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HomeMy WebLinkAboutClosed Session with City Attorney Case No. CI-001-202 FOLEY & LARDNER BREWER' S AT LAW CHICAGO POST OFFICE Box 2 193 SACRAMENTO DENVER ORLANDO. FLORIDA 32802-2193 SAN DIEGO JACKSONVILLE 1 I I NORM ORANGE AVENUE. SURE 1800 SAN FRANCISCO LOS ANGELES ORLANDO. FLORIDA 32801-2386 TALLAHASSEE MADISON TELEPHONE. (407/423-7656 TAMPA MILWAUKEE FACSIMILE'. (407)648-1743 WASHINGTON. D C. ORLANDO WEST PAI M PEACH W WrER'S DIRECT LINE (407) 423-7656 EMAIL ADDRESS CLIENT/MATTER NUMBER mdoty@foleylaw.com 020377-0275 MEMORANDUM TO: The Honorable Mayor and City Commissioners of(he City of Ocoee FROM: Mary A. Doty, Esq., Assistant City Attorneykkb THRU: Paul E. Rosenthal, Esq. City Attorney A% DATE: June 21, 2001 RE: City of Ocoee v. Cortez and Barley: Closed Session Meeting Attached are materials for your review prior to the closed session meeting to he held on June 25, 2001. cc: Jim Gleason, City Manager \ / \` 006.220487.1 ESTABLISHED l84e A MEMBER OF GLOBALEX WITH MEMBER OFFICES IN BERLIN. BRUSSELS. DRESDEN. FRANKFURT. I ONnnu. RiNcaranr,STaaufIM AND s ITrcART INDEX Tab 1 Historical Background on Negotiations Tab 2 Memorandum to Commission Authorizing Filing of Suit Tab 3 Property Owner Settlement Offer Letters Tab 4 Chart: Appraisal Values and Settlement Offer Comparisons Tab 5 Chart: Litigation Costs Analysis Tab 6 City Appraisal Excerpt (Cortez): Comparable Sales Analysis Tab 7 City Appraisal Excerpt (Barley): Comparable Sales Analysis Tab 8 Cortez Appraisal Excerpt: Comparable Sales Analysis Tab 9 Barley Appraisal Excerpt: Comparable Sales Analysis 006 222119.1 FOLEY & LARDNER CHICAGO POST OFTiCE1 BOX 2 193 EA. O 'SERVER ORU O, 0250 SAN CEGD LACKSOESE NORTH ORANGE AVENUE. SUREIEOC SAN ISE ANGELES O LLN FLORIDA 3261-23 -AWAHAS5EE MADISON TELEPHONE. 407 )423.765e -:Mph MILWAUKEE FACSIMILE, tarn')8<B-1�a3 wASX ORLANDO WEST PALM F:LCX C WRITER'S DIRECT LINE (407) 423-7656 EMAIL ADDRESS CLIEMM02I03 NUMBS mdoty®foleylaw.com 02037"7-0-G275 MEMORANDUM TO: Ellis Shapiro. Ocoee City Manager THROUGH: Paul E. Rosenthal, Ocoee City Attorney'//,�" z" FROM: Mary A. Doty, Ocoee Assistant City Attorney ( J DATE: September 10, 1999 RE: Fire Station One Relocation: Status of Negotiations on Bluford Avenue Site Almost a year ago Chief Ron Strosnider of the City of Ocoee Fire Department asked us to obtain appraisals and begin negotiations on the property needed for the Bluford Avenue site. The property to be acquired contains two parcels totaling 3.24 acres. The City already owns .546 acres of abandoned railroad right-of-way to the west of the subject property. Part of the subject property is bisected by the unimproved Cumberland Avenue right-of-way, which approximates .335 acres. This right-of-way would be abandoned once the property is acquired. Combining the property to be acquired with the railroad right-of-way and the Cumberland Avenue right-of-way would produce a site approximately 4.12 acres in size. The northern parcel of the property to be acquired is located on the corner of Orlando Avenue and Bluford Avenue and is 1.14 acres in size. The property is owned by Edwin and Donna Cortez. The City had this property appraised by The Real Estate Consortium who appraised the property at $40,000.00. On November 24, 1998 the City sent a letter to the Cortezes telling them of the City's appraised value and inquiring as to their interest in a purchase option contract. A copy of this letter is attached as Exhibit A. Mrs. Cortez responded by telephone indicating that she and her husband were not interested in selling their property. 006.153370.1 ESTABLISHED 1641 FOLEY & LARDNER Ellis Shapiro, Ocoee City Manager September 10, 1999 Page 2 On January 6. 1999. Mrs. Cortez advised me by phone that she and her husband had decided to obtain an appraisal on their property. On March 30, 1999, Mrs. Cortez advised me, again by phone. that she and her husband had consulted with Ed Hudson, a real estate broker with Parker Billings. who advised her that her property was worth over $80,000.00. The Cortezes, however, did not obtain an appraisal. On March 31, 1999 the City sent an offer letter to the Conezes offering to purchase the property at its appraised value plus 10% for a total offer of$44,000.00. A copy of this letter is attached as Exhibit B. The Cortezes did not respond to the City's offer to purchase. We have no knowledge as to whether or not the Cortezes have hired an attorney. No further negotiations have taken place. The second parcel is owned by Kathryn Barley and contains 2.092 acres. It is located at the corner of Bluford and Columbus Avenue and is directly south of the Cortez parcel. The City initially had this property appraised by The Real Estate Consortium who valued the property at $52,000.00. Ms. Barley obtained an appraisal from the firm of Hastings & Spivey who valued the property at $170,000.00. Based on the disparity of the two appraisal reports, the City hired Walter Carpenter of Pinel & Carpenter to do a review appraisal. The review appraisal concluded that both reports met appraisal standards but that the reports differed primarily in their conclusions as to the highest and best use of the property. The Real Estate Consortium appraisal concluded that the highest and best use of the Barley parcel would be for single family residential uses and Hastings & Spivey concluded that the highest and best use would be for industrial uses based on an assumption that the property would be rezoned industrial by the City of Ocoee. The review report also noted that The Real Estate Consortium had used a different size for the property. In response to the review appraisal, the City of Ocoee asked The Real Estate Consortium to update its initial appraisal report. The updated Real Estate Consortium appraisal valued the property at $63,000.00. Ms. Barley's property has been listed for sale with Adkins & Elrod since the City first became interested in the parcel. The asking price has been$100,000.00. It is my understanding that through previous conversations with staff, Ms. Barley had offered to sell her property to the City for 5102,800.00. On December 11, 1998, we wrote to Mr. Elrod, Ms. Barley's broker, and advised him of the updated appraised value. A copy of this letter is attached as Exhibit C. On December 16, 1998 I was advised by Mr. Elrod that Ms. Barley was not willing to sell her property to the City of Ocoee for $63,000.00 and that they would ask Ted Hastings to re-evaluate his appraisal report. On December 23, 1998, Mr. Elrod called me to tell me that he and Ms. Barley had talked to Attorney Raymer Maguire about her property and that she was not coming down from her offer of$102,800.00. On January 13, 1999 the City made a 10% over appraisal offer to Ms. Barley. A copy of this letter is attached as Exhibit D. On January 25, 1999 Ms. Barley advised me by telephone that she would not accept the offer to purchase at $63,900.00. At the May 4, 1999 City Commission meeting, the City Commission discussed the acquisition of the Barley and Cortez parcels and approved a resolution authorizing condemnation of the property. Also discussed among the Commissioners at the May 4, 1999 006.153370.1 FOLEY & LARONER Ellis Shapiro. Ocoee City Manager September 10, 1999 Page meeting was the Commission's view that the Barley parcel would likely become commercial property in the future. Based on the Commission's discussion we asked The Real Estate Consortium whether a highest and best use of commercial on the Barley parcel would support a purchase price of$102,800.00. The Real Estate Consortium indicated, without doing a formal appraisal update. that they believed $102,800.00 would be in the appropriate range of value assuming a commercial rezoning. Based on this information, the City made an offer to Ms. Barley on May 12, 1999 to purchase her property for S102,800.00. A copy of this letter is attached as Exhibit E. We received a response from her attorney, Raymer Maguire, rejecting the S102,800.00 and countering at $130,200.00. A copy is attached as Exhibit F. Acceptance of Mrs. Barley's $130,200.00 offer would yield an attorneys' fee payable to Mr. Maguire in the amount of S22,176.00. We have not responded to Mr. Maguire's letter. 006.153370.1 Exhibit A FOLEY & LARDNER µ CHICAGO POST OFFICE EQX 2I 93 ACRAMENO :ENVER ORLANOO. RCRIOA 32602-2 193 S W CISC L▪OS ANGE ESE RLAN ORANGE AVENUE. SURE 12� SAN EpINCLSE MA ANOELES IC TELEPHONE. FLORIDA) 423 656 TU AYT P MA060N 'E CSIMIL E “207407) <20 743 TAMP O RLANDO MILWAUKEE FACSIMILE. [OT EAR'1 JnJ N.SSNPALM a AC : dN00 NEST PALM BERG WRITERS DIRECT LINE 123 656 EMUL AOORESS CLIENT/MATTER NOMEIE maoty@folevlaw.com 020377.027 November 24, 1998 Edwin L. & Donna E. Cortez P.O. Box 25 Ocoee. FL 34761 Re: 516 South Cumberland Avenue Dear Mr. & Mrs. Cortez: The City of Ocoee is interested in purchasing your property located at the corner of Bluford Avenue and West Orlando Avenue in Ocoee. The City is considering the location of a new fire station in this area. The City has had this property appraised and is interested in negotiating an option for the purchase of the property with you. The appraised value of the 1.14 acre tract is $40,000.00. Please call me by December 7 to discuss a potential acquisition of your property by the City of Ocoee. Very Mary(iLItAA.ADo Assistant City Attorney MAD:dr cc: Ellis Shapiro, City Manager Chief Ron Strosnider Paul E. Rosenthal. City Attorney 005.117782.1 Exhibit B FOLEY S< LARDNER CHICAGO POST OFFICE Box 2193 SACAAMEN DELIVER CRUrvoO. FLORIDA 325022193 JACKSOIMLLE III NORTH GRANGE AVENUE, ELITE 1 BOO SAN FRAIICIS LOS ANGELES ORLANW, FLORIDA 32801-2385 TMLANASS MADISON TELEPHONE'. I407I 423-7e5e TAM, MILWAUKEE FACSIMILE: 14071 e95-1743 WASHIHGTON,C ORLANDO WEST PAIR BEA AMMER'S DIRECT LINE 423-7656 EMAIL ADDRESS CUn?MATTER NUMB' mdotv@folevlaw.com 020377/02- March 31, 1999 CERI IA ILL MAIL RETURN RECEIPT REQUESTED Edwin L. &Donna E. Cortez P.O. Box 25 Ocoee, FL 34761 Re: 5I6 South Cumberland Avenue Dear Mr. &Mrs. Cortez: The City of Ocoee plans to expand its fire service protection with the construction of a new fire station facility. The current location for the proposed facility would require the acquisition of your 1.14 parcel located at the corner of Bluford Avenue and West Orlando Avenue in Ocoee. The City has had this property appraised by the Real Estate Consortium who valued your property at $40,000.00. At this time the City is prepared to move forward with the acquisition of your property at a purchase price of $44,000.00 which constitutes its appraised value plus ten percent. This letter sets forth the willingness of the City staff to make a recommendation to the Ocoee City Commission that your propem be purchased from you for 544,000.00. Any agreement, however, is subject to the approval of the Ocoee City Commission and is not binding on the City unless approved by the Ocoee City Commission. It would be appreciated if you would give me a call after you have had an opportunity to review this letter. Our goal is to present a report to the Ocoee City Commission regarding the purchase of your property at its meeting of April 20, 1999. Please SEw' !e"` iq g ICI77 u'1.•,r'a•.0�@ ] Fa 4;,y1.aiso wish b receha l Is tee e Print your fir- •• 1 I.'s d e.nm n plat..m cervices nor an re p, b Wu 2. )dreeeee's Addreae a mach the bm n de Val a llimeltlae.>on m.tea II Once dogera dcea. 2. O Restricted amann/" c.g w " nd nesvawan en an° 'ee nomad and Vs es.yy^ Consult postmasterter w foror fee, S Article Addrwed to: I de.Article Number p dILp ns - _—_ Edwin L. 6tr,nk. r n o 1 T r ) o e a cc g ca w e n o 3 o , . N se; U o 9 U In a p y u A ra u w n Exhibit C FOLEY & LARDNER :.4ICAGO ROST cmcE COX 2 03 sACRAmEI10 SENVER ORLANDO. FLORIDA 320022 33 EAR DIEM -ACKSOHVILLE NORTH ORANGE A.ENVE. 5_.TZ 1500 SAN FRANC15CO .05 ANGELES ORLANDO.FLORIDA 32BOI-2396 TAU IAMB eSarr MADISON TELEPHONE' I40T 423.7ES6 TAMPA MILWAOKEE FACSIMILE. 14O7I E46-1743 WASHINGTON.O.C. ORLANDO WEST FµH OEM NEUTER'S DIRECT ENE 244-3259 EMAIL ADDRESS CUEMMATTER NNMBEII mdoty@foleyiaw.com 020377-0275 December II. 1998 Atkins Elrod & Company 229 Pasadena Place Orlando, Florida 32803 Re: Appraisal of 2.092 Acre Parcel Vacant Land Located at the Intersection of Columbus and Bluford Dear Mr. Elrod: The City of Ocoee engaged the firm of Pine' and Carpenter to conduct a review of the appraisals of the referenced property done by the Real Estate Consortium and Ted Hastings. A copy of Walter Carpenter's appraisal review is enclosed. Also enclosed is the City's response to the land use issues raised by Mr. Carpenter's review. In response to the review appraisal the City of Ocoee asked the Real Estate Consortium to update its initial appraisal report. That work is now completed and the updated appraisal indicates a value of the subject property of $63,000.00. Please pass this information to your client and advise me immediately whether your client is interested in negotiating a sale of the subject property. Very truly yours. iS1-..