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VII(J) Discussion Of Property Acquisition
L75V1140. L-I.7-LVVG Item VII J "CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE" MAYOR•COMMISSIONER Ocoee S.SCOTT VANDERGRIFT 0�. • t .' Q CITY OF OCOEE COMMISSIONERS F. DANNY HOWELL a 150 N.LAKESHORE DRIVE SCOTT ANDERSON �' D OCOEE,FLORIDA 34761-2258 RUSTY JOHNSON �'"yO.....„)....4, (407)905-3100 NANCY J.PARKER Of GOO CITY MANAGER JIM GLEASON MEMORANDUM DATE: February 12, 2002 TO: The Honorable Mayor and Board of City Commissioners FROM: James W. Shira, P.E., City Engineer/Utilities Director SUBJECT: Property Acquisition Attached for your review is a copy of an appraisal report prepared by DeRango, Best & Assoc. for a parcel of land on South Maguire Road. The parcel is referred to as the Stone property, and is needed by the city as a site for the reclaimed water pumping and storage facilities. These facilities will store reclaimed water received from the Consery II system, and will pump it into our Maguire Road. reclaimed water main for use by commercial and residential customers along Maguire Road. The Consery II system's pressure and flow vary widely during the day. The Consery II system cannot be used directly as a source for irrigation systems due to the pressure and volume fluctuations. The proposed pumping system to be built on this site will provide a constant system pressure within our reclaimed water mains, and the future storage facility will help to even out fluctuations in flow rates within the Consery II system. The site is approximately 0.67 acres in size, and the appraised value is $247,000.00. Assistant City Attorney Mary Doty will be available to answer questions regarding the appraisal or the purchase negotiation process. I recommend that the City Commission authorize Assistant City Attorney Doty to begin purchase negotiations with the property owner, with any proposed purchase offer brought back to the City Commission for final approval. Attachment Pcatectilca^ee's Wafer rlesOkes..$) FOLEY : LARDNE ATTORNEYS A T L A ‘; ' E020vE ;.. 111 NORTH ORANGE AVENUE,SUITE 1800 ORLANDO,FLORIDA 32801-2386 P.O. BOX 2193 ORLANDO, FLORIDA 32802-2193 L...w TELEPHONE:407.423.7656 FACSIMILE:407.648.1743 WWW.FOLEYLARDNER.COM MEMORANDUM CLIENT•MATTER NUMBER 020377.0565 TO: James W. Shira City of Ocoee FROM: Mary A. Doty, Assistant City Attorney DATE: February 11, 2002 RE: Maguire Road Reclaimed Water Tank Project: Updated Stone Property Appraisal Attached is an updated appraisal prepared by DeRango, Best & Associates for the Stone property. Please place this potential acquisition on the City Commission agenda for discussion. MAD/j lc cc: Jim Gleason, City Manager Paul E. Rosenthal, City Attorney 006.247172.1 FOLEY&LARDNER APPRAISAL OF: THE SINGLE-FAMILY RESIDENCE SITUATED ON A 29,000± SF SITE 932 MAGUIRE ROAD, OCOEE, ORANGE COUNTY, FLORIDA I FOR CITY OF OCOEE I MAGUIRE ROAD PROJECT DATE OF VALUATION: FEBRUARY 5, 2002 PREPARED FOR: MS. MARY Dori', CITY ATTORNEY CITY OF OCOEE FOLEY& LARDNER P.O. Box 2193 111 NORTH ORANGE AVENUE, SUITE 1800 ORLANDO, FLORIDA 32801-2386 PREPARED BY: DERANGO, BEST & ASSOCIATES REAL ESTATE APPRAISALS & CONSULTING ORLANDO, FL (407) 895-6650 DANIEL R. DERANGO, MAI ST.CERT.GEN.REA 0001054 02-031 DERANGO, B EST & ASSOCIATES REAL ESTATE APPRAISERS, ADVISORS Sc CONSULTANTS 1601 EAST AMELLA STREET, ORLANDO, FUDRIDA 32803 f February 8, 2002 Ms. Mary Doty, Assistant City Attorney City of Ocoee Foley & Lardner - P.O. Box 2193 111 North Orange Avenue, Suite 1800 Orlando, Florida 32801-2386 Re: Appraisal of: 932 Maguire Road, Ocoee, Orange County, Florida. Dear Ms. Doty: As requested, we have conducted the necessary analyses to provide a Complete Appraisal of the above-referenced property. The property may be acquired by the City of Ocoee for the widening nassociated infrastructure and utilityimprovements. The purpose of this of Maguire Road and p p p _J appraisal is to estimate the market value of the unencumbered fee simple interest of the property to be acquired, or taken for acquisition purposes. As requested, we have prepared an update of our appraisal which was a limited analysis, prepared in December of 2000. The appraised parcel is a 29,000± SF site, which appears to be totally useable. As noted, the property is now improved with a single-family residence. The entire parcel is to be acquired. We have estimated that the highest and best use of the property is for redevelopment of the site to commercial or professional service uses. Based on our analysis, the Market Value of the unencumbered fee simple interest of the subject property's taking, effective February 5, 2002, is: I , E $247,000 1�I Our value estimate is subject to the assumptions, limiting conditions and certification statements presented in the attached self-contained appraisal report. Respectfully submitted, • DERANGO, BEST & ASSOCIATES Daniel R. DeRango, M St.Cert.Gen.REA #0001054 02-031 (407) 895-6650 • FAX (407) 898-8467 • MAIL C1' DERANGOBESr.COM TABLE OF CONTENTS SUMMARY OF SALIENT FACTS 1 SUBJECT PHOTOS-TAKEN FEBRUARY 5,2002 4 NEIGHBORHOOD ANALYSIS 6 GENERAL OVERVIEW 7 i ROAD NETWORK 8 CONCLUSION 8 PROPERTY OVERVIEW 9 HIGHEST AND BEST USE 14 OVERVIEW 14 SALES COMPARISON APPROACH 16 ADDENDUM 20 DEFINITIONS 21 PROPERTY RIGHTS APPRAISED 2'1 CERTIFICATION 22 ORLANDO AREA ANALYSIS 38 APPRAISER QUALIFICATIONS APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING- CITY OF OCOEE PAGE 1 1 SUMMARY OF SALIENT FACTS - - • ri . ,,r 440.-, . 4:7P -1' awl'r Ill:"' 't ‘ ' **7°r4'' - i , ILI . — 4 4 V a r tflit i* ..~1--a %431 4 it i . it , , ,....,,,- t. ii •:. . - . _ t ... A r - —ii, ... • ... ir __Itilat ,t.f.,. ... ,-..' , It ;,....ex._;:. 1 • 4ip . . . am , . s. 1 a II sr- , i . „.. ... .1011 Vali 1111111 , ..,-- v. t I , . ...,_ - - .• ,, , . 4 r.x 0 2002 Gl be?:Plorer, AirPhotoUSA II PROPERTY OWNER: Jeannette & Debra Stone 932 Maguire Road Ocoee, Florida 34761-4709 LOCATION: The property is located along the west side of Maguire Road just north of Roberson Road. The address is 932 Maguire LRoad in unincorporated Orange County, Florida. EFFECTIVE DATE OF THE APPRAISAL: December 1 1 , 2000 to TYPE OF PROPERTY: Aging single-family residence on a 29,000 SF site. LUTILITIES: Public sewer and water service are not presently available unless and until the property is annexed into the City of Ocoee. 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 2 ZONING: Agricultural, Orange County, reportedly could be annexed into the City of Ocoee with a PS, Professional Service zoning. FUTURE LAND USE DESIGNATION: Rural Agricultural, Orange County. If annexed into the City of Ocoee, future land use would likely be professional service as cited above. i HIGHEST AND BEST USE: Professional office development. PROPERTY INSPECTION: February 2002 AREA OF THE WHOLE: All 29,000+ square feet of the site. AREA OF THE TAKING: Entire ro ert . P P Y AREA OF THE REMAINDER: N/A COMMENTS: The site, if acquired, will reportedly be used as a utility substation for the Maguire Road widening project. VALUE ESTIMATE: $247,000 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING- CITY OF OCOEE PAGE 3 APPRAISAL PURPOSE, USE, AND SCOPE: The purpose of our appraisal is to estimate the market value of the property and rights to be acquired. In this case, the entire parcel is to be acquired by the City of Ocoee for a utility relocation associated with the Maguire Road widening project. The use of this appraisal report is to assist the parties concerned in the acquisition of real property rights needed for construction of the project. The scope of this appraisal report included research to find and verify vacant arm's length commercial land sales in the Ocoee area. We researched immediate land sales within the previous five years, which were consistent with the subject's highest and best use. DEFINITIONS: All definitions, assumptions, and limiting conditions are contained within the Addendum of this report. �_, 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 4 I SUBJECT PHOTOS - TAKEN FEBRUARY 5, 2002 i . - = f , , . . . . .00"_ ' t1 47i A T f r 1 4": wPdnN.:: 061FRONT VIEW OF PROPERTY Iilik,'7"::-- , ,..- "'"T air , - -, ...0 - —-7.0„;.-- ti�J� r4 J1 ; iA : .tt` -.0:- , , j 4 - " 4 r s. .._ s 1ft IOP 1 ty . I VIEW EAST FROM REAR PROPERTY LINE I02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 5 , s R.h. • h 14 r---------- I . _ . _ r .. -„: „,_ ,, , , . rA q n , , VIEW NORTH ALONG MAGUIRE ROAD I 1d' _ .....,,, -••-•i, LL. • a +�. I _ IVIEW SOUTH ALONG MAGUIRE ROAD T I I02-031 I APPRAISAL OF 932 MAGUIRE ROAD PARCEL IMAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 6 NEIGHBORHOOD ANALYSIS I s, 5, pl: rt St E B .. St Orlandci.4%..; V shite Rd Tildenville - Winter Garden L Tiair Cr 0 0 p Story Rd Balboa Dr 'r E Story Pd zrz Maine St 1-011 WI Hwy _�0 M&ville 1PV Culur Dr i 50 - 8 -4k3 Hiavuaeeecd�x1 U-� r t F , Beard Rd u1iii SOB 160. i b RuierFd 545 c c_.