HomeMy WebLinkAboutItem 06 Approval of Vacant Land Purchase of Property Located at 1 Taylor StreetMeeting Date: December 5, 2023
Item #: 6
Contact Name: Robert Frank Department Director: Robert Frank
Contact Number: Ext. 6434 City Manager: Robert Frank
Background Summary:
Last Summer, the City initiated Code Enforcement proceedings against the property located at 1 Taylor Street
owned by Steve and Leslie Marbais. Special Magistrate Fowler found the property owners in continued
violation of the City of Ocoee ordinances at the June 16, 2022, Code Enforcement Board hearing and ordered
the property into compliance by July 15, 2022. The property was not brought into compliance by the deadline
imposed, and the City recorded its Order Imposing Fine on July 22, 2022. On July 7, 2022, the property owner
filed a pro se Notice of Appeal in the Circuit Court for Orange County, Florida. The property remains in
noncompliance and is accruing a $200 per day fine.
When the property owner missed the deadline to file his Initial Brief, City attorney Solik filed a Motion to
Dismiss for failure to file the brief. Before the Court ruled on the Motion to Dismiss the pro se, the property
owner retained counsel who filed a Motion for Extension of Time to file the initial brief. The Court ruled on
both motions on July 11, denying the City's motion and giving the property owner until August 1, 2023, to file
their brief. On July 20, 2023, the property owner filed a Notice of Voluntary Dismissal. The Court has now filed
an Order finally dismissing the case. The property, however, remains in a state of non-compliance. On August
17, 2023, at a duly noticed hearing, the Special Master authorized the City Attorney to file lien foreclosure
proceedings. On September 19, 2023 the City Commission approved proceeding with foreclosure, which
required a recording of a certified copy of the lien and a subsequent statutory waiting period prior to filing with
the court. The earliest date the City can file for foreclosure with the court is January 26, 2024.
The City was recently approached by a representative of the property owner (Marbais) indicating their
willingness to sell the property to the City and bring the property into compliance, provided that the foreclosure
action be dropped and the fine/lien be released. As of the date of this Commission meeting, the payoff
amount of the fines accrued is $113,308.37. Additionally, the property owner still owes a private mortgage of
$81,666.22. The City has obtained an appraisal of the property from PV&C Inc. (attached) that values the
property at $100,000. The City has received the attached real estate contract for sale to the City for $159,000
with the conditions in place that the current owner (Marbais) would then be required to pay $10,000 to the City
towards the City's legal expenses incurred due to this case, as well as closing being contingent upon City staff
certifying that the property is cleared of all belongings of the seller and in full compliance.
Issue:
Should the Honorable Mayor and City Commissioners approve the purchase of the vacant land located at 1
Taylor Street?
City of •"y i u• i Avenue i.o Florida 34761
Phone: 40 9 00 i i'' i i'
Page 41 of 593
Recommendations:
Staff recommends the Honorable Mayor and City Commissioners approve the purchase of the vacant land
located at 1 Taylor Street, subject to the conditions of the contract and any additional conditions imposed by
the Mayor and City Commission, and authorize the City Manager to execute the necessary funding actions.
Attachments:
1. 1Taylor Lien - December O52O23
2. 1 Taylor St K8orboieContract (002)
Financial Impacts:
The contract purchase price is $159,000. The seller is required to pay the City $10,000 towards attorney's fees
relating to the case. Adequate funding is available in the downtown bond balance.
Type of Item: Consent
City of Ocoee - 1 N. Bluford Avenue - Ocoee, Florida 34761
Page 42 of 593
Page 1 of 2
City of Ocoee
Interest In Real Property
Internal Municipality Use Only
t Valid for Commercial Title Search
This document serves as constructive notice of the
City of Ocoee's interest in the real property identified below.
Search performed by jmieras@ocoee.org of City of Ocoee on Dec 1, 2023 at 06:40:23 A.M. PST
Tracking Number: 2300024
Access PIN: 16690
This report includes all outstanding utility bills, unpaid nuisance abatement costs, existing code enforcement violations, and all known building permits
issued for the subject property.
Each item is listed in a separate table, sometimes with explanatory language. If a section is not shown, then there are no records of that type.
The City of Ocoee has made every reasonable effort to keep the information contained in this report accurate and up to date. You should contact the City
Clerk at 407-905-3105 or use the Conduits Messaging system, if you feel that there may be errors or omissions for a particular address or parcel.
There may be non -city records outside the scope of this service.
Although many people search the city's records for liens, outstanding debts, and other issues associated with real property, there may be other types of
liens and encumbrances unknown to the city or not listed here. Vendors, contractors, and other units of government may also file separate liens against
real property; searches for these records must be conducted through the Orange County Comptroller, Official Records.
2022-00083 07/16/2022; NA YES $200.00 DAILY $55.62 $101,455.62
2023-01028 10/07/2023 NA YES $200.00 DAILY $52.75 $11,852.75
Payoff Date: 12/05/2023
The above table presents active code enforcement cases for the subject property. The code enforcement program uses a quasi-judicial
process described in Chapter 7, Ocoee City Code, that levies fines for violations of city code in order to encourage the owner to bring
the property into compliance. A property will be listed as soon as a violation is observed and the owner is notified of the problem. Those
cases where no fine amount is shown are still undergoing the adjudication process. During this period, we try to work with the property
owner to rectify the situation and resort to fines only as a last resort. Those cases listed with a fine were judicially found to be in violation
of city code. If the code violation is continuing as of the date of this report (Violations Continue column says YES), then the property will
need to be brought into compliance before the fine can be paid and the lien, if any, may be released. The responsibility to correct the
violation and pay the accrued fine, if any, rests with the property owner. Selling the property merely passes the responsibility to the buyer;
it does not extinguish the obligation to correct the problem and/or pay the accrued fine.