(0,,L.4.-1 Mary A. Doty Assistant City Attorney MAD:ww Enclosures cc: Ellis Shapiro. City Manager Ron Strosnider. Fire Chief TER OF GOOD LIVING- PRIDE OF WEST= a..__ 'tAYOR.COMMISSIOsea S. SCOTT VANDERGNF Ocoee •� T CO.MMISSIOWEIS CITY OF OCOEE DANNY HOWELL -_, •• a 150 N. Lu:PSHORE DRIVE SCOTT ANDERSO`: ® OCOEE. i1761-2255 SCOTT A.GLASS r' ?V FLORIDAFLO IDA 347_6 4ANCY I.PARKE3 f�rFF CRY MANAGER Of G000 ELLIS SHAPIRO MEMORANDUM DATE: November 3. '.998 TO: Mary Doty, Assistant City Attorney FROM: Robert Lewis-AICP. Senior Planner SUBJ: Fire Station Site Appraisals I have reviewed the appraisal review prepared by Walter Carpenter. MAI, with special attention to the inconsistencies found between the two appraisals for the Columbus Street and Bluford Avenue fire station site(by Consortium and by Hastings & Spivey), and these are my findings: •- Regarding the size of the site, Chief Strosnider has informed me that he looked at the two figures shown for the size of Parcel 2 and he has determined that the figure of 7,300 sf shown in the Consortium appraisal is correct, which provides a total square footage for the site of 91,135 square feet. He indicated that he is satisfied with that figure and that I did not need to research that issue any further. • Regarding the availability of sewer service to the site. I went to our Engineering Department and looked at their wastewater system map for the City. I also spoke with Ernie Kovacs, the individual who prepares and updates various maps for the Engineering Department. The map does not show an existing sewer main anywhere near the site, so we both agreed that sewer service is not be available to the site. •- Regarding the highest and best use of the property, I spoke with Julian Harper(Zoning Coordinator) about his conversations with appraisers regarding this site. The appraisal from Hastings & Spivey indicates that it assumes industrial zoning on the site, suggesting that the highest and best use for the site would be an industrial use. Julian indicated that he suggested a rezoning to some form of commercial zoning designation might be appropriate. but he never told them that industrial zoning could be approved on this site. In fact, Julian indicated that he believes industrial zoning on this site would not be appropriate. The Panning Department and the City Manager have also indicated that they believe industrial zoning on this site would not be appropriate. Therefore, in my opinion. it is unlikely that industrial zoning would be approved for this site in the foreseeable future. RWL cc: Rim Wolper MICR Keg C ALL_DATANptilelM•IvrMFP9gm90.6Mc • r irel u' (a2042o1eeP Jirc. x4TFP P CARPENTER.JR..MN V APR 0 CARPENTER.MAI CAA G.n.Am.CV1]191 24 NFGPIID AVENUE SI.Con.G.n.Arq..00t35 NORTH FLORIDAY ]290] -AVIDR M Ga Gr MAI 07164 8-2199 Sc.Cat .Ara.GOO IL. as 40)I Ee66901 October i 3. 1998 rrrwED 'Lts. Mary A. Doty 1 6 1998 Foley & Lardner ^ Anomeys at Law icy 2 1 p,^DNER 11 North Orange Avenue. Suite i S00 F� Orlando. Florida 32801-2386 RE: Appraisal Review Proposed Fire Station Site. ICi:v of Ocoee Columbus Street and Eldora Avenue Dear Ms. Doty: At your request. I have completed a preliminary review effective October i_. 1998. of appraisals completed by Consortium Appraisal. Inc.. as well as Hastings & Spice}v. Inc. on the above referenced property. Again, this is intended to be a preliminary "desktop- review. without the benefit of a personal inspection of the property, with a more detailed review and analysis to be provided. if necessary. The results of my preliminary review accompany this letter in chart form entitled Comparative Review-Compliance Analysis The key areas of difference relative to the two appraisers are as follows: • Approximately a one-year difference as to the date of valuation. with the Hastings & Spivey. Inc. appraisal being the most recent date of valuation (June 24. 1998d • A difference in the size of the subject property. with Consortium indicating the size of the property to be 91.135 square feet with Hastings & Spivey. Inc. indicating the size of the property to be 97.589 square fee:. • Consortium concludes to a highest and best use of single-family residential. with Hastings & Spivey, Inc. concluding a highest and best use for industrial. based upon an assumption that the property would be rezoned Industrial by the City of Ocoee. • Consortium indicates the property is not serviced by sewer, while Hastings & Spivey, Inc. indicates the property to be serviced by sewer. Based upon my review and the attached "Comparative Review/Compliance Analysis- of the Consortium appraisal. it is my opinion that the completeness of the report is consistent with the reouirements for a self-containea appraisal report set forth in Standards Rule 2-2(a). Additionally, the appraisal methods. techniques. and data together with the analyses. opinions- and conclusions in the Consortium appraisal report appear appropriate and reasonable based :Don the appraiser's concluded highest and best use of single-family residential for the property. PEAL ESTATE APPRAISERS AND CONSULTANTS Nis. Mar. A. Doty October I3. I998 Page Two Additionally. based upon my review and :`_e attached "Comparative Review:Compliance Analysis" of the Hastings & Spivey, Inc. appraisal. it is my opinion that the completeness of the report ;s consistent with the requirements for a Summary Appraisal Report set forth in Standards Rule _-^_(b). The appraisal methods. techniques. and data, together with the analyses. opinions. and conclusions in the Hastings & Spivey. Inc. appraisal report appear appropriate and reasonable based upon the appraisers concluded highest and best use of industrial for the property. I cemn'that. to the best of my knowledge and belief. • The facts and data reported by the review appraiser and used in the review process are true and correct. • The analyses. opinions, and conclusions in this review report are limited only by the assumptions and limiting conditions stated in this review report. and are my personal. unbiased-professional analyses, opinions. and conclusions. • I have no present or prospective interest in the property that is the subject of this review and I have no personal interest or bias with respect to the parties involved. •- My compensation is not contingent on an action or event resulting from the analyses. opinions,or conclusions in, or the use of. this review report. •- sty analysis, opinions, and conclusions were developed and this review report are prepared in conformity with the Uniform Standards of Professional Appraisal Practice. • I did not personally inspect the subject property of the report under review. • No one provided significant professional assistance to the person signing this review report. Thank you for the opportunity to work with the City of Ocoee regarding the review of the indicated appraisals. Respectfully submitted. PINEL & CARPEN QN. Carp nt Jr.. 91 . 1 President State-Certified Gene . Appraiser License No. R2 0001231 NNC ct Attachments CITY OF OCOEE COMPARATIVE REVIEW/COMPLIANCE ANALYSIS CONSONlI11M HASTINGS&SPIVEY,INC.INC. COMMENTS Prepared For. C'ly of Oviedo Kathryn S. Barley N/A C/O David A Wheeler Dale of Valuation - June 13, 1997 June 24. 1998 Approximately one year difference.Consortium appraisal may need to be updated. .dodo_.__ .._ - Type of Appraisal Complete COngllele WA - --- I ype. of Report Ti Vole:tined Summary Difference In roped type should not Impact accuracy of either appraisal --'- - - - ile PnlpcdyKghlsAppris'rl Ire . l nu lee Simple _... N/A --.lr113.1135 dodo dodo dodo dodo_dodo Si dodo_ - - - _ I':u ccl 1 - Ifa 1p9 SF I'm cd 1 - 83.835 SF Hastings 8 Spivey appraisal Intlicalas properly to bra larger. Iurs hot Id 1)c n car c h d I iy_r vnv..y I':ncr•l 2 7,J00 Si Paroy 2 - ]0,154 SF and/nr update appraisal. Coned size would Impact which ever alrpr:rlvar ie itkolierl ac nr we IuLJ OI I:ri •;r Total 'N,5119 SI (1r xn) R I M Singe. Family R 1 M, Single Family NA _ ally of Ocoee Oily of Ocoee r ._- . __'_ I otwc I and Use low flimsily Resrdenhal Residential N/A highest 8 (test Use Single Family Residential Industrial Haslings 8 Spivey appraisal assumes zoning to be industrial. Support for this is based upon (see page 54) (see pages 20-21) information from Julian Harper.City of Ocoee Planning Dept (see pg 20) Consortium says no demand for industrial. dodo-dodo..___ dodo_ Peal! sidle Assessment. $18.880 $18,88080 N/A l l dodo —_ - dodo. ._. ._— libims h -.hlecity I londa Power Electricity. Hon Power Hastings 8 Spivey repo_report states properly has sewer(see pg.15).Afro refer to p0 18 concerning Wader City of Ocoee Waler City of Ocoee statement atldbutod to Julian Harper,City of Oc0C0 Plannleg Dept Coikoit'uvn soy, rro sewer ,f r.er N/A Sewer City of Ocoee This could Impact value depending upon which appraisal Is co Lori Imprn rrn.urf. , u our Vnc: rh N/A - '. _pies 'wasNonotmention ' is ler ,. yr r,d years heavily marketed at $100.000 in MISS or other printed material. this cm Oil need (HI.ecnr 1,y or I Castings value. ---_._-._host Approach N/A N/A N/A CONSORTIUM HASTINGSB SPIVEY.INC. COMMENTS Income Approach NIA N/A N/A Sales Comparison Apploach I our residentiaVagr iuicultuml sales; Sales zoned Four Industrial sales;all sales zoned I-I. Industrial:all Both appraisers utilized reasonable sales based upon concluded highest and best lice Va"r clurer R-IA. R-MAA or A-I: Utilities vary with sales enjoyed sewer,water and electric;Sale dales variance attributable to difference of opinion as to highest and best use. the sales(seo pq 61). Sale dales 5/94 to 11/95; la 3/98;Size range 33,068 SF to 115,481 SF;Per SF If possible use for future industrial, adjustment by Hastings should be made duo to the tact that Size range from 1.582 Ac to 301 Ac; Per Ac range(before adjustments)$1.51/SF to$2.18/SF;Per property Is not zoned Indusbtal as of date of value and possible further adlustmenl if low demand range(before adjustments) $22,500/Ac to SF range(after adjustments)51.59/SF to 51,92/SF. for Industrial as Indicated by Consortium. E38,369/Ac: Per Ac range(after adjustments) E27,642/Ac In E31.018/Ac Vane. conclusion S52,n01 E 170,000 Difference due to highest and best use opinions on ryopeiry Pa;Una ValuoCmlGusion $25,11001 Ac $75,794/Ac If property were listed for sale at S100.000 per acre this would reflect approximately SI 101SF or S 57 /SF 51.74/SF $47,800/Ac based upon Consortium's estimated size. Exhibit D FOLEY a LARDNER CMIO.G:. ErTETZT0CE SOX 2193 SACRAMENR CENVEF 3TLAr0: 037.30A 3E8O2-2193 SAN DIEGC JAOKSCNOLLZ gRTN :3ANGE A.ENUE. E.3 E I Bib SAM ERANCISCC LOS ANGE` _ALu.CC - =,RIDA J28O I.2288 TALLANA55Ef MADISCN TLE`- '.E UT aaa-7 5e TAMP/ MryWAU.EE LA„-. __ A071 C48-I 743 SXINCTDN, A ORIANDC NEST PALM BEACI c RfER'S C:RECT LINE -123-7656 EMAIL ADDRESS cuENTMATER NUMBEF mdoty afa:e•::aw.com 020377/027f January 13. 1999 CER I IHED MAIL RETURN RECEIPT REQUESTED Kathryn S. Barley 326 Palm Street Windermere, FL 34786-8545 Re: City of Ocoee: Fire Station Dear Ms. Barley: The City of Ocoee plans to expand its fire service protection with the constraion of a new fire station facility. The current location for the proposed facility would require the acquisition of your 2.092 parcel located at the northwest corner of the intersection of West Columbus Street and South Bluford Avenue in the City of Ocoee. The City has had (his property appraised by the Reai Estate Consortium who valued your property at S63 C100.00. At this time the City is prepared to move forward with the acquisition of your property at a purchase price of $69.300.00 which constitutes its appraised value plus ten percept. This letter sets forth the willingness of the City staff to make a recommendation to the Ocoee City Commission that your property be purchased from you for S69,300.00. Any agreement, however, is subject to the approval of the Ocoee City Co=ission and is not binding on the City unless approved by the Ocoee City Commission. It would be appreciated if you would give me a call after you have had an opporttmity to review this letter. Our _oal is to present an agreement to the Ocoee City Commission for the purchase of your property at its meeting of February 16. 1999. We are 4 FOLEY & L:RDI:E- Kathryn S. Earley January 13. :399 Page prepared to answer any of your questions and '.yors with you to meet this schedule. Vet' :'_iv yours. Mary A. Doty Assistant City Attorney MAD:dr cc: Ellis Shapiro, City Manager Chief Ron Strosnider Paul E. Rosenthal. City Attorney Exhibit E FOLEY & LARDNER . S • c ^ N E V S • •• _ . v CHICAGO POST OFFICE SOX 2 i G] lGRAHFJGC OENVERACXSO ORLRN O. FLOR OAJ2BO UflT Alq[(q JACXSONVILSE NORTH ORANGE AvENUE 325 1 23 FEN �I s nccff MA IS OELE5 CRU.NW, FLORIDA 1 423. e50 'A{I1.uGSFT MM60M TELEPHONE.E Id0]t a2YTC50 "µVI MILW41ItEE FACSIMILE. I4091 e48.1943 ORLANDO HEST PALM BEACH HEST PALM BEMI MAHER'S DIRECT UNE 423-7656 EMAIL ADDRESS CUEMMATIEA NumeEH mdory®foleylaw.com 020377/0275 May 12. 