-, •ridsTploxit2 . crz I. Roberson F' 8 e v4,3m LG. ' ssee Subject TIII _ Steer Lake Rd L -IF ..7__. ._ --- , „ , . 535fi 3 01 • li. libd erg Fid ' 4/i k 7 1-.0 m ta , psegown , uFi<E, ' L utter Blvdd e~. S Ais LA. ,F F', F:r<: Ir• r/roPub©J'190EJ-1977,r,licro�oft Corpore lion•.ir , . UppIie '..1%1 rig'rri::re: rued. Pte_:e. ri_;i!ow web Arte zlr'Yfrrp:Ilrri2ipl..E;pedis c I, The Stone property is located on the west side of Maguire Road just north of its intersection with Roberson Road, in unincorporated Orange County, Florida. The I neighborhood is defined generally as the Ocoee area lying north and south of State Road 50 with Clarke Road as the east boundary and the city of Winter Garden as the west boundary. The neighborhood is approximately 10 miles west of downtown Orlando and 20 miles northwest of Disney World. This area, which is commonly known as West Orange County, L encompasses approximately 15 square miles and has an approximate population of 85,722. West Orange generally includes the cities of Ocoee, Winter Garden, Oakland, and Windermere. According to the 1990 census, the city of Ocoee had a population of 12,778 L and the city of Winter Garden had a population of 9,863. The estimated 1996 population of the cities were 19,261 and 12,413, respectively. This strong growth trend can be attributed to expansion of the greater Orlando area, west Orange County, and the good Eroad network which makes access convenient to other parts of Orlando. L r 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 7 GENERAL OVERVIEW Commercial development has been steadily growing along State Road 50 in the neighborhood in the 1990s. Examples of recent development include shopping centers such as the Winter Garden Plaza within the city of Winter Garden. This shopping center is anchored by a K-Mart discount store and a Food Lion grocery store. The Town Square Shopping Center, which is located at the northwest corner of State Road 50 and Maguire Road in Ocoee, lies less than one mile east of the subject and is anchored by a Wal-Mart discount store. The growth surge of the 1990s has been spawned by two major developments, the West Oaks Mall and the Healthcare Central Hospital. The West Oaks Mall, located approximately two miles east of the subject, is a 1,250,000 square foot shopping mall developed by the Homart Company. Major tenants include Sears, JC Penny's, Parisian's and Dillard's. The Healthcare Central Hospital, a 141-bed hospital and physician's building, is located on 38 acres of land at the southeast corner of Blackwood Street and State Road 50 just to the north of the subject. Recent development along State Road 50 include Sam's Wholesale Club, Walmart, Lowe's Home Center, and a Sports Authority. Land uses near the intersection of Maguire Road and Roberson Road includes Plantation Grove Shopping Center directly across from the appraised property. This center is approximately 3 years old and is anchored by a Publix Supermarket. Other uses along the frontage of the shopping center include a First Union branch bank facility and the recent development of a Hess convenience store/service station. Additional lands in front of the shopping center immediately to the south of the entrance to the center are also available for commercial or office uses. Abutting the subject to its south at the corner of Roberson Street is an existing office complex. The complex is at 100% occupancy and was developed and sold off as office condominiums. South of the intersection of Roberson Street and Maguire are proposed residential and mixed use communities and to the east of Maguire Road on Roberson street is an existing apartment complex which abuts the previously described shopping center. All in all, the • intersection _surrounding Roberson Road and Maguire Road has become a minor commercial and office node servicing the growing residential base of the neighborhood. The southwest and southeast corners of this intersection are currently vacant but are planned for residential or mixed use development. 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING- CITY OF OCOEE PAGE 8 ROAD NETWORK The subject neighborhood has good access with several major commercial corridors as 9 State Road 50, the East/West Expressway, and the Florida Turnpike in the immediate vicinity. State Road 50 traverses through Orange County in an east/west direction, providing linkage in the neighborhood with the Florida Turnpike and the East/West Expressway/Beltway. The subject property is conveniently located to these major commercial corridors. The site is located south of the Florida Turnpike and State Road 50. The exit ramp of the Florida Turnpike intersects with State Road 50, immediately west of Marshall Farms Road. Consequently, the site enjoys quick access to both State Road 50 and the Florida Turnpike. Additionally, the Western Beltway segment of the Central Florida Greeneway is under construction and will further enhance the access of the area. (,- CONCLUSION 1_I The neighborhood is situated in the western end of Orange County and the Orlando metropolitan area. The neighborhood constitutes one of the Orlando area's major future residential and commercial neighborhoods as significant growth is projected for the next ten years. This growth can be attributed to the good road network and such major developments as the West Oaks Mall and the Healthcare Central Hospital. Occupancy levels for retail/commercial, office, and mini-warehouse development is good. The __' neighborhood is considered to be in a growth cycle, and prognosis for continued economic growth is good. III , 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 9 • PROPERTY OVERVIEW PROPERTY ADDRESS OR LOCATION: Et f=. .-.. . .... .:::::::::::: :::: :< : ::: • • E �' r, PARCEL:1 D: 3.12228000000025.:' '` = , • As shown above, the subject property is located on the west side of Maguire Road just north of its intersection with Roberson Road, in unincorporated Orange County, Florida. PROPERTY OWNER NAME & ADDRESS: Jeanette & Debra Stone 932 932 Maguire Road Ocoee, Florida 34761-4709 LEGAL DESCRIPTION: N 100Ft of S 460 Ft of E 330 Ft of Se 1/4 of Ne 1/a (less E 40 Ft) of Sec 31-22-28 OR Book & Page 4938/0558 on 06-22-95 inst Qc Lw-96-84 (mc). • • 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 10 • PROPERTY INSPECTION: The property was originally inspected by Daniel R. DeRango, MAI and Tony Joiner on December 11, 2000. The property was viewed from Maguire Road and an adjoining property location. We were instructed not to disturb the property owners for our prior appraisal. Therefore, neither the owner nor a representative of the owner was present during the original inspection. The property was re-inspected for the current appraisal by Daniel R. DeRango, MAI on February 5, 2002. The owners accompanied the appraiser during the inspection. HISTORY OF PROPERTY: The property was originally developed with a single-family residence in 1964. In 1995 an addition was constructed which is approximately equal in size to the original structure. The current owners purchased the property in 1970 for $12,000. The property was recently listed for sale for$300,000. The listing has expired. The owners report that two full price offers/contracts were received but neither transaction closed. DESCRIPTION OF PROPERTY BEFORE TAKING: Partial taking [ ] Entire taking [X] Vacant [ ] Improved [X] TYPE OF PROPERTY: Aging Single-family residence on a 29,000± SF site. EXISTING USE: Single-family residence 1. Land Area—29,000 square feet. 2. Land Shape - The subject is rectangular in shape. See "Tax Map". 3. Dimensions Eastern boundary: 100±feet (west side of Maguire Road) Northern boundary: 290±feet Western boundary: 100±feet Southern boundary: 290±feet 4. Access -The subject is accessed via Maguire Road, currently a two-way, asphalt paved road. 5. Topography—The site appears to be level and at road grade. subjectPp 6. Flood Zone Designation -According to the FEMA Map, Community Panel No. 120179- _ 0175 C, effective June 15, 1984, the subject is located within Zone "C," which is considered to be an area of minimal flooding. 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 11 Community-Panel Number 'F" '• 120179 0175 C ' •� y Effective Date: —�' \"Nail 7^:.i�'t�; June 15,1984 ® *ZONEA• I Lake A C us: Bonner I- ;is . a j7 ^� 'ZONE A. . I .y _ cicL ZONE C s'- " ;F e' • N fi4.•�;n..�N' ZONE A C "`ZONE A " �ke Rhea � 7. Drainage—The site appears to be adequately drained. 8. Soil Characteristics-We have not been supplied with a report of the subsoil conditions • indicating the exact capacity of the subsoil. We do not have the benefit of subsoil test results of the property and detection of possible soil defects would be beyond our realm of expertise. However, there are no apparent conditions of the subject site or subsoil structure, which would render it more or less valuable. No responsibility is assumed for such conditions or for engineering, which may be required to discover subsoil conditions. 