This report prepared and delivered via Conduits TM, a service from Net Assets Corporation
To use Messaging regarding this report, go to http://conduits.netassets.net/messaging.htmi
Page 43 of 593
Page 2 of 2
200003470 ELECTRICAL
200402487 ELECTRICAL
City of Ocoee
Interest In Real Property
07/06/1999
12/20/2004
Completed 08/19/1999 None
Completed 12/21/2004 None
This report prepared and delivered via Conduits TM, a service from Net Assets Corporation
To use Messaging regarding this report, go to http://conduits.netassets.net/messaging.htmi
Page 44 of 593
��, yr'li�
0 ^r0 Realtors
1* 1 . Sale and Purchase ("Contract"): Steve Marbais Leslie IlWbaI'S�
2 ("Seller") and City of Ocoee
3 ("Buyer") (the "parties") agree to sell and buy on the terms and conditions specified below the property ("Property")
4 described as:
6 Legal Description:
7 BEG VE CO
u
OFBEG N TO P0B, IN SEC
10
11° SEC 1TVVp/1RNG___of FloridaCounh/, Florida. Real Property |D No.18�2
12° including all improvements existing on the Property and the following additional property:
13 Vacant
14° 2. Purchase Price: (U.S. currency)-------------------------------- $ 159,000.00
15 All deposits will be made payable to "Escrow Agent" named below and held in escrow by:
16° Escrow Agent's Name: F|shbaohOom|n|ch
17° Escrow Agent's Contact Person: Cindy Curtis
18° Escrow Agent's Address: 1a4rLee Road Winter Park 32789
1e° Escrow Agent's Phone: 407'262
oo° Escrow Agent's Email: i
21 (a) Initial deposit ($0 if left blank) (Check if applicable)
22° O accompanies offer
23° W will be delivered to Escrow Agent within doys (3 days if left blank)
24° after Effective Date .............. ... ------------------------------ $ 0.00
zu (b) Additional deposit will be delivered to Escrow (Check if applicable)
os° O within daya (10 days if left blank) after Effective Date
270, O within daye (3 days if left blank) after expiration of Due Diligence Period .......... $
2e° (c) Total Financing (see Paragraph 6) (express as a dollar amount or penoentage)....... $
2e° (d) Other: ---'$
au (e) Balance to close (not including Buyer's closing costs, prepaid itmmm, and prormtone)
a/° to be paid at closing bywire transfer orother Collected funds ................. ................ ---$ 159,000.00
32~ U0 O (Complete only if purchase price will be determined based on a per unit cost instead of fixed price.) The
33° unit used to determine the purchase price is [] |cd [] eora [] square font [] other (specify):
34° prorating areas of less than a full unit. The purchase price will be per unit based on a
35 calculation of total area of the Property an certified to Seller and Buyer by a Florida licensed surveyor in
as accordance with Paragraph 8(o). The following rights of way and other areas will be excluded from the
ar^ calculation:
38 3. Time for Acceptance; Effective Date: Unless this offer is signed by Seller and Buyer and an executed copy
ae° delivered to all parties on or before 12/8Q023 ' this offer will be vviihdnevvn and Buyer's deposit, if
40 any, will be returned. The time for acceptance of any counter-offer will be 3 days after the date the counter-offer is
41 delivered. The "Effective Date" ofthis Contract iethe date onwhich the last one of the Seller and Buyer
42 has signed or initialed and delivered this offer orthe final counter-offer.
43° 4. Closing Date: This transaction will close on 1/15/2024 ("Closing Daie^), unless specifically
44 extended by other provisions of this Contract. The Closing Date will prevail over all other time periods including,
45 but not limited to, Financing and Due Diligence periods. However, ifthe Closing Date occurs on e Saturday,
48 Sunday, or national legal holiday, it will extend to 5:00 p.m. (where the Property is located) of the next business
47 day. In the event insurance underwriting is suspended on Closing Date and Buyer is unable to obtain property
48 insurance, Buyer may postpone closing for up to 5 days after the insurance underwriting suspension is lifted. If
4e this transaction does not close for any reason, Buyer will immediately return all Seller provided documents and
eo other items.
51 5. Extension of Closing Date: If Paragraph 6(b) is checked and Closing Funds from Buyer's lender(s) are not
52 available on Closing Date due toConsumer Financial Protection Bureau Closing Disclosure delivery requirements
Buyer
)&
����|e receipt ofacopy of this page, which is1of8pages.
This software is licensed to [Mr. Lou Forges - VALIANT REALTY GROUP LLC] www.transactiondesk.com.
Authentisign ID: D8CB48CE-D98F-EE1 1-8925-6045BDD68161
Buyer and Seller acknowledge receipt of a coof this page, which is 2 of 8 pages.
VAC-14xx Rev 7/23 A 49 copy @2023 Florida Realtors®
This software is licensed to [Mr. Lou Forges - VALIANT REALTY GROUP LLC] www.transactiondesk.com.
Authentisign ID: D8C848CE-D98F-EE1 1-8925-6045BDD68161
IMMU Hill 01HEAW I
160 Before expiration of the Due Diligence Period, Buyer must deliver written notice to Seller of Buyer's
161 determination of whether or not the Property is acceptable. Buyer's failure to comply with this notice
162 requirement will constitute acceptance of the Property as suitable for Buyer's intended use in its "as is"
163 condition. If the Property is unacceptable to Buyer and written notice of this fact is timely delivered to
164 Seller, this Contract will be deemed terminated, and Buyer's deposit(s) will be returned.
Buyer and Seller acknowledge receipt of a copy of this page, which is 3 of 8 pages.
VAC-14xx Rev 7/23 @2023 Florida Realtors®
This software is licensed to [Mr. Lou Forges - VALIANT REALTY GROUP LLC] www.transactiondesk.com.
165,4 (2) El No Due Diligence Period: Buyer is satisfied that the Property is suitable for Buyer's purposes,
166 including being satisfied that either public sewerage and water are available to the Property or the
167 Property will be approved for the installation of a well and/or private sewerage disposal system and that
168 existing zoning and other pertinent regulations and restrictions, such as subdivision or deed restrictions,
169 concurrency, growth management, and environmental conditions, are acceptable to Buyer. This Contract
170 is not contingent on Buyer conducting any further investigations.