1999 VIA HAND DELIVERY AND CERTIFIED MAIL RETURN RECEIPT REQUESTED Kathryn S. Barley 6042 Jamestown Park Orlando, FL 32819 Re: City of Ocoee: Fire Station Dear Ms. Barley: The City of Ocoee sent to you a letter dated May 7, 1999 attached as Exhibit "A" which included an offer to purchase your property for $100,000.00. The May 7 offer letter contained a typographical error on my behalf and the offer to you should have read $102,800.00. • At this time the City staff is willing to recommend to the Ocoee City Commission that your property be purchased from you for $102,800.00 upon the execution of a purchase cotmact with mutually agreeable terms. Any agreement, however, is subject to the approval of the Ocoee City Commission and is not binding on the City unless approved by the Ocoee City Commission. It would be appreciated if you would give me a call after you have had an opportunity to review this letter. Very truly yours. Mary A. ty MAD:dr Assistant City Attorney cc: Fllis Shapiro. City Manager Chief Ron Suosnider Paul E. Rosenthal, City Attorney • FOLEY & LARD NE3 . , , , . . . . , A , . AS H cA00 POST cmcE SOX 2193 SACRAVE :_OVER ORLANOo. irCRIOA 32802-2193 SM 0 .+JLSONVILIE I I NORM ORANGE AVENUE. SURE I Y. SAM{TUNO .:5 ANGELES ORLANDO. FLORIDA 32130I-238e TAIAAI1A: '•D SON TELEPHONE: 1 a0)1 423-765G TA "'LWWI{EL IAGSMILE: 1aO7 0IB•1 Jai WASMMGT 4. :PiA"DO WELT PALM BE 'MIRER'S DIRECT LINE 423-7656 ADORES, CUEMTA4ATIER NIP rmtv@foleylaw.com 020377t May 7, 1999 VIA REGULAR MAIL AND CER7 tb it.0 MAIL RETURN RECEIPT REOUES I EU Kathryn S. Barley 6042 Jamestown Park Orlando, FL 32819 Re: (itv of Ocoee: fire Station Dear Ms. Barley: The City of Ocoee plans to expand its the service protection with the construction of a new the tram facility. The current location for the proposed facility would require the acquisition of your 2.092 parcel located at the northwest corner of the intersection of West Columbus Street and South Bluford Avenue in the City of Ocoee. At this time the City staff is willing to recmnead to the Ocoee City Commission that your property be purchased from you for S100.000.00 upon the execution of a purchase contract with tally agreeable terms. Any agreent=. however, is subject to the approval of the Ocoee City Commission and is not binding on the City unless approved by the Ocoee City Commission. This offer increases and supersedes the offer made to you in our letter dated January 20. 1999. It would be appreciated if you would give me a call after you have had an opportunity to review this teat:. Very truly yours. dyti1/41.1-doty \IAD:dr Assistant City Attorney AR DN ER a S. Bariey 1999 Ellis Shapiro. City Manager Chief Ron Strosnider Paul E. Rosenthal. City Attcrrgy POS(MAK M OW RERAN 1 t18 . ,,,:),,,,, ,.,,��.� ,�, ass- , 3H i- _ I -MI or mtanwrn o r Fran h1 711 -U HOT � awzauwimu r, or fo Li SON ¢;.;ttlt } ❑ lar toy w't 1 Jn, •ratown ^ark xo .11 U. (-)-t '-r-n, FL 32Si 9 �'i 6 r. w I":I i n ILA :9uID US Postal Service Receipt for z of s{ - OZo w zz 7< Certified Mall m Exhibit F N c-rlccs - ililc FIYEL c 'LSGuIRE 200 EAST ROWN N STREET. s.nrE 250 VGA ORLANDO.FLORIDA 02801 — :�9c -ALLnw455EE RERHONE vaCSiM!LE 8501 691. boo s0]� 6ai -aa] -MIN ENT DOMAIN ia0]I Bel•9B50 SVERSE CONOCMNuiOT AL June _. 1999 fl ?E '^'V rg- Man'A. Doty, Esquire JU"J 41999 Foley g Lardner 1 I 1 North Orange Avenue Orlando. FL32801 FOLEY a. LARDitER RE: City of Ocoee Fire Station - Pre-Suit Parcel: BAR- Kathryn S. Barley Our File No.: 08-47-BAR Dear Ms. Dote Enclosed is my firm's attorney authonzauon form for the above-referenced matter. The offer made to my client in your January 20. 1999 letter was for $69.300. Pursuant to your May 7th and 12th, 1999 letters,the City's previous S69.300.00 offer has been increased to S102.800. Any contract in which my client enters into at this time, the City will have to pay over and above the resolved amount a statutory attorney fee based on the $69.300 opening offer plus Mr. Hastings' appraisal fcc of $2,800.00 The City's $102,800 offer is $39.800 above its appraisal of$63,000. My client has authorized me to counter-offer at$130.200 which is $39.800 below her current appraisal of$170.000. If Ms. Barley finds it necessary to obtain a second appraisal. that second appraisal could be considerably higher than Mr. Hasting's $170.000 given the explosive growth in Ocoee. rapidly rising property values due in pan to the Western Beltway and other factors. A full fledge study by an independaat land planner of the City of Ocoee's actual practices in rezoning properr t'ilI. I am sure. reveal- that Mr. Hasting's opinion of highest and best use is based on sound thinking. Sincerely yours. FDCEL &MA By: RFDVtIa �agwre. III Enclosure cc: Kathryn S. Barley Ted Hastings, M.A.I. Robert Elrod F EmmoanClimn08-47-BARN DR-0I.doc t ATTORNEY AUTHORIZATION State of Florida County of Orange RE: Project Name City of Ocoee Fire Station Project Number Parcel Numbers) This is to advise that Kathryn S. Barley hereby authorize Fixel & Maguire to represent Kathryn S. Barley in all future dealings with the City of Ocoee in the above-referenced project and Parcel, and to accept service of process on behalf of Kathryn S. Barley and, concerning any legal proceedings in eminent domain which may ensue. ISAMT., S -� Kathryn S. Barley 1312 Beech Mountain Parkway Beech, North Carolina 28604 Date: 44- ass - ji This is to advise that 1 am authorized to represent Kathryn S. Barley in all future dealings involving the right-of-way requirements of City of Ocoee in the above-referenced project and Parcel. This is to further advise that I will accept service of process in her behalf in any legal proceedings in eminent domain which may ensue; and, further waive her right to pre-litigation notification as required pursuant to §73.0511, Florida Statutes. Date: fr / l� IIII Raymer F. Ma re, III, Esquire Florida ar 286885 FDCEL GUIRE 200 E. Robinson St., Ste. 1250 Orlando, FL 32801 407 841-0443 cmmdom'citent‘08-17-DAR`F07 0(19991 Agenda 12-19-2000 Item VII B FOLEY & LARDNER CHICAGO POST OFFICE EO% 2I SJ SACRAMENTO DENVER ORLANDO. FLORIDA 325oz 2 I93 SAN DIEGO JACKSONVILLE I I I NORTH ORANGE AVE,.UE. SURE I 000 SAN FRANCISCO LOS ANGELES ORLANDO, FLORIDA 3220 I-2J66 TALLAHASSEE MADISON TELEPHONE.ILOA 423-7556 TAMPA MILWAUKEE FACSIMILE. (407)E48-17EJ WASHINGTON, D.C. ORLANDO WEST PALM BEACH WRITER'S DIRECT UNE (407) 423-7656 EMAIL ADDRESS CLIENT/MATTER NUMBER mdoty@foleylaw.com 020377-0275 MEMORANDUM TO: The Honorable Mayor and City Commissioners of the City of Ocoee FROM: Mary A. Doty, Esq., Assistant City Attorney THROUGH: Paul E. Rosenthal, Esq., City Attorney DATE: December 8, 2000 RE: Fire Station One Relocation At the July 18, 2000 City of Ocoee Commission meeting, the Commissioners directed Staff to pursue acquisition of the Cortez and Barley parcels necessary for the relocation of the existing Fire Station One to the Bluford Avenue location. Since that time the City has obtained updated appraisal reports on the two properties. The updated appraisal report on the Cortez 1.15 acre parcel located at the corner of Bluford Avenue and West Orlando Avenue was $60,100.00. The updated value on the 2.16 acre Barley parcel located on the northwest corner of the intersection of West Columbus Street and South Bluford Avenue was $98,800.00. Pursuant to Florida Statutes, written offers were sent to Mr. and Mrs. Cortez and Ms. Barley on October 26, 2000. Florida Statutes require that property owners be given 30 days to respond to these offers before the filing an eminent domain petition. To date we have heard no response from Mr. and Mrs. Cortez or Ms. Barley. Because we have been unable to achieve negotiated acquisition of these properties it is now necessary to file an eminent domain petition. Attached is proposed Resolution 2000-18 which authorizes the filing of a condemnation action. The adoption of the resolution is necessary in order to proceed. v4 FOLEY F. LARDNER The Honorable Mayor and City Commissioners of the City of Ocoee December 8, 2000 Page 2 RECOMMENDATION: It respectfully is recommended that the Mayor and City Commissioners approve Resolution No. 2000-18 authorizing execution thereof by the Mayor and City Clerk and further authorizing the City attorney to file the necessary condemnation action and proceed to acquire the properties by a quick-take proceeding. Enclosure(s) cc: Ellis Shapiro, City Manager (with enclosures) Chief Ron Strosnider, Fire Department (with enclosures) Paul E. Rosenthal, City Attorney (with enclosures) 006.202559.1 • RESOLUTION NO. 2000-18 A RESOLUTION OF THE CITY OF OCOEE, FLORIDA,. RELATING TO THE ACQUISITION BY EMINENT DOMAIN OF PROPERTY, INCLUDING BUT NOT LIMITED TO FEE TITLE, LOCATED GENERALLY AND ALONG THE WEST SIDE OF BLUFORD AVENUE BETWEEN ORLANDO AVENUE AND COLUMBUS STREET; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Commission of the City of Ocoee desires to serve the City of Ocoee with safe and efficient fire protection services; and WHEREAS, the City Commission of the City of Ocoee has the authority to adopt this Resolution pursuant to Article VIII of the Constitution of the State of Florida and Chapter 166, Florida Statutes; and WHEREAS, the City Commission of the City of Ocoee finds a public need and necessity exists to acquire, by eminent domain, fee simple title to the lands described in Exhibit "A" attached hereto and incorporated hereby by reference; and WHEREAS, the City Commission of the City of Ocoee finds a public need and necessity exists to acquire the lands in fee simple title described in Exhibit "A" hereto for public fire safety and protection purposes in connection with the relocation, design, engineering, construction, and expansion of the City of Ocoee Fire Station One ("the Project"); and WHEREAS, the City Commission of the City of Ocoee finds that the acquisition of the said lands are necessary for public fire safety and protection, and that the acquisition of the said lands therein otherwise to be in the public interests of the municipality and the people thereof; and WHEREAS, the interests to be acquired, fee simple title, are more particularly described in Exhibit "A" hereto; and WHEREAS, all conditions precedent to the exercise of the power of eminent domain have been satisfied by the City of Ocoee; and WHEREAS, if any section, subsection, sentence, clause, phrase or portion of this Resolution is for any reason held invalid or unconstitutional by any court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision and such holding shall not affect the validity of the remaining portion hereto; and WHEREAS, this Resolution shall become effective immediately upon passage and adoption. THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF OCOEE, FLORIDA, AS FOLLOWS: Section 1. That the acquisition, by eminent domain, of the interests indicated in the following parcels for the purposes set forth above has been found to be, and is found and determined to be, necessary, in the best interest of the public and for a public use and purpose, the legal descriptions of said parcels being more particularly described in Exhibit "A" attached hereto and by this reference made a part hereof: Section 2. That the appropriate officers, employees and attorneys of the City of Ocoee are authorized to proceed forthwith to institute such necessary and proper actions and proceedings and to comply with all legal requirements as may be necessary or proper for the acquisition by eminent domain of the fee simple absolute title in the property described in attached Exhibit "A." 2 Section 3. That if any section, subsection, sentence, clause, phrase or portion of this Resolution is for any reason held invalid or unconstitutional by any court of competent jurisdiction, such portion shall be deemed a separate, distinct, and independent provision and such holding shall not affect the validity of the remaining portion hereto. Section 4. That this Resolution shall become effective immediately upon adoption. PASSED AND ADOPTED this day of 2000. ADOPTED: ATTEST: CITY OF OCOEE, FLORIDA By: By: Name: Jean Grafton Name: S. Scott Vandergrift Title: Clerk Title: Mayor (SEAL) FOR USE AND RELIANCE ONLY BY THE CITY OF OCOEE, FLORIDA. APPROVED AS TO FORM AND LEGALITY THIS DAY OF 2000. FOLEY & LARDNER APPROVED BY THE OCOEE CITY COMMISSION AT A MEETING HELD By: ON , 2000 UNDER Name: Paul E. Rosenthal AGENDA ITEM NO. Title: City Attorney 3 EXHIBIT A Parcel No.: 101 Owner: Edwin L. & Donna E. Cortez Interest: Fee Simple Lot 9 and the North 87 feet of Lot 10, Block 4, TOWN OF OCOEE, Plat Book A, Page 100, Public Records of Orange County, Florida. Page 1 of 2 Parcel No.: 102 Owner: Kathryn S. Barley Interest: Fee Simple Lots 10 and 11 (less north 87 feet and less Lot 11 west of railroad), Block 4, TOWN OF OCOEE, Plat Book A, Page 100, Public Records of Orange County, Florida. Pane 2 of 2 h'1 LAW OFFICES FIXEL & MAGUIRE 2„ SOUTH OADSDEN s R-Er TALLAHASSEE, FLORIDA 32301 ORLANDO TELEPHONE SS.ACMILE MINENr DOMAIN 14071 226 9522 (850I 60 1600 950) 69i 90v INVERSE CONDEMNATION June 11, 2001 fj 1vc Mary A. Doh', Esquire Foley& Lardner �6 "Rt Post Office Box 2193 _ - Orlando, Florida 32802-2193 RE: City of Ocoee v. Edwin L. Cortez,et. al.