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HomeMy WebLinkAboutIII (C) Approval of the Purchase Agreement with Ralph and Shirley Mocny, as Co-Trustees of the Ralph Mocny Revocable Living Trust for the Maguire Roaed Widening Project Agenda 7-18-2000 Item III C FOLEY & LARDNER CHICAGO POST OFFICE BOX 2193 SACRAMENTO DENVER ORLANDO. FLORIDA 32802-2193 SAN DIEGO JACKSONVILLE I I 1 NORM ORANGE AVENUE, SURE 1800 SAN FRANCISCO LOS ANGELES ORLANDO, FLORIDA 3280I-2386 TALLAHASSEE MADISON TELEPHONE'. 140714237656 TAMPA MILWAUKEE FACSIMILE: 1407) 648-1743 WASHINGTON, D.C. ORLANDO WEST PALM BEACH WRITERS DIRECT LINE (407)423-7656 EMAIL ADDRESS CLIENT/MATTER NUMBER mdoty@ioleylaw.com 020377-0284 MEMORANDUM TO: The Honorable Mayor and City Commissioners of the City of Ocoee FROM: Mary A. Doty, Esq., Assistant City Attorney It"'.'T- THROUGH: Paul E. Rosenthal, Esq., City Attorney DATE: July 10, 2000 RE: Maguire Road Widening Project: Acquisition from Ralph Mocny and Shirley Mocny, as Co-Trustees of the Ralph Mocny Revocable Living Trust Based on the Maguire Road Widening Project design prepared by PEC, the City needs to acquire certain property interests from Ralph and Shirley Mocny ("the Mocnys"), whose ± 6 acre parcel is located at the northeast corner of the intersection of SR 50 and Maguire Road. The property is improved with a Holiday Inn and a Perkins Restaurant. The City needs to acquire, in fee simple, a 20' wide strip of right-of-way along the property's Maguire Road frontage. The City also needs an additional 5' drainage and utility easement located directly east of the right-of-way acquisition to install underground drainage and utility structures necessary for the roadway. Finally, the City needs a 5' temporary conrtrrction easement located to the east of t' ::atnage anti utility easement. The City had the Mocny right-of-way appraised by Consortium Appraisal, Inc., who appraised the property at $10.25 per square foot or $128,689.00 for the 20' strip (this figure includes $2,317.00 for improvements located within the right-of-way). A copy of the Consortium appraisal is available for your review in the City Clerk's office. The Mocnys have agreed to convey the right-of-way at its appraised value. They have also agreed to convey the drainage and utility easement at a price of 50% of the fee value or $15,795.25. The Mocnys will grant the temporary construction easement at no cost to the City. Thus, the total purchase price for the right-of-way and the drainage and utility easement is $144,484.25. da 006.186974 one.rri ESTAB A MI MBR Jf GLOBALEX WvH MEMBER OFFICES N BE IN.BRUSSSELS. DRESDEN, FB N FURT,LONDON,SINGAPORE.STOCKHOLM AND STUTTGART /�J FOLEY & LARDNER The Honorable Mayor and City Commissioners of the City of Ocoee July 10, 2000 Page 2 In exchange for these agreements, the Mocnys have requested that the City provide buffering and screening between the hotel and the newly widened Maguire Road. To accomplish this goal the Mocnys have asked the City to reimburse them for their actual out-of- pocket costs in an amount not to exceed $27,500.00 for the design, permitting, and construction of a 6' privacy wall on the property's Maguire Road frontage. In addition the Mocnys have requested a not-to-exceed figure of $10,000.00 for landscaping to be planted between Maguire Road and the Wall. The City Engineer and PEC have reviewed these requests and have determined that the costs are reasonable. These improvements will mitigate any severance damage to the remainder property which might otherwise have been caused by the Maguire Road Project. The Mocnys have also requested reimbursement of their actual out-of-pocket costs incurred for the engineering, landscape architecture, and permitting costs set forth above in an amount not to exceed $2,500.00. City staff has determined that this figure is reasonable. Attached is a Purchase Agreement, under threat of condemnation, that sets forth the terms outlined above. Although the Purchase Agreement includes an obligation on the part of the City to reimburse the Moncys for a total amount not-to-exceed $40,000.00 for additional improvements, we recommend approval for the reasons set forth below. In the absence of a negotiated acquisition, it would be necessary for the City to condemn these property interests. Even if the City were successful in condemning the property at the City's appraised value, based on the Mocnys' request for buffering and screening improvements, the City would have litigated the severance damage issue in the condemnation action. Because the property is improved and occupied by long-standing businesses, the City might possibly have litigated business damage claims as well. The costs incurred by the City in prosecuting the action, and the payment of attorneys' fees and reasonable experts' fees incurred by the property owner in defending a condemnation action, would have exceeded $40,000.00. Negotiated acquisitions significantly reduce these costs. RECOMMENDATION: Approve the Purchase Agreement executed by Ralph Mocny and Shirley Mocny as Co-Trustees, 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 Easement Agreements. cc: Ellis Shapiro, City Manager James W. Shira, P.E., City Engineer 006.186974 PURCHASE AGREEMENT This Purchase Agreement (the "Agreement") is made and entered into this day of June, 2000 by and between RALPH MOCNY and SHIRLEY MOCNY, as Co- Trustees of the Ralph Mocny Revocable Trust dated July 5, 1989 whose address is 2313 Roat Drive, Orlando, Florida 32835 (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 the following real property located in Orange County, Florida: 1) real property located adjacent to the existing Maguire Road right- of-way as more particularly described in Exhibit "A" attached hereto and by this reference made a part hereof(the "Roadway Land"); 2) real property located contiguous to and east of the Roadway Land as more particularly described in Exhibit "B" attached hereto and by this reference made a part hereof(the "Easement Land"); 3) real property located contiguous to and east of the Easement Land as more particularly described in Exhibit "C" attached hereto and by this reference made a part hereof(the "TCE Land"); and WHEREAS, the Roadway Land, the Easement Land and the TCE Land are herein collectively referred to as the "Property"; and 006.179125.3 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 (i) fee simple title to the Roadway Land, (ii) a drainage, utility and access easement across the Easement Land, and (iii) a temporary construction easement across the TCE Land; and WHEREAS, the City has advised Seller that if the City and the Seller do not enter into this agreement and close on the conveyance of the Property pursuant to the terms of this Agreement that the City intends to use its power of eminent domain to condemn its required interests in the Property as set forth herein; and WHEREAS, Seller, under threat of condemnation, has agreed to sell to the City, and the City has agreed to purchase from the Seller its required interests in the Property as set forth herein. 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. Conveyance of Fee Simple Title. 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 Roadway Land, together with all tenements, hereditaments, improvements, structures, fixtures, trees, shrubbery, curbing, roads and easements, appertaining thereto and all of the Seller's right, title, and interest therein. 2 006.179125.3 The Seller shall convey to the City marketable, fee simple title to the Roadway Land 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, curbing, 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. Grant of Easement. (A) Seller, under threat of condemnation, agrees to grant to the City, on the terms and conditions herein set forth the following easements: (i) a permanent drainage, utility and access easement (the "Permanent Easement") over, across and under the Easement Land; (ii) a temporary construction easement (the "Temporary Easement") over, across and under the TCE Land; (hereinafter collectively referred to as the "Easements"). The Permanent Easement and the Temporary Easement shall be in substantially the form attached hereto as Exhibit "D" and Exhibit "E", respectively, and by this reference made a part hereof. (B) The Seller shall grant the Easements to the City free and clear of all liens, mortgages and encumbrances, except for restrictions, reservations, easements and other matters of record, if any. 3 006.1 79125.3 4. Title Insurance. The City, at the City's expense, shall be responsible for obtaining title insurance in connection with this transaction so as to insure the City's interests in the Roadway Land and the Easements. If any title matters set forth in the title commitment are unacceptable to the City, then the City, at its option, may terminate this Agreement within seven (7) days of receipt of the title commitment; otherwise, the City shall be deemed to have agreed to accept title subject to the matters shown in the title commitment. Seller shall have no obligation to cure title defects, if any, revealed by the title commitment. 5. Purchase Price. (A) The Purchase Price for the interests in the Property as described in this Agreement shall be ONE HUNDRED FORTY-FOUR THOUSAND FOUR HUNDRED EIGHTY-FOUR AND 25/100 DOLLARS ($144,484.25) (the "Purchase Price") which represents the value of the Roadway Land and the Easement Land based upon an appraisal obtained by the City. The parties hereto acknowledge that the City has not obtained an appraisal of the TCE Land and that Seller has agreed to grant the TCE Land to the City without any additional consideration other than the agreement of the City to perform its covenants and agreements set forth herein. (B) The parties hereto acknowledge and agree that the Purchase Price: (a) constitutes full compensation to the Seller for the value of the Roadway Land and the Easements and the resultant damage, if any, to the remainder of the lands adjacent thereto owned by the Seller (the "Parent Tract"); (b) includes full compensation to the Seller for all trees, shrubbery, paving, curbing, asphalt, and other 4 006.179125.3 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. (C) The Purchase Price (or such greater or lesser amount as may be necessary to complete payment of the Purchase Price after escrows, deductions, credits, adjustments and prorations) shall be paid to Foley & Lardner, as closing agent (the "Closing Agent") at the Closing by City check for which funds are immediately available. The Closing Agent shall disburse such funds in accordance with the provisions of this Agreement. The net proceeds payable to the Seller (after escrows, deductions, credits, adjustments and prorations) shall be disbursed to Seller by wire transfer or trust account check (as determined by Seller). 6. Covenants by City. As additional consideration and as a material inducement for Seller to enter into this Agreement and to agree to convey the Roadway Land to the City and to grant the Easements to the City, the City hereby covenants and agrees as follows: (A) As part of the Project, the City plans to remove the existing Parent Tract "Perkins" sign located within the Roadway Land at the corner of SR 50 and Maguire Road (the "Perkins Sign"). The City agrees that Seller shall be permitted to replace the Perkins Sign with two wall mounted signs provided the proposed wall signs do not encroach into the safe site lines as set forth in the City Land Development Code; the total signage does not exceed the square footage of the existing Perkins Sign; 5 006.179125.3 the signage of either of the wall mounted signs does not exceed one-half of the square footage of the existing Perkins Sign; and the Seller obtains a sign permit from the City. The City will review any requests for temporary signage during the construction of the Project. (B) The City will reimburse and pay to Seller their actual out-of- pocket costs incurred in designing, permitting and constructing a six (6) foot high pre- cast privacy wall (the "Wall") on the portion of the Parent Tract fronting on Maguire Road; provided, however, that the amount of such reimbursement shall not exceed $27,500.00. The Wall will be located between the Roadway Land and the curb of the existing paved parking within the Parent Tract. The Seller will construct the Wall in compliance with all applicable laws, ordinances, rules and regulations. In order to avoid interference with the Project, the Seller agrees that it will not commence construction of the Wall prior to completion of the portion of the Project adjacent to the Parent Tract. Seller will be permitted, however, to construct a temporary screening wall ("Screening Wall") during construction of the Project, which cost the City will reimburse to the Seller in an amount not to exceed $700.00. Further, in the event Seller does not commence construction of the Wall within one (1) year of completion of the Project, then the City shall be relieved of its obligation to provide reimbursement for the Wall as set forth in this subsection. The Seller will be responsible for the maintenance, repair and, if necessary, future replacement of the Wall. (C) The City will reimburse and pay to Seller their actual out-of- pocket costs incurred for the purchase and installation of landscaping between the Wall 6 006.179125.3 and the Roadway Land (the "Landscaping"); provided, however, that the amount of such reimbursement shall not exceed $10,000.00. The reimbursement by the City will exclude any costs associated with an irrigation system for the Landscaping should Seller, at their option, elect to install an irrigation system. The Landscaping will comply with all applicable laws, ordinances, rules and regulations. In order to avoid interference with the Project and the construction of the Wall, the Seller agrees that it will not commence the installation of the Landscaping prior to substantial completion of the Wall. Further, in the event Seller does not commence installation of the Landscaping within fifteen (15) months of completion of the Project, then the City shall be relieved of its obligation to provide the reimbursement for the Landscaping set forth in this subsection. The Seller will be responsible for the maintenance and replacement of the Landscaping. (D) The City shall reimburse and pay to Seller their actual out-of- pocket costs incurred for the engineering, landscape architecture, and permitting costs in an amount not exceed $2,500.00. (E) In order to obtain the reimbursements for the Wall, Screening Wall, Landscaping, and engineering, landscape architecture, and permitting costs as set forth above, the Seller shall submit to the City a written reimbursement request accompanied by documentation reasonably satisfactory to the City establishing the actual cost of such work and the amounts paid by Seller. (F) The City will, at its expense, locate the existing back flow preventer located on the Roadway Land to a mutually agreed upon location. 7 006.1 79125.3 7. Closing Costs; Tax Proration. (A) 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 conveyance of Roadway Land to the City and the granting of the Easements to the City. Real property taxes in connection with the conveyance of the Roadway Land shall be paid 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. (B) Pursuant to Section 12B-4.013(4), Florida Administrative Code, the City hereby determines and gives written notice to Seller that City has decided to acquire the Roadway Land and the Easements and that City is prepared to institute condemnation proceedings to acquire the indicated interests in the Property in the event Seller does not agree to sell the Roadway Land and grant the Easements to City in accordance with the terms and conditions of this Agreement. This paragraph is included for the purpose of documenting that the conveyance of the indicated interests in the Property is to be made by Seller to City under threat of condemnation and that the conveyance is not subject to the Florida documentary stamp tax. 8. 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. 8 006.179125.3 9. Closing. This transaction shall be closed and the deed, Easements and other closing papers ("Closing") delivered at 10:00 a.m. on the 10h day from the Effective Date (the "Closing Date"). Closing of title for the Property shall take place at the offices of Foley & Lardner, 111 North Orange Avenue, Suite 1800, Orlando, Florida at 11:00 a.m. on the Closing Date. The City's legal counsel shall be responsible for the preparation of all closing documents, at the City's expense. 10. 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. 11. Use of Property Prior to Closing. From the date hereof through the Closing Date, 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. 12. 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. 9 006.179125.3 13. 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. 14. 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. 15. 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. 16. Applicable Law. This Agreement shall be construed and interpreted in accordance with the laws of the State of Florida. 17. Disclosure of Beneficial Interest. (A) Contemporaneous with the execution of this Agreement, Seller shall deliver to the City a public disclosure of its beneficial ownership which shall comply with the requirements set forth in Section 286.23, Florida Statutes, as from time-to-time amended. This Agreement constitutes a written notice from the City to Seller requesting the foregoing disclosure and informing Seller that such disclosure must be made under oath, subject to the penalties prescribed for perjury. (B) 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 10 006.179125.3 blood or marriage to any of the aforesaid has or will benefit in any way, either directly or indirectly, from the closing of this transaction. 18. 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. 19. 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 Roadway Land and Easements and shall be without prejudice to any party, and inadmissible in any condemnation proceedings which might hereinafter be brought if this transaction is not closed for any reason whatsoever. 20. Survival of Warranties and Agreements. All warranties, representations, covenants, obligations, indemnities and agreements contained herein shall survive the execution and delivery of the Deed, the closing documents and the Closing to be held hereunder. 21. Notices. All notices, consents, approvals, waivers and elections which any party shall be required or shall desire to make or give under this Agreement shall be in writing and shall be sufficiently made or given (i) when mailed by certified mail, postage prepaid, return receipt requested, (ii) by hand delivery to the named individuals representing the party to be notified, or (iii) by private parcel delivery services. Notices, including notice of change of address, shall be addressed or transmitted to the addresses set forth below or such other address that a party may designate in the manner prescribed herein: 11 006.179125.3 AS TO SELLER: do Ralph Mocny 2313 Roat Drive Orlando, Florida 32835 AS TO CITY: City of Ocoee Attn: City Manager 150 North Lakeshore Drive Ocoee, FL 34761 Notices, consents, approvals, waivers and elections given or made as aforesaid shall be deemed to have been given and received on the date of the mailing or delivery thereof as aforesaid. 22. Construction of Agreement. This Agreement shall not be construed more strictly against one party than against the other party merely by virtue of the fact that it may have been prepared by counsel for one of the parties, it being recognized that both Seller and City have contributed substantially and materially to the preparation hereof. 23. Radon Gas. Pursuant to the provisions of Section 404.056(8), Florida Statutes, Seller hereby notifies City as follows with respect to the Property: "Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county public health unit." 24. 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 , 2000 12 006.179125.3 then the Seller's execution hereof shall be automatically terminated and the City shall immediately return to the Seller the executed originals hereof. 25. 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: �i > _ I�JL_ RALP OCN as Co-Trustee of t (yaria,ttiol Ralph Mocny Revocable Trust date my 5, 1989 ) )11a /� SHIRLEY yOCNY, as Co rustee of /L 0�'El S S . (J� n SE the Ralph Mocny Revocable Trust dated July 5, 1989 Executed on: t r o "c (o — 0 0 13 006.179125.3 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: . 2000 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 2000. 2000 UNDER AGENDA ITEM NO. FOLEY & LARDNER By: City Attorney 14 006.179125.3 LEGAL DESCRIPTION (PROPOSED ADDITIONAL RIGHT OF WAY) (RW-3) That part of Section 19. Township 22 South, Range 28 East, Orange County. Florida. being more oarUc.;lar> described as follows: BEGINNING at the intersection of the North right of way line of State Rood 50 and the East -grit of way line of Maguire Road: thence North 00'28'49' West a distance of 616.40 feet along aforesais East right of way line: thence leaving said East right of way line North 89'31'11' East o distance of 20.00 feet. thence South 00'28'49" East a cistance of 616.53 feet along a line 20.00 feet east of and aorollel with aforesaid East right of way line to a point on the aforesaid North right of way line of State Road 50. said point being on a curve concave to the north, having a radius of 68529.90 feet. a cenrol angle of 00'01'00" and chord of 20.00 feet that bears South 89'54'I0" West: thence westerly 20.00 feet along the arc of said curve and the aforesaid North right of way line to the POINT OF BEGINNING. CONTAINING 12329 square feet, more or less. SURVEYORS REPORT 1. The Pernik' shown hertan are based on the baseline of Maguire Rood from Station 217+00 to Eldon 2,8+0. being North 0025'49" West 2. See Sheet 2 of 2 for Sketch of Description. Date' CERT. NO. LB21015 +5& LEGAL DESCRIPTION August 21. 1999 FOR Job No Scale. 45800042 NOT TO SCALE V Professional Engineering Consultants. Inc. SOUTHEASTERN SURVEYING 9 MAPPING COP= CH 61GI7-6. rlando Administrative 324 N. OrionC Avenue - Coo. . m gol d.srn cropnan Maitland. Fiona: :2751 drowag brm, u eoaban t 307/8475=595 THIS IS NOT A SURVEY. • OAR B. KRICK CCI5TE3C0 uxa 5u42v:+ v: 445 r SKETCH OF DESCRIPTION N89'31'11"E 20.00' m N 3 o b 0 ? UNE 20.00 FEET EAST DF AND FARM I FL WITH THE E r, 'a EXISTING EAST RCM OF WAY UNE Nm 1� PROPOSED ADDITIONAL e RIGHT OF WAY N 0 n 0 Q CYPRESS CREEK TOWN SQUARE �� m m NURSERY, INC. SHOPPING CENTER - e OFFICIAL RECORDS BOOK 3517 Cc EID PLAT BOOK 17 PACE 10 NNo o PAGE 1380 o n z I LL.I Ct NL=20.00. Q 68529 La A=00'01' 0" s CB=589'84'10-W o CHORD=20.00' - 4 1" = 100* N GRAPHIC SCALE 5 0 50 100 200 N NNiue NORTH RIGHT OF WAY LINE POINT OF BEGINNING 789 790 791 792 793 BASEUNE BBREvuTIDNS: STATE ROAD 50 /W = RIGHT OF WAY I_ - LENGTH or CURVE = RADIUS I 1 I u - CENTRAL ANGLE I m 3 = CHORD BEARING = NORTH I 0 NOT = O = EAST I Q PLATTED WEST / S = SOUTH n I O Drawing No. 45800042 < I'! 11y SOUTHEASTERN SURVEYING & NAPPING CORP. Jae N0 45900 324 North Orlando Avenue Dow- August 31. 