171 (b) Government Regulations: Changes in government regulations and levels of service which affect Buyer's
172 intended use of the Property will not be grounds for terminating this Contract if the Due Diligence Period has
173 expired or if Paragraph 9(a)(2) is selected.
174 (c) Flood Zone: Buyer is advised to verify by survey, with the lender, and with appropriate government agencies
175 which flood zone the Property is in, whether flood insurance is required, and what restrictions apply to
176 improving the Property and rebuilding in the event of casualty.
177 (d) Coastal Construction Control Line ("CCCL"): If any part of the Property lies seaward of the CCCL as
178 defined in Section 161.053, Florida Statutes, Seller will provide Buyer with an affidavit or survey as required
179 by law delineating the line's location on the Property, unless Buyer waives this requirement in writing. The
180 Property being purchased may be subject to coastal erosion and to federal, state, or local regulations that
181 govern coastal property, including delineation of the CCCL, rigid coastal protection structures, beach
182 nourishment, and the protection of marine turtles. Additional information can be obtained from the Florida
183 Department of Environmental Protection, including whether there are significant erosion conditions associated
184 with the shore line of the Property being purchased.
185 0 Buyer waives the right to receive a CCCL affidavit or survey.
186 10.Chosing Procedure; Costs: Closing will take place inthe county where the Property ialocated and may be
187 conducted by mail or electronic means. If title insurance insures Buyer for title defects arising between the title
18e binder effective date and recording of Buyer's deed, closing agent will disburse at closing the net sale proceeds to
189 Seller (in local cashier's check if Seller requests in writing at least 5 days before closing) and brokerage fees to
190 Broker as per Paragraph 21. In addition to other expenses provided in this Contract, Seller and Buyer will pay the
191 costs indicated below.
182 (a) Seller Costs:
183 Taxes ondeed
184 Recording fees for documents needed tocure title
195 Title evidence (if applicable under Paragraph 8)
19* Estoppel Fee(s)
1e7° Other: Real Et te Broker Commission to Valiant Rei Group
1ee (b) Buyer Costs:
1ee Taxes and recording fees onnotes and mortgages
onu Recording fees onthe deed and financing statements
201 Loan expenses
202 Title evidence (if applicable under Paragraph B)
203 Lender's title policy atthe simultaneous issue rate
204 Inspections
205 Survey
200 Insurance
207~ Other:
208 (c) Prorations: The following items will be made current and prorated as of the day before Closing Date: neo|
xoe estate taxes (including special benefit tax liens imposed by a CDD), interest, bonds, assessments, leases, and
210 other Property expenses and revenues. If taxes and assessments for the current year cannot be determined,
211 the previous year's rates will beused with adjustment for any exemptions.
212 (d) Special Assessment byPublic Body: Regarding special assessments imposed byapublic body, Seller will
213 pay (i) the full amount of liens that are certified, confirmed, and ratified before closing and (ii) the amount of the
214 last estimate of the assessment if an improvement is substantially completed as of Effective Date but has not
215 resulted inalien before closing; and Buyer will pay all other amounts. |fspecial assessments may bepaid in
210° installments, X Seller El Buyer (Buyer if left blank) will pay installments due after closing. If Seller is
217 checked, Seller will pay the assessment in full before or at the time of closing. Public body does not include a
218 Homeowners'orCondominium Association.
21e (e)PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ONTHE SELLER'S CURRENT
220 PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT BUYER MAY BE OBLIGATED TO
221 PAY IN THE YEAR SUBSEQUENT TO PURCHASE. ACHANSE OF OWNERSHIP OR PROPERTY
Buyer and Seller acknowledge receipt ofacopy ofthis page, which is4of8pages.
This software is licensed to [Mr. Lou Forges - VALIANT REALTY GROUP LLC] www.transactiondesk.com.
Authentisign ID: D8C848CE-D98F-EE1 1-8925-6045BDD68161
329* lou@valiantrealtygrp.com
330 Seller's Sales Associate Email Address
331
332* 407-592-7710 407-592-7710
333 Seller's Sales Associate Phone Number
334
335"' VALIANT REALTY GROUP LLC
336 Listing Brokerage
337
338 112 S Bluford Ave Ocoee FL 34761
C • nutar.11 gn. ZMEEMLL. =.
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ITIMMITST-M,
ITS "ARNW10, mI-
340 22. Addenda: The following additional terms are included in the attached addenda and incorporated into this Contract
341 (Check if applicable):
342* 0 A. Back-up Contract
343* 0 B. Kick Out Clause
344* X C. Other Buyer provided supplemental sales contract addendum
345- 23. Additional Terms:
346 Seller to pay $10,000.00 toward the City of Ocoee attorney fees for case numbers: 2022-00083 and
347 2023-01028.
348
349 Closing will be contingent upon the property being completely cleared and in compliance with all
350
351 violations as inspected by City staff.
352
353
354
355
356
357
358
359
360
361 COUNTER-OFFER/REJECTION
362* D Seller counters Buyer's offer (to accept the counter-offer, Buyer must sign or initial the counter -offered terms and
363 deliver a copy of the acceptance to Seller).
364* 0 Seller rejects Buyer's offer
365 [The remainder of this page is intentionally left blank.
366 This Contract continues with Line 367 on Page
Buyer )and Seller acknowledge receipt of a copy of this page, which is 7 of 8 pages.
VAC-14xx Rev 7/23 @2023 Florida Realtors®
This software is licensed to [Mr. Lou Forges - VALIANT REALTY GROUP LLC] www.transactiondesk.com. sfixf-fl"Ns
Authentisign ID: D8CI348CE-D98F-EE1 1-8925-6045BDD68161
367 This is intended to be a legally binding Contract. If not fully understood, seek the advice of an attorney before
368 signing.
