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HomeMy WebLinkAboutItem 05 Approval of Clarke Road Widening Property Purchase Agreement City of Ocoee ▪ 1 N. Bluford Avenue ▪ Ocoee, Florida 34761 Phone: (407) 905-3100 ▪ www.ocoee.org STAFF REPORT Meeting Date: February 6, 2024 Item #: 5 Contact Name: Milen Womack Department Director: Stephen Krug Contact Number: Ext. 6013 City Manager: Robert Frank Subject: Approval of Clarke Road Widening Property Purchase Agreement. (Public Works Director Krug) Background Summary: The City is currently widening Clarke Road between A.D. Mims Road and Clarcona-Ocoee Road to a four-lane section. The widening of Clarke Road will eliminate the existing driveway for Public Lift Station 32. The widening of Clarke Road utilizing the entire right-of-way and additional land is required to re-establish the driveway for Lift Station 32. Lift Station 32 is surrounded by a retention pond tract of land, owned by the Reserve at Meadow Lake Homeowners Association, Inc. An agreement between the HOA and the City has been reached for the City to purchase approximately 2,000 square feet (0.044 acres) for the proposed Lift Station 32 driveway, for $11,407.00. The purchase price was 10% above the appraised value of the property, as established by BBG, Inc. Real Estate Services, which is consistent with past City property purchases policies. Public Works recommends approval of the Purchase Agreement. Issue: Should the Honorable Mayor and City Commissioners approve and sign the Purchase Agreement with the Reserve at Meadow Lake Homeowners Association, Inc for the total amount of $11,407.00? Recommendations: Staff recommends the Honorable Mayor and City Commissioners approve and sign the Purchase Agreement with the Reserve at Meadow Lake Homeowners Association, Inc. for the amount of $11,407.00. Attachments: 1. Reserve at Meadow Lake Appraisal 2. Purchase Agreement Financial Impacts: The purchase of land from the Reserve at Meadow Lake Homeowners Association, Inc. in the amount of $11,407.00 (eleven thousand four hundred seven dollars and zero cents) is adequately funded within the Clarke Road Widening Project Budget (Job Number P000242). Type of Item: Consent Page 1304 of 1411 Reserve at Meadow Lake Homeowners Association Inc. Property Clarke Road Ocoee, Florida 34761 BBG File #0123116878 Prepared For Mary Doty Solik Doty Solik Law 121 South Orange Avenue; Suite 1500 Orlando, Florida 32801 Report Date October 2, 2023 Prepared By BBG, Inc., Winter Park (Orlando) Office 1601 East Amelia Street Orlando, Florida 32803 407-895-6650 Client Manager: Daniel DeRango, MAI, CCIM danielderango@bbgres.com BBG Website bbgres.com Copyright © 2023 BBG, Inc. All rights reserved Page 1305 of 1411 BBG # 0123116878 Copyright © 2023 BBG, Inc. All rights reserved. October 2, 2023 Mary Doty Solik Doty Solik Law 121 South Orange Avenue Suite 1500 Orlando, Florida 32801 Re: Appraisal of a proposed acquisition from the Reserve at Meadow Lake Homeowners Association property. Dear Ms. Solik: We have personally inspected and appraised the above referenced property and proposed acquisition area to be acquired by the City of Ocoee. The purpose of our appraisal is to estimate the market value of the property rights to be acquired within the acquisition area. The intended use of the appraisal is to provide assistance and guidance in the right of way acquisition by the City of Ocoee possibly through eminent domain actions. The scope of our services included a site visit and research of property data and market data for comparison purposes. Our conclusions are presented in the attached appraisal report. Our appraisal has been prepared in conformance with the requirements and guidelines set forth in the Uniform Standards of Professional Appraisal Practice (USPAP) and the regulations of the Appraisal Institute. Our value estimates effective September 10, 2023, are documented in the attached report, and summarized below: The value reported is qualified by certain assumptions, definitions, limiting conditions and certification statements that are within the attached restricted use appraisal report. Respectfully submitted, Use of Acquired Rights: Fee Simple* Land Area (acres) 0.0440 Land Value $10,120 Improvements (grass, landscaping) $250 Damages to Remainder $0 Cost to Cure (Net) $0 Total Value of Acquisition $10,370 * Subject to Plat Value of Acquisition - Meadow Lake Homeowners Association Inc. Page 1306 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 1 BBG # 0123116878 TABLE OF CONTENTS TABLE OF CONTENTS .............................................................................................................................................. 1 EXTRAORDINARY ASSUMPTIONS ........................................................................................................................... 2 EXECUTIVE SUMMARY ........................................................................................................................................... 3 PROPERTY PHOTOGRAPHS .................................................................................................................................... 5 INTRODUCTION ..................................................................................................................................................... 7 NEIGHBORHOOD OVERVIEW ............................................................................................................................... 10 PROPERTY DESCRIPTION BEFORE THE TAKING ..................................................................................................... 12 HIGHEST AND BEST USE ....................................................................................................................................... 16 APPRAISAL PROCESS ............................................................................................................................................ 17 COMPARABLE LAND SALES .................................................................................................................................. 17 DESCRIPTION OF THE LAND ACQUIRED: ............................................................................................................... 24 DAMAGES TO THE REMAINDER PROPERTY .......................................................................................................... 27 ADDENDUM ......................................................................................................................................................... 