1999 Ragland. Honda 32751-4702 Sheet 2 of 2 14071E47-8899 (e4(409)847-1667 See Sneer 1 for Legal pescria Uon e-mail ssmc990eol corn Cert No. LB-2106 LEGAL DESCRIPTION FOR PROPOSED DRAINAGE AND UTILITY EASEMENT That part of Section 19, Township 22 South. Range 28 East, Orange County, Florida. being mare particularly described as follows: Commencing at the intersection of the North right o. way line of State Road 50 and the East rignt of way line of Maguire Roca, said point being a point of curvature of a curve concave to the nortn, paving a radius of 68529.90 feet, a central angle of 00'01'00" and a cnord of 20.00 feet that bears North 89'54'10" East; thence easterly 20.00 feet clang afaresaia north right of way line and the arc of said curve to a point on a line 20.00 feet east of and parallel with the aforesaid east right of way line of Maguire Roca to the POINT OF BEGINNING; thence leaving said north right of way line North 00'28'49" West 616.53 feet along aforesaid parallel line: thence North 89131'11" East 5-00 feet to a point on a line 25.00 feet eost of and parallel with the aforesaid east right of way line of Maguire Road; thence South 00128'49" East 616.57 feet along said parallel line to a point on aforementioned north right of way line of State Road 50, said point being on a curve concave to me north, having a radius of 68529.90 feet. a central angle of 00'00'15" and a chord of 5.00 feet that bears South 89'53'32" West; thence westerly 5.00 feet ciong tie arc of said curve and the aforesaid north right of way line of State Road 50 to the POINT OF BEGINNING. CONTAINING 3082 sauare feet or 0.07 acres, more or less. SURVEYORS REPORT: 1. The bearings shown hereon are-based on the baseline of Maguire Road from Station 217+00 to Station 218+00, being North 00128'49' West. 2. See Sheet 2 of 2 for Sketch of Description. Leal Description pale. CERT. Na. LB3108 580006 8Apr. 27, 2000 CS r� .�` FOR Job No.: (.-. NOT ; • 45800063 TO SCALE Annafl n Professional Engineering Anna MAPPING SOUTHEASTERN SURVEYING & Mnue CORP. Consultants. Inc. COd man-a. rwm . 324 N. Orlordo Avenue coo. .m.• Maitland. Flar a 32751 MS IS •A SJRWY P 407/64 8E98 CAR B. KRICK REGISTERED MID SURVEYOR NO •20 SKETCH OF DESCRIPTION CYPRESS CREEK NURSERY, INC. OFFICIAL RECORDS BOOK 3517 N89'31'11=E PAGE 1380 z rp 5.00' 311 co O N TOWN SQUARE SHOPPING 0 P6 CENTER : z PLAT BOOK 17 PAGE 10 i m LINE FEET EAST AND N I PARALLELLEL WITH THE FAST RIGHT OF WAY UNE 0 PROPOSED DRAINAGE Q AND UTILITY EASEMENT O e n II 3082 SQUARE FEET CC tN ,nn n OR 0.07 ACRES ± 7" =100' — 6 GRAPHIC SCALE I e 0 50 700 200 Li Et to Ill01 sj RALPHMO& SHIRLEY = N l^ 40 n OFFICIAL RECORDS BOOK 4991 /IA II\ V z 8110 PAGE 3728 Q ul MOBILE OIL CORP. < 3 OFFICIAL RECORDS BOOK 3541 N LINE 25.00 EAST OF AND PARALLEL WRH ThE EAST PAGE 626 o RIGHT OF WAY USE L=20.00' R=68529.90' EH A=00'01'0O" 013=N89'54'10"E CHORD=20.00' n L=5.00' R=68529.90' C B589533CR=589S332W CHORD=5.00NORTH RIGHT CF WAY LINE STATE ROAD NPOINT OF BEGINNING ABBREVIAnoNS'. 789 790 797 R/W = RIGHT OF WAY L = LENGTH OF CURVE POINT OF COMMENCEMENT 792 R = RADIUS_ CENTRAL ANOIE INTERSECTION OF NORTH RIGHT OF WAY CB - CHORD BEARING LINE OF STATE ROAD 50 AND THE r•7_- +{. / t N = NORTH EAST RIGHT OF WAY LINE OF MAGUIRE ROAD w-r-rT='e Vim\ E = EAST ' 11 I -s III. •I MIS. W = WESTr Sw JAat•W IIIIYIIan S = SOUTH Drawing No. 45800053 SOUTHEASTE32RN NorthSU rlando Avenue CORP Job No. 45500 Maitland. Florida 32751-4702 Date: Aar. 27. 2000 Sheete 2 of 2 e aLssm 96•aol8 (azUCer . Na.1667 See Sheet I for Legal DescnoY.on end Surveyors Report. -mulsamc96�eol.com Cert. S I9-210 LEGAL DESCRIPTION FOR PROPOSED TEMPORARY CONSTRUCTION EASEMENT Tnot port of Section 19. Township 22 Soutn, Range 28 East, Orange County, Florida. being more particularly described os follows: Commencing at the intersection of the North right of way line of State Road 50 and the East right of way •Ice of Maguire Road. said point being c point of curvature of a curve concave to the north, having a radius of 68529.90 feet, a central angle of 00'01'15" and a chord of 25.00 feet that bears North 89'54102" East; thence easterly '25.00 feet along aforesaid north r.ont of way line and the arc cf said curve to a point on a line 25.00 feet east of and parallel with one aforesaid east right of way line of Maguire Road to the POINT OF BEGINNING: thence leaving said narn right of way line North 00128.49" West 616.57 feet along aforesaid parollel line: thence North 89'31'11' East 5.00 feet to a point on a line 30.00 feet east cf and parallel with the aforesale east right of way line of Maguire Road; thence South 00125'49- East 616.60 feet along said parallel line to o point on aforementioned north right of way line cf State Rood 50. said point being on a curve concave to the north. hoving a radius of 68529.90 feet, c central angle of 00'00'15" and a cnord of 5.00 feet that bears South 89153.17" West; thence westerly 5.00 feet along the arc of said curve and the aforesaid north right of way line of State Road 50 to the POINT OF BEGINNING. CONTAINING 3082 square feet or 0.07 acres, more or less. • SURVEYORS REPORT: 1. The bearings shown hereon are based an me baseline of Maguire Rood from Station 217+00 to Station 218+00. being North 00128'49 West. - 2. See Sheet 2 of 2 for Sketch of Description. Jam. CERT. NO. LB2108 458000E Legal Description Apr. 27, 2000 Cs t. FOR Job Na.: Ti.":Tt limmt NOT _ .. 45800064 NOT TO SCALE _p= r Professional Engineering SJJTHEASTERN SURVEYING & MAPPING CORE Consultants. Inc. Ot. 6 C 7'6. nwsa Aden.aevau.. 324 N. Orlando Avenue cci* recrearell teat legal oneness.. Montana. Florida 32751 *seep bear tee n .en Una THIS LS NOT A�tal SURVEY. 407/647-8898 Kcid GAR B. KRICK IMCISTOMO LANO SURVEYOR NO. 42e1 1 SKETCH OF DESCRIPTION CYPRESS CREEK NURSERY, INC. OFFICIAL RECORDS BOOK 3517 N89'31'11-E PAGE 7380 z 5.00' as • m O N TOWN SQUARE SHOPPING o .' vi CENTER m Lit ry PLAT BOOK 17 PAGE 10 • o La =1 LINE 25.00 FEET EAST OF AND PARALLEL WITH THE EAST (V RIGHT OF WAY LINE 0 .1/4N.\13ROPOSED TEMPORARY Q CONSTRUCTION EASEMENT CIto 3082 SQUARE FEET Ce n -ll e OR 0.07 ACRES ± 1" = 100' 'n to GRAPHIC SCALE e m 0 50 100 200 L1.1 IX Ln II ,1 RALPH & SHIRLEY 01 a MOCNY = N < Y ��ff�� 100 N OFFICIAL RECORDS BOOK 4991 O CC Ili ZIIN PAGE 3728 SOMOBILE OIL CORP. M OFFICIAL RECORDS BOOK 3541 t`+ o LINE Jam FEET EAST OF AND PARALLEL WITH THE EAST PAGE 626 I RIGHT OF vim' LINE cc R-6 8529.90' L=25.00' A=00'Ot'15' L0 if I9N89_5402 "E CHORD=25.00' "1 L=5.00' w R=68529.90' A=00-00'15- CB=589-53'17-W CHORD=5.00' NORTH RIGHT OF WAY LINE ABBREVIATIONS: STATE89 ROAD 791- 0 POINT OF BEGINNING R/W = RIGHT OF WAY L = LENGTH OF CURVE POINT OF COMMENCEMENT 792 R = RADIUS = CENTRAL ANGLE INTERSECTION OF NORTH RIGHT OF WAY -, CO = CHORD BEARING LINE OF STATE ROAD 5D AND THE FA:— �..wa'a'aie"'a'w'�f :'- N NORTH EAST RIGHT OF WAY LINE OF a i L_ _�. to MACUIRE ROAD Y I 1 .• /Ma E = EAST s -a I 1���- W = WEST ������ �A____ ass a S = SOUTH Drawing NO. 45800064 SOUTHEASTERN324orth SURVEYING ndo Avenue CORP_ Jo6 No. 45800 Maitland. Ronda 32751-4702 Dote: Aor. 27. 2000 (407)647-8698 fas(407)647-1667 Sheet 2 of 2 e-mall:feme96•eel.com Cert. No. LB-2108 See Sheet I 'or Legal Description and Surveyors Report. EXHIBIT "D" THIS LNSTREMENT PREPARED BY AND SHOULD BE RETURNED TO: Mary A. Dory. Esq. FOLEY & L.ARDNER 111 North Orange Avenue. Suite 1800 Post Office Box 2193 Orlando. FL 32802-2193 (407)423-7656 For Recording Purposes Only INSERT DRAINAGE. UTILITY AND ACCESS EASEMENT AGREEMENT THIS DRAINAGE, UTILITY AND ACCESS EASEMENT AGREEMENT is made and entered into this day of , by and between INSERT GRANTORS NAMES, whose address is INSERT ADDRESS (hereinafter referred to as the `Grantors"), and the CITY OF OCOEE, a Florida municipal corporation, whose address is 150 North Lakeshore Drive, Ocoee, Florida 34761 (hereinafter referred to as the "Grantee"): WITNESSETH: WHEREAS, Grantors are 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 Grantors have agreed to grant and convey to Grantee, a non-exclusive perpetual drainage, utility and access 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. Grantors hereby give, grant, bargain, sell and convey to Grantee a non- exclusive perpetual easement for drainage, utility and access purposes over, under, and upon the Easement Property for the purposes hereinafter stated (the "Easement"), all subject to the terms, conditions and limitations set forth herein. The Grantee shall have full authority to enter upon, construct, operate, repair, and maintain, as the Grantee, or its assigns. may deem necessary, drainage pipes and facilities, electrical poles, telephone poles, wires, guy wires and appurtenances, water pipes, sewer pipes, gas pipes and mains, electric, telephone and cable TV lines, and any other utility facilities or other related appurtenances (the "Improvements") over, under, and upon the Easement Property. Section 3. Grantors hereby warrant to Grantee that Grantors have fee title to the Easement Property subject to easements, reservations, restrictions and rights-of-way of record, if any, and that Grantors have full power and authority to grant this Easement as to the Easement Property. Section 4. Subject to the terms, conditions and limitations hereinafter set forth, the Grantee, its employees, agents. contractors and consultants, shall have the right of ingress and egress over, upon, and across the Easement Property at all times for the purpose of constructing, operating, repairing, and maintaining the Improvements. The Grantee, its employees, agents, contractors and consultants, shall have the right to clear and keep clear all trees, undergrowth, and other obstructions that may interfere with normal operation or maintenance of the Improvements, out of and away from the Easement Property, and the Grantors agree not to build, construct, or create, nor permit others to build, construct, or create any buildings or other structures on the Easement Property that may interfere with the use of the Easement Property for the purposes set forth herein or with the normal operation or maintenance of the Improvements. Section 5. The access easement granted herein is solely for the purpose of ingress and egress to the Improvements and for no other purpose. This Easement shall not be construed to grant the general public any rights or privileges with respect to the use of the Easement Property. Section 6. Except as expressly set forth herein, the Grantors reserve the right to utilize the Easement Property for any purpose which does not interfere with the use of the Easement Property by Grantee for the purposes set forth herein. Section 7. To the extent permitted by law, the Grantee agrees to indemnify and hold harmless the Grantors 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 by this Easement Agreement. Section 8. 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 9. This Easement Agreement may be modified or amended only upon the mutual written consent of Grantee and Grantors, or their respective legal representatives, successors and assigns. 2- 006.[80203.[ 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 in the presence: GRANTORS: = l INSER AME t ICA-A- t& a# Print Name: of E ant O S rz • ;,tNr.rj�j�(��Or INSERT E Print Name: a ; P /: f . _ • STATE OF It6RIDA COUNTY OF INSERT COUNTY 1614"e The foregoing instrument was acknowledged before me this 9 4 ' 'day of , 200 q by INSERT NAME. He/She is NI personally known to me or roduced as identification. ( V WITNESS my hand and official seal in the County and State aforesaid this e day of , 200O. Notary Public b6 11A C. a0SE Print Name k,.0 2 R 11rt S. cRo S k My Commission Expires: 3 —d V —0 Z— nnaixm03.1 STATE OF F 13A U ! RJ k)Oa"_`" - n COUNTY OF INSERT COUNTY 5E-tRrt�-4' The foregoing instrument was acknowledged before me this c��i day of , 20) O, by INSERT NAME. He/She is"1 personally known to me or roduced as identification. WITNESS my hand and official seal in the County and State aforesaid this (o d of .�_ , 20b U ^ � 1 Notary Public Print Name h j O P alIor S, & t 5 E My Commission Expires: ,7 -OK-02-' -4- 006.180203.1 Signed, sealed and delivered in the presence: GRANTEE: CITY OF OCOEE, a Florida municipal corporation Print Name: By: Name: S. Scott Vandergrift Print Name: Title: Mayor Attest: Name: Jean Grafton Title: City Clerk [Affix Seal] FOR USE AND RELIANCE ONLY BY THE APPROVED BY THE OCOEE CITY CITY OF OCOEE. FLORIDA. APPROVED COMMISSION AT A MEETING HELD ON AS TO FORM AND LEGALITY THIS , 20 DAY OF , UNDER AGENDA ITEM NO. 20 FOLEY & LARDNER By: City Attorney STATE OF FLORIDA COUNTY OF The foregoing instrument was acknowledged before me this day of , 20 , by S. Scott Vandergrift, as Mayor of the City of Ocoee. He is personally known to me or E has produced as identification. WITNESS my hand and official seal in the County and State aforesaid this day of 20 Notary Public Print Name My Commission Expires: 006.180203.1 _5 EXHIBIT "E" THIS INSTRUMENT PREPARED BY AND SHOULD BE RETURNED TO: Mary A. Doty,Esq. FOLEY&LARDNER III North Orange Avenue.Suite 1500 Post Office Box 2193 Orlando, FL 32802-2193 (407)423-7656 For Recording Purposes Only INSERT NON-EXCLUSIVE TEMPORARY EASEMENT AGREEMENT THIS NON-EXCLUSIVE TEMPORARY EASEMENT AGREEMENT is made and entered into this day of , 2000, by and between INSERT NAME OF GRANTOR whose address is INSERT GRANTOR'S ADDRESS (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"). WITNESSETH: WHEREAS, Grantor is the owner of that certain real property located in Orange County, Florida, as more particularly described in Frhibit 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 conveys 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 tide 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 S. 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. 2 006.156199.1 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. 006.156199.1 3 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 presence of: INSERT T/' By: Pr' t Nam: U 7 Nam 1ca rio .vr AA-t,GLF—�. Title: a e�. Print NameU o R F_7T9 S- ',S STATE OF INSERT -Th COUNTY OF INSERT _ AtU, w- -F1 The foregoing instrument was acknowledged before me this c3 edaay of 2000, by INSERT. He/She is &personally known to me or has duced as identification. "Smy hand and official seal in the County and State aforesaid this&�' day ot� . 2000. Notary Public U6e_E//a Print Name My Commission Expires: 3 - 38' _ a 4 006.156199.1 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: 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 UNDER LEGALITY THIS DAY OF AGENDA ITEM NO. , 2000. By: Foley & Lardner City Attorney STATE OF FLORIDA COUNTY OF ORANGE The foregoing instrument was acknowledged before me this _ day of ,2000, by S. Scott Vandergrift, as Mayor of the City of Ocoee. He is Li personally known to me or ❑ has produced as identification. WITNESS my hand and official seal in the County and State aforesaid this day of ,2000. Notary Public Print Name My Commission Expires: 5 006.156199.1 CONSORTIUM THE APPRAISAL OF A RIGHT-OF-WAY ACQUISITION LOCATED ALONG THE EAST SIDE OF MAGUIRE ROAD AND THE NORTH SIDE OF STATE ROAD 50, IN THE CITY OF OCOEE, ORANGE ✓ COUNTY, FLORIDA. ✓ PERTAINING TO: - PROPOSED ACQUISITION BY THE CITY OF OCOEE FOR THE MAGUIRE ROAD IMPROVEMENT PROJECT r PREPARED FOR: MARY A. DOTY, ASSISTANT CITY ATTORNEY DATE OF VALUATION: NOVEMBER 18, 1999 DATE OF REPORT: DECEMBER 21 , 1999 CONSORTIUM December 21, 1999 Ms. Mary A. Doty Assistant City Attorney 111 N. Orange Avenue, Suite 1800 Orlando, FL 32801-2386 ois RE: Project: Maguire Road Improvement Project Owner: Ralph and Shirley Mocny, Co-Trustees Dear Ms. Doty: At your request, our firm has inspected and appraised a parcel of land that is proposed for acquisition by the City of Ocoee. The purpose of the acquisition is for utilization in the Maguire Road improvement project. The acquisition involves a partial acquisition from the Parent Tract in fee simple interest. The 6.04-acre Parent Tract is located in the northeast corner of the intersection of State Road 50 and Maguire Road, in the City of Ocoee, Orange County, Florida. The fee acquisition contains 12,329 square feet of land area and consists of a 20±' wide strip of land running contiguous to, and parallel with, the existing east right-of-way line of Maguire Road. The purpose of this appraisal was to estimate the market value of the land and improvements to be acquired in fee simple interest, as of November 18, 1999. The attached appraisal report, and the value estimates contained herein, are subject to, and contingent upon: 1) The Limiting Conditions and Assumptions presented in pages 59 to 64 of the attached appraisal report. 2) This appraisal has been made contingent upon the subject site being free of any form of toxic or hazardous contamination. 3) The legal description, site dimensions and area calculations for the Parent Tract have been estimated based upon a review of the Public Records of Orange County, and are subject to verification by a current certified survey of the subject property. Mailing Address:Post Office Drawer 2129,Winter Park,Florida 32790 (407) 647-0800 Fax # (407) 645-2301 Ms. Mary A. Doty December 21, 1999 Page 2 4) At the specific legal instruction of the client, the values reported herein for the acquisition parcel do not include any consideration for potential damages to the Remainder resulting from the acquisition. It was our opinion, based upon market conditions prevailing on November 18, 1999, that the market value of the fee simple interest in the acquisition was: Land $126,3 72 Improvements $ 2,317 TOTAL $128,689 We certify that, to the best of our knowledge and belief, the statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions, are limited only by the reported assumptions and limiting conditions, and are our personal, unbiased professional analyses, opinions and conclusions. We have no present or prospective interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved. Our compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. Our compensation is further not contingent upon: the reporting of a predetermined value or directions in value that favors the cause of the client; the amount of the value underestimate; the attainment of a stipulated result; or the occurrence of a subsequent event. Our analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice. We have made a personal inspection of the property that is the subject of this report. No one provided significant professional assistance to the persons signing .. this report except as set forth on page 3 of this report. The subject of this report, the neighborhood, and the comparable properties were personally inspected by Philip F. Wood, MAI, and Charles B. Byrd. We do not authorize the out-of-context quoting from or partial reprinting of this appraisal report. Further, neither all nor any part of this appraisal report shall be disseminated to the general public by the use of media for public communication without the prior written consent of the Appraiser(s) signing this appraisal report. This is a Limited Appraisal in that discovery by legal counsel has not been completed in this case. This appraisal is limited by the data that was accumulated and analyzed prior to the benefit of legal discovery, pertaining to the subject property. The Appraisers, with permission from the client, have invoked the Departure Provision under USPAP because of the level of information available on the initial Date of Value and the possibility of future revision as additional facts become available to the client and the Appraiser. The client is a frequent user of appraisals, and the invocation of the Departure of Provision would not Ms. Mary A. Doty December 21, 1999 Page 3 mislead the general public under Uniform Standards. Because of the summary format of this appraisal report, the Departure Provision is enacted under USPAP Standards Rule 2- 2(b) (ix). The property owner and/or representatives of the owner have been put on notice, prior to the completion of this appraisal report, to disclose any information that the owner is in possession of, or aware of, that may have an impact on this appraisal of the subject property. Therefore, the Appraisers reserve the right to: 1) revise or correct this report; and/or 2) re-appraise the subject property or revalue any component therein in the event that relevant items affecting the value of the subject property (which were not disclosed by the owner and/or representatives of the owner) are discovered by legal council prior to the final resolution of this case. Any estimate of damages to the Remainder, where applicable, includes only those items considered compensable under Florida law and does not include business damage or relocation costs. This appraisal is further limited by the specific legal instructions of the client, requiring that this appraisal has be prepared: 1) without consideration for potential damages to the Remainder that may result from the acquisition of the taking parcels; and 2) without consideration for the two existing business identification signs located within the taking. At the request of the client, a Summary Appraisal Report has been prepared using an abridged format which departs from the comprehensive content and documentation that is found in Self Contained Appraisal Reports. This report is intended for use by persons familiar within the property and market area. Therefore, a reader unfamiliar with the property and the market area may require more information than is offered herein in order to: 1) understand the analysis and value(s) presented; and 2) understand the means by which this value(s) was concluded. This appraisal report is, to the best of my knowledge, in conformance with USPAP guidelines. Please refer to the attached limited summary appraisal report, plus Exhibits, for documentation of this value estimate. NOTE: The information contained in this report is copyrighted. The willful unauthorized use of any contents of this report constitutes copyright infringement which could subject the infringer to civil damages and criminal penalties pursuant to § 504 and 506 of the Federal Copyright Revision Act of 1976. The Florida Real Estate License Law (Chapter 475-Part II), Florida_Statutes defines an appraisal, an appraisal service, an appraisal assignment and an analysis assignment. Be advised that this report falls within these definitions only if properly executed herein. Proper execution includes an original blue- ink signature by the Appraiser overlaid by a raised seal. Any deviation from this means that the report is copyright infringed, unauthorized and does not represent services provided by the Appraisers or the firm. ,- Ms. Mary A. Doty December 21, 1999 Page 4 Respectfully submitted, i CONSORTIl1M�1PPRAISAL, INC.: CONSORTIUM APPRAISAL, INC.rr .. ?i� ( ` i ) \ � . 