369
370
371
372
373
374
375
376
377
CONVEYANCES TO FOREIGN BUYERS: Part III of Chapter 692, Sections 692.201 - 692.205, Florida Statutes, 2023
(the "Act"), in part, limits and regulates the sale, purchase and ownership of certain Florida properties by certain buyers
who are associated with a "foreign country of concern", namely: the People's Republic of China, the Russian
Federation, the Islamic Republic of Iran, the Democratic People's Republic of Korea, the Republic of Cuba, the
Venezuelan regime of Nicol6s Maduro, or the Syrian Arab Republic. It is a crime to buy or knowingly sell property
in violation of the Act.
At time of purchase, Buyer must provide a signed Affidavit which complies with the requirements of the Act.
......... .... . . . . . . . . .
378
379* Buyer:
380* Print name: City of Ocoee
381* Buyer:
382* Print name:
383 Buyer's address for purpose of notice:
384* Address:
386*
387*4
388**
389*
=I
A I'll I I I
Seller: Mmi Date:
Print name,,-.,,,STEVE MARBAIS
Selleri mariMS'
Print name: Leslie Marbais
390 Seller's address for purpose of notice:
391* Address: 716 E Lakeshore Drive 1
392* Phone: 407-466-7838 Fj
11/30/2023
Date: 11/30/2023
Email: stevemarbais@gmaii.com
Florida REALTORS' makes no representation as to the legal validity or adequacy of any provision of this form in any specific transaction. This standardized form should
not be used in complex transactions or with extensive riders or additions. This form is available for use by the entire real estate industry and is not intended to identify the
user as REALTOR'. REALTOR' is a registered collective membership mark which may be used only be real estate licensees who are members of the NATIONAL
ASSOCIATION OF REALTORS' and who subscribe to its Code of Ethics. The copyright laws of United States (17 U.S. Code) forbid the unauthorized reproduction of this
form by any means including facsimile or computerized forms.
Buyer and Seller acknowledge receipt of a copy of this page, which is 8 of 8 pages.
VAC-14xx Rev 7/23 @2023 Florida Realtors®
This software is licensed to [Mr. Lou Forges - VALIANT REALTY GROUP LLC] www.transactiondesk.com.
maa -D"k EdAw",
lor street
1 Taylor Street, Ocoee, FL 34761
Date of the Report
Novernber 30, 2023
Prepared For
Mr. Michael Ruiner
Development Services Director
City of Ocoee
Client File Number
PO #1429208
Internal File Number
A23-36
Page 53 of 593
°
Transmittal Letter
0 so
1 QNC.
Property, Valuation & Consulting
Mr. Michael Romer
Development Services Director
City ofOcoee
RE: Appraisal Report for the property located at1Taylor Street, Ocoee, FL3471
284SiDillard Street
Winter Garden, FL 34787
At your request,we have completed the research and analysis necessary in preparing a restricted appraisal report, based
on the definition and in compliance with the minimum standards of the Uniform Standards of Professional Appraisal
Practice (USPAP)and Title X|ofFIRRBA,for the above captioned property.
The subject property islocated mnthe east side ofTaylor Street, north nfWest N1ckeyStreet and south ofWest Oakland
Avenue within the City ofOcoee in west Orange County, The subject site is triangular in shape and contains 5'135
gross/net upland square feet. The site is cleared and level, improved with perimeter fencing and all utilities any available
to the property. No adverse easements, encroachments or restrictions are known. Taylor Street isatwo'lane' asphalt -
paved public right-of-way improved with street lighting in the area of the subject. The site is approximately two blocks
west ofcity government and administration buildings,
The neighborhood boundaries can be defined asSilver Star Road 0nthe north, State/Toll Road 429tothe west, West
Colonial Drive/State Road 5Otothe south. and Clarke Road to the east, The subject neighborhood consists primarily of
single-family residential, municipal, industrial and commercial uses. Commercial uses in the immediate area of the
subject include heavy commercial and light industrial uses tmthe north along Taylor Street. The City ofOcoee municipal
campus is located east of the subject along Bluford Avenue and include a recently completed City Hall facility. Ocoee
Middle School and Ocoee Elementary School are located approximately 0.5 miles southeast of the subject. Other
commercial uses in the neighborhood are located along County Road 438' Maguire Road, and State Road 50.The City of
Ocoee is currently developing a downtown master stormwater pond and park just northeast of the subject, The five -acre
park will serve as the master stnrmwater retention area for the city's downtown core area (which encompasses the
subject property).
z
Page 54 of 593
The subject property iszoned |'1(Restricted Manufacturing and Warehousing) with aHeavy Industrial Future Land Use by �
the City ofOcoee. According to the City of Ocoee, the 1'1 district is intended primarily for manufacturing and assembly
r-
plants and warehousing that are conducted so the noise, odor, dust and glare of each operation is completely confined 0
M
within an enclosed building. These industries may require direct access to rail,air or street transportation fodUdea� U1
however, the size and volume of raw materials and finished products involved should not produce the volume of M
' �
freight generated by the uses of the general industrial districts. Buildings in this district should be architecturally
attractive and surrounded bylandscaped yards, This district is primarily intended for areas shown on the Future Land
Use Map as "Light Industrial". The subject property is located in the City ufOcnee's Downtown Redevelopment Area
Overlay district, which provides flexibility to the land development codes and regulations. Within the Downtown
Redevelopment overlay district, mixed -use developments are promoted and density/intensity allowances may be offered
The 2023 cerdfed]usbmarket and assessed value for the subject parcel is $91'359 with ad -valorem taxes of$1.494.61
and non -ad valorem assessment of$120.00for storm -drainage, for a total tax liability of$1.614L61 for 2023. The 2022
assessed value for tax purposes was $28'940. and the tax bill for the parcel totaled $602.97 (the significant increase in
the tax assessment from 2022 to 2023 was due to a transfer of the property in early 2022). The ZQZ3taxes have not yet
been paid but are not yet delinquent, there are no prior years' taxes delinquent for the property. The market value for
tax purposes appears reasonable when compared with the appraised value.