9. Utilities—The property now uses a well and septic tank for water and sewer service. An existing 12-inch water line is located along the west side of Maguire Road directly in front of the property. A 12-inch sewer force main is located along the east side of Maguire Road and terminates approximately 100 feet north of the property. These public utilities are available from the City of Ocoee. :However, the property would need to be annexed into the City in order to utilize these services (see later discussion concerning annexation). - 10. Easements, Encroachments, or Restrictions and Their Effect on Utilization — No adverse easements, encroachments, or restrictions have been noted. IMPROVEMENTS The property is improved with a masonry single-family residence containing approximately 2,344 square feet, according to Orange County Tax Records. The older areas of the home has 2 bedrooms and 1 bath. The 1995 addition is a complete living suite with one bedroom and one bath. The two areas are connected by an enclosed porch area. It was constructed in 1964 and was expanded in 1995. The house also has a 264 square foot carport. Overall, the residence appeared to be in average to fair condition based on our inspection. I ! 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 12 ZONING, FUTURE LAND USE, CONCURRENCY: District: Agricultural Jurisdiction: Orange County Future Land Use Plan Designation: Rural Agricultural • The property is currently under the jurisdiction of Orange County. The present agricultural zoning and rural agricultural future land use designation permit low density single family residential development. The zoning and land use designation are inconsistent with the surrounding development patterns and commercial uses that are now found in the neighborhood. We have discussed the property zoning and future land use potential for the site with Mr. Russ Wagner, Director of Planning, with the City of Ocoee. According to Mr. Wagner the property could readily be annexed into the City of Ocoee. The property is presently surrounded to the north and south by properties within the city and the appraised property is within the planning area for future annexation by the city. Annexation into the City of Ocoee would be accompanied by a zoning change to the PS, Professional Services Designation. Also, as discussed earlier, the annexation of the property into the City of Ocoee would make public sewer and water service available to the site which would likely be required if the property were to be redeveloped for commercial or professional service uses. According to the City of Ocoee zoning code, permitted uses of professional services districts include medical or dental clinics, professional offices and other public service type uses. General development standards in the PS district are as follows: Minimum lot size: 10,000 square feet Front yard setback: 20 feet Side yard setback: 7.5 feet Rear yard setback: 20 feet Minimum lot width: 100 feet Site Coverage Ratio: 50% Maximum Building Height: 35 feet Based on the information we have gathered in our research, it is our opinion that in order to maximize the value of the property a prudent owner would go forward with the annexation of the property in to the City of Ocoee. According to Mr. Wagner, the application process would take approximately 4 to 6 months from the date of submission. Further, Mr. Wagner rendered the opinion that an annexation of this property would be a relatively simple matter given the location of the property in an area that is surrounded by i other properties that are already within the City of Ocoee. 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 13 Concurrency According to Mr. Russell Wagner, Director of Planning with the City of Ocoee, no concurrency issues existed at the date of valuation, which would restrict development of the subject property. ASSESSED VALUE AND TAXES: Property Tax ID Number: 31-22-28-0000-00-025 Taxing Authority: Orange County, Florida Year: 2001 Land $ 15,000 Improvements $ 86,788 Extra Features $ 0 Just Market Value $101,788 Assessed Value (SOH') $ 74,121 Homestead Exemption ($ 25,000) Taxable Value $ 49,121 Total Taxes (Gross) $1,067.06 Taxes for 2001 were paid in November, 2001. PROPERTY INTEREST APPRAISED: The unencumbered fee simple rights have been appraised for this assignment. PUBLIC AND PRIVATE RESTRICTIONS OTHER THAN ZONING: No public or private restrictions other than those already noted in this report are known. • it 1 Based on Orange County's Save Our Homes restriction for homestead properties. L_ 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 14 HIGHEST AND BEST USE In order to estimate the highest and best use for the subject property, we have considered those uses that are legally permissible, physically possible, economically feasible, and which would be maximally productive to the land. We have also given consideration to the individual features of the site such as size, shape, location, frontage and access to roadways and availability of necessary utilities and infrastructure. We have also evaluated the surrounding land uses and the demand for property in the current real estate market. OVERVIEW We have estimated that the highest and best use of the property is to annex the site into the city of Ocoee for future development with professional offices or similar uses permitted under the PS designation of the City of Ocoee. Our reasoning is as follows: Legally Permissible: The property is currently zoned Agricultural, by Orange County. However, the current zoning is no longer consistent with the growth patterns of the neighborhood. Most surrounding properties in the area have been annexed into the City of Ocoee. As previously mentioned, according to Mr. Russell Wagner, Director of Planning with the City of Ocoee, the property would be required to annex in order to receive the PS zoning and to hook up sewer and water service. He stated that since the property is adjacent to professional offices that it is likely that the zoning and land use would be professional office. Permitted uses under the PS zoning include Clinics, Dental and Medical and Professional Offices. The property would also be assigned a future land use designation of Professional Service, which would be consistent with the zoning. Physically Possible: The subject property consists of.29,000 square feet, which appears to be entirely useable. The site has good access and exposure along Maguire Road, which intersects with SR 50 and Roberson Road north and south of the subject property, respectively. • Once annexed water would be available to the site via a 12—inch line along the west side of Maguire Road. Sewer is available via a 12-inch force main along the east side of Maguire Road and 100 feet north of the property line. The site's shape/configuration is good and suitable for development. However, being only 100 feet wide limits the exposure and retail use potential of the site. Overall, the site is considered suitable for development. 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 15 Financially Feasible: As previously discussed in the Neighborhood Analysis, the subject is located within one of the most favorable areas of growth in the Orlando area. The subject's neighborhood is situated in the western end of Orange County and the Orlando metropolitan area. The neighborhood constitutes one of the Orlando area's major future residential and commercial neighborhoods as significant growth is projected for the next ten years. This growth can be attributed to the good road network and such major developments as the West Oaks Mall and the Healthcare Central Hospital. Occupancy levels for retail/commercial and office development is stabilized. The neighborhood is considered to be in a growth cycle, and the outlook for continued economic growth is good. Maximally Productive: The site is physically suitable and economically feasible for development. Legally, once the site •is annexed into the City of Ocoee it could be developed with a variety of professional office uses. Since the site is not directly located on or accessed by a major commercial corridor such as State Road 50, most retail uses do not appear to be likely uses of the site. The relatively narrow site with only 100± feet of road frontage limits the exposure and imposes some design constraints. However, the site is adequate in shape to be developed with uses consistent with the PS zoning. APPRAISAL PROCESS Traditionally, there are three approaches utilized in the valuation of real property, the Cost Approach, the Sales Comparison Approach, and the Income Capitalization Approach. The Cost Approach and Income Approach are appropriate for improved properties only. Since we are appraising the property under its highest and best use for future development, as a vacant site, only the Sales Comparison Approach is appropriate. 