7, �.: - <_ _ � < . �. ?bin F. Wood, MAI, SRPA Charles B. Byrd ; Vice President (Corporate Seal) Staff Appraiser %' State-Certified General Real Estate Appraiser State-Certified General Real Estate Florida License No. 0000777 Appraiser Florida License No. 0000908 99-054 TABLE OF CONTENTS LOCATION 1 PROPERTY OWNER 1 ADDRESS 1 - LEGAL DESCRIPTIONS 1 DATES OF INSPECTION 2 ACCOMPANIMENT 2 EXTENT OF THE INSPECTION 2 PROFESSIONAL ASSISTANCE 3 TYPE OF PROPERTY 3 HISTORY OF THE PROPERTY 3 SUMMARY DESCRIPTION OF THE AREA 4 NEIGHBORHOOD DESCRIPTION 12 SITE DESCRIPTION 15 IMPROVEMENTS DESCRIPTION 30 ZONING, LAND USE AND CONCURRENCY 34 ASSESSMENT AND TAXES 41 PROPERTY RIGHTS APPRAISED 42 PUBLIC AND PRIVATE RESTRICTIONS 42 SCOPE OF THE APPRAISAL 42 PURPOSE, INTENDED USE AND INTENDED USER 43 TABLE OF CONTENTS (Cont'd) �- ESTIMATED EXPOSURE TIME 43 ` EFFECTIVE DATE OF THIS APPRAISAL 43 HIGHEST AND BEST USE OF THE PARENT TRACT BEFORE THE TAKING 44 HIGHEST AND BEST USE AS IMPROVED 47 VALUATION OF THE PARENT TRACT 48 ESTIMATED VALUE OF THE LAND IN THE PARENT TRACT 50 DESCRIPTION OF THE ACQUISITION 55 VALUATION OF THE ACQUISITION 57 LIMITING CONDITIONS AND ASSUMPTIONS 59 ,� EXHIBITS 66 • 3 . , !' �' v.r °rrrr ° • 11 r-I1sbo '% •�T'1<0/11n 1N-'.�1 •a:. •I.. •., . 191111ffUrrIPIR1 a.: _ Am.*, ,,. ,,i_ 4 ' AK3 ..t•q kW O� �'E'» ��'•j °� ` „ �- 2 • _ , - • A 3� Iiliti e. �- ram.. -- • w. r{~-�s �1�'a `° ' � e'er• . _ ...... 40onA0'Pia ,, wow �.-.t-..It./ Ti I A .--- , + • FcF . , ice. -^ry •/ ell ... `.UT Ww P. WINTER _PI . - • , i 6.4... 1, : i . . MI a >_r ,.,.„„,,t, ......., • lik.??; t �/ °,• .w.-•t - + a a a711_ I • O6Zedr�oN, 8 •°`� as V i� . im : o •—L� '-- parr. 7�� >iL1 if �.' �a a .. " � ■ 4I111•�� .• 'v-:;3476 ,<ar �.. r. . ��I a , • 011 : ••117131.161•IrMil--67.1111" .011111__ Erillr..—- _____....4—• ani '414 'ICA.* ; „Foipig,i..i.-0' - (1 ■.. N� ■NN .-lir M I. ■ ��:--�I7. 1 1 • .11.f O.AMC. ■ ��' e'f 1 -,•" a l.° PANE • a 1' 1- "61. lV7l.F �liL�l�1't�-- �►°clarn. � • ���I�y, .,.� ; f1 • �]_ O•.uCl mU+..NEAINa• ti. r I r E�ij "•7�s®®rr.�aj� 1 Ali I--i+... .. , COW 1O1M'AR1 s `�r �t - • —•lum. .-1. .,.A MN, OCOEE • •a-� J.p1 - - :: NtN I Ale Ion 0.100 N`�.•+ .7. r • n r; _• . n RAJ! .f-� /mracrinwa ,11.. rd i I• Cr�„o.,,,u ... aii ®4 I li ooco.lu+oE Ji 1 u.°„+ u.•crw- g 1 tit .wEa v cr., '3 �.���-1 4- E1"• .m - f I _aAa'�"�..ora.r :_t:. • l. I ' t�3a ,1 t j. �t ( Mt II ,_ V - . Lus4 - ..J.--.:•— cal_ --,i'...• --i :4: 1 4 . F, . .,.. ....... .]r V.7- .r.. I e a 1 • '' it.,..if • • L- Z -• I. . BAIL• 1N. 1 •� O • - ,..INFO i • !- -•- 1... • 31s '� >r L_1,N /'1 22 Ana Cat •1 G1.I ,roan / ! _5�--_ If .. '. ] _ , lab , r- , ke • •, _ _ ._ 1 34787+—r l 1 - if ;Am . a.. I I I ter_.. 1?^ -I . CON 1 ea„ I Lake ° i • = r ... Iaa Ccik4.4 W.Reta . 3 .�. N II I L J.tL., •-r.C -,.n...l - t. •ff,•.T• :' .Y ::AI•..a i 0•4 " F..�= is .,;..,:r. r .r '- . .• , - • , �'re �- . � , • *`'' all ti° r frrL�?. r 7•R VS I I,M�- a� �T.' • r ;.-..se..-- . .� -.Down ... _ 1'i • , .11 i . 0 r �. , • • A • • r ``r- .It-. <11 I .r.. '-<- — "te r+"` �'p• - . N,7' . - "'z r,-::•.•,;,'.• • !a - t " aii .. ,r.. 439 :,•• Io..r , sit �'t„tom •- _a ._: _ NDERMERE ,,•" •t r.f.,_F, z ��i,-.1E ,o.•• ;k-' Ci- - .r►,.. ;• ' sue : Tr�f.. la .• • • . y :,.�_ ' r•-ara Can - t"=ir 4i - :.-Ts'- ��•--_--% ...'• ,„ ` -4'I `- -:: i� - s :e .NY all SUMMARY OF PERTINENT DATA LOCATION: The Parent Tract is located in the northeast corner of the intersection of State Road 50 and Maguire Road, in the City of Ocoee, Orange County, Florida. PROPERTY OWNER: Ralph and Shirley Mocny, Co-Trustees of the Ralph Mocny Revocable Trust dated July 5, 1989. .. ADDRESS: 2313 Roat Drive, Orlando, Florida 32835 LEGAL DESCRIPTIONS: Parent Tract From the Southwest corner of Section 20, Township 22 South, ` Range 28 East, run North 00° 17'02" West 75.37 feet along the West boundary of said Section 20 to the Northerly right-of- way line of State Road 50; thence South 89°57'42" East 30 feet for the Point of Beginning; thence run North 00°17'02" West for 486.11 feet to line that is 130.00 feet South of and parallel with the North line of the S.W. % of the S.W. ' of the S.W. 1/4 of said Section 20; thence South 89°45'12" East parallel with the North line of the S.W. '/ of the S.W. Y< of the S.W. 'Vs of said Section 20 for 427.68 feet; thence run South 00°02'18" West for 484.55 feet to the North right-of-way line of State Road 50; thence run North 89°57'42" West for 424.95 feet to the point of beginning. AND The North 130.00 feet of the following described tract of land; From the Southwest corner of Section 20, Township 22 South, Range 28 East, run North 00°17'02" West 75.37 feet along the West boundary of said Section 20 to the Northerly right-of-way line of State Road 50; thence South 89°57'42" East 30 feet for the Point of Beginning; thence run North 00°17'02" West 616.11 feet to the North boundary of the S.W. Y of the S.W. / of the S.W. / of said Section 20; thence run South 89°45'12" East 428.41 feet along said North boundary; thence South 00°02'18" West 614.55 feet to the said Northerly right-of-way line of State Road No. 50, thence North 89°57'42" West 424.95 feet to the Point of Beginning, lying in Orange County, Florida. a SUMMARY OF PERTINENT DATA (CONT'D) (ft The above legal description for the Parent Tract was taken from the recorded documents relating to the subject Parent Tract last recorded in the Public Records of Orange County, Florida. These documents involved two Quit Claim Deeds recorded in O.R. Book 4991, Page 3728 and O.R. Book 4991, Page 3730. Partial Acquisition in Fee Simple Interest That part of Section 19, Township 22 South, Range 28 East, Orange County, Florida, being more particularly described as follows: BEGINNING at the intersection of the North right-of-way line of State Road 50 and East right-of-way line of Maguire Road; thence North 00°28'49" West a distance of 616.40 feet along aforesaid East right-of-way line; thence leaving said East right- of-way line North 89°31'11" East a distance of 20.00 feet; thence South 00°28'49" East a distance of 616.53 feet along a line 20.00 feet east of and parallel with aforesaid East right-of- way line to a point on the aforesaid North right-of-way line of State Road 50, said point being on a curve concave to the north, having a radius of 68,529.90 feet, a central angle of 00°01'00" and chord of 20.00 feet that bears South 89°54'10" West; thence westerly 20.00 feet along the arc of said curve and the aforesaid North right-of-way line to the POINT OF - BEGINNING. CONTAINING 12,329 square feet, more or less. DATES OF INSPECTION: November 18, 1999 — ACCOMPANIMENT: The Appraisers were not accompanied by a representative of the property owner on the inspection of the subject property. EXTENT OF THE INSPECTION: The Appraisers have physically inspected the Parent Tract. No interior inspection of the improvements to the Parent Tract site was made by the Appraisers, since only the land and minor site improvements located within the acquisition parcel have been appraised within this report. Because of specific legal instructions from the client to prepare this appraisal without consideration for potential damages to the Remainder, it was not necessary to estimate the market value of the building — improvements on the Parent Tract, and no detailed physical inspection was required. 2 r SUMMARY OF PERTINENT DATA (CONT'D) w PROFESSIONAL ASSISTANCE: No professional assistance was rendered to the Appraisers signing this report. P" is„ TYPE OF PROPERTY: The Parent Tract consists of a rectangularly-shaped, 6.04±- acre parcel of land located within the northeast corner of the intersection of State Road 50 and Maguire Road, in the City of Ocoee, Orange County, Florida. The Parent Tract has been improved with a Holiday L Inn/Perkins Restaurant and associated site improvements. The Parent Tract is zoned C-3, General Commercial District and F, reflects a Commercial future land use designation. V HISTORY OF THE PROPERTY: Based upon a review of the public records of Orange County, Florida, it does not appear that any arm's length sales of the Parent Tract have occurred over the last five-year period. The public records do reflect two recorded transactions relative to the subject property over the five-year period; however these appear to have been transfers between related parties. These transfers have been summarized as follows: Grantor: Ralph Mocny Grantee: Ralph Mocny and Shirley Mocny, Co-Trustees of the Ralph Mocny �^ Revocable Trust, dated July 5, 1989. Date of Transaction: December 18, 1995. Consideration: $100 O.R. Book/Page: 4991/3728 F Grantor: Ralph Mocny Grantee: Ralph Mocny and Shirley Mocny, Co-Trustees of the Ralph Mocny �. Revocable Trust, dated July 5, 1989. Date of Transaction: December 18, 1995. Consideration: $100 O.R. Book/Page: 4991/3731 P W 3 ORLANDO URBAN AREA DECEMBER 1996 t F: ,af. -.:fSZy' I .ate. ,Fay....., V`'G' . FU' VII MIR s • ^V .. faw+Nt~..0. t •fw Q •. .. _._1 ,. a'wS 1 7 (,iw t i /'a D` t �� • is « _ �,, I . t 4 / I f4 voLVIV -,,. 4 k- 4140\s..- ail. - , _ _ .. I "� -... ._.. •4 tom. ... i , .! _ - , ,.• _ ,p, , .. 4 — ",:•— 7 • , -— : I 64 4::s . - - __ . --- a - L. . ' ?'..•• li - qi lni "'d'r!..: , _ ,,,,I; . _i.-, _ •&Tn.- lillitil 7-4 r.--411, ' • ..- \,: : .r,.� \51.. %r � ,� A... ., tl:004--ii, ... ;i - .• ,.1, '., 1 1 4' jr 1 \ t t ;:y ;C i 74.-..._*A,i Ie 4 . , 1 41,, ‘ t's'i ill ., - , 1 ,.. C, ". • -.. 4 11. r . „, .1/4 I , ___ . . h: , f R ilk.% .. 7F1 , (. _ CT t .•\6(:'Lie- _.�-.-�:l�-_ L•.,:.IVY' 11: M !'/Y• f bM1,!:r N• cc-)in associacEs Urban&Environmental Planners Landscape Architects 50C Deane Avenue Otanec.Ronda 3280: i407?422.4040 SUMMARY DESCRIPTION OF THE AREA The subject property is located in the center of the state of Florida in an area known as Central Florida. Central Florida, also known as the Orlando Metropolitan Area, consists primarily of Orange, Seminole, Lake and Osceola Counties. The major cities located in Central Florida include Orlando, Kissimmee, Altamonte Springs, Winter Park, Sanford, Ocoee, Apopka, Longwood, and Maitland. The area is served with a good transportation network of local, state, and interstate highways. Interstate 4, and Florida's Turnpike (toll road) intersect in southwest Orange County, and are the most important north-south arterial highways in the area. Colonial Drive (State Road 50), and the Bee Line Expressway (State Road 528) are two of the most important east-west arterial highways. The area is benefited by the Orlando International Airport, the 12th largest in the country, sis and one of the most modern of international airports in the world. A record 27,600,588 passengers traveled through this facility in 1998. This facility is in the process of being enlarged to include expansion of the terminal building, new roadways, and a new runway. The Orlando Sanford Airport, containing 1,800 acres in Sanford (Seminole County), the 900-acre Kissimmee Airport in Osceola County, and the Orlando Executive Airport near downtown Orlando also serve the metropolitan area. The county seats for Orange, Seminole, Lake and Osceola Counties together with their respective 1998 populations are summarized as follows: County County Seat Population Orange Orlando 176,373 Seminole Sanford 36,274 Lake Tavares 8,438 Osceola Kissimmee 39,138 During the past several years, the Orlando Metropolitan area (Orange, Seminole, Lake and Osceola Counties) has experienced a relatively consistent upward growth trend. The historical population growth trends of Central Florida are expected to continue. The Economic Development Commission of Mid-Florida has projected growth figures of 117,100 for Orange County, 55,800 for Seminole County, and 39,400 for Osceola County between 1998 and the year 2005. Lake County population has been projected to increase by 41,991 from 1996 through 2005. 4 iii ins SUMMARY DESRIPTION OF THE AREA (CONT'D) The area's median age is 35.8 years, and is well below the Florida average of 38.4 years. F' More than 48 percent of the population is between the ages of 18 and 49, and the population is almost equally divided between male and female. Since 1985, the Orlando Metropolitan Area has been the second fastest growing region in the nation. It is predicted to be the nation's fastest growing region by the Economic Development Commission of Mid Florida through the year 2005. The following is a summary of the county populations for Orange, Osceola, and Seminole Counties. us POPULATION . n. . + YFARL> ORANGE,- OSCFOLA +, SFMINOLF TOTAL 1111.1 1950 114,950 11,406 26,883 153,239 1960 263,540 19,029 54,9470 337,516 me 1970 334,311 25,267 83,692 453,270 1975 421000 37,100 135,600 594,500 Us1980 421,016 49,287 179,752 700,055 1985 554,659 77,374 229,937 861,970 1990 677,491 107,728 287,529 1,072,748 1991 701,292 114,411 298057 1,113 760 1992 712,637 I t 9,760 305,872 1,138,269 N W 1993 727,780 125,675 310,890 1,164,345 1994 740,167 131,111 316,555 1,187,833 1995 756,400 137,200 326,200 1,219,800 r 1996 77,556 139,724 329,031 1,246,311 1997 803,614 143,828 337,498 1,284,940 es 1998 817,100 146,900 343,800 1,307,800 2000 846,700 160,600 360,900 1,368,200 ✓ 2005 934,200 186,300 399,600 1,520,100 Sources'. 05.Department of Commerce.Bureau noM Census and 5BP onime Estimates: University of Florida Bureau n1 Economics Promotions: UniversityoFlorida Bur of Economics&Bur Business Studies I17,Feb197.menm Pmremonsleg There were 465,275 households within the Orlando Metropolitan Area in the year 1990. win The number of households had increased to 572,200 by the end of the 1998 year. A summary of the number of households in each county during these two years appears on the following page. imi - SUMMARY DESRIPTION OF THE AREA (CONT'D) x xa r� "ivENumber ofHouseholds a „ County 1990 Year • ;. 1998 Year ys Orange 254,852 311,300 Seminole 107,657 127,800 Osceola 39,150 52,500 Lake 63,616 80,600 The average selling price for housing in the metropolitan area through September 1999 according to the Greater Orlando Board of Realtors was $135,736, which is well below the national average selling price of $167,100. The median purchase price for a new home in the Central Florida area is $107,100, which is $60,800 less than the national median. The average Per Household Effective Buying Incomes for the 1998 year according to Sales and Marketing Management's 1999 Survey of Buying Power have been summarized as follows: Orange County $ 45,577 Seminole County $ 56,144 Osceola County $ 37,594 Lake County $ 32,556 Employment within the Orlando Metropolitan Area is primarily tourist oriented with a large portion of the employment base working in the service and trade fields. With the announcement of Walt Disney World in 1965, Central Florida began the dramatic and far- reaching transformation from a small, nondescript citrus region to a major, diversified metropolitan area. This transformation was fueled by the completion of Disney's Magic Kingdom in 1971 and Central Florida's subsequent identity as a destination tourist area. The immediate success of Walt Disney World spawned extensive ancillary development activity comprised of motels, restaurants, gift shops, other tourist related businesses and residential housing for employees of the service industries. The Walt Disney World complex has continued to expand with new large scale hotel/convention facilities and retail centers within Lake Buena Vista and additional pavilions within EPCOT. The cost of ongoing Disney expansions has been estimated as high as $1.5 billion. The largest additions to the Disney World complex were: Typhoon Lagoon, Pleasure Island and a 135- - acre movie theme park, known as Disney-MGM Studios. A non-tourist project consisting of a community known as Celebration was announced in 1991 . This major development consists of a mixed-use community on 4,000 acres located on the south side of U.S. 6 . . . . .. . ...... .. .. ..... .. SUMMARY DESRIPTION OF THE AREA (CONT'D) Highway 192, east of Interstate 4. Significant residential areas and a commercial and multifamily residential downtown core have been built over the last three years. The most recent development in the Disney Theme Park area was the successful opening of the Animal Kingdom interactive animal attraction. This 84 million dollar park is constructed on 500 acres and includes a replica of an African Savanna and over 1,000 live animals. Other major theme parks such as Universal Studios Florida, Sea World, and Splendid China also successfully compete within the tourist economy. Universal Studios Florida, is located in west Orlando, and is a theatrical entertainment facility that provides direct competition to the Disney-MGM Studios. This $600 million development also features working production studios, sound stages, and a movie theme park featuring studio tours and a motion picture museum. Universal Studios Florida is currently undergoing significant expansion with two new attractions totaling an estimated 2.6 billion dollars to develop. This year the Islands of Adventure opened. This park is a second theme park to Universal Studios and contains six thrill rides and themed cartoon character areas. Another area known as Universal CityWalk opened this past winter and contains themed restaurants similar to Disney's Downtown area. Universal is planning for development of 2,000 additional acres of land south of the existing parks. This would Y. allow for development of two additional theme parks, 13,000 hotel rooms, golf courses and commercial facilities. The development plan is currently under review by Orange County planners. The development would occur during the next decade in two or three phases, with the park being built after 2007. Metropolitan Orlando is the world's leading vacation destination, hosting 38,623,000 million visitors in 1998, who spent more than $17.2 billion locally. By the year 2000, the visitor count is expected to increase to more than 41.3 million. The area is ranked as one of the top two regions in the country for total hotel rooms with more than 96,213 rooms. Over the past several years the Orlando Metropolitan Area (including the counties of Orange, Seminole, Osceola and Lake) has experienced a strong rate of growth in its employment base , with the civilian labor force increasing from 354,675 in 1980 to 636,480 in 1990. According to the Economic Development Commission of Mid-Florida, the area is projected to be the nation's second-fastest growing employment and population market through 2008. The current labor force of the Orlando Metropolitan Area, as of March 1999, is reported at 863,419. The employment sector as a percentage of total non- agricultural employment is divided as follows: 7 SUMMARY DESRIPTION OF THE AREA (CONT'D) ORLANDO MSA NON-AGRICULTURAL EMPLOYMENT* .. December 1998 Total 834,700 1.0 Services 42.0% Retail 19.3% Government 10.3 Manufacturing 6.4% Finance 5.8% Construction 5.5 . Wholesale 5.5 Transportation 5.1 Miscellaneous 0.1 • Three counties only — Orange, Seminole, Osceola The unemployment rate for Orange, Seminole, Lake and Osceola counties has been declining each year since 1992. Unemployment rates since 1993 are as follows: 6.0% for the 1994 year; 6.0% for the 1995 year; 4.0% for the 1996 year; 3.5% for the 1997 year; and 3.1°/ for the 1998 year. Source: Florida Department of Labor and Employment Security; Fishkind & Associates, Inc. as of 3r° Quarter 1998 The Orlando Metropolitan Area has a relatively wide variety of companies that provide employment opportunities. The following summary reflects the 25 largest major employers in the area. 8 SUMMARY DESRIPTION OF THE AREA (CONT'D) ORLANDO AREA MAIOR EMPLOYERS FIRM s ni' y1' 3;;,(n' +. „•OFFMPLOYEES k j'':Walt Disney World CO. 55,500 Orange County Schools 19,608 Publia Supermarkets,Inc. 15066 Adventist Health System 15,043 Universal Studios Escape 11,800 Wal4.an Stores,Inc. 11,231 Orlando Regional Healthcare System 11,217 r Winn Dixie Stores,Inc. 10,826 Orange County 10,356 Volusia County Schools 8,022 Lockheed Martin Corp. 7,909 Its McDonald s Corp. 7,750 Brevard County Schools 7,500 • r• U.S.Postal Service 6,864 • Seminole County Schools 6,232 United Space Alliance 6,014 • Central Florida Investments Inc. 6,000 Yb Marriott International Inc 5,d77 Darden Restaurants Inc. 5,600 Delta Airlines Inc. 5,440 Harris Corp. 5,200 Sun[rust Banks,Inc. 5,174 AT&T Corp. 5,103 University of Central Florida 4,964 ime U.S.Defense Department ecivilian) 4,21i (Source. September 1999 Orlando Sentinel) 'Includes Orange,Osceola,Seminole and Lake Counties The majority of new residential development within the Orlando Metropolitan Area has been comprised of single family and multifamily dwelling units. Single family development has historically been the more stable of the two types. Between 1984 and 1989, new single family development in the area followed a relatively stable upward trend 9 SUMMARY DESRIPTION OF THE AREA (CONT'D) (with the exception of 1986), reaching an historical high of 13,107 in 1989, and leveling off at 13,417 permits issued in 1990. By 1995 new single family construction activity declined, with 10,982 building permits issued in that year. However, 1996 through 1998 showed relatively steady increases again, with 12,395 permits issued in 1996, 13,696 in 1997, and 15,024 in 1998 in the four counties. New multifamily development within the tri-county area has historically been less stable than single family development. The area experienced an upward trend in multifamily development between 1978 and 1985, following the recessionary period of the mid- 1970's, then a downward trend in 1986 and 1987, with annual declines of 28% and 377 respectively. Beginning in late 1990 the recessionary state of the national and local economies, together with a general lack of available mortgage financing, resulted in a dramatic decrease in new multifamily development. Since then the market has rebounded - substantially. According to published reports in the Orlando Sentinel, Fall of 1998 produced some of the best occupancies and lowest vacancy rates within the last nine years. In a September 1998 market survey, the Orlando apartment market exhibited a 95.4/ occupancy rate. As of September 1999 the occupancy rate dropped slightly, to 94.6%. Still, this strong occupancy is a good indicator in light of the roughly 9,000 units that were either under construction or undergoing renovation at this time. The strong absorption is reflective of the overall healthy economy exhibited by the central Florida area in the last several years. The Orlando Metropolitan Area is provided with virtually all wanted conveniences. The Orlando Metropolitan Area is serviced by several major hospitals, numerous parks, churches representing most denominations, shopping facilities, two four-year colleges, and a growing public school system. Public school enrollment within the area for the years 1990, 1995, and the last quarter of 1998 have been summarized as follows: :•ENROLLMENT r: -- COUNTY 1990 Year '1995 Year - 1998 Year .. Orange 97,261 122,963 140,160 Seminole 47,394 52,968 57,176 Osceola 1 7,961 25,395 30,286 • 10 SUMMARY DESRIPTION OF THE AREA (CONT'D) With the completion of the new Orange County Courthouse, the private sector is starting ,so to now plan large projects for the downtown Orlando core. Construction recently started on the 14 story, 363,000 square foot CNL Center adjacent to Orlando City Hall. The 60 million dollar project also includes a 1,735 car parking garage. Other announced developments include additional office towers and high rise luxury apartment buildings for the downtown area. r Due to the past and present population growth within the area, the existing facilities are being upgraded and additional new support service facilities are being constructed .. throughout the market area. This is a particularly favorable element of the Orlando Metropolitan Area in that the presence of adequate support facilities is quite favorable for • accompanying residential housing growth, and commercial support facilities. mo 11 , Neighborhood Map • io ' 1j �, ..' qa `^ • )31� M4P� ° �L 7•tru o r t _ .7A ' F�7sL• - a. r . ya ^ °_I Ay .