- Case No. 001-303 Parcel 102 - Kathryn S. Barley Our File No. 08-47-102 Dear Mary This is to confirm my understanding of the status of the above-referenced parcel with regard to mediation and settlement negotiations. While we were, unfortunately, not able to reach a mediated settlement agreement on Friday, June 1, 2001, the Barleys tendered an offer to the City in an effort to reach a settlement on their parcel. This offer was in the amount of$235,000.00, which represents a market value of$2.50 a square foot. The Barleys are fully aware that this figure is below the range of market indicators for comparable property in the neighborhood of their property, but are willing to accept this discounted amount in a sincere effort to settle a disputed matter. It is my understanding that you and the City Manager, Jim Gleason, are willing to tender to the City Commission the Barleys' offer to settle with an objective evaluation of the risks to the City associated with this litigation. It is my further understanding that you have requested copies of our experts' invoices in order to evaluate the total expenses associated with this issue at this time. I am willing to request that the experts furnish me with copies of their current invoices and to tender them to you on the condition that we do not receive a lump sum counter-offer to settle for compensation and all fees and costs. This type of offer is counter-productive. My clients agree not to consider such offers. And such an offer will merely perpetuate the litigation over this parcel. If we are able to reach a settle for compensation to the property owners, then I will be more than happy to negotiate a settlement of the experts' fees. If this condition is agreeable to you, then please let me 'mow and I will be happy to furnish these invoices. Sincerely yours, FIRE Crai . Willis CBW/ahr cc: Raymer F. Maguire, III, Esquire I:,CLIEI.TS'A--EaA ET1My ha LAw OFFICES FIXEL 8c MAGUIRE E TALLAHASSEE, FLORIDA 32301 ORLANDO -2LESSONE .-2.5 NaE NT "MAIN !SOS, 22S-9522 .ESOP 6S1-Ig00 .e501 Sal 9av INVERSE CONOEMNATCCN June 11, 2001 Mary A. Doty, Esquire Foley&Lardner Post Office Box 2193 Orlando, Florida 32802-2193 RE: City of Ocoee v. Edwin L. Cortez.et. al.-Case No.001-303 Parcel 101 - Edwin &Donna Cortez Our File No. 08-47-101 Dear Mary: This is to confirm my understanding of the status of the above-referenced parcel with regard to mediation and settlement negotiations. While we were, unfortunately, not able to reach a mediated settlement agreement on Monday, June 4, 2001, the Cortezes tendered an offer to the City in an effort to reach a settlement on their parcel. This offer was in the amount of$157,300.00, which represents a market value of$3.15 a square foot. The Cortezes are fully aware that this figure is below the range of market indicators for comparable property in the neighborhood of their property, but are willing to accept this discounted amount in a sincere effort to settle a disputed matter. It is my understanding that you and the City Manager, Jim Gleason, are willing to tender to the City Commission the Cortezes' offer to settle, with an objective evaluation of the risks to the City associated with this litigation. It is my further understanding that you have requested copies of our experts' invoices in order to evaluate the total expenses associated with this issue at this time. I am willing to request that the experts furnish me with copies of their current invoices and to tender them to you on the condition that we do not receive a lump sum counter-offer to settle for compensation and all fees and costs. This type of offer is counter-productive. My clients agree not to consider such offers. And such an offer will merely perpetuate the litigation over this parcel. If we are able to reach a settle for compensation to the property owners, then I will be more than happy to negotiate a settlement of the experts' fees. If this condition is agreeable to you, then please let me know and I will be happy to furnish these invoices. Sincerely yours, FIXEL& Craig dlis C CBW/ahr cc: Raymer F. Maguire, III, Esquire I ICLIEMSN-MCORT VDayIv2 SIZE ZONING CITY OWNER HIGHEST OFFER OWNER APPRAISAL APPRAISAL MADE BY CITY SETTLEMENT FLU OFFER P-S CORTEZ ± 1.15 acres Professional Offices and $60,100.00 $225,000.00 $60,100 $157,300.00 Services 50,094 sq. ft. $1.20 sq. ft. $4.50 sq. ft. $3.15 sq. ft. Professional Services ± 2.16 acres R-1-AA $98,800.00 $330,000.00 $102,800 $235,000.00 BARLEY 94,090 sq. ft. Low Density $1.05 sq. ft $3.50 sq. ft $2.50 sq. ft. Residential City Property Owner Settlement Offer Jury Verdict Jury Verdict 60,100 (C) 225,000 (C) 157,300 (C) Land Value 98,800 (B) 330,000 (B) 235,000 (B) $158,900 $555,000 $392,300 Foley & Lardner $50,000- $50,000- $25,000 Attorneys' Fees $60,000* $60,000* (Incurred to date) City Appraisal & $40,000- $40,000- $7,500 Other Expert Fees $50,000* $50,000* Property Owner Appraisal & Other $40,000- $40,000- $7,500 Expert Fees $50,000* $50,000* TOTAL (Without $288,948- $685,000- $432,300 Property Owner $310,948 $715,000 Attorney's Fees) Property Owner's 5,313 (C) 59,730 (C) 37,389 (C) Attorneys' Fees 9.735 (B) 86,031 (B) 54,681 (B) $15,048 $145,761 $92,070 GRAND TOTAL $303,996- $830,761- $524,370 $325,996 $860,761 (C) = Cortez (B) = Barley * = Additional fees incurred if case proceeds to trial 006.221822.1 VALUATION OF THE SUBJECT SITE, (CONT'D) A final step in the appraisal process is the reconciliation or correlation of the value indications. In the reconciliation, or correlation, the Appraiser considers the relative applicability of each of the three approaches used, examines the range between the value indications, and places major emphasis on the approach that appears to produce the most reliable solution to the specific appraisal problem. The 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, for the purposes of this appraisal, it is only necessary to estimate the market value of the subject site, as vacant. Therefore, the only approach to value which would be pertinent to this analysis is the Market Approach to value. MARKET APPROACH In estimating the market value of the subject site, via the Market Approach, the Appraisers have researched the subject market area for comparable sales of similar small vacant sites which reflect development potentials comparable to that of the subject property. The Market Approach or Direct Sales Comparison Approach is defined as follows: "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 inactive market or in estimating the value of the properties for which no real comparable sales data are available. It is also questionable when sales data cannot be verified with principals to the transaction. This approach to value is referred to as the Direct Sales Comparison Approach, the Market Comparison or Market Data Approach." The Appraiser's research effort has revealed no recent sales of vacant sites within the Ocoee area which were purchased for development with professional office/service uses comparable to those developable on the subject site. Due to the lack of recent, directly comparable sales within the Ocoee area, the sale search was expanded to include older transactions and site purchases within the overall Orlando area which reflected generally similar use potentials. This research has provided four sales which are considered to provide a reasonable indication of market value for the subject site. These four sales have been described and analyzed within the following pages of this report. 40 • 'o -4IIB 1 � , 5 TI�Y-a�^in <€iL11 ! p4j : = E � ',.� n W f • EB `�N�,I� ,to 3. Ls4 .prig +m a Mg 0 . r ' G . .. [] lA � pSI „o y y4y4 a c 14 Oki �� � ri �� F III j 1 1 A '!,,n] n -I 4YE I' i it p ��A1�_� risit _.. k RR� 4 si It H r c J ) 1y rtc—n a, ..... titre .� ,W^_41�1 a61 ;1,1 `.�€I gig N HE e ¢ wit, Aiillt ti — }4F r 'b .• b •..�.,: �. , ° • :Zinc � _ F . 'r' t•h •L� +� '1 9` •w T j m t t�� 1ii @ fly+ �L SfMOMN BLYD �l_ hI 1111� r LIj • Ifni iiIL ' 'SE A 1 9 r Pi j -y 4 ] it f n 17 If 2, �_. 114 , Ij IjY' ■EE i m 7 rf�la'1`� - - w fig., fa▪ t, � -;_ mom, Y 1i' F Le Wit r'1' 74 ram,. wr � .„ ., '"• N I PI -iE. _ */ ^ a .Y`'.s & a:..14 e.e� a. I1 hill B I E i* fi „Igod e .�F I r M] i11T. W W�, ae. s 7 . =I •• 1 ',itI1 A" 'E � � `"`" f A Ni7N�'BEIIi��t' �,.erfl '`n? so .f� �, r �_ IEi ryDp1ItM J �d �(l� -i :_ p9 _ -- va ., f.' -, i . 3 '4 'I ' J " V. ,�f ` l HH471AN4�1 Y Minuet, \ �" .9 UPI a VI .. .7ri ' 1 ji f f �iI L lNa -tiaMt it it t s i lli ` ' x fir. ii •� , 111 °a. If ;WWII ° if_ l 1 • N a � I p �- J 1" i f f l i 1 - �131 I _�!i 11 ' n �1 .cr -p +gym, A . _ L_ .S EA. a •1. __•.. . &,'. 1 /� 'L .� •' 11[ SALES DATA SHEET UNIMPROVED LAND SALES: 1 Grantor: SGH-Orlando (LLC Grantee: The Richards Group, Inc. Type of Instrument: Warranty Deed Recorded in: O.R. Book 5988 Page 4423 Date of Sale: April 14, 2000 Inspection Date: October 6, 2000 Total Land Area: 3.64 Acres Dimensions: 180' x 1,000' x 165' x 820' 158,400 SF • Consideration: $260,000 Zoning: C-3, Wholesale Commercial District Unit Price: 571,429/Acre Future Land Use: Commercial $1.64/Square Foot Uses Permitted as Zoned: Wholesale commercial, office, warehouse and other uses. Legal Description: Lengthy, see Warranty Deed. location of Property: The sale property is located along the south side of Old Cheney Highway, west of the intersection of Old Cheney Highway and East Colonial Drive, in unincorporated Orange County, Florida. Describe Access: Access to this site is available from Old Cheney Highway. Old Cheney Highway is a two-way, two-lane road. Highest and Best Use at Date of Sale: Development with wholesale commercial, office or warehouse uses. financing(effect on sale price, if any:) Cash to seller. Conditions of Sale: Arm's length transaction. 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 elevation of Old Cheney Highway and surrounding properties; and appears adequately drained. Public utilities, including sewer and water, were reportedly available to this site. At the date of inspection this site was vacant. Verified With: Name: David Murphy Date: October 12, 2000 Relationship to Sale: Selling Broker 41 LA ` _ erliithill:41:1%1 . ' Iry .p- . 'Y. 18 1,o �:VS18RBK2 =N na" i Ego^r ',1'' �� +� BK1 � BL7 23 za �3 19 ' I 547 s BM1 N �► 1 1 810 T1 4% °',c , 26 25 t" " ' 1 �.* DL1 DM1 3O DN1 ' _ ,tc! 32828 G eR.� 7 ` e l 1' 1.#=5 • f { b e , 1 33 tall uT K2 - QL2 \t- DM2 3136 DN2 Fez --w \ uMev4 i .. . a arts 1 .) DL3 DM3 DN3 -o-._‘.. .ter ."..:sk-e ..,.tic �-ft... c: • SALES DATA SHEET UNIMPROVED LAND Sale If:`. 2 Mission Investment Fund of the Grantor: Evangelical Lutheran Church in Grantee;; Christy's Kids, Inc. - • America - Type of-Instrument; Warranty Deed Recorded in: :. O.R. Book 5352 Page 4134 Lt 'Date of Sale: October 15, 1997 Inspection Date; September 16, 1998 Total land Area:.-- 3.74 Acres Dimensions; x�`- 260.0t' x 628.58" ' x 162,914 SF _.. 250.82T' x 620.77" ' Consideration: $157,500 Zoning: PUD, Planned Development Unit:Price: $.97/SF :Futur Land Use: Low Density Residential Uses Permitted as Zoned: Church, childcare, other service uses. Legal Description: Parcel 1-A, DEER RUN SOUTH P.U.D PHASE 1, according to the plat thereof as recorded in Plat Book 22, Pages 134 through 140. Public Records of Orange County, Florida. Location of Property: The sale property is located in the southeast corner of the intersection of Woodbury Drive and Woodbury Pines Circle, within the Deer Run Planned Development, in unincorporated Orange County, Florida. Describe Access: The sale property has direct frontage along, and access from, Woodbury Drive and Woodbury Pines Circle. Both of these roads are two way, two lane asphalt paved roads. Woodbury Drive is a significant residential collector within the Deer Run development and is divided by a landscaped median south of the sale property. Woodbury Pines Circle is a dead-end road which accesses a subdivision located to the east of the sale property. Highest and Best Use at Date of Sale: Development with a church, childcare or other service uses. Financing(effect on sale price, if any): Cash sale. 