. Future Land Use Commercial,by the City of Apopka. Price Indicators Adjusted Price/Net Acre $139,393 Adjusted Price/Net SF $3.20 Legal Description Lengthy legal description retained in appraiser's files. 5407-0797 PINEL&CARPENTER,INC. 170 0•Am......emm,m,ftw••••-.4mm...........A. — _—— S0,0,04•40 .0. •• "...i.6 ,..,, w._———.....--. m.••••-am or al NN't % • as3 1,0 _. . ED ti, . - -. ,.... . .%.. \ cm 4 •-• .... "... .. IZS 3.3 EMB ,...‘,....,,-.4-. \ •-.. ' -- .. \-,•Ii. 1 .. I ,y .s.'... . •,. •• .,• , .. s•--...^,.... % 15 Ili- . a ,11 .".• ‘.:' ..•••• Li1[17 \:"•'.•5'*'"•0.,5 f .; 0-1\,1..5.,.40,"-Ho:5v.Iz0-...t...,11.,.......,i......5,','.'''.'.''.j...jr .2.6.a .5..C‘1•Ii„3,t"1 .1 If/ $ i 1 •..\e \CC NN. •- r • 1c.a 04A ....., ,., 130• !r .......3. 15 ' . 1:-....• '',. It 4 112 .., OM L ,,,•ii.,• .00,-:.:, 0 , . ....„,....,„.. .1. r. "'NFU ,,,.. ,.IL 1.16 .0. e . *1 4.4 •...-.L -. .. '; ” 7. . ...P r:'' S.1 •HO 111 1,7 Cn , 1 i' S' 1 . .. ••• .L.V ' •0, ,. ,./. . .• .., , • r IlL i ..* i !•:1111 ..... 5407-0797 I x r sr 111 . ..... rEn3 - 7.ss • I! V, . ECt1.1 It I ...:3. [ -7.,...• t ..s., . H ' NN . /77 ...14 N.' • ''. I .....- L gam .. • ..-.• . 5,7 PTA - - X ' •.•••?C3' SS.k''''\. L !. •-• 7.--.... ; lc ! I II -- .... . gi •• -., .. ' '' 1/ •03 '\::%‘••....:-.,..........”-•, -_ •,,.‘ ... _. I „ Comparable Land Sales 1 COMPARABLE LAND SALE NO. 4867-4682 Property Identification Property Type Commercial,COM Site(25+acres) Record ID 5014 Tax ID 2228-28-9224-01-010,2228-28-9224-01-050 Address Grove Street,Ocoee,Orange County,Florida Location South side of Colonial Drive,west of Arlington Avenue. Sales Data Grantor Edith A.Dial,Trustee. Grantee West Orange Healthcare District Sale Date Mar, 1995 O.R.Book/Page 4867-4682 Verification Jim Wilder,9/28/95; Grover Voss,2/9/96; Confirmed by Mark Carpenter Financing Cash to seller. Price Analysis Recorded Price $2,650,000 Upward Adjustment $500,000 Donation by the grantor. Adjusted Price $3,150,000 Land Size Gross Acres 26.510 Useable 26.510 - Front Feet West Colonial Drive;Oak Street;Arlington Avenue Land Data Shape Irregular Utilities Water, sewer,electricity and telephone. Zoning PS,Professional Office Service* Future Land Use Commercial,by City of Ocoee. Price Indicators Adjusted Price/Net Acre $118,823 Adjusted Price/Net SF $2.73 Legal Description Lengthy legal description retained in appraiser's files. Remarks *R 3,Multi-family District,by the City of Ocoee. This property was purchased for the expansion of the Health Central Hospital. 4867-4682 PINEL& CARPENTER,INC. ' --- ' N MEL ®.. _lt R R M3 \``\ ® i 1 {i f m \ , \ 'i ,1 , r i m CO o1 , �''\ t\ ,,,7, 7, ® - Y I - - - 4867-468 ! . i i 2 I I i i i , .. 1 • s 1 I — `. -. MD I e I56 r A` I i 1 I I{ ff :t : ,, ,a,,, .z ;;ii'.' 1111 a l iT:" Wier•e1 ` - • Ens= , L � 4i4 mg ii��,`��Ffi�►i�i• airie � ��N - CoQ \a 1gl 11 Pah - - 41811 SPOONS' 4.14 --age 1 I =Mil 3117 I i -' O riNve.,tikilliar:1"4511ffilifSNA. i ., „ ;_fi am �� /�i�` ,14 Filth lil- out eifinow. ... 11 '"dE Iltry:471 y/ __fi aum. - - iit { x.14 - *ad MI . teE �f a r��.� .