-s.••ha! 8r a�1••m It ; . ��� �• e -. �- r; ►• -{~-L; , -1.1If�01�aso. ma.r.. �•• .T=-, ,, a . • . _ w .--- h� , 1. 72- F_Li.p mamma"' -o• :au_1 • u • WIN r 1 ram.,� •- •�, So _ �' GAR• _ •01,ir-a. Via:1 op . ((�I'� Ili l ,..] 1� I� L o a L�Csr°•A.C.!PAA,°•. Ill1 Of PP7`7�'�]A�—� . . "Fv� Iti 1' ' _ ++n • .1�if+l1.orE` bt`_ ; .• AR' ' • FIItA`. 'y` ° .. `iJ'se �IC J .4=-.--- - N.,,,r ; 44),,,,,F1-- - - 174:0 . 4: - A'/�LJ I. ■■r�A 1 1 rnr ou,.c, III •— 'el s 1. eQ • w'.0 Arl 1 a(r(e-p�I y■�11 ���_ L— rw•o r• • • -Nr f I a mai o...rl U7t.F1;t:i(n. •I•Ilr".1,<�.,.,, r r r'v" �� • • Ilk _.i ~��F�� • w1 r'+o . F •I/i�lr i . riFFATtl __,,. . .,., Cana must am... 143[F"' 114,IRK wir r. r a __� OCOEE � J`0owl ,.A A1N =� • q.. ' .` r r i 1 is I I. CM OAMU ... • ®* • 11tuoNlu,°11 • ;:I. �i �' 1 1 I. __Mir Ion,or r a. D �Zrf+A I • .or 1 I dAra-,G.cY Yam%e... •... � �- t ® " - .1 Milli Q.I� -' ,w.1A• -y lworrsr �, 1 .a r o • Si ■ !c 1 fi'(L7r1. Yr11A4 _ate . _ •`�-t1,��. f r.�.' Si x/' L,021.13. 111. uu �r M • K. 7 'J r r•w 1 �-/ Ens 1 Q�,� �` N al- C 1{ r • 11�nrC°•A FA• '• - 'T K; •1..•. t gag 'I �I p OF tt1 I W -'.ra.-s >t°'r'ut"t::�s.N.S '{ 1• eta6! "li r-__-`---4— dt"•a7,J s'."air 1'Jxiti+:.>•!c.^r 0 - • f. ;r.. 1 c • 1 CII L_�4 r—r — - I - BaiL• 1 Ad"'Liill - . —• Y� j e..]F� �F• r"+ \, _� �.. '.L,w. au w r s • •ram. I y... 203 1 t au • r . I inn, CM f. f, r. On 1 f '- • 347871iirti• •taki cm - ' 1 439 ; ��ke I I I a • T an S L �` r a l s-1 , a (xivraar.•,�.. .r w:. Lake >.. .... • L..° w„• �! - r:_._.:1 -.. ri 1,44 rR 1 -1'r• '~ mar rwr or I ... 1C en ill.. '" - • .31 ". I . awl - r tI 1 r • -r' l n C.j? . _ 9. w is r.may. • • ��,,, r. 1 ~° rr Vic;* -•.... ,. `wt :'.: ; ' II „"�°. ,?" 44}..ri'r G • ;,`.,� ` •-.Down i • ew 1� �r • r- ,.. �a. • .11 �•�:._ ° ? • - _�r z+ : sue.. _ �' — sii,yiNo . •_ N =ERM RE ,• •f • F;,-t'• Aj 1. 114 _ :•_:-' ,,s^ w �•st.-err M :' �.t3 T rV. rw:l la - , °.Lrr y a• t • ►... ..• ;• " 0. r Gf ti.� .. ^ +�ja 1 .B.i y}r• 'a� �{ ` r 1► .t.. • 1. tau NEIGHBORHOOD DESCRIPTION The subject property is located in the northeast corner of State Road 50 and Maguire Road, in the city of Ocoee, Orange County, Florida. A neighborhood map identifying the subject property has been provided on the facing page of this report for the reader's visual reference. .. For the purposes of this report, the immediate subject neighborhood has been defined by the following boundaries: North Story Road and an easterly extension thereof South Florida's Turnpike ` East East-West Expressway/Clarke Road West Vineland Road (County Road 535) The subject neighborhood, as defined herein, contains approximately 4 square miles of land area which encompasses portions of the cities of Ocoee and Winter Garden, as well as portions of unincorporated Orange County, Florida. The subject neighborhood lies approximately 8 miles northwesterly of the Orlando Downtown central business district .� and approximately 13 miles northwesterly of the Orlando International Airport. The defined subject neighborhood consists primarily of the State Road 50 (West Colonial Drive) commercial corridor and reflects moderate to heavy concentrations of existing ` commercial, and to a lesser extent, industrial improvements. The subject neighborhood is adequately served by a road transportation network which includes some of the most significant traffic arteries within the Orlando area. Primary traffic arteries serving the subject neighborhood include State Road 50, Florida's Turnpike, the Holland East-West Expressway and Maguire Road. State Road 50 is the most significant roadway serving the immediate subject neighborhood. This four-to six-lane asphalt paved roadway is one of the most significant east/west traffic corridors within the Orlando area. State Road 50 extends from the western limits of the Orlando Metropolitan area, easterly through the subject neighborhood and the heart of the Orlando Downtown central business district and beyond. This roadway has evolved as a major, heavily developed commercial corridor within the metropolitan area and is a heavily traveled commuter route. State Road 50 intersects with Interstate 4 and U.S. Highway 441 in Orlando to the east, forms an interchange with the Florida's Turnpike within the central portions of the subject neighborhood and intersects U.S. Highway 27 in Clermont to the west. 12 �. NEIGHBORHOOD DESCRIPTION (Cont'd) The Florida's Turnpike is a major toll highway which runs in an east/west direction along the south boundary of the subject neighborhood. The Turnpike is a four-lane, limited access toll highway, which extends from the northern community of Wildwood r southeasterly to the southern city of Miami. This roadway forms an interchange with State Road 50, just northeast of the subject property, and forms an interchange with the Holland East-West Expressway within the southeast corner of the subject neighborhood. Maguire Road is a two-way, two-lane, asphalt-paved road which originates at the intersection of Marshall Farms Road and Kissimmee Road and runs southerly through the subject neighborhood and beyond to its point of termination in the exclusive community • of Windermere. Maguire Road is the primary route of travel between State Road 50 and the city of Windermere and is developing as a significant residential and commercial corridor. An additional major traffic corridor serving the immediate neighborhood is the Holland East-West Expressway. This four-lane, asphalt-paved, limited access toll facility currently originates at the Florida Turnpike within the southeastern corner of the subject neighborhood, and then runs easterly through the central portions of the Orlando • Metropolitan area to its termination in eastern Orange County. This limited access toll �. road features an interchange with Interstate 4 approximately eight miles east of the subject neighborhood and provides the subject neighborhood with direct, limited access travel to the Orlando Downtown central business district. The Holland East-West Expressway has full interchanges with State Road 50 (West Colonial Drive) and the Florida Turnpike within the subject neighborhood. Also proposed for construction within the neighborhood is the northwestern extension of the Orlando Beltway. This portion of the Beltway will run between the Florida Turnpike and U.S. Highway 441 in Apopka, and a fully developed interchange with Florida's Turnpike is to be located within the subject neighborhood. Construction for this facility from Apopka southward to Ocoee began in 1999. The West Colonial Drive (State Road 50) corridor is the most intensively developed area of the neighborhood and reflects a wide range of retail, commercial and industrial improvements. These improvements vary widely not only in use, but also in regard to age, condition and appearance. Improvements along the State Road 50 corridor include free- standing commercial facilities such as restaurants, banks, automotive sales and service facilities and a wide variety of other businesses and shops. Major shopping centers located along State Road 50 within the neighborhood include the Towne Square Shopping Center and the Village Marketplace Shopping Center. The Towne Square Shopping Center is 13 NEIGHBORHOOD DESCRIPTION (Cont'd) located along the north side of State Road 50, west of Maguire Road, and is anchored by a Wal-Mart, Cato, Shoe City, Curtis Mathes and other smaller tenants. The Village Marketplace is located in the southeast corner of State Road 50 and Maguire Road and is anchored by Furnitureland, as well as other small tenants. The immediate subject neighborhood has been an established commercial corridor for ` many years and most of the existing improvements are older. New development activity within the subject neighborhood has been moderate and has primarily consisted of smaller, free-standing retail and commercial improvements. However, the most significant recent commercial growth within the Ocoee area has occurred just north and east of the defined subject neighborhood, in the area of the State Road 50/Clarke Road intersection - and the Clarke Road/Silver Star Road intersection. W The most significant new shopping opportunity serving the subject neighborhood became available upon the Fall 1996 completion of the 980,000 square foot West Oaks Mall, which has been developed in the northeast corner of State Road 50 and Clarke Road. This �. mall is anchored by Dillards, Gayfers, I.C. Penney and Sears, as well as other smaller local and national tenants. The development of this mall has also resulted in the rapid growth of peripheral commercial development along Clarke Road and State Road 50 in this area. r Additional significant commercial growth has occurred within the recent past in the area surrounding the Silver Star Road/Clarke Road intersection. The Albertsons shopping center, anchored by an Albertsons supermarket and an Eckerd drug store, as well as other smaller tenants, is located in the northwestern corner of this intersection. A McDonald's i- restaurant and a Blockbuster video store have been constructed on out-parcels of this development. The Lake Olympia Square shopping center, anchored by a Winn Dixie Marketplace, as well as other small tenants, is located in the southwestern corner of this ` intersection. An Exxon gasoline/convenience store has been developed on one out-parcel of this project. In summary, the subject neighborhood is characterized as an established commercial corridor within the Ocoee/Winter Garden area. The subject neighborhood is well served by a road transportation system which includes some of the most significant roads within the Orlando Metropolitan Area. Although the subject neighborhood has been an established commercial corridor for many years, new development activity is occurring at a moderate rate. It is anticipated that the future outlook for the defined subject neighborhood would be for continued overall stability and continued increasing levels of new commercial development activity. 14 I id 11 d�d Tat 10.0•0.. .e.. ,.....1... 1 1 'b ® .I r ORANGE COUNTY. ►IARIDA RICHARD T. CROTTY I P __� \\Iis 3EC2.TWP RNG.18 05�,_ DATL�o�2v!9 9 �� T\ 1 i +\ N ® R so 9 ." J i\ tp ,e eel ts\ i \ ... E. \ \a.\, , 464 L to '.,..... MANE ST $ \4SOW 01 0 'KM !b® $ Mil +b 4 ase 4 tell �,t e _ I I \ 5.fe *IP �� \ m!^ 1 iiii S `\ O .„ Y \� f 7L < ,'\ \®� 72.97 G i, A 11333 \ 33 \ 1.69 \ cc Ms \ \ : I 0n ,.an. R o▪ o 2C °o P I tb O TY II \ 1.' '.cc ,4''. ES I \,. a • . Subject �; v\ .79 ; '2 t 42 .rte `t° ti , \As q!E IP I >a firr� ., A. I 1 II 11 II gEll 7$ se 0 EO m SD _ I .N 0f )b tar alio ,y MI 00 3 SOUP ^ n 'MIS-=WONW.DR ^ ^ • 0 _ 52.41 ^ ,wo 0� •� — -- MOO u~ . I .... I mu .moi i 'n ' SITE DESCRIPTION LOCATION r The Parent Tract is located in the northeast corner of the intersection of State Road 50 and Maguire Road, in the city of Ocoee, Orange County, Florida. SIZE The Parent Tract contains approximately 6.04 acres of gross land area, all of which appears to be useable. SHAPE The Parent Tract is rectangular in shape. A copy of an Orange County tax map identifying the Parent Tract has been provided on the facing page of this report for the reader's visual ` reference. DIMENSIONS The Parent Tract's west boundary line is comprised of approximately 616.11 feet of frontage along the existing east right-of-way line of Maguire Road and the property's south boundary line is comprised of approximately 424.95 feet of frontage along the existing north right-of-way line of State Road 50. The north boundary of the Parent Tract extends easterly from Maguire Road to a depth of approximately 428.11 feet and the east boundary of the Parent Tract extends northerly from State Road 50 to a depth of approximately 614.55 feet. INGRESS/EGRESS The Parent Tract has direct frontage along, and direct vehicular ingress/egress from, both Maguire Road and State Road 50. Maguire Road is a two-way, two-lane, asphalt paved road in the subject location and State Road 50 is a two-way, four-lane divided highway in the subject location. The State Road 50/Maguire road intersection is fully signalized. TOPOGRAPHY The Parent Tract appears to be generally level in topography and reflects elevations at, or near, those of Maguire Road, State Road 50 and surrounding properties. 15 SITE DESCRIPTION (CONT'D) FLOOD PLAIN DATA Based upon a review of Flood Insurance Rate Map Community Parcel 120185 0005 B, effective November 1, 1978, it appears that the subject site is located entirely within Flood Zone C. Flood Zone C denotes areas of minimal flood potential lying outside of the 100- year flood plain. DRAINAGE Based upon visual inspections, it appears that the subject site is adequately drained, with �- no adverse drainage conditions noted. SOILS Based upon a review of the Orange County Soil Survey, it appears that the subject site is comprised of soils in the Tavares fine sand, 0 to 5 percent slopes; Sefner fine sand; and ` Zolfo fine sand categories. These soils are located in generally diagonal bands running northwesterly/southeasterly through the site, with the Tavares fine sand soils occupying the northeastern portions of the site, the Sefner Fine Sand soils occupying the central portions ` of the site, and the Smyrna fine sand soils occupying the southwestern portions of the site. A summary description of the soils underlying the subject site has been provided as follows: Tavares Fine Sand This soil is nearly level to gently sloping and moderately well drained. It is on low ridges and knolls on the uplands throughout the county. The slopes are smooth to concave. In most years, a seasonal high water table is at a depth of 40 to 80 inches for more than 6 months, and it recedes to a depth of more than 80 inches during extended dry periods. ., The permeability is very rapid throughout. The soil is well suited to dwellings without basements, small commercial buildings, and .. local roads and streets. No corrective measures are needed. This soil has moderate limitations for septic tank absorption fields, and water control measures should be used. When installing a septic tank absorption field on this soil, the proximity to a stream or canal should be considered to prevent lateral seepage and ground water pollution. If the density of housing is moderate to high, a community sewage system can help prevent contamination of the water supplies. This soil has severe limitations for sewage lagoons, sanitary landfills, shallow excavations, and recreational uses. The sandy surface layer should be stabilized for recreational uses. The sidewalls of shallow excavations should be shored. The sealing or lining of a trench sanitary landfill or sewage lagoon with impervious soil material can reduce excessive seepage. Water control measures should be used for trench sanitary landfills. 16 SITE DESCRIPTION (CONT'D) Seffner Fine Sand This soil is nearly level and somewhat poorly drained. It is on the rims of depressions and on broad, low ridges on the flatwoods. The slopes are smooth to concave and range from 0 to 2 percent. In most years, a seasonal high water table is within 18 to 40 inches of the surface for 2 to 4 months and between depths of 10 to 20 inches for periods of up to 2 weeks during wet periods. It recedes to a depth of less than 60 inches during extended dry periods. The permeability is rapid throughout. This soil has severe limitations for sanitary facilities, shallow excavations, and recreational uses. It has moderate limitations for dwellings without basements, small commercial buildings, and local roads and streets. Water control measures should be used to minimize the excessive wetness limitation. Septic tank absorption fields may need to be enlarged because of wetness. The rapid permeability of this soil can cause ground water .. pollution in areas of septic tank absorption fields. If the density of housing is moderate to high, a community sewage system can help prevent contamination of the water supplies. The sidewalls for shallow excavations should be shored. The sealing or lining of a sewage lagoon or trench sanitary landfill with impervious soil material can reduce excessive seepage. The sandy surface layer should be stabilized for recreational uses. The proximity to a stream or aquifer recharge area should be considered in the placement of sanitary facilities to prevent contamination of the water supplies. Zolfo Fine Sand This soil is nearly level and somewhat poorly drained. It is in broad, slightly higher positions adjacent to the flatwoods. The slopes are smooth to convex and range from 0 to 2 percent. In most years, a seasonal high water table is at a depth of 24 to 40 inches for 2 to 6 months. It is at a depth of 10 to 24 inches during periods of heavy rains. It recedes to a depth of about 60 inches during extended dry periods. The permeability is rapid in the ` surface and subsurface layers, and it is moderate in the subsoil. This soil has severe limitations for sanitary facilities, most building site development, and recreational uses. It has moderate limitations for dwellings without basements, small commercial buildings, and local roads and streets. Water control measures should be used to minimize the excessive wetness limitation. Septic tank absorption fields may need to be enlarged because of wetness. The rapid permeability of this soil can cause ground water pollution in areas of septic tank absorption fields. If the density of housing is moderate to high, a community sewage system can help prevent contamination of the water supplies. ,. Water control measures should be used to minimize the wetness limitation, and the sealing or lining of a sewage lagoon or trench sanitary landfill with impervious soil material can reduce excessive seepage. The sandy surface layer should be stabilized for 17 SITE DESCRIPTION (CONT'D) recreational uses. Water control measures should be used, and sidewalk of shallow excavations should be shored. The proximity of a stream or aquifer recharge area should be considered in the placement of sanitary facilities to prevent contamination of the water " supplies. UTILITIES The subject Parent Tract is directly served by all desired public utilities and services including sewer, water, telephone and electrical services, as well as police and fire protection. The providers of utilities and services to the subject property have been summarized as follows: Sewer City of Ocoee Water City of Ocoee Fire Protection City of Ocoee Police Protection City of Ocoee EASEMENTS, ENCROACHMENTS, RESTRICTIONS Based upon a review of the Orange County public records, and a Certificate of Title for the subject Parent Tract prepared by First American Title Insurance Company on October 12, 1999, it appears that only one recorded easement is located on the Parent Tract. This — easement to Florida Power Corporation consists of a 10-foot wide corridor which runs from Maguire Road southeasterly through a portion of the Parent Tract. Based upon visual inspections, no other significant adverse easements, encroachments or other restrictions were noted. This appraisal is subject to the existence of no adverse easements, encroachments or other restrictions on the Parent Tract which would impact the continued use or redevelopment potential of the property. SURROUNDING USES The property located immediately north of the subject property is currently vacant and the property located immediately south, south of State Road 50, is improved with the Village Marketplace Shopping Center. Alderman Marine is located to the immediate east of the subject property and a Mobil gasoline/convenience store and the Towne Square Shopping Center are located to the immediate west of the subject property, west of Maguire Road. 18 SITE DESCRIPTION (CONT'D) Please refer to the following pages of this report for reproductions of an Orange County tax map, a flood map, a soils map, and an aerial map relating to the subject property, as well as photographs of the subject site and surrounding area. 111.0 19 r r i I 'll i sot0 t� da•d7t fe,a 7�.� NrN ® `4 7141 .. .....f�i.r, ! .rfq ., d MAGUIRE a0 No r.., 0 40. -r�f0. Zi wn T 75.!) rA 74 E3 / C y N�qq fi S. VF l i k .r - w,f _ ® A � ,r f.w 1 j ° O'fi • r i 41. � = s a ® +d r + VIM.4.1.1\!S.Wil-C IS�MS• Imre frf y I 06 1 i isms r•a-,.,..—m4 .� 02` a i 9, 4d �� II i 11 i F1 ,•"2 •? i v g ,. , YF ,..(...it ,3A• . v I i 11SI ® lii rr n r s t,3 ' F1al / ' ' � / � !II �o ia s RICHAIOIIO AV .r _ II g 10 ! n , ri r o III �O �SC33 72fi- no NI ri " " " ' " 'w n. " t -3 �E R I ••I 1 ,' 1' 1 2' -.11 CC; i ra7==4.="f ; LAFAYETTE ST ID ti, 1! 1,..< , it i Ul, , jtii. Er , "V- t` D " ti‘X ---....--r I i 111. z w >! a 1\ „..„--,...-----,-- Ar . t LIMIT OF ,, v:P • s\..-------47-1DETAI LED liw 0,:p . I s:,.. 1; .' STUDY : 7TH ST o um . \ i . IT Icc 1;) 0\ 114,,%0 , --itA -- 1 IIT -.4 G. rn,x. ,,, 1..., AKESHOrit-----•-......\\< ,\ (? ,.. s‘s I!; \\., i 1, 0._______7 rt/ to 1,.._____I• !D) — • ------z------- 1 ----- y er, DI II R ANDO STREET —1\t.\\\‘ WHITE ROAD) " '.II \I ® 111 ;0 10 10 HORMEGASIISTREET t ! •i . I , I :ZONE C I I .r, !:tr, i , , 3 I . ., . , z jr-1: 1 > 0 < , . , L3 ._ ).,., ; SABINAL STREET." n '‘----, \CD I . Imanom FLOOD INSIIRAPICE PROGRAM ///)....., , e 4., ... ‘,4s- ----"1: V4-1 \ MAIN STREET ZONE A4 IEL 1181 ' -.---- I I ZONE C l' I __,1 i \ - '!• FLOOD INSURANCE RATE MAP I I \ - LI• 111 ZigilZONE C ZONE A ,1 11 0 \— — ''= ffMallgei-20 h (1.i:,1.! cm OF OCOEE, FLORIDA • ;' ORANGE COUNTY - ZONE C 1 i ZONE C .,1;I:L,,' • . 1,h,!. COMRIUMMILPAMEL BOMBED L--..,_---_,- 010:! 120185 0005 8 l'r i L 0: 1, \ „. ,„ litho 'ONLY PIJIEL PRINTED) 1)iirl;:OLD WINTER GARDEN ROAD — CORPORATE LIMITS I .IMMO 11,•:..'NOVEMBER I.1978 11!1,1 Ii'{-11\\ b . il VI.DEAN TEENY oi,NOOSING ,„:" i,AND WIWI DEVELOPMENT L.:11,ov,.*****NcE a E . .m•••N. 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' : ...:,. . ...4 .v,........ . . . I. 0P‘ . ' r—r' r — 's - ii, :..- ..1- 1.• ..., .,- ---, , . . : . ... ...s. ? - .,—*.-4....... .11... 4: • 'a ' ' j k ' * ' .iiiiii4 - _ '' :*ft aik U..•,.. I , , , i* ....•... N4 ": .,. '- - ' - '',' 40 7 .. . ....-" .- •..d. .....• - . ' ... _ : ...,, .._„ - -- ' .' . • re ... . .10. ".' * , * 99/ il. * . ' 0 .• O 4 . .. 40 at Alt t L I 1 W.ra�'4r x ,.rar I iml d"� J .1 1r.Y`r+z,,,t,.9, � Y.,,, l ,,gi-,441 -e , ,li n c. ) ''iI.t• ,. Ilt44 .1 1 s'.- ' ,,,,,, 4'e4,'' ....,1 - iI. tlI _ Als :. CI "'--__ b _ S r C:w1 I rq" J r ' i^t ti t 4 .5 F, '' V. p CA . f42 x4''' • • y �r ( 1 #1'c�' f a '` • Nir %'d ✓ Y ' A4 - -"- 4 ';. -4:,i,J View northerly along Maguire Road. The Parent Tract is located in the right portion of the I photograph. (Photograph taken by Charles B. Byrd on NOVEMBER 18, 1999). I ,4' ,. ° I — t e .. �41r ` � ti 41 1 r e I fF,~ / 1 is 'z '.. 9a. ' ''* IView southerly along Maguire Road. The Parent Tract is located in the left portion of the photograph. I (Photograph taken by Charles B. Byrd on NOVEMBER 18, 1999). 