02-031 LAND SALES COMPARISON ANALYSIS SUBJECT LAND SALE I LAND SALE 2 LAND SALE 3 LAND SALE 4 LAND SALE 5 LOCATION 932 Maguire Road,Orange Between Boren Drive and Old Northeast side of Ocoee Southeast corner of W.Colonial East side of Maguire Road East side of Maguire Road Co. Winter Garden Road,Lot 11 of Commerce Parkway in Drive&Central Commerce Plantation Grove in Plantation Grove West Orange Commercial Ocoee Commerce Lane and northeast corner of Shopping Center,Lot 5, Shopping Center,Lot 4, Center,Ocoee,Orange County Center,Ocoee,Orange Central Commerce Lane& Ocoee,Orange Co. Ocoee, Orange Co. County Ocoee Commerce Parkway, Ocoee Commerce Center. TRANSACTION INFO GRANTOR Lauren B.Goodman,RLA Lauren B.Goodman,RLA Cohen Investments Inc., Cohen Investments Inc., Lakendon,Inc. Millstream Ventures,Ltd. Millstream Ventures,Ltd. Plantation Grove First Union National Commercial Bank Cox Torres Real Estate GRANTEE Dr.Usmani Shahid partnership Haynes&Smith Normandale Financial Opus South _OR BOOK/PAGE 5814/1332 6368/4834 6117/1958 5555/4103 5009/2187 SALE PRICE $260,000 $285,000 $830,000 $425,000 $475,000 SALE DATE Aug-99 Oct-01 Oct-00 Aug-98 Feb-96 TERMS OF SALE Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller SALE PRICE/SF $6.35 $8.85 $10.72 $11.62 $10.49 PHYSICAL INFO _ GROSS LAND SIZE(AC) 0.67 0.94 0.740 1.777 0.840 1.04 GROSS LAND SIZE(SF) 29,000 40,946 32,216 77,400 36,590 45,302 FRONTAGE 100 360 Medical Office Furniture Store 215 217 DEPTH 290 200 Good Very Good 170 210 INTENDED USE Utility station Medical office Good Very Good Dentist Office Branch Bank ACCESS Average Average Average Average Good Good EXPOSURE Good Good Average Average Good Good ZONING/FLU R-1/Agriculture/Orange I-1/Ocoee C-2 C-2 PD/Ocoee PD/Ocoee UTILITIES Well and Septic Septic Tank and Water Sewer and Water Sewer&Water Sewer and Water Sewer and Water SHAPE/CONFIGURATION Rectangular Triangular Slightly Irregular Irregular Rectangular Rectangular Medical/Professional HIGHEST&BEST USE Professional Office Medical/Professional Office Office Medical/Professional Office Interior Office Bank COMPARISON MARKETING CONDITIONS Inferior Similar Similar Inferior Similar _ LOCATION Similar Similar Superior Superior Superior ACCESS Similar Similar Similar Similar Similar EXPOSURE Inferior Inferior Superior Similar Similar UTILITIES Slightly Superior Slightly Superior Slightly Superior Slightly Superior Slightly Superior SHAPE/CONFIGURATION Similar Similar Similar Similar Similar OVERALL COMPARISON Inferior Slightly Superior Slightly Superior Superior Superior I t II � Y ' APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 16 _I SALES COMPARISON APPROACH I r, �i n� IL 60 f- .—.._ r-�- �0 O .,.villa: —Vi9"— 60 �I 1or11, 1 / I 5---626 I I Sale 2 �~, 1 ,—�1 ;y/4_ 43s I z Ocoee I~ am' ;S _ >; I tili 6 Ci '4•-,: J I I = r I LIiL,t I -- -=i.-�,�, r,—i Marshall=Farms T-0rn n=Rtl—, Sale 1 -- ,arGr-yst�a�S-1�j -." ----__--_ 1R3 �I 11 �J y —� 'I ���I �Furlarr9 VWay— `� i 7 Subject ' '� , •E ; _, , _ r+ i I j l rr' I I \;, _ .r/ '''1 CD '7 tY r--1 f--'' 1 l0 t4�Jllarli 7 ( I �, I Q \ r ortOrIIrrea Rz1 1 0:2001 Microsoft-Corp:��4111il rWrieser;3ed. 61-An-orr1d r' ;8th=S %.....1 The Sales Comparison Approach is the process of comparing sales to the subject property _, and analyzing the sales for differences in various property characteristics. The approach is based on the principle that a prudent purchaser would pay no more for the subject property than it would cost to buy a comparable substitute property with the same utility and without undue delay. _ The subject's highest and best use is for professional future office development. As noted in the Highest and Best Use section, professional office development on the property could I- -I include a variety of professional offices. We have researched the immediate area for such uses, and as a result, have used five sales in the Sales Comparison analysis. All five of the sale comparables, like the subject, were in Ocoee. Three were professional office uses and two were commercial uses located directly across Maguire Road from the property. Characteristics of the subject and the sale comparables are summarized on the facing Sales Comparison Analysis on the facing page. Detailed sale write-ups of each L! comparable can be found in the Addendum. The sales have been compared to the subject for various factors including market conditions at the sale dates, location, land size, access, exposure and utilities. _J 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 17 Comparison Process Market Conditions: Though no specific time adjustment could be extracted from the sale comparables, we recognize that the Ocoee, and Orlando commercial land markets have improved over the last few years. We have considered that market conditions have remained strong and that the older sales data are likely to be lagging indications of value at the valuation date. Location: Location comparisons were based on the quality and intensity of surrounding development for each sale as comparable compared:to the subject. Sales 1-3 were considered to have PJ similar locational appeal since they are located off of Old Winter Garden Road in West Orange Commercial Center and Ocoee Commerce Center, professional office parks. Sale 3 also has exposure to Colonial Drive which is a superior factor. Sale 4 and 5 were considered to have a superior locational appeal since they are outparcels of the Plantation Grove Shopping Center. Access: All five of the sales appear to have similar accessibility when compared to the to the subject. Exposure: Sales 1 and 2 have limited exposure to traffic and are inferior for this characteristic. Sale 3 has exposure to Colonial Drive which is a superior factor. Sales 4 and 5 are similar in exposure. Utilities: Sales 1-3 had access to city water and septic systems while Sales 4 & 5 had both city water and sewer. Therefore, all of the sales were considered to be slightly superior to the subject in this category. Shape/Configuration: The sales are basically rectangular sites and are considered to be similar to the subject in this category. As noted earlier, the subjects limited frontage compared to its depth is a limiting factor on development potential which has been weighed in our analysis. 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 18 II Analysis & Conclusion In addition to the comparable sales data, we have also considered the asking price for the appraised property of$300,000 or$10.35 per square foot of land area. We have discussed the offering with the owners. While offers were received during the listing period no sale was consummated. Land sales 1-3 are a representative sampling of small office sites in the west Orange County/Ocoee area. Sales are from about $6.35 to $10.72/SF. Overall the access and exposure of these properties are similar to slightly inferior to the subject and the fact that the sales occurred between 1999 and October 2001, would indicate that some upward - adjustment would be required for the passage of time. Overall, the site sales would tend to bracket the expected value range for the subject. Sales 4 and 5 are commercial sites within the Plantation Grove shopping center directly across from the subject. The indications from these sales are from $10.50 to $11.62/SF. Both of these transactions would set the upper end of the expected value range for the subject. Out parcels of shopping centers enjoy cross easements for parking and access as well as master drainage and retention. Further, the location within the traffic generating shopping center tends to be beneficial to the out parcel users and these types of properties tend to generate a premium relative to free standing properties like the subject that are not part of a larger development. We have noted that these transactions are two and one-half to about four and one-half years old and should be adjusted upward for improving market conditions. In our final analysis we have weighed the following factors: • The property has good exposure and access to Maguire Road which is a well traveled north-south artery through the area. • The uses surrounding the property are for office and commercial uses and the subject would have a similar land use potential. • The property contains 29,000 SF which is smaller than most of the sites reviewed and the site has limited frontage relative to its depth which limits the development potential relative to some of the comparables reviewed. ii • The property would require annexation prior to development. • The existing improvements would need to be demolished prior to redevelopment but some impact fee credits may be associated with the re-use of the site which could partially offset this factor. • 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 19 Based on all of the data provided we estimate that a value in the lower range cited for the office sites in Sales 1 —3 and the higher intensity commercial sites indication shown by Sales 4 and 5 would best indicate the expected value for the property under current market • conditions. In our final analysis we have weighed the positive factors of the site including the