� X y� I/ —Y DEW i V-1 IL. I 7fS 20 144 'Ig. '' '' P ..,..” I Jrau•l-"•CIIIII. in'ni. , • W. I 410. V `� ! iii .i ,i .i.el i.i .i .i .i ■ MEW Y zi M 4" A i N. msnmao91 nrna tuona • 01.41,01_ _w OM __ I ammo DROtY4TRM.TT or..D.*. IE ..r , � - OIIMOa COOXTT,ROMA OM w+Y _El MI ( Qi0oWR1C 11ROaLAT10R urn CADASTRAL YAP"'- ® a••- . •. r --,-\.! CADASTRAL 'I/AP Richard T Crotty ....~- ® ~r --_ �` 1 Oar••••••• 12 ,,;""_ - _I Richard T Crotty C =1.V.,,,„,,,,,== uZ TYP U R1t0 Salt I sr.... rerM=r DATt IQ/7,-1i EECS.8 T0P2 R MO tilt p I / 1 I Comparable Land Sales , I _. I' ,: , .. I 't Y '44 t . ' y,F F . 4vit‘~ > „ ,k,,,;44.,'"....fitr .4.4„,::: 4 ii t• ...,a.. •,,��, 7 7'°r} .fi% r • IView of subject neighborhood looking north along Maguire Road from east right-of-way. I I , : � it . - -. i ... _- •ter. m • I 1 ON View of subject neighborhood looking south along Maguire Road from east right-of-way. Subject acquisition parcel is at left in photograph. P 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL ICOPYRIGHT 1999,PINEL&CARPENTER,INC. 1 I rior ,•'►`; "0 I l'firck- -< I 1 Y • -1.:° t I ` :f.. I I 4 4 ''•fYZ"s', y ►a ►Cd IView of subject acquisition parcel looking east from Maguire Road. The Publix shopping center, located on the balance of the parent tract, is pictured in background of I photograph. I ; { . i. ! r`= �., • . . f I It kJ T {"41 x. . i • ._ 1 1/ •T •y . ter 41, I ,. View of subject acquisition parcel looking west from shopping center parking lot towards the "no build" area. P il 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. #.1/1 I View of the subject acquisition parcel looking northeast from the approximate southwest corner of the site. I I 6 I 98-133 TEACHERS INSURANCE&ANNUITY ASSOCIATION,ET AL COPYRIGHT 1999,PINEL&CARPENTER,INC. QUALIFICATIONS OF APPRAISER NAME: Walter N. Carpenter Jr. BUSINESS ADDRESS: Pinel&Carpenter, Inc. 824 North Highland Avenue Orlando,Florida 32803 EDUCATION: University of Florida; Bachelor of Science Degree in Business Administration,majoring in Real Estate, 1975. Completed the following courses under the direction of the American Institute of Real Estate Appraisers: Litigation Valuation/Mock Trial(1993) Litigation Valuation(1992) Standards of Professional Practice Exam SPP (1990) Litigation Valuation(1987) Standards of Professional Practice(1984) The Electronic Spreadsheet in the Appraisal Office- Seminole Community College(1985) Introduction to R.E. Investment Analysis (1983) Urban Properties (1977) Capitalization Theory and Techniques (1976) Fundamentals of Appraising(1975) Seminars Attended: The High Tech Appraisal Office(1996) The Internet and Appraising (1996) Case Law of Eminent Domain(1996) Special Purpose Properties: The Challenges of Real Estate Appraising in Limited Markets (1995) Understanding Limited Appraisals (1994) Core Law Update(1994) Appraising Troubled Properties (1992) Reviewing Appraisals (1990) Persuasive Style in the Narrative Appraisal (1989) Standards of Professional Practice Update(1988) Applied Appraisal Techniques (1983) Applied Statistical Analysis in Appraising (1980) Income Capitalization Workshop (1978) New Developments in Condemnation (1975) H.U.D. Uniform Act of 1970 QUALIFICATIONS OF APPRAISER (Contd.) Completed the following courses and seminars under the direction • of the Real Estate Securities and Syndication Institute: Applied Real Estate Syndication(1981) Syndication Real Estate(1982) Real Estate Partnership Administration LICENSES: State-Certified General Appraiser License No. RZ 0001231 Real Estate Broker, State of Florida-License No.BK 0130637 PROFESSIONAL DESIGNATION: Member of the Appraisal Institute,holding the MAI designation, Certificate No. 7567. EXPERIENCE: President,Pinel& Carpenter, Inc., 1987 to present. Vice-President,Pinel,Rex&Carpenter,Inc., 1980-1987 Associate and Assistant to Thomas H.Pinel,MAI, 1975-1980. Active in real estate sales in Orlando since 1974 and in real estate appraising since 1975. Completed appraisals of residential, commercial, and industrial properties, citrus groves, and special purpose properties, including office buildings, shopping centers, apartments, condominiums, theaters,restaurants, churches, dance studios, child care centers, etc.,prepared for Attorneys,Accounting Firms, Banks, Internal Revenue Service, City of Orlando, Orange County, Corporations, and Individuals since 1975. Major Appraisals: duPont Centre, Church Street Station Entertainment Complex, Disney's Celebration City,LeeVista Center,Airport Industrial Park at Orlando, Hunter's Creek, Eastern Subregional Waste Water Treatment Site,Fairbanks Avenue Widening, Oak Ridge Road Widening, Conroy-Windermere Road, Old Winter Garden Road, and Forsyth Road road widening projects, and the Naval Training Center at Orlando. QUALIFICATIONS OF APPRAISER (Contd.) PROFESSIONAL &COMMUNITY SERVICE: • Chairman,Last Wave Committee,House of Hope. • Chairman, Stewardship Committee, St. Michael's Episcopal Church, 1998. • Ninth Judicial Circuit Grievance Committee Member. • Vice-President,East Florida Chapter Appraisal Institute 1999. - • Treasurer, East Florida Chapter Appraisal Institute, 1998. _ • Secretary,East Florida Chapter Appraisal Institute, 1997. • Vice Chairman, Government Relations Committee,Region X,Appraisal Institute, 1997 to present. • Director, Canterbury Retreat& Conference Center, 1996 to present. • Director, East Florida Chapter Appraisal Institute, 1996 to present. • Chairman, Government Relations Committee, Appraisal Institute, East Florida Chapter, 1994 to present. • Director, Central Florida Fair, 1992 to present. • Member of the Legislative Committee-Home Builders Association of Mid-Florida, 1985 to present • Member of the Legislative Committee-Greater Orlando Association of Realtors. • Alumni Relations Director,Florida Blue Key Alumni Association of Central Florida. • Member,Real Estate Securities and Syndication Institute. QUALIFICATIONS OF APPRAISER (Contd.) • Member Central Florida Investment Council. • Director, Winter Park YMCA, 1987-1991. • Chairman,Education Committee, Greater Orlando Association of Realtors, 1988. • Director, The Economic Club of Orlando, 1985-1988 • Vestry, St. Michael's Episcopal Church, 1979-1981; 1989- 1992. • Director,Big Brothers of Greater Orlando, Inc., 1977-1979. • President, Board of Directors, Big Brothers and Big Sisters of Central Florida, Inc., 1979.