24 I I K P h *10 't: ym, _.' Ill A' I 4 YG ,. ti I arcij _. ,, • .._. . _ r a Imo: C / �- CO _ v I View east across Maguire Road showing the subject site. I (Photograph taken by Charles B. Byrd on NOVEMBER 18, 1999). I I . > - i .,,,, ',, A.!..40‘:. -,-,o 111 ii, 1 IView east across Maguire Road showing the subject site. (Photograph taken by Charles B. Byrd on NOVEMBER 18, 1999). I 25 I I i I \�V _ I 1 :t l r ac - I I View east along State Road 50. The Parent Tract is located in the left Iportion of this photograph. (Photograph taken by Charles B. Byrd on NOVEMBER 18, 1999). I I \ _ 1 l 1 : i r I ^. % t • IView west along State Road 50. The Parent Tract is located in the right portion of this photograph. I (Photograph taken by Charles B. Byrd on NOVEMBER 18, 1999). 26 1 • • J y View north across State Road 50 showing the Parent Tract. (Photograph taken by Charles B. Byrd on NOVEMBER 18, 1999). , _ »t:^err.. ,. � -_ ' ...to1 111 44 I <474.!-'y •r, _ � 0. 'ems r View north across State Road 50 showing the Parent Tract. (Photograph taken by Charles B. Byrd on NOVEMBER 18, 1999). 27 1 I / I �.a ' ' ej yr5 In • S. `i, 4. 9. . t..-. ''%2 ,ayµ y 1 I I View of the property located immediately north of the Parent Tract. I (Photograph taken by Charles B. Byrd on NOVEMBER 18, 1999). I I 1 }a , z� Ov r h -a"fs .. i IView of the property located immediately south of the Parent Tract. (Photograph taken by Charles B. Byrd on NOVEMBER 18, 1999). I 28 1 I I I t I I -.4. .._. tili e--•6 iI,n •11 .aia: nab 1 •« Ai • i . I : L.5 } Jt k . View of the property located immediately east of the Parent Tract. 1 (Photograph taken by Charles B. Byrd on NOVEMBER 18, 1999). I ll obil 4 s.ii .. . t.- r 1 Y4 T _ y 1 • i - rµ 4i ;le 1 View of the property located immediately west of the Parent Tract. (Photograph taken by Charles B. Byrd on NOVEMBER 18, 1999). I 29 I IMPROVEMENTS DESCRIPTION ' The sub ject site has been improved with a Holiday Inn/Perkins Restaurant and associated I • site improvements. According to the records of the Orange County Property Appraiser's Office, the subject ' improvements were constructed in 1972 and contain a total heated building area of approximately 78,161 square feet. The Perkins Restaurant occupies approximately 11,999 heated square feet and the Holiday Inn occupies approximately 66,162 square feet. Additional supporting site improvements include asphalt/concrete paved parking and circulation drives, site lighting, fencing, concrete patios, decking and walks, a swimming pool and landscaping. As previously described herein, for the purposes of this report it was not necessary that the U Parent Tract be appraised as improved. Within this appraisal, only the value of the land and minor site improvements in the acquisition have been estimated. Therefore, no detailed description of the Parent Tract improvements is necessary for the purpose of this appraisal report. A cursory description of the subject's improvements has been provided only for informational purposes. ' Please refer to the following pages of this report for photographs showing the improvements located on the Parent Tract. 1 ' 30 I r ' %x'r It S' �. I :• ' y)Vtbk. gt�..: s ',4 A4 ` .....—..,.........- -," + 'III I iI limn I 5. + + r �a ry k d ;4`� t. a �T ir yLrR r rOr s� r + ; d , yr'i.. I View of the entrance to the Holiday Inn Lobby Area. (Photograph taken by Charles B. Byrd on NOVEMBER 18, 1999) I t fit• }+ v t, fly r r:, _. , . 4,t.h ! y - . G _ al r t+l 1 ': 3 �1��elr �. >,. ,ry.. .-- i4 A 4 �I t� tY}+k,i A R,' t� , rr=. Jy !, Ct u Y fi- 4,-.404?-ct, I r.4k, ''',' 7 1 i e, I IView of the Perkins Restaurant. (Photograph taken by Charles B. Byrd on NOVEMBER 18, 1999) 31 I I 44, 41-I t S A ---- 1 n 5- 4F'f r t r -- • >i r i C t. ry a r ;r 4.. I - - . y .__ I View of a typical building at the subject property. (Photograph taken by Charles B. Byrd on NOVEMBER 18, 1999) I .. ,. p r 1 L, ,‘„.„, rJ5 L - - ,„..p..... , , ,„. ..., -, - t. ,...` - .., -F, aolly L , :. , i y ce. , i „---- . - 1 View of a typical building at the subject property. (Photograph taken by Charles B. Byrd on NOVEMBER 18, 1999) 1 i 32 I I r qrsim `_ ati'i: I I ,I _ . View of typical parking and circulation drives within the Parent Tract. (Photograph taken by Charles B. Byrd on NOVEMBER 18, 1999) I A • • ,,air I - - �. • • I I View of typical parking and circulation drives within the Parent Tract. (Photograph taken by Charles B. Byrd on NOVEMBER 18, 1999) 33 ZONING AND CONCURRENCY According to the City of Ocoee Zoning Department, the Parent Tract is zoned C-3, General Commercial District. The purpose, principal permitted uses and general development standards for this zoning classification have been set out in the following sections of this report. C-3, General Commercial District PURPOSE This district is composed of certain land and structures used to provide for the retailing of commodities and the furnishing of several major services, selected trade shops and automotive repairs. Characteristically, this type of district occupies an area larger than that of other commercial districts, is intended to serve a considerably greater population and offers a wider range of services. This district is primarily intended for areas shown on the Future Land Use Map as "Commercial". PRINCIPAL PERMITTED USES Appliance Store Automobile Parking Lot Automobile Repair Automobile Sales (New and Used) Automobile Service Station Bar in association with a restaurant with seats for 45 people. Boat Sales and Service Bus Terminal ` Car Wash Clinic, Dental or Medical Commercial, Convenience Commercial, Convenience with gas sales Commercial, Retail Conservation Use ` Golf Course/Country Club Public Service, essential Rec. Facility, Commercial Department Store Drive-in Restaurant (Boundaries of tract of land are no less than 200 feet from any residence) Equipment Sales Funeral Parlor .. Furniture Repair and Upholstery Furniture Store Gallery/Museum 34 ZONING AND CONCURRENCY (CONT'D) Gas Station Grocery Store/Supermarket Heating & Air Conditioning, sales and service with outside storage Heating, Ventilating, Plumbing Supplies, sales and service Hospital Hotel or Motel Interior Decorating Store Live Entertainment Establishment Liquor Store, No On-Premise Consumption Miniature Golf Course/Driving Range los Mobile Home and Travel Trailer Sales Monument Sales Movie Theater r Music, Radio/T.V. Shop Nursery/Garden Supply Store Pawn Shop r Printing, Book Binding, Lithograph and Publishing Plants Professional Offices Radio Broadcasting and T.V. Stations, Studios and Offices r Recreational Vehicle Park Restaurant Sign Painting Shop 1111 Storage Warehouse Veterinary Hospitals and Kennels, when confined within structure General Development Standards Minimum Front Building Setback 25 FT Minimum Side Building Setback 10 FT Minimum Rear Building Setback 20 FT Maximum Building Site Coverage 60 Maximum Impervious Surface 80 Maximum Building Height 45 FT In addition to the Parent Tract's zoning, consideration has also been given to the subject's future land use designation. According to the City of Ocoee, the subject Parent Tract reflects a Commercial future land use designation. In addition to the subject's zoning and future land use designations, the Parent Tract is further impacted by additional development requirements relating to the subject's inclusion within the Lake Bennett Activity Center of the Ocoee State Road 50 Activity Center Special Development Plan prepared in June, 1998. 35 ZONING AND CONCURRENCY (CONT'D) A selection of pertinent excerpts from the Special Development Plan describing the impacts of the plan on the subject have been provided in the following paragraphs of this report: "What is an Activity Center? "Activity Centers" are those areas located at the intersections of major roadways where the City of Ocoee wants to insure that new projects improve, rather than detract from, the character of the community. Activity Centers are a tool used to preserve the integrity and viability of Ocoee's small town character while promoting quality-integrated development, particularly along State Road 50. The Ocoee Comprehensive Plan and Land Development Code encourage mixed-use development and promote these areas as major nodes of employment, residential, recreational, civic, and commercial land uses, hence the term Activity Center. Activity Centers are a type of "Special Overlay Area" in the Land Development Code. This means that the underlying zoning and future land use designation principally determine what uses and buildings will be allowed on each piece of land. The designation of an Activity Center puts landowners, developers and the general public on notice that special opportunities exist and, concurrently, that special provisions or limitations (i.e. "special regulations") that augment the Land Development code are to be followed in the development of the area. So, the Activity Center Overlay Area is a way of adding flexibility to the underlying zoning while requiring a higher quality of development. What is Higher Quality Development? Frequently, the term "higher quality development" is used. This means that although two uses are the same (e.g. a convenience store), the landscaping, signs, building and site design are different. Even within one chain, there are some convenience stores that are "better" than others and people often wish that they all looked more like the nicest one. A project is of higher quality when it is designed to take into consideration the unique features of the place where it is built. A cookie-cutter approach to development where every store in a chain looks like every other one is just poor design. In certain cases, even when individual buildings are designed for a site, there is _ no relationship or connection between projects. The visual clutter that we see when one sign along a roadway blocks another is an example of this problem. Another example is when a modern building is located adjacent to an historic building. Higher quality development produces places that we all like to visit — it is attractive. 36 ZONING AND CONCURRENCY (CONT'D) Why Activity Centers? As outlined in the City of Ocoee Comprehensive Plan and Land Development Code, there are four individual Activity Centers identified along the State Road 50 corridor (the "corridor"). They are identified as the (1) Good Homes Activity Center; (2) West Oaks Activity Center; (3) Lake Bennet Activity Center; and (4) Minorville Activity Center. As depicted on the boundary map in Section III, each of the Activity Centers are contiguous. Together, they form a continuous Activity Center along State Road 50. Accordingly, in this study, the four Activity Centers combined are simply designated in the singular context, and the supplemental materials required to support the creation of these Activity Centers are combined and designated in the singular context. Each of the Activity Centers are entryways into the City of Ocoee. This is where Ocoee can introduce itself and put on its best face. In order to achieve this new look, the areas around these intersections will require coordination between different landowners/developers when developing their property. Additionally, there are special issues of infrastructure, environmental protection, employment activities, protection of historic resources, and other public issues appropriate for special treatment. Without additional land use and development regulations in these areas, State Road 50 in Ocoee could end up looking like every other State Road in Florida. To avoid the typical visual clutter and congestion that people associate with State Roads, the Activity Center concept must set a higher standard to insure that Ocoee continues to be best known for quality development. Purpose of the Special Development Plan? '- The Special Development Plan for Activity Centers has to create a community vision. It is a way of describing how the corridor will look in the future. Because landowners/developers will implement the Special Development Plan through the site plan review process, the vision has to be flexible enough to allow a variety of development scenarios. The Plan promotes quality development while maintaining Ocoee's small town character but is also conceptual in nature. There is no way that the City can envision every possible development proposal, so the Plan establishes spatial and aesthetic criteria for these gateways to Ocoee. Below, the State Road 50 vision is outlined in the statement of intent, goals and policies. Together, the attached maps, photographs, sketches, and text establish the yardstick against which the City can measure future development proposals and determine if they are appropriate for Ocoee and for a specific site. 37 ZONING AND CONCURRENCY (CONT'D) we Statement of Intent The City of Ocoee recognizes the potential for urban sprawl, strip commercial development, and visual clutter along the corridor. The City intends to avoid this outcome because it is inefficient and creates unappealing urban design. Instead, the City intends to ensure distinctive, ` quality, integrated development in this corridor. The City envisions an appealing urban environment that invites people to congregate, encourages multiple nodes of transportation, allows innovative designs, promotes mixed- ` or multiple-use developments, and provides for the efficient delivery of City services. In order to achieve this outcome, the following goals are established to guide Activity Center development: Ensure distinctive, quality, integrated development in the corridor. a. Create a unique and attractive atmosphere that invites people to congregate. b. Set strict building design criteria to ensure unique and visually appealing buildings. c. Establish a safe enjoyable environment for pedestrians, motorists, and cyclists. d. Create a visually coherent development pattern that relates to the human scale. e. Coordinate access points and pedestrian connections between individual projects. f. Create useable open spaces in and adjacent to new developments. Mitigate the impacts of development by setting strict design criteria. a. Set strict site design criteria to ensure that separate projects, buildings, and signs are integrated to create a master-planned appearance. b. Require a logical pattern of pedestrian access, traffic flow, and parking lots. c. Integrate on-site circulation, traffic signals, access points, shared access, and cross access among adjoining projects. d. Establish a consistent pattern of setbacks and place buildings and their entrances in close proximity to roads. e. Provide visible connections between roads, parking, sidewalks, _ and adjacent projects so that pedestrians and motorists can negotiate a path quickly and safely. f. Provide a logical, consistent, and attractive pattern of lighting, signage, and landscaping that relates to the human-scale. g. Minimize the removal of mature trees and integrate them into site development plans. 38 ZONING AND CONCURRENCY (CONT'D) -� h. Integrate open space in all developments to create a cohesive coordinated network of green areas, pedestrian amenities and landscaping. Emphasize mixed- and multiple-use projects that encourage synergy between a variety of land uses. a. Encourage the combination of compatible uses within one building or project. b. Create innovative buffers between incompatible uses and developments. c. Emphasize the role of Activity Centers as employment centers. ` d. Establish a coordinated pattern of uses and buildings that inter- relate. e. Encourage a mixture of housing types and densities within and along the edges of Activity Centers. f. Retail, service, institutional, and recreational facilities will be ., integrated into and encouraged with the hub of Activity Centers. Promote flexibility, design innovation, and unique development in those cases where a coordinated pattern of development further enhances the goals and key criteria established in this Special Development Plan. a. Protect areas of environmental concern and scenic value. b. Allow for the clustering of development and increased floor area ratios. c. Use PUD's and Activity Center Overlay Area mechanisms to allow for mixed- and multi-uses. d. Foster a cooperative development process which encourages and rewards innovative and unique projects where a public benefit will be realized and adverse impacts will be offset. e. Integrate individual projects to attain specific Activity Center goals such as shared infrastructure, architectural compatibility, historic preservation, pedestrian access, bikeways, lake access, natural area preservation, and scenic vistas. Concurrency is a state mandated growth management law. Concurrency generally requires local city and county governments to deny the issuance of building permits for a proposed new development unless and until necessary "public facilities" and services which will be impacted by the new development have been constructed or are otherwise ` available. All public facilities and services which are impacted by the new development must be constructed or available concurrently (hence the name concurrency) with, or simultaneously with the proposed new development. Necessary public facilities which must be available include potable water, solid waste (i.e., trash disposal), sanitary sewer, parks and recreation, stormwater, roads and mass transit. Optional elements such as 39 ZONING AND CONCURRENCY (CONT'D) schools may also be included or added in the future as part of the Concurrency management system. If all public facilities are not available or if existing public facilities are experiencing unacceptable levels of service (i.e., the existing public facilities are over- burdened or over-utilized), building permits for any proposed new development that will impact these facilities must be denied and cannot be issued until new facilities are constructed or existing facilities are improved. In the appraisal of the subject property, no concurrency study relative to the Parent Tract was obtained. No definitive determination has been made as to what, if any, effect concurrency requirements may have on the future development potential of the subject property. 40 ASSESSMENT AND TAXES In 1999, the Parent Tract was assessed and taxed for real estate purposes by Orange County as two separate tax parcels. The pertinent real estate assessment and tax data vis relating to the Parent Tract has been summarized as follows: Parcel No: ' 20-22-28-0000-00-017 Owners of Record: Ralph and Shirley Mocny, Trustees Total Real Estate'Assessment (1999): $3,767,188 ImproyementsAssessment(1999): $2,525,782 land Assessment(1999): $1,241,406 Tax Rate (1999)4 - 19.0837 Mills Cross Estimated Real Estate Taxer $71,891.89 Net Estimated`Real Estate Taxes V, $69,016.21 (RecognrzingtheStatebf Florida s e 'ss �.�a x e 4% dtscountfor early.payment m Novembeif':' ParcelNo: 20-22-28-0000-00-032 Owners of Record: Ralph and Shirley Mocny, Trustees Totals Real Estate Assessment (1999): $194,926 Improvements Assessment (1999): $N/A Land Assessment(1999):' ' $194,926 Tax Rate (1999): 19.0837 Mills Gross Estimated Real Estate Taxes: - $3,719.91 Net Estimated RealEstate Taxes: $3,571.11 (Recognizing the State of Florida's 4% discount for early payment in November) 41 PROPERTY RIGHTS APPRAISED This appraisal reflects the market value associated with the unencumbered fee simple interest in the real estate described herein as the subject Parent Tract, and the unencumbered fee simple interest in the real estate described as the partial acquisition. PUBLIC AND PRIVATE RESTRICTIONS ` The Appraisers are aware of no public or private restrictions, other than those discussed herein, which would impact the continued use or future development potential of the Parent Tract, prior to the acquisition. SCOPE OF THIS APPRAISAL The scope of this appraisal assignment included an exterior physical inspection of the Parent Tract; discussions with the City of Ocoee and Orange County planning, zoning and tax officials regarding the current zoning, future land use designation and real estate assessments applicable to the subject property; a review of the preceding five-year sales history for the subject property; an analysis of the Orlando/Orange County area; an analysis of the subject neighborhood and market area relative to past and present ` development trends and current market conditions; and a search for recent sales involving vacant sites comparable to the Parent Tract. As previously described herein, at the specific legal instruction of the client, only the value of the land and minor site improvements in the acquisition have been valued within this report and no consideration has been given to potential damages to the Remainder resulting from the acquisition. 42 PURPOSE, INTENDED USE AND INTENDED USER The purpose of this appraisal was to estimate the market value of the land and improvements to be acquired in fee simple interest based upon market conditions existing as of November 18, 1999. The only intended use of this appraisal is to assist the client in negotiations with the property owner regarding the acquisition of the right-of-way from the Parent Tract. The only intended user of this appraisal report is the City of Ocoee. ESTIMATED EXPOSURE TIME The subject property has been appraised as a vacant, commercial parcel of land. The estimated exposure time for the subject site is from 12 to 24 months. EFFECTIVE DATE OF THIS APPRAISAL November 18, 1999. 43 NU HIGHEST AND BEST USE OF THE PARENT TRACT BEFORE THE TAKING The term "highest and best use" is defined in the 11th Edition of The Appraisal of Real Estate, published by the American Institute of Real Estate Appraisers (1996) as follows: "The reasonably probable and legal use of vacant land or improved property, which is physically possible, appropriately supported, financially feasible and that results in the highest value". In this highest and best use analysis, the Appraiser has given consideration to the four criteria which must be met in order for a use to reflect the highest and best use of a property, both as if vacant and improved. The criteria are that the highest and best use ` must be: 1) physically possible; 2) legally permissible; 3) financially feasible; and 4) maximally productive. In preparing this highest and best use estimate, the Appraiser has given consideration to existing land use regulations, economic demand, the physical adaptability of the property, neighborhood trends and the optimal usage of the property. Gia In this analysis, the Appraisers have considered each of the criteria necessary for a highest and best use as it relates to the subject site's physical, legal and market characteristics. The Parent Tract consists of a 6.04-acre parcel of land which has been improved with a Holiday Inn/Perkins restaurant. Therefore, analyses of the highest and best use of the ,r Parent Tract, as if vacant and as improved, will be necessary for the purposes of this appraisal. A discussion of each of these criteria has been set out as follows: HIGHEST AND BEST USE, AS IF VACANT In this analysis, the Appraiser has considered each of the criteria necessary for highest and ,. best use, as it relates to the subject site's physical, legal and market characteristics. A discussion of each of these criteria and the subject property's corresponding characteristics has been set out as follows: Physically Possible Physical characteristics of the Parent Tract which affect or influence its highest and best use include location, size, easement encumbrances, utility availability, access and topographic conditions. 