28 STANDARD ASSUMPTIONS AND LIMITING CONDITIONS ...................................................................................... 30 CERTIFICATION .................................................................................................................................................... 34 APPRAISERS QUALIFICATIONS ............................................................................................................................. 35 Page 1307 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 2 BBG # 0123116878 EXTRAORDINARY ASSUMPTIONS 1. We have relied upon a property sketch for the proposed acquisition provided by Allen & Company, Surveyors shown herein. We have assumed the sketch to be accurate for purposes of our appraisal. Our estimates are subject to parcel legal descriptions, surveys and final project plans once available for review. 2. We have estimated property sizes and dimensions based on public records information. We have assumed our estimates to be materially accurate for purposes of our appraisal. Page 1308 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 3 BBG # 0123116878 EXECUTIVE SUMMARY Property Location The property is located within property platted as the Reserve at Meadow Lake (a single family subdivision) on the west side of Clarke Road in Ocoee, Orange County, Florida. Parent Tract Overview The parent tract is the entire Reserve at Meadow Lake subdivision which contains 44.19 acres. The acquisition is in Tract O which is a retention tract dedicated to and maintained by Reserve at Meadow Lake Homeowners Association, Inc. Owner and Address Reserve at Meadow Lake Homeowners Association, Inc. 323 Circle Drive Maitland, Fl 32751 Area of Acquisition Page 1309 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 4 BBG # 0123116878 Acquisition Overview The acquisition is the result of the planned widening of Clarke Road which necessitates a relocation of the access to the lift station to Clarke Road. Existing Lift Station The existing lift station tract (Tract L) City of Ocoee Lift Station 32 is rectangular in shape with dimensions of 30.00 feet by 36.50 feet which indicates the tract contains 1,095 square feet. Located along the Clarke Road right of Way is a 10 foot wide landscape easement depicted on the plat. Proposed Lift station acquisition area Access to the lift station is being relocated to the irregular shaped parcel containing 1,931 square feet: 0.044 acres. A portion of the acquisition is located within a 10 foot wide landscape easement. Remainder Parcel Size (After Condition) After the 0.044 acre acquisition the remainder parcel is reduced very slightly in size to 44.146 acres. The utility of the site is unchanged relative to the property before the acquisition. Highest and Best Use (After Condition) The highest and best use is unchanged by the acquisition: Low density single family development Value Conclusions Use of Acquired Rights:Fee Simple* Land Area (acres)0.0440 Land Value $10,120 Improvements (grass, landscaping)$250 Damages to Remainder $0 Cost to Cure (Net)$0 Total Value of Acquisition $10,370 * Subject to Plat Value of Acquisition - Meadow Lake Homeowners Association Inc. Page 1310 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 5 BBG # 0123116878 PROPERTY PHOTOGRAPHS Aerial view of Meadow Lake subdivision Area of Acquisition Area of Acquisition Meadow Lake single family homes Page 1311 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 6 BBG # 0123116878 Existing Lift Station from Clarke Road Clarke Road looking south Clark Road looking north Page 1312 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 7 BBG # 0123116878 INTRODUCTION Purpose and Intended Use of Appraisal The purpose of this appraisal is to estimate the market value of the land to be acquired by the City of Ocoee from the Reserve at Meadow Lake Homeowners Association Inc. site. We have estimated the market value of the land and the value of any site improvements to be acquired within the area of the acquisition. We have also considered the impacts on the remainder property, if any, that are the result of the acquisition. The appraisal refers to the value of the acquisitions, the effect on market value of the acquisitions, and the damages, if any, to the remainder. The intended use of this appraisal is assistance and guidance for the City of Ocoee in the acquisition of the property described through eminent domain action. There are no other intended users or intended uses for our appraisal. Subject Page 1313 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 8 BBG # 0123116878 Scope of Appraisal and Valuation Methodology Since the land to be acquired does not have a material impact on the remainder property, the taking will not impact the potential use of the property. We have therefore prepared an appraisal of the land value and incidental site improvements in the taking for the parcel to be acquired. The only approach deemed to apply was the Sales Comparison Approach, which is the most reliable valuation approach in estimating land value. A Sales Comparison Approach was used in establishing the value of the underlying land for the acquisition Property Interest Appraised  Parent Tract: Fee Simple Interest. (Subject to plat)  Right of Way Acquisition: Fee Simple Interest. (Subject to plat) Legal Description Parent Tract Page 1314 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 9 BBG # 0123116878 Homeowners Association Tracts Parent Tract Tax (Orange County Property Appraiser ID #) 28-22-09-7366-15-000 History of the Property The tracts of land owned by the Reserve at Meadow Lake Homeowners Association Inc were transferred from the Ryland Group, Inc. (original developer) on March 6, 2008, as recorded in OR Book 09632 Page 2884 of the Orange County Official Records. Property Inspection Mr. Daniel R. DeRango, MAI inspected the property on September 5, 2023. No owner representative was present during the site visit which included a complete inspection of the land, including the area of the taking. Page 1315 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 10 BBG # 0123116878 NEIGHBORHOOD OVERVIEW The neighborhood is in the city of Ocoee in west Orange County. This neighborhood is largely developed with residential uses with supporting commercial uses along major commercial roadways. The property is in a market that has good access to major roadways and is in the growth phase of its life