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 Woodbury Drive, Woodbury Pines Circle and surrounding properties; and appears adequately drained. This site was reportedly fully served by all required public utilities and services, including sewer and water. This site was purchased for development with a Kids R Kids Child Care facility which has been constructed on the site. Mr. Delk indicated that the information on this sale in the public records should be correct and that it was an arm's length market transaction. He would not further confirm the details of this sale. Verified With: Name: Mr. Delk* Date: September 17, 1998 Relationship to Sale: Grantee 42 14 87 _ 1 3 T.- rift€ = •• 1 Ft[r 1 & , T [ER ff �3 1 ,\ z �., n. OCOEE LLLW .: Al z a �> I. I.' " s ken ll .N /1 ____ Fp �.. pat " 13 .� w 1sy s » velknis. 3 • a ARDE I --li Fr al 34761 fi. 11,-i Gall JD Ft T- g• 1 h__ ;'�!^ ..•AL�i C . �K 1Sf 3 ""' E 1R-l� �'L ram'• r. i ......, • ! I "se m• .. .'raE �. if � ' bI IA • R E :©ARKS Er t 0 � ., _f _. ili e IN e ' 40B F. W. 1 i -". -r • J MAO_ ny nno CL2 CK2 GJ2 - s,' CH-1- =�[;Wv,,, 36 31 .- .. GO3TMA N... WI Inc,'Late — Pewit II �^ a _ .� �• __ _v MMLA r" (\ t e Down 5 v — mi f _ T [1 rit ll fe it Lake ! F'y I . L1e Bee4 :4 et'..k � ,_ s 3� ; _ LS CWS C1 CIS]](( G:Y - 94 +��• 4 w , \ 34786 \ .. " 1 ‘. � lK ;. I 18 ,, r ��" f RE I e lt. lotDR PHIL —T rw•. 1 - C ..._�.. _ r • • SALES DATA SHEET UNIMPROVED LAND SALE#: 3 Grantor: Jesse W. and Rosalie N. Castleberry Grantee: Richardson Associates, Inc. Type of Instrument: Warranty Deed Recorded in: O.R. Book 4945 Page 4266 Date of Sale: September 1, 1995 Inspection Date: January 29, 1996 Total Land Area: 50,065 SF (1.17 AC) Dimensions: Irregular • Consideration: $70,000 Zoning: -1, Restricted Manufacturing and Warehousing District Unit Price: $1.37/SF Future Land Use: Commercial Uses Permitted as Zoned: _Various commercial, manufacturing and warehouse uses. Legal Description: Lengthy, see attached Warranty Deed. _ Location of Property: The sale property is located along the west side of Bluford Avenue, approximately 240 feet south of West Geneva Street, in the city of Ocoee, Orange County, Florida. • Describe Access: Access to the sale property is available from South Bluford Avenue. South Bluford Avenue is a two-way, two-lane, asphalt paved roadway. Highest and Best Use at Date of Sale: Development with commercial, manufacturing or warehouse uses. 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 and is at, or near, the elevation of Bluford Avenue. It was reported that some low-lying land existed at the rear of this property and it was noted at a previous inspection that significant levels of fill had been brought onto this site prior to development. Public water service is available to this property, however, sewer service is not. The property was originally offered for sale in 1992 at an asking price of $150,000 and no activity occurred. In early 1995 a new broker was brought in and the asking price was reduced to $100,000. At the start of the negotiations with the buyer, the asking price was $90,000 which was negotiated down to the sale price of$70,000. After having the property on the market for over three years, the Seller was reportedly anxious to divest himself of this site and told the broker to find a buyer for whatever he could get. This property was purchased for the purpose of development with a commercial building. Verified With: Name: Ralph Suggs Date: January 29, 1996 Relationship to Sale: Representative to Grantor 43 . rc - --- - O_ �.t-a.r1, - ' Viay 7 a}-.. r '�"' .mot-_ a .Y. •RANWGE��-I'.J CO i VT-cam.- '1"' 4 1 "" ��."u 1eeau;am.. ' -al.- 1- �. I: 21,.. ,�. & ��i'� m ;:- . e'' _.,� 'p c i RHAR r 7gflan i 1_ i \ r�5 ten a 3.. i ^=\ PFF.... -Lake my it i I e uhr- �' m y - I �7. g,,, mre" a i '„� i t a E i YIiLE S t : .x...- _ DS /�: J r we JJ ..,.. ,—�'� ___. .5i-4] -0 •" may' - - i • 4Y__. `, -j..-� y I ' t�ig 4 d: ,ygJ..., u ��A3� 5 S le u �� f. ,"ui Lake Fairview 61/400, \ _ �eq� Lr � . ..' •01 � ' rsry..- y 1_ S l �L>ke Q\ „ _ I Fal 13Q j ig ,�3�5 1ake-a -teIgEr gyp, . ,. q I I ,r ? p �ql 1 I ..°.r r aLaAe \ faiewt7 J 7AA2 I^^ mi —�, ��. I AIRVILL�. ^--,-• _ ‘ a - t�n u 3 �cs y--, AD2 1F ?-C2� . r:n,� 1 l alb .rJ lZii ' - m° I 7 -I, - \5 1 �.IdiL s, 1 _: 115 w� 3,.,E ;S , , ,ri i AD1 ia' .""' =1,.., �'-'rL4—k _ ,.f9 aa_ Concordr i � SALES DATA SHEET UNIMPROVED LAND r;..4 ',1 4 Grantor - rt� J. Square Enterprises, Inc. 4,9 a 45,1 James R. Taylor, II. 2. i - Type of-(pstrument: Warranty Deed Rgcotde° •,„E`4 z - 0 R Book 4860 Page 170 Date of Sale, February 24, 1995 }grasp `- September 16, 1998 Total land Ayee:' . .952 Acres Ditrneii{lgps 148.09' x 280.02' s 41,469 SF ro 9 x f=Hbtstdef, 9n -RR -Y $44,000 �ry T Cl,- Commercial ,D fttence. - $1.06/SF ffdrtlfre3andlfses.., a Commercial Uses Permitted as Zoned: Commercial uses. Legal Description: Lengthy, retained in Appraiser's files. Location of Property: The sale property is located along the south side of Kelvington Drive and the east side of Wallington Drive, approximately 294 feet west of Forest City Road, in unincorporated Orange County, Florida. Describe Access: The sale property has direct frontage along, and access from, Kelvington Drive and Wallington Avenue. Both of these roads are two way,two lane asphalt paved facilities. Highest and Best Use at Date of Sale: Commercial development. Financing(effect on sale price, if any): Cash sale. 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 Kelvington Drive, Wallington Drive and surrounding properties; and appears adequately drained. This site was served by public water utilities, however, no public sewer services are available in this location. This property was purchased for assemblage with an existing improved office/industrial property adjoining the sale site to the south. Verified With: Name: James R.Taylor, II Date: September 18, 1998 Relationship to Sale: Grantee 44 LAND SALE ADJUSTMENT GRID - SUBJECT COMPARABLE 1 COMPARABLE 2 COMPARABLE 3 COMPARABLE 4 - West side of South Bluford South side of Old Cheney Southeast corner of West side of Bluford Southeast corner of Location' Avenue. Highway Woodbury Drive and Avenue, south of West Kelvington Drive and Woodbury Pines Circle Geneva Street Wallington Drive Size 1.15 Acres 3.64 Acres 3.74 Acres 1.17 Acres .952 Acres - . . 50,094 SF 158,400 SF 162,914 SF 50,065 SF 41,469 SF Access South Bluford Avenue Old Cheney Highway Woodbury Drivel Bluford Avenue Kelvington Drivel Woodbury Pines Circle Wallington Drive Shape Rectangular Basically Rectangular Generally Rectangular Generally Rectangular Rectangular Utilities W,E,T, S,W,E,T S,W,E,T W,E,T WET Zonin'g/Foture lfind,Use PUD/Low Density P-S, Professional Services C-3/CommercialIT/Commercial C-1/Commercial _._ $c. ,•.' Residential Sale Date N/A 04/14/00 10/15/97 09/01/95 02/24/95 Sale Price N/A $260,000 $157,500 $70,000 $44,000 Sale Price/SE. N/A $1.64/SF $.97/SF $1.37/SF $1.06/5F ADJUSTMENTS M*tic tCo`rfditions` Similar Inferior Inferior Inferior Location - Superior Similar Superior Superior AccesslEiiposure n Similar Similar Superior Similar Sae c Similar Similar Similar Similar Zoning r r ' ` Superior Similar Superior Superior Utilities ss, Superior Superior Similar Similar '? .r 3tl9r'9Cw9Y . 41 2)1 ii+ 't T2. Overall"Comparability w '.r Superior Similar Slightly superior Slightly superior •• S- Sewer W- Water E - Electricity T - Telephone VALUATION OF THE SUBJECT SITE, (CONT'D) The four sales reviewed herein are all considered to provide a reasonable indication of value for the subject site. These sales have reflected unadjusted unit value indications for the subject site of $1.64, $.97, $1.37 and $1.06 per square foot of site area, respectively. The sale properties reflect various dissimilarities when directly compared to the subject site which must be considered prior to estimating a correlated unit value estimate for the subject. These dissimilarities include changes in market conditions, location, access/exposure, zoning and utility availability. Market Conditions During the time period between the date of valuation of this report and the sale date of the oldest sales analyzed herein, the overall Orlando market has reflected moderate upward trends for commercial sites similar to the subject. Sale 1 is a very recent transaction and is considered similar to the subject in this respect. Sales 2 through 4 are older transactions and are considered inferior to the subject in this respect. Location Sale 1 is located in close proximity to Colonial Drive in an immediate vicinity which reflects moderate levels of office, industrial and business uses. This sale is considered superior to the subject in regard to location. The location of Sale 2 is considered similar to the subject, but Sale 3 is located along Bluford Avenue, south of Geneva Street, in a more heavily developed area of mixed office, commercial and business uses which is considered superior to that of the subject. Sale 4 is also considered locationally superior to the subject due to its proximity to State Road 434 and Forest City Road, as well as the more intensive development in this vicinity. Access/Exposure Sale 3 is located along a more heavily-traveled portion of Bluford Avenue near its intersection with Geneva Street and is considered superior to the subject in this regard. Sales 1, 2 and 4 are considered generally comparable to the subject in this respect. Zoning The subject site is zoned P-S with a Professional Services future land use designation and is legally developable only with professional office or service uses. Sales 1, 3 and 4 reflect zoning/future land use designations which allow a greater variety of more intensive uses and are considered superior to the subject in this respect. Sale 2 reflects a zoning/future land use classification which is considered generally comparable to that of the subject. 45 VALUATION OF THE SUBJECT SITE, (CONT'D) Utilities Sales 1 and 2 are directly served by public sewer and are considered superior to the subject in this respect. Sales 3 and 4 are similar to the subject in this respect. Each of the sales reflect varying degrees of comparability to the subject and no one sale is considered to provide a substantially superior indication of value for the subject site. Based upon this data, it was the Appraiser's opinion that the available sales data supports a unit value estimate of approximately $1.20 per square foot for the subject site. The estimated market value of the subject site, as vacant, has therefore been calculated as follows: 50,094 SF © $1.20/SF $60,113 Rounded to $60,100 46 VALUATION OF THE SUBJECT SITE, (CONT'D) A final step in the appraisal process is the reconciliation or correlation of the value indications. In the reconciliation, or correlation, the Appraiser considers the relative applicability of each of the three approaches used, examines the range between the value indications, and places major emphasis on the approach that appears to produce the most reliable solution to the specific appraisal problem. The 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, for the purposes of this appraisal, it is only necessary to estimate the market value of the subject site, as vacant. Therefore, the only approach to value which would be pertinent to this analysis is the Market Approach to value. MARKET APPROACH In estimating the market value of the subject site, via the Market Approach, the Appraisers have researched the subject market area for comparable sales of similar small vacant sites which reflect development potentials comparable to that of the subject property. The Market Approach or Direct Sales Comparison Approach is defined as follows: "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 inactive market or in estimating the value of the properties for which no real comparable sales data are available. It is also questionable when sales data cannot be verified with principals to the transaction. This approach to value is referred to as the Direct Sales Comparison Approach, the Market Comparison or Market Data Approach." The Appraiser's research effort has revealed no recent sales of vacant sites within the Ocoee area which were purchased for development with professional office/service uses comparable to those developable on the subject site. Due to the lack of recent, directly comparable sales within the Ocoee area, the sale search was expanded to include older transactions and site purchases within the overall Orlando area which reflected generally similar use potentials. This research has provided four sales which are considered to provide a reasonable indication of market value for the subject site. These four sales have been described and analyzed within the following pages of this report. 44 L��iittrt- 'IT � tli s1 mi ,__ PARK` ., W. 1 _I F,=_� — by1e y-sEsz - JfE « • 1 - € Lake -1 I •,, s//".