44 HIGHEST AND BEST USE OF THE PARENT TRACT BEFORE THE TAKING (CONT'D) The Parent Tract is located in a signalized intersection along State Road 50, a major arterial highway and the primary commercial corridor within the Ocoee area. The subject market ,. area has reflected significant growth over the recent past in the residential, commercial and industrial market sectors and continued growth is anticipated over the foreseeable future. The Parent Tract contains 6.04 acres of land area, and is rectangular in shape. Therefore, neither the size nor shape of the property appears to significantly limit its development potential. The subject site has excellent access and exposure characteristics due to its signalized �. corner location at the intersection of State Road 50 and Maguire Road. The Parent Tract is fully served by all required public utilities and services, including sewer and water, and reflects topographic conditions which do not appear to significantly impact the development potential of this property. The Appraisers are aware of no significant adverse easements, encroachments or other restrictions which would negatively impact the development potential of the subject site. Based upon this data, it does not appear that the physical characteristics of the Parent Tract significantly limit the development potential of this property. The physical location and access/exposure characteristics of the site result in the property being physically well suited for future commercial development. Legally Permissible The Parent Tract is zoned C-3, General Commercial District and reflects a Commercial future land use designation. Therefore, the Parent Tract would be legally developable with a wide variety of commercial uses. Financially Feasible The Parent Tract reflects a corner location, along State Road 50, in the City of Ocoee's lob primary commercial corridor. The immediate subject location is an established, heavily developed and growing area of commercial improvements. Therefore, it appears that future commercial development of the subject site would be financially feasible. 45 HIGHEST AND BEST USE OF THE PARENT TRACT BEFORE THE TAKING (CONT'D) Maximally Productive Mir The maximally productive use of the Parent Tract would be that use from among the physically possible, legally permissible, and financially feasible alternatives which provides the greatest net return. Based upon the preceding highest and best use analysis, it appears that the only physically possible, legally permissible and financially feasible use of the Parent Tract would be for future commercial development. This use would also provide the maximum return to the land. Therefore, based upon the preceding data and analyses, it was the Appraisers' opinion that the highest and best use of the Parent Tract as if vacant, would be for commercial development. OP two tire 46 HIGHEST AND BEST USE, AS IMPROVED Physically Possible The subject site has been improved with a Holiday Inn/Perkins restaurant which contains a total of 78,161 square feet of heated building area. The Perkins Restaurant occupies ` approximately 11,999 heated square feet and the Holiday Inn occupies approximately 66,162 square feet. Additional supporting site improvements include asphalt/concrete paved parking and circulation drives, site lighting, site fencing, concrete patios, decking and walks, a swimming pool and landscaping. Legally Permissible The existing subject improvements appear to represent a legal, conforming use of the subject site given its current zoning and future land use. Financially Feasible As previously discussed, the subject property reflects a corner location along a heavily developed portion of the State Road 50 commercial corridor. The subject property has successfully operated as a motel/restaurant facility since 1972. The north 1.28± acres of the subject property consists of undeveloped land which does `- not support any of the subject's building improvements. This land area could be separately developed or utilized in a redevelopment of the subject property. Such a redevelopment is reportedly currently in the planning stages. Maximally Productive a The existing improvements to the subject site represent a substantial use of the property and have been continuously operated as a hotel/restaurant property since 1972. Therefore, it was the Appraiser's opinion that the highest and best use of the Parent Tract as improved, would be for continued operation as a hotel/restaurant property and future commercial development of the unimproved north 1.28± acres of the Parent Tract. 47 VALUATION OF THE PARENT TRACT In conjunction with the Maguire Road improvement project, the City of Ocoee proposes to acquire right-of-way from the Parent Tract. The purpose of this appraisal was to estimate the market value of the land and _ improvements to be acquired in fee simple interest as of November 18, 1999. In the appraisal of partial acquisitions, the land acquired is typically appraised as part of the larger, Parent Tract; the contributory value of minor improvements acquired is based upon their depreciated replacement cost new; and compensation for damages to the Remainder, resulting from the acquisition, is measured as any additional loss to the Remainder value, in excess of direct compensation for the part acquired. The appraisal process is an orderly process in which the data used to estimate the value of the subject property is acquired, classified, analyzed and presented. The first step is defining the .. appraisal problem (i.e. identification of the real estate, the effective date of the value estimate, the property rights being appraised, and the type of value sought). Once this has been accomplished, the Appraiser collects and analyzes the factors that affect the market value of the subject property. These include area and neighborhood analysis, site and improvement analysis, highest and best use analysis, and the application of the three approaches to estimating the property's value. Appraisers generally use three approaches to value: the Cost Approach; Direct Sales Comparison Approach (also known as the Market Data Approach); and the Income Approach. The first approach available to the Appraiser is the Cost Approach to value. Accrued depreciation is calculated and deducted from the estimated cost of the new improvements. The estimated depreciated cost new is then added to the land value. The resultant figure indicates the value of the whole property. Generally, the land value is obtained through the Direct Sales Comparison Approach. Reproduction or replacement cost new of the improvements is estimated on the basis of current prices for the component parts of the building less depreciation, computed after analyzing the disadvantages or deficiencies of the existing building as compared to a new building. W The Income Approach is predicated on the assumption that there is a relationship between the amount of income a property will earn, and its value. This approach is based on the principle that value is created by the expectation of benefits derived in the future. The anticipated annual net income of the subject property is processed to produce an indication of value. Net income is the income generated before payment of any debt service. The process of converting it into value is called capitalization, which involves dividing the net income by a capitalization rate. Factors such as risk, time, interest on the capital investment, and recapture of the depreciating asset are considered in the rate. 48 VALUATION OF THE PARENT TRACT (CONT'D) The appropriateness of this rate is critical, and there are a number of techniques by which it may be developed. ` The Direct Sales Comparison Approach is used to estimate the value of the land as if vacant and/or the whole property as improved. The Appraiser gathers data on sales of to comparable properties and analyzes the nature and condition of each sale, making logical adjustments for dissimilar characteristics. Typically, a common denominator is found. For land value, this is usually either a price per acre, a price per square foot, or a price per unit; for improved properties, the common denominator may be price per square foot, price per unit or room, or a gross rent multiplier. The Direct Sales Comparison approach gives a good indication of value when sales of similar properties are available. A final step in the appraisal process is the reconciliation or correlation of the value indications. In the reconciliation, or correlation, the Appraiser considers the relative .. applicability of each of the three approaches used, examines the range between the value indications and places major emphasis on the approach that appears to produce the most reliable solution to the specific appraisal problem. The purpose of the appraisal, the type of property, and the adequacy and reliability of the data are analyzed; these considerations influence the weight given to each of the approaches to value. In analyzing the three approaches to value, it can be readily observed that most of the information pertaining to the fair market value of the subject property must be derived from the marketplace because the Appraiser anticipates the actions of buyers and sellers in the market. As previously discussed herein, the Parent Tract is being valued as a vacant parcel of land. Therefore, the Cost and Income Approaches to value are not relevant when estimating the market value of the land in the Parent Tract. 49 ESTIMATED VALUE OF THE LAND IN THE PARENT TRACT The Parent Tract is being appraised as a vacant land parcel. Therefore, for the purposes of this report, it is necessary only to estimate the market value of the Parent Tract, as vacant. When estimating the market value of the Parent Tract, as if vacant, the Appraisers have utilized the Market Approach to value. The Market Approach or Direct Sales Comparison Approach is defined as: "That approach in appraisal analysis which is based on the proposition that an informed purchaser would pay no more for a property than the cost of ` acquiring an existing property with the same utility. This approach is applicable when an active market provides sufficient quantities of reliable data which can be verified from authoritative sources. The direct sales comparison approach is relatively unreliable in an active market or in estimating the value of the properties for which no real comparable sales _ data are available. It is also questionable when sales data cannot be verified with principals to the transaction. This approach to value is referred to as the Direct Sales Comparison Approach, the Market Comparison or Market Data Approach". • In estimating the market value of the subject property via the Direct Sales Comparison Approach, the Appraisers have researched the subject's market area for recent sales of properties considered to be comparable to the Parent Tract. The primary criteria for comparability included size, access, development potential and marketability. • Our market research has revealed three sales of commercial development sites within the subject market area which are considered to reflect a good degree of overall comparability to the subject property. These sales are considered to provide the best available indications of market value for the subject Parent Tract and have been summarized in the following pages of this report. 50 I . I Mill 11.1 MO t f f F [ F f i ► it /1 i •-n., .y.:ki,- 1 pi , ', ) tos; - ep,-?—mtg, - 4.7r:. ,,F'Wetrir_it g .• -r.7-IgNe4rripi:„--wy — -. r - -,.--" 11,1 'N. L. 1.7 . WY. ••' ..tin,.••• . ' .MI:0 • '.! talt: -•• ,..i '•: ',.1.* f..,a,., , --in 1;3-4 . IM# 4,104-N ',.•-. ..._ .4.,?,., ‘ / i. t?p..:: _4_41 i II ... . ",,,,_,, iti,_„., , io, - , N • 4'r 1 , tinT Al 10k. ' il . :"'.'' ' ' - I '. sk -r*%.tv., Iv 0., .11:g!... 1..... ....._R—L1 [ . al ri,witil.•••..z.,,s; rat.i ..... • ,.,...1 .1J---_7t I [tit.; --- ! ...47;4 ' ::' .;,t'',.. .,. ,- . 11- f 1 ' - , . -1 prjr_,F I• ... -,-.1,- 1 -..... i,,,,,...........r.immwm. jiae.irir...ur,r:r ' ' — .s.,.---:rtni.;— P. .q,+,,. ti}•;•vM mc. L. kK. "iI7 $j it.4 ett.�' • 1 . •4:/,445cs `,44,. 4- 1.- lihlig ., 1 ,..1115-rt7ii Iiii1M5:411a, , ..._ 1.1 .. Allir 41 4 .'s !`A ...4,111-tt:'-",•`- •." 7' :. .:74- a qpi o S 6 1...1, 4 : t ,�• 1.,[ 3tFar.2 3,F ' .t i 100- '1°*,,,,_....►4-:7i.EP.I: ' � 'r//f" �I_ �� i.•M • -.:iis4! v,_.,..,.� r•4 L,;I' �t{�i. v.. ��� -i.�L1`r)! . i 7 �(� Ii� t � �LJiA r.` .I A r .r •,r S ��• it .0 l6' ` _f >.. w•y�ft sir' 4lA,s'c.'-?,:k.t,, ,........."..'. i` gat If■;,3..�f�1, Yr r y r;r• dj4. " L „ ,• +=¢)E._.t. , Ir. , r ., t. Vlir i'•• ir i�l Ni-II !,' •I` • c � I' Gilt t— rS. ` (o , t•` 37''' i'''''', la. ‘ ii `• r ..o c = h�■il ai Ekt:IIGEL�j/' — •1 ., 1, ^)►� ,.J -•1 -.p:i - 7•. LiM.da A E�i� �- 6 • • ! •,. e l ?� 'r a ; 1 t i r Iil • iF - �� rid ' �~ ii'' £. �' : . i! � ":: •' . 06"1 !ie., Ir. . ' •."'.. : '1 ...N ' ! ti " /, n 1i p j 3 � r 1�3C��� :� .r., I 3YLtl ��t+,..+. •,ur:r •F. ',yai :S.r:� r �' � '" • k` ► • r :fiNM ,tt.... tit; Y V 3 :yr� f+I r •,, i r •f:�a^'A err �M , t:i, r s F . r- klit .'• '''',-`1 y y S.s yip ., r_ ei '` ;..y f ,�: �-. t ,.2• i'+• \ .1,,,...... ..: • ,, ., . ,-- •A II i7lt'rriiii 11 , . Ica\\Tli ,12, 1..._, _z•-•,_ N„,..-.•. .4"'sty ' .4 A . ./..-••.-/I-•••-••t_i . , 4 ill.,..... 03 .. .,_. ,.. . ' :: ?: i�7 }�•'-` T '' Li ct... .. i ue �. 1,,,,, »�:X � ��i' �` 4,1 • •iaiN!sa•. ,•L ..^• .4' r• , �,"■�IC �._ s4• I I"�l �. I —w..�r ../ P P�jta y i ' . . 1,1'L�+ �.''• �!� yy��r�Y.nf itifi-el .'•K .'x _•1'1, _Jt• ;r , ' Ti1 r ; 1 1..Si�MY:fY.C':y: &t..._t'' A'.P-A-,'•• s vlii,,, 71l.1' •....o a __ .v.r- I . / - ----- C. 61 :,.„43!.. I SALES DATA SHEET UNIMPROVED LAND Sale k: 1 Grantor The Dealer Development Group, Inc Grantee: CAP Orlando Ltd. s' Type of Instrument: L Special Warranty Deed Recorded in: O.R. Book 5622 Page 2420 Date of Sale •` November 3, 1998 Inspection Date: December 2, 1999 Total Land Area „ 9.08 Acres — 395,524 SF Dimensions: 477'± x 833'e hs Consideration :. $4,100,000 Zoning: PD, Planned Development UnitPrlce f-!�" • =' $10.37/SF Future Land Use: C-Commercial Uses Permitted as Zoned: Planned commercial uses. is Legal Description: Lengthy, see attached Special Warranty Deed. '- Location of Property: The sale property is located in the northeast corner of the intersection of State Road 50 and Good Homes Road, near the city of Ocoee, in unincorporated Orange County, Florida. Describe Access: Access to the sale property is available from both State Road 50 and Good Homes Road. State Road 50 is a two-way, four-lane r highway and Good Homes Road is a two-way, two-lane road in this location. The State Road 50/Good Homes Road intersection is fully signalized. Highest and Best Use at Date of Sale: Planned commercial development. Financing(effect on sale price, if any:) Cash to seller. Conditions of Sale: '•• Arm's length. Compared with Neighborhood, this property is... Average X Above Average Below Average Other Pertinent Data: The sale property is generally level in topography; is at, or near the elevations of State Road 50, Good Homes Road and ▪ surrounding properties and appears adequately drained. All required public utilities and services, including sewer and water, were available to the site. Subsequent to the sale, this property has been developed with a neighborhood retail shopping center which includes two anchor tenants with 73,000 square feet of space and approximately 15,200 square feet of local tenant retail ▪ space. A Circuit City store has been constructed on this site. Verified With: ` Name: Don Ammerman Date: December 2, 1999. Relationship to Sale: Broker r SALES DATA SHEET UNIMPROVED LAND Sale:€b r_+-Z-- 2 -Grantor. - DMH Partners, Inc. Grantee '== Lowes Home Centers, Inc. x. Type of '4 - Warranty Deed ,RetoRi O.R. Book 5364 Page 2534 Instrument_• r Date of Sale: - November 11, 1997 inspection ittiraxten,a e- ,, 'E_ August 18, 1999 Total Land Area: 23.71 Acres-Gross "Dtmenstonsr y ` Irregular, see attached Warranty r 22.64 Acres- Net Useable y. Deed Constderatron *. $7450,000 -.4Zo•n -° " =7'i PD, Planned Development lerr r Unit Price i' $7.55/SF- Net Useable Area ` elan ' =A; C-Commercial Uses Permitted as Zoned: r Planned commercial uses. Legal Description: Lengthy, see attached Warranty Deed. r Location of Property: The sale property is located in the southeast corner of State Road 50 (West Colonial Drive) and Good Homes Road, in unincorporated Orange County, Florida. r Describe Access: Access to the sale property is available via State Road 30 (West Colonial Drive) and Good Homes Road. State Road 50 is r a two-way, four-lane highway with center turn lanes and a concrete median in this location and Good Homes Road is a two-way, two-lane road with center turn lanes. The State Road 50/Good Homes Road intersection is fully signalized. This site has one ingress-egress point on State Road 50 and two unsignalized ingress-egress points on Good Homes Road. I. Highest and Best Use at Date of Sale: Commercial development. Financing(effect on sale price, if any): r Cash to seller Conditions of Sale: r Arm's length Compared with Neighborhood,this property is Average X Above Average Below Average r Other Pertinent Data: The sale property is generally level in topography; is substantially below the elevations of State Road 50, Good Homes Road and surrounding properties, and appears adequately drained. Ms. Sue Arms of DRMP Surveyors, Scientists, r' Planners reports that approximately 1 acre of this site lies within a jurisdictional wetland and approximately 4.81 acres lies within the 100-year flood plain. Orange County development requirements for this site require 20% open area or 4.74 acres. Therefore, the net useable land area of the site has been estimated at 22.64 acres. All required public utilities and services are available to this site, including sewer and water. This site has been developed with a Lowes Home Center. Verified With: Name: Lee Current Date: August 18, 1999. Relationship to Sale: Representative of Grantee SALES DATA SHEET ` UNIMPROVED LAND ` "Safe ar rya!' 3 Grantor- S.A. Dill, et al s"ri _ - William Eugene Heidt Grantee: Boyd Development Company Type of Instrument Warranty Deeds Record n 77 O.R. Book 5110 Page 3500 5111 2022 ▪ Date of Sale: August 20, 1996 Inspection Date_`a, December, 2, 1999 8,400/5F (110/3500) Ns Total Land Area: z. 82,781/SF (5111/2022) Dither ionrs' Irregular t t : 91,181/SF Total ...x,) -fli M`tX'siN?<.,:.` " ' $75,000 (5110/3500) a %. C-2, Arterial Commercial District r Consideration $750,00015111/2022) $825,500 Total s iv. 4,4)7a (Winter Garden) Unit Price: $9.05/SF Future Land Use:. Commercial ✓ Uses Permitted as Zoned: Various commercial uses. r Legal Description: Lengthy, see attached Warranty Deeds. r Location of Property: The sale property is located in the southwest corner of the intersection of West State Road 50 and Winter Garden-Vineland r Road, in the city of Winter Garden, in Orange County, Florida. Describe Access: The sale property has access available from State Road 50 and Winter Garden-Vineland Road. State Road 50 is a two-way, four-lane highway and Winter Garden-Vineland Road is a two-way, two-lane road. The State Road 50/Winter Garden-Vineland Road intersection is fully signalized. Highest and Best Use at Date of Sale: Commercial development. Financing(effect on sale price, if any:) ` Cash to seller Conditions of Sale: Arm's length. Compared with Neighborhood, this property is... ins Average X Above Average Below Average ✓ Other Pertinent Data: This sale reflects the assemblage of two properties recorded on separate deeds as indicated above. The sale property is generally level in topography; is at, or near the elevations of State Road 50, Winter Carden-Vineland Road and surrounding properties and appears to be adequately drained. All required public service utilities and services, including sewer and water, are available to the site. A Walgreen's drug store has been constructed on this site. Verified With: ✓ Name: W.E. Heidt Date: August 17, 1999. Relationship to Sale: Grantor ESTIMATED VALUE OF LAND IN THE PARENT TRACT (CONT'D) The three comparable sales reviewed herein have reflected unadjusted sale prices of $10.37, $7.55 and $9.05 per square foot of land area. All of the three sales are considered to reflect a generally good level of comparability to the Parent Tract. However, when comparing the sale properties to the subject site, various dissimilarities must be addressed. These dissimilarities are primarily related to location and size. Comparable Sale 1 is the most recent sale reviewed herein and is considered generally comparable to the subject in most respects. No adjustments are considered necessary .. when comparing Sale 1 to the subject and this comparable would indicate a unit value for the subject site very near the comparable's sale price of $10.37/SF. ` Comparable Sale 2 is considered generally comparable to the subject in most respects. However, this sale property is substantially larger than the subject site. Recognizing the propensity within the market to pay higher unit prices for smaller sites, this comparable would indicate a unit value for the subject site substantially above this comparable's sale price of $7.55/SF. Comparable Sale 3 is considered generally comparable to the subject in most respects. However, this site does not have locational and size characteristics that are as good as the r subject site. The sale property is located in a more outlying area of west Winter Garden which has not experienced the new growth and expansion of commercial properties reflected within the subject's immediate vicinity. Therefore, the sale property is considered inferior to the subject in regard to location. The sale property is somewhat smaller than the subject site. Recognizing the propensity within the market to pay higher In unit prices for smaller sites, this sale is considered superior to the subject in regard to size. Recognizing these dissimilarities between the sale property and the subject site, it appears that this comparable would indicate a unit value for the subject site somewhat above this comparable's sale price of $9.05/SF. .. Based upon the preceding data, it was the Appraiser's opinion that a unit value indication of approximately $10.25/SF of site area would be applicable to the subject Parent Tract. Therefore, the Appraisers have estimated the market value of the land in the Parent Tract as follows: 263,102 SF @ $10.25/SF = $2,696,796 Rounded to $2,697,000 54 DESCRIPTION OF THE ACQUISITION Fee Simple Acquisition The proposed right-of-way acquisition consists of a 20± foot wide strip of land running contiguous to, and parallel with, the existing east right-of-way line of Maguire Road. This partial fee taking contains approximately 12,329 square feet of land area. A summary of the existing improvements in the acquisition area has been provided below. 