location, accessibility, exposure and utilities with small site area and limited frontage of the parcel, as well as the annexation issues that would need to be addressed prior to development. We - have also considered the prior asking price in the context of the comparable sales data described. Based on our evaluation of these factors,we have estimated a unit value of$8.50 per square foot, equates to an estimated value as follows: Value Indication: ($8.50/SF x 29,000 SF): $247,000 (Rounded) I - 02-031 i^I Li APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 20 I i • ADDENDUM Definitions Appraiser Certifications Land Sales Metro Orlando Overview Appraiser Qualifications 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 21 DEFINITIONS MARKET VALUE The definition of Market Value is as follows: "Market Value" is the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and the seller, each acting prudently, knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specific date and the passing of title from seller to buyer under conditions whereby: 1) Buyer and seller are typically motivated; 2) Both parties are well informed or well advised, and each acting in what he considers his own best interest; 3) A reasonable time is allowed for exposure in the open market; 4) Payment is made in terms of cash and US dollars or in terms of financial arrangements comparable thereto; 5) The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. PROPERTY RIGHTS APPRAISED The property rights appraised herein are the Fee Simple Estate. FEE SIMPLE ESTATE2 Fee simple estate is "absolute ownership unencumbered by any other interest or estate; subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." 2 The Appraisal Institute,The Dictionary of Real Estate Appraisal,Third Edition,p.140. 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 22 CERTIFICATION 1 - I, Daniel DeRango, certify that to the best of my knowledge and belief, ... • The statements of fact contained in this report are true and correct. • The reported analyses, opinions and conclusions are limited only by the reported General Assumptions and Limiting Conditions and where applicable, the Special Assumptions, 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 report, and I have no personal interest or bias with respect to the parties involved. • My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. • My analyses, opinions and conclusions were developed, and this report has been prepared in conformitywith the requirements of the Code of Professional Ethics and the Standards of q Professional Practice of the Appraisal Institute. • This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • I have made a personal inspection of the property that is the subject of the report. • No one provided significant professional assistance to the person(s)signing this report. • I am in compliance with the Competency Rule in the USPAP as adopted in FIRREA 1989 and have sufficient education and experience to perform the appraisal of the property. ii Daniel R. De ango, I St.Cert.Gen.REA 0001 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 23 LAND SALE 1 L Arr,nur Lfl'1' _I] iffr-will rt 1&, 4 ,il lii. NIS PARCEL ID:292228915800110 1 X011 R F1 -tt4, y 'l. : log t irk: ^ if • f 1 ! li ;,:.. . ,,,, 2000 G1obeXplorer - +k ,. TYPE OF PROPERTY Vacant commercial land RECORDED O.R. Book/Page 5814/1332, Orange County, Florida GRANTOR Lakendon, Inc. GRANTEE Shahid Usmani, M.D. and Shaista Usmani, M.D. SALE DATE August 6, 1999 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 24 SITE DESCRIPTION The site is triangular in shape and contains approximately 0.94 acres, or 40,946± square feet. Direct access to the site is from Boren Drive. Septic tank and water service is available to the site. SALE PRICE $260,000 ANALYSIS $6.35 per square foot of land area TYPE OF INSTRUMENT Warranty Deed LOCATION Between Boren Drive and Old Winter Garden Road at the southwest corner of Rew Circle and Old Winter Garden Road, within the West Orange Commercial Center, City of Ocoee, Orange County, Florida. ZONING I-1 (Industrial), City of Ocoee FUTURE LAND USE PLAN Light Industrial PRESENT USE Vacant HIGHEST & BEST USE Medical/professional office development CONDITIONS OF SALE Arms length FINANCING Cash to seller ENCUMBRANCES No adverse encumbrances were noted. IMPROVEMENT DESCRIPTION Vacant VERIFICATION • With/Relationship: Don Wingate, grantor Date: July 5, 2000 Verified by: Phil Sealy MOTIVATIONS OF PARTIES Normal conditions CASH EQUIVALENCY Not applicable i . 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 25 COMMENTS The sale is located in the West Orange Commercial Center office park, which is zoned I-1 (Industrial) by the City of Ocoee. Although the property is zoned for industrial use, existing development within West Orange Commercial Center has been used primarily for medical or professional office development. No light industrial development exists within the West Orange Commercial Center. The sale was purchased for future medical office development. SALE HISTORY No other sales were noted within the past three years. LEGAL DESCRIPTION Lot 11, WEST ORANGE COMMERCIAL CENTER, according to the map or plat thereof, as recorded in Plat Book 25, Page 67, Public Records of Orange County, Florida. 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING- CITY OF OCOEE PAGE 26 LAND SALE 2 f/// ' rt \I Intrivik.:)) Ill UM . om L. L 4 ..... T.. ..,,„ il ■„ I( I\\\\ PARCEL ID:292228614300060 FFF Y . _ ...,,,s,„:7,,,:::":-,..:".111:-.73....'":17.i41 _ 1 f;. 111 =, - 1011► 110 • TYPE OF PROPERTY Vacant commercial land RECORDED O.R. Book/Page 6368/4834, Orange County, Florida GRANTOR RLA Cohen Investments, Inc. GRANTEE Cox Torres Real Partnership (LLC) SALE DATE October 12, 2001 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 27 SITE DESCRIPTION The site is irregular in shape and contains approximately 0.74 acres, or 32,216± square feet. Direct access to the site is from Ocoee Commerce Parkway. All utilities are available to the site. SALE PRICE $285,000 ANALYSIS $8.85 per square foot of land area TYPE OF INSTRUMENT Warranty Deed LOCATION The site is located at the north side of Ocoee Commerce Parkway just northeast of Old Winter Garden Road within the Ocoee Commerce Center, in the City of Ocoee, Orange County, Florida. ZONING C-2, Commercial, City of Ocoee FUTURE LAND USE PLAN Commercial PRESENT USE Vacant HIGHEST & BEST USE Commercial or professional office development CONDITIONS OF SALE Arms length FINANCING Cash to seller ENCUMBRANCES No adverse encumbrances were noted. IMPROVEMENT DESCRIPTION Vacant VERIFICATION With/Relationship: Scott Gold, Representative of Grantor Date: September 26, 2001 • Verified by: Phil Sealy MOTIVATIONS OF PARTIES Normal conditions, purchased for office development. CASH EQUIVALENCY Not applicable ' II 02-031 l APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 28 COMMENTS The sale is located in the Ocoee Commerce Center office park. The new owners are now building a ' 6,734 SF Medical Office. SALE HISTORY No other sales were noted within the past three years. LEGAL SCRIPTION Lot 6, OCOEE COMMERCE CENTER, according to the map or plat thereof, as recorded in Plat Book 30, Pages 77 & 78, Public Records of Orange County, Florida. I li 02-031 I APPRAISAL OF 932 MAGUIRE ROAD PARCEL I MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 29 II LAND SALE 3 J' L•Ya. (. I ' --_fX 1 4W ,1 \ L ,) # / II i 4 :i_ PARCEL ID:292228614300020I , LI . . c.„4„.,...„ -4 ., , 4 L i, a t . . , , 0 . r . s. .. iR 4 i4 , +��. ,;�. 1, L .4 L@ 2002 Gid p1 r-ii TYPE OF PROPERTY Vacant commercial land I RECORDED O.R. Book/Page 6117/1958, Orange County, Florida LGRANTOR RLA Cohen Investments, Inc. GRANTEE Haynes & Smith LSALE DATE October 27,2000 1 .. 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 30 SITE DESCRIPTION The site is irregular in shape and contains approximately 1.777 acres, or 77,400± square feet. Direct access to the site is from Center Commerce Lane. All utilities are available to the site. SALE PRICE $830,000 ANALYSIS $10.72 per square foot of land area TYPE OF INSTRUMENT Warranty Deed LOCATION The site is located at the northeast corner of Center Commerce Lane and Ocoee Commerce Parkway within the Ocoee Commerce Center, in the City of Ocoee, Orange County, Florida. ZONING C-2, Orange County FUTURE LAND USE PLAN Commercial PRESENT USE Vacant HIGHEST & BEST USE Commercial or professional office development CONDITIONS OF SALE Arms length i FINANCING Cash to seller ENCUMBRANCES No adverse encumbrances were noted. IMPROVEMENT DESCRIPTION Vacant VERIFICATION With/Relationship: Scott Gold, Representative of Grantor • Date: September 26, 2001 Verified by: Phil Sealy MOTIVATIONS OF PARTIES Normal conditions CASH EQUIVALENCY Not applicable 02-031 - I APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 31 ii COMMENTS The sale is located in the Ocoee Commerce Center office park. The property also has exposure to Colonial Drive and has been developed with a furniture store. SALE HISTORY No other sales were noted within the past three years. LEGAL DESCRIPTION Lots 2 &3 OCOEE COMMERCE CENTER, according to the map or plat thereof, as recorded in Plat Book 30, Pages 77 and 78, Public Records of Orange County, Florida. 