� 0 ice"•.,, 9 ar 6 _ Baldwin i I �) ''03 ® UNIO01 L3281�% "` o , e11 u -m� of I. � ' m wpe c Atm ;07 S i[. A N ORLANDO A RI. 1 E 7 t. .e ¢.!41 F \EXECUTIVE T 4411 �,mer o, 6 AIRPORT ... E ® per' �e� l[ Rm�rc raial itt T. e �i L 'mEy Anp� aF2i . t � ai I 1 n ) . 'I G,. a^� 1 = E rtl ma - l ash 11 w „a 1 a iat 74 Fa1� IQ 111E tsii Miirl ' '_1 !! it {li Willi 3 w . r z,. - [ +-- y4. • n y^ Al" lid u � �e3:11tV le -�._r .Y... to . �7 AY t Hit) 1. Pam., 6 � ITkL1i4T ) 4rr ,yg '�r i - l 1111..1102.7 F y i r„ y� AY 1� �iry; k3 MC Y I a I d SALES DATA SHEET UNIMPROVED LAND SALE ff: 1 Grantor: SGH-Orlando (LLC) Grantee: The Richards Group, Inc. Type of Instrument: Warranty Deed Recorded in: O.R. Book 5988 Page 4423 Date of Sale: April 14, 2000 Inspection Date: October 6, 2000 Total Land Area: 3.64 Acres Dimensions: 180' x 1,000' x 165' x 820' 158,400 SF Consideration: $260,000 Zoning: C-3, Wholesale Commercial District Unit Price: 571,429/Acre Future Land Use: Commercial $1.64/Square Foot Uses Permitted as Zoned: Wholesale commercial, office, warehouse and other uses. Legal Description: Lengthy, see Warranty Deed. Location of Property: The sale property is located along the south side of Old Cheney Highway, west of the intersection of Old Cheney Highway and East Colonial Drive, in unincorporated Orange County, Florida. Describe Access: Access to this site is available from Old Cheney Highway. Old Cheney Highway is a two-way, two-lane road. Highest and Best Use at Date of Sale: Development with wholesale commercial, office or warehouse uses. Financing(effect on sale price, if any:) Cash to seller. Conditions of Sale: Arm's length transaction. 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 elevation of Old Cheney Highway and surrounding properties; and appears adequately drained. Public utilities, including sewer and water, were reportedly available to this site. At the date of inspection this site was vacant. Verified With: Name: David Murphy Date: October 12, 2000 Relationship to Sale: Selling Broker 45 ils. r i! i . ra , S 1 ;\ raj •,�a� tra CIS ,< .y Calla 6 ' j , ,8 " s'A lai 1 n`n . : 1.w.i !ur°7 1 ''Et.`-% { 1 1 - Lake1•y�. a' • 1 r; i . 22 al.*" 23 ! \ elaie Li BK7 BL1 1 t I1 s 'i:N I — . BM1 Ie. A m I I. acorn N I 2 A / s 26 25 - — bKi 30 - .+�° DL1 DM1 % DN1 rd e r.- F; .' _ ,+R, 32828 ae I n �. \ iDK2�1 7� 36 e fie_^ �. 1 %QL2 \_\ ' '..!•� 21 +. DM2 DN2 II i \ ) s giligli LAMM AltINCONA ..� Dlc3 n 2 1 DL3 6 DM3 DN3 \_ t.. ps;tt C(••iw..". w i.12 SALES DATA SHEET UNIMPROVED LAND Sale#: 2 Mission Investment Fund of the Grantor: Evangelical Lutheran Church in Grantee: Christy's Kids, Inc. America Type of Instrument: Warranty Deed Recorded in: O.R. Book 5352 Page 4134 Date of Sale: October 15, 1997 Inspection Date: September 16, 1998 Total Land Area: 3.74 Acres Dimensions: 260.0 t' x 628.58" ' x 162,914 SF 250.82±' x 620.77" ' Consideration: $157,500 Zoning: PUD, Planned Development Unit Price: $.97/SF Future Land Use: Low Density Residential Uses Permitted as Zoned: Church, childcare, other service uses. Legal Description: Parcel 1-A, DEER RUN SOUTH P.U.D PHASE 1, according to the plat thereof as recorded in Plat Book 22, Pages 134 through 140. Public Records of Orange County, Florida. Location of Property: The sale property is located in the southeast corner of the intersection of Woodbury Drive and Woodbury Pines Circle, within the Deer Run Planned Development, in unincorporated Orange County, Florida. Describe Access: The sale property has direct frontage along, and access from, Woodbury Drive and Woodbury Pines Circle. Both of these roads are two way, two lane asphalt paved roads. Woodbury Drive is a significant residential collector within the Deer Run development and is divided by a landscaped median south of the sale property. Woodbury Pines Circle is a dead-end road which accesses a subdivision located to the east of the sale property. Highest and Best Use at Date of Sale: Development with a church, childcare or other service uses. Financing(effect on sale price, if any): Cash sale. 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 Woodbury Drive, Woodbury Pines Circle and surrounding properties; and appears adequately drained. This site was reportedly fully served by all required public utilities and services, including sewer and water. This site was purchased for development with a Kids R Kids Child Care facility which has been constructed on the site. Mr. Delk indicated that the information on this sale in the public records should be correct and that it was an arm's length market transaction. He would not further confirm the details of this sale. Verified With: Name: Mr. Delk* Date: September 17, 1998 Relationship to Sale: Grantee 46 fER 3 ▪ 2 .. .'11,„ OCOE AI ,.. . LAt z ArmuFZIFUe� ARDE - Ilf. walk 34761 �. 1 r Ji tale i, P emu rat ewe IA. 1A. .Fa A y I • i ,at. ! CI 2 Lyip. 4 O _CL2 CK.2 CJ.2 Cyy GOTHA Ell.. 33 1u.x. i 4l 1 Wxaw + c".34" 2d t r� w•Ury . 'o .�... tee Lai l r� M s ^..`y,� yl y la" A .T" H Lake �.J 1 ,,\ rw E 4, I L-0 I l • 4 tz,�9 Down CId ! �... 51•17P rnn _ I _. --p�F� 3• \4-. I 8 9 I • 'J A ♦ b•v5 - rk 4 t 4T ) ' t l Lake / L L5 CK.5 G-. IQS I - , 13 Buller 1 d �5 la fr / E A33/2.3 _34786 .<.'I < f51 -_ 1 LI 8o FY ? s.' "O I :1 " SALES DATA SHEET UNIMPROVED LAND SALE B: 3 Grantor: Jesse W. and Rosalie N. Castleberry Grantee: Richardson Associates, Inc. Type of Instrument: Warranty Deed Recorded in: O.R. Book 4945 Page 4266 Date of Sale: September 1, 1995 Inspection Date: January 29, 1996 Total Land Area: 50,065 SF (1.17 AC) Dimensions: Irregular Consideration: $70,000 Zoning: -1, Restricted Manufacturing and _ Warehousing District Unit Price: $1.37/SF Future Land Use: Commercial Uses Permitted as Zoned: Various commercial, manufacturing and warehouse uses. Legal Description: Lengthy, see attached Warranty Deed. Location of Property: The sale property is located along the west side of Bluford Avenue, approximately 240 feet south of West Geneva Street, in the city of Ocoee, Orange County, Florida. Describe Access: Access to the sale property is available from South Bluford Avenue. South Bluford Avenue is a two-way, two-lane, asphalt paved roadway. Highest and Best Use at Date of Sale: Development with commercial, manufacturing or warehouse uses. 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 and is at, or near, the elevation of Bluford Avenue. It was reported that some low-lying land existed at the rear of this property and it was noted at a previous inspection that significant levels of fill had been brought onto this site prior to development. Public water service is available to this property, however, sewer service is not. The property was originally offered for sale in 1992 at an asking price of $150,000 and no activity occurred. In early 1995 a new broker was brought in and the asking price was reduced to $100,000. At the start of the negotiations with the buyer, the asking price was $90,000 which was negotiated down to the sale price of$70,000. After having the property on the market for over three years, the Seller was reportedly anxious to divest himself of this site and told the broker to find a buyer for whatever he could get. This property was purchased for the purpose of development with a commercial building. Verified With: Name: Ralph Suggs Date: January 29, 1996 Relationship to Sale: Representative to Grantor 47 rc.':-+— . runic._-}`J �?k.,. .ti.'. . .` •RANGE o� CO �. cam,,. -,. xi 4 ai Jae r-�t Nn )a e$-..._... �ia ill ice . ° _ It @I... - � � ., $ 1 • ,,.. ,.-- . iF J ,e 3 i-"':m.e — s: 11 '1 ,.._. H.1_ '.: r,`'3 1 .I . g -! ;'J i! 5 ... "it; 1 I lift "9 x+au.. Hm, z I� - ."=-"� ,i,lp ,^: • -� . 1g. ire I!T a • 'v ! � Comp 4 E)KfONVICCE t Y ss e , sr 117tril � -- 1 1 , + \ .r. --.� ' . 1 4. 9 i I e ms.,, j141—":1;:l71: .i31 , ,- "r-`� ' '�'� .. a Ala \`, jWc2,.,W.- 1 i�e ul ...3}- .—� � -� Lake Fasrvie - �c. ♦ jam,' �.... 4ro ' `\ a; �.. , ! Iaglne', o\ - ti. F ,, I ,, . 13 a '326'0 yam' `� AD3 17. +m 3�� �i- Ti. L. - k -. lth I I W ! -.- } .....rig i•• ,I � I . 4C-K IC 11 1 1 �a ft .il I _ -�.� 1 A2 i L 71 „may - �_ ' �t� �! FAIRVILL1I 'or, IMF ,I �,F 3;c-.1 3 -L —_i' e, re--rd1 1;" 44- s ,..q_ AD2 I. _ �. ..� , t g "y+s- - - i .m.uv _ J !iliai C_C'i' 3 \e �Eq —0-4 ° L r� •� - 115 M .:.� "' _ _ 3.3 Sw • YY • Lie , It SALES DATA SHEET UNIMPROVED LAND Sale 0: 4 Grantor: J. Square Enterprises, Inc. Grantee: James R. Taylor, II. Type of Instrument: Warranty Deed Recorded in: O.R. Book 4860 Page 170 Date of Sale: February 24, 1995 Inspection Date: September 16, 1998 Total Land Area: .952 Acres Dimensions: 148.09' x 280.02' 41,469 SF Consideration: $44,000 Zoning: C-1, Commercial Unit Price: $1.06/SF Future land Use: Commercial Uses Permitted as Zoned: Commercial uses. Legal Description: Lengthy, retained in Appraiser's files. Location of Property: The sale property is located along the south side of Kelvington Drive and the east side of Wallington Drive, approximately 294 feet west of Forest City Road, in unincorporated Orange County, Florida. Describe Access: The sale property has direct frontage along, and access from, Kelvington Drive and Wallington Avenue. Both of these roads are two way, two lane asphalt paved facilities. Highest and Best Use at Date of Sale: Commercial development. Financing(effect on sale price, if any): Cash sale. 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 Kelvington Drive, Wallington Drive and surrounding properties; and appears adequately drained. This site was served by public water utilities, however, no public sewer services are available in this location. This property was purchased for assemblage with an existing improved office/industrial property adjoining the sale site to the south. Verified With: Name: James R. Taylor, II Date: September 18, 1998 Relationship to Sale: Grantee 48 VALUATION OF THE SUBJECT SITE, (CONT'D) The four sales reviewed herein are all considered to provide a reasonable indication of value for the subject site. These sales have reflected unadjusted unit value indications for the subject site of $1.64, $.97, $1.37 and $1.06 per square foot of site area, respectively. The sale properties reflect various dissimilarities when directly compared to the subject site which must be considered prior to estimating a correlated unit value estimate for the subject. These dissimilarities include changes in market conditions, location, access/exposure, zoning and utility availability. Market Conditions During the time period between the date of valuation of this report and the sale date of the oldest sales analyzed herein, the overall Orlando market has reflected moderate upward trends for commercial sites similar to the subject. Sale 1 is a very recent transaction and is considered similar to the subject in this respect. Sales 2 through 4 are older transactions and are considered inferior to the subject in this respect. Location Sale 1 is located in close proximity to Colonial Drive in an immediate vicinity which reflects moderate levels of office, industrial and business uses. This sale is considered superior to the subject in regard to location. Sale 2 is considered similar in location, but Sale 3 is located along Bluford Avenue, south of Geneva Street, in a more heavily developed area of mixed office, commercial and business uses which is considered superior to that of the subject. Sale 4 is also considered locationally superior to the subject due to its proximity to State Road 434 and Forest City Road, as well as the more intensive development in this vicinity. Access/Exposure Sale 3 is located along a more heavily-traveled portion of Bluford Avenue near its intersection with Geneva Street and is considered superior to the subject in this regard. Sales 1, 2 and 4 are considered generally comparable to the subject in this respect. Zoning In order to develop the subject site to its highest and best use, a zoning and future land use change will be necessary. All of the sales are considered superior to the subject in this respect. 