cycle. Demand for properties of all types in the immediate area is high and is projected to continue for the foreseeable future. Given current market trends, we expect these patterns to continue for the foreseeable future and the outlook for the neighborhood is generally positive. The long-term outlook remains favorable. Subject Page 1316 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 11 BBG # 0123116878 Downtown Master Plan In 2016, the citizens of Ocoee participated in an intensive planning and design process that resulted in the Downtown Ocoee Master Plan. In the Spring of 2017, the Downtown Master Plan implementation program was approved by the City Commission. The Master Plan included more than $44 million in capital projects program to enhance public spaces and key infrastructure in Downtown Ocoee. The City’s capital projects will create or expand public spaces along the western shore of Starke Lake. The projects will provide infrastructure to the downtown area, including a stormwater facility which will serve several blocks, that is critical to the project. Located at the City’s Municipal Campus, the expansion of the Lakeshore Center, West Orange County’s premier event destination offer the community a state-of-the-art Center that has space for a 400-seat event. Bill Breeze Park and the Withers-Maguire House grounds have been upgraded with new landscaping and outdoor event spaces. Bluford Avenue utilities upgrade and streetscape is complete, offering expanded sewer and a downtown trail connecting Silver Star Road to just south of Ocoee Middle School. The Reserve at Meadow Lake is located northeast of downtown Ocoee. Page 1317 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 12 BBG # 0123116878 PROPERTY DESCRIPTION BEFORE THE TAKING Area of Acquisition Area of Acquisition Page 1318 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 13 BBG # 0123116878 Location The parent tract is a site located on the northwest corner of Clarke Road and A.D. Mims Road, in Ocoee, Orange County, Florida. The site is in Ocoee/Winter Garden area of West Orange County. Land Area The parent tract is the 44.19 ± acre parcel that makes up the Reserve at Meadow Lake subdivision. Shape The larger parcel has an irregular shape and includes frontage along A.D. Mims and Clarke Road. Access & Exposure The site has access and exposure to A.D. Mims Road and Clarke Road. As developed, there is an access drive from A.D. Mims near the western property boundary and two access drives from Clarke Road. The parcel has good access and good exposure to the Ocoee community. Topography and Soils The site is generally level and at road grade. The soils series for the site is Candler and Tavares soils. Candler soils are formed in thick beds of eolian or sandy marine deposits. Tavares soils are very deep, moderately well drained soils that are also formed in of eolian or sandy marine deposits. Utilities All utilities are available. Utilities are provided by the City of Ocoee. Area of Acquisition Page 1319 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 14 BBG # 0123116878 Real Estate Taxes and Assessments The acquisition is part of OCPA Parcel Number 28-22-09-7366-15-000 Orange County. The assessment is for the common areas of the subdivision. Therefore, the Orange County Property Appraiser (OCPA) assessments for the property is $0.00. The taxes are also $0.00. Zoning and Land Use Designation The property is zoned PUD-MD: Planned Unit Development Medium Density. The zoning and future land use are consistent. Zoning Map ` Subject Page 1320 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 15 BBG # 0123116878 Future Land Use Map The property has two future land uses HDR: High Density Residential and CONS: Conservation/Floodplains Easements & Encumbrances The property is located within a platted subdivision: Reserve at Meadow Lake PB 71/PG 108. The area being acquired lies within Tract O which is a retention tract dedicated to and maintained by Reserve at Meadow Lake Homeowners Association Inc. The existing lift station is in Tract L; a Lift Station Tract dedicated to the City of Ocoee and maintained by Reserve at Meadow Lake Homeowners Association, Inc. The site is also encumbered by a 10 foot landscape easement along the Clarke Road right of way. Subject Subject Page 1321 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 16 BBG # 0123116878 HIGHEST AND BEST USE In estimating the highest and best use of the property, we have evaluated those uses that are legally permissible, physically possible, economically supported, and which would result in the highest return to the land. In appraisal practice, the Highest and Best Use Analysis is the foundation upon which the valuation of a property is based. Legal Considerations The property is zoned PUD-MD with future land use designations of HDR and CONS. The zoning and land use designations are consistent and permit low to medium density residential development. The subject is encumbered by the Reserve at Meadow Lake and the restrictions noted on the Plat. Physical Considerations The total site size is 44.19 + acres with good access and exposure to the Ocoee area. The site has an adequate configuration and topography for development. Utilities are available to the tract. The tract is physically well suited for development. Economic Considerations The site is in the Ocoee/Winter Garden communities. The area continues to be a major activity center for both residential and commercial uses. The long-term outlook for the neighborhood and property is positive. Conclusion The property is suited to low to medium density single family development consistent with the uses permitted under the zoning and land use designation. Therefore, the highest and best use of the site as vacant is for low to medium density residential development, subject to the plat. Page 1322 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 17 BBG # 0123116878 APPRAISAL PROCESS The first step in our valuation is to estimate the value of the unencumbered underlying land before the acquisition. The land value is used to establish a value of the part of the parent tract that is within the proposed acquisition. The land has been valued by the Sales Comparison (Market) Approach. Based on our highest and best use of the parent tract as vacant, we have researched and evaluated sales of similar sites in the Central Florida market area for comparison to the appraised tract. The sales in our analysis are discussed as follows: COMPARABLE LAND SALES Sale 1 Sale 2 Sale 3 Sale 4 Subject Page 1323 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 18 BBG # 0123116878 Sale Number:Subject1234LocationNorthwest corner of Clarke Road and A.D. Mims RoadNorthwest corner of Spring Garden Avenue South and West Beresford Road Northwest corner of Jason Dwelley Parkway and Appy Lane South side of Boy Scout Road just west of Ocoee Apopka RoadWest side of Avalon Road at Lake Ingram RoadAddressClarke RoadWest Beresford RoadJason Dwelley ParkwayBoy Scout RoadAvalon RoadCityOcoeeDeland ApopkaApopkaWinter GardenCountyOrangeVolusiaOrangeOrangeOrangeGrantee (Buyer)Oak Hammock Holdings, LLC KLLB AIV LLC AG EHC II (LEN) Multistate 1 LLCPulte Home Company LLCGrantor (Seller)AG EHC II LEN Multi State 3 LLC Summergate Development, LLC Lennar Homes LLCHorizons Silverleaf Development LLCRecording2023144749202301837652022013153320230213043Sale DateJul-23Mar-23Feb-22Apr-23Sale Price$4,950,000$4,680,000$11,461,400$20,410,500TermsCash to SellerCash to SellerCash to SellerCash to SellerUsable Land Size (AC)44.1938.6441.3259.4478.82Approved Lots18511076268211Dwelling Units per acre4.192.851.844.512.68ConfigurationIrregularRectangleIrregularIrregularIrregularCorner SiteYesYesYesNoNoTraffic SignalYesYesYesNoNoUtilitiesAll AvailableAll AvailableAll AvailableAll AvailableAll AvailableDrainageOn SiteMaster RetentionOn SiteOn SiteOn SiteAccessGood to Clarke Road and A.D. Mims RoadGood from West Beresford Good from Jason Dwelley Parkway Good from Boy Scout Road Good from Avalon RoadExposureGood to Clarke Road and A.D. Mims RoadGood East Crown Point Road Good from Jason Dwelley Parkway Good from Boy Scout Road Good from Avalon RoadZoningPUD-MDOak Hammock Reserve PDRSF-1BPDPDFuture Land Use DesignationHDR and CONS Residential RVLS LDR VillagePrice/Land AC$128,106$113,262$192,823$258,951CommentsPlatted in 2008SJWMD ApprovalsSJWMD ApprovalsPlatted in 2023Zoned but not plattedCOMPARABLE LAND SALESPage 1324 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 19 BBG # 0123116878 LAND SALE 1 –JULY 2023: $128,106 PER ACRE Land Sale No. 1 is located on the northwest corner of Spring Garden Avenue South and West Beresford Road in Deland. The land contains 38.64 acres of land and is approved for 110 single family lots reflecting a developed density of 2.85 dwelling units per acre. The property was purchased by Oak Hammock Holdings LLC July 2023 for a purchase price of $4,950,000 which indicates unit values of $128,106 per acre and $45,000 per developed lot. Land Sale 1 Page 1325 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 20 BBG # 0123116878 LAND SALE 2 –FEBRUARY 2023: $113,262 PER ACRE Land Sale No. 2 is located on the northwest corner of Jason Dwelley Parkway and Appy Lane in Apopka. The site contains 41.32 acres and is approved for 76 single family lots indicating a density of 1.84 dwelling units per acre. The property was purchased by KLLB AIV LLC in March of 2023 for a purchase price of $4,680,000 which indicates unit values of $113,262 per acre and $61,579 per lot. Land Sale 2 Page 1326 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 21 BBG # 0123116878 LAND SALE 3- FEBRUARY 2022: $192,823 PER ACRE Land Sale No. 3 is located on the south side of Boy Scout Road just west of Ocoee Apopka Road in Apopka. The site contains 59.44 acres and is approved for 268 single family lots indicating a density of 4.51 dwelling units per acre. The property was purchased by AG EHC II (LEN) Multistate 1 LLC in March of 2023 for a purchase price of $11,461,400 which indicates unit values of $192,823 per acre and $42,766 per lot. Land Sale 3 Page 1327 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 22 BBG # 0123116878 LAND SALE 4 –APRIL 2023: $258,951 PER ACRE Land Sale No. 4 is located on the west side of Avalon Road at Lake Ingram Road in Horizons West, Winter Garden. The site contains 78.82 acres and is approved for 211 single family lots indicating a density of 2.68 dwelling units per acre. The property was purchased by Pulte Home Company LLC in April of 2023 for a purchase price of $20,410,500 which indicates unit values of $258,951 per acre and $96,732 per lot. Land Sale 4 Page 1328 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 23 BBG # 0123116878 Analysis The land sales indicate a range of unit values from $113,262 per acre to $258,951 per acre with an average of 173,285 per acre. In evaluating the sales data to arrive at our value conclusion, we have weighed the following:  The property is located along a north south corridor of Ocoee that is developed with a mixture of residential and uses.  Three of the four sales are in west Orange County. All the sales will be developed with single family homes with developed densities ranging from 1.84 dwelling units per acre to 4.51 dwelling units per acre and brackets the density of the subject at 4.19 dwelling units per acre.  The 44.09 acre subject is bracketed by the comparable sales which range from 38.64 acres to 78.82 acres.  Developable single family residential land is scarce in the Ocoee/Winter Garden property values are increasing. Comparison Summary Provided below is a summary of the differences/adjustments between the Comparable Sales and the parent tract. Land Value Conclusion: The value of the parcel is above the average price per acre of the of the comparables. The scarcity of lands available for development in the built-up neighborhood and the levels of traffic exposure are favorable comparison factors. Based on the available data, our value is estimated as follows: Price/Land AC $128,106 $113,262 $192,823 $258,950 Market Conditions Sep-23 Similar Similar Similar Similar Conditions of Sale Market Similar Similar Similar Similar Location Good Inferior Similar Superior Superior Access Good Similar Inferior Inferior Similar Exposure Good Inferior Inferior Superior Similar Land Size (AC)44.19 Similar Similar Similar Similar Dwelling Units per acre 4.19 Similar Inferior Similar Similar Adjusted Sales Price Subject Inferior Inferior Slightly Inferior Superior Comparison Summary Page 1329 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 24 BBG # 0123116878 DESCRIPTION OF THE LAND ACQUIRED: A sketch of description of the land being acquired is provided below: Land Size (AC)Price Per AC Value Estimate 44.19 $230,000 $10,164,000 Land Value of Parent Tract Before the Acquisition Land Acquired 10 foot wide landscape easement Page 1330 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 25 BBG # 0123116878 