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 32 LAND SALE 4 Ji I Ll , � j. J I _ I PARCEL ID:322228618900050 I 1 1 y IOW� „ 101) ror�;1" 1 y i it �.4 1 T ifil, ,..)2000 Globexplorer - TYPE OF PROPERTY Vacant commercial land RECORDED O.R. Book/Page 5009/2187, Orange County, Florida GRANTOR Normandale Financial Corporation GRANTEE First Union National Bank SALE DATE August 1998 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 33 SITE DESCRIPTION The site is rectangular and contains approximately 1.4 acres, or 45,494± square feet. It is an outparcel of Plantation Groves Shopping Center. Sewer and water service is available to the site. SALE PRICE $475,000 ANALYSIS $10.44 per square foot of land area TYPE OF INSTRUMENT Warranty Deed LOCATION East side of Maguire Road just north of its intersection with Roberson Road, Ocoee, Orange County, Florida. ZONING PD (Planned Development), City of Ocoee FUTURE LAND USE PLAN Commercial PRESENT USE Branch Bank Facility HIGHEST & BEST USE Commercial or professional office development CONDITIONS OF SALE Arms length FINANCING Cash to seller ENCUMBRANCES No adverse encumbrances were noted. IMPROVEMENT DESCRIPTION A 4,460 SF branch bank facility constructed in 1996. VERIFICATION With/Relationship: Opus South/grantor Date: 1998 Verified by: Tony Joiner • MOTIVATIONS OF PARTIES Normal conditions CASH EQUIVALENCY Not applicable COMMENTS The sale is located in the Plantation Grove Shopping Center and is zoned PD (Planned Development) by the City of Ocoee. Although the property is zoned for commercial use, banks typically use outparcels to shopping centers. Other users include Mobil, Hess and a future dentist office. 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 34 SALE HISTORY No other sales were noted within the past three years. LEGAL DESCRIPTION Lot 4, OPUS SOUTH, according to the map or plat thereof, as recorded in Plat Book 33, Page 21, Public Records of Orange County, Florida. • 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING- CITY OF OCOEE PAGE 35 LAND SALE 5 L > > III. -Ml AEI limn El 1111. IMF a� 1 11111nITI M_ ■ PARCEL ID:322228618900040 1 • 1 rti {Y p f_ L 2000.G obeXplorer,VantagePoint Networ TYPE OF PROPERTY Vacant commercial land RECORDED O.R. Book/Page 5009/2187, Orange County, Florida GRANTOR Opus South Corporation GRANTEE First Union National Bank SALE DATE February 1996 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 36 SITE DESCRIPTION The site is rectangular and contains approximately 1.4 acres, or 45,494± square feet. It is an outparcel of Plantation Groves Shopping Center. Sewer and water service is available to the site. SALE PRICE $475,000 ANALYSIS $10.44 per square foot of land area TYPE OF INSTRUMENT Warranty Deed LOCATION East side of Maguire Road just north of its intersection with Roberson Road, Ocoee, Orange County, Florida. ZONING PD (Planned Development), City of Ocoee FUTURE LAND USE PLAN Commercial PRESENT USE Branch Bank Facility HIGHEST & BEST USE Commercial or professional office development CONDITIONS OF SALE Arms length FINANCING Cash to seller ENCUMBRANCES No adverse encumbrances were noted. IMPROVEMENT DESCRIPTION A 4,460 SF branch bank facility constructed in 1996. VERIFICATION With/Relationship: Opus South/grantor • Date: 1998 Verified by: Tony Joiner MOTIVATIONS OF PARTIES Normal conditions CASH EQUIVALENCY Not applicable 02-031 J APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 37 COMMENTS The sale is located in the Plantation Grove Shopping Center and is zoned PD (Planned Development) by the City of Ocoee. Although the property is zoned for commercial use, banks typically use outparcels to shopping centers. Other users include Mobil, Hess and a future dentist office. SALE HISTORY No other sales were noted within the past three years. LEGAL DESCRIPTION Lot 4, OPUS SOUTH, according to the map or plat thereof, as recorded in Plat Book 33, Page 21, Public Records of Orange County, Florida. i 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 38 ORLANDO AREA ANALYSIS Ellsworth 7- Lake MaryLake'fame I 441 . Crystal Pointy Junction' gay Ridge t, Merrimac _ Lake View Elder Springs s Geneva 19 17 Buda l- 427 .r t _ °LongwoodWhites Landing 1 ,_ 7.' Plymouth Apopka Iowa City 71-. Howey_: y Island ° ° °Oviedo o ). Height- Casselberry13 g 455 South Apopka 441 °Fern Park Slavic Chuluota .. 581 Piedmont Lockhart Gabriella Ferndalet_a,kef��a ;d419 7 �,x z �c° ry� °Maitland Bertha Montverde Fullers `'Clarcona °❑ ar Lake Pickett 561A Subject Ocoee Fairview Shores ❑ ❑Winter Park 434 f , Skytop ° Orlando Union Park 420 %-,;t Winter Gar. Pine Hills c, 0 50 Bithlo — 1 I °Clermont Oakland Mi ille ❑Gotha° ° o r3 ❑ ❑❑❑ + ❑°Azalea P :�' a"" �~ qt ' 10.4t11-441t. , �,e____435 ii + % 27 j' Windermere 7�'"ear Lac' ° IV o onway d '-----1,:___7t I / ► Lake Cain Hils + ' Sulhmerport Beach Lade Bove,.. .-. opine Castle Tala Rtpopka �r Aix,. Wig *, tak ` �he7 °Sky Lake Lace Ca�way r' ,,-, xr. f t 745 ❑ , ❑ ❑ ❑ ❑ ° -528` .,= c. +� 0, 4 535 Morningside Park' Taft 417 "cif rk ° "1 (Wewahgee, 520 r te► f ❑ ❑ ❑ ❑ ti ,...Lake P h�.3 1 h t'Lake Buena Vista Vineland . !owl(3 Yalakj .L ' •; 'r 423 Flamingo if 15Lakefan oyrigri ,72)1 Yii-I licro art orpor_i f �iC�GI[ u�icier All riyhis r ery i. Ples e visit our h see cit hop/mops cip•4312 r_ INTRODUCTION The economic vitality of the surrounding area, and the immediate neighborhood encompassing the subject property, is an important consideration in estimating future retail demand and income potential. Historic social, economic, governmental, and environmental forces which reflect the quantity and quality of retail demand provide a basis from which future estimates of demand can originate. The property is located in Ocoee, Florida, within Greater Orlando. Our evaluation of historical, current and projected trends for this area will focus on a comparison to the State of Florida. A detailed demographic analysis of Orlando and Florida was conducted using information provided by the National Planning Association, a recognized industry source. Information supplied includes employment, population and income data. POPULATION Historic and projected population trends for Orlando are depicted in the following chart. 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 39 ICI Orlando Historic and Projected Population I , 2000- 4`�;'- o woo a 50 � - , . CO01 COo COC CV CD CC) CIO O o o c o) rn rn rn rn rn o 0 0 0 N N N N N Year The population of Orlando, as seen in the accompanying table, increased at a compounded annual rate of 2.40% from 1993 to 1997. For the same time frame, Florida experienced a compounded annual growth rate of approximately 1.65%. Over the last fifteen years Orlando's average annual compound change was 3.42%, as compared to 2.24% for Florida. During the next 15 years, 1999 to 2013, both Orlando and Florida are expected to increase in population. It is anticipated that Orlando will experience increases at an average annual compound rate of 2.33%, while Florida's population is expected to grow at an average annual compound rate of 1.80% for this period. The short-term projections reflect growth rates that are higher than the 15-year estimates. Orlando's population is expected to increase at an average compound annual rate of 2.37% from 1998 to 2002 while the population of Florida is expected to increase at an average annual compound rate of 1.79% over the same five years. The increase in population for Orlando and Florida appears consistent with recent trends for other geographic region. Both Orlando and Florida are anticipated to experience continued growth, with future estimates..mirroring growth rates similar to those experienced in the past. 02-031 i '1 i— APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING— CITY OF OCOEE PAGE 40 , I J Population Trends Comparison Florida Orlando % Annual % Annual . Year Population (000's) Change Population (000's) Change Historical 1983 10,749.9 916.2 1988 12,306.4 2.7% 1,120.0 4.1% 1992 13,500.5 2.3% 1,302.9 3.9% 1993 13,711.6 1.6% 1,333.9 2.4% 1994 13,955.7 1.8% 1,363.8 2.2% 1995 14,181.2 1.6% 1,391.6 2.0% 1996 14,41 8.9 1.7% 1,426.4 2.5% 1997 14,654.0 1.6% 1,467.1 2.8% Projected 1998 14,876.9 1.5% 1,494.8 1.9% 1999 15,094.2 1.5% 1,524.2 2.0% 2000 15,401.8 2.0% 1,566.2 2.8% 2001 15,710.6 2.0% 1,608.1 2.7% li 2002 16,017.2 2.0% 1,649.7 2.6% 2007 17,560.3 9.6% 1,858.5 12.7% 2012 19,151.1 9.1% 2,072.4 11.5% i , Average Historical !! Annual Past 5 years 1.65% 2.40% Compound Past 15 years 2.24% 3.42% Change Projected Next 5 years 1.79% 2.37% Next 15 years 1.80% 2.33% Y Source:NPA Data Services, Inc.:compiled by V IL Lii EMPLOYMENT Employment trends for both Orlando and Florida are anticipated to follow a pattern similar to the