49 • LAND SALE ADJUSTMENT GRID SUBJECT COMPARABLE 1 COMPARABLE 2 COMPARABLE 3 COMPARABLE 4 NW Corner of West South side of Old Cheney Southeast corner of West side of Bluford Southeast corner of Location Columbus Street and South Woodbury Drive and Avenue, south of West Kelvington Drive and Bluford Avenue. Highway Woodbury Pines Circle Geneva Street Wallington Drive Size 2.16 Acres 3.64 Acres 3.74 Acres 1.17 Acres .952 Acres 94,090 SF 158,400 SF 162,914 SF 50,065 SF 41,469 SF West Columbus Street/South Woodbury Drive/ Kelvington Drivel Access Old Cheney Highway Bluford Avenue Bluford Avenue Woodbury Pines Circle Wallington Drive Shape Irregular Basically Rectangular Generally Rectangular Generally Rectangular Rectangular Utilities - W,E,T, S,W,E,T S,W,E,T W,E,T W,E,T Zonis Future;and Use R-1-AA/Low Density C-3/Commercial PUD/Low Density I-1/Commercial Residential Residential C-1/Commercial Sale Date - N/A 04/14/00 10/15/97 09/01/95 02/24/95 Sale Price, . N/A $260,000 $157,500 $70,000 $44,000 . , _ Sall,PricGSF ' N/A $1.64/SF $.97/SF $1.37/SF $1.06/SF ADJUSTMENTS Market Conditions Similar Inferior Inferior Inferior Location `44 > Superior Similar Superior Superior Access/Exposure, ry ` ''s':t Similar Similar Superior Similar Size, " 1i Similar Similar Similar Similar Superior Superior Superior Superior T Utilities ,' : K' ;' ,� ayy Superior Superior Similar Similar Site Utility/CwnfiEuratitn n, ,{ Superior Superior Superior Superior Xx kE . Y.,:bm. . ...e„ . OverraiLitrilil'WLllity `" 't*RtA' � ' r.... ,1. Superior Similar Slightly superior Slightly superior " 5- Sewer W- Water E - Electricity T - Telephone VALUATION OF THE SUBJECT SITE, (CONT'D) Utilities Sales 1 and 2 are directly served by public sewer and are considered superior to the subject in this respect. Sales 3 and 4 are similar to the subject in this respect. Site Utility/Configuration Approximately .24 acres (10,454 SF) or 11.1% of the subject site is separated from the main body of the site by the platted, but unimproved, right-of-way of S. Cumberland Avenue. Although this portion of the property can be utilized in the development of the overall subject property, the fact that the site is split does result in some development constraints. Each of the comparables consist of basically rectangular sites consisting of a single parcel of land. All of the sales are considered superior to the subject in this respect Each of the sales reflect varying degrees of comparability to the subject and no one sale is considered to provide a substantially superior indication of value for the subject site. Based upon this data, it was the Appraiser's opinion that the available sales data supports a unit value estimate of approximately $1.05 per square foot for the subject site. The estimated market value of the subject site, as vacant, has therefore been calculated as follows: 94,090 SF @ $1.05/SF = $98,795 Rounded to $98,800 50 cz > „ ! ! . o� . ° %FS _ a F Y. 1 g - am ® 0 �� . F � o `"7j r 7'' p10 my d$ ' � ' S▪ 1 �.. ��i°� r` 1;51 ! : f�.Ti4pii 9� 1� `tit; D. J � n:w�i J 'It ' A r �� - t 1 \ t )▪ 1 4 i v I ) x'r'<� ,I�rt ! bf N ( 1 Y I j [ l to nn '.� 0 e 3y� 5�'/}frr��Sy 11 Q T 141 .E ' - I" }� F J 0 'W� . dry a: 4 .: wfiy ▪ .- I ....!! `t\�i�T'i� ( �— G' 2O {'y'➢ it. . om' %,„ �� o liI m o:o y w. g& p 0. . , �l i YL i a> gg �,�k ►, B pp �JYvi��a tI �M � dqt ! 9 [ - i�L G,: i �:! k p1 O a • j V aroml 6AL.00. wl� 'kIPJ'4C i2� ��'� ° e ' 2 I la ill fP.1 1 i N - \ r i mL Ill f F] i.' u I, I: 1k.-I i� �k [I 1 'H e ll•llih1liil1 ii fir , HipI • ;i - r — !� . i di iik • a F ' F -i 11 yll �,I! I` t• Ii 3¢ pp �,ywyz�7,, 4 ` : IW es{'-- taja • iiii ++ 1 I! D IL. l.��hli.l.if!lrR 11 IIlllillilfilalglLl i-aw lefri ;3.'. ++fie, •+.m- - . CORTEZ PARENT TRACT VALUATION PARENT TRACT VALUATION SALES COMPARISON APPROACH The appraiser's research revealed several recent sales of sites similar to the subject in size, which ore located in the defined neighborhood and the Ocoee area. These sites are planned for, or have been developed with office or office/light industrial uses. The following table summarizes the comparable data used in the valuation of the subject parent tract with a comparable map presented on the previous page. A more detailed description of each transaction is included in the Addenda, Exhibit C. SUMMARY OF COMPARABLE LAND Sol FS Properly Location Tronsocrion Proposed Adjusted Size Price No. Type Date Use Sale Price (SF) Per SF 1 SE corner of S[Buford Sale Sep-98 Municipal S300,000 67,954 S4.41 Avenue and W Oakland offices Avenue,city of Ocoee 2 SW comer of Old Winter Sole Aug-99 Medical S260,000 41,382 $6.28 Gorden Rood and Boren offices Drive,city of Ocoee 3 NW comer of Rew Orde Sole Apr-97 Professional $160,000 26,136 $6.12 and Boren Drive,city of offices Ocoee 4 NW comer of Old Winter Sale Jul-97 Office,car $230,000 56,192 $4.09 Gorden Rood and Boren soles/repair Drive,city of Ocoee 5 S side of Old W.nter Sale Apr-98 Professional/ $650,000 252,648 $2.57 Gorden Road,W of Medical Matador Drive,city of office Ocoee subdivision 6 SW comer of W Silver Sale Dec-00 Retail $472,500 163,305 $2.89 Star Road and North Kissimmee Avenue, City of Ocoee Subject -- -- Pmfessiww✓ -- 50,094 -- Medal office Source:CB Richard Ellis, Inc ANALYSIS OF LAND SALES All the comparable sale properties were confirmed to be arms length transactions with no unusual market conditions associated with the sale. The data was inconclusive regarding recent price appreciation in the area, thus, no adjustments for appreciation were applied to the sales in this analysis. Land Sale One This comparable represents the acquisition of 1 .56 acres comprised of 12 contiguous and non- contiguous lots within one platted block. The property is located at the southeast corner of South 30 CaRTEZ PARENT TRACT VALUATION Bluford Avenue and West Oakland Avenue, approximately ten blocks north of the subject property. The lots along Bluford Avenue are zoned C-2, Commercial with a Commercial Land Use Designation, while the remaining lots are zoned R-1A Residential with a Low Density Residential Land Use Designation. The property is intended to be used in the expansion of the City of Ocoee municipal complex. Converting the residential lots for municipal office use will require a zoning change and approval of an amendment to the Land Use Plan. The site is irregular in shape due to the non- contiguous nature of some of the lots. Water and sewer were available to the site. According to Mr. Julian Harper of the Ocoee Building Department, Ocoee has employed an independent planner to provide a plan for the expansion of the municipal complex. The site size is similar to the subject. This was taken into account in the analysis. The site had mixed zoning as compared with the subject at the time of sale and will require rezoning and an amendment to the Land Use Plan for the intended use. This characteristic is considered inferior to the subject warranting a plus adjustment. The site configuration with non-contiguous lots was considered inferior to the subject prompting a plus adjustment. This property location was considered similar to the subject. Land Sale Two This comparable represents the acquisition of a .95 acre site located at the southwest corner of Old Winter Garden Road and Boren Drive, approximately 1 mile southeast of the subject property. South Bluford Avenue becomes Old Winter Garden Road south of SR 50, thus, the subject and this sale front on the same road. The property was zoned I-1, Industrial at the time of sale which allows construction of office buildings. Water service and septic system will be used to provide these utilities. There were no unusual site development constraints associated with this site. The location is closer to Health Central Hospital and SR 50 as compared with the subject. The intended use of the properly is for construction of medical offices. The site size is similar to the subject. This was taken into account in the analysis. This property location is proximate to Health Central Hospital and SR 50. A comparison of Sale 1 with Sale 2 indicates this sole's location appears slightly superior to the subject location. This site was zoned for office and/or industrial development at the time of sale and did not require a zoning change or re- platting. Overall, a downward adjustment appears warranted to its price per square foot indication. Land Sale Three This comparable represents the acquisition of a .60 acre parcel of land located at the northwest corner of Rew Circle and Boren Drive, approximately 1 mile southeast of the subject property. This is a corner lot located within the West Orange Commercial Center subdivision. It was zoned I-1, Industrial at the time of sale which allows construction of office buildings. Water service and septic system will be used to provide these utilities. There were no unusual site development constraints 31 CORhZ PARENT TRACT VALUATION associated with this site. The location is closer to Health Central Hospital and SR 50 as compared with the subject. The intended use of the property is for construction of medical offices. The site is smaller than the subject and the price per square foot tends to decrease as the size of a parcel increases. This was taken into account in the analysis. This property location is proximate to Health Central Hospital and SR 50. A comparison of Sale 1 with this Sale 2 indicates a modest downward adjustment for this sale for location was warranted. This site was zoned for office and/or industrial development at the time of sale and did not require a zoning change or re-platting. Overall, a downward adjustment appears warranted to its price per square foot indication. Land Sale Four This comparable represents the acquisition of a 1 .29 acre parcel of land located at the northwest carnet of Old Winter Garden Rood and Boren Drive, approximately 1 mile southeast of the subject property. This property consisted of two platted lots located within the West Orange Commercial Center subdivision. It was zoned I-1, Industrial at the time of sale which allows construction of office buildings. The property was re-platted into one lot by the buyer. Water service and septic system were used to provide these utilities. There were no unusual site development constraints associated with this site. The location is closer to Health Central Hospital and SR 50 as compared with the subject. The site was improved with a foreign car sales and repair facility after the sale. The site size is similar to the subject. This property location is proximate to Health Central Hospital and SR 50. A comparison of Sale 1 with this Sale 2 indicates a modest downward adjustment for this sale far location was warranted. This site was zoned for office and/or industrial development at the time of sale but required re-planing. Land Sale Five This comparable represents the acquisition of a 5.80 acre parcel of land located on the south side of Old Winter Garden Road, west of Matador Drive, approximately 1.5 miles southeast of the subject property. The site was zoned A-1 Agricultural at the time of sale and is in the process of a rezoning and platting for medical/professional office use. Water service and septic system will be used to provide these utilities. There were no unusual site development constraints associated with this site. The location is closer to Health Central Hospital as compared with the subject. The site is substantially larger than the subject and the price per square foot tends to decrease as the size of a parcel increases. This was taken into account in the analysis. This location was considered slightly superior and a downward adjustment was made for this characteristic. The property requires a zoning change in compliance with the Ocoee land Use Plan and platting. This was considered inferior to the subject. Overall, an upward adjustment appears warranted to its price per square foot indication. 32 CORTEZ PARENT TRACT VALUATION Land Sale Six This comparable represents the acquisition of a 3.75 acre oarcei of land located on the south side of West Silver Star Road and the west side of North Kissimmee Avenue, approximately 1 mile north of the subject property. The site was zoned C-2, Commercici at the time of sale and is designated Commercial on the city of Ocoee Future Land Use Plan. However, according to the attorney for the grantee, the new owner is being required by the city to re-pint the property. Water service and sewer service will be used to provide these utilities. There were no unusual site development constraints associated with this site. The site is substantially larger than the subject and the price per square foot tends to decrease as the size of a parcel increases, thus, a plus adjustment was warranted in this regard. This location was considered similar to the subject The property does not require a zoning change, however, re- plotting is required. This is considered inferior to the subject. Overall, an upward adjustment to the price per square foot indication appears warranted. Pending Contract This comparable represents the pending contract for the acquisition of a 2.41 acre parcel of land located on the west side of South Bluford Avenue, approximately X mile south of Geneva Street, in the city of Ocoee. Therefore, it is approximately 3/4 mile south of the subject property. The properly was placed under contract in June 1999 at a reported price of $400,000 or $3.81 per square foot of land area. The buyer has paid $2,500. per month to extend the contract to the present time. These payments are not applied as an offset to the purchase price. The site was zoned C-2, Commercial at the time it was placed under contract and is designated Commercial on the city of Ocoee Future Land Use Plan. Water service and sewer service will be used to provide these utilities. There were no unusual site development constraints associated with this site. The seller is West Side Townhouses, Incorporated. The buyer is Ramsey Dulin, Trustee. According to the attorney for the buyer, dosing papers have been drawn up and the closing is anticipated to take place in February or March of 2001. CONCLUSION Based on the preceding discussions of each comparable and the analysis, the range between the low and high prices per square foot was significantly narrowed. In conclusion, a price per square foot 33 CORTEX PARENT TRACT VALUATION indication below the approximate mid-point of the range indicated by these comparables is the most appropriate for the subject. The following table presents the valuation conclusion: PARENT TRACT VALUE CONCLUSION $ PSF Subject SF Total $4.50 X 50,094 = $225,423 Rounded: $225,000 Source: CB Richard Ellis, Inc 34 LAND VALUE COMPARABLE LAND SALES'.MAP 1 �.rwvr „E� I. / -�%�� lar• •n- A _ � ''� JI 1 y �� .