The subject property is currently under the ownership of Steve Marbais and Leslie Marbais. The Current owners acquired
the subject in January 2022 for a recorded sale price of $10[\000, or $10.95/SF (Orange County Instrument
#20220072641), it does not appear that the subject was advertised on the open market. The January 2022 transfer was
financedbytheGnynLorUimmyF.SiUs)�LheseUerfinancad$BO,O8D(9OY6ofthepurchoseprice)ata4%|nterestrotefora
15-yearterm. Additionally, the property is currently listed for sale, The subject was listed on November Q' 2023 at an
asking price of$25O'OOQ($Z7]7/SF)byLou Forges ufValiant Realty Group (K;LS#O81S5657).The subject isnot known tm
be under contract for purchase at the time of this appraisal assignment. The prior sale of the subject was not included in
the sales comparison analysis, as the property did not appear to have been openly marketed, coupled with the non'
market seller financing. The current listing of the subject was considered but ultimately not analyzed in the sales
comparison approach as the asking price reflects an extreme outlier when compared with sales/listings of drni|zr
properties. There have been no additional transfers of the subject in the past three years,
|nour opinion, the highest and best use of the property as vacant is for commercial use as permitted under the current w
zoning/FLU and zoning overlay designations. 0
The purpose of this appraisal is to estimate the "as is" market value of the fee simple estate in the subjectproperty, asmf
November 3Q,2D23. The intended use of this appraisal is for decision -making purposes related to a possible acquisition —
of the subject by the City of Ocoee, who is the intended user of this appraisal. This investigation involved inspecting the �
subject property, collecting and analyzing data pertinent to the subject property and its market and location, as well as M
coUectingand analyzing comparable market data under market cmndidonsprevaiHngNovember 3Q'2O2�� �
In preparing this appraisal, the appraiser inspected the subject property (on November 30, 2023),� gathered information
from the subject's neighborhood and market area on comparable vacant (and sales/listings (|n accordance with the
subject's highest and best use) and confirmed the sale/listing information with at least one representative of the
transaction and analyzed the information gathered in applying only the sales comparison approach.
Page 55 of 593
The cost and income approaches were considered but not applied, as the subject consists of vacant land with little to no
development costs expended todate; therefore, the cost approach was eliminated asavalid approach tovalue for this
assignment. Since vacant land is seldom leased in the market area, we did not apply the income capitalization approach.
Based on the availability of comparable data ofsimilar vacant land recently sold and -or currently listed on the open
market the sales comparison approach was the only applicable approach tovalue for the subject property in its "as is°
condition. The sales comparison approach measures the actions of buyers and sellers inthe current marketplace through
the analysis ofrecent sale transactions and listings that are considered similar tothe property being appraised. This
approach was used by comparing the subject with comparable vacant commercial land sales and current listings.
In reporting the opinion of value, an appraisal has been performed, as defined by the Uniform Standards of Professional
Appraisal Practice. As we discussed and agreed initially, a restricted appraisal report has been prepared, However, for
your convenience, the Comparable Land Sales Adjustment Grid is attached on a following page.
In determining the value for the subject property we analyzed three vacant land sales and an active listing in the subject's
market area occurring between July 2021 and April 2023' with the listing current as of the date of value. Sales prices
ranged from $9.05/SFto $17.09/SF. After applying transactional and physical adjustments tathe comparable sales the
value indications ranged from $9.O3/5Fto$l7.OB/SFaveraging $11.2U/SF.Land Sales 1 and 2received primary weight of
30% each due to their proximity to the subject with supporting weight n[2DY6 each placed on Land Sale 3 and Active
Listing 4.This weighting results |navalue indication of$1O.8Z/SFor$98'841'rounded to$100,0Q0.
As a result ofour field investigation and valuation analysis, which is contained within our files, it is our opinion that the
market value of the fee simple estate in the subject property, "as is" as of November 30, 2023 is $100,000 (rounded), or
$10.95 per square foot of net usable/upland area (rounded),
The marketing and exposure period for the subject property is estimated to be 12 months or less.
Reliance onthis restricted appraisal report islimited tothe client and the report may not beunderstood properly without
additional information in our work files, We trust this information will assist you. It was a pleasure to provide appraisal
Value Conclusions
1Taylor Street Current Market Value As Is Fee Simple 11/30/2023
Sincerely,
Property Valuation & Consulting, Inc.
Blair Beasley
State -Certified General Real Estate Appraiser, FL No. RZ3871
IM
HHHOM
Page 56 of 593
ISite Description
MSA
Orlando
Market Type
Large
Submarket Type
Suburban
Legal Description
BEG NE COB OF SW1/4 OF SE1 /4 RUN W 205 FT TO ROAD SELY ALONG ROAD TO POINTS S OF
BEG N TO POB IN SEC 18-22-28
Location Classification
Good
Parcel Identifier
18-22-28-0000-00-049
Location of Parcel
Mid -Block
Size
SF / Acres
9,135 / 0,21
Usable Land Acres
0.21
Usable Land Square Feet
9,135
Access
Traffic Count
3,200
Traffic Counter Description
FDOT 2022
Primary Frontage Feet
180
Primary Frontage Type
Local
Frontage Description
Two-lane, asphalt -paved road
Access Classification
Average
Access Description
No barriers to access
Encumbrances
Flood Zone
Zone X
Flood Map Number
12095CO210N
Flood Map Effective Date
09/24/2021
Flood Plain Description
The subject property is situated in Zone X, an area of minimal flood hazard.
Environmental Description
No known environmental issues
Encumbrances Easements
No adverse easements, encumbrances or restrictions noted (typical utility easements are
Description
assumed) - a survey has not been provided
Site Characteristics
Shape
Triangular
Topography
Basically Level
Grade
At Grade
Land Cover
Cleared
View / Appeal
Average
Available Utilities
Electricity, Sewer, Telephone, and Water
Site Utility
Average
Page 57 of 593
Subject Photos
Aerial/Tax Map
Lookingnorth aloe Taylor Street from near the southern
g y
corner of the site (subject on right)
Looking south along Taylor Street from near the
northwest corner of the site (subject on left)
Looking northwest from near the southern boundary of
W
I
Page 58 of 593
Looking east along the northern boundary from near the
northwest corner of the site
Looking southeast from near the northwest corner of the
am
I
Page 59 of 593
Land Valuation
Page 60 of 593
SF / Acres 12,553/0
Lots 0
In Flood Plain? No
113 West Oakland Avenue
Sale Date
7/1/2021 The Grantee purchased the property for future
113 West Oakland Avenue
Int. Conveyed
Fee Simple development.