population trends for these areas, although at slightly higher rates of increase. Employment trends for Orlando and Florida are presented in the chart on the following page. From 1993 to 1997, Orlando realized employment growth at an average annual — compound rate of 4.03%. For the same time period, the average annual compound rate of growth for Florida was 3.25%. Similarly, these statistics indicate Orlando surpassed Florida in employment growth over the last fifteen years. Employment for Orlando grew at an average annual compound rate. of 4.70% during this time frame, while Florida experienced 3.21% compound average annl.ial growth. Estimates for the next five and fifteen year periods reflect rates of employment growth for Orlando to be higher than the anticipated gains in employment for Florida as a whole. During the period from 1998 to • 2002, Orlando is anticipated to experience a 3.99% average annual growth rate, while the 1 long-term projection, 1998 to 2012, indicates a 3.35% average annual compound increase. For the same time frames, Florida is expected to grow at average annual compound rates of 2.83% and 2.47%, respectively. While employment gains do not correlate directly to retail demand, they do depict the underlying health of the economy. Historical and projected trends for Orlando indicate growth rates that exceed Florida's rate suggesting - a competitive position within Florida. 02-031 i APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING- CITY OF OCOEE PAGE 41 II L, Non-Farm Employment Trends Comparison - Florida Orlando % Annual % Annual Year Employment (000's) Change Employment (000's) Change Historical 1983 5,077.1 484.0 1988 6,352.2 4.6% 670.6 6.7% 1992 6,736.8 1.5% 755.6 3.0% 1993 6,977.7 3.6% 788.6 4.4% 1994 7,219.0 3.5% 814.8 3.3% , 1995 7,455.6 3.3% 838.8 3.0% 1996 7,674:2 2.9% 882.3 5.2% 1997 7,906.0 3.0% 920.8 4.4% Projected 1998 8,153.2 3.1% 960.7 4.3% 1999 8,387.1 2.9% 1,001.0 4.2% 2000 8,620.3 2.8% 1,040.6 3.9% 2001 8,859.6 2.8% 1,080.7 3.9% 2002 9,089.3 2.6% 1,119.7 3.6% 2007 10,276.9 13.1% 1,318.6 17.8% 2012 11,404.6 11.0% 1,509.0 14.4% Average Historical Annual Past 5 years 3.25% 4.03% Compound Past 15 years 3.21% 4.70% Change Projected Next 5 years 2.83% 3.99% ' Next 15 years 2.47% 3.35% Source:NPA Data Services, Inc.;compiled by V IL I � - An analysis of the employment mix will further establish an understanding of the economies of Orlando and Florida, and how they relate to future real estate demand. The following pie chart depicts the current distribution of employment by industry. Employment Sectors p Construction ■FIRE 05.0% ■5.2% a6.1r° 7.6%o ❑Government LJ p Manufacturing ®El9.1% •Mining&Other ■40.8% - - 5 2% a Retail Trade .i ° ■Services . p 19.0% p TCPU ■Wholesale Trade u The preceding chart and accompanying tables show that in 1997, the largest employment sectors in Orlando were Services (40.76%), Retail Trade (19.01%), Government (9.11%), and FIRE (7.58%). In 1997, Florida's largest employment sectors were Services (35.75%), Retail Trade (18.94%), Government (13.11%), and FIRE (8.30%). As shown in the following table, historical trends for Orlando indicate the largest percentage gains in employment over the past fifteen years occurred within the Services and Retail Trade sectors with annual average compound growth rates of 7.07% and 5.22% 02-031 � 1 '- APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING- CITY OF OCOEE PAGE 42 respectively. Over the past five years significant activity has occurred in the Services and Construction sectors with annual average compound growth rates of 6.19% and 5.42%. Non-Farm Employment Trends-Historical Orlando (in thousands) % % Long Short 1983 of Total 1988 1992 1993 1994 1995 1996 1997 of Total Term Term Total Employment 484.0 100% 670.6 755.6 788.6 814.8 838.8 882.3 920.8 100% 4.7% 4.0% Construction 35.7 7.4% 51.4 42.9 45.2 47.4 49.2 53.2 55.9 6.1% 3.2% 5.4% FIRE 45.0 9.3% 59.7 58.9 61.3 63.4 65.5 68.0 69.8 7.6% 3.2% 3.5% Gmemment 65.3 13.5% 82.2 94.9 94.1 92.8 86.8 88.2 83.9 9.1% 1.8% -2.4% Manufacturing 46.3 9.6% 63.6 53.4 53.9 52.4 52.1 54.0 54.3 5.9% 1.2% 0.3% Mining&Other 10.0 2.1% 10.6 11.3 12.4 12.7 12.6 13.1 12.7 1.4% 1.7% 2.5% Retail Trade 85.9 17.7% 122.7 139.9 144.6 151.6 158.0 166.2 175.0 19.0% 5.2% 4.6% Senices 144.2 29.8% 214.7 277.9 :298.0 312.1 329.8 350.7 375.3 40.8% 7.1% 6.2% TCPU 23.9 4.9% 31.0 39.2 " 41.7 43.1 42.9 44.2 46.2 5.0% 4.8% 3.3% Wholesale Trade 27.7 5.7% 34.8 37.3 37.5 39.4 42.0 44.8 47.6 5.2% 4.0% 5.0% Ttl Nor-Manftng. 437.7 90.4% 607.0 702.2 734.7 762.4 786.8 828.4 866.4 94.1% 5.0% 4.3% TtlOffice-Related• 254.5 52.6% 356.5 431.7 453.4 468.3 482.1 506.9 529.0 57.5% 5.4% 4.2% *Includes FIRE,Services and Gmemment These trends are further identified in the following chart that depicts growth in the broad- based categories of manufacturing, office related and other non-manufacturing Li employment. For purposes of this analysis, office related employment is defined as total employment in the FIRE, Services and Government sectors. While not all employment from these sectors is office related, office employment trends tend to mirror the trends from these categories. As seen in these charts, office-related employment has captured an increasing share of total employment, indicating a shift toward a more service-based economy. This is a common trend on a national basis. Orlando Historic and Projected Non-Agricultural Employment • 1,600 x ; ° 1,400 .. �{ ?4_ems. Manufacturing tgl0 1,200 IJ * '?°lff '' ' Other Non- L.: 1,000 Manufacturing 800 c600 { Office Related a 400 ---"� 1 W 200 0 A 1983 1988 1993 1998 2003 2008 2012 Year 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING- CITY OF OCOEE PAGE 43 Historical trends for Florida are summarized in the following chart and indicate the largest gains in employment over the past fifteen years occurred within the Services and Retail Trade sectors with annual average compound growth rates of 5.2% and 3.3% respectively. Over the past five years significant activity has occurred in the Services and TCPU sectors Jwith annual average compound growth rates of 4.9% and 3.8%. Non-Farm Employment Trends-Historical Florida • (in thousands) % % Long Short 1983 of Total 1988 1992 1993 1994 1995 1996 1997 of Total Term Term Total Employment 5077.1 100% 6352.2 6736.8 6977.7 7219.0 7455.6 7674.2 7906.0 100% 3.2% 3.3% Construction 351.5 6.9% 457.8 380.6 403.4 412.8 429.2 454.7 457.1 5.8% 1.9% 3.7% FIRE 522.0 10.3% 592.6 562.4 576.0 604.1 620.8 640.8 656.0 8.3% 1.6% 3.1% Government 758.4 14.9% 905.9 1003.5 1004.9 1018.3 1019.9 1032.1 .1036.E 13.1% 2.3% 0.7% Manufacturing 479.2 9.4% 557.2 502.0 506.2 508.6 506.6 514.3 509.6 6.4% 0.4% 0.3% Mining&Other 109.5 2.2% 127.9 137.2 147.0 152.9 154.7 162.5 164.5 2.1% 2.9% 3.7% Retail Trade 956.4 18.8% 1226.8 1287.3 1325.2 1373.9 1410.6 1461.7 1497.2 18.9% 3.3% 3.1% Services 1387.4 27.3% 1888.0 2972.2 2357.0 2466.5 2609.8 2678.1 2826.5 35.8% 5.2% 4.9% TCPU 263.0 5.2% 294.5 316.9 334.1 346.9 354.7 366.2 380.9 4.8% 2.7% 3.8% Wholesale Trade 249.8 4.9% 301.6 324.7 324.1 335.0 349.2 363.8 377.7 4.8% 3.0% 3.1% Ttl Non-Manftng. 4597.9 90.6% 5795.1 6234.8 6471.5 6710.4 6949.0 7159.9 7396.4 93.6% 3.5% 3.5% Ttl Office-Related' 2668 52.5% 3386.5 3788.0 3937.8 4088.9 4250.6 4350.9 4519.1 57.2% 3.8% 3.6% *Includes FIRE,Services and Government Future projections are summarized in the following tables. Projections for Florida show Services related employment leading all other sectors with Retail Trade as the next leading sector. Non-Farm Employment Trends - Projected % Long Short Florida 11998 of Total 2003 2007 " 2008 2009 2010 2011 2012 of Total Term Term i otal Employment 153.2 100%9319.5 10507.9 10742.4 10974.011210.911404.6 100% 2.4% 2.1% Construction 470.2 5.8% 530.5 584.3 597.4 610.8 624.1 634.8 643.0 5.6% 2.3% 1.9% FIRE 676.1 8.3% 777.7 861.0 881.0 901.2 921.1 942.8 960.5 8.4% 2.5% 2.2% Govemmen . 