� i:F rum ! I 1 c' ,.F ^ .,,"lr E'a 1 ' 4�m 1Y{I FOR CONTINUATRI ( 1n •a 1 iir Ci �1yp 11 W ..//A-, I SEE REVERSE SIDE _ • _ IF. YC"6 l a jj ® ^ 1 \ }� ifEl i� iiiI hl ✓-1 £"`�"� it ;Fp s •• ? L '�SS� ft)I14 i1 �•i %* Ø G i EET LE �i3j,F`^'V�l ' P Ire I{[ f Arm 1E tr o �� E I s ° �CLIFrI 1 C r y "' oa �•L� - •+_ca.G :J. _.I � r 8 `a • ''^rte�lrt&S s:I:, -. . Fn. T 14 W 5 V_A ON h -11.1 1 ' N"3 . , SMr ' H EYTI� F` la • YIrJL1WA&IYZL I.r!%E FITIF ' 9 L •yam`--' _ 1 p t.aq �P ± r-L,. 114T'_ _,one esu compiled br CB Richard Ellis, Inc BARLEY PARENT TRACT VALUATION PARENT TRACT VALUATION SALES COMPARISON APPROACH The appraiser's research revealed several recent sales of sites similar to the subject in size, which are located in the defined neighborhood and the Ocoee area. These sites are planned for, or have been developed with office, retail or officeAight industrial uses. The following table summarizes the comparable data used in the valuation of the subject parent tract with a comparable map presented on the previous page. A more detailed description of each transaction is included in the Addenda, Exhibit C. SUMMARY OF COMPARABLE LAND SALES Properly Location Transaction Proposed Adjusted Size Price No. Type Dale Use Sale Prim (SF) Per SF 1 SE comer of S Bluford Sale Sep-98 Municipal 1300,000 67,954 54.41 Avenue and W Oakland offices Avenue,city of Ocoee 2 SW comer of Old Winter Sale Aug-99 Medical S260,000 41,382 $6.28 Garden Road and Boren Drive,city of Ocoee 3 NW comer of Rew Orde Sole Apr-97 Professional $160,000 26,136 56.12 and Boren Drive,idly of offices Ocoee 4 NW corner of Old Winter Sale Jul-97 Office, ffic,cca� $230,000 56,192 54.09 Gorden Rood and Boren Drive,city of Ocoee 5 S side of Old Winter Sole Apr-98 P_Medical l $650,000 252,648 $2.57 Gorden Road,W of office Matador Drive,city of Ocoee subdivision 6 SW corer of W Silver Sale Dec-00 Retail 5472,500 163,305 $2.89 Star Rood and North Kissimmee Avenue, City of Ocoee Subject — — Professional — 94,090 — Medical office Source:CB Richard Ellis,Inc. ANALYSIS OF LAND SALES All the comparable sale properties were confirmed to be arms length transactions with no unusual market conditions associated with the sale. The data was inconclusive regarding recent price appreciation in the area, thus, no adjustments for appreciation were applied to the sales in this analysis. 33 BARLEY PARENT TRACT VALUATION Land Sole One This comparable represents the acquisition of 1 .56 acres comprised of 12 contiguous and non- contiguous lots within one platted block. The property is located at the southeast corner of South Bluford Avenue and West Oakland Avenue, approximately ten blocks north of the subject property. The lots along Bluford Avenue are zoned C-2, Commercial with a Commercial Land Use Designation, while the remaining lots are zoned R-1A Residential with a Low Density Residential Land Use Designation. The property is intended to be used in the expansion of the City of Ocoee municipal complex. Converting the residential lots for municipal office use will require a zoning change and approval of an amendment to the Land Use Plan. The site is irregular in shape due to the non- contiguous nature of some of the lots. Water and sewer were available to the site. According to Mr. Julian Harper, Zoning Coordinator for the City, Ocoee has employed an independent planner to provide a plan for the expansion of the municipal complex. The site is smaller than the subject and the price per square foot tends to decrease as the size of a parcel increases. This was taken into account in the analysis. The site had mixed zoning as compared with the subject at the time of sale with a portion zoned residential. This was considered similar. The site configuration with non-contiguous lots was considered similar to the subject configuration, which is split by a right-of-way on the west. The property location was considered similar to the subject. Overall, this sale is considered similar in comparison to the subject. Land Sale Two This comparable represents the acquisition of a .95 acre site located at the southwest comer of Old Winter Garden Road and Boren Drive, approximately 3/4 mile southeast of the subject property. South Bluford Avenue becomes Old Winter Garden Road south of SR 50, thus, the subject and this sale front on the same road. The property was zoned I-1, Industrial at the time of sale which allows construction of office buildings. Water service and septic system will be used to provide these utilities. There were no unusual site development constraints associated with this site. The location is closer to Health Central Hospital and SR 50 as compared with the subject. The intended use of the property is for construction of medical offices. The site is smaller than the subject and the price per square foot tends to decrease as the size of a parcel increases. This was taken into account in the analysis. This property location is proximate to Health Central Hospital and SR 50. A comparison of Sale 1 with Sale 2 indicates a modest downward adjustment for location was warranted. The property was zoned for office or industrial use at the time of sale, which is considered superior to the subject. The site consists of a single contiguous parcel, which is considered superior to the subject. Overall, a downward adjustment appears warranted to its price per square foot indication. 34 BARLEY PARENT TRACT VALUATION Land Sale Three This comparable represents the acquisition of a .60 acre parcel of land located at the northwest corner of Rew Circle and Boren Drive, approximately 3/4 mile southeast of the subject property. This is a corner lot located within the West Orange Commercial Center subdivision. It was zoned I-1, Industrial at the time of sale which allows construction of office buildings. Water service and septic system will be used to provide these utilities. There were no unusual site development constraints associated with this site. The location is closer to Health Central Hospital and SR 50 as compared with the subject. The intended use of the property is for construction of medical offices. The site is smaller than the subject and the price per square foot tends to decrease as the size of a parcel increases. This was taken into account in the analysis. This property location is proximate to Health Central Hospital and SR 50. A comparison of Sale 1 with this Sale 2 indicates a modest downward adjustment for location was warranted. The property was zoned for office or industrial use at the time of sale, which is considered superior to the subject. The site consists of a single contiguous parcel, which is considered superior to the subject. Overall, a downward adjustment appears warranted to its price per square foot indication. Land Sale Four This comparable represents the acquisition of a 1.29 acre parcel of land located at the northwest corner of Old Winter Garden Road and Boren Drive, approximately 3/4 mile southeast of the subject property. This property consisted of two platted lots located within the West Orange Commercial Center subdivision. It was zoned I-1, Industrial at the time of sale which allows construction of office buildings. The property was re-platted into one lot by the buyer. Water service and septic system were used to provide these utilities. There were no unusual site development constraints associated with this site. The location is closer to Health Central Hospital and SR 50 as compared with the subject. The site was improved with a foreign car sales and repair facility after the sale. The site size is smaller than the subject, prompting a minus adjustment. This property location is proximate to Health Central Hospital and SR 50. A comparison of Sale 1 with Sale 2 indicates a modest downward adjustment for location was warranted. The property was zoned Industrial at the time of sale, but, needed re-platting to accommodate construction. The site consists of a single contiguous parcel, which is considered superior to the subject. Overall, a downward adjustment appears warranted to its price per square foot indication. 35 BARLEY PARENT TRACT VALUATION Land Sale Five This comparable represents the acquisition of a 5.80 acre parcel of land located on the south side of Old Winter Garden Road, west ci Matador Drive, approximately 1 .5 miles southeast of the subject property. The site was zoned A-1 Agricultural at the time of sale and is in the process of a rezoning and platting for medical/proiessionai office use. Water service and septic system will be used to provide these utilities. There were no unusual site development constraints associated with this site. The location is closer to Health Central Hospital as compared with the subject. The site is substantially larger than me subject and the price per square foot tends to decrease as the size of a parcel increases. This was token into account in the analysis. This location was considered slightly superior and a downward adjustment was made for this characteristic. The property requires a zoning change in compliance with the Ocoee land Use Plan and platting. This was considered similar to the subject. The site consists of a single contiguous parcel, which is considered superior to the subject. Overall, an upward adjustment appears warranted to its price per square foot indication. Land Sale Six This comparable represents the acquisition of a 3.75 acre parcel of land located on the south side of West Silver Star Road and the west side of North Kissimmee Avenue, approximately 1 mile north of the subject property. The site was zoned C-2, Commercial at the time of sale and is designated Commercial on the city of Ocoee Future Land Use Plan. However, according to the attorney for the grantee, the new owner is being required by the city to re-plat the property. Water service and sewer service will be used to provide these utilities. There were no unusual site development constraints associated with this site. The site is larger than the subject and the price per square foot tends to decrease as the size of a parcel increases. This was taken into account in the analysis. This location was considered similar to the subject. The property does not require a zoning change, however, re-planing is required. The site consists of a single contiguous parcel, which is considered superior to the subject. Overall, an upward adjustment appears warranted to its price per square foot indication. Pending Contract This comparable represents the pending contract for the acquisition of a 2.41 acre parcel of land located on the west side of South Bluford Avenue, approximately V. mile south of Geneva Street, in the city of Ocoee. Therefore, it is approximately '/. mile south of the subject property. The site was zoned C-2, Commercial at the time it was placed under contract and is designated Commercial on the city of Ocoee Future Land Use 'Plan. Water service and sewer service will be used to provide these utilities. There were no unusual site development constraints associated with this site. The seller is West Side Townhouses, Incorporated. The buyer is Ramsey Dulin, Trustee. According to the attorney 36 BAILEY PARENT TRACT VALUATION for the buyer, closing papers have been drown up and the closing is anticipated to take place in February or March of 2001. CONCLUSION Based on the preceding discussions of each comparable and the analysis, the range between the low and high prices per square foot was significantly narrowed. In conclusion, a price per square foot indication near the approximate mid-point of the range indicated by these comparables is the most appropriate for the subject. The following table presents the valuation conclusion: PARENT TRACT VALUE CONCLUSION $ PSF Subject SF Total $3.50 X 94,090 = $329,315 Rounded: $330,000 Source: CB Richard Ellis, Inc. • 37