60± Lineal Feet of Concrete Curbing 1200± Square Feet of Asphalt Paving (1) 3-Foot High Sago Palm (1) Palm Tree 50± Square Feet of Ground Cover Landscape Plants Photographs showing the right-of-way acquisition have been provided on the following pages of this report. GO It 55 I :tin L I � ._ 0.m %f�'f 5- e l� sLk •�+,t lit ' ,b4. t( r r �. o f ,F ma - .. i aliir tit ".'6 _ .,,&SS. . -- ^^ ,- 1 ` ' View northerly showing the right-of-way acquisition (Photograph taken by Charles B. Byrd on NOVEMBER 18, 1999) I I , . .4 I i e eh . - I View southerly showing the right-of-way acquisition. (Photograph taken by Charles B. Byrd on NOVEMBER 18, 1999) 1 56 1 VALUATION OF THE ACQUISITION RIGHT-OF-WAY The acquisition involves approximately 12,329 square feet of gross/net site area. _ When estimating the market value of the land to be acquired, the unit value provides the basis for estimating the market value of the land acquired. The market value of the fee simple interest in the Parent Tract has been previously estimated at $10.25/SF. Thus, the market value of the land acquired has been calculated as follows: 12,329 square feet x $10.25 = $126,372 Various site improvements are also located within the acquisition area. These site improvements, and their estimated depreciated replacement costs, have been summarized below: ` Unit Replacement Observed Depreciated Item Quantity Replacement Cost New Depreciation R.C.N Cost r. Concrete Curbing 60 LF $8.00/LF $ 480 50% $ 240 Asphalt Paving 1,200 SF $1.75/5F $2,100 25% $1,575 3-foot Sago Palm 1 $225 $ 225 N/A $ 225 Palm Tree—25 t' 1 $250 $ 250 N/A $ 250 High Ground Cover Plants 9 $3.00/each $ 27 N/A $ 27 TOTAL $2,317 57 VALUATION OF THE ACQUISITION (CONT'D) The total compensation for the land and improvements acquired in the acquisition has been summarized below: on Land $126,372 Improvements $ 2,317 Total $128,689 b. s. t. t. so 58 LIMITING CONDITIONS AND ASSUMPTIONS In rendering our opinions, we have made certain assumptions and our opinions are rin conditioned upon and are subject to certain qualifications including, without limitation, the following: INFORMATION USED: No responsibility is assumed for accuracy of information furnished by or from others, including the client, its officers and employees, or public records. We are not liable for such information or the work of contractors, subcontractors and engineers. The comparable data relied upon in this report has been confirmed with one or more parties familiar with the transaction; all are considered appropriate for inclusion to the best of our factual judgment and knowledge. LEGAL, ENGINEERING, FINANCIAL, STRUCTURAL OR MECHANICAL NATURE, HIDDEN COMPONENTS, SOIL: No responsibility is assumed for matters legal in character or nature, nor matters of survey, nor of any architectural, structural, mechanical or engineering nature. No opinion is rendered as to the legal nature or condition of the title to the property, which is presumed to be good and marketable. The property is appraised assuming it is free and clear of all mortgages, liens or encumbrances, unless otherwise stated in particular parts of the report. The legal description is presumed to be correct, but we have not confirmed same by survey or otherwise. We assume no responsibility for the survey, or for encroachments or overlapping or other discrepancies that might be revealed thereby. We have inspected as far as possible, by observation, the land and the improvements thereon; however, it was not possible to personally observe conditions beneath the soil or hidden structural, or other components, or any mechanical components within the improvements; as a result, no representation is made herein as to such matters unless otherwise specifically stated. The estimated market value considers there being no such conditions that would cause a loss of value. We do not warrant against the occurrence of problems arising from soil conditions. This appraisal is based on there being no hidden, unapparent, or apparent conditions of the property site, subsoil or structures which would render it more or less valuable. No responsibility is assumed for any such conditions or for any expertise or engineering to discover them. All mechanical components are assumed to be in operable condition and 59 LIMITING CONDITIONS AND ASSUMPTIONS (Cont'd) the status of same to be standard for properties of the subject type. The condition of the heating, cooling, ventilating, electrical and plumbing equipment is considered to be commensurate with the condition of the balance of the improvements unless otherwise stated. No judgment is made as to adequacy of insulation or energy efficiency of the improvements or equipment. Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property, was not observed by the Appraiser. The Appraiser has no knowledge of the existence of such materials on or in the property. The Appraiser, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea-formaldehyde foam insulation, or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No _ responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. LEGALITY OF USE: The appraisal is based on the premise that: (I) there is or will be full compliance with all applicable federal, state and local environmental regulations and laws unless otherwise stated in the report; (ii) that all applicable zoning, building and use regulations and restrictions of all types have been or will be complied with unless otherwise stated in the report; and (iii) it is assumed that all required licenses, consents, permits or other legislative or administrative authority, whether local, state, federal and/or private, have been or can be obtained or renewed for the use intended and considered in the value estimate. ` COMPONENT VALUES: The distribution of the total valuation in this report between land and improvements applies only under the proposed program of utilization. The separate valuations for land and building must not be used in conjunction with any other appraisal and are invalid if so used. A report related to an estate that is less than the whole fee simple estate applies only to the fractional interest involved. The value of this fractional interest plus the value of all other fractional interests may or may not equal the value of the entire fee simple estate considered as a whole. A report related to a geographical portion of a larger property applies only to such geographical portion and should not be considered as applying with equal validity to other portions of the larger property or tract. The value for such geographical portions plus the 60 LIMITING CONDITIONS AND ASSUMPTIONS (Cont'd) ` value of all other geographical portions may or may not equal the value of the entire property or tract considered as an entity. AUXILIARY AND RELATED STUDIES: No environmental or impact studies, special market study or analysis, highest and best use analysis study or feasibility study has been requested or made by us unless otherwise specified in our agreement for services or in this report. We reserve the unlimited right to ` alter, amend, revise or rescind any of the statements, findings, opinions, values, estimates or conclusions upon any subsequent such study or analysis or previous study or analysis ., subsequently becoming known to us. DOLLAR VALUES, PURCHASING POWER: The value estimated, and the costs used, are as of the date of the estimate of value. All dollar amounts are based on the purchasing power and price of the United States dollar as ire of the date of the value estimate. INCLUSIONS: Furnishings and equipment or business operations except as otherwise specifically ` indicated have been disregarded with only the real estate being considered. PROPOSED IMPROVEMENTS, CONDITIONED VALUE: Improvements proposed, if any, on or off-site, as well as any repairs required are considered, for purposes of this appraisal to be completed in good and workmanlike manner according to information submitted and/or considered by us. In cases of proposed construction, the report is subject to change upon inspection of property after construction is completed. This estimate of value is as of the date shown, as proposed, as if completed and operating at levels shown and projected. VALUE CHANGE, DYNAMIC MARKET, INFLUENCES: The estimated value is subject to change with market changes over time; value is highly related to interest rates, exposure, time, promotional effort, supply and demand, terms for sale, motivation and conditions surrounding the offering. The value estimate considers the productivity and relative attractiveness of the property physically and economically in the marketplace. The estimate of value in this report is not based in whole or in part upon the ., race, color or national origin of the present owners or occupants of the properties in the vicinity of the property appraised. 61 LIMITING CONDITIONS AND ASSUMPTIONS (Cont'd) In the event this appraisal includes the capitalization of income, the estimate of value is a reflection of such benefits and our interpretation of income and yields and other factors .. which were derived from general and specific market information. Such estimates are as of the date of the estimate of value. As a result, they are thus subject to change as the market is dynamic and may naturally change over time. SALES HISTORY: The Appraisers have not reviewed an abstract of tide relating to the subject property. The sales history data, as set out within the report relating to the subject property, is therefore subject to review by legal counsel and to the review of a current abstract by the Appraisers. MANAGEMENT OF THE PROPERTY: _ It is assumed that the property which is the subject of this report will be under prudent and competent ownership and management. CONFIDENTIALITY: We are not entitled to divulge the material (evaluation) contents of this report, analytical findings or conclusions, or give a copy of this report to anyone other than the client or his designee as specified in writing except as may be required by the Appraisal Institute as they may request in confidence for ethics enforcement, or by a court of law or body with the power of subpoena. All conclusions and opinions concerning the analysis as set forth herein were prepared by the Appraiser(s) whose signature appears. No change of any item in the report shall be made by anyone other than the Appraiser, and the Appraiser and firm shall have no responsibility if any such unauthorized change is made. Wherever our opinion herein with respect to the existence or absence of facts is qualified by the phrase or phrases "to the best of our knowledge", "it appears" or "indicated", it is • intended to indicate that during the course of our review and investigation of the property, no information has come to our attention which would give us actual knowledge of the existence or absence of such facts. 62 LIMITING CONDITIONS AND ASSUMPTIONS (Cont'd) COPIES, PUBLICATION, DISTRIBUTION, USE OF REPORT: Possession of this report or any copy thereof does not carry with it the right of publication, nor may it be used for other than its intended use; the physical report(s) remain the property of the firm for the use of the client, the fee being for the analytical services only. This report may not be used for any purpose by any person or corporation other than the client or the party to whom it is addressed or copied without the written consent of an officer of the firm and then only in its entirety. Neither all nor any part of the contents of this report shall be conveyed to the public „r. through advertising, public relations efforts, news, sales, or other media, without our prior written consent and approval, nor may any reference be made in such a public communication to the Appraisal Institute or the S.R.A., S.R.P.A., S.R.E.A., R.M., or M.A.I., designations. UNIFORM STANDARDS OF PROFESSIONAL PRACTICE (USPAP): tar The appraisal is a Complete Appraisal unless the letter of transmittal specifically states that the appraisal is a Limited Appraisal. The report is prepared in a Summary Appraisal Report format unless the letter of transmittal specifically states that the report is a Self-Contained Appraisal Report or a Restricted Appraisal Report. The Intended Use of this appraisal is to provide an estimate for the intended user to review in his/her internal decision-making process unless otherwise set forth in the report. No other use of this report, analysis or estimates is permitted. The Intended User is the client to which this report is addressed unless otherwise set forth in the report. Use of this report and the opinions set out herein is limited to the Intended User. No other user is permitted. If the letter of transmittal identifies the appraisal report as a Limited Appraisal, then the departure taken is from Standards Rule 1-4 and is considered to be a Limited Appraisal only until such time that the contingencies set forth in the letter of transmittal are satisfied. Upon satisfaction of the contingencies, the report will cease to be a Limited Appraisal and will then be a Complete Appraisal, unless additional departures are set forth in the letter of transmittal. • The value to be estimated is market value as defined elsewhere herein unless otherwise stated in the report. The date of report is that date found on the letter of transmittal unless otherwise stated in the report. 63 LIMITING CONDITIONS AND ASSUMPTIONS (Cont'd) TRADE SECRETS: r This appraisal consists of "trade secrets and commercial or financial information" which is privileged and confidential. Notify the Appraiser(s) signing the report of any request to �. reproduce this appraisal in whole or part. AUTHENTIC COPIES: The authentic copies of this report are bound with a clear cover and a blue back. The r signature page of the report should bear a raised seal on or near the signature block. Any copy that does not have this binding and seal is unauthorized and may have been altered. EXHIBITS: r The sketches and maps in this report are included to assist the reader in visualizing the property and are not necessarily to scale. Various photos, if any, are included for the same purpose and are not intended to represent the property in other than actual status, as of the date of the photos. TESTIMONY, CONSULTATION, COMPLETION OF CONTRACT FOR APPRAISAL SERVICES: The contract for appraisal, consultation or analytical service, are fulfilled and the total fee payable upon completion of the report. The Appraiser(s) or those assisting in preparation of the report will not be asked or required to give testimony in court or hearing because of having made the appraisal, in full or in part, nor engage in post appraisal consultation with client or third parties except under separate and special arrangement and at additional fee. LIMIT OF LIABILITY: Liability of the firm and employees is limited to the fee collected for preparation of the appraisal. There is no accountability or liability to any third party. FEE: r The fee for this appraisal or study is for the service rendered and not for the time spent on the physical report. .. Acceptance of, and/or Use of, This Appraisal Report Constitutes Acceptance of The Above Conditions. 64 r DEFINITION OF MARKET VALUE The most probable price which a property should bring in a competitive and open market r 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; r 2. Both parties are well informed or well advised, and acting in what they consider their best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and r 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 r the sale. SOURCE: Uniform Standards of Professional Appraisal Practice of The Appraisal Foundation. DEFINITION OF HIGHEST AND BEST USE The reasonably probable and legal use of vacant land or improved property which is physically possible, appropriately supported, financially feasible and that results in the highest value. SOURCE: The Appraisal of Real Estate, Eleventh Edition, published by The American Institute of Real Estate Appraisers (1996). 65 EXHIBITS 66 SALES DATA SHEET UNIMPROVED LAND ,-Salem'r.' ':' 1 px ac weer.3 GraRfor � ,"'„y 1.2'.''T The Dealer Development Group, Inc C 'fe`ef". s "^: CAP Orlando, Ltd. ,T of t" -knelt Special Warranty Deed Recorded m. +-v -! O.R. Book 5622 Page 2420 -re kw ate a,ppecX Date of a November 3, 1998 Inspection Date-M December 2, 1999 kPA t ie 7Fofa'PISt `G- ?-'�� 9.08 Acres- 395,524 SF Dimensions. ""- 477't x 833't Conssidera ton 44,KK S4,100,000 Zoning PD Planned Development PU`niCPnc %,.5', * A" $10.37/SF tAtki!OattFuture Land Use C-Commercial Uses Permitted as Zoned: Planned commercial uses. Legal Description: Lengthy, see attached Special Warranty Deed. so Location of Property: The sale property is located in the northeast corner of the intersection of State Road 50 and Good Homes Road, near the city of ` Ocoee, in unincorporated Orange County, Florida. Describe Access: Access to the sale property is available from both State Road 50 and Good Homes Road. State Road 50 is a two-way, four-lane ▪ highway and Good Homes Road is a two-way, two-lane road in this location. The State Road 50/Good Homes Road intersection is fully signalized. Highest and Best Use at Date of Sale: ▪ Planned commercial development. Financing(effect on sale price, if any:) ow Cash to seller. Conditions of Sale: es Arm's length. Compared with Neighborhood,this property is... Average X Above Average Below Average Other Pertinent Data: The sale property is generally level in topography; is at, or near the elevations of State Road 50, Good Homes Road and r surrounding properties and appears adequately drained. All required public utilities and services, including sewer and water, were available to the site. Subsequent to the sale, this property has been developed with a neighborhood retail shopping center which includes two anchor tenants with 73,000 square feet of space and approximately 15,200 square feet of local tenant retail space. A Circuit City store has been constructed on this site. Verified With: Name: Don Ammerman Date: December 2, 1999. Relationship to Sale: Broker I I . _. . _ LB i +7 • +5 .+ I 43 +2 +t Atj1 . 4 r .T S:04 r' ✓e, 61•s . ie RYLi : 1 ft1S ,P,1 110P 1 SW .fa. 2a.. L Winter:Arden WEST COLONIAL OR ,a1r ••m. ,n,n A •fen • . 1q 1f. ,1.,0 1,m ..0 tr3 m WI 'II ..oe 1 n 2f• .0 w 60 1 el IS( I 2.75 GEM '! "I r 1.9 I 109 I( 1 IL ! 1",..... 1 r i ..„ "5+s9 Y 1 .na ( 2oar nr 1: S (I " 2.1 r 5+59 1 I ., ..f Cal 1 - I a I 2 2 POWOI F. e .03 fI 8 Ea 81 E '® 31142 ® m w I ® f.g. .r 60 0610 I f7.39 ..1,.. 8 7r 1S IL 2r 17,7a AC 111M 1.72 I1 CUD MI? 0m :! Ifm25 1 ..e ^' II illsE III a, ` /$ 1 � 9.+7 = s ✓ , I 1 1 1 1 1 I 1 1 1 1 I 1 I 1 I 1 1 I 1 1lttr " 4afJx , k ii &g e f . t rilii r .HII11I i i I IIIs. g� r �Cr Q PI q r i '' '1. ( ..�•�Ar!�. Saowl:NA till 01na I pnl! 9 a All U 1! '8" IS! 1;. anus Rill MI pi'>Vi " =: :d i_ ea ARS P1 ay8• -0 , +� �� 'f,4�6 slot q �'�v `iUI r p & �µ li �y ��4 I A J!y'. 5 pppp f uu Fd CI ET: 8IA F R ¢ ~kir, if e 4 p ff L {{ p ja d 1 u -fi F I ( ll 'V2 r �� a i 1. 1 N 5 � 1L C T1 } �A 1 Aqq BP ';}�}(f,yS(( , z`.:... 1 1 It Is 1. 7 •r NOr 'd g. IS&iIBIT °A' Ot 8X 3110 Oa 3501 Mae C. 5734777 a.cara.e - area 0. k.7nfa re AU that aa>pv�to C001 R'6 11Rat. /4.mail S cD iet eta b a. Dist tAua"t a ifRtlat da Mat eak 7, t et the Math Seat amp Op14. Meta 11s.a St, aStara Seta ab. Sa a a OSStelaDa16 lb. inn y im aai RL�a OCa ••S mbrtbaa a galas at t1 aura gOai as at t s aeetae.aa 1 a at tl. r lentrat 1/a a arras at. lwar>643 O Safe. sera 17 Seat, Cage Mat saxaa. aY S. t/'es'4S• I.. al p taa as o[aaSa l aea.at 1/a as e .s.eYaa 1 • dinars at 71.03 aa.a to�ttat aa. t.artaaSy ism taxa= tl3a. al R..s US aira 30, aDlaaOaaatee rret.a a.r.t b' 1.1). aria peat bag t ate ba aaes:isa theca wax lattarly l t� War TEAS tact late a at Cina1 t`S ea a 7 Lae et tee tea arrxe..et 1/4 at lleastmen all. a a alar at N.tl Sin tea Pant a 1,2 as fac D'M -a W k'a. at stet.Daei a. tea.,. uw. •71 r.. .iseul adat err- itr a ttrarca .1 723.13 ben: to t pact a[ Stl the at 11a at ail SI alma 1/4 to tea ata0eat 1/{i taa to a. C0•9•wa a.• datrq tea l l 3.1sa OS Oa ecerthat 12. la a tee t a et et Wawa 1/a s data* at 2D1.a1 jleatirfitt a Eidson, P.A. 'Eo OYanwisiAvenue, 17th Floor es Sk3;ande =Florida 32001 one . C a a s7d f tini TH F.=vim OR BM5111 Puy202EAT(ONEY AT AW"AilE78CAN PIONEER BNIDMG Ric 21.00 DSC 3,250.00 '• $Uflt:UO- 6CO'COORRANDA32 t ; .FL.OBrANCSOPopA 3MS ?Th2,2 T DE® ffiS icumaxt?r Dap dated as of this,„Tfrday of Auguat, 1996, byilgt/Ellt ingots elm; a/k/a arrr.r.raw E. SEipT, ELT n S MOM a/k/a.fl e:. :_ia a/1c/a TlS T2SL�T�iGtr( and'�'EAEESB MIX =DT GOODWXN f/k/a ELIZABETH .. .ID>akEtiS i $$..TEaatm E. °Damar, having an address a o OgOEWai Stigma R'etdt-at 367 Floral Drive, Winter Garden, Florida 4Yi7 4eoll'ectivoTf the"'Cfrestnra), to WED DEVELOPtparr EEDISOESTZ®T}-a.Plorida corporation, having a business address at r. +3ab Aava'.7ake;Road; Suite 504, Orlando, Florida 32819, (the Grintei.T:. t?T$68lIB: :That the Grantor, for and in consideration of the+0ins-of Ten Dollars ($10.00) and other valuable consideration, ye 'rec%ipt-whereof are hereby acknowledged, hereby grants, bargains, sell:;. 'aliens;remises, releases, conveys and confirms unto the Gaau£ee;^allrthat certain land situate in Orange County, Florida (the •paeer+va), to-wit: r TRW PROPERTY DEB@rSED ZQ ATflC8X0 E]nfl A. Tax PROP=.Is vicar LARD AND DOES NOT 112PPESENT THE HOMESTEAD — TOG1'8CR with: all: the tenements, hereditaments and appurtenances thereto belonging or in anywise appertaining. TO WAVE-AND TO BOLD, the same in fee simple forever. AID theGrantor hereby covenants with the Grantee that the Grantor is TStifullp'eeized' Of then Property in fee simple; that the.Graator_haa:good:.right'ard.lawful authority to sell and we convey the.Property; that the Grantor hereby fully warrants the title to the Property and will defend the same against the lawful mistime of all'.persons whomsoever: and that the Property is free o;:,ell encumbrances, except taxes accruing subsequent to December 31gX39$Sv'.:andeiaementa and restrictions of record, if any, but rsfsieace hereto shall not act to reimpose same. r 1. Parcel. Identification Numbers: 26-22-27-0000-00003; 26-22-27-0000-00004; 26-22-27-0000-00005; AND 26-22-27-0000-00059 2. Grantee's Tax Identification Number: 231.11120II813 WTICRSOF, the Grantor has executed this Deed as of the date first above set forth. Witnesses; - 0 ��� gf Lm�'ot w1t°"• W�1 ism Huger eidt a a - ran-; William H. Haidt r •I UP /f.�� OR Bk 61 91 2023 0r+n • Co Fl non -atqueea�ee.eimaea. _ DHR Nhti� Mat Ma SUCH OF FLORIDA mane OF ORANG3 . Aclmowledged and.subscribed befo me by HDGHNH SX )T a/k/a.WILLINS.$''_3 k= cm :hie 'day of 7996- rn Signature• Notary Psblic-State of Florida ResomeKswe Nene film:mem Pintoyp type or stamp commissioned name of Votary t Pe eonsl'yly'� ) OR Produced Sdentification, ik mows 'Typ peidentifi6ation Produced • tBa es.2 - a ./it(Z r • Ti Heida/k/aaa Neid Kay H. - fgriamnaa 66!-0llJa� T a/k/a Kay eidt c u"x. Tillman A . LEE s' OF 7LOAIDA OP ORANGE ' 'AtCo6ltdged and subscribed before me by My HRIDT BARNES — ITALINUF. f/4/iNIOlt RHIDT BARNES a/k/p AAy H. TILLMAN a/k/a AAy gyiIDt t sij this . 'day of . 1996- Sigma o ma Notary 1 c- rate of Florida -*WC DWOSgN. Jimmy W60e)!S d F1uih MIEEf_E?wLit.1T.1999 PrinC type...or stamp commissioned name of Notary Publiey Penana1iy ' OR.Produced SdentYEiuCi t. G a. Iypd or Sdehtifi tion Produced • vt: ari Volt 4iefr1GG • OR Ilk M2.11 Pg 20*.2•• s' - . ' 'Orange G '.AR aw. • 1. • Luse or sim•u z t Jane a Go t o b`"'"' • /a izabeth Jane Heidt ; t/i 77��l iO YJ I a/k/a Elizabeth H. Goodwin r sot o : .r keeist:ar• : . 