Ocoee, FL 34761
Seller
Joshua Stalker
Land / Commercial
Buyer
Aplausce, LLC
Sale Price $120,000
Sale Price/ULSF
$9,56
Analysis Sale PriCE $120,000
Analysis SP/ULSF
$9.56
SF / Acres 39,483/1
Lots 0
In Flood Plain? No
300 North Bluford Avenue
Sale Date
4/1/2023 ---
300 North Bluford Avenue
Int. Conveyed
Fee Simple
Ocoee, FL 34761
Seller
Share the Care, Inc,
Land / Commercial
Buyer
Walter Raymond Real Estat...
Sale Price $400,000
Sale Price/ULSF
$10.13
Analysis Sale Price $400,000
Analysis SP/ULSF
$10.13
SF / Acres 9,948/0
Lots 0
In Flood Plain? No
180 East 5th Street
Sale Date
1/1/2023 ---
180 East 5th Street
Int, Conveyed
Fee Simple
Apopka, FL 32703
Seller
Dennis Sanborn
Land / Commercial
Buyer
Metro Fibernet, LLC
Sale Price
$170,000 Sale Price/ULSF
$17.09
Analysis Sale Price
$170,000 Analysis SP/ULSF
$17.09
N
Page 61 of 593
106 West 4th Street
106 West 4th Street
Apopka, FL 32703
Land / Commercial
SF / Acres
Lots
In Flood Plain?
Sale Date Listing ---
Int, Conveyed Fee Simple
Seller N/A Current Listing - Curren...
Sale Price $109,000 Sale Price/ULSF
Analysis Sale PriCE $109,000 Analysis SP/ULSF
w
I
Page 62 of 593
Land Adjustments
Subject
Sale #1
Sale # 2
Sale #3
Name
1 Taylor Street
113 West Oakland
300 North Bluford
180 East 5th Street
Avenue
Avenue
Street Address
1 Taylor Street
113 West Oakland
300 North Bluford
180 East 5th Street
Avenue
Avenue
City
Ocoee
Ocoee
Ocoee
Apopka
Sale Price
$120,000
$400,000
$170,000
Unit of Comp.
Usable Eared SF
Usable Land SF
Usable Land SF
Usable Land SF
UoC Value
9,135 sf
12,553 sf
39,483 sf
9,948 sf
Sale Price / UoC
$9.56
$10.13
$17.09
Transactional Adjustments (calculated cumulatively)
Property Rights
NIA
Fee Simple
Fee Simple
Fee Simple
Similar
Similar
Similar
Terms/Financing
NIA
$0.00
$0.00
$0.00
Similar
Similar
Similar
Cond. of Sale
NIA
$0,00
$0.00
$0.00
Adjustment
0.00% $0.00
0.00% $0.00
0.00% $0.00
Expend. After Sale
NIA
$0.00
$0.00
$0.00
Similar
Similar
Similar
Excess Land Val.
NIA
$0.00
$0.00
$0.00
Similar
Similar
Similar
Market Cond.
NIA
71112021
41112023
11112023
Similar
Similar
Similar
Adj. Price per UoC
NIA
$9,56
$10.13
$1709
Property Adjustments - Quantitative (riot cumulative)
Location
Good
Good
Good
Average
Adjustment
0.00% $0.00
0,00% $0.00
5.00% $0.85
Size
9,135 sf
12,553 sf
39,483 sf
9,948 sf
Adjustment
0.00% $0.00
10.00% $1.01
0.00% $0.00
Traffic Count
3,200
0
14,900
0
Adjustment
5.00% $0.48
-5.00% -$0.51
5.00% $0.85
Frontage
180
85
290
101
Adjustment
5.00% $0.48
0.00% $0.00
0.00% $0.00
Access
Average
Average
Good
Good
Adjustment
0.00% $0.00
-5.00% -$0.51
-5.00% -$0.85
Configuration
Triangular
Rectangular
Rectangular
Rectangular
Adjustment
-5.00% -$0.48
-5.00% -$0.51
5.00% -$0.85
Zoning
l-1 (Restricted
C-2 (Community
C-2 (Community
MU-D (Mixed -Use
Manufacturing &
Commercial)
Commercial)
Downtown)
Warehousing) with
Downtown
Redevelopment Overlay
Similar
Similar
Similar
Utilities
Electricity, Sewer,
Electricity, Sewer,
Electricity, Sewer,
Electricity, Sewer,
Telephone, and Water
Telephone, and Water
Telephone, and Water
Telephone, and Water
Similar
Similar
Similar
View / Appeal
Average
Good
Good
Average
Adjustment
-5.00% -$0.48
-5.00% -$0.51
0.00% $0.00
Page 63
of 593
Total dju tr is
Gross % Adj's
N/A
20.08%
30.11 %
19,89%
Gross $ Adj's
N/A
$1.92
$3.05
$3.40
Net % Adj's
N/A
0. o%
-10.17%
0.00%
Net $ Adj's _
N/A
MOO
-$1.03
$0.00
Net Adj Price / UoG
N/A
$9.56
$9.10
$17.09
Page 64 of 593
Land Adjustments
Subject
Sale
Name
1 Taylor Street
106 West 4th Street
Street Address
1 Taylor Street
106 West 4th Street
City
Ocoee
Apopka
Sale Price
$109,000
Unit of Comp.
Usable Farad SF
Usable Land SF
UoC Value
9,15 sf
12,038 sf
Sale Price / UoC
$9.05
Transactional Adjustments ; (c fcul ted cumulatively)
ly)
Property Rights
NIA
Fee Simple
Similar
Terms/Financing
NIA
$(too
Similar
Cond. of Sale
NIA
$0.00
Adjustment
-5.00% -$0.45
Expend. After Sale
NIA
$0.00
Similar
Excess Land Val.