As depicted above the taking consists of an irregular parcel within Tract O (retention tract) on the north side of Tract L (lift station tract) containing 1,931 square feet or .044 square feet of land. Area of Acquisition Page 1331 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 26 BBG # 0123116878 Market Value Estimate of the Land Acquired To estimate the market value of the property being acquired we have applied the unit value of the parent tract before the taking. This results in a value as follows: Improvements within Acquisition There are no structures or noted site improvements within the acquisition area. It is our assumption and understanding that any minor site improvements such as grasses, landscaping if any, can be replaced at a nominal cost. We have however included $250 to cover the cost of minor improvements that may be within the acquisition area. Interest Appraised Property Area (AC) Land Value $/AC Estimated Fee Simple Value (Rd.) Fee Simple * 0.0440 $230,000 $10,120 *Subject to Plat Fee Simple Value of Property to be Acquired* Page 1332 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 27 BBG # 0123116878 Description of the Remainder Property: As described above the remainder site is reduced in size by 0.0440 acres and has no impact on the remaining 44.15. Highest and Best Use of the Remainder Property: The highest and best use of the property is the same as before the acquisition. Cost to cure There are no issues resulting from the acquisition that will require a cure. Damages to the remainder property The site still meets all the minimum requirements under zoning for development for site area, setbacks, etc. As noted, the relative utility of the remainder is not diminished because of the acquisition. There are no issues that will cause severance damages to the remainder parcel. Special benefits Not Applicable for the subject acquisition. Summary of Conclusions Use of Acquired Rights:Fee Simple* Land Area (acres)0.0440 Land Value $10,120 Improvements (grass, landscaping)$250 Damages to Remainder $0 Cost to Cure (Net)$0 Total Value of Acquisition $10,370 * Subject to Plat Value of Acquisition - Meadow Lake Homeowners Association Inc. Page 1333 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 28 BBG # 0123116878 ADDENDUM Marketing and Exposure Time General Assumptions & Limiting Conditions Appraisal Certification Appraiser Qualifications Page 1334 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 29 BBG # 0123116878 MARKETING & EXPOSURE TIME We estimate the marketing period for the property at the value estimate cited herein to be 12 months. This time frame recognizes that the conclusion of the market values will remain at the same level throughout the marketing period. This estimate is premised on active promotion of the property during this period. Furthermore, we estimate the exposure time of the property to also be 12 months. Page 1335 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 30 BBG # 0123116878 STANDARD ASSUMPTIONS AND LIMITING CONDITIONS This appraisal report has been made with the following general assumptions: 1) Notwithstanding that Appraiser may comment on, analyze or assume certain conditions in the appraisal, BBG, Inc. shall have no monetary liability or responsibility for alleged claims or damages pertaining to: (a) title defects, liens or encumbrances affecting the property; (b) the property’s compliance with local, state or federal zoning, planning, building, disability access and environmental laws, regulations and standards; (c) building permits and planning approvals for improvements on the property; (d) structural or mechanical soundness or safety; (e) contamination, mold, pollution, storage tanks, animal infestations or other hazardous conditions affecting the property; and (f) other conditions and matters for which licensed real estate appraisers are not customarily deemed to have professional expertise. Accordingly: a) The Appraiser has not conducted any engineering or architectural surveys in connection with this appraisal assignment. Information reported pertaining to dimensions, sizes, and areas is either based on measurements taken by the Appraiser or the Appraiser’s staff or was obtained or taken from referenced sources and is considered reliable. The Appraiser and BBG, Inc. shall not be monetarily liable or responsible for or assume the costs of preparation or arrangement of geotechnical engineering, architectural, or other types of studies, surveys, or inspections that require the expertise of a qualified professional. b) Unless otherwise stated in the report, only the real property is considered, so no consideration is given to the value of personal property or equipment located on the premises or the costs of moving or relocating such personal property or equipment. Further, unless otherwise stated, it is assumed that there are no subsurface oil, gas or other mineral deposits or subsurface rights of value involved in this appraisal, whether they are gas, liquid, or solid. Further, unless otherwise stated, it is assumed that there are no rights associated with extraction or exploration of such elements considered. Unless otherwise stated it is also assumed that there are no air or development rights of value that may be transferred. c) Any legal description or plats reported in the appraisal are assumed to be accurate. Any sketches, surveys, plats, photographs, drawings or other exhibits are included only to assist the intended user to better understand and visualize the subject property, the environs, and the competitive data. BBG, Inc. has made no survey of the property and assumes no monetary liability or responsibility in connection with such matters. d) Title is assumed to be good and marketable, and in fee simple, unless otherwise stated in the report. The property is considered to be free and clear of existing liens, easements, restrictions, and encumbrances, except as stated. Further, BBG, Inc. assumes there are no private deed restrictions affecting the property which would limit the use of the subject property in any way. e) The appraisal report is based on the premise that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless otherwise stated in the appraisal report; additionally, that all applicable zoning, building, and use regulations and restrictions of all types have been complied with unless otherwise stated in the appraisal report. Further, it is assumed that all required licenses, consents, permits, or