'STATE OF PLORI A ✓ -:(AONTy-OP ORANGE Acknowledged and subscribed before me by ELTZABETH JANE 'NEEDY GOODKIII f/k/ HLIZAHET'S EH a/k/a HLIZAEETH R. r GOOONTN'on this J 5 day of , 1996. 2 gnature of Notary Public atete of ✓ arida JOAN T.OWOSPUN Notary PuNk,Sate of Moms My�.No.PolesJan. S939ws ✓ Pr.nt, type or stamp commissioned name of Notary Public; Personally !mown OR Produrred- Identif ion V ✓ 1r.l of Ids CG t �D vddcct - OR Bk 3111 P 20^c'S> Orange Co L.97iiSi wa • • ` ' - •• .._-;'VOR4a.r 2-y.7oi1; ;,R 222 �cm�:.R.WCE.27 EAST. C IACE LP.E_Tr.454.17-.SECTIoN-..215 me TIC C(CuiTy Ye �: f••1 1•�;- a • iti1LA1U�:JlfJ�TTY/J ;OF 1�1171�M�T:7 4�:4F ; • ;• -. y ADD�rFlr rr DN sT�IE�Ot1ft�9k.�1L' rKr Zi• 1 , :'~ • ..,• c-o •• 1 I�4zna1D}`Rwlr a. ... . � £_- f.1g=:arar HENCE=N r.4T07111"A. . • ., - 4: .�,., 4•.z,,±4 . p wiles Rf: tiAY;rE'A:otsrMIC£Of 2TQ-• �0 F�T_TO.THE - —_ 90li�lt Arr. Yt71eS CR if3S • OR 8 • e02 .r • Orange'Oa l . .73Bi37 Rtet*dld -Martria O• :Hal!nf� • SALES DATA SHEET UNIMPROVED LAND Sale"# rs*:,..: 2 Crranto 5 , '.&''. DMH Partners, Inc. b rantee :y; :yy;#Y Lowes Home Centers, Inc. -," e" of 4, Warranty Deed h or 'm• O.R. Book 5364 Page 2534 In omen Date oo5a a§, November 11, 1997 J'p e°M '• August 18, 1999 'Total tan ea . 23.71 Acres-Gross D ensions:. - Irregular, see attached Warranty 22.64 Acres- Net Useable ' Deed GorLSi•erati0fr y $7,450,000 om i3 ;4x " ' PD, Planned Development nrtPn Ca .-=;;' $7.55/SF-Net Useable Area ur• n .;[Ise_.,444y,w C-Commercial r Uses Permitted as Zoned: Planned commercial uses. Legal Description: Lengthy, see attached Warranty Deed. ▪ Location of Property: The sale property is located in the southeast corner of State Road 50 (West Colonial Drive) and Good Homes Road, in unincorporated Orange County, Florida. ▪ Describe Access: Access to the sale property is available via State Road 50 (West Colonial Drive) and Good Homes Road. State Road 50 is a two-way, four-lane highway with center turn lanes and a concrete median in this location and Good Homes Road is a ✓ two-way, two-lane road with center turn lanes. The State Road 50/Good Homes Road intersection is fully signalized. This site has one ingress-egress point on State Road 50 and two unsignalized ingress-egress points on Good Homes Road. Highest and Best Use at Date of Sale: ▪ Commercial development. Financing(effect on sale price, if any): Cash to seller Conditions of Sale: Arm's length Compared with Neighborhood, this property is Average X Above Average Below Average ▪ Other Pertinent Data: The sale property is generally level in topography; is substantially below the elevations of State Road 50, Good Homes Road and surrounding properties, and appears adequately drained. Ms. Sue Arms of DRMP Surveyors, Scientists, ▪ Planners reports that approximately 1 acre of this site lies within a jurisdictional wetland and approximately 4.81 acres lies within the 100-year flood plain. Orange County development requirements for this site require 20% open area or 4.74 acres. Therefore, the net useable land area of the site has been estimated at 22.64 acres. All required public utilities and services are available to this site, including sewer and water. This site has been developed with a Lowes Home • Center. Verified With: Name: Lee Current Date: August 18, 1999. Relationship to Sale: Representative of Grantee r-ms iimi me me nil OM NIB SIM MIN SIM NM MIN =I OM I MO INN NM 1111111 •$. •�.w• w , 1-7 l t • � • , etjr0 .,..r44 4" { e -Q 'y Il 1�j._I ,« .«» d �:7 „. .. M y qi : i.l.° 75 ;y IS (.." I-III411111FIII-II/1111111••• ,.« . J S ••1 02 / G000 IIO61f5 RO t 1.1 iN t t n• w• .-- ,00 /01 r1, 0 114 w 1 M« d 1„" n -tom _ ` < __ e t e i e 1\ I� _ ' �, a � °� ; ✓ q • m l' ., G NM �• •ww HI, G e. G `04a40 DI , G u tl - 'a 04 8 ;, J . _ 4 J 1 s ., Y S ..., t i : s t i y e .,,,. .,4 M • C ,1w C. w >C A2 �J O ..,n , • p u Y u O V . - s jj t i y G 6 G J "' G t t u. Y N _ o `` t t « - a b, « / t 1 1 ! ! u 2.1 + b«I ._-III .10 NI p PAHOA Si 7 III ,C. w, 9.. I.., 0w 0 E 0 Z. Q 11.L ,1„1 V II a I C , C \I �, C -Q` \ N u . gQ v - Y t k 'p i l a F a I •,.,, ,,u 1 A I t 1 N ., J •, V. . 1 I ,s ,. r L 1 P n I G y u . . 3 .a $ I P / e 111 w .,I w w ,. 70 Ill ..r„ : a,�"- �.4 M NO n« Kew s� o de i II fa elp fir ' ` 1 �- 4�` / 8 V b .n 04 ` ` / ``\ + � t "' o G t L' Y I I y .Mg? Ills ., '.,n Y 1 \ ::: 1 1 ` S E t ° $ 8 y e ' x ,.w i.w ..•• ' 1 0.fl tP1.+. t S 11101 «10 7 ' 10.,. . 00 t ' /y 73 / t kb ;;VAC 32 00 r., a Y w.n $1.1 .nt._,._,..r...._..ata..__, .ern Deanna r. Fovea OrangeCo FL l9N-W$0IJS a„..,,„ t1(B90 09,00yztae.. M>nuw,a t n OR ogee IS OO DSC g20.10600 On on Loot s_raw van: ue—no.ano.e.nai.Pee Inman I)Slat... En!lot axes.sate....a...n.r — 1 r.n La.Jadae.raw c va ntaltalaentantaln Cotnntoktant Oin onet This Special Warranty Deed made and executed the=day of November A.D.1998 by THE DEALER DEVELOPMENT GROUP.INC..•Delaware corporation I-Grantor I.to CAP ORLANDO,LTD.. Florida limbed panoenhip(-Grantee-)otose post office address is 131 Falls Street.Suite 100.Greenville.South Carolina 29603: Whatseib:That the Grantor.fur and in consideration of the sun 0(510.00 1 and other valuable considerations.receipt whereof is hereby acknowledged hereby grants.bargains sells.aliens,remises.releuea conveys and confirms unto the Grantee. — t all that certain land situate in Orange County.Florida.viz: See Fahibit-A-attached hereto and made a part laeof(-Property'). Jj ! Subject to:Real property taxes for the year 199g and subsequent years: inning and other regulatory laws and ordinances affecting the Property;and.reatictons. — 1 reservations and euenents common m the subdivision or plat of which to Property is s pat. IRIS PROPERTY IS BEING CONVEYED IN AN"AS IS CONDITION. — Together with all the tenements.hereditament,and appurtenances thereto belonging or in anywise appenaininp. To Have and to Hold. the sane in fee simple Wetter. — And the Grantor hereby covenants with said Grantee that Grans is lawfully seised of said Pnyenv in fee simple.Nat the Grantor has good right and lawful authotny sell and comxy said Pmpen):that Grantor will perform all acts.deeds.conveyances and tas unes accessary to period or confirm Grantors title as curtseyed hereby: n - rahhereby warrants the title to said Property and will defend the sane against the lawful claims of all persons claiming by.through or under the(:rotor,and that Grantor will perform all acts.dads.commoners and assurances necessary to perfect or confiner Grantor's title to the extent conseved hereby. uss In%lions%hereof.the Grantor has hereunto caused these presents to be • eeutaN in its name and in corporate seal to be hereunto affixed.by its proper officer thereunto duly authorized the day and sear first above nnnen. Signed_sealed and deliccred in presence of. THE DEALER DEVELOPMENT GROUP,INC..a aDelaware co ration ta• W ss A6 tire T ..e: r7 Pri Name 1, Printed caeca? del 24/ \ e`!�A \ / Tine ,}Ayd a of J.. /1bu� L i'yMn V f_ Se�/UetCfv�Ni�S q' 1'm 4.rnie Deerfield BelchAddress Floridal 11441 Cr.,.f. G.'C Printed Name Post Officee Address y Ur.nus Co FFLL Ia I- LAa STATE OF FLORIDA 1 we �^ �-�- ISS: COUNTY OF/ 1 I HEREBY CERTIFY Nat on this dis before mean officer duly authorized the Stew aforesaid and in the County aforcvid to take aaknuvledpments.the foregoing insmmrcn Was ahmwWlVd before me b iJav:n i. V.n(tn r .the -D.rev io r of ow6 THE DEALER DEVELOPMENT GROUP.INC.a Delaware corporatlnm freely and ly tolwwily unerautairy duly%Tiled In himrher by said corporation and that the el affixed 9O thereto is dre uses corpora seal of said corlmn4.n. He5M is ix—moony known to me or who has Pn'dced as identification. j WITNESS my handandofficial sal in de County cold State lastafwcvid Nis 5 day of November,1998. Z C n/ —Y/ Vs�f.C� JL.[XLris PubNe (/ is pcd.N,nmd or stomped name of Netan Public Ms Commission 8apirc.: CIGWilap NPO FLgR°a Men 17.111.9 mann oavatwo wart tie am OR ROrrange Co R ins 0410t31 Recorded - Martha 0. Haynie ✓ ®tr a Plat rAll at ninths ct H. page IS.• 'C. 10=Oa MCC. according to of the tubu L&c n.nna at Orange CaPw florida.Mt reworded in vial ` 9tarpaa Hint right at thy sari as Oriole Arno, play baud® w Mort by the n.tniy right of thy lino et Goad gess awl/curd on thin Iasi by a. Wa[Y39 runt o[ way 13Y ear Strath. lying wt ithin tha N. Mtatl3 of 11 0 Orange Croy. fond.,t. Y warted by Y•a1utia'dated ily 31, 199i. nsordad July 24. 1991. Ln 9fficia Y Official garrets Y<t aa]l. Par 1300. Public Seead• of Onaga County. Florida. r LI= ad Ymt right or soy need Soak 141. tags soar and L S San ir®t Heat I LYt at Lots 9 sad La. Dirk O. Van S tart at Lets 9 and 10. Slant C for right OS very In red Opt >O12. 9M 291. 9WLsc)amid• OS rare County. florid•. sand JOSS PothiCataleir ossanm AS votaaoi as Caesar Y rL sautb.Y[ Oefa.r at the Saltn•aet WYflt oc the gtvtivert Porter of Nation u. tamsbiy it Sam. 9eme 19 Pat. Ona9t Crary. Mariam thrice sun Park Oa dares 21 air ass aC •.d. tart. along the .it line of amid yarba.Y Gunter at w ny tin••c stoats Man 450 (150.0 farN width) otbeeni t Feu Scats bad D.partra ea aorta CLWgntt t oftara • Ye az t limy o Nap rah r phtS a thy tines forr • distot ance ofdegrees l0 0o tata tea tattt pO recruit OPP CINOIDSG. w ord point ace run being darer a1.Sou n 4t o searsway n4R slang GoOd line 30.00 neon ▪ dm if mane of YSat•ld tut 11Y le Sat 0 Paccar of ttnear • aateet Quarter at Section 21 point w Mt might of way way or wool loots add i 14 • ' Sn wis at .77•b0 a onc to a _ �J point w South a.ha at ay to i of atom boats goes SS. In width) as Magna m of i plan ca ty. anYidpoi•t in plat lost p, 9yan t. it thrtt Public vlack of C past p at at l Florida.ia said pointr oleo ea hog a pointe an Ma torn. 11u at )sect t of P aid South of ona be Gorr an [u ram n degrees al aimed.fat I] i•mtle int. a said tatty line of cusp rear and rah Lan of said Sloth i fat t dies te 0e of feaO •C• to •1 point et Cry Ca a Bate routes O northeasterly.d • cnerving • of South at a 5.d nor. Yeeal avpsp oL l0 ttt•• .I cLuda Op Of fl. 0 feat;tYTLtg le geta 44 d•f .aL ✓ Cane.atria v lamas tat and I chard Lngat ue i1. to feat; elibC at Slang eta arc at ••id St Cane. Y Ye inwid at andt feet la to a Nam ai w C right Y Way line at Inoue roar a4e.0' in width) W ran aids line it said Sleet n: thanes run South 00 mar•as.s 22 C et of rt aid nay peeni e1M laid ist right of sty line sod spar lino sf rledt S •m c a aforesaid rpaS rY6 n[i distaste o, of the run act CO • paint a [vent laud �ri✓et S1dt lino d*inn roast load of 'Sancta•• distanc south e a .tl• 0 Zest ts• Oa ✓ Petri 01 i•ptlq a• a ay ire at SALES DATA SHEET UNIMPROVED LAND ale# n 3 '+Y wv Grantor S.A. Dill, et al ` :3 r 61g4,..,,,. William Eugene Heidt Grantee Boyd Development Company Itkapr tiv.* et1 O.R. Book 5110 Page 3500 Typed nstrum n •rFel Warranty Deeds Recorded m " " 1'*- <;ms. 5111 2022 'W Datgo Sa e' ' ' August 20, 1996 Inspection Date:, December, 2, 1999 � ' 8,400/SF (110/3500) ,„ 2'xv'v Total"tan '+"`_W er 82,781/SF (5111/2022) Dimensions: Irregular - ` ,c'"* r rmg- ,; 91,181/SF Total ? z:x x- -+ sYu ' $75,000 (5110/3500) q ,,.y� 4:`.•. y$" fi43' -^4'Zoning: as�ga : C-2, Arterial Commercial District Cons!,era ion $750,000 (5111/2022) Zoning r r �' $825,500 Total ?a ka (Winter Garden) dam. Unit Pike: � " ' _ 'i $9.05/SF Future Land Use: Commercial . .4 e.,mt, q.. n . :.Tfi^ °' Uses Permitted as Zoned: Various commercial uses. r Legal Description: Lengthy, see attached Warranty Deeds. ` Location of Property: The sale property is located in the southwest corner of the intersection of West State Road 50 and Winter Garden-Vineland Road, in the city of Winter Garden, in Orange County, Florida. S. Describe Access: I The sale property has access available from State Road 50 and Winter Garden-Vineland Road. State Road 50 is a two-way, I. four-lane highway and Winter Garden-Vineland Road is a two-way, two-lane road. The State Road 50/Winter Garden-Vineland Road intersection is fully signalized. Highest and Best Use at Date of Sale: "' Commercial development. Financing(effect on sale price, if any:) Cash to seller so Conditions of Sale: Arm's length. Compared with Neighborhood, this property is... Average X Above Average Below Average Other Pertinent Data: 1' This sale reflects the assemblage of two properties recorded on separate deeds as indicated above. The sale property is generally level in topography; is at, or near the elevations of State Road 50, Winter Garden-Vineland Road and surrounding properties and appears to be adequately drained. All required public service utilities and services, including sewer and water, are available to the site. A Walgreen's drug store has been constructed on this site. Verified With: ismName: W.E. Heidt Date: August 17, 1999. Relationship to Sale: Grantor EXECUT'AD RI 0 COPY STu lino®Teym 91 am-o Be Prat To: so Pmia T.Oridnot.Easter. act Fiat. ad Cs , a E:050 net ILN. Cad TU R 111J Poe of—.lid,Oiler Onriat Anait v 1 ll]Shclta 01111011.11731541IL'a o lNwt]�']] Ohm.Ebr raid Rea al.P3 pSe 2334 3i,150.00 ✓ PTC.3 11-i-97 ✓ WARRANTY i)F'T) TIES W AL a,NTY DEED nude dse I Ith day of Nove=,:cr, 1597 by: DB1➢?Alt:MRS.NC.. a Florida corporation. whort mailing address is Jan ORxa Ea 130.Wimermcre. Florida 34736(R,inc.:cr=I:06 cc m LOWE'S HOME Cr,-TEAS. INC.. a North Carolina cor,:c aucn.whcsc ✓ r t—_G-ss a 1003 Sc coi Svrs. Pon G:ii_gas I:i! (Nora T.it esb.ro 19.556).Wilk=bon. North Carolina 29697 Ocrcinai:ar ca::pd r .viTt!s!TH aai tR-Grantor. for an: n oortsideraiOzn of.!e atht„. t " on: raion.n=rpe%thrum(is Y-Sy acin:%: :;_. trrioy g:_„ ` -. . sold.u:_n.:cross.rcinm.canveys and con4ma unto d::Gnnmc._ll c_=anL-d (the'p—+.—()mute in Orange County. Florida. viz: T be prcpa-y described and mi fond In r,.kit'a' setae-ad hereto and made a pan honor. _ The Worry Tax Pvccl No. is 27-9C-211-7955-0OD00. (NOT[: Tint Parr.Ta PtLe:No w%., .ama win rut..a u.Perry.w%.�fl a he,hn-a-w.nty SS TOGETHER with ill the:errand. rc immens and appunenarrtes:hrtio blonging or in anyway appc-riving. TO HAVE AND TO HOLD, the same in fee simple forever. AND the Grantor he—My =meatus with said Grantee that the Graator is Iawfufiy seised of the Property in fee simple; that the Grantor has good right aM lawful authority to sell aM convey the Propcty; that the Gramr r hereby fully waaams the title to the I1.40,..y aM will defee the same against the lawful claims of all persons whorttssocver, and that the Prnpcty is free of all emssmbraares, except for the matters en forth as exceptions 7, 8, and 9 as reflected on Schedule B-Section 2 of that certain Title Com®tmem issued in favor of the ism Grantee ex on l.avry 's Tide Ittaprance Corporation under Commitment No. BF243010. • IN WITNESS WIDIREOP; the Grantor has signed and sealed these proems the day and year first above written. Sjrred, sealed and delivered •' in the presence of: Mill PARTNERS. INC. _ ' (Slpunns st N'sm) Domld M. Huber.• Patrlet T. Christiansen President r (Phis Mans of wiser:) • 6 /w I:p(q/�¢•i-Jefe aY 336a Pei2333 cranes Ca FL Ifnv Mace a/w;waay t 7be.17771 AS to the 'Grantor aa.ravu 2 as STATE OF FLORIDA COUNTY OF ORANGE The forgoing iatruruait wa acknowiedgcd before me dais 11th day of NovemEc, — 1997 by Douald M. Huber, as the President of OMR PARTNERS, INC., a Florida corperl[Iml. on%ball of the cslpmatkn. vai vI �u Spasm at Navy Atilt Stout dAarida awt T. a1�tA 14 WCennv Fa ltd17.1l99 NL�. 90-w.4:Ott*NM Print'rpm or sump =me of Nary PWscaly mono OR Produced 14 oa Type of Idsatifioti—Prodsed OR Ilk 5364 0 aZ36 Orange Ca Ft. 3717be1793 rip mvr,v,v 3 es ''- J FAA? nFSCR1PLIOp{ r (Parcel2•Lowe's Sirel OR 0k �364 Rq 2337 Orange Ca FL 1 97-0417573 Retarded - Martha 0. Maynie That part of vacated Sherwood Shona vacated by resolutian and recorded in Official Bends Book 5351, r Paid 3793 of the Public Records of Orange County.Florida and situate in Stake 27.Township 22 South, Range 21 East Crap Cowry.Florida,being more particularly described as follow: Commence at the Northwest cow of said Section 27;thence run 500'1704'E along the Wet line of said r Section 27,a dunned of 101 S6 feet to she South R: b(. (a 150.00 foot wide right-of-way) wen elire 9.ns;of ad Wes liner.State Road SO tr w.tn k isnow55.23feetestablished; 4 tonnirEaddblastlidtun N of 474TE along said South righto�wry line I,JS5.23 feet to a point m Ow East riglmof--way lice of Good r biomes Road,said paint also being the Point of Beginning;thence continue N19•4747-E along said South nghtof•wy Ilne 907.22 fee;tatty dapeting said South righto(-way line run S00't Yl3-E 14I.12 few to the normal high ester contour line aeration 69.1.Orange County Lake index.stonnwcet Management Department 1995 Damn;thence run along said 69.1 contour line the following corn and distances: r 530'16'n27W 7.70 feet,thence SO1'40.35•E 11.66 feet;thence 312'4113-W 4.06 lee;thence S14.4971'E 9.50 feet tern S21r20'1 I'£9.53 fee;thence 504'13'00'E,4.24(etc thence S20'5475•E 6.96 feet thence S27°51'39"E 15.50 feet thence 529'46'23'E 13.15 fee;thence 532'42'32'E 16.29 feet; 4 thence 531'4'01'E 19.27 feq thews 54 3 2 210 9 6E 12.06 fee;thence S50'51'4)7E 1.65 lee;thence r 537'1471-E 10.02 fee;thence 561.19256E 10.00 feet thence 5702324E 19.70 feet;thence 376.17276E 14.t3 fee;thence SII.50 YE 14.74 feat;thence S16./91 l'E9.45 feet thence SSr5t53-E 21.71 feet thence 51506'let 21.51 feet thence S1g95'Oa'E 12.45 fen;thence Nl) 17'437E 7.70 fee thence ence N71•1259'E 20.90 feet,thence N75'35101-E 41.51 feet thence N7011'47-E 11.26 feet thence N sin 2'55'E 9.01 fee;thence N7272'27'E 17.39 feet;thence NO3'59'1r7E 11.29 feet;thence N437/12'E 4.77 fee;thence NO6773CE 4.12 feee;thence N36'0211-W 3.62 fee;thence N54.1911'w 6.4!fee;thence N26b1"46'E 2.30 feet thence 5152935'E 6.96 fee;thence 563 4707-E ha10.41 feet thence 54625'01'E 17.75 feet;thence S5O'0575•E 25.42 fen;thence S7 i'1901'E 13.11 feet thence 55536'10-E 13.17 fee:thence S46.1042-E 32.75 feet thence 547•0524E 111.90 feet;thence 541'52'16'E 66.55 feet;thence S4'01'49'E 41.IO fee;thence 542.5416'E 50.15 fee:thence 542'14'42'E 61.02 fee;thence 51 C2e,b'E 13.09 fete thence 546641726E 11.73 fed;thence 92014724'W 13.24 feet thence 51016'4•W 9.91 feet; thence 500.05'54E 7.13 fen;thence S2Ir1414-91 6.76 feet treat.S77411'33•w 4.46 fee;thence N52•I747'W 4.57 feet thence N79•1946-W 5.10(etc thence S15'5922"W 11.41 feat thence 141560i09'W 9.70 feet thence 1462'12'37'W 30.34 fen thence Nlr45'1TW 1.4$ feat theca S79.4.56'W 11.11 feet thence met N;1'1037'W 11.63 feet thence 510'02'10-W 15.26 feet thence 560'17323°W 7.59 few;thence 949'3 I'00'W 11.37 feet;the ace S3172p I S-W 16.13 fee;thence S2075'41'w 7.99 fete mace 50276'32•W 11.90 feat teas S I023'16-E 20.05 fete thence S l C2T51-E 5.06 feet thence 13045'01'E 2.3.72 fen;Jens 54425'437E 9.19 feet:thence S$e2419-E 73.34 feet the.cc c 0c t z r 1.49 fee;tend 51696'21'W to In r_thence S:POY 25-E 5.94 ( - meat.N76'41YTE 21.74( het these N 2 3.67 ferEn 2then fete feet thence r'E• 41 33 feet t;thence (ere;Jere5rW 6E lent feet thence 57221'14'E7.45 fee;thence S70'094TE aLEO (en;thence 50t7l14'W 21.06 fur,Nets S 199l30•W 7.06 teen theta 5041124791 21.73 leer,thence SI6'4945•W 27.97 feet thence r 504.577.1-W 4.50 feet thence secant.'aid 69.1 contour line non S15,2970-9/ 1,539.17 fen re the eferaaemieeed East right-cLwy lint of Good Homes Rand:thence NO07010'W tingle said line 519.03 feet to she POINT OF BECTMINO. alanvnu .. . ._ . I I 4 ....,r al 11 I 1 ri lir —,• —ii. " - -...... ...- c i• 40! ir ....._ -........-...._- _.............:.z . • •.. ...J.. • ATIII Mai I "I CNktitAt-OR VI 0 r. r. v's• Oa I-. ert [ . 2 .e. : i i ••• • a —.. ' I 1:2 \ 1 1 • \ / ! : 6S31• n.44 .1 I I . E \ / . ,..r.• 8, , i, , a A i T7 I 1 t 4 4_2_4 . /3 ....tp ,.....‘ f 7 , A I 3 2 t 1 3i 1 a I lel 1 I I I 'al 1 4 11 " I 1 1 7 1 \ II° Cil .1900:111111. \ 140 s s 1 I .)zo 1 1 s 1 . \ •°. ,,,, ,, I 1 •I I 2 21 I I 5 21 I 1 9 8 I / \7\a 9 \ I 31 1 = I / I 441.1111711? i i I t 3 411111dd. 21 n ja i A10401 / . L L. ....... . ,2 t!! 1 I 3 . 1 5 ;100*ItIVAIIIPPI'. . = t i I 'tz=>i. I • ,.....--\" \ *:- ..- ,. ! . / • r 3 \ \ ,,,,6,0‘‘" I I -'' .... •• I . I ' '11 /I 1 S ! : ,9 s \\/ / i CZD ■.--- / I 5 /‘ .-----.....'9,3..... ‘ I 3.•.4 / , ..,... ...——."..2_. .2:-.... .. u...a...r............m..".""."..... . / 3 Of,1101yea•.. I . . . .... . ..- . •el., :. \ I 1 \ . E 1 , • , i 1 ....-r- 1 ois QUALIFICATIONS OF THE APPRAISER NAME: Philip F. Wood BUSINESS ADDRESS: Consortium Appraisal, Inc. 180 S. Knowles Ave., Suite 3 Winter Park, Florida 32789 GENERAL EDUCATION: Bachelor of Science Degree in Business Administration Florida State University, Tallahassee, Florida, 1970 APPRAISAL EDUCATION: Completed the following courses under the direction of the American Institute of Real Estate Appraisers: Course 1-A - RYE Appraisal Principles & Practices Course 1-B - Capitalization Techniques in Real Estate Appraising Course 2 - Urban Properties Course 4 - Condemnation .. Completed the following course under the direction of the Society of Real Estate Appraisers: Course 201 - Income Property Analysis ,. APPRAISAL EXPERIENCE: Staff Appraiser with the Florida Department of Transportation from August 1970 to August 1973 Real Estate Appraiser and Consultant from 1973 to present. A corporate partner in Consortium Appraisal, Inc. Vice President of The Real Estate Consortium, Inc. Qualified Expert Witness in condemnation testimony in Orange, Seminole, Osceola and Broward Counties. Engaged exclusively in the appraisal of real estate. Completed appraisals on residential, commercial, industrial, agricultural, acreage, air rights, and special purpose properties with additional experience in lease analysis, condemnation appraising and testimony and income evaluation. .. Presently holds a Real Estate Broker license in the State of Florida. QUALIFICATIONS OF PHILIP F. WOOD (Cont'd) r Page2 PROFESSIONAL DESIGNATIONS: Member of the Appraisal Institute holding the designation of MAI, Certificate#5942; also holding the designation SRPA, Senior Real Property Appraiser. State-Certified General Real Estate Appraiser Florida License Number 0000777 RECERTIFICATION: The Appraisal Institute conducts a voluntary program of continuing education for its designated members. MAI's and RM's who meet the minimum standards of this program are awarded periodic educational certification. Philip F. Wood is certified under this program through December, 2002. ` QUALIFICATIONS OF THE APPRAISER NAME: Charles B. Byrd BUSINESS ADDRESS: Consortium Appraisal, Inc. 180 S. Knowles Ave., Suite 3 Winter Park, Florida 32789 CERTIFICATION & LICENSURE: State-Certified General Real Estate Appraiser Florida License Number 0000908 EDUCATION: Bachelor of Science Degree, Agricultural Economics with Real Estate Option, Brigham Young University, Provo, Utah APPRAISAL EDUCATION: r Sponsor: American Institute of Real Estate Appraisers Completed: Course 1A1 - Real Estate Appraisal Principles Course 1A2 - Basic Valuation Procedures Course 8-2 - Residential Valuation • Course 1 BA - Capitalization Theory and Techniques, Part A Course 1BB - Capitalization Theory and Techniques, Part B Course 2-3 - Standards of Professional Practice Course 2-1 - Case Studies in Real Estate Valuation ` Course 2-2 - Valuation Analysis and Report Writing APPRAISAL EXPERIENCE: Real Estate Appraiser 1983 to present Engaged in the appraisal of residential, commercial and industrial properties