N/A
$0.00
Similar
Market Cond.
NIA
Listing
Similar
Adj. Price per UoC
NIA
$&60
Property Adjustments - Quantitative (riot cumulative)
Location
Good
Average
Adjustment
5.00% $0.43
Size
9,135 sf
1Z038 sf
Adjustment
0.00% $0.00
Traffic Count
3,200
0
Adjustment
5.00% $0.43
Frontage
180
176
Adjustment
0.00% $0.00
Access
Average
Good
Adjustment
-5.00% -$0.43
Configuration
Triangular
Triangular
Adjustment
0.00% $0.00
Zoning
l-1 (Restricted
MU-D (Mixed -Use
Manufacturing &
Downtown)
Warehousing) with
Downtown
Redevelopment Overlay
Similar
Utilities
Electricity, Sewer,
Electricity Sewer,
Telephone, and Water
Telephone, and Water
Similar
View / Appeal
Average
Average
Adjustment
0.00% $0.00
Page 65 of 593
Total dju tr is
Gross %Adj's
NIA
19.23%
Gross $ Adj's
NIA
$1.74
Net % Adj's
N/A
-0.22%
Net $ Adj's _
NIA
-$0.02
Net Adj Price / UoG
NIA
$9.03
Page 66 of 593
Analysis Price Indications
Minimum
$9.03
Maximum
$17.09
Average
$11.20
Median
$9.33
Standard Deviation
3.41
Page 67 of 593
We certify that, to the best of our knowledge and beliet
The statements of fact contained in this appraisal report are true and correct.
The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions,
and are our personal, impartial, and unbiased professional analyses, opinions and conclusions.
We have no present or prospective interest in the property that is the subject of this report, and we have no personal
interest or bias with respect to the parties involved.
We have no bias with respect to the property that is the subject of this report or to the parties involved with this
Our engagement in this assignment was not contingent upon developing or reporting predetermined results.
Our compensation for completing this assignment is not contingent upon the development or reporting of a
predetermined value or direction of value that favors the cause of the client, the amount of the value opinion, the
attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of the
The reported analyses, opinions, and conclusions were developed, and this report has been prepared, inconformity with
the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal
Institute, which include the Uniform Standards of Professional Appraisal Practice and the regulating agencies governed
underBRREA.
�
The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized o
representatives.
The undersigned have made a personal inspection of the property that is the subject of this report.
No one provided significant real property appraisal assistance to the person(s) signing this certification.
Asofthe date ofthis report, Blair Beasley has completed the Standards and Ethics Education Requirements and the
requirements of the continuing education program for Practicing Affiliates of the Appraisal Institute.
VVehave performed nnservices, as an appraiser or in any other capacity, regarding the property that is the subject of this
report, within the 3-year period immediately preceding acceptance of this assignment.
Blair Beasley, State -Certified General Real Estate Appraiser, License #RZ387l November 3[\2023
Page 68 of 593
GENERAL ASSUMPTIONS
1 . The legal description provided and used in this report is assumed to be correct.
2. The property, as described in this report, and the areas and dimensions as shown herein, are assumed to be correct.
3. We have not made a survey of the property and assume no responsibility in connection with such matters, Any maps
or plats reproduced and included in this report are intended only for the purpose of showing spatial relationships. They
are not measured surveys or measured maps, and no responsibility for cartographic or surveying errors is made,
4. No title search has been made and the reader should consult an attorney ortitle company for information and data
relative to property ownership and legal descriptions. It is assumed that the title is marketable.
5. information and data furnished by others is usually assumed to be true, correct, and reliable, When such information
and data appears to be dubious, and when it is critical to the appraisal, a reasonable effort has been made to verify all
such informatiom however, no responsibility for its accuracy is assumed by the appraiser(s).
& All mortgages, liens, encumbrances, leases, and servitude have been disregarded unless so specified within the report.
The property is appraised as though under responsible ownership and competent management.
7� It is assumed that there are no hidden or umapparent conditions of the property, subsoil, or structures that would
render |tmore mrless valuable. Noresponsibility bassumed for such conditions orfor engineering that may be required
to discover them.
EL It isassumed that there is full compliance with all applicable federal, state and local environmental regulations and
laws unless noncompliance is stated, defined, and considered in the appraisal report.
9� It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless
nonconformity has been stated, defined, and considered in the appraisal report.
I
Page 69 of 593
�
GENERAL ASSUMPTIONS (CONTINUED) 0
10. It is assumed that all required licenses, consents, or other legislative or administrative authority from any local, state,
�
ornational governmental orprivate entity ororganizfo
r M
the value estimate contained in this report is based.
11. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the
property described and that there is no encroachment or trespass unless noted within the report.
12. We do not have the expertise to determine the presence or absence of hazardous substances, defined as all
hazardous or toxic materials, wastes' pollutants or contaminant (including, but not limited to, asbestos, PCB' UFF\ or
other raw materials or chemicals) used in construction' or otherwise present on the property. We assume no
responsibility for the studies or analyses that would be required to determine the presence or absence of such
substances or for loss as z result of the presence of such substances. The value estimate is based on the assumption
that the subject property |snot snaffected.
13.The Americans with Disabilities Act (ADA)became effective January 26.1992. The appraiser(s)has not made aspecific
compliance survey and analysis ofthis property todetermine whether ornot itis|nconformity with the various detailed
requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the
requirements of the AD/\ could reveal that the property is not in compliance with one or more of the requirements of
the Act. Ifso, this fact could have anegative effect upon the value ofthe property, Since the appnaiser(s)has nodirect
evidence relating to this issue' possible noncompliance with the requirements nfADA in estimating the value of the
property has not been considered.