1046.3 12.8%.1125.0 1217.4 1240.4 1263.8 1287.3 1311.1 1332.5 11.7% 1.7% 1.8% Manufacturing 505.9 6.2% 541.9 567.9 573.6 579.1 584.2 590.0 593.2 5.2% 1.1% 0.9% Mining&Other 165.5 2.0% 188.4 209.1 215.0 221.1 227.2 232.5 236.9 2.1% 2.6% 2.5% Retail Trade 1532.8 18.8% 1758.3 1931.4 1972.0 2013.0 2053.2 2096.8 2131.6 18.7% 2.4% 2.0% Services 2977.7 36.5% 3496.7 3906.6 4006.0 4107.2 4207.4 4311.4 4398.0 38.6% 2.8% 2.4% TCPU 390.2 4.8% 444.8 488.2 498.4 508.8 518.9 527.7 534.3 4.7% 2.3% 1.8% Wholesale 388.6 4.8% 456.1 511.1 524.2 537.5 550.7 563.8 574.7 5.0% 2.8% 2.4% Total Non- 7647.3 93.8% 8777.6 9709.0 9934.3 10163.3 10389.810620.910811.5 94.8% 2.5% 2.2% 4700.1 57.6%5399.4 5985.0 6127.4 6272.1 6415.8 6565.3 6691.0 58.7% 2.6% 2.3% j ! Tti Office- , _ . . ._ Includes FIRE,Services and � I 02-031 b APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING- CITY OF OCOEE PAGE 44 The Orlando forecast has Services related employment leading all other sectors with Retail Trade as the next leading sector. Non-Farm Employment Trends - Orlando (in thousands) % % Long Short 1998 of Total 2003 2007 2008 2009 2010 2011 2012 of Total Term Term Total Employment 960.7 100% 1158.7 1318.6 1357.4 1396.7 1435.6 1475.2 1509.0 100% 3.3% 2.7% Construction 59.8 6.2% 68.4 75.6 77.3 79.1 80.9 82.4 83.6 5.5% 2.4% 2.0% FIRE 73.0 7.6% 88.0 100.3 103.3 106.3 109.3 112.4 115.1 7.6% 3.3% 2.8% Govemmen 85.9 8.9% 97.1 107.8 110.5 113.2 115.8 118.6 121.0 8.0% 2.5% 2.3% Manufacturing 54.9 5.7% 61.4 66.6 67.8 68.9 70.0 71.2 72.1 4.8% 2.0% 1.6% Mining&Other 12.5 1.3% 13.8 14.9 15.3 15.6 15.9 16.2 16.4 1.1% 2.0% 1.9% Retail Trade 181.2 18.9% 219.2 249.0 256.1 263.3 270.4 277.9 284.3 18.8% 3.3% 2.7% Services 396.1 41.2% 492.1 568.5 587.1 606.0 624.7 644.0 660.7 43.8% 3.7% 3.1% TCPU 47.6 5.0% 58.4 67.0 69.1 71.2 73.3 75.1 76.7 .5.1% 3.5% 2.7% Wholesale 49.7 5.2% 60.3 69.0 71.0 73.2 75.3 77.4 79.1 5.2% 3.4% 2.8% Ttl Non- 905.8 _ 94.3% 1097.2 1252.0 1289.7 1327.8 1365.6 1404.0 1436.9 95.2% 3.4% 2.8% TN Office- 555.1 57.8% 677.3 776.6 800.8 825.4 849.8 875.0 896.8 59.4% 3.5% 2.9% 'Includes FIRE,Services and Employment trends for Orlando and Florida are presented as a point of comparison. Our analysis reveals that Orlando accounted for approximately 9.53% of Florida's employment in 1983. By 1997, this ratio changed to 11.65% and it is projected at 13.23% through 2012. In effect, Orlando will grow at a rate that is higher than that of Florida. INCOME Personal income is also a significant factor in determining the retail demand in a given market. As illustrated in the accompanying charts, Orlando's per capita income has historically achieved per capita income growth below that of Florida. • From 1993 to 1997, Orlando achieved per capita income growth at an average annual compound rate of 1.82%. For the same time period, the average annual compound rate 'L_ of growth for Florida was 2.24%. The two market areas recorded similar divergence in per capita income growth over the last fifteen years with Orlando's growth being at an average annual compound rate of 1.17% while Florida's growth recorded an average annual compound rate of 1.50%. Estimates for the next five and fifteen year periods reflect rates of per capita income growth for Orlando parallel to the anticipated gains in income for Florida. For the two time frames, 1998 to 2002 and 1998 to 2012, Orlando is anticipated to experience a 1.80% and a 1.66% average annual growth rate respectively. For the same time frames, Florida is expected to grow at average annual compound rates of. 1.58% and 1.52%, respectively. Orlando personal income per capita has historically been above that of Florida, partially explaining the higher rates of income growth. - 02-031 , '-' APPRAISAL OF 932 MAGUIRE ROAD PARCEL __ MAGUIRE ROAD WIDENING- CITY OF OCOEE PAGE 45 I Personal Income per Capita Comparison Florida Orlando %Annual %Annual Year Income/Capita Change Income/Capita Change Historical 1983 $17,771.58 $17,243.29 1988 $20,321.59 2.2% $19,591.36 2.1% 1992 $20,060.02 -0.2% $18,920.42 -0.7% 1993 $20,786.79 3.6% $19,318.93 0.0% 1994 $20,902.31 0.6% $19,452.89 0.7% 1995 $21,446.69 2.6% $19,869.35 2.1% 1996 $21,904.33 2.1% $20,299.72 2.2% 1997 $22,406.77 2.3% $20,708.54 2.0% Projected 1998 $22,807.97 1.8% $21,102.39 1.9% 1999 $23,304.42 2.2% $21,638.44 2.5% 2000 $23,694.93 1.7% $22,017.56 1.8% 2001 $23,894.68 0.8% $22,299.54 1.3% 2002 $24,237.21 1.4% $22,640.68 1.5% 2007 $26,081.01 7.6% $24,485.31 8.1% 2012 $28,106.72 7.8% $26,522.75 8.3% , Average Historical Annual Past 5 years 2.24% 1.82% Compound Past 15 years 1.50% 1.17% Change Projected Next 5 years 1.58% 1.80% Next 15 years 1.52% 1.66% Source:NPA Data Services,Inc.;compiled by VIL i Income per Household Comparison ,_I Florida Orlando %Annual %Annual Year Income/Household Change Income/Household Change Historical 1983 $45,868.65 $46,593.61 `J1 1988 $51,184.22 2.2% $51,716.78 2.1% 1992 $50,717.19 -0.2% $50,240.97 -0.7% 1993 $52,985.66 4.5% $51,730.42 0.0% 1 1 1994 $53,516.07 1.0% $52,312.15 1.1% 1995 $54,786.04 2.4% $53,301.39 1.9% 1996 $55,918.03 2.1% $54,405.68 2.1% 1997 $56,915.75 1.8% $55,237.03 1.5% Projected 1998 $57,615.01 1.2% $56,062.36 1.5% 1 1999 $58,640.82 1.8% $57,282.66 2.2% 2000 $59,435.56 1.4% $58,121.12 1.5% • 2001 $59,740.28 0.5% $58,690.19 1.0% 2002 $60,393.24 1.1% $59,405.34 1.2% i 2007 $63,846.11 5.7% $63,195.65 6.4% J 2012 $67,793.98 6.2% $67,512.44 6.8% 1 i Average Historical 1 t Annual Past 5 years 2.33% 1.91% Compound Past 15 years 1.43% 1.11% Change Projected Next 5 years 1.19% 1.47% Next 15 years 1.17% 1.35% Source:NPA Data Services,Inc.;compiled by VIL i I I �% 02-031 APPRAISAL OF 932 MAGUIRE ROAD PARCEL MAGUIRE ROAD WIDENING- CITY OF OCOEE PAGE 46 The following is a list of the major employers in Orange County, as provided by the Economic Development Commission of Mid-Florida, Inc. Major Employers of Orange County Walt Disney World Co. 50,000 Florida Hospital 9,078 - Orlando Regional Healthcare System 8,300 Universal Studios Florida 7,000 Lockheed Martin 6,829 Central Florida Investments 6,000 Publix Supermarkets, Inc. 4,852 Li University of Central Florida 4,844 AT&T Wireless 3,928 I SunTrust 3,216 CONCLUSION it Overall, the economic outlook for Orlando and Florida is positive. Total population for both areas is projected to increase slightly. More importantly, both .areas are projected to experience increasing employment growth. Both Orlando.and .Florida are projected to persist in the shift from manufacturing employment to other forms of employment, such as services. The outcome of this shift should result in amore diversified and stable economy. I '. �- I J 02-031 QUALIFICATIONS Daniel R. DeRango, MAI DERANGO, BEST & ASSOCIATES 160 I E. AMELIA STREET ORLANDO, FLORIDA 32803 (407) 895-6650 RESIDENT OF: Winter Park, Florida EDUCATION: Graduate of Stetson University, Deland, Florida Bachelor of Business Administration- Major: Finance PROFESSIONAL EDUCATION: Courses &Seminars completed under the direction of the Appraisal Institute: • Appraisal Principles • Basic Valuation Procedures • Direct Capitalization,Annuity Capitalization, and Mortgage Equity Capitalization Theory and Techniques • Case Studies in Real Estate Valuation • Valuation Analysis and Report Writing • Condemnation and Litigation Appraisal Practice • Standards of Professional Practice • Residential Valuation Procedures • Appraisal of Small Hotels and Motels • Sales Confirmation Methods • Discounted Cash Flow Analysis • Electronic Spreadsheets in Real Estate Appraising • Urban Planning and Development- University of Central Florida PROFESSIONAL AFFILIATIONS:Member of the Appraisal Institute, MAI No.7557 Board of Directors,Appraisal Institute, East.Central Florida Chapter Florida State-Certified General Real Estate Appraiser No.0001054 Georgia State-Certified General Real Estate Appraiser No.213097 Registered Real Estate Broker/State of Florida, License No.0355191 { Director—Appraisal Institute, East Central Florida Chapter { Member of the Association of Eminent Domain Professionals Member of the American Association of.Airport Executives PROFESSIONAL EXPERIENCE: Qualified as an expert witness in Federal and State Courts. • Special Master,Value Adjustment Board,Orange County Present: President- DeRango, Best and Associates, Orlando, Florida 1984-1997 V.P./Partner, Matonis MacDermott DeRango Sorich&Co.,Orlando, FL 1981-1984 Staff Appraiser with Irwin Appraisal Consulting Services, Inc.,Orlando, FL PUBLISHED: "The Determination of Hotel Value Components for Ad Valorem Tax Assessment" The Appraisal Journal,July, 1993 TYPE OF ASSIGNMENTS: I have appraised or provided counseling for a variety of commercial and residential properties throughout the U.S. (primarily in the Central Florida area). i , QUALIFICATIONS Daniel R. DeRango, MAI (Continued) EXPERIENCE WITH: • Apartments • Acreage Tracts • Office buildings • Golf Course/Country Club • Retail properties • Special use facilities • Condemnation and litigation assignments • Mixed Use Development • Industrial properties • Coastal &Island Tracts • Timeshare Resorts • Aviation Properties • Hotels&Resorts • Air Cargo Facilities • Mobile home parks • Large and Small Aircraft Hangars • Subdivisions • Fixed Based Operations • Mitigation Lands • Condominium projects • Warehouse Facilities • Retail Centers (including regional malls) Appraisal and consulting assignments have been prepared for a variety of lending institutions, corporations, law firms,governmental agencies, and individuals. PROPERTY LOCATIONS IN FLORIDA: • Central Florida(Orange, Seminole, Osceola, Lake, Polk and Volusia Counties) •South Florida(Dade, Broward& Palm Beach Counties) • South Central Florida(Brevard, Martin, St. Lucie&Indian River Counties) •Southwest Florida(Collier, Lee, Manatee, Sarasota, Pinellas, Hillsborough Counties) • Northeast Florida(Flagler, St.Johns and Duval Counties) • North Central Florida(Marion County, Putnam) • Florida Keys ASSIGNMENTS OUTSIDE OF FLORIDA: • Georgia •Texas • Maryland • Indiana • Minnesota •Ohio • New York • New Jersey • Pennsylvania • Illinois •California •Alabama •Connecticut •Tennessee •Colorado