other legislative or administrative authority, local, state, f) federal and/or private entity or organization have been or can be obtained or renewed for any use considered in the value opinion. Moreover, unless otherwise stated herein, it is assumed that there are no encroachments or violations of any zoning or other regulations affecting the subject property, that the utilization of the land and improvements is within the boundaries or property lines of the property described, and that there are no trespasses or encroachments. g) The American Disabilities Act (ADA) became effective January 26, 1992. The Appraiser has not made a specific compliance survey or analysis of the property to determine whether or not it is in conformity with the various detailed requirements of ADA. It is possible that a compliance survey of the property Page 1336 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 31 BBG # 0123116878 and a detailed analysis of the requirements of the ADA would reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative impact upon the value of the property. Since the Appraiser has no direct evidence relating to this issue, possible noncompliance with the requirements of ADA was not considered in estimating the value of the property. h) No monetary liability or responsibility is assumed for conformity to specific governmental requirements, such as fire, building, safety, earthquake, or occupancy codes, except where specific professional or governmental inspections have been completed and reported in the appraisal report. i) It is assumed the subject property is not adversely affected by the potential of floods; unless otherwise stated herein. Further, it is assumed all water and sewer facilities (existing and proposed) are or will be in good working order and are or will be of sufficient size to adequately serve any proposed buildings. j) Unless otherwise stated within the appraisal report, the depiction of the physical condition of the improvements described therein is based on visual inspection. No monetary liability or responsibility is assumed for (a) the soundness of structural members since no engineering tests were conducted; (b) the condition of mechanical equipment, plumbing, or electrical components, as complete tests were not made; and (c) hidden, unapparent or masked property conditions or characteristics that were not clearly apparent during the Appraiser’s inspection. k) If building improvements are present on the site, it is assumed that no significant evidence of termite damage or infestation was observed during physical inspection, unless so stated in the appraisal report. Further, unless so stated in the appraisal report, no termite inspection report was available. No monetary liability or responsibility is assumed for hidden damages or infestation. l) Unless subsoil opinions based upon engineering core borings were furnished, it is assumed there are no subsoil defects present, which would impair development of the land to its maximum permitted use or would render it more or less valuable. No monetary liability or responsibility is assumed for such conditions or for engineering which may be required to discover them. m) BBG, Inc. is not an expert in determining the presence or absence of hazardous substances, defined as all hazardous or toxic materials, wastes, pollutants or contaminants (including, but not limited to, asbestos, PCB, UFFI, or other raw materials or chemicals) used in construction or otherwise present on the property. BBG, Inc. assumes no monetary liability or responsibility for the studies or analyses which would be required to determine the presence or absence of such substances or for loss as a result of the presence of such substances. Appraiser is not qualified to n) detect such substances. The Client is urged to retain an expert in this field; however, Client retains such expert at Client’s own discretion, and any costs and/or expenses associated with such retention are the responsibility of Client. o) BBG, Inc. is not an expert in determining the habitat for protected or endangered species, including, but not limited to, animal or plant life (such as bald eagles, gophers, tortoises, etc.) that may be present on the property. BBG, Inc. assumes no monetary liability or responsibility for the studies or analyses which would be required to determine the presence or absence of such species or for loss as a result of the presence of such species. The Appraiser hereby reserves the right to alter, amend, revise, or rescind any of the value opinions contained within the appraisal repot based upon any subsequent endangered species impact studies, research, and investigation that may be provided. However, it is assumed that no environmental impact studies were either requested or made in conjunction with this analysis, unless otherwise stated within the appraisal report. 2) If the Client instructions to the Appraiser were to inspect only the exterior of the improvements in the appraisal process, the physical attributes of the property were observed from the street(s) as of the inspection date of the appraisal. Physical characteristics of the property were obtained from tax assessment records, available plans, if any, descriptive information, and interviewing the client and other knowledgeable persons. It is assumed the interior of the subject property is consistent with the exterior conditions as observed and that other information relied upon is accurate. Page 1337 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 32 BBG # 0123116878 3) If provided, the estimated insurable value is included at the request of the Client and has not been performed by a qualified insurance agent or risk management underwriter. This cost estimate should not be solely relied upon for insurable value purposes. The Appraiser is not familiar with the definition of insurable value from the insurance provider, the local governmental underwriting regulations, or the types of insurance coverage available. These factors can impact cost estimates and are beyond the scope of the intended use of this appraisal. The Appraiser is not a cost expert in cost estimating for insurance purposes. 4) The dollar amount of any value opinion herein rendered is based upon the purchasing power and price of the United States Dollar as of the effective date of value. This appraisal is based on market conditions existing as of the date of this appraisal. 