14. This is o Restricted Appraisal Report, which is intended to comply with the reporting requirements set forth under
Standards Rule 2-2 (b) of the Uniform Standards of Professional Appraisal Practice for a Restricted Appraisal Report, As
such, it does not present discussions of the data, reasoning, and analyses that were used in the appraisal process to
develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning' and analyses is
retained fnthe appraiser's file. The depth of discussion contained in this report is specific to the needs of the client and
for the intended use stated. The appraiser isnot responsible for unauthorized use ofthis report,
�
00
NoExtraordinary Assumptions or Hypothetical Conditions have been employed /nthis uppmm/sm{ 0
�
�
Page 70 of 593
�
GENERAL LIMITING CONDITIONS 0
M
1 We will not be required to give testimony or appear in court because of having made this appraisal, with reference to
�
the property in question, unless arrangements have previously been made thereof,
2. Possession of the report, or copy thereof, does not carry with it the right of publication, It may not be used for any
purpose, byany person, other than the party towhom kisaddressed without the written consent ofthe appraisers, and
in any event only with proper written qualifications and only in its entirety.
3. The distribution of the total valuation in this report between land and improvementsapplies only under the reported
highest and best use of the property, The allocations of value for land and improvements must not be used in
conjunction with any other appraisal and are invalid if so used.
4. No environmental impact studies were either requested or made in conjunction with this appraisal, and the appraiser
hereby reserves the right to alter, amend' revise, or rescind any of the value opinions based upon any subsequent
environmental impact studies, research, orinvestigation.
5. Neither all, nor any part of the contents of this report (especially any conclusions as to value, the identity of the
appraiser, or the firm with which he is connected, or any reference to the Appraisal Institute or to the K8AJ or SRA
designations) shall be disseminated to the public through advertising media, public relations media' news media' sales
media, or any other public means of communication without the prior written consent and approval of the undersigned.
6. Acceptance of and/or use of this appraisal report constitutes acceptance of the foregoing "General Assumptions",
"Extraordinary Assumptions and Hypothetical Conditions", and "General Limiting Conditions."
Page 71 of 593
�
DEFINITIONS 0
M
�
Market Value can be defined as the most probable price a property should bring in a competitive and open market under �
=
allconditions requisite to afair sale, the buyer and seller each acting prudently and knowledgeably,and assuming the M
price is not affected by undue stimulus. Implicit in this definition is the consummation of sale as of specified date
and the passing of title from seller to buyer under conditions whereby:
1.Buyer and seller are typically mmtivoted�
2. Both parties are well informed or well advised, and acting in what they consider their best interests"
S. Areasonable time |sallowed for exposure inthe open market
4. Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable
5. The price represents the normal consideration for the property sold unaffected by special or creative financing or
sales concessions granted byanyone associated with the sale. */2cpn3442(a) Financial Institutions Reform, Recovery, and
Enforcement Act of1nn*(^pmxsx'')
Fee simple estate is defined as the absolute ownership unencumbered by any other interest or estate,subject only tothe
Page 72 of 593
APPRAISER QUALIFICATIONS
Q(ALIFICATIONS OF BLAIR BEASLEY
State Certified General Real Estate Appraiser #RZ3871
Business Address
Property Valuation & Consulting, Inc.
204 South Dillard Street
Winter Garden, FL 34787
(1407) 877-0200, Fax: (407) 877-8222
Education
Florida State University Tallahassee, FL
Bachelor of Science in Real Estate and Marketing, April 2011
Appraisal & Real Estate Courses
Introduction to Real Estate: Florida State University
Tallahassee, FL
December 2009
Real Estate Valuation: Florida Slate University
Tallahassee, FL
December 2010
Real Estate Finance: Florida State University
Tallahassee, FL
December 2010
Real Estate Market Aualysis. Florida State University
Tallahassee, FL
April 2011
Real. Estate Investment: Florida State University
Tallahassee, FL
April 2011
Legal Environment of Real Estate: Florida State University
Tallahassee, FL
April 2011
National USPAP 15 Hour Course, Steve Williamson Real Estate
Education Specialists
Orlando, FL
April 2012
General Appraiser Market Analysts and Highest & Best Use
k1a.itland, FL
April 2013
Business Practices and Ethics
Online
February 2014
7-Hour National USPAP Update: Conrse
Orlando, FL
November 2014
Florida Laws
Orlando, FL
November 2014
7-Hour National USPAP Update Coarse
Orlando, FL
May 2016
7-Hour National USPAP Update Course
Orlando, FL
April 2018
Florida Laiv
Orlando, FL
April 2018
Appraising Stnall Apartment Properties
Online
November 2018
Basic Hotel Appraising —Limited Service Hotels
Online
November 2018
Appraisal of Land Subject to Ground Leases
Online
November 2018
Supervisor Appraiser Trainee Appraiser Course
Online
August 2019.
7-Hour National USPAP Update Course
Orlando, FL
February 2020
Three Hour Florida. Law
Virtual, Classroom
September 2020
The Cost Approach: Unnecessary or Vital to a Healthy Practice Virtual Classroom
October 2020
Uniform Appraisal Standards for Federal Land Acquisitions
Onlinc
November 2020
Business Practices and Ethics
Virtual Classroom
November 2021
7-Hour National USPAP Update Course
Vinnin Classroom
October 2022
Three Hour Florida. Law,
Vrtual Classroom
October 2022
Rates and Ratios: Making Sense of GIMs, OARS a d DCF
Online
November 2022
Analyzing Operating Expenses
Online
November 2022
Appraisal seminars sponsored by The Appraisal Institute
Critical Thinking in Appraisals, January 2014
Real Estate Experience
September 2011 - Present - Associate, Property Valuation &
Consulting, hic .Winter Garden. FL
Appraisal experience includes narrative and form report writing of commercial and residential Vacant laud,.
agricultural land, proposed residential subdivision properties, recreational facilities, retail buildings,
industrial buildings, office buildings, day care facilities, greenhouse/numery, commercial
condominium
properties, Religious facilitievhotases of 4worship, and other special purpose properties. This includes
research, data collection, verification and analysis.
.References: Available upon request.
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VW
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Page 73 of 593
APPRAISER LICENSE
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Page 74 of 593