5) The value opinions reported herein apply to the entire property. Any proration or division of the total into fractional interests will invalidate the value opinions, unless such proration or division of interests is set forth in the report. Any division of the land and improvement values stated herein is applicable only under the program of utilization shown. These separate valuations are invalidated by any other application. 6) Any projections of income and expenses, including the reversion at time of resale, are not predictions of the future. Rather, they are BBG, Inc.’s best estimate of current market thinking of what future trends will be. No warranty or representation is made that such projections will materialize. The real estate market is constantly fluctuating and changing. It is not the task of an appraiser to estimate the conditions of a future real estate market, but rather to reflect what the investment community envisions for the future in terms of expectations of growth in rental rates, expenses, and supply and demand. The forecasts, projections, or operating estimates contained herein are based on current market conditions, anticipated short-term supply and demand factors, and a continued stable economy. These forecasts are, therefore, subject to changes with future conditions. 7) The Appraiser assumes no monetary liability or responsibility for any changes in economic or physical conditions which occur following the effective date of value within this report that would influence or potentially affect the analyses, opinions, or conclusions in the report. Any subsequent changes are beyond the scope of the report. 8) Any proposed or incomplete improvements included in the appraisal report are assumed to be satisfactorily completed in a workmanlike manner or will be thus completed within a reasonable length of time according to plans and specifications submitted. 9) If the appraisal report has been prepared in a so-called “public non-disclosure” state, real estate sales prices and other data, such as rents, prices, and financing, are not a matter of public record. If this is such a “non- disclosure” state, although extensive effort has been expended to verify pertinent data with buyers, sellers, brokers, lenders, lessors, lessees, and other sources considered reliable, it has not always been possible to independently verify all significant facts. In these instances, the Appraiser may have relied on verification obtained and reported by appraisers outside of our office. Also, as necessary, assumptions and adjustments have been made based on comparisons and analyses using data in the report and on interviews with market participants. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. 10) Although the Appraiser has made, insofar as is practical, every effort to verify as factual and true all information and data set forth in this report, no responsibility is assumed for the accuracy of any information furnished the Appraiser either by the Client or others. If for any reason, future investigations should prove any data to be in substantial variance with that presented in this report, the Appraiser reserves the right to alter or change any or all analyses, opinions, or conclusions and/or opinions of value. 11) The right is reserved by the Appraiser to make adjustments to the analyses, opinions, and conclusions set forth in the appraisal report as may be required by consideration of additional or more reliable data that may become available. No change of this report shall be made by anyone other than the Appraiser. The Appraiser shall have no monetary liability or responsibility for any unauthorized change(s) to the report. 12) The submission of the appraisal report constitutes completion of the services authorized and agreed upon. Such appraisal report is submitted on the condition the Client will provide reasonable notice and customary compensation, including expert witness fees, relating to any subsequent required attendance at Page 1338 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 33 BBG # 0123116878 conferences, depositions, or judicial or administrative proceedings. In the event the Appraiser is subpoenaed for either an appearance or a request to produce documents, a best effort will be made to notify the Client immediately. The Client has the sole responsibility for obtaining a protective order, providing legal instruction not to appear with the appraisal report and related work files, and will answer all questions pertaining to the assignment, the preparation of the report, and the reasoning used to formulate the opinion of value. Unless paid in whole or in part by the party issuing the subpoena or by another party of interest in the matter, the Client is responsible for all unpaid fees resulting from the appearance or production of documents regardless of who orders the work. 13) Client shall not disseminate, distribute, make available or otherwise provide any Appraisal Report prepared hereunder to any third party (including without limitation, incorporating or referencing the Appraisal Report , in whole or in part, in any offering or other material intended for review by other parties) except to (a) any third party expressly acknowledged in a signed writing by Appraiser as an “Intended User” of the Appraisal Report provided that either Appraiser has received an acceptable release from such third party with respect to such Appraisal Report or Client provides acceptable indemnity protections to Appraiser against any claims resulting from the distribution of the Appraisal Report to such third party, (b) any third party service provider (including rating agencies and auditors) using the Appraisal Report in the course of providing services for the sole benefit of an Intended User, or (c) as required by statute, government regulation, legal process, or judicial decree. In the event Appraiser consents, in writing, to Client incorporating or referencing the Appraisal Report in any offering or other materials intended for review by other parties, Client shall not distribute, file, or otherwise make such materials available to any such parties unless and until Client has provided Appraiser with complete copies of such materials and Appraiser has approved all such materials in writing. Client shall not modify any such materials once approved by Appraiser. In the absence of satisfying the conditions of this paragraph with respect to a party who is not designated as an Intended User, the receipt of an Appraisal Report by such party shall not confer any right upon such party to use or rely upon such report, and Appraiser shall have no liability for such unauthorized use or reliance upon such report. In the event Client breaches the provisions of this paragraph, Client shall indemnify, defend and hold Appraiser, and its affiliates and their officers, directors, employees, contractors, agents and other representatives (Appraiser and each of the foregoing an “Indemnified Party” and collectively the “Indemnified Parties”), fully harmless from and against all losses, liabilities, damages and expenses (collectively, “Damages”) claimed against, sustained or incurred by any Indemnified Party arising out of or in connection with such breach, regardless of any negligence on the part of any Indemnified Party in preparing the Appraisal Report. Page 1339 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 34 BBG # 0123116878 CERTIFICATION We certify that, to the best of our knowledge and belief:  The statements of fact contained in this report are true and correct.  The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, 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 no personal interest with respect to the parties involved with this assignment.  We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.  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 in 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 this appraisal.  This appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan.  Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice, as well as the requirements of the state of Florida.  The reported analyses, opinions, and Value Indications were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics, the Standards of Professional Practice of the Appraisal Institute.  The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.  As of the date of this report, Daniel DeRango has completed the continuing education program for Designated Members of the Appraisal Institute.  Daniel DeRango has and Joe McKinney has 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 signing this certification.  Daniel DeRango and Joe McKinney have not provided any appraisal or other services concerning this property in the three years prior to accepting this assignment. Daniel DeRango E. Joseph McKinney State-Certified General Real Estate Appraiser State-Registered Trainee Appraiser RZ1054 RI25646 321-440-06614 407-340-5514 danielderango@bbgres.com jmckinney@bbgres.com Page 1340 of 1411 APPRAISAL OF AN ACQUISITION FROM THE RESERVE AT MEADOW LAKE SUBDIVISION, CLARKE ROAD, OCOEE PAGE 35 BBG # 0123116878 APPRAISERS QUALIFICATIONS Page 1341 of 1411 Daniel R. DeRango, MAI, CCIM Managing Director Work: 407-895-6650 dderango@bbgres.com Profile Daniel is a Managing Director at BBG in the Orlando office. Mr. DeRango's qualifications include a degree in Business Administration from Stetson University, he holds the MAI appraisal designation and he is a state certified general real estate appraiser in the State of Florida. Mr. DeRango also holds certification licensure in several other states. Mr. DeRango has provided expert testimony in State and Federal courts and has testified on a variety of valuation issues in Florida, Minnesota, Kentucky and New York. Mr. DeRango has been appraising real property in the Central Florida area for over 20 years and has experience with a broad variety of property types. Mr. DeRango has expertise in the valuation of income properties and, in particular, specializes in aviation properties at various airports around the country. Professional Affiliations Florida State-Certified General Real Estate Appraiser No. RZ1054 Georgia State-Certified General Real Estate Appraiser No. 370527 Pennsylvania State-Certified General Real Estate Appraiser No. GA004223 New York State-Certified General Real Estate Appraiser No. 46000052173 California State-Certified General Real Estate Appraiser No. 3011026 Member of the Appraisal Institute, MAI No. 7557 Member CCIM Institute Registered Real Estate Broker/State of Florida, License No. 0355191 Former Director – Appraisal Institute, East Central Florida Chapter Education Graduate of Stetson University, Deland, Florida Bachelor of Business Administration - Major: Finance Coursework • 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 Florida Page 1342 of 1411 Melanie S. Griffin, SecretaryRon DeSantis, GovernorSTATE OF FLORIDADEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATIONFLORIDA REAL ESTATE APPRAISAL BDTHE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THEPROVISIONS OF CHAPTER 475, FLORIDA STATUTESDERANGO, DANIEL ROBERTDo not alter this document in any form.1601 E AMELIA STLICENSE NUMBER: RZ1054EXPIRATION DATE: NOVEMBER 30, 2024This is your license. It is unlawful for anyone other than the licensee to use this document.ORLANDO FL 32803Always verify licenses online at MyFloridaLicense.comPage 1343 of 1411 E. Joseph McKinney Analyst/Research II Work: 407-895-6650 jmckinney@bbgres.com Profile Joe is an analyst/researcher at BBG in the Orlando office. He has over 40 years of business experience which includes banking, city government, real estate appraising, real estate development and brokerage. Joe spent several years appraising with emphasis in the eminent domain field preparing appraisals for both property owners and condemning authorities. At one time he was a Certified Real Estate Appraiser. As a partner in a real estate development company, he was an integral part in developing over 4000 multifamily units primarily with funding from Low Income Housing Tax Credits. His primary role was securing sites and taking the property through the development approval process. He also has extensive experience in the real estate brokerage field securing property for corporations and individual real estate investors. He has a B.A. (Finance) degree from the University of Central Florida. He is a licensed real estate broker and a registered trainee appraiser in Florida. Professional Affiliations State of Florida Real Estate Broker (License No. BK3217210) State of Florida Registered Trainee Appraiser (License No. RI25646) Education Bachelor of Arts, Finance, University of Central Florida 1981 Coursework  Basic Appraisal Principles  Supervisor-Trainee  USPAP  Florida Law and Ethics Page 1344 of 1411 Page 1345 of 1411 Page 1346 of 1411 Page 1347 of 1411 Page 1348 of 1411 Page 1349 of 1411 Page 1350 of 1411 Page 1351 of 1411 Page 1352 of 1411 Page 1